Can Bitcoin make Banks disappear?

[Rizky Aditya]

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

[kevin go]

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

sure dude bitcoin can be a good compete in here..but also not easy to make bank dissapear..bank have many investor and customer
to less people know about bitcoin and hard to understand for some people and im sure one day the would understand and change to more good things just like bitcoin..

[fenican]

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

[romero121]

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even  banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

[ausbit]

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even  banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

Its not possible that banks will disappear because of Bitcoins market. Banks has grown up all over the world and there is a system to get the money , receive money. so bank is helping bitcoins to accept and supporting in transactions of money.

[pooya87]

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even  banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

Its not possible that banks will disappear because of Bitcoins market. Banks has grown up all over the world and there is a system to get the money , receive money. so bank is helping bitcoins to accept and supporting in transactions of money.

i agree. bitcoin can grow big and get popular but no matter how huge it gets it can not replace banking system. because banks have been part and parcel of society for so long. bitcoin can be as big though.
besides banking system can evolve and change its ways to match the new age to compete with bitcoin and not be replaced.

[joinal]

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

yeah true. banks are always going to be better, develop according to the needs and fit the era
the fact that the bank is better now and in the future will surely survive

[Amph]

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

i see nothing wrong with the current mining setup, it was intended by satoshi, to have few big farm controlling that sector

transaction will never be reversible, you can mitigate this by using multi sig address, and release your funds only when everythign else is ok, with escrow in play of course

instant confirmation(not verification, can be done with malleability fix, so emrchant cna accept zero confirmation, more than this require other chain

user adoption instead is not something that bitcoin need to fix you know....

[ranochigo]

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

1. Bitcoin transfers are usually irreversible when there is at least one confirmation. This makes it hard for attackers to reverse without controlling significant percentage of the network or a long block reorg.
2. This is contradicting with (1). If transactions are reversible, the first option will never exist. Unless you are talking about a Paypal/bank approach which allows for chargeback. However, it is a must for a neutral party to meditate the transaction. With Bitcoin being trustless, the only way to do so is, as Amph mentioned, Multisig with escrow or a third party service.
3. Merchants can accept Bitcoin with little to no cost or loss. It wouldn't make sense if the merchant only wants to install a POS with Bitcoin integration when there is a large volume.
4. Transactions are verified instantly by nodes when transactions are sent. If you're talking about confirmations, there isn't a need for confirmations with smaller valued transactions such as buying a coffee due to the difficulty of initiating a double spend as of now.
5. Mining isn't completely controlled by China, neighbouring countries may be using their pool to mine due to lower latency but they do have lower electrical cost than us.

[SuperCoinGuy]

Bitcoin will probably not make the banks disappear but it will make them offer better services in the future.

[Newcoins2020]

I do not think so. because everybody would have cash. so you still need a bank.

Many people do not even know what Bitcoin is. So not many people have Bitcoins.

[avw1982]

Bitcoin itself is a bank, so: NO.

Wrong, bitcoin is decentralized, but decentralized wallet itself is a bank.
If you put your money on online wallet or exchange, it means you're not the bank anymore (just a customer).

But, i think all money processor/transfer service will dissapear in future when bitcoin is commonly used.

As he said bitcoin wallet is regarded as a bitcoin bank, accepted. But as he said all money process, transfers, transactions, purchase will disappear when bitcoin is commonly used is not right because bitcoin wallet and bitcoins will act as a alternate technology through which the above quotes can be performed but the banks remain and do their responsible functions

[lumeire]

Bitcoin will probably not make the banks disappear but it will make them offer better services in the future.

Well since banks are now looking unto the blockchain tech there is the possibility of that I believe.

[elizabethqueen]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

it could happen,but need long time for bitcoin to make bank dissapear,bitcoin must be accepted on every counrties in this world. but if bitcoin develop slowly,it maybe impposible.

[Imoote]

Perhaps for private banks that can still happen, but for the national bank was not possible because the bank could go bankrupt if the country's economy is also being dropped. Bitcoin might not be able to make disappear even bitcoin bank can work with several banks.

[xuan87]

no its impossible that bitcoin can make bank disappear,in every country they have their own fiat, and that people need bank as a place to store their money, and bank which i mean is real bank that can guarantee their money

[diodio5]

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

I think it is impossible to deposit guarentee, lol
I think it is not possible, who will replace the money from the guarantee ?
bitcoin is decentralization bro

[jt byte]

I do not see it happen, too many people are dependent on banks.
Many people do not trust bitcoin because of the name it has.

Bitcoin is digital and banks will always be required for physical contact.
I think its not possible.

[tbterryboy]

I do not see it happen, too many people are dependent on banks.
Many people do not trust bitcoin because of the name it has.

Bitcoin is digital and banks will always be required for physical contact.
I think its not possible.

I am unable to agree this. When people go digital there is no need of physical cash and contacts. I guess even banks will get shut down and we can manage banks like Paypal accounts. This way bitcoin will replace banks.

[Altynbekova]

Not its not possible, banks are always needed for people.
Not everyone is gonna use bitcoins for payments.
Plus the most bitcoin is digital and online and I do not see people pay online wit bitcoin.