Can Bitcoin make Banks disappear?

[blackmachinegun]

No, the reason being Bank is still the best place to secure money from where the money can't just be stolen or hacked away . Banks provide you the interest you deserve as well .

in addition to banks paying interest if you save money. banks also provide more protection to its customers, if you're fooled by a merchant. you can report the bank and they will freeze fraudsters wallet and your money will be refund in you bank

[Xialla]

no, bank will create own digital currency based on blockchain and will not need anything like bitcoin at all..

[NeuroticFish]

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?

Banks and paper money are the government's tools to protect their politics. If you look in history, paper money decreases the value constantly over long periods of time.
Banks are deeply tied into governments, the only way to make all the banks get extinct is to change the way the politics, the democracy and the governments work.
Some of banking businesses will disappear because of Bitcoin.
However, this will happen in generations, not in a few years, so please don't hope too much

[upsidedown75]

no, bank will create own digital currency based on blockchain and will not need anything like bitcoin at all..

Creating own digital currency based on blockchain, it is centralized form of bitcoin. No one will prefer it.
51% mining hash power attack is the another major thread to any private blockchain.

So, banks will be forced to adopt bitcoin, the only choice in front of them. Adopt or die.

[NeuroticFish]

no, bank will create own digital currency based on blockchain and will not need anything like bitcoin at all..

Creating own digital currency based on blockchain, it is centralized form of bitcoin. No one will prefer it.
51% mining hash power attack is the another major thread to any private blockchain.

So, banks will be forced to adopt bitcoin, the only choice in front of them. Adopt or die.

Actually coins like XMR, where only the owner and the bank has view keys and nobody else (unless the bank or the owner shares the view key) can see the funds in that wallet could make more sense.
And however, there are plenty of established coins, why pick the most expensive?

But this doesn't make sense. Because the whole idea of these coins is decentralization, meaning the opposite of what banks do.


What banks can do is to use the blockchain. Colored coins, side chains, store of information, even transfer of value... there are plenty of good uses for it.

[upsidedown75]

no, bank will create own digital currency based on blockchain and will not need anything like bitcoin at all..

Creating own digital currency based on blockchain, it is centralized form of bitcoin. No one will prefer it.
51% mining hash power attack is the another major thread to any private blockchain.

So, banks will be forced to adopt bitcoin, the only choice in front of them. Adopt or die.

Actually coins like XMR, where only the owner and the bank has view keys and nobody else (unless the bank or the owner shares the view key) can see the funds in that wallet could make more sense.
And however, there are plenty of established coins, why pick the most expensive?

But this doesn't make sense. Because the whole idea of these coins is decentralization, meaning the opposite of what banks do.


What banks can do is to use the blockchain. Colored coins, side chains, store of information, even transfer of value... there are plenty of good uses for it.

Expensive is not a concern when you trade/use. (Expensive one is unfortunately the popular one and already reached to mass).

Banks and bitcoins are entire different concepts but with us to solve some financial needs. But, at some point if they work together, there will be more benefits to people. (Your bank will provide you a bitcoin debit card).

All colored coins/side chains are just a derivation of core bitcoin system. Adopting either one of them does not mean ignoring bitcoin.

[doctor877]

No, the reason being Bank is still the best place to secure money from where the money can't just be stolen or hacked away . Banks provide you the interest you deserve as well .

in addition to banks paying interest if you save money. banks also provide more protection to its customers, if you're fooled by a merchant. you can report the bank and they will freeze fraudsters wallet and your money will be refund in you bank

Yeah, banks are the most places to store your money, where your money is safe and cannot get stolen and you can recover it with the help of bank officials.

[1Referee]

The main goal of creating bitcoin was to stop relying on third parties in our daily transactions and use pear to pear ones only. So if bitcoin become viral, it will end banks of course

No, that's not possible, people will start using bitcoins more in future but they would not just leave to use banks, as majority of people have more faith in the traditional banking system.

Traditional banks as we know them will never go away. I am sure that they at some point will come up with their own digital currency where their customers get all the benefits from crypto currencies but where the banks are still full in control of every economy aspect. The average joe has more trust in something issued by the bank than something "decentralized" as Bitcoin.

It cant make it disappear. But I think that in the future that banks will reduce more. But we still need them. Everyone need a bank.
Many people dont use Bitcoin or they dont even know what Bitcoin is and that is sad. I hope later in the future that more people will use Bitcoin.

And the most important is that the value is going to rise.

At this point we do need banks, yes, and that won't change. But I am quite sure that banks and governments feel the pressure of the upcomming digital currency revolution. To not fall behind or lose precious market share, they will come up with their own digital currency. I am sure it will take them at least 10 years to release their own digital currency. We still have time to make people realize what the potential of Bitcoin is.

[neonshium]

-snip-
Expensive is not a concern when you trade/use. (Expensive one is unfortunately the popular one and already reached to mass).

Banks and bitcoins are entire different concepts but with us to solve some financial needs. But, at some point if they work together, there will be more benefits to people. (Your bank will provide you a bitcoin debit card).

All colored coins/side chains are just a derivation of core bitcoin system. Adopting either one of them does not mean ignoring bitcoin.

Issuing a debit card is a bank's work. But private companies are doing that. It means already people in need of merge of bitcoin and banking system. It shows banks are so late in adopting new technology along with people's need.

[Naughtid]

Bitcoin will make banks stronger. It cost little to transfer money for the banks. It will cut costs for the banks.

[ampere]

Banks are stronger institutions since the past, and no digital currency can make it disappear either at present or in the future, banks will be more stronger in future.

[Nemesis099]

Banks are stronger institutions since the past, and no digital currency can make it disappear either at present or in the future, banks will be more stronger in future.

Yeah, I think banks can never get disappeared only because of one digital currency, bitcoin is not that strong that it can make any bank disappear, simply not possible.

[mainpmf]

Banks are stronger institutions since the past, and no digital currency can make it disappear either at present or in the future, banks will be more stronger in future.

Banks are strong no doubt about that! But you know what? They'll be crushed too!

With btc there is absolutely no need to have bank anymore.

[bargainbin]

...
With btc there is absolutely no need to have bank anymore.

Good luck with crowdfunding your mortgage

[matete]

Banks have taken quite long time to establish. Furthermore, banks perform different functions which will keep them going. As it stands, bitcoin is known by a very small percentage of the global population. Therefore, it will be unrealistic to claim that bitcoin will make banks disappear.

[BlueStackz]

Banks have taken quite long time to establish. Furthermore, banks perform different functions which will keep them going. As it stands, bitcoin is known by a very small percentage of the global population. Therefore, it will be unrealistic to claim that bitcoin will make banks disappear.

The replacement of banks with bitcoin will not take place overnight, but within a century it may occur as people will prefer and move to new and advanced technology always.

[MaritiJames3]

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?

Banks and paper money are the government's tools to protect their politics. If you look in history, paper money decreases the value constantly over long periods of time.
Banks are deeply tied into governments, the only way to make all the banks get extinct is to change the way the politics, the democracy and the governments work.
Some of banking businesses will disappear because of Bitcoin.
However, this will happen in generations, not in a few years, so please don't hope too much

It will reduce banks. But it wont disappear it. Many people think that Bitcoin will take over the world but that isnt true.
Of course Bitcoin will be more popular in the future, but that doesnt mean that it will disappear banks.

It can only reduce banks. Many people need normal banks.

[btc-facebook]

Bank safe our money , online & offline wallet handle our bitcoin.
They completely different and have separate function. IMO bitcoin never make bank disapper except it must having a crucial reason to take that decision, for example : if your local currency weaker badly depend when you're holding bitcoin ...

[mickiya]

Bank safe our money , online & offline wallet handle our bitcoin.
They completely different and have separate function. IMO bitcoin never make bank disapper except it must having a crucial reason to take that decision, for example : if your local currency weaker badly depend when you're holding bitcoin ...

I think it is very good opinion. Banks can do a lot of things than the bitcoin can do. They will use bitcoin.

[mrflibblehat]

Bank safe our money , online & offline wallet handle our bitcoin.
They completely different and have separate function. IMO bitcoin never make bank disapper except it must having a crucial reason to take that decision, for example : if your local currency weaker badly depend when you're holding bitcoin ...

I think it is very good opinion. Banks can do a lot of things than the bitcoin can do. They will use bitcoin.

I look forward for the time banks will use bitcoin but I don't think that will happen soon. They don't like to not being able to control things.