Can Bitcoin make Banks disappear?

[peta4e]

uᴉoɔʇᴉq and bank are different things

uᴉoɔʇᴉq is internet currency meanwhile bank is a place to save fiat ( our local currency )
As we know uᴉoɔʇᴉq can be keep on online & offline wallet which stand digitally so in order to steal / hack it, you need password or private key

yeah and stealing is not at all easy in bitcoins as the wallets are very much safe and secure which allows hackers to stay away from your hard earned coins.

[Mr. Big]

uᴉoɔʇᴉq and bank are different things

uᴉoɔʇᴉq is internet currency meanwhile bank is a place to save fiat ( our local currency )
As we know uᴉoɔʇᴉq can be keep on online & offline wallet which stand digitally so in order to steal / hack it, you need password or private key

Well, probably one great feature of bitcoin is the bitcoin wallet, which I think they are pertaining too that may make bank disappear.. But for now, I think it is very much impossible...though both have security features, banks I think still has a great security compared to bitcoin..

bitcoin can't make banks disappear even in years..

[d1ceplayer]

Bitcoin will make banks disappear when all the people believe on true consensus. It would take more time as banks are here for centuries. But true decentralization on money is a need for all human.

[1Referee]

No the bitcoin cannot do this, I think its even far from it and it will even be far in its whole life in my opinion banks are not replaceable by the bitcoin.
The banks are just to big and there are like many people already said too many people depending on it and not only people also large company's are depending on it.
I think we cannot just step over to another currency's with the bitcoin.

Major fiat currencies will indeed never get replaced by Bitcoin, but Bitcoin can perfectly function alongside any other fiat currency without problems. We don't need banks to vanish. Who knows that at some point banks will offer the option to have a Bitcoin balance displayed alongside your normal fiat balance. That would be great.

[Laosai]

Bitcoin and bank are different things

Bitcoin is internet currency meanwhile bank is a place to save fiat ( our local currency )
As we know bitcoin can be keep on online & offline wallet which stand digitally so in order to steal / hack it, you need password or private key

Difference being bitcoin can make banks disappear if it replaces fiat.
Cause bitcoin doesn't need a bank for it. You're your own bank!

[haileysantos95]

Bitcoin and bank are different things

Bitcoin is internet currency meanwhile bank is a place to save fiat ( our local currency )
As we know bitcoin can be keep on online & offline wallet which stand digitally so in order to steal / hack it, you need password or private key

Difference being bitcoin can make banks disappear if it replaces fiat.
Cause bitcoin doesn't need a bank for it. You're your own bank!

There is no way in many years that bitcoin will replace fiat,government will stand against that as it will step on their currency.

[delliaerd]

Bitcoin will make banks disappear when all the people believe on true consensus. It would take more time as banks are here for centuries. But true decentralization on money is a need for all human.

Quite sure mate, all people must make contribution to make bitcoin more popular and then at least can compared with banks. But if all the people have consensus to use bitcoin it will be easy that bitcoin more high than banks.

[umaOuma]

Bitcoin will make banks disappear when all the people believe on true consensus. It would take more time as banks are here for centuries. But true decentralization on money is a need for all human.

Quite sure mate, all people must make contribution to make bitcoin more popular and then at least can compared with banks. But if all the people have consensus to use bitcoin it will be easy that bitcoin more high than banks.

That is not possible especially in third world countries where people don't have access to internet they will only continue to use traditional banking system.

[Wendigo]

Bitcoin will not destroy the banking system worldwide because the governments are too tied with the big bankers to let something like that happen. I do believe however that Bitcoin may put out of business some of the money processing companies due to its very low fees and almost instant transactions with no personal identification required. 

[bamboylee]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

[diegz]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

That is true... we need banks to convert our bitcoin to fiat...If only stores would accept bitcoin as payment, I think that won't be a problem, but, even though like that, it is not still a good reason to make banks disappear...

[benmartin613]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

That is true... we need banks to convert our bitcoin to fiat...If only stores would accept bitcoin as payment, I think that won't be a problem, but, even though like that, it is not still a good reason to make banks disappear...

Normal banks wont disappear because of bitcoin banks is a multi million dollar investment and government have shares in it,do you think that the governments would allow such thing to happen?

[danherbias07]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

Great thinking and that is correct. I do that also using those banks as a mean of exchanging my bitcoin in fiat.

Bitcoin is great but those banks also have a use in different countries that is why they are there. No need to make it disappear just join it.

[Master_dandosha]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

That is true... we need banks to convert our bitcoin to fiat...If only stores would accept bitcoin as payment, I think that won't be a problem, but, even though like that, it is not still a good reason to make banks disappear...

I don't think banks are going to disappear soon perhaps 200 years from now . But if we have support and everyone start to use bitcoin in daily life issues
bitcoin soon will make fiat disappear not banks alone .

[rizkyhiw]

all people agree that bitcoin will not make bank disappear,the only possible thing is bitcoin will compete banks,and it start happen in this year,but some event will decide how long and how far bitcoin will make bank feel awfull with bitcoin existence.

[gtglener]

I think no, as;
1. Bitcoin is a currency and maybe in the future bitcoin itself need banks for its safe storage.
2. Banks will try their best to adopt bitcoin if they found bitcoin taking the place of fiat in international affairs.
3. Banks are the organizations where not only the money of people is stored/kept but it used for a number of financial affairs for which banks have to survive.

[OrangeII]

all people agree that bitcoin will not make bank disappear,the only possible thing is bitcoin will compete banks,and it start happen in this year,but some event will decide how long and how far bitcoin will make bank feel awfull with bitcoin existence.

true, everyone agreed that bitcoin agree, that bitcoin will not make banks disappear. perhaps the most appropriate reason for this is that these are not as good as the current bitcoin bank. banks already have systems that are very intense over bitcoin. and if bitcoin grows, so does the bank

[gerXhonza]

all people agree that bitcoin will not make bank disappear,the only possible thing is bitcoin will compete banks,and it start happen in this year,but some event will decide how long and how far bitcoin will make bank feel awfull with bitcoin existence.

true, everyone agreed that bitcoin agree, that bitcoin will not make banks disappear. perhaps the most appropriate reason for this is that these are not as good as the current bitcoin bank. banks already have systems that are very intense over bitcoin. and if bitcoin grows, so does the bank

Banks knows that hey have threat from bitcoins and now they have also started to introduce some innovative services that will attract people to continue to use banking system.

[nasi]

can anyone make this statement clear! if banks and the goverment uses bitcoin for tax and pay employees and other things will that help bitcoin price to rise will ther be anybenefits

UK goverment issued a statement that they might try to use bitcoin idkkk . any benefits

https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies


https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf

https://www.gov.uk/government/consultations/digital-currencies-call-for-information/digital-currencies-call-for-information
i jst want to know if goverments starting using  the currency will the price of bitcoin rise  and how much do you guys think one bitcoin will beonce the goverment using  the bitcoin for taxes

[Hazir]

We still need the bank to convert bitcoin to fiat. There are still merchandize we cannot buy thru bitcoin, so we need to convert. Without the bank, this cannot happen.

Have you ever considered we will be living in a world where you won't have to exchange your bitcoins to FIAT anymore, because everyone will be accept bitcoin directly?
Do you think in that reality banks will be still useful?