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Kartikay
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April 05, 2016, 03:15:31 PM |
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No!!!!
This is impossible!
People have more trust in banks than in bitcoins.
Humans believe more in physical things than in virtual. Young generation is still more adaptable to virtual world but older ones are adamant towards baking system.
Some time back, people said that Bitcoins will never reach $100, it reached, they thought it would never go $1000, it went way above it... Never underestimate the power of such technology which has Microsoft using it, they must have something in mind when they chose Bitcoins... See I stated that because bitcoin is in it's infancy state. There are many loopholes in this currency system, it need to develop more and that will take some time. Say after 50 years or 100 bitcoins might replace banks and fiat system but at present they will not! |
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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a7mos
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April 05, 2016, 03:19:34 PM |
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The chance is really small, there are a lot of people that is still using their banks and that is really important for them so that is not possible that it can make banks disappear.
But we all know that Bitcoin is becoming more popular but there are also a lot of people that dont even know what Bitcoin is.
I agree with you that the chance is low. it is not going to happen before people discover that they can not get access to their money in banks except with their will. Then they will see bitcoin as a good alternative |
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n0ne
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April 05, 2016, 04:22:17 PM |
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Yes, banks will completely disappear and no one in the world will ever buy a house, car or boat again. rofl
It's not possible to make banks to get disappear. Only usage of bitcoin might increase on large adoption. This will reduce the bank use but never make banks disappear. |
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ronaldinho_07
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April 05, 2016, 04:56:02 PM |
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Bank has a lot power at your money,mine ,they rule it the way they wanna,lending and when you need it they ask you for what.I had this problem and i said look this money is mine you are just making me a service leting it safe,and im paying for this ,inst free ,i wanna my money now,and close mine account,thanks and have a nice day.Bitcoin has no power to make banks disappear but can reduce the power they have at our money.
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n691309
Legendary
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Activity: 1526
Merit: 1001
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April 05, 2016, 06:37:25 PM |
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When you exchange bitcoin to fiat money most of the time it goes through banks so you can't disappear banks.
I believe sooner or later people will stop converting bitcoins into fiats when they are able to directly use bitcoin for their spending purposes. The same is also when buying bitcoins through your debit card or bank account it goes through bank.
When you are getting paid directly with bitcoins there is no need of buying it with your fiats. I hope like you that bitcoin will be used everywhere, but still would be a need to convert to fiat because not everyone will accept bitcoin even for the next 20years, but the bitcoin debit card is a good innovation and bitcoin could be used mostly everywhere. |
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Zaun
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April 05, 2016, 07:31:05 PM |
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It can let banks disappear but I think it will not happen because the bitcoin is growing but banks are also growing in the digitally world so it would be difficult to do this honestly.
Maybe in the future there is a chance, but I think its also bad that the bitcoin is fully digital, bank will always be a step a head.
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BitcoinPaw
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April 05, 2016, 07:51:05 PM |
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It can let banks disappear but I think it will not happen because the bitcoin is growing but banks are also growing in the digitally world so it would be difficult to do this honestly.
Maybe in the future there is a chance, but I think its also bad that the bitcoin is fully digital, bank will always be a step a head.
Banks are more trusted and powerfull they can rule the economics and when they doing it it's also affect bitcoin i guess. |
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iram66680
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April 05, 2016, 07:57:42 PM |
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I don't agree that banks are needed by society. We can be free of banks if bitcoin just becomes the main currency of the world then what need would we need of banks since they carry only fiat currency.
Sure they have gone digital because to change with the times due to the customer's convenience. But to me even more of a convenience is bitcoin being used everyday for everyday things.
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lister storm
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April 05, 2016, 07:58:06 PM |
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It can let banks disappear but I think it will not happen because the bitcoin is growing but banks are also growing in the digitally world so it would be difficult to do this honestly.
Maybe in the future there is a chance, but I think its also bad that the bitcoin is fully digital, bank will always be a step a head.
Banks are more trusted and powerfull they can rule the economics and when they doing it it's also affect bitcoin i guess. banks are more trusted? you must be new to the whole financial system we have right now, banks are controlling everything and they are making money out of people money also a lot of banks go bankrupt i think that unfortunately it can not do that right now but i believe it will surely be possible in the future after a few years when there will be more people interested |
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DimensionZ
Sr. Member
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Activity: 350
Merit: 250
Shit, did I leave the stove on?
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April 05, 2016, 08:37:20 PM |
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But to buy food you need to convert your Bitcoins into fiat at the very banks you despise so you will be able to buy food and not starve to death. What will happen if grocery stores and restaurants refuse to use Bitcoin for payments. What will you do then? No country will replace its local currency with Bitcoin just because it's better in the eyes of the beholder.
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chaosknight
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April 05, 2016, 08:44:21 PM |
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But to buy food you need to convert your Bitcoins into fiat at the very banks you despise so you will be able to buy food and not starve to death. What will happen if grocery stores and restaurants refuse to use Bitcoin for payments. What will you do then? No country will replace its local currency with Bitcoin just because it's better in the eyes of the beholder.
You always need banks and fiat currency to take care of your stuff on daily basis, bitcoin cannot help it out, so I don't think that bitcoin can ever make banks disappear. |
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Bitcotalk
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April 05, 2016, 08:47:22 PM |
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But to buy food you need to convert your Bitcoins into fiat at the very banks you despise so you will be able to buy food and not starve to death. What will happen if grocery stores and restaurants refuse to use Bitcoin for payments. What will you do then? No country will replace its local currency with Bitcoin just because it's better in the eyes of the beholder.
Yeah, in thses cases he will need the support of banks to convert his money to fiat, and there are a number of store keepers in all over the world who are illiterate and are unable to involve in bitcoin. |
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Corenin
Legendary
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Activity: 1008
Merit: 1000
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April 05, 2016, 09:15:28 PM |
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But to buy food you need to convert your Bitcoins into fiat at the very banks you despise so you will be able to buy food and not starve to death. What will happen if grocery stores and restaurants refuse to use Bitcoin for payments. What will you do then? No country will replace its local currency with Bitcoin just because it's better in the eyes of the beholder.
Yeah, in thses cases he will need the support of banks to convert his money to fiat, and there are a number of store keepers in all over the world who are illiterate and are unable to involve in bitcoin. No doubt at a moment we need banks or traders to convert our bitcoins to fiat as we cannot spend it directly but things will change in future when we would be able to buy anything using bitcoin directly. |
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MaritiJames3
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April 05, 2016, 09:35:20 PM |
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I do not think it will win from banks and let them disappear honestly because the banks are just too big and also have too much power on the whole globe.
I think it can be a competitor but not more than that because banks will almost win from every currency they are too strong.
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eddyubachs
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April 05, 2016, 09:37:23 PM |
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I do not think it will win from banks and let them disappear honestly because the banks are just too big and also have too much power on the whole globe.
I think it can be a competitor but not more than that because banks will almost win from every currency they are too strong.
Exactly its hard to believe that bitcoin can make banks disappear as banks being the strongest institution across the globe enjoying the support from the Governments. |
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QuestionAuthority
Legendary
Offline
Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
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April 05, 2016, 10:15:05 PM |
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Yes, banks will completely disappear and no one in the world will ever buy a house, car or boat again. rofl
It's not possible to make banks to get disappear. Only usage of bitcoin might increase on large adoption. This will reduce the bank use but never make banks disappear. I guess no one here understands that banks are not currencies. Dollars, yen, bitcoins, pesos are currencies. Banks are businesses that lend money for a profit. Banks can denominate their services in any currency. Sorry to break the bad news to people here but cocker spaniels are not steaks either but my cocker spaniel eats steak. |
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joinal
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April 05, 2016, 10:58:32 PM |
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I do not think it will win from banks and let them disappear honestly because the banks are just too big and also have too much power on the whole globe.
I think it can be a competitor but not more than that because banks will almost win from every currency they are too strong.
banks have enormous power they are powered directly by fiat and the government, bitcoin impossible to overtake it, I think bank is not a competitor of bitcoin, both clearly different bitcoin is currencies and bank is place to safe money,, |
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Imoote
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April 06, 2016, 01:25:34 AM |
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I do not think it will win from banks and let them disappear honestly because the banks are just too big and also have too much power on the whole globe.
I think it can be a competitor but not more than that because banks will almost win from every currency they are too strong.
banks have enormous power they are powered directly by fiat and the government, bitcoin impossible to overtake it, I think bank is not a competitor of bitcoin, both clearly different bitcoin is currencies and bank is place to safe money,, Actually, banks and bitcoin is different so if both of them there is a growing no effect at all. Banks according to the course is a safe place to save money as well as bitcoin. On the banks we could not gamble but in bitcoin we can gamble, that's what makes them different. So essentially bitcoin could not make banks disappear. |
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ronaldinho_07
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April 06, 2016, 05:30:17 PM |
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Bitcoin has its costumers and getting more ,being to gambling to use porn or to start a business related to crypto world,this wont affect the banks since they provide services that bitcoin cant compete.
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wuvdoll
Legendary
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Activity: 1442
Merit: 1025
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April 06, 2016, 07:12:06 PM |
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It's really hard that Bitcoin makes banks disappear, because simply people still using banking services a lot more than Bitcoin till now , and also even Bitcoin this banking services to get converted into fiat
But there are lot of chances that more people will use bitcoins in future. When more people for getting into bitcoin payments, the banking system will get isolated. When the true money concept of bitcoin will get into action of attracting more people, then they will start neglecting banking system. Yes the user base of bitcoin is keep on growing, this will bring more chances to make banks get disappeared very soon. But before that bitcoin need lots of enhancement just to replace the need of banking in our daily life. |
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