Can Bitcoin make Banks disappear?

[Imoote]

I don't think it can... Rather I would predict to be a co-existing situation with bitcoins and banks. For example, I am using HSBC while I am using ANX, no conflict with each other.

I share the same option with you in the short term. However, it is hard to say in a long-term perspective. The appearance of companies like ANX will certainly bring large pressure to the traditional bank industry. Let's wait and see how everything moves on.

can you explain more detail? I know that bitcoin and blockchain is a innovation idea. but it has touch the the core of government and bank(I still believe that money value come from military power). Why they still let these company growth?

I think it is kind of innovation and the size of these companies (e.g. anx, bitpay) are not big enough to threaten the position of traditional banks at this moment. Maybe 10 yrs or 20 yrs later, government may intervene.

Yeah, i also think that bitcoin will hard to make bank disappear. Because bitcoin don't have enough power to do it. Must through many processes to make bitcoin more useful rather than bitcoin and then makes bank disappear.

Yes it is very difficult and I think although bitcoin has been a lot of changes and very advanced I think it still will not make banks disappear because it is a very difficult and unlikely in my opinion. Banks and bitcoin not influence each other.

[plost24]

it is impossible for a bank to disappear for now they are fighting bitcoin and even if they accept it and the world start using bitcoin then the bank will start using it too and make loan to people as investement.

[wikenpp]

it is impossible for a bank to disappear for now they are fighting bitcoin and even if they accept it and the world start using bitcoin then the bank will start using it too and make loan to people as investement.

I also think its not possible because banks are way too big and I think that a lot of people are depending on it.
Banks are just also have too much power.

[Supercrypt]

I'm not trying to sound negative but there's a also a possibility that banks can make bitcoin disappear. You ask me how?
Banks might come up with their own version of a regulated bitcoin like product. Since banks have been around and people see them as trustworthy companies, people would think that their money would be safer there and they would have options to choose from in terms of what they'd like to invest on.

I agree with this..banks have survive years..Maybe because of adopting to new situations...So I think if bitcoin would go mainstream, banks would also think of what they can offer to counter and slow down bitcoin, so probably adoption of new technology like blockchain would be a great idea for banks...

Maybe they will adopt to blockchains technology. But I don't think banks will disappear. We are still using banks to exchange bitcoin to fiat. And I don't think exchanges from this two will ever disappear. Bitcoins growth will always be measured by how much it is worth in fiat.

We do not need banks to exchange the bitcoin to fiat. That can be done by the existing exchanges so far.

Not but in reality there are still many people who exchange bitcoin is still using the money to me, including me. Bitcoin will not make banks disappear and it is quite impossible. Bitcoin and banks are very different and can not compete with each other in my opinion.

It is true that bitcoin do not need banks to exchange to fiat, but it is also the fact that the bitcoin which are exchanged to fiat with exchanges require banks to withdraw to our pocket, without banks fiat withdrawal is impossible.

[GreenBits]

The banking conglomerate is entirely too entrenched to "replace". They are the gatekeepers, and their interests will be served or it won't happen.

If you had a disruptive technology that threatened everything you had grown to expect, threatened the very mechanism by which you generated your value, how would you react?

"Blockchain blah blah blockchain..."

[killerjoegreece]

I think btc can overtake banks in the next 50 years

[beerlover]

I don't think it can... Rather I would predict to be a co-existing situation with bitcoins and banks. For example, I am using HSBC while I am using ANX, no conflict with each other.

That's how it should be as banks and Bitcoin can perfectly coexist alongside each other.

There is simply no need for Bitcoin to get rid of banks. We need them.

Yes, these both are the intense needs of the day, it is ok that bitcoin is playing a good role in our financial life and giving us a number of favorable benefits but without banks, I think the world of business will remain numb.

[knowhow]

I don't think it can... Rather I would predict to be a co-existing situation with bitcoins and banks. For example, I am using HSBC while I am using ANX, no conflict with each other.

That's how it should be as banks and Bitcoin can perfectly coexist alongside each other.

There is simply no need for Bitcoin to get rid of banks. We need them.

Yes, these both are the intense needs of the day, it is ok that bitcoin is playing a good role in our financial life and giving us a number of favorable benefits but without banks, I think the world of business will remain numb.

I believe that bitcoin and banks will have some comon service to offer to us,makes no sense bitcoin against banks since they control the world,and the people money always at the banks,even with their services has some limites and high fees they control the fiat.Bitcoin cant compete with them,bitcoin is an option to some of us but the most use bitcoin for onlines issues and as investment option .

[machinek20]

bank is always safe than bitcoin, you see it exist from long time, bitcoin is never can popular if government still not want use

[uname]

bank is always safe than bitcoin, you see it exist from long time, bitcoin is never can popular if government still not want use

all keys adoption and opening a mass adoption is from the government. if the government continued to restrict bitcoin. then the bank will continue to live and be the safest place to save money

[MingLee]

bank is always safe than bitcoin, you see it exist from long time, bitcoin is never can popular if government still not want use

Banks are safer because they have the ability to move numbers to other banks and say that money was actually moved.

You can always make your Bitcoin completely safe by taking it and moving it to a completely secure site and making sure the private key was completely erased from any sort of database ever.

[Ryananda]

Yes maybe the private banks could disappear, but I think the national banks could not disappear because it will get full protection from the government. And the banks will not be lost in total. Banks will still be there and I think bitcoin could not make banks disappear because it seems to me unlikely all.

[Imoote]

bank is always safe than bitcoin, you see it exist from long time, bitcoin is never can popular if government still not want use

Banks are safer because they have the ability to move numbers to other banks and say that money was actually moved.

You can always make your Bitcoin completely safe by taking it and moving it to a completely secure site and making sure the private key was completely erased from any sort of database ever.

Yes banks guaranteed by the government so that the security of keeping money that's for sure. Bitcoin is a digital currency and I think still vulnerable hacked. But I believe bitcoin will grow to be better, and the development of bitcoin later in my opinion will not make banks disappear.

[Xialla]

no, because people don't want to accept the risk, which is vital part of running "own bank".

[saiha]

Of course no, as long as fiat money exist and current money is runned and controlled by the government. Banks will still do exist and people are trusting banks rather than bitcoin wallets.
Because you are sure that someone is protecting your money in bank.

[romero121]

no, because people don't want to accept the risk, which is vital part of running "own bank".

Well described. People have the eagerness to accept risks, but when it tries to overrule them the situation changes. So as most users suggestion replacing of bank won't happen.

[Ryananda]

Of course no, as long as fiat money exist and current money is runned and controlled by the government. Banks will still do exist and people are trusting banks rather than bitcoin wallets.
Because you are sure that someone is protecting your money in bank.

Yes absolutely right banks will not disappear because bitcoin and that I think is not going to happen. Because banks have been trusted by many people and bitcoin still beebrapa people who know. If bitcoin experience the glory and even then will not make banks disappear because digital money and real money different uses and so does not affect each other.

[danherbias07]

no, because people don't want to accept the risk, which is vital part of running "own bank".

Well described. People have the eagerness to accept risks, but when it tries to overrule them the situation changes. So as most users suggestion replacing of bank won't happen.

Just thinking about the conclusion first will make it really scary. Banks have been there and they are really history to tell. But we dont really know if it is helping us. Some people just dont want to think about that. What are the reasons why bank are there? I think in old age the main reason was always about their profit in terms of offering people a loan.

[JumperX]

Of course no, as long as fiat money exist and current money is runned and controlled by the government. Banks will still do exist and people are trusting banks rather than bitcoin wallets.
Because you are sure that someone is protecting your money in bank.

Yes absolutely right banks will not disappear because bitcoin and that I think is not going to happen. Because banks have been trusted by many people and bitcoin still beebrapa people who know. If bitcoin experience the glory and even then will not make banks disappear because digital money and real money different uses and so does not affect each other.

Yeah people who don't have any connection with digital world will continue to use banking system as they feel everything that is  offered on internet  is a scam.

[DuckKeeper]

It will only make it disappear when there will be a lot of people that is going to use Bitcoin otherwise it will be not possible for them and that will takes indeed a long time.
So you have to know that there will be a lot of people must promote Bitcoin to disappear the Bitcoin.