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Author Topic: Can Bitcoin make Banks disappear?  (Read 427460 times)
Imoote
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May 12, 2016, 01:33:17 PM
 #1401

Banks will never disappear, banks will always exist and if bitcoin wants to disappear banks then it will need strong and valid reason to do so which seems to be impossible at a moment.
Yes it is highly unlikely if the banks disappear because bitcoin make sure it would never happen. Banks have high strength because it has legal protection from the government, and it was very different from the bitcoin which I still do not have legal protection.
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May 12, 2016, 01:42:59 PM
 #1402

Banks will never disappear as long as people want to invest their money or get loans... they will be their for the sole purpose probably evolve into a bitcoin bank
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May 12, 2016, 01:43:52 PM
 #1403

We also forget that all banks are represented by sovereign nations that have militaries, or at the very least access to a regulatory body that can sanction or force participants to pay it. Bitcoins non refundable nature doesn't bode well in this current consumer climate, consumers AND businesses need a mechanism to charge back in the event a product or service fails to meet expectations. Bitcoin just doesn't dovetail that well with the current model, and I think it more likely bitcoin will disappear in its current form before the banks will.
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May 12, 2016, 06:13:02 PM
 #1404

The chance that it will happen is really small and that is that many people are still dont even know how Bitcoin works so that is the problem.
If it will make it disappear than Bitcoin have to be really popular so there will be also more people that have to promote it so more people can get to know about it.

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May 12, 2016, 06:42:38 PM
 #1405

Banks will never disappear as long as people want to invest their money or get loans... they will be their for the sole purpose probably evolve into a bitcoin bank
I wouldn't use term 'bitcoin bank'. Banks will probably adapt an evolve but I am sure that won't have anything to do with the bitcoin.
They will operate on cryptocurrencies but most likely will be some new form of altcoin created either by banks or by government.
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May 12, 2016, 06:50:10 PM
 #1406

The chance that it will happen is really small and that is that many people are still dont even know how Bitcoin works so that is the problem.
If it will make it disappear than Bitcoin have to be really popular so there will be also more people that have to promote it so more people can get to know about it.

Banks will not dissapear anyway and everybody know it. Bitcoin can't compete banks, it's just need to evolve to start. When bitcoin will grow we will see what happen.

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May 12, 2016, 06:52:37 PM
 #1407

The chance that it will happen is really small and that is that many people are still dont even know how Bitcoin works so that is the problem.
If it will make it disappear than Bitcoin have to be really popular so there will be also more people that have to promote it so more people can get to know about it.

Banks will not dissapear anyway and everybody know it. Bitcoin can't compete banks, it's just need to evolve to start. When bitcoin will grow we will see what happen.

I believe banks could offer a bitcoin payment service or savings but i doubt they will support it as the countries in general are against bitcoin because it being decentralized and not regulated.
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May 12, 2016, 07:11:56 PM
Last edit: May 21, 2016, 04:53:41 AM by geopolisch
 #1408

Bitcoin can make this happen for 10 years or so
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May 12, 2016, 07:33:20 PM
 #1409

The chance that it will happen is really small and that is that many people are still dont even know how Bitcoin works so that is the problem.
If it will make it disappear than Bitcoin have to be really popular so there will be also more people that have to promote it so more people can get to know about it.

Banks will not dissapear anyway and everybody know it. Bitcoin can't compete banks, it's just need to evolve to start. When bitcoin will grow we will see what happen.

I think that will not happen so fast. That is not so good for the people. I think that more people will use also normal banks. And they dont know and not aware on how to use Bitcoins at the present moment.

People are used to banks, they find it easy and very comfortable, we cannot expect that they will switch to bitcoin on the spot, as they are still not aware about the bitcoins.
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May 12, 2016, 08:41:51 PM
 #1410

No this will never happen in the lifetime of the bitcoin, in my eyes this is just not possible because of the fact that banks are way too big.
I even think maybe the opposite will happen.
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May 12, 2016, 08:55:47 PM
 #1411

Banks will never disappear as long as people want to invest their money or get loans... they will be their for the sole purpose probably evolve into a bitcoin bank
I wouldn't use term 'bitcoin bank'. Banks will probably adapt an evolve but I am sure that won't have anything to do with the bitcoin.
They will operate on cryptocurrencies but most likely will be some new form of altcoin created either by banks or by government.


agree with you , I think if not banks then governments will definitely start their own coins and will impose it on their public to use only that currency, and will work for that to compete other crypto currencies the same as in the fiat our governments are competing each other. But I don;t think that they will defeat bitcoin.
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May 12, 2016, 08:59:09 PM
 #1412

I am a bitcoin miner.  I have several accounts from other businesses, but needed to open an account for my bitcoin mining.  I went to Chase Bank.  I told them exactly what I wanted to do and they showed me in their policies and regulations that they cannot do any business associated with cryptocurrencies inclusive of bitcoin.  They explained how they are looking for any transactions associated with businesses that use cryptocurrency and close their account.  

I had been told this by a mining buddy of mine, but did not really believe that this was this extensive.  

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May 12, 2016, 10:23:34 PM
 #1413

I am a bitcoin miner.  I have several accounts from other businesses, but needed to open an account for my bitcoin mining.  I went to Chase Bank.  I told them exactly what I wanted to do and they showed me in their policies and regulations that they cannot do any business associated with cryptocurrencies inclusive of bitcoin.  They explained how they are looking for any transactions associated with businesses that use cryptocurrency and close their account.  

I had been told this by a mining buddy of mine, but did not really believe that this was this extensive.  

This is what all banks position should be as they are regulated and dont wanna to work with bitcoin,thats a snap on the face to who holds bitcoins as well who owns projects related to bitcoin.Meaning you will need to sell your coins direct to someone else and try to avoid banks, i had sold some bitcoins with another user with banks involved sure they dont know what it was the money for.Im sure not all banks has that position as several people invested huge ammounts into exchanges and had cashout the money or big money into the banks,paying a fee to the bank and making the portfolio get registed and be sure they pay a fee from it.
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May 13, 2016, 01:08:26 AM
 #1414

No this indeed is not gonna happen by far, banks are way to big indeed and they also have too much power.
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May 13, 2016, 02:19:29 AM
 #1415

Maybe in a long term its possible although I do not see this happen of course.
Banks are way too powerful and the opposite will happen most likely, the banks will let the bitcoin disappear.


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May 13, 2016, 02:38:03 AM
 #1416

Ehhh...no.  It's kinda like when the internet came out in the late nineties full force, and people thought that brick and mortar stores weren't going to exist anymore. Bitcoin has the power to disrupt a lot of things but it isn't going to be the end of banks.

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Imoote
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May 14, 2016, 04:06:11 AM
 #1417

Ehhh...no.  It's kinda like when the internet came out in the late nineties full force, and people thought that brick and mortar stores weren't going to exist anymore. Bitcoin has the power to disrupt a lot of things but it isn't going to be the end of banks.
Yes true bitcoin does have the power and the potential to develop. But it will not make banks disappear. Because bitcoin does not affect any of the banks. Both have their respective places.
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May 14, 2016, 04:50:50 AM
 #1418

I think bitcoin is a source to earn fiat money. it cannot make banks disappeared.
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May 14, 2016, 05:30:29 AM
 #1419

I think bitcoin is a source to earn fiat money. it cannot make banks disappeared.
Yes highly unlikely bitcoin could make banks disappear. Because as you said, that bitcoin is to earn money. So definitely still require banks to melt into money.
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May 14, 2016, 10:11:29 AM
 #1420

The chance that it will happen is really small and that is that many people are still dont even know how Bitcoin works so that is the problem.
If it will make it disappear than Bitcoin have to be really popular so there will be also more people that have to promote it so more people can get to know about it.

Banks will not dissapear anyway and everybody know it. Bitcoin can't compete banks, it's just need to evolve to start. When bitcoin will grow we will see what happen.
But I believe now itself we can predict the future of bank based on the evolution of bitcoin. People will slowly start forgetting about using bank when bitcoin enters into mainstream of adoption. So, definitely bitcoin will compete with bank and also will definitely will win that race.
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