Can Bitcoin make Banks disappear?

[CoinSiteDesigner]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

[somacoin]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I was just about to write the exact same thing. My opinion is the same.

[AriesIV10]

I thought it could not. for now. This is a stupid thing. bitcoin is a currency which could possibly be an option to bank deposits if one day it happened? nothing that requires two fought ?

I don't think this will very happening, it may happen for some instance but percentage of this to be happening is very poor. Banks would rather choose to the fiat money because people used to it. And it has been use for a very long time.

Exactly, people have more faith in banks and fiat currency, and they will continue to use it in future too as any digital currency cannot replace banks so easily.

Right now people believe and have much faith upon banks , as people were not much aware of the bitcoin and the digital currencies that's been used in most countries. Soon situation might change when adoption goes high.

It's not about being faith in banks.

It's just a matter that bitcoin can't really touch all those people even they like to use it as bitcoin can only be accessed online since it's digital currency.

Dollar (Cash) is the same way.  The Bank only holds a small percentage of cash on hand at the bank. Everything else is digital.

[yayayo]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

Why is that impossible? You should at least try to offer a somehow reasonable explanation for your claim. In historical perspective, banks are a quite new invention. We have thousands of years of human history without banks.

I think it's possible that banks might cease to exist in their current form. If Bitcoin and decentralized networks succeed at large scale their function as centralized custodians of deposits and loan creditors might become obsolete, because these functions can be solved via cryptography and p2p-networks with much less friction. At least their earning stream from these traditional activities will run dry. Maybe they will become financial insurance companies, that offer insurance against theft by hacking or against data loss.

ya.ya.yo!

[davinchi]

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.

We cannot say now itself that bitcoin will not disappear banks. But already many merchants are avoiding bank system for their routine payment by adopting bitcoins payments. So every common people will decide their own convenient risk-free payment system in future. So, I too doubt about the survival of banks.

[torrentheaven]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I was just about to write the exact same thing. My opinion is the same.

Yeah that is not possible ever, people need banks, businesses needs banks for their business transactions and they will need in future too even bitcoin gets on the mainstream.

[Blacula X]

It's not about being faith in banks.

It's just a matter that bitcoin can't really touch all those people even they like to use it as bitcoin can only be accessed online since it's digital currency.

Dollar (Cash) is the same way.  The Bank only holds a small percentage of cash on hand at the bank. Everything else is digital.

People with no internet or smartphones use cash every day, don't know or care how banks store their money. Many of them never set foot in a bank, get paid in cash -> spend that cash. It works.

[justdimin]

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.

You are right. Bitcoins will definitely overcome bank by giving people an easy banking system within their mobile phones. Yes! people will get all the functionalities of real banking system within their mobile bitcoin wallet.

[jossiel]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I believe that also, but I think there would appear a bank for bitcoins. Bank bitcoin maybe not just digital bank, but physical bank either
like other bank the usual way we are using and know it.
Banks won't disappear and will be always there as long as there is a cycle of economy in the world.

[danherbias07]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I believe that also, but I think there would appear a bank for bitcoins. Bank bitcoin maybe not just digital bank, but physical bank either
like other bank the usual way we are using and know it.
Banks won't disappear and will be always there as long as there is a cycle of economy in the world.

Physical  bank for bitcoin would be a great idea. But there are this risk that could happen. Government will want something on you for creating a business. Tax will be paid. Plus many more files and documents before starting this one. I guess the real deal would be banks that are already there will be connected to bitcoins. That way no more hassle will be done.

[jossiel]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I believe that also, but I think there would appear a bank for bitcoins. Bank bitcoin maybe not just digital bank, but physical bank either
like other bank the usual way we are using and know it.
Banks won't disappear and will be always there as long as there is a cycle of economy in the world.

Physical  bank for bitcoin would be a great idea. But there are this risk that could happen. Government will want something on you for creating a business. Tax will be paid. Plus many more files and documents before starting this one. I guess the real deal would be banks that are already there will be connected to bitcoins. That way no more hassle will be done.

Yes tax is given even bitcoin is a digital currency I think government will need to create a bill regarding with these kinds of issue.
And the most close thing I am even thinking is that banks will adopt bitcoins.

[mkc]

1 word => That's impossible.

Banks will forever be there, they're not going anywhere.

I believe that also, but I think there would appear a bank for bitcoins. Bank bitcoin maybe not just digital bank, but physical bank either
like other bank the usual way we are using and know it.
Banks won't disappear and will be always there as long as there is a cycle of economy in the world.

Physical  bank for bitcoin would be a great idea. But there are this risk that could happen. Government will want something on you for creating a business. Tax will be paid. Plus many more files and documents before starting this one. I guess the real deal would be banks that are already there will be connected to bitcoins. That way no more hassle will be done.

Yes tax is given even bitcoin is a digital currency I think government will need to create a bill regarding with these kinds of issue.
And the most close thing I am even thinking is that banks will adopt bitcoins.

From user prospective, you want a bank accept Bitcoin deposit, pay back principal with interest in Bitcoin. From bank's angle, Bank will have to exchange Bitcoin to fiat, make money in fiat, exchange back to Bitcoin and pay out interest. You know there is huge exchange rate risk for Bank because Bitcoin price is so volatile.

[davis196]

Banks will be replaced with crowfunding and peer-to-peer lending platforms.

This is the future of finance.

Those platforms have some flaws ,but they will be removed soon.

The financial industry will become more transparent...

[Snorek]

Banks will be replaced with crowfunding and peer-to-peer lending platforms.

This is the future of finance.

Those platforms have some flaws ,but they will be removed soon.

The financial industry will become more transparent...

It won't be happening during our lifetime. The bigger is bubble the longer it takes it to pop. And banking system is so overgrown and rooted that it will be really hard to dismantle it.
People won't trust in p2p initiatives - just look as bitcoin is treated. I bet if it was invention of some company instead of decentralized that company would be bigger than Apple by now.

[Enotche]

Banks will be replaced with crowfunding and peer-to-peer lending platforms.

This is the future of finance.

Those platforms have some flaws ,but they will be removed soon.

The financial industry will become more transparent...

Yes it is possible and will. but it needs the technical development of the people, so that they understand the whole system. Different states have different concepts of the economy, the old familiar system, and unwillingness to strive for new ways. And it turns out that some countries are already using Bitcoin to complete, while others are afraid because of the stereotypes. But perhaps they will take the experience of the developed countries and also move to such a system, the only question is political (friendship, alliance)

[maudevang]

Bitcoins can never make banks disappear but, what they can do is make their own banks you know. If there
are3 more and more people using the bitcoin banks don't wait to invest in them and store their coins. This
is a big booming.

[maudevang]

as you can see there are allot of bitcoin users these days and it's only growing many times faster. But
the question of can bitcoins make banks disappear i don't think so. There are allot of banks who just want
to invest in the coin i think if he gets really big so banks disappear NEVER.

[BlueStackz]

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.

We cannot say now itself that bitcoin will not disappear banks. But already many merchants are avoiding bank system for their routine payment by adopting bitcoins payments. So every common people will decide their own convenient risk-free payment system in future. So, I too doubt about the survival of banks.

Well said. Banks will face difficult days in future when bitcoin influence how people are transacting for their daily financial needs. No one will stick with their troubling system for long time. So, all the people from all the countries will switch over to the freedom, definitely that would be bitcoin system only.

[DimensionZ]

Banks will be replaced with crowfunding and peer-to-peer lending platforms.

This is the future of finance.

Those platforms have some flaws ,but they will be removed soon.

The financial industry will become more transparent...

I don't think these platforms will be very popular. Peer-to-peer lending would only work if both the borrowers and the lenders trust each other and nowadays there are so many scammers defaulting online that it would be a miracle for this to take off and replace bank loans. And who is going to get your money back if the borrower runs away with your Bitcoins?

[AriesIV10]

Banks will be replaced with crowfunding and peer-to-peer lending platforms.

This is the future of finance.

Those platforms have some flaws ,but they will be removed soon.

The financial industry will become more transparent...

I don't think these platforms will be very popular. Peer-to-peer lending would only work if both the borrowers and the lenders trust each other and nowadays there are so many scammers defaulting online that it would be a miracle for this to take off and replace bank loans. And who is going to get your money back if the borrower runs away with your Bitcoins?

I never thought of it like that.  Very Interesting!