Can Bitcoin make Banks disappear?

[freshman777]

yeah as long as people still use fiat currency as their major. certainly the bank will always persist and it is impossible for bitcoin to clear the bank. bitcoin needed to be the global currency first

Even people use bitcoin as major currency, still fiat will stand strong and stable. Physical transaction are not that present in bitcoin, even it's present we need some help of internet. You know both bitcoin and banks are different. Major pros and cons of this two financial institution are also different too.

Banks are banks, Bbitcoins are bitcoin.

Cryptocoins gaining more acceptance and value than current growth stagnation depends on fiat NOT standing strong and stable. And fiat will not stand strong and stable, but it will not go down without a good fight and will not completely vanish ever, this is certain. Banks will not vanish, this is certain too, doesn't matter what money they use, some banks will stay.

I think majority of banks will stay, as I don't see any strong reason that bitcoin can disappear any bank, do you think that bitcoin has that power to make Swiss bank disappear from market.

Majority of banks will not stay but this doesn't have much to do with Bitcoin. If you scan financial news with regularity, you will notice that each month a few banks shut down, this has been going on for several years since this financial crisis had begun in 2008, it's moving and wiping out easy pickings.

[Labumi]

I think bitcoin will not be able to eliminate the bank. because the bank is the world's most important institutions

Yup, if the bank is missing then the world financial system will experience a mess that's bad enough, because in the absence of a Bank transaction system will experience obstacles. And it would further aggravate the Bitcoin to thrive
 

[bamboylee]

Its hard to believe that bitcoin can make banks disappear in future, banks will always survive as majority of people are dependent on banks for their transactions.

Yeah, but if in any chance it may happen maybe not in our lifetime. It will be in a distant future when all fiat have collapsed and what is left is cryptocurrencies. We will not be needing banks anymore if all that exist are cryptocurrencies.  I think it will be a better financial status because everyone is equal and no currency is better than the other.

[BitHodler]

Bitcoin can replace banks so easily.

How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.

Bitcoin is even too small to harm a payment service such as PayPal so I'm not sure how some people think Bitcoin can replace banks easily. It will never happen.

That person doesn't know what he is talking about.

[Mr.grin]

for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar

[Crazygreek]

for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar

I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.

[n0ne]

for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar

I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.

What you have quoted is right, but in reality only very few people were using bitcoin at present as a investment, currency and for online needs. So when you compare to the users of bank it's very low. Also bitcoin can be used only by person who have at least some knowledge about computer and internet. For these reason bitcoin disappearing bank seems to be a dream.

[michietn94]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

[socks435]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

I think banks and bitcoin is a perfect couple banks for converting bitcoin into fiat and depositting from directly to bitcoin.. and this can be a business..
Just like here we can only deposit via banks.. to bitcoin..

[Cryddit]

Bitcoin will flatly refuse to become what banks need, which correctly represents the desire of its community. 

Therefore banks will use a different block chain, with additional transaction types, that does the things they need.  It's that simple.

You pretty much can't create money by loaning at fractional reserve in Bitcoin.  (Mark Karpeles managed it, but he lied about the risk, and there's three different countries lined up to put him in jail for fraud.)  And that is what banks do.  Further, that is what people RELY on banks to do.  Harold and Harriet go down to the bank to borrow money when they need a new car or when they're buying a house, and they WANT to be loaned money, and they want a low interest rate, and they can get the best interest rates at a place that makes loans on fractional reserves, because having that leverage means banks can meet operating expenses. 

Furthermore, governments rely on banks to loan at fractional reserve because adjusting the reserve rate is their goto method for regulating money supply. 

Now, most Bitcoiners regard no loaning at fractional reserve and no government regulating the money supply  as good things, and therefore Bitcoin will never do it. 

But if banks can't do it with bitcoin, they'll just do something else besides Bitcoin, and they'll survive just fine because they'll provide services Bitcoin won't.

Likewise, banks want to be dealing in money that police can trace and courts can recover.  If they get ripped off, they want to be able to sue the bastard who did it, have their assets frozen until the case is settled, and get their money back.  It lowers their operating expenses and there's an existing legal framework that does it.  Harold and Harriet want the ability to stop payment if a vendor sells them a network cord that doesn't work.  Banks want to be able to sell mortgaged assets if it turns out that Harold and Harriet default on their mortgage.

And once again, if they can't do that with Bitcoin, they'll do it with something that isn't Bitcoin. And they'll prefer that other thing over bitcoin. 

Because bitcoin will never do these things, and both Government and Bankers see great value in an open central ledger (because quite correctly none of them trust the others), they will create an open ledger, using block chain technology, that has little or nothing to do with Bitcoin.

That open ledger will support transactions like courts freezing assets,  police recovering assets, loans at fractional reserve, txOuts destroyed as bad debt, transactions spending the money of people who don't divulge their keys as a result of court judgments, etc.  Block chain technology can do all of these things; you just record a transaction and the nodes check that it falls within whatever rules they check.

If Bitcoin doesn't add these transaction types to its block chain, and it most emphatically won't, then banks will just make their own block chain and ignore Bitcoin. 

[Superbitzz]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

i think still not a single country have a bitcoin bank . so think i will no do so. because it is avertual currency and not a physcal one. so we can say that bitcoin will no disappear the banks etc.

[Imoote]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

i think still not a single country have a bitcoin bank . so think i will no do so. because it is avertual currency and not a physcal one. so we can say that bitcoin will no disappear the banks etc.

Yes true bitcoin has no physical form and it was very troubling future if bitcoin eliminating banks. So I think bitcoin will not make banks disappear because bitcoin digital currency can not replace banks. I prefer bitcoin like this.

[Cybertron00]

Hmm.There are already times that bitcoin wallet and bitcoin is being hacked by hackers online.But bitcoin and bitcoin wallet is more protected.Higher security and small problems are being fixed fast.But still there is possibilities that bitcoin wallets and bitcoin may disappear one day from now.But dont hope for its lost.Hope for  best

[MTBTT]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.
so the bank will be compared with bitcoin wallet because it has the same function

[harizen]

Hmm.There are already times that bitcoin wallet and bitcoin is being hacked by hackers online.But bitcoin and bitcoin wallet is more protected.Higher security and small problems are being fixed fast.But still there is possibilities that bitcoin wallets and bitcoin may disappear one day from now.But dont hope for its lost.Hope for  best

First of all bitcoin security depends on YOU and by choosing your own wallet. If there's something happen the only one to blame is you or that wallet. Also you don't have any chance to make it back. So all in all, you are mainly the security here.

On the other hand, banks will give you return if ever there is a loss since that is their priority. Also why choose banks that haven't built any strong financial institution.

[bamboylee]

Bitcoin can replace banks so easily.

How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.

Bitcoin is even too small to harm a payment service such as PayPal so I'm not sure how some people think Bitcoin can replace banks easily. It will never happen.

That person doesn't know what he is talking about.

Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.

[Imoote]

Bitcoin can replace banks so easily.

How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.

Bitcoin is even too small to harm a payment service such as PayPal so I'm not sure how some people think Bitcoin can replace banks easily. It will never happen.

That person doesn't know what he is talking about.

Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.

Yes if bitcoin could shift paypal it very could happen but to shift the banks and make it disappear it seems to me unlikely. Because banks are still very much needed by many people so it is unlikely to disappear.

[danherbias07]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.
so the bank will be compared with bitcoin wallet because it has the same function

1 country using bitcoin only? If I will be the president of that country that would really be a hard work. It is an online currency so how to work this out for the people to use it with convenience will really be the hardest part.

[Schuyler]

Bitcoin can replace banks so easily.

How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.

Bitcoin is even too small to harm a payment service such as PayPal so I'm not sure how some people think Bitcoin can replace banks easily. It will never happen.

That person doesn't know what he is talking about.

Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.

Two years might be too much to ask, in terms of bitcoin's surge. Better still to have some diversification with your money and not go all in on bitcoin. Banks would unlikely feel the damage or negative effect of bitcoin because they always find ways to balance what the customer wants and what's advantageous to them. I'm not saying that I favor banks over bitcoin, but that is what the reality is, at least as of now.

[boyptc]

As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country

yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.
so the bank will be compared with bitcoin wallet because it has the same function

1 country using bitcoin only? If I will be the president of that country that would really be a hard work. It is an online currency so how to work this out for the people to use it with convenience will really be the hardest part.

I think Japan is trying to consider to accept btc soon to their community since Satoshi is a Japanese (I'm not sure).

But bitcoin cannot make disappear banks as banks accepts only fiat and fiat is really the most used money rather than bitcoins.