Can Bitcoin make Banks disappear?

[outatime1]

Banks will be around for a long time and fiat currencies will too.  Even if bitcoin becomes more popular, governments will still use their official currency as a fiat for a long time to come.  I can see governments changing to an electronic currency but most major countries will have their own official digital currency rather than bitcoin which will be independent (in my opinion).

[eddyubachs]

That's never gonna happen, banks will never disappear, and I don't think bitcoin has any valid reason to do that, majority of people depends on banks for their day to day transactions and now they are used to it.

[Crazygreek]

I think bitcoin can't really make it, banks are protected by goverment of every country and they will not let bitcoin destroy it, also govermnet will try to control bitcoin.

[Ryananda]

I think bitcoin can't really make it, banks are protected by goverment of every country and they will not let bitcoin destroy it, also govermnet will try to control bitcoin.

Yes bitcoin will not be able to make banks disappear because banks have legal protection.
Very difficult even impossible for bitcoin to make banks disappear.

[Cryddit]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

[Josef27]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

[CryptoBjorn]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

[BitHodler]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

Governments will never allow Bitcoin to become bigger at the cost of their own currencies.

Which basically means that if Bitcoin is becoming a problem for the governments they will come up with new policies to make Bitcoin usage very difficult.

[randy8777]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

Governments will never allow Bitcoin to become bigger at the cost of their own currencies.

Which basically means that if Bitcoin is becoming a problem for the governments they will come up with new policies to make Bitcoin usage very difficult.

i see a lot people dream about bitcoin replacing banks and fiat currencies, but what's the point of that? what's wrong with bitcoin being just an alternative that can perfectly fine exist alongside fiat currencies and all other tools?

[practicaldreamer]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

Governments will never allow Bitcoin to become bigger at the cost of their own currencies.

Which basically means that if Bitcoin is becoming a problem for the governments they will come up with new policies to make Bitcoin usage very difficult.

Decentralised markets - they won't be able to stop it. Likewise btc. Things are moving fast. Openbazaar is a bit clunky but on the right track. Maidsafe is due out later this year. These things can't be uninvented - and do have great utility over the existing alternatives.

People will profit off the back of bitcoin, of course. But to say that bankers will, in the sense that we tradionally use the word "banker", might be a bit misleading. Is a footballer still a footballer if he now has to play the game with a golf ball ? We might still call him a footballer I suppose, if we like, just for old times sake.

Lets use the internet itself as the comparison, the measure - and whilst it can (and is) used for the sharing of child pornography, trolling on Bitcointalk.org etc, we'd have to agree that on the whole its a tremendous force for social good. The democratisation of knowledge - the sharing of info globally etc. Its a force for good by its nature - likewise, I'd say, bitcoin and its blockchain.

[sishendaoye]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

Governments will never allow Bitcoin to become bigger at the cost of their own currencies.

Which basically means that if Bitcoin is becoming a problem for the governments they will come up with new policies to make Bitcoin usage very difficult.

I'm also thinking this banks will never accept this and because of that it will also never happen its just not possible in my eyes due to this fact.
Also the banks are hating so much on it they only want the blockchain system these days.

[boyptc]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

But with sovereignty of the government bitcoin will hard time to make the banks disappear, and an economy will not move on the cycle without
banks, because banks are the one to control the cycle of moving in and out of money.

[Babayega31]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

But with sovereignty of the government bitcoin will hard time to make the banks disappear, and an economy will not move on the cycle without
banks, because banks are the one to control the cycle of moving in and out of money.

Yeah because bitcoin is a small dot threat to banks and it cannot really replace it because bank is the stronger economic  place where businessmans and government put their money and really it has great effect of economic  ups and downs and government had implemented strong economic law about it thats why bitcoin cannot really defeat banks in real life it just a myth.

[Enotche]

Many representatives of the banks believe Bitcoin threatened the entire banking ecosystem, but there are those who are strong enough interest is the use of Bitcoin in the financial sector. For example, global banks: UBS, Citi Bank, Standard Chartered, and so on.
Actually, some banks are using or intend to use cryptocurrency.
Other banks are wary of the fact that the industry will undergo wrenching change. At this point, it seems that on the horizon you can see the two courses at the banking system.
 Banking institutions can start working in the new, ever-evolving areas of digital money. In this case, for a start they are required the recognition of changes in financial technology and the adoption of this concept.
Or, banks may continue to operate under the old system.

[DuckKeeper]

I dont think that would happen not for now and not even in a hundred years. And that is only because of the many users of the bank. How would you survive if we dont even have a bank where we can store our gold. yes gold what would bitcoin be worth without gold yes exactly NOTHING.

[JeanMcCoy]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

The chance is really small that it can disappear and that is because there are many people that is using their own payment method so that will be not possible.
Of course you see now that the Bitcoin will be more popular but it wont be that popular that it can disappear the banks.

[Imoote]

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Btc can evolve, and change.. I know it's hard to image with it's current state.

The chance is really small that it can disappear and that is because there are many people that is using their own payment method so that will be not possible.
Of course you see now that the Bitcoin will be more popular but it wont be that popular that it can disappear the banks.

That will never happen. That bitcoin will not make banks disappear even though it was popular. Because banks get strong legal protection, so it will be dealing with the government.

[mightyghz]

I would like to see that happen, disappearing of banks sounds great. For me its hard to predict what will banks do about and with bitcoin but for sure they have some plans. What is for some bank couple million dollars,  they can came in the game when ever they wish, maybe they are in now who can tell?

[lipshack15]

For me ( all banks will disappear when they are "bankrup" if they start accept or work with bitcoins, bitcoin will increase and more banks will pretty sure will stay long like bitcoin if fiat comes to the point that has no use already not everyone using banks and im the one who not using banl saving accounts i always do when i cashout my bitcoin using egivecash no need to put any card to withdraw and for those banks that has already known or bignames in the world banks aren't going anywhere

[Cryddit]

Banks will implement their own block chain to keep track of accounting
   a) in fiat currency
   b) in allowing transactions vital to their business model which Bitcoin does not allow.

They may also deal Bitcoin as a commodity with its own rules, but it simply isn't compatible with their primary accounting goals, so they'll ignore it for those purposes.