Can Bitcoin make Banks disappear?

[Farma]

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.

for now I am not sure it will happen, people still need the banks of the bitcoin. because most of them do not know how to use and look for bitcoin, than the level of their confidence in the bitcoin too

[romero121]

However bitcoin grows very high and gets more users, there will be certain percentage of people who depend only upon bank for their needs. So bitcoin replacing banks won't happen in the near or future.

[PacePay]

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.

You may have noticed that bitcoin is already a bigger currency now, and the governments will make its usage difficult only if they noticed bulk curruption and crimes with that currency, but thanks God, bitcoin is not a thread for the world but a profit for all of us.

[daringdiscovered]

I think yes because bitcoin has lower transanctiom fees than banks. And you can easily send and receive bitcoin to one another. Bitcoin don't need many requirements amd has no age restriction. Bitcoin is very easy and comfortable to use. Bitcoin can't be robbed by simple people. It will require much knowledge about bitcoin.

[practicaldreamer]

Banking has been a pleasing guise, a pallatable mask for the exploitative expropriation of capital from those without to those with. It has been achieved through very artful, disingenuous and clever means.

Credit will of course still be required in the future. Even a bitcoin future. However, crowdfunding is still a New Thing. Who knows how credit will be found in future years - but something tells me it will be raised in a way more meritocratic than it is today.

When bitcoin says "the Emperor is wearing no clothes", the Emperor, once the spell of hypnotic inertia has been broken, is going to have to find a new legitimation . Bitcoin will chrystallise the question, if you like.

Maybe a legitimation won't be sought - maybe force will be used instead. But this in itself will be an answer of sorts, and a move forward. At least it would be honest.


Bitcoin can only do what it can do. It can't cure cancer. It can't usurp the Queen of England if the people want to keep her. It can't make a silk purse out of a sows ear.
But lets not downplay what it can do - and lets keep on believing, and telling our friends and relatives about it, and about banking and QE and boom and bust and fractional reserve - cos bitcoin can achieve a lot.

Cryptograhers have very artful, disingenous and clever ways also - except theirs are now all open source  

[Cryddit]

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.

Indeed.  So can banking.

[Imoote]

I think yes because bitcoin has lower transanctiom fees than banks. And you can easily send and receive bitcoin to one another. Bitcoin don't need many requirements amd has no age restriction. Bitcoin is very easy and comfortable to use. Bitcoin can't be robbed by simple people. It will require much knowledge about bitcoin.

I think bitcoin can not replace the banks as though a lot of convenience, but the banks are legally and get protection from the government so that the banks most legitimate. Almost impossible bitcoin could make banks disappear.

[bladeandsoulguide]

bank can not disappear

it is more reliable




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[boyptc]

bank can not disappear

it is more reliable

You are right, of course bank will not disappear, as it is more reliable and used by people especially for keeping our money. Since most of the people
doesn't know about bitcoin yet, so it is impossible for bitcoin to make the banks disappear.

[DimensionZ]

If Bitcoin doesn't become a global currency how can we convert it back to fiat without the help of the banks? If all the goods are priced in fiat how can we buy food and pay the bills if merchants don't accept Bitcoin? Banks are like the bridge between digital and paper money and I don't think they will disappear any time soon because of Bitcoin. After all Bitcoin is primarily used as a store of value and not as a digital currency right now.

[Bitcoinbro]

No the bitcoin cannot achieve this in my eyes because the fact is that the bitcoin is way too small to still do this and the banks are never gonna happen this plus they are way too big.
There are too many people and company's depending on banks globally.

[boyptc]

No the bitcoin cannot achieve this in my eyes because the fact is that the bitcoin is way too small to still do this and the banks are never gonna happen this plus they are way too big.
There are too many people and company's depending on banks globally.

I believe it also, even though I believe in bitcoin but for this thing I don't think the banks will make it happen that they will disappear because of bitcoin.
There are certain measurements that must be considered before the bitcoin will make the banks disappear.

[n3o111]

i don't think any crypto currency will totally replace banks to the point where they don't exist. i do however believe that their prominence and power will be drastically reduced in a similar fashion to that of record labels and the introduction of torrenting and youtube and the likes. prior to the internet era, record labels were practically a necessity, at least if you wanted to make it any ways big. they had a monopoly on the music industry. you didn't succeed if they didn't want you to. now, they are still in existence, but they have little power or influence. crypto will do similar to the banks, clearing houses and all sorts of industries that we likely cant even fathom yet.

[danherbias07]

"All central banks will be destroyed". said by one Bitcoin expert.

I dont believe that though. We got a lot of banks now private and government banks. I dont think that government will let that happen. I dont think those private banks will do nothing and let them be destroyed. They can pay. They are the bank. Easy as that. As long as there is control, as long as there is a government that wont happen.

[MWesterweele]

I think this will be imposible even in the near future.Tho im an bitcoin enthusiast yes i believe on bitcoin being a fiat currency somedsy but beating the banks and make banks disappear?thats a big no i think.Even bitcoins will be use by almost 60% of worlds population it will not be possible that banks will disappear because rich person have more trust on banks rather than bitcoinwallets because it is vulnerable of hacking even its security is strong

[CryptoBjorn]

off course can bitcoins not make banks disappear and that is only because of the many users of the banks. Banks will always be trusted by people who have money on it. And it is not that bitcoin cant get the same amount of users but it will never be such big as normal gold is for now.

[Chris4210x]

I don´t think banks will disappear but the will probably adopt to digital currencies. Maybe they even issue their own Goldman Sachs coin just to have own branded coin again. Remember, we had that in the past. Every Bank was issuing their own money before we had a unified banking system with one currency for the whole nation. Instant exchange between different coins could make that happen again.

[avw1982]

I don´t think banks will disappear but the will probably adopt to digital currencies. Maybe they even issue their own Goldman Sachs coin just to have own branded coin again. Remember, we had that in the past. Every Bank was issuing their own money before we had a unified banking system with one currency for the whole nation. Instant exchange between different coins could make that happen again.

I think bitcoin is a great economical system and change to the world, However I don't think banks will disappear, Banks are important and a main part of the economical system, I think bitcoins will coexist with banks.

[CryingMidget]

off course can bitcoins not make banks disappear and that is only because of the many users of the banks. Banks will always be trusted by people who have money on it. And it is not that bitcoin cant get the same amount of users but it will never be such big as normal gold is for now.

Yup people need bank to store their money and earn interest from it.and bank play important role to person and economy of a country.  i think we might have bank for bitcoin someday to regulate it and also for security. i guess. because of anonymity of bitcoin we really need a bank.

[apriyoni]

bank can not disappear

it is more reliable

Banks are regulated. They  are more reliable than the non regulated service like the bitcoin exchanges.