Can Bitcoin make Banks disappear?

[jostorres]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

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[Bestwishes745]

People lose more money every year stored in their bank accounts and atms as compared to Bitcoins, the only bitcoins that get stolen are because of either carelessness in handing private keys or investing in scams.

i think no people lost his money in bank, it's just lower interest if we compared with bitcoin interest (rising price).
but i think not all people who stored his money at bitcoin get interest, growing his money, some people who buying bitcoin in $700 and hold it, now lose arround 20% of his money.

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

[Karolus]

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

[ricardobs]

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

Because there are more and more bitcoin companies that are actually started to back people’s losses in these hacks. Trust me these people want their company to succeed just as much as you want to see it fail. There are very smart businessmen trying to get these cryptocurrency banks off the ground because there is so much money to be made for feeding their greediness. We never forget physical banks also had failed many times across globe.

[Karolus]

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

Because there are more and more bitcoin companies that are actually started to back people’s losses in these hacks. Trust me these people want their company to succeed just as much as you want to see it fail. There are very smart businessmen trying to get these cryptocurrency banks off the ground because there is so much money to be made for feeding their greediness. We never forget physical banks also had failed many times across globe.

Yes, more and more companies claim wallets are safe. Yet one report says that 33% of Bitcoin exchanges have been hacked, and another report says that 48% of Bitcoin exchanges have closed: http://fortune.com/2016/08/29/risk-of-bitcoin-hacking-is-real/

The 25% drop of Bitcoin's price since the Bitfinix hack suggests the market is getting tired of the nonstop Bitcoin claims of trust and safety.

[dEJAVU95]

If you say just one or some banks maybe yes. but if you say entirely bank in the world would disappear because of btc I think it is not possible
some country even forbide the circulation of btc. how can bitcoin affect the bank in that country

[Imoote]

If you say just one or some banks maybe yes. but if you say entirely bank in the world would disappear because of btc I think it is not possible
some country even forbide the circulation of btc. how can bitcoin affect the bank in that country

Bank small banks can indeed disappear but big banks will never disappear, especially because bitcoin. Banks have the economic strength of a country, so the bank has an important role. Banks will continue to have updates so it will continue to follow the development of the era. Progress bitcoin later will not affect the bank.

[Akupuniard]

I am not sure it's possible but maybe someday bitcoin will be accepted by one big country and when bitcoin will be added to banks, this theory can become truth.

[Altcoinmoney]

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

i dont think bitcoins can make banks disappear because i know for sure that allot of peopel are going to use the coins but not all oif them want to get payed or other thing with coins the real money would be the best for all of us and banks cant be disappeared.

[goinmerry]

I am not sure it's possible but maybe someday bitcoin will be accepted by one big country and when bitcoin will be added to banks, this theory can become truth.

I think banks can work on that and make them leave no choice but to just adapt if they want to still run their businesses or just close it for they wont help on making it better.

[Dwelach]

Probably they it can happen. If bitcoins get big enough and the majority of the population starts using it the banks will not have enough money to hand out, leading them to go bankrupt no pun intended.

[Cozynunu]

Bitcoins cant make banks disappear but banks can make bitcoin disappear but do they want that maybe they will bring a idea to make a smaller similar bank but just for people with bitcoins and that they can compare their cash and bitcoin bank together maybe an option.

[noictib]

No bitcoin cant make bank disappear. Both of then have their own advantage and disadvantages inspite of that bitcoin cant make bank disappear because bank is know by , used by all and user of bitcoin is only limited and there will only 21 million btc ever produced but this doesn't apply of paper currency

[CasioK]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

[richardsNY]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

Banks might very well adopt the block chain technology. But it will be their own version of the block chain, and not the one from Bitcoin. That's mainly due to the fact that there is no way for banks to control it. With their own version they can basically still control every aspect. That's the difference.

[skylighters]

i think it is definitely going to be possible and in my opinion banks will not exist for long

[Hohenn]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

Banks might very well adopt the block chain technology. But it will be their own version of the block chain, and not the one from Bitcoin. That's mainly due to the fact that there is no way for banks to control it. With their own version they can basically still control every aspect. That's the difference.

Banks wont disappear but I'm fairly certain that given it's time they'll change (influenced by bitcoin), but we wont see blanks disappear and just have everyone carrying their money in their wallets. However we might see an scenario where both of these things coexist. Kind of like Mr.Robot's E-Corp's E-coin.

[Wong_Djadoel]

Since i believe that fiat as we know it is not going to go away in the future, i have to say banks which are working with cash/fiat are not going to disappear either. even if bitcoin becomes big and adopted by all the people in the world , cash is still going to be around. so banks will be around too.

[boyptc]

Since i believe that fiat as we know it is not going to go away in the future, i have to say banks which are working with cash/fiat are not going to disappear either. even if bitcoin becomes big and adopted by all the people in the world , cash is still going to be around. so banks will be around too.

Yes banks are going to remain always there because the people are depending into fiat / cash money. And they are going to have hard time to adopt bitcoin especially those people who are into depressed areas. Still they are going to trust banks rather than bitcoin as they are lack of knowledge about bitcoin.

[savetherainforest]

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

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