Can Bitcoin make Banks disappear?

[madwica]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

I am disagree with you mate, Bank will remain even the bitcoin will be accepted in the country, Bank is much secured than bitcoin, no currency can bank disappear, instead bitcoin will be accepted in all banks.

[stadus]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

That will be all useless without the trust and confidence of the people, without KYC people are afraid if they will loss their money, in banks it is covered by an insurance so they prefer to use banks, I think banks are also fast with their transaction but the it only differs on charges because bitcoin is very cheap.

[boyptc]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

That will be all useless without the trust and confidence of the people, without KYC people are afraid if they will loss their money, in banks it is covered by an insurance so they prefer to use banks, I think banks are also fast with their transaction but the it only differs on charges because bitcoin is very cheap.

That is going to be the advantage of banks they have insurance if there is something going to happen wrong. And banks are being trusted the most
people because they have been there for a lot of years already. And people are going to doubt with bitcoin because of its anonymity so they are going to think something different with it.

[partialist]

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?

Banks as WE know it may disappear, but banks generally will not disappear.

this is right
they will always exist, just less commonly used as the blockchain evolution continues.

[goinmerry]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

Then that is the more reason that they should stay. There are using it now and already adapting so why cease it. Let it be the reason to make it stronger, combine the two for a better solution and convenience for every user.

[8Habits]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

Then that is the more reason that they should stay. There are using it now and already adapting so why cease it. Let it be the reason to make it stronger, combine the two for a better solution and convenience for every user.

Every good and established business like the banks for instance, they will be focusing on serving value and convenience to their clients. These are the reasons why people stays loyal because of the value they received - I will not wonder if banks will make some enhancement in their services to integrate bitcoin soon.

[newcoins1978]

I think it's possible theoretically only. People are not ready to stop using banks. Peer-to-peer system is like something mythical to them. 

It is possible for Bitcoin to take over a bank but to be honestly think that the change of that happening are almost at zero.
The chance us bigger that Bitcoin would be taken over by a bank.

[Braeron]

That will never happen, banks will never support bitcoins as its an competitor to banks and banks may adopt blockchain technology in future but will never shake hands with bitcoins.

Nothing really is impossible. Lol is there any evidences that the bank would really not support bitcoin?  If i am not mistaken i've seen some articles before that central banks are trying to know what is really blockchain's doing.

I have to disagree with these comments to an extent.  Banks have the life span that we allow them to have.  Take marijuana for an example:  If you asked 20 years ago, would marijuana ever be legal in the United States, the answer would be no.  Now that more and more of the baby boomers are moving into government positions, this will be changing for there is more information the older government would not allow us to know to try to rake the truth under the rug.  Bitcoin is the same way.  Government will be fighting this because a large number of investors have their money invested into the banks.  This included the government itself.  As more and more people who understand bitcoin move into office, the more changes will take place.  You just have to give it time.

I dont think bitcoins can make bacnks dissappear because the banks dont want peope to use bitcoins because they only want cash and want that peopel are using cash and not that stupid coins,

[Osarman]

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

you are right that bitcoin is very faster and i also like the transaction of bitcoin because bitcoin transaction is very faster and it transaction fees is very much lower than other currency transaction .

[1Referee]

I t is very possible to replace bank, reasons:

3. some banks use blockchain service now.

First of all, it's impossible for Bitcoin to replace banks. Second, there is no bank using the blockchain technology yet. They are only researching the possibilities of it. That's far different from actually using it. Third, if banks every adopt the blockchain technology, then it will be their own version of the blockchain, and not the one from Bitcoin.

[ekoice]

Banks will not disappear soon  but when bitcoin usage reaches more people, usage of banks will become less. Banks will be used for only buying loans and not for money transactions.banks will suffer a huge loss in income

[funbarrel]

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?

Banks as WE know it may disappear, but banks generally will not disappear.

this is right
they will always exist, just less commonly used as the blockchain evolution continues.

of course bitcoins will exist forever and in my opinion in the future it is going to become only bigger and bigger and make us some decent profit

[thejaytiesto]

The battle between banks and bitcoin will be a huge one and will start in about 2018. The next 2 years are absolutely crucial and lots of things are going to start changing fast. After 2018, the 2020+ period will be when the real shit hits the fan.

[saiha]

Banks will not disappear soon  but when bitcoin usage reaches more people, usage of banks will become less. Banks will be used for only buying loans and not for money transactions.banks will suffer a huge loss in income

Well it is really impossible that bitcoin is going to make banks disappear as the banks are already there from so many years.

It is just going to be possible that bitcoin is going to make banks disappear if we are already on the cyborg era. Where people are already robot type.

And we are not going to need banks anymore by that time.

[springgers]

Bitcoin has the potential to change how economy works, How we deal and use money, but I'm not sure about the bank system. I think it has advantages itself in funding the smaller merchants and giving relatively hassle-free interest to the depositor, I think there may be bitcoin banks in the future although that might affect the decentralization part of bitcoin.

[Digitalbitcoin]

No.

Not at all.

And I think it must not have to workout.

Bitcoin has its own circumstances. As well it needs connectivity. Bitcoin itself can be evaluated in fiat currency but it doen't means that bank will disappear.

Bank is need for local trade bcz in most countries all deals done with fiat currency.

And if we consider Bitcoin as bank can work with tier 1 or 2 countries bcz Tier 3 or below level countries dont have even strong internet connectivity.

Bitcoin itself is a protocol.

So it will never happen.

[katrimans]

I t is very possible to replace bank, reasons:

3. some banks use blockchain service now.

First of all, it's impossible for Bitcoin to replace banks. Second, there is no bank using the blockchain technology yet. They are only researching the possibilities of it. That's far different from actually using it. Third, if banks every adopt the blockchain technology, then it will be their own version of the blockchain, and not the one from Bitcoin.

That pretty much sums it up.
Although I am pretty sure not all banks would want to use a blockchain like system that has all the accounts / transactions publicized. There would be some banks that would be willing to do so, but not all the banks for sure as pseudo anonymous will not be preferred by all of them.

[socks435]

It is impossible that bitcoin can disappear banks because those banks are good for savings safe.. unlike in bitcoin its still not the best to save our money in bitcoin. banks are still the best and safe to use..

[Universat]

That will never happen, banks will never support bitcoins as its an competitor to banks and banks may adopt blockchain technology in future but will never shake hands with bitcoins.

Nothing really is impossible. Lol is there any evidences that the bank would really not support bitcoin?  If i am not mistaken i've seen some articles before that central banks are trying to know what is really blockchain's doing.

I have to disagree with these comments to an extent.  Banks have the life span that we allow them to have.  Take marijuana for an example:  If you asked 20 years ago, would marijuana ever be legal in the United States, the answer would be no.  Now that more and more of the baby boomers are moving into government positions, this will be changing for there is more information the older government would not allow us to know to try to rake the truth under the rug.  Bitcoin is the same way.  Government will be fighting this because a large number of investors have their money invested into the banks.  This included the government itself.  As more and more people who understand bitcoin move into office, the more changes will take place.  You just have to give it time.

I dont think bitcoins can make bacnks dissappear because the banks dont want peope to use bitcoins because they only want cash and want that peopel are using cash and not that stupid coins,

i think banks have no concern with bitcoin in present time as there is no so much effect of bitcoin on bank recently, but i think in future banks will accept bitcoin for their own favour, because banks will provide wallet service to the people and will receive their service charges.

[Blackmet]

Bitcoin can be added to banks, but i don't believe that bitcoin can become that strong to make banks disappear, but we will see, just need to wait.