Can Bitcoin make Banks disappear?

[mirakal]

Banks will not disappear I believe, but here in Scandinavia (and probably other places too), banks have been inspired by the way a bitcoin transaction is processed and have launched instapay services and apps that makes bank transfers obsolete. It also omits bank fees on smaller transactions.

A step in the right direction at least!

No way it will happen, banks will always be here as it's supported by the government, they created it for the people to comply with the rules of a certain state and fiat is the only legal tender that is allowed by the government when we transact, our financial standing are measure by our liquidity or the amount of money we are holding.

[Caladonian]

Banks will not disappear I believe, but here in Scandinavia (and probably other places too), banks have been inspired by the way a bitcoin transaction is processed and have launched instapay services and apps that makes bank transfers obsolete. It also omits bank fees on smaller transactions.

A step in the right direction at least!

No way it will happen, banks will always be here as it's supported by the government, they created it for the people to comply with the rules of a certain state and fiat is the only legal tender that is allowed by the government when we transact, our financial standing are measure by our liquidity or the amount of money we are holding.

and thats the complete reason why this statement will happen bank cant be disappear in any how government has been recognize stability in terms of hold fiat without banks it will be harder for that nation to continue its progress.

[klopcoin]

We will still need banks as not everyone will use Bitcoin. We are already seeing banks for Bitcoin. If anything banks as we know them may have to move with the times and start bitcoin accounts. At the end of the day banks make money of our money they will want to try making money from bitcoin too.Both can run because none of them influence the other in any manner.

[john2231]

I dont think banks will disappear over bitcoin. Banks will change its
service but not to disappear. Bitcoin is not yet well known in my
country. There is a need of proper introducing bitcoin so that all
people here in my country would easily understand its process.
Lastly, banks will not be diasppear in the long run.

Of course it won't because banks are playing an important role for a government and they are one of the industries that are contributing big tax in for a country. It can be possible that the banks are going to make bitcoins disappear as they are covered by the government but bitcoin isn't. And you are right, they can just simply adopt bitcoins services rather than making it disappear.

Yes I am agree with you. bank And goverment are made cooperation in since very very long time ago. they are support each other. country economy is nothing without bank. and bank is nothing without the support of goverment. bitcoin Is good but it is just a currency, it used for buying or selling activity, but Bank is a big corpiration. May be bank will adipt bitcoun as alternatif currency. We have to keep use and support bitcoin.

Banks are control by government and banks who made our money.. for every country..
If we are talking about bitcoin its just an online alternative currency that we can use online buying and shopping.. if we are lucky that more adoption will come in bitcoin that can accept bitcoin locally in some stores bitcoin is a good alternative to use since we already use it and know the benefits..

[klopcoin]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

[bitkilo]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

All the big banks are already looking into blockchain technology and will be using it for money transfers within their own banks very soon i believe. The problem for bitcoin is that these banks only want the blockchain technology not bitcoin, they will most likely look to create their own coins down the track.

[erickkyut]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

[danherbias07]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

Very true. It is not that popular to local people. Still they are preferred to use the banks and even at work you will be paid through the bank then to your ATM or a check. So it became a free advertisement to those banks. Bitcoin is not like that. Some people are just using it for sending money or buying online stuff which is really helpful also.

[Carlsen]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

I would say that bitcoin is not accepted in most parts of the world. When i look around in my area and wanted to purchase anything for bitcoin in real life, I would come back empty handed.
Besides, banks offer more than money transfer. They give services a lot of people need. Advisement in how to invest money for example.
Bitcoin can not do that.

[carlerha]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

Very true. It is not that popular to local people. Still they are preferred to use the banks and even at work you will be paid through the bank then to your ATM or a check. So it became a free advertisement to those banks. Bitcoin is not like that. Some people are just using it for sending money or buying online stuff which is really helpful also.

they are  not giving preference to bitcoin, to use it in local shops because they also have no facilities of using it in most of shops. i think we need to introduce bitcoin to local shopkeepers. they need a proper education and guidance about bitcoin how to use it and how to facilitate from it.

[1Referee]

I would say that bitcoin is not accepted in most parts of the world. When i look around in my area and wanted to purchase anything for bitcoin in real life, I would come back empty handed.

There is no point in looking around you for stores that accept Bitcoin when you already know there aren't any. Beside that, I don't see how this is a problem at all, since you can spend your fiat to buy your daily needs.

banks offer more than money transfer. They give services a lot of people need. Advisement in how to invest money for example.
Bitcoin can not do that.

Bitcoin is a multi functional tool that offers you financial freedom. You are the only one that is capable of doing anything you want with your coins, and thus you also have to take care of certain aspects yourself. If you are looking for some advice, then you can seek information in various manners. Even on this forum. Another thing, banks mostly only advice you because you have either your money stored there, or you give them the ability and approval to invest your money for you.

[uname]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

Very true. It is not that popular to local people. Still they are preferred to use the banks and even at work you will be paid through the bank then to your ATM or a check. So it became a free advertisement to those banks. Bitcoin is not like that. Some people are just using it for sending money or buying online stuff which is really helpful also.

I think although bitcoin already well-known in the city though, but most people still use the fiat for the payment of their daily lives. then bitcoin will not be able to make the banks disappear

[erickkyut]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

Very true. It is not that popular to local people. Still they are preferred to use the banks and even at work you will be paid through the bank then to your ATM or a check. So it became a free advertisement to those banks. Bitcoin is not like that. Some people are just using it for sending money or buying online stuff which is really helpful also.

I think although bitcoin already well-known in the city though, but most people still use the fiat for the payment of their daily lives. then bitcoin will not be able to make the banks disappear

Yes! Many people still prefer to use fiat because majority of them doesn't know anything about Bitcoin! Aside from that, they still have doubt about the legitimacy of Bitcoin. They still think that Bitcoin may turn to scam because it is decentralized!

[wxa7115]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

[PacePay]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

sometimes I think that banks do not have any hostility with bitcoin and they will also like accept bitcoin in their system but as it is not approved by the governments for their uses so they are unable to use it and that is why they want people to use only their own system for now until they adopt bitcoin.

[Zigsss]

No it cannot let banks disappear these days that is just simply not possible because banks are way too big and also too powerful.
The bank cannot disappear simply because of that.

[bestluck]

Right now there is no such thing the can challange the banks.  Their monopoly is just to strong.
Perhpas if some big wall street firms step in with bitcoin venture we can see this happeningMany people need some normal banks. Some people doesnt even know what Bitcoin is.
So how it is possible to make the banks disappear. First we must introduce Bitcoin to them and that it is maybe possible later in the future. Do you think so ?

I don’t think we are going to see any kind of open defiance against banks, they are too powerful and will try to crush any competition the only reason they cannot crush bitcoin is for its decentralized nature.

sometimes I think that banks do not have any hostility with bitcoin and they will also like accept bitcoin in their system but as it is not approved by the governments for their uses so they are unable to use it and that is why they want people to use only their own system for now until they adopt bitcoin.

But if the banks were unable to control bitcoin after they adopt it and the government allow them then they will start to hate bitcoin as they will then lose the faith and will consider it as a harm for their banking system as people are already storing their money in bitcoin.

[mbuk81]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

agree to that banks will also be around while the government can control how people and business earn and spent them money but if people all decided to use bitcoins then the banks and government will have to listen so one day banks and bitcoins might work together then if people stop using other currency then one day it might be bitcoin all the way

[Shiroslullaby]

In 2012 HSBC paid $1.3 billion in fines for "conducting transactions on behalf of customers in Cuba, Iran, Libya, Sudan and Burma, all of which were on the sanctions list."

In 2014 BNP Paribas "agreed to pay almost $8.9 billion in penalties and pled guilty to settle charges it concealed roughly $8.8 billion of transactions with countries like Sudan, Iran and Cuba."
BNP Paribas pulled in 42.938 billion Euros ($47.84 billion) in revenue in 2015 and has nearly 2 trillion Euros in assets...

Although Bitcoin is starting to get noticed by banks and those in power of politics, its still just a drop in the bucket.
Even a market cap of $11 billion is nothing for the established banking system.

[MingLee]

Even though bitcoin is becoming very popular, it still cannot replace or make banks disappear! Banks have been with is for ages and they are quite stable when it comes to monetary issues. Aside from that, bitcoin is still not accepted in some parts of the world.

agree to that banks will also be around while the government can control how people and business earn and spent them money but if people all decided to use bitcoins then the banks and government will have to listen so one day banks and bitcoins might work together then if people stop using other currency then one day it might be bitcoin all the way

Banks will maybe, big emphasis on maybe, be involved with Bitcoin at some point in the future, but considering the nature of Bitcoin it is incredibly unlikely that we're ever going to see anything close to what we envision. They will never want to rescind their power and control.