Can Bitcoin make Banks disappear?

[saiha]

I don't think that bank will be disappeared..
There is long way to go for bitcoin.
Bank rules will never end until bitcoin come to life or it become accepted by all over the world.
Just remember that bitcoin is now only a child
Its growing day by day.

That's true, it is going to be hard way for bitcoin before the government will be convinced that bitcoin can hold the whole banking system.

But because of bitcoins decentralization I'm sure that the government will not allow that bitcoin will make the disappearance of banks.

Because it is being controlled by the government unlike bitcoin, they can't manipulate it.

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[ashiqdey]

Nope they can't because bank have nite advantage for old guys and they can't live without banks but we modern guy would love to stay with bitcoin but well for our centralized money we will ever need banks.

[Kabul]

My answer is no. Bitcoin can be a revolutionary electronic currency but it doesn't have the power to replace the traditional banking system. The reason is simple, bank is a government backed system. Also the Fiat currency is backed by government.

On the other hand bitcoin is backed by people's trust and it doesn't have any Central agency to support so the blockchain system can make an attractive investment route, but replacing banking system is never going to be happen.

I disagree with you. I believe that Bitcoin can easily replace banks in the future. Look at the world right now. We are in the middle of the World fourth technology revolution and the internet steadily replace physical services. And soon, Bitcoin will be a part of this world

[jossiel]

My answer is no. Bitcoin can be a revolutionary electronic currency but it doesn't have the power to replace the traditional banking system. The reason is simple, bank is a government backed system. Also the Fiat currency is backed by government.

On the other hand bitcoin is backed by people's trust and it doesn't have any Central agency to support so the blockchain system can make an attractive investment route, but replacing banking system is never going to be happen.

I disagree with you. I believe that Bitcoin can easily replace banks in the future. Look at the world right now. We are in the middle of the World fourth technology revolution and the internet steadily replace physical services. And soon, Bitcoin will be a part of this world

Even technology is now conquering the whole world. Still banks will remain, just think about if a decentralized crypto currency will replace banks.

I don't think it can happen, even though we can consider our bitcoin wallets as our personal bank account. Still banks will get some help from their local government.

And they will not let a crypto currency destroy their business so the government will do something to make it not happen.

[jeraldskie11]

Bitcoin cannot make banks disappear because first the Bitcoin is a cryptocurrency and the bank is a money saver. Whether there is Bitcoin or not, there is always bank because the bank don't need only Bitcoin but other cryptocurrency. Therefore, there is no percentage that the Bitcoin will make the banks disappear.

[verdun2003]

I don't think that the bank will disappear, but, I think that the bank will just add bitcoin in their deposit/withdrawal option, or what they called like Forex transaction, I know time will come they'll have bitcoin to local currency exchange.

[Mastsetad]

I don't think that the bank will disappear, but, I think that the bank will just add bitcoin in their deposit/withdrawal option, or what they called like Forex transaction, I know time will come they'll have bitcoin to local currency exchange.

They might do it, but i don't know if they will, because they would never have access on bitcoin but they surely can get some profits from the fees and etc if they add bitcoin support in their accounts, all they will get will be fees they can put on deposits and withdrawals done with bitcoins, but why would someone keep their bitcoins in a bank while they can keep them with themselves staying anonymous?

[verdun2003]

I don't think that the bank will disappear, but, I think that the bank will just add bitcoin in their deposit/withdrawal option, or what they called like Forex transaction, I know time will come they'll have bitcoin to local currency exchange.

They might do it, but i don't know if they will, because they would never have access on bitcoin but they surely can get some profits from the fees and etc if they add bitcoin support in their accounts, all they will get will be fees they can put on deposits and withdrawals done with bitcoins, but why would someone keep their bitcoins in a bank while they can keep them with themselves staying anonymous?

You are correct. I might just stay my bitcoin in my btc wallet rather than in bank that just has low interest rate and keep my account private. In that I can freely monitor more my account and invest any time wherever I want.

[Doamader]

Bitcoin its just an option isnt the solution for all the problems, bitcoin is showing all companies that is possible make their transactions with safety and allowing them to save milions into taxes, something banks does wanna for them, the blockchain. Besides those potencial bitcoin isnt here to replace, with it we are free to use and moove any ammount anytime, something that its restricted to the bank system, and they ask why you wanna to moove and for what, your own money, and you need to give them a reasom, sound funny isnt it?

[eduaro66]

Bitcoin its just an option isnt the solution for all the problems, bitcoin is showing all companies that is possible make their transactions with safety and allowing them to save milions into taxes, something banks does wanna for them, the blockchain. Besides those potencial bitcoin isnt here to replace, with it we are free to use and moove any ammount anytime, something that its restricted to the bank system, and they ask why you wanna to moove and for what, your own money, and you need to give them a reasom, sound funny isnt it?

You can talk and think about Is Bitcoin threat to the global banking system. However, if the digital currency and payment systems will rank equal to existing banks, their disappearance did not hurt.

[chrisivl]

Despite the volatility, Bitcoin is the best currency in the world over the past 5-6 years. Fast-growing performance of digital currency and decentralization have led investors and traders to consider his opinion as a global safe asset.

[d@nte]

I think the possibility of making profits from it brings an incentive for people to store value in Bitcoin, and this in fact increases the number of people using it. However, that alone is not enough for people to migrate from the banking systems to Bitcoin platforms, there must be people willing to offer goods and services in exchange for Bitcoin.

[ZlaiaZaia]

I think the possibility of making profits from it brings an incentive for people to store value in Bitcoin, and this in fact increases the number of people using it. However, that alone is not enough for people to migrate from the banking systems to Bitcoin platforms, there must be people willing to offer goods and services in exchange for Bitcoin.

Just imagine how much Bitcoin users in the world and is similar to how many people use simple paper money. There are people who do not even know anything about high technologies. Leaving only a single currency Bitcoin, it would condemn all men to destruction.

[bitbunnny]

We are not that lucky, banks will not just disappear. Their loby is too strong and entire worlds' financial system relies on them. Bitcoin can make them to behave and do business different, maybe even more fair, but it can't make them disappear. No matter what people and governments will continue to use banks and their services.

[jak3]

bitcoin is being accrpted arount 120 vountrys and many of them have the bitcoin atm too and on the other side banks are already spread around whole world so it make them invurmable but as we know bitcoin is better than banks in all ways so all iy will take is time till people understand bitcoin technology

[richardsNY]

We are not that lucky, banks will not just disappear. Their loby is too strong and entire worlds' financial system relies on them. Bitcoin can make them to behave and do business different, maybe even more fair, but it can't make them disappear. No matter what people and governments will continue to use banks and their services.

Why should we be lucky when banks would disappear? No matter how anti banks people here are, we can't deny the need of them in our lives. Bitcoin is fine as an alternative to fiat and banks for people looking for financial freedom. So yes, banks will be part of the system as long as governments see them as an added value (in their benefit of course) to the economy. People shouldn't want Bitcoin to replace banks while we can make use of both at the same time without any issues.

[elena-tur]

We are not that lucky, banks will not just disappear. Their loby is too strong and entire worlds' financial system relies on them. Bitcoin can make them to behave and do business different, maybe even more fair, but it can't make them disappear. No matter what people and governments will continue to use banks and their services.

Why should we be lucky when banks would disappear? No matter how anti banks people here are, we can't deny the need of them in our lives. Bitcoin is fine as an alternative to fiat and banks for people looking for financial freedom. So yes, banks will be part of the system as long as governments see them as an added value (in their benefit of course) to the economy. People shouldn't want Bitcoin to replace banks while we can make use of both at the same time without any issues.

For decades, Swiss bank accounts were the ideal place to store funds of entrepreneurs and investors due to anonymity and confidentiality. This is an opportunity to open accounts and exempted from tax liabilities. In the derivation of Bitcoin on the world market, which means end of an era Swiss banks and Bitcoin as a global safe asset.

[Skarner21]

We are not that lucky, banks will not just disappear. Their loby is too strong and entire worlds' financial system relies on them. Bitcoin can make them to behave and do business different, maybe even more fair, but it can't make them disappear. No matter what people and governments will continue to use banks and their services.

Why should we be lucky when banks would disappear? No matter how anti banks people here are, we can't deny the need of them in our lives. Bitcoin is fine as an alternative to fiat and banks for people looking for financial freedom. So yes, banks will be part of the system as long as governments see them as an added value (in their benefit of course) to the economy. People shouldn't want Bitcoin to replace banks while we can make use of both at the same time without any issues.

For decades, Swiss bank accounts were the ideal place to store funds of entrepreneurs and investors due to anonymity and confidentiality. This is an opportunity to open accounts and exempted from tax liabilities. In the derivation of Bitcoin on the world market, which means end of an era Swiss banks and Bitcoin as a global safe asset.

I think banks still needed than bitcoin .. we can not use bitcoin if offline unlike banks that we can use even offline..
Bitcoin is always just good for alternative like other said .. we can not disappear banks but we can use bitcoin as our alterntive if we want to use it as our bank.. honestly there is no assurance if bitcoin will be gone in the future.. bitcoin is still low in adoption and it needs more company that accepting bitcoin as payment mode.

[lionheart78]

My answer is no. Bitcoin can be a revolutionary electronic currency but it doesn't have the power to replace the traditional banking system. The reason is simple, bank is a government backed system. Also the Fiat currency is backed by government.

On the other hand bitcoin is backed by people's trust and it doesn't have any Central agency to support so the blockchain system can make an attractive investment route, but replacing banking system is never going to be happen.

I disagree with you. I believe that Bitcoin can easily replace banks in the future. Look at the world right now. We are in the middle of the World fourth technology revolution and the internet steadily replace physical services. And soon, Bitcoin will be a part of this world

I strongly disagree with you on this.  Bank is not a currency that compete against Bitcoin, Bank is a financial institution, and this institution is clever enough to even make bitcoin popularity in their favor.  And take note, bank operation is not limited to fiat money alone.  Bitcoin may disappear but this kind of institution might be modified but will never disappear.

[buwaytress]

Why would banks disappear? Plenty of bitcoin banks online... okay, they may not be as established or as recognised institutions as traditional financial banks but if banks today disappear it will only be because they will be displaced by highly-evolved successors.

How can bitcoin on its own ever replace the roles that banks have?

P.S. I don't like banking in general=)