Can Bitcoin make Banks disappear?

[TastyChillySauce00]

I do not think banks will disappear, but there is no doubt that their business model is outdated and will be forced to evolve in a big way, and that is why we are seeing them make significant investments to in the development of institutional "blockchains", although perhaps they are arriving a little late to this innovation.

That's true if they will not upgrade or evolve to new generation like bitcoins the people who using banks will decrease because they will switch into bitcoins because bitcoins has many benefits unlike bank accounts or credit cards.

What do banks need to evolve with? I honestly think they are not lacking into anything. I mean they are really good at what they are doing from wireless money transfers to credit card payment, they even have loans for you to buy a car. I don't know why do you think they are worrying about Bitcoin that they will ran out of business because of one kind of currency, that is wrong.

That's true. the bank is actually still not consider bitcoin as a threat thus they don't need to evolve. Most of bitcoiners are hating the banks because of their right to shut down their client's account by the order of the government,and because their lending which took a lot of interests. Bank already have everything either for online transaction and offline transaction. it's just how bitcoin can compete bank and it might be a really hard competition for bitcoin

[Gwerrahar]

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

[batang_bitcoin]

Bitcoin can't possibly go that far, because Banks are handles by conglomerate they know what they are doing. And as of the moment they are not panicking about Bitcoin and they have a reason not too. Bitcoin is a limited kind of currency and other than that it is unstable making it hard for any other people to use it. Also Bitcoin is not allowed in certain countries meaning they won't affect locals that much.

It is perhaps worthy of an answer. I understand that bitcoin is not enough functions. But he has a right to exist. That's only to deceive users with it not worth it.

I agree, bitcoin is not able to go far and make banks disappear as we know that banks are already strong enough and they are backed up by the government. It is going to be possible that bitcoin will be used by the banks but banks will still remain and will not be disappear. So, this kind of speculation is very impossible to happen.

[jossiel]

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

Truly they are and I'm thinking how can bitcoin make the banks disappear because a country needs to have bank for the circulation of their wealth.

And how can bitcoin do that job if the banks are the only one to be fitted on doing that job. Also banks are being controlled by the gov't.

So, it is going to be impossible thing that bitcoin will replace banks.

[Bacotan Bae]

I think this is true, and maybe this is a reason why until now bank not accepted bitcoin. Bitcoin system is very simple, without controlling we can send and receive money.

[Darwintas]

I think this is true, and maybe this is a reason why until now bank not accepted bitcoin. Bitcoin system is very simple, without controlling we can send and receive money.

I think the biggest downside for the banks right now is that it is untraceable and this is something what they just do not like, they have no power over it.

[carlisle1]

probably bitcoin could excel when it comes to financial systems but I don't see any chances for it to make banks disappear because banks dominated the system first and it is under the government so it seems to be impossible to happen but still they can coexist in the modern society .

[South Park]

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

[hua_hui]

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

21 million btc can be broken down into mbtc or satoshi. And if there is a need, it can even be further broken down to meet the rising demand.

[ffe]

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

21 million btc can be broken down into mbtc or satoshi. And if there is a need, it can even be further broken down to meet the rising demand.

Trouble is, as of now, too few people hold most Bitcoin. To have Bitcoin increase in value to the point where it can be broken down sufficiently to be used by most of humanity, we would be giving these few initial holders of Bitcoin most of the wealth of the planet.

Just won't happen.

[Bestwishes745]

I do not think banks will disappear, but there is no doubt that their business model is outdated and will be forced to evolve in a big way, and that is why we are seeing them make significant investments to in the development of institutional "blockchains", although perhaps they are arriving a little late to this innovation.

They will not come to adopt bitcoin until their governments allow them to adopt it or until bitcoin is legalized by the governments for their citizens to use it. without which we cannot expect that any bank will adopt it for their business. Maybe there will be some banks which will want to adopt bitcoin from now but they cannot.

[South Park]

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

21 million btc can be broken down into mbtc or satoshi. And if there is a need, it can even be further broken down to meet the rising demand.

Trouble is, as of now, too few people hold most Bitcoin. To have Bitcoin increase in value to the point where it can be broken down sufficiently to be used by most of humanity, we would be giving these few initial holders of Bitcoin most of the wealth of the planet.

Just won't happen.

Bitcoin is not going to reach that point, believe me, while what you are saying may seem unfair that is just the nature of investments, early adopters get the losses when thing go wrong, but they also get the spectacular returns when things go right, besides if bitcoin ever reached the point you are suggesting then anyone in this forum will also win the lottery by holding just a few bitcoins.

[MMA]

I think this is true, and maybe this is a reason why until now bank not accepted bitcoin. Bitcoin system is very simple, without controlling we can send and receive money.

but i do not think that it is such an easy job, i think it will take a lot of time as still bitcoin is not yet so much popular and majority of the people of the world are still depending on Banking system, therefore i think it is not so easy job that bitcoin will disappear banks.

[kryptqnick]

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

Exactly. Although I believe in btc's potential I think that if we speak about banks then rather they will make btc adjust to it. So nothing is killing anything but btc will appear in the banks and thus lose its anonymity and spontaneity (because it will become possible to control it).

[South Park]

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

Exactly. Although I believe in btc's potential I think that if we speak about banks then rather they will make btc adjust to it. So nothing is killing anything but btc will appear in the banks and thus lose its anonymity and spontaneity (because it will become possible to control it).

Banks will try to seize bitcoin no doubt about that, but the very nature of bitcoin makes that to be very difficult so I think bankers are going to at some point understand that indirect control of bitcoin is the best they can hope for.

[raja2sumi]

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

[diegz]

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

That's too much of a day dreaming. Banks have more functions than what you are thinking, and bitcoin could only replace one part of it, which is the money,. However, the establishment still has more transactions that occurs most of the day, one of those is processing . Do you think bitcoin alone is capable of processing loans, and other transactions that involves value?

[GenTarkin]

To the OP, only if the critical mass wants to make Banks disappear!

[Kasabus]

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

Where did you get that info? I guess you are not doing a good research dude, bank is created by the government to create fiat and  as a entity to safeguard our fiat when we chooses to deposit, by looking at the current situation, bitcoin is still in reliance with fiat. It cannot exist and grow with the support of fiat.

[Xenophoto]

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

That's too much of a day dreaming. Banks have more functions than what you are thinking, and bitcoin could only replace one part of it, which is the money,. However, the establishment still has more transactions that occurs most of the day, one of those is processing . Do you think bitcoin alone is capable of processing loans, and other transactions that involves value?

Banks have more functions than bitcoins because bitcoin is nothing but a currency with a twist and banks are services. Without the banks, we wouldn't be able to deposit money to our local exchange website and buy some coins to start with. I guess banks would always be there because lots of people got their loan from banks for their business.

Bitcoins, on the other hand, doesn't have any "loan" feature but there are websites that offers loan. But it gets spammed by scammers, it's really hard to give loans through bitcoins since it's online and you don't know how to get to them when they didn't pay you.