avikz
Legendary
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Activity: 3080
Merit: 1499
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December 22, 2016, 03:38:18 PM |
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It will never happen. Bitcoin doesn't have the power to eliminate the age old banking system from the society. Banks are regulated entity and bitcoin is an unregulated online money not regulated by any central authority. This reason is enough to prove that bitcoin doesn't have the power to eliminate banking system.
But definitely bitcoin is a revolution in the field of internet money which has changed many things. But most of the uneducated people is unaware about bitcoin and only tech savy people know about bitcoin. Those who don't know about bitcoin, they would not believe that money can be mined through a computer program. So, let bitcoin become big in silence and enjoy the fruit without the hope of changing the world.
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Whoever mines the block which ends up containing your transaction will get its fee.
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Bigdan
Member
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Activity: 84
Merit: 10
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December 22, 2016, 03:43:04 PM |
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Absolutely, In a few years, I fear that banks will not be around and because there are now peer-to-peer lending platforms and those developing payment systems, based on blockchain technology. Even the Bank of England made a consortium of 50 English banks; those that are completely rebuilt on a model based on blockchain technology. This is alarming and bankers will start losing their jobs in the near future.
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Fireblade
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December 22, 2016, 07:53:26 PM |
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No I do not think that this can happen to be honest but of course you never know it, most likely it cannot do this.
Banks are just way too powerful.
yes it is a fact that in near future it is not possible. as majority of people are using fiat as they do not know about bitcoin, therefore banks are their backbone, my me in future when all the people of the world start using bitcoin can make banks disappear. |
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South Park
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December 22, 2016, 10:54:36 PM |
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I don't believe the banks can be completely wiped out in a moment but I foresee the banks rather investing in bitcoins and gradually replacing them (their fiat) with bitcoins in the future.
They don't need to invest much in Bitcoin. They issue loans nominally in Bitcoin and hand out checkbooks. They don't have to hold the full amount of the checking accounts in Bitcoins, just a fractional reserve. And their loans get paid back in real Bitcoins. Pretty soon they have a lot of Bitcoins. Yes that is called fractional reserve banking and it is one of the biggest tricks of bankers that is why we must avoid the creation of bitcoin banks because that is what they will do at the first opportunity, we are our own banks and we must have control of our private keys and no one else. |
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Gilf
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December 23, 2016, 09:33:16 PM |
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Bitcoin in the current situation will not affect the banking system. All the people who own and make banks much trying to find a way for the user control bitcoin. But the banks do not withdraw from the market.
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sportis
Sr. Member
Offline
Activity: 406
Merit: 252
Veni, Vidi, Vici
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December 23, 2016, 10:40:32 PM |
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Personally, I think that banks will not disappear at least in the near future. What I believe is in a few years banknotes will disappear and people will transact to a cashless world. India ban notes 500 and 1000 Rs Europe discontinue to print 500 euros and Australia thinks to abolish 100 AUD. So people will mainly use cards and digital currencies. Banks will be forced under the bitcoin pressure to adapt new demanding and unstable environment. Distant future will show the winner.
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South Park
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December 23, 2016, 11:05:02 PM |
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Personally, I think that banks will not disappear at least in the near future. What I believe is in a few years banknotes will disappear and people will transact to a cashless world. India ban notes 500 and 1000 Rs Europe discontinue to print 500 euros and Australia thinks to abolish 100 AUD. So people will mainly use cards and digital currencies. Banks will be forced under the bitcoin pressure to adapt new demanding and unstable environment. Distant future will show the winner.
That is not new at all, governments have tried to eliminate cash for decades since they cannot keep track of how much you have, it seems their dream is coming true but not in the way they expected with the development of bitcoin. |
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pyata4ok
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December 24, 2016, 06:56:21 AM |
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Bitcoin in the current situation will not affect the banking system. All the people who own and make banks much trying to find a way for the user control bitcoin. But the banks do not withdraw from the market.
It can affect the banking system when people who are using banking services sees that it is an advantage for them to use bitcoin for sending and accepting payment through it unless their senders and receiver are using bitcoin. Because it is not going to be covered by tax and the fees are even cheaper like the banks are charging but not just because of this, banks will remain and not going to disappear. The people are very dependent on the banking system, and the government never want to lose this power to celebrate their populations and to profit from it. Bitcoin in this case could help, but it will not work. |
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tripplewarz
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December 24, 2016, 07:30:54 AM |
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Personally, I think that banks will not disappear at least in the near future. What I believe is in a few years banknotes will disappear and people will transact to a cashless world. India ban notes 500 and 1000 Rs Europe discontinue to print 500 euros and Australia thinks to abolish 100 AUD. So people will mainly use cards and digital currencies. Banks will be forced under the bitcoin pressure to adapt new demanding and unstable environment. Distant future will show the winner.
That is not new at all, governments have tried to eliminate cash for decades since they cannot keep track of how much you have, it seems their dream is coming true but not in the way they expected with the development of bitcoin. Maybe they even plan to give people food stamps and other things for their labors and thus generally make people slaves, who did not even have the right to celebrate their money. |
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Botnake
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December 24, 2016, 07:38:31 AM |
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Bitcoin in the current situation will not affect the banking system. All the people who own and make banks much trying to find a way for the user control bitcoin. But the banks do not withdraw from the market.
It can affect the banking system when people who are using banking services sees that it is an advantage for them to use bitcoin for sending and accepting payment through it unless their senders and receiver are using bitcoin. Because it is not going to be covered by tax and the fees are even cheaper like the banks are charging but not just because of this, banks will remain and not going to disappear. The people are very dependent on the banking system, and the government never want to lose this power to celebrate their populations and to profit from it. Bitcoin in this case could help, but it will not work. When the government profit, we profit as well. Government is not a private entity that they will not share of their income, we put them in their position and it is just right to serve the will of the majority, they are governing the people to ensure it is the benefit for everyone on whatever we venture. By saying that, they will allow to welcome bitcoin to make banks disappear, banks are government so ain't happening. |
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dimonchik13
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December 24, 2016, 07:57:59 AM |
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Bitcoin in the current situation will not affect the banking system. All the people who own and make banks much trying to find a way for the user control bitcoin. But the banks do not withdraw from the market.
It can affect the banking system when people who are using banking services sees that it is an advantage for them to use bitcoin for sending and accepting payment through it unless their senders and receiver are using bitcoin. Because it is not going to be covered by tax and the fees are even cheaper like the banks are charging but not just because of this, banks will remain and not going to disappear. The people are very dependent on the banking system, and the government never want to lose this power to celebrate their populations and to profit from it. Bitcoin in this case could help, but it will not work. When the government profit, we profit as well. Government is not a private entity that they will not share of their income, we put them in their position and it is just right to serve the will of the majority, they are governing the people to ensure it is the benefit for everyone on whatever we venture. By saying that, they will allow to welcome bitcoin to make banks disappear, banks are government so ain't happening. I do not accept "trust" concept. I do not know these guys in the banks, why should I believe them? On the other hand, in the BTC confidence is not even considered as a factor. I do not want someone else controlling my money and credit cards. I earned that money. What the fuck someone decides when and how much can I withdraw from an account or make a deposit? Therefore bitcoin better than banks. |
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deppil
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December 24, 2016, 08:29:48 AM |
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No I do not think that this can happen to be honest but of course you never know it, most likely it cannot do this.
Banks are just way too powerful.
of course the bank is very strong because the government is behind the bank in addition to the human need for banks are quite high. with the bank people can send and receive money easily and quickly so impossible banks will disappear |
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kwuccduck
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December 24, 2016, 01:36:07 PM |
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No I do not think that this can happen to be honest but of course you never know it, most likely it cannot do this.
Banks are just way too powerful.
of course the bank is very strong because the government is behind the bank in addition to the human need for banks are quite high. with the bank people can send and receive money easily and quickly so impossible banks will disappear Banks are now very much or try to rein in bitcoin users and thus take control of their own or want to help the authorities. So help users bitcoin nowhere to wait. |
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posternat
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December 24, 2016, 06:39:49 PM |
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I think Banks will not disappear
but maybe they will use Bitcoin.
Yes, in fact we are looking forward for this thing to happen. But bank will not replaced by bitcoin because of its government's support and even there are many people who are truly using bank. |
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hurain
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December 24, 2016, 11:53:56 PM
Last edit: December 25, 2016, 12:24:43 AM by hurain |
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I think Banks will not disappear
but maybe they will use Bitcoin.
Yes, in fact we are looking forward for this thing to happen. But bank will not replaced by bitcoin because of its government's support and even there are many people who are truly using bank. yes it is not such an easy job to disappear banks by using bitcoins. currently majority of people have no idea about bitcoin and those people who even know about bitcoin but still they are also using it as secondary option therefore they also use banks for majority of their activities. |
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Kray
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December 26, 2016, 02:52:18 AM |
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Bitcoin in the current situation will not affect the banking system. All the people who own and make banks much trying to find a way for the user control bitcoin. But the banks do not withdraw from the market.
It can affect the banking system when people who are using banking services sees that it is an advantage for them to use bitcoin for sending and accepting payment through it unless their senders and receiver are using bitcoin. Because it is not going to be covered by tax and the fees are even cheaper like the banks are charging but not just because of this, banks will remain and not going to disappear. The people are very dependent on the banking system, and the government never want to lose this power to celebrate their populations and to profit from it. Bitcoin in this case could help, but it will not work. And that's the advantage of the banks, they are covered by the power of the government. They will not even allow this to happen because they are getting a lot of tax from the banking institutions. Even though bitcoin has a good purpose of helping us to be convenient but I think they are going make the image of bitcoin in ears of the people. Bank have their real life |
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boyptc
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December 26, 2016, 04:54:30 AM |
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I think Banks will not disappear
but maybe they will use Bitcoin.
Yes, in fact we are looking forward for this thing to happen. But bank will not replaced by bitcoin because of its government's support and even there are many people who are truly using bank. That's true and it's hard to believe that a new young crypto currency will be able to replace the banking system that very easy way. That's why there are countries that are banning bitcoin because they know that it is going to be a demand cypto to their country and that can make people not obliged to pay their responsibility like tax. |
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Ziskinberg
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December 26, 2016, 05:22:30 AM |
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I think Banks will not disappear
but maybe they will use Bitcoin.
Yes, in fact we are looking forward for this thing to happen. But bank will not replaced by bitcoin because of its government's support and even there are many people who are truly using bank. That's true and it's hard to believe that a new young crypto currency will be able to replace the banking system that very easy way. That's why there are countries that are banning bitcoin because they know that it is going to be a demand cypto to their country and that can make people not obliged to pay their responsibility like tax. Banning bitcoin does not help them as they think, we will continue to be bigger and we will be fighting for our right, there's no one that controls the system and this helps the humanity to enjoy fast and cheap transactions online using bitcoin, being anonymous is also a freedom we are looking and no one will look into our accounts just like the bank is doing. |
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R3ffun
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December 26, 2016, 12:10:58 PM |
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i think can not because in my opinion bitcoin can not usefully of bank ..
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Wandering Soul~
Sr. Member
Offline
Activity: 406
Merit: 250
Wolf
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December 26, 2016, 12:29:05 PM |
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Banks has been up for a hundred years . Its an enough proof that banks played an important role in peoples life and will be continued to be needed in the future .
Banks rules might be changed over the years but it will be difficult to make it disappear.
So of course, Making bitcoin banks disappear is not very likely to happen as bitcoins greatest enemy are the government and banks are tied by its government.
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