Can Bitcoin make Banks disappear?

[Qunenin]

Yeh it might be a possible caus if bitcome gain more popularity than liquid cash or any other kind of e-cash transfer..but this will not happen in near future..it may take long time for bitcom to gain popularity..

Yes the possiblity is there but then it takes time a long long time to happen because we do not know how bitcoin will gonna work someday, once the government support bitcoin for sure people will gonna make pump up everywhere like banks and there if people transfer from bank to bitcoin for sure bank will gonna disappear

[Ravion]

Yeh it might be a possible caus if bitcome gain more popularity than liquid cash or any other kind of e-cash transfer..but this will not happen in near future..it may take long time for bitcom to gain popularity..

Its hard to believe that banks will completely disappear in future as banks are the most strongest financial institution that we have and comparatively bitcoin is very young and small and even if it becomes more popular in future there will be many people and businesses that will be dependent on banks for their transactions.

yes that is really difficult to believe that banks will disappear. because most of the people of the world are depending on fiat and fiat are mostly concern with banks therefore banks will survive for ever.

Yeah. Banks won't disappear because of bitcoin or some other financial aid similar to digital currencies. Now if the entire usage is calculated bitcoin usage is very much low compared to the fiat that's serving the human population. Soon or later bitcoin will get increased popularity than the present but won't get considered as primary source.

I think the real question that is; What kind of service would banks provide, in order to stay relevant, if Bitcoin were to become the dominant currency?

Banks would not disappear as long as most people are still using fiat money. But they could still exist of Bitcoin becomes the major currency. Many centuries ago, banks came into existence by acting as a safe for storing people's money. As people stored their money in the banks, the banks started lending this money out and collecting a fee from the lenders. Then, later on, they started offering some portion of this interest to the depositors. If Bitcoin would become the major form of currency, the banks could offer special security services for securing Bitcoins, and they could also lend money on behalf of people who store their Bitcoins on the banks secure servers.

[MWesterweele]

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?

I dont know if it is possible because if im not mistaken banks are being held by the governments too. They pay a big taxes for goverment, and here in our cointry tax has been deducted to users.

[South Park]

Yeh it might be a possible caus if bitcome gain more popularity than liquid cash or any other kind of e-cash transfer..but this will not happen in near future..it may take long time for bitcom to gain popularity..

Its hard to believe that banks will completely disappear in future as banks are the most strongest financial institution that we have and comparatively bitcoin is very young and small and even if it becomes more popular in future there will be many people and businesses that will be dependent on banks for their transactions.

Banks are not very sound at the moment, many banks disappeared or were nationalized, a nice word to say the government rescue them with public funds, so if crisis was to strike again, something very likely, then many banks will disappear, not all of them but enough so people begin to wonder about the robustness of the world economy.

[prayogi]

Bank currency will not disappear, however the bank is a legitimate means of transaction in this world that want to make bitcoin bank ya have to make their own currency should not omit to say that I could not menghilankan bitcoin bank money thanks 

[golisman]

Maybe question should be oposite?  Can banks disappear the bitcoin ?  As we know there is total limit of bitcoins right and transaction are irreversible.  So if the banks will start buying big amounts of bitcoins from users and send them to notexisting btc address and make them "lost". Then there will be just few bitcoins in place and that will be end. 

[cellard]

Apparently they can, by funding people like Jihan Wu to push software that will divide the community and kill the network effect.

So let's wait and see what happens, and hope JihanCoin dies soon. Maybe this is another stone in the way towards bitcoin's success that we have to beat.

[gabbie2010]

It is unfair to say Bitcoin will make banks disappear most Bitcoins earned are being converted to our respective local currencies and this can be cashed out via banking system, Bitcoin and Banks are different entity so therefore one works to compliments the other.

[Farma]

I am not so sure if bitcoin bank is able to make disappear. Well, most people today have to trust the bank, especially if the bank could give them a loan to a business. it is an important point that is owned by a bank, it is very difficult finding a loan of bitcoin so great for a business.

[Yamato Tatsuki]

Well my friend, if banks feel that they are about to disappear, they probably might consider accepting bitcoins.
See, banks accepts money, golds, jewelries, and etc... so if bitcoins are causing harm to them, they might soon join the bandwagon 

At the end of the day, its just a little bit of Information Technology and some paper works 

[choppork]

Apparently they can, by funding people like Jihan Wu to push software that will divide the community and kill the network effect.

So let's wait and see what happens, and hope JihanCoin dies soon. Maybe this is another stone in the way towards bitcoin's success that we have to beat.

Since not everyone's selling their bitcoins and most people are just holding a decent percentage of the total bitcoins, that strategy will just make the price of bitcoin go to the sky and make it even more volatile. I don't think you can send at a nonExistent bitcoin address except for 1BitcoinEaterAddressDontSendf59kuE. Or you can simply send the bitcoins to a new address and then lose the password and lose the private key.

Why would the bank even do that? They will just lose funds and they obviously don't want that. Your idea is absurd, tbh. It doesn't make that much sense to me but that's actually the only way to dispose bitcoins. Buy it all and then throw it all away.

[Salazarian]

I am not so sure if bitcoin bank is able to make disappear. Well, most people today have to trust the bank, especially if the bank could give them a loan to a business. it is an important point that is owned by a bank, it is very difficult finding a loan of bitcoin so great for a business.

yes currently it may not be possible but in future when bitcoin will become more and more popular then it may be possible that the use of banks will become limited and in the end banks will become disappeared.

[Luno]

I am not so sure if bitcoin bank is able to make disappear. Well, most people today have to trust the bank, especially if the bank could give them a loan to a business. it is an important point that is owned by a bank, it is very difficult finding a loan of bitcoin so great for a business.

yes currently it may not be possible but in future when bitcoin will become more and more popular then it may be possible that the use of banks will become limited and in the end banks will become disappeared.

I don't think so bank will disappear. it is existing from the long term. Lot of people trust bank very much the reason is it is very secure whatever you store there. it is very much available to public so bank will not disappear. but btc will gain more popularity on the coming days which will give little impact to bank.

[megynacuna]

Would be a great idea. Bitcoin feels like the future to me than the current boring banking system.

Very true but I feel we will still need the banks to integrate the blockchain technology into their system and have the customers regulate their funds from their homes while they will act as casiers to cash out physical units of Bitcoins (that's if we do create them) as we maintain the core  decentralization principles.

[Vorth]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

[batang_bitcoin]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

We can't even remove those type of people and they will always think that banks are really important and include me to these average joe. But I'm not a scared one.

it's the same as right now there are still people that refuse to use credit card or new services...

There are people who refuse to use credit card or anything that is related to banking but majority always prefer to use banks as it is covered by government policies.

[szpalata]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

That's right but eventually, one day it can make the banks disappear as the new generation takes over.

[Ipwich]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

That's right but eventually, one day it can make the banks disappear as the new generation takes over.

That's a hard mission to do dude, as long as this world is controlled by the government it will never happen that banks will be replace into something they cannot control. Let's be realistic, bitcoin is not even a threat for them now, they see that bitcoin market is growing due to increasing adoption but what they want to do to us, is they want to control us to comply with some of the law which will give them financial benefit.

[Pattart]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

although bitcoin become famous even in the future bitcoin will not be able to shift fiat as the main currency. and for fiat still prevail then the bank will continue to live for shoring fiat

[sobsitesearch]

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

although bitcoin become famous even in the future bitcoin will not be able to shift fiat as the main currency. and for fiat still prevail then the bank will continue to live for shoring fiat

Correct and bitcoin is decentralized currency there is no physical coin/paper money of bitcoin that may bank will disappear. And the possibility was bank may adopt bitcoin in the future since more people are now using bitcoin in every country in the world.