Can Bitcoin make Banks disappear?

[carriebee]

Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

[Hatuferu]

Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

Even if bitcoin will be popular the banks will becoming more popular, they are partner in progress because bitcoin relies on fiat.
Banks serves for many years already and it has been used by majority of people's population in the world, we can have a bank account and bitcoin as well so why not used both.

[novemberwoah]

Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

Even if bitcoin will be popular the banks will becoming more popular, they are partner in progress because bitcoin relies on fiat.
Banks serves for many years already and it has been used by majority of people's population in the world, we can have a bank account and bitcoin as well so why not used both.

I was always confident banks will continue to develop their technology to attract the sympathy of the public and in order to continue to be popular. The Bank will continue to grow all the time and this has been a long time. So, if bitcoin can makes bank disappear it will not happen, the bank also has a legal and financial management in the country, so it might not happen. Yes you are right, why not use both, it will be profitable.

[Vorth]

its impossible, because bitcoin cannot fully change money and as money will exist banks will exists too.

[dearbesz1219]

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?

In my assessment bank will not gonna make disappear in the future, even bitcoin will become the world currency. Maybe instead of competing into bitcoin bank they're gonna ride for what is trend nowadays. or they will adopt the concepts and system of bitcoin in a long run.

[Rostadom]

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...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

[MONKEYJUNK]

May be many of friends here is saying , that it is impossible for the bitcoin to dissapear the bank system .
But I think opposite of this . According to the current condition of bitcoin of increasing popularity and price will surely result into dissapear bank system.

[Ziskinberg]

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...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

To become normal, the government has to recognize it which I don't think it's happening. Credit card is mostly operated by banks and it only showed they also expand their marketing to serve the people with different need. Bitcoin is a different thing as it is only a currency that has a value like fiat but the only difference is it is not created by the government and it's decentralized by nature.

[bitart]

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...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

There was an closed test of NFC payment system in my country, and after the successfull test, 2 mobile service providers and 1 bank has launched the public NFC payment system. You had to have an NFC compatible phone, a compatible SIM card and the bank has loaded the virtual debit card to that SIM card, so you could used your phone as a PayPass debit card.
Only a few thousands of people used the system in a 2-3 years time, so both parties decided to stop the whole thing. Technology is available, it was working fine, but the demand for this kind of fintech innovation was not enough to get it profitable on the long run...
People needs more time for these kind of changes.

[BADecker]

Bitcoin to $10,000


Chinese Banks, HSBC Caught up in Huge Money Laundering Scam

Documents obtained by the Organized Crime and Corruption Reporting Project show that at least US$20 billion was moved out of Russia between 2010 and 2014 in a vast criminal operation called "The Global Laundromat".

Over that period, Bank of China – one of the biggest state-owned commercial banks in China – processed a total of US$716 million of the Laundromat cash via branches in mainland China, Hong Kong and Macau, making it the fourth most active bank in the plot, as shown by the documents.

Read more at https://www.newsbud.com/2017/03/21/chinese-banks-hsbc-caught-up-in-huge-money-laundering-scam/.

[lOvE mE forEvEr]

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...

The Banks is an official financial institution full-protected by the Government. Although the use of the bitcoin continues to increase, but I'm sure the bank will continues and survive and imposible to disappear.

[JANGKRIK BOSS]

I'm sure the bank will continue to exist and never disappear, this is because the use of fiat money and the banks is an important factor to channel credit to business and economics.

[Yanisumin]

Nah that is not true I think bitcoin will just be difficult to replace it to fiat money. If ever bitcoin will replace the fiat money I think the bank will go to the bitcoin world and I well bet that they will offer a lot of things. Like maybe more ATM for bitcoin or other stuff.

Yup that's true, that is one of the things that I fear when the time comes..Let's take this scenario:
Bitcoin became well known, people began accepting it as a mode of payment, as a means of exchange. Fiat is slowly losing its value. Banks are going down. But the people behind them, billionaires, businessman, bankers, government....This people are so powerful, they will do almost anything just to survive, just to remain on top. I think the time will come where they will control even Bitcoin. Make it as their reserve. Anything is almost possible in these powerful people. They will offer what people think good to them but in fact the benefits are to the top people again. And I hope when this day come, people will fight for this freedom. We are all human first, searching for greed second, I hope we always remember the first.

[mornabo]

May be many of friends here is saying , that it is impossible for the bitcoin to dissapear the bank system .
But I think opposite of this . According to the current condition of bitcoin of increasing popularity and price will surely result into dissapear bank system.

[/quote
the key is the fiat vs bitcoin. when bitcoin can beat the popularity of fiat and made all the human use of fiat bitcoin then bitcoin will make dissapear the system of bank

[Xenophoto]

Nah that is not true I think bitcoin will just be difficult to replace it to fiat money. If ever bitcoin will replace the fiat money I think the bank will go to the bitcoin world and I well bet that they will offer a lot of things. Like maybe more ATM for bitcoin or other stuff.

Yup that's true, that is one of the things that I fear when the time comes..Let's take this scenario:
Bitcoin became well known, people began accepting it as a mode of payment, as a means of exchange. Fiat is slowly losing its value. Banks are going down. But the people behind them, billionaires, businessman, bankers, government....This people are so powerful, they will do almost anything just to survive, just to remain on top. I think the time will come where they will control even Bitcoin. Make it as their reserve. Anything is almost possible in these powerful people. They will offer what people think good to them but in fact the benefits are to the top people again. And I hope when this day come, people will fight for this freedom. We are all human first, searching for greed second, I hope we always remember the first.

Fiat is not losing value at all. Not at this point. Bitcoin is far from the point where it'll kill fiat or make fiat less valuable. Everyone's still using fiat, even every single bitcoin user. When fiat has started to lose value because almost everyone's using bitcoin currency and the prices of stuffs are based on bitcoin, the rich ones have already moved their money to bitcoin or other assets. I believe that billionaires don't have all of their money in fiat form. Most of their money is on assets and on investments on different companies. They don't let all of their money just sleep in form of fiat. They all know the truth behind fiat and so they store the value of their money on different things like bitcoin.

[Dimelord]

Banks will not disappear.But its also true that bitcoin has become the worst nightmare for bankers.Already,many people have started using bitcoins for transactions instead of banks.If this continues,Banks would face a huge loss in revenue got from transactions.In future,banks will not get huge profits as now.Mostly,they have to depend on the interests from loans as their main revenue.

[AjithBtc]

Fiat is the base for all needs and it's the only thing that's been used by all people without any difference of opinion. Digital currencies are the one that's been used by only the skilled people. For this reason bitcoin won't make banks go disappeared.

[BitHodler]

Banks will not disappear.But its also true that bitcoin has become the worst nightmare for bankers.Already,many people have started using bitcoins for transactions instead of banks.If this continues,Banks would face a huge loss in revenue got from transactions.In future,banks will not get huge profits as now.Mostly,they have to depend on the interests from loans as their main revenue.

Banks won't suffer any major losses as their core revenue doesn't come from transaction fees. If you look within your country, then it's free to send and receive money from one bank account to another.

You'll be charged a certain fee if you happen to transfer money to a different country. But let's be honest, how often do people send money abroad? It's an insignificant bit of income for banks. So no, it won't hurt banks.

[emezh10]

I think there are two factors here. The banking/debt crisis, and the emergence of crypto-currencies. It won't be Bitcoin that will destroy the banks, it will be the politicians who are taking bribes to allow rubbish derivatives to be created, and then allowing bail-ins for the banks to cover their fraudulent lending, who will cause the demise and re-structuring of banking. Bitcoin will just be one of the emerging solutions/replacements.

Not sure what I'm talking about? Look at the recent permission to allow fracking in the UK, and the bail-in of Cyprus and the Greek banking theft to help DoucheBank.

Indeed. Bitcoin is not responsible if banks may disappear. Bitcoin is a cryptocurrency that people use in able to earn extra income and specially to buy their need and wants but it is nothing to do with banks. We all know that bankd today are very famous because of those people that want to stock money and those people who have lots of money in order to be safe. If you can see bitcoin and banks is no relationship at all. They just have the same purpose vut different ways of called and sometimes uses. Bitcoin will not make banks disappear because banks are the most useful establishments nowadays. And people will continue to use it.

[Rostadom]

I think there are two factors here. The banking/debt crisis, and the emergence of crypto-currencies. It won't be Bitcoin that will destroy the banks, it will be the politicians who are taking bribes to allow rubbish derivatives to be created, and then allowing bail-ins for the banks to cover their fraudulent lending, who will cause the demise and re-structuring of banking. Bitcoin will just be one of the emerging solutions/replacements.

Not sure what I'm talking about? Look at the recent permission to allow fracking in the UK, and the bail-in of Cyprus and the Greek banking theft to help DoucheBank.

Indeed. Bitcoin is not responsible if banks may disappear. Bitcoin is a cryptocurrency that people use in able to earn extra income and specially to buy their need and wants but it is nothing to do with banks. We all know that bankd today are very famous because of those people that want to stock money and those people who have lots of money in order to be safe. If you can see bitcoin and banks is no relationship at all. They just have the same purpose vut different ways of called and sometimes uses. Bitcoin will not make banks disappear because banks are the most useful establishments nowadays. And people will continue to use it.

They actually do have a relationship and it's usually in the exchanger. All exchanger sites use banks to pay people and to accept cash-ins. Pretty sure exchanger sites use banks as well to store most of their fiat money. Without the banks, there will also no exchanger sites. Exchanger sites will be something like localbitcoins wherein we transact by having a meetup to somebody from that site that's willing to buy/sell bitcoins. It will be person to person just like how bitcoin trading used to be. It will be a lot harder in our position if all these exchangers go down because the banks doesn't want to have anything to do with them anymore just because their business is bitcoin-related.