Can Bitcoin make Banks disappear?

[MoneyIsDebt]

Banks will not disappear.But its also true that  has become the worst nightmare for bankers.Already,many people have started using s 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.

i don't think that it has become the worst nightmare for banks. you cannot use it in your daily life and if you have to use it instead of online shopping then you have to exchange it in the fait money and we all know that banks has takes a huge sum of amount while exchanging it so i don't think banks have any issue on its progress.

[doesit]

im recently was convinced and got into btc,and these topics make me laugh,btc as it stands now is threat to itself,banks prob dont give it a fud,btc is small market,volatile and with 20mill cap.its like your middle in the nowhere bank power wise.

way i see it now btc is experiment that got somewhat sucesfull,but many now in the game are just gambling and always willing that price will climb to make them rich,while preaching about its usage when most just buy to save it,and rest just to use it on darkweb.Id be surprised if btc usage on www for general stuff amounts to 0.00001% globally,darknet aside,since thats where it mostly shines,even thou most wont admit it.

[Doamader]

Well banks are providing a lot options already to any of their costumer feel happy and spend better their time, you can make and transfer money online, pay bills talk with manager, banks already provide a lot services, and bitcoin has no space to grow over them, since in the general we need banks to make our transactions into the exchanges.

[epitome]

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.

There is nothing to be worried for bankers when it comes to bitcoin because it does not bother them at all,they are two different things and run for different purposes and as long as fiat currency and trading is possible banks will be functioning.It is just a misconception that bitcoin will make the banks disappear.

[rexfray]

I don`t believe bitcoin or other encrypted currencies can make banks dissappear at all. As far as I know traditional financial institutes actively resist new ways of payment, then they are trying to assimilate it... in some cases successfuly but some- not.
It's the nature of time that the old ways must give in.
It's the nature of time that the new ways come in sin.

[Omega Weapon]

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?

Bitcoin will not make banks disappear, banks are incredibly powerful not only they have control over the worlds money but also the governments so to be honest I think we are going to reach a truce since neither side can destroy the other.

[Finestream]

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?

Bitcoin will not make banks disappear, banks are incredibly powerful not only they have control over the worlds money but also the governments so to be honest I think we are going to reach a truce since neither side can destroy the other.

That's for sure, banks are regulated by the government and they are the agencies that created fiat money which we are using right now. Bitocin is not that strong as some people are expecting, the volume of users compared to the users of fiat is evidently small and that has not capacity to change the current system. It will only supplement the need of people to transact faster online and to do their stuff without being watch by the government.

[Potato Chips]

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.

There is nothing to be worried for bankers when it comes to bitcoin because it does not bother them at all,they are two different things and run for different purposes and as long as fiat currency and trading is possible banks will be functioning.It is just a misconception that bitcoin will make the banks disappear.

What Dimelord is talking about is a prediction that is so unlikely to happen in the future for me. I'm one of those people who thinks that bitcoin is made

as an alternative payment system and it will also stay that way. Yes there are many of us who uses bitcoin but it can't be compared to the total number

of people who uses banks. Moreover there are also people who uses bitcoin and banks at the same time.

Well banks are providing a lot options already to any of their costumer feel happy and spend better their time, you can make and transfer money online, pay bills talk with manager, banks already provide a lot services, and bitcoin has no space to grow over them, since in the general we need banks to make our transactions into the exchanges.

Thats true and thats what bitcoin doesn't have that banks do right now. If you look at the other side there are also things that banks don't have and bitcoins does. These are you control your money, Low fees and volatility.

[mastermold]

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

[Dhimas Kanjeng]

It is not possible, the bank will continue to exist because control of the circulation of money and help boost the economy. I believe someday bitcoin is available at the bank.

[mornabo]

It is not possible, the bank will continue to exist because control of the circulation of money and help boost the economy. I believe someday bitcoin is available at the bank.

banks not only as a place to save money, but as the financial heart of the country because a country's financial well regulated by the central bank. so impossible bitcoin bank could make disappear

[Monnt]

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.

Actually banks basically make money by lending money at rates higher than the cost of money they lend, means they collect money from interest on loans, but the largest source by far for banks is deposit, when you entrust money to banks for safekeeping for future transactions, and from account checking and withdraws, if you go to check you banks account at an ATM you will get charged for it and when you withdraw they take a small percentage of it, so bitcoin actually is a threat to them.

[LuanX3]

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.

Actually banks basically make money by lending money at rates higher than the cost of money they lend, means they collect money from interest on loans, but the largest source by far for banks is deposit, when you entrust money to banks for safekeeping for future transactions, and from account checking and withdraws, if you go to check you banks account at an ATM you will get charged for it and when you withdraw they take a small percentage of it, so bitcoin actually is a threat to them.

Yeah and bitcoins really are different from what banks offer. There might even be a great chance, in the event bitcoins does get accepted globally, that it might have its own bank for storing and lending bitcoins. There are plenty of things a bank can do for bitcoins like have a savings account, atm services, and lending services.

[taxmanmt5]

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.

Yes it is possible once those bank holders or users be enlighten and make their money to bitcoin then the bank will be bankrupt so they will be going to die and end their business. Possibility is there.

[skorupi17]

It is a total possibility that bitcoin can make banks disappear, but the question is do we want banks be replaced by bitcoin? or do the government want the banks to disappear and replace it with bitcoin? As for my opinion, the government will not let that happen. Banks are supported and regulated by some government entities and they gain much benefit from it compared to bitcoin. Due to bitcoin's decentralized structure, it would be difficult for the government to manage their monetary system.

[Omega Weapon]

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs.

[MintCondition]

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs.

Bitterly Truth, we can now monitored and control our money so why bother ourselves in engaging in banks and other banks activities. Our bitcoin wallet have features that are useful like banks and having low transaction fees are much more better than in banks.

[Astvile]

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

[White Christmas]

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

Eventually, bitcoin banks can't make fiat money banks disappear since bitcoin doesn't have a value without fiat money. Also, it can't replace its position since the volume and the supply of fiat currency is quite big enough that 21 million bitcoin of supplies can not beat.

[Japinat]

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

Eventually, bitcoin banks can't make fiat money banks disappear since bitcoin doesn't have a value without fiat money. Also, it can't replace its position since the volume and the supply of fiat currency is quite big enough that 21 million bitcoin of supplies can not beat.

We are just too overwhelm with the value that we see now but if eventually if you will analyze using a simple math you will wake up with the reality that the government is still the most powerful in this world. Bitcoin is created by an anonymous person while bitcoin has become sensational in the online world, however this online world can be controlled by the government because we live according to the law.