Can Bitcoin make Banks disappear?

[NEWGOODOUBLE]

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

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

[Ziskinberg]

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

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

No one can defeat the government because they rule the world, if this government will be defeated, we will only have new government and we will still remain centralized. Bitcoin is decentralized while banks are centralized, it's two different system but one thing is certain, bitcoin relies on the value of fiat.

[iamTom123]

This idea is already too far-fetched. Look at Bitcoin right now, some are saying it can be controlled by China and if there is even a slight truth on that then I don't think any nation will ever allow their banks (including central banks) be gobbled by Bitcoin. Look at the current debate on hard fork right now...it is a divisive debate and one that exposed so many vested interest...with that story on the backdrop do we really think Bitcoin and the community behind it be given a chance to wipe out banks and be the banking industry itself. No, what am sure is that the banking industry would soon adopt some idea of the blockchain or any from the cryptocurrency industry. Bitcoin and the banks can be complimenting each other not that they will kill each other. The internet did not kill radio, tv and even the printed newspaper are still around and can also be adopting the situation all in the name of survival. We are entering a very diversified and very "niched" society so we have a place for any industry and for anyone.

[Fatanut]

This idea is already too far-fetched. Look at Bitcoin right now, some are saying it can be controlled by China and if there is even a slight truth on that then I don't think any nation will ever allow their banks (including central banks) be gobbled by Bitcoin. Look at the current debate on hard fork right now...it is a divisive debate and one that exposed so many vested interest...with that story on the backdrop do we really think Bitcoin and the community behind it be given a chance to wipe out banks and be the banking industry itself. No, what am sure is that the banking industry would soon adopt some idea of the blockchain or any from the cryptocurrency industry. Bitcoin and the banks can be complimenting each other not that they will kill each other. The internet did not kill radio, tv and even the printed newspaper are still around and can also be adopting the situation all in the name of survival. We are entering a very diversified and very "niched" society so we have a place for any industry and for anyone.

"I did not kill my ancestors, therefore, other new innovations wouldn't either."

It doesn't matter if that's the case for the Internet. Bitcoin is different. You can't just look at other things and be "Ohh, Bitcoin will do that as well. They will have the same logic." I'm not dismissing the possibility of that happening, but I'm saying is that you're basing what will happen to X stuff from what has happened to Y stuff.

The internet did not kill radio, tv, and the newspaper. Yet, all of that is just a small part of the Internet. Today, you can do that using the internet. Radios are aired online as well. For tv, we have netflix. And for newspaper, we have Google, Yahoo, and almost all news articles are already posted on the Internet.

Since you like applying the same logic of Y to X. How about this? It will be the same. Fiat will just be a small part of bitcoin as well. And all of the things that you can do with fiat, is just a small part of bitcoin. Actually that's the case already. But bitcoin user base is still nothing compared to fiat's user base.

[Zyborg]

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

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

No one can defeat the government because they rule the world, if this government will be defeated, we will only have new government and we will still remain centralized. Bitcoin is decentralized while banks are centralized, it's two different system but one thing is certain, bitcoin relies on the value of fiat.

That's right we always compare the price of bitcoins to fiat currency and that will be the same even in future too so I don't think that either banks or fiat will disappear in future unless we won't be able to spend bitcoins everywhere which is unlikely to happen.

[kidoseagle0312]

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 disappear in the near future. Bitcoin  maybe a threat for the other banks but it doesn't mean bank will be destroy, in fact, if the owner of each bank will see the good side of it they can be a good tandem actually, in terms of giving profit. But the problem which I saw all banks are regulated industry, while bitcoin is unregulated industry because of bitcoin decentralization, but in the end bank will accept bitcoin once they see the community embracing it so well in the entire world whether they like it or not.

[anami57]

Banks will not be disappear. But Bank and Government will create a new regulation on use of bitcoin transactions.

[BitcoinMarshal]

Banks will not be disappear. But Bank and Government will create a new regulation on use of bitcoin transactions.

You are absolutely right its not going to happen that Banks will disappear because they are doing too many services in many developing countries for peoples if they adopt new technology this could be going to help them for more good services in near future

[bitkilo]

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.

You two really know absolutely nothing about the modern banking system do you. Banks are not run by governments and in just about every case they are private businesses now, the federal reserve isn't even controlled by the government, the whole system is a complete scam.

I would highly recommend that you watch this YouTube documentary about the federal reserve: https://www.youtube.com/watch?v=5IJeemTQ7Vk

Also saying that bitcoin doesn't have a value without fiat money is a joke, goods and services don't have to be linked to a fiat currency just to have value.

[Cangkeman Wae]

Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

[lOvE mE forEvEr]

Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

If banks want to survive of course banks must to accept bitcoin, banks have to be creative in the future, but but the fact is the banks can survive because it is fully protected by the Government.

[logicgate]

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 is online currency and only those people know who have internet and also some of internet users didn't know about bitcoin and about fiat currency everyone in a country know it, from child to old. also illiterate persons know about fiat and they know that fiat belongs to banks,that's why banks will not disappear. the only reason is if 100% people of a country know about bitcoin so there possibility that banks would disappear.

[AjithBtc]

Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

If banks want to survive of course banks must to accept bitcoin, banks have to be creative in the future, but but the fact is the banks can survive because it is fully protected by the Government.

Right now banks have been making everything digital. As a part Bank based on specific countries have scheduled plans of generating own digital coins to circulate within the country. So in future bank won't get replaced, only the service features might gets varied.

[Vivace92]

I will say very likely, this is because if the transaction we can control surely don't need the services of the bank. I'm optimistic the bank will disappear and one factor is bitcoin.

[bitkilo]

I will say very likely, this is because if the transaction we can control surely don't need the services of the bank. I'm optimistic the bank will disappear and one factor is bitcoin.

The banks as you know them of today will disappear but the banking industry will find a way to hang on.
The whole banking industry will change with the introduction of cryptocurrencies, some banks will change their mo and start to operate like Coinbase by holding users private keys and offering some type of security on their users accounts but I could only see that leading to big trouble.

Other banks will probably try release their own currencies but that is less likely I believe.

The main changes in the way the banking industry will operate will not be clear on the surface to all, many banks are already starting to use the ripple blockchain for international money transfers, there is no stopping this ship now.

[Oatmeal]

Yes, in some bank in countries like Canada banned bitcoin users to use their bank as a transaction of bitcoin. Some experts do believe that bitcoin is a threat to banks it is because people hold their own money and they are the security of it. As we can see bitcoin is a digital money that we can only see in our computer, we don't need specific things like we usually need in banks.

[PrintCoins]

Of course governments feel threatened.
Even though it's obvious that fiat money are also needed.
But why not ban bitcoin. I'm sure that they are doing everything they can to find out ways to control or stop bitcoin one way or another.

[citywise2]

I think this maybe true because bitcoin is now not things of the past it is now advanced.
And it is not hard in terms of some difficulties one can received in bank issues.
When once one follow due process in opening bit coin wallet there no problem and the services of bitcoi n is fast.
So even now bitcoin is dominating the bank.

[CODE200]

I think bitcoin can't make bank disappear because banks are still more useful than bitcoin and banks are run by the goverment and the government are more powerful than the people who runs bitcoin. But if no one are still using the bank there's a big chance that bitcoin can make the bank disappear.

[adriaymati58]

Bitcoin will naver make banks disappear, that is just insane.