Can Bitcoin make Banks disappear?

[TribalBob]

No, bitcoin can't disappear banks because banks is more useful than bitcoin for example in online purchases banks can process the transaction fast with low fee unlike bitcoin you have to pay the high miner fee in order to prioritize your transaction and wait for a block to confirm your transaction.
Also the government is controlling the banks, they have support from the government and the society. In my own opinion

Delay in transaction will not be permanent and that issue will be solved in near future so you cannot say banks are better only for that single reason as there are many drawbacks even with the banks but even people will continue to use banks as they don't have any other choice.

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[lighpulsar07]

No, bitcoin can't disappear banks because banks is more useful than bitcoin for example in online purchases banks can process the transaction fast with low fee unlike bitcoin you have to pay the high miner fee in order to prioritize your transaction and wait for a block to confirm your transaction.
Also the government is controlling the banks, they have support from the government and the society. In my own opinion

Delay in transaction will not be permanent and that issue will be solved in near future so you cannot say banks are better only for that single reason as there are many drawbacks even with the banks but even people will continue to use banks as they don't have any other choice.

Yes I agree with you but the increasing in difficulty to find a block is a problem too even if you paid the high priority fee, you will have to wait for a block 15-30mins or sometimes a hour.

[Format.C^]

No, bitcoin can't disappear banks because banks is more useful than bitcoin for example in online purchases banks can process the transaction fast with low fee unlike bitcoin you have to pay the high miner fee in order to prioritize your transaction and wait for a block to confirm your transaction.
Also the government is controlling the banks, they have support from the government and the society. In my own opinion

Delay in transaction will not be permanent and that issue will be solved in near future so you cannot say banks are better only for that single reason as there are many drawbacks even with the banks but even people will continue to use banks as they don't have any other choice.

Yes I agree with you but the increasing in difficulty to find a block is a problem too even if you paid the high priority fee, you will have to wait for a block 15-30mins or sometimes a hour.

I think waiting for an hour is not a big deal and most of the people will prefer to wait for that if they are earning good amount of bitcoins and they will ignore this issue as there are many advantages attached with bitcoins in compare to disadvantages.

[batang_bitcoin]

i think can because bitcoin more easier than bank , can transfer money without we'll go to the bank .. save our money in wallet this is very easy

No, people aren't going to believe in bitcoin's power to make the banks disappear. And besides they aren't going to allow this to happen. We know that banks can't be flopped that easy. And banks have a backed up power from the state so I don't think this is very possible to happen.

[Harlot]

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.

You are first person who said this answer very clear and i am certain with you. Because i also think like you, bitcoin can't disappear the bank. Because all banks work under the government and government is more powerful than bitcoin's users.

I agree with you with all of what you said but I like to clarify one thing about Banks being ran by the government. Banks are regulated by the government in the means of rules/regulations/limitations but they are not exactly controlled by the government. The bank's customers and their accounts is still protected by means of privacy in which the government cannot instantly request from banks. Also banks are not some kind of special industry they are still businesses ran by corporations in which they need to pay their respective taxes.

[Sapin]

No, I do not think that it can make banks disappear for a simple reason : their will always have a big demand for loans.

[Reid]

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.

You are first person who said this answer very clear and i am certain with you. Because i also think like you, bitcoin can't disappear the bank. Because all banks work under the government and government is more powerful than bitcoin's users.

I agree with you with all of what you said but I like to clarify one thing about Banks being ran by the government. Banks are regulated by the government in the means of rules/regulations/limitations but they are not exactly controlled by the government. The bank's customers and their accounts is still protected by means of privacy in which the government cannot instantly request from banks. Also banks are not some kind of special industry they are still businesses ran by corporations in which they need to pay their respective taxes.

Okay there is privacy.
But how come they can get money from you whenever it has something to do with the government.
Parking tickets. Once unpaid with the due date they will force it by touching your bank account.
What the bank does after that? They will just inform you. They didnt even try to stop it for your own opinion first.
Now tell me. Is that right at the banks part? They dont even respect your decision.

[kikeda]

i think can because bitcoin more easier than bank , can transfer money without we'll go to the bank .. save our money in wallet this is very easy

No, people aren't going to believe in bitcoin's power to make the banks disappear. And besides they aren't going to allow this to happen. We know that banks can't be flopped that easy. And banks have a backed up power from the state so I don't think this is very possible to happen.

Yup banks are the most powerful institution that we have and it will not be easy for bitcoin to make banks disappear as bitcoin is too small and not that powerful in compare to banks and even bitcoin lacks support from the Government.

[DoublerHunter]

i think can because bitcoin more easier than bank , can transfer money without we'll go to the bank .. save our money in wallet this is very easy

No, people aren't going to believe in bitcoin's power to make the banks disappear. And besides they aren't going to allow this to happen. We know that banks can't be flopped that easy. And banks have a backed up power from the state so I don't think this is very possible to happen.

Yup banks are the most powerful institution that we have and it will not be easy for bitcoin to make banks disappear as bitcoin is too small and not that powerful in compare to banks and even bitcoin lacks support from the Government.

Bitcoin is nothing compared to the banks because banks is already here since the time of our great great grandparents so i don't think bitcoin will have a chance to make the banks disappear or replace it. Bitcoin will be just another kind of money and additional to our world which can make other kind of things better but not a pure replacement for something.

[Collider]

i think can because bitcoin more easier than bank , can transfer money without we'll go to the bank .. save our money in wallet this is very easy

No, people aren't going to believe in bitcoin's power to make the banks disappear. And besides they aren't going to allow this to happen. We know that banks can't be flopped that easy. And banks have a backed up power from the state so I don't think this is very possible to happen.

Yup banks are the most powerful institution that we have and it will not be easy for bitcoin to make banks disappear as bitcoin is too small and not that powerful in compare to banks and even bitcoin lacks support from the Government.

Bitcoin is nothing compared to the banks because banks is already here since the time of our great great grandparents so i don't think bitcoin will have a chance to make the banks disappear or replace it. Bitcoin will be just another kind of money and additional to our world which can make other kind of things better but not a pure replacement for something.

But we don't want that bitcoin should replace banks as both of them have their own unique features and even being a user of bitcoin I also feel that I need banks for my daily transactions as I cannot do everything with bitcoin at a moment as I need fiat for my expenses and that I can get only from the banks.

[BingoDog]

Bitcoin can't make banks to disappear. Financial market in the world is still very conservative and banks are among the basic stakeholders in it. Many of us would like this to change but this is the way how it is. But bitcoin can make banks to change their attitude, at least in some way.

[FlightyPouch]

i think can because bitcoin more easier than bank , can transfer money without we'll go to the bank .. save our money in wallet this is very easy

I don't think that bitcoin will make banks dissapear. Bitcoin has been present here in our planet since 2009 and still not introduced to the whole world even with it's inovative features. Bitcoin is a decentralized digital currency, and it is a good cureency versus real money, but bitcoin still has its flaws to become a primary currency of one country and it cant make banks dissapear. When banks dissapear, that means the fiats also are.

[Garagenrt]

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.

If you have been invested in Bitcoin from at least 2013, it's easy to distinguish who some of the trolls are.  Mr Troll:  Never use the word "dude" when trying to spread disinformation.  What a joke.

[ReLieD]

Obviously not. It can never replace banks . Bitcoin has just emerged few years back and most of the people don't even know about bitcoin. And when it comes to banks people will never stop using banks unless there's some better alternative.
And bitcoin can never be that alternative as there are many flaws of bitcoin.
One of the main thing is that the conformation time bitcoin takes.

[JGoRed]

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?

No, I don't think banks will disappear; at least not at this rate.

[Altas]

For  me, I think that the banks will not disappear. They may be developed further, change the way of the actual existence but I think that will survive. Always will be need for money in big plans or projects, or even in various situations of everyone of us.

[jc89]

No, bitcoin can't disappear banks because banks is more useful than bitcoin for example in online purchases banks can process the transaction fast with low fee unlike bitcoin you have to pay the high miner fee in order to prioritize your transaction and wait for a block to confirm your transaction.
Also the government is controlling the banks, they have support from the government and the society. In my own opinion

Banks, one of its purpose is to support the economy of a certain country. It invests (let us say 70%) its available funds to a company or have it loaned to farmers or whatever. With this, the bank directly helps the country as a whole. It supports the economic development of a country that is why banks will stay no matter what. The speed of transactions or having low fees does not concerns the existence of bank, its purpose and role is the main concern. Also, the government will never let banks disappear because of bitcoin. Even though bitcoin surpasses fiat (a big IF and seems unlikely), the government will create a bitcoin bank. And banks still exist.

[gabbie2010]

Bitcoin cannot make bank disappear due to the fact that transactions in  banks differs from transferring of funds using bitcoins, A lot of transactions aside deposit and withdrawal of funds takes place in banks, bitcoins can only be sent and receive globally.

[stergium]

Bitcoin cannot make bank disappear due to the fact that transactions in  banks differs from transferring of funds using bitcoins, A lot of transactions aside deposit and withdrawal of funds takes place in banks, bitcoins can only be sent and receive globally.

although there are always possibilities to happen that but i do not think that it is possible in near future. my be after decades whe all the people will start using bitcoin then it will becom possible

[macartem]

Banks will always find some service to provide that else will want to buy.