Can Bitcoin make Banks disappear?

[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.

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.

And I'm thinking if ever banks see that bitcoin can be a threat to their system they can suggest that to the government to help them out. Bust those people that are supporting bitcoin and maybe ban it for the security of their institution and service. But good thing in my country, they are aware about bitcoin but they don't ban it.

[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.

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.

Yes, but it seems that people are blind and kept ignorant about how the economy really works, so as long as they can exchange their dollar for products and services they are fine with things as they are which is a shame since things could be a lot better thanks to bitcoin.

They are blind and ignorant because fiat still supplies everything they need, they are confortable with this situation, it's normal. Currently the most people that are using BTCs are doing this because they need extra sources of money and Bitcoin is a good one. Maybe there are other people needing money also, but for any reason they don't trust Bitcoin or they think it's a dangerous currency/scheme. To say the truth I tought this before start using BTCs.

But the issue of not caring about anything as long as you are fine is that you let go other people to get away with stuff that is just wrong, bankers get away with almost anything they do and don’t have to fear facing justice because they can buy the justice system, so at some point things need to correct themselves and when they do, it is not going to be pretty.

[mornabo]

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

they always have a promo to create a user or person interested in joining. and I think the support from the government and Fiat will make banks continue to live, and will not likely disappear

[Kizaki]

Bankers may disappear and the banks,but the world banking will never ever disappear.Bitcoins has no match in banks in this days and even in the future.Banks are runned by government.There are still lot of things bitcoins must have pass to make banks disappear.Or bitcoins and banks may work together

[Golftech]

Bankers may disappear and the banks,but the world banking will never ever disappear.Bitcoins has no match in banks in this days and even in the future.Banks are runned by government.There are still lot of things bitcoins must have pass to make banks disappear.Or bitcoins and banks may work together

if that possible maybe its much better if banks will embrace the idea of bitcoin so the fee for their system would be lesser, if all people all around the globe will agree with this system(bitcoin) its very helpful with fast and lesser cost just needed to be more secured.

[gracia0023]

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

That is very likely. Banks are just businesses, they need costumers in order for them to continue their services. And since the banks assists the government and the government support banks, banking will never disappear because the government will not allow such happenings. Also, the government trusts the banks more rather than bitcoin.

[Gembul]

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

That is very likely. Banks are just businesses, they need costumers in order for them to continue their services. And since the banks assists the government and the government support banks, banking will never disappear because the government will not allow such happenings. Also, the government trusts the banks more rather than bitcoin.

I think the answer is reasonable, with government interference in the bank. Then the bank will always have the support of the government, the opposite applies. Bank gives the advantage to the government, in contrast with bitcoin unfavorable to the government. Thank you

[ice098]

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?

maybe no, maybe yes. due to its high value in the market it is possible also that it can close the banks out there, we can safely deposit our earning thru our digital wallet, just make sure that we do all those securities to secure our coins.

[Soul Reaper]

See such a thing right now seems to be very unrealistic and hypothetical if we think about it.
But what I think is such a thing can happen that banks are used less than bitcoins.
But for that bitcoin trading will have to be much more efficient than now.
What I mean to say is that transactions should confirm fast and also transaction fees should be reduced.
But I don't think such a thing would happen at least till 4-5 decades from now.

[Antonio G.]

I think that banks will not disappear, but rather adapt to cryptocurrencies.

[NEWGOODOUBLE]

very difficult to make the banks disappear because the bank is the central storage of money that has been trusted since the first. bitcoin will not be able to make the banks disappear, but may be bank and bitcoin can cooperate

bank serves not only to save money for customers, but the central bank of a country have more power to regulate state finances, the government certainly would not allow the bank to disappear

[DoublerHunter]

I think that banks will not disappear, but rather adapt to cryptocurrencies.

Bank will never disappear because a lot of rich people are connected with the banks and not only the government so i think bank will still there even the cryptocurrencies are gone. IMO, banks will never adapt cryptocurrencies because it will be against for them and they will still stick to the traditional one which is by using fiat.

[skorupi17]

I think that banks will not disappear, but rather adapt to cryptocurrencies.

Bank will never disappear because a lot of rich people are connected with the banks and not only the government so i think bank will still there even the cryptocurrencies are gone. IMO, banks will never adapt cryptocurrencies because it will be against for them and they will still stick to the traditional one which is by using fiat.

That may be true. Banks might not adapt cryptocurrencies because they cannot regulate that. Fiats are regulated and banks and government is the authority in doing so. If the banks adapt cryptocurrencies how will they regulate them? I think they have to centralize the cryptos first then. I am not an expert in such matters but if you ask me, they are quite not compatible. What do you think guys?

[cinchin]

very difficult to make the banks disappear because the bank is the central storage of money that has been trusted since the first. bitcoin will not be able to make the banks disappear, but may be bank and bitcoin can cooperate

bank serves not only to save money for customers, but the central bank of a country have more power to regulate state finances, the government certainly would not allow the bank to disappear

- Yeah sure banks will not disappear if the banks disappear, there will be a lot of problems will happen. Firstly many people will lose money and have no place to send money if the bank disappears then there will be a lot of social problems occurring such as increased robbery
- Bitcoin will not be able to affect the banks, Bitcoin is only going to become a bank's currency. The banks will make bitcoin trading easier, safer and faster but I think Bitcoin will need a long time to cooperate with the banks

[bohr]

Banks will not disappear they are too big and to powerful, you can be sure that if they feel threatened by bitcoin they are going to be the ones trying to make bitcoin disappear but they will fail.

[dianikusuma]

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

Its really easy to save money in bitcoin wallet and also to send or receive money with bitcoins but the fact is it cannot replace banks as banks holds maximum number of users and banks have support from the society and government so banks will always survive.

are you sure ? maybe you right man because people in the world still believe to bank than bitcoin , maybe difficult if bank dissapear and replaced by bitcoin..

[onrise]

This will never happen because not all people are literate to use Bitcoin . Secondly not all countries accept Bitcoin . Thirdly price is not stable so it is huge risk for anyone to buy sell their goods in Bitcoin .

[Finestream]

This will never happen because not all people are literate to use Bitcoin . Secondly not all countries accept Bitcoin . Thirdly price is not stable so it is huge risk for anyone to buy sell their goods in Bitcoin .

Also, without the support of the government to spread awareness to the people it won't be possible for bitcoin to be use by people like the total number of bank users. Right now, there have been projects which are to serve the poor people who are unbank, some projects that I know are Humaniq who's currently under ICO and Chrono Bank which uses TIME tokens, and they partnered with each other actually to fulfill their vision and mission.

[Yatsan]

I think no because the way to cash out your bitcoin is the bank the way to convert your money into fiat is the bank so for me no. Even that bitcoin exist the banks cannot be disappear because it has important role in our society especially to bitcoin, So for over all for me no.

[AicecreaME]

Bankers may disappear and the banks,but the world banking will never ever disappear.Bitcoins has no match in banks in this days and even in the future.Banks are runned by government.There are still lot of things bitcoins must have pass to make banks disappear.Or bitcoins and banks may work together

if that possible maybe its much better if banks will embrace the idea of bitcoin so the fee for their system would be lesser, if all people all around the globe will agree with this system(bitcoin) its very helpful with fast and lesser cost just needed to be more secured.

Some banks already did. The banks in Japan and the biggest bank in the Philippines, Central bank of the Philippines is now accepting bitcoin as a payment on every transaction that their costumers will going to make, and this is the great start of bitcoin, and there is a possibility that all the banks all around the world will accept it.

And all the people all around the world will use it, and it will become a currency that we are all dreaming.