Can Bitcoin make Banks disappear?

[Farma]

Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.

No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.

Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank

If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.

Maybe when the bank receives bitcoin, there will only be losses owned by the bank, because it will make people only save bitcoin, not fiat. I also can not imagine if the bank received bitcoin, because basically very much the difference between bitcoin and bank. Bitcoin probably will not get rid of the bank and will probably become a competitor for the bank.

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[neonshium]

We know that bank are no one can replace to it even bitcoin can not disappear bank.  Because bank are the major need of our government. And they stored money in bank for safety.

how do you know that? bitcoin also can be a very safe solution for storing money of government. I don't know why government is so partial about bitcoin and not ready to accept it. even if they think positive about bitcoin there is many benefit for government to use bitcoin.

[whizter]

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?

Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.

as the banks are mostly depending on the people who are using banks and putting their money there. so if the users of baking systems will convert to bitcoin and online wallet system, then the uses of banks will decrease which will surely effect the banking system, but still it need a lot of time and it is not such an easy job.

[Jewell]

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?

Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.

yes it is really difficult to say that bitcoin will disappear banks in current situation, because the users of bitcoin are still very low, and to me i think it will take more than decades when all the people of the world will start using bitcoin., therefore i do not think that it is such an easy job for bitcoin to disappear banks.

[Ziskinberg]

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?

Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.

yes it is really difficult to say that bitcoin will disappear banks in current situation, because the users of bitcoin are still very low, and to me i think it will take more than decades when all the people of the world will start using bitcoin., therefore i do not think that it is such an easy job for bitcoin to disappear banks.

We do not hold what will happen in the future but since we are in the present world, we are just living with our prediction with bitcoin. Banking industry is a big one, we cannot easily replace or eliminate them without the government shifting into the cashless industry and we should hope they will choose the crypto currency since we know who is leading in the race.

[Xenophoto]

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?

Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.

as the banks are mostly depending on the people who are using banks and putting their money there. so if the users of baking systems will convert to bitcoin and online wallet system, then the uses of banks will decrease which will surely effect the banking system, but still it need a lot of time and it is not such an easy job.

What are the odds of that happening? 0.00000001%? There's roughly a million bitcoin users and even if we all pull out all our money from the banks and completely ditch the banks, there wouldn't be any effect at all. Non-bitcoin user millionaires will still use the banks. The only way the banks to have a significant decrease on their user-base is for them to have a shitty service or have large missing funds, which I both doubt will ever happen.

People will not just switch from using the banks to using bitcoins unless there's a huge force driving them or they were forced to do so. Even bitcoin users still heavily depend on banks since we convert our bitcoins to digital fiat first before we can use it.

[Omega Weapon]

Cannot, the bank is the official institution that full supported by the Government's, all done through the bank such as economic policy. bitcoin can't possibly eliminate and make the bank disappear even though used en masse.

Correct and also the goal of bitcoin is not to make banks disappear, the goal of bitcoin is to allows to have an alternative to the banking system and that is something we can do already, although with some difficulties but as time passes it will become easier.

But this time more users will makes bitcoin as their primary investment than banks, because we can see the opportunity to get much better income by putting money in bitcoin due to faster increase of value unlike in the bank you money will increase too slow because of lower interest of your savings.

If you think bitcoin is a way better option than banks then there is nothing and no one that will stop you from investing most of your money in bitcoin and that way earn more money, but if you want even bigger returns then you could try to invest in altcoins.

[phaddie]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

[Ipwich]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

Well, it will not change even in the future. Banks are trusted by the people and it gives insurance to your money so people
are not worried anymore. However, it does not give you a good interest than holding bitcoins alone, but it's a person's choice on what make him comfortable.

[tango99]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

Well, it will not change even in the future. Banks are trusted by the people and it gives insurance to your money so people
are not worried anymore. However, it does not give you a good interest than holding bitcoins alone, but it's a person's choice on what make him comfortable.

I agree with you, banks are a habit of people. They are used to using this system and they do not want to change it. They just do not want to believe that the bitcoin system is much more convenient and cheaper to use

[Sanitough]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

Well, it will not change even in the future. Banks are trusted by the people and it gives insurance to your money so people
are not worried anymore. However, it does not give you a good interest than holding bitcoins alone, but it's a person's choice on what make him comfortable.

I agree with you, banks are a habit of people. They are used to using this system and they do not want to change it. They just do not want to believe that the bitcoin system is much more convenient and cheaper to use

people would not use bank if without the government telling them to use it, sadly no other ways to store
our money securely, it is only possible with banks and banks have build good reputation for the majority.

[ubercool]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

Well, it will not change even in the future. Banks are trusted by the people and it gives insurance to your money so people
are not worried anymore. However, it does not give you a good interest than holding bitcoins alone, but it's a person's choice on what make him comfortable.

I agree with you, banks are a habit of people. They are used to using this system and they do not want to change it. They just do not want to believe that the bitcoin system is much more convenient and cheaper to use

Banks are the physical need for all the people and it is most obvious that regardless of what technology we start using, Banks are essential for our system, so i dont think Bitcoin or any other technology will close.

[Betwrong]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

This is true in more economically developed countries but there are many others where you can't rely on banks and in those countries Bitcoin is a better option. So Bitcoin will never make banks disappear if even in undeveloped countries situation will be changing for better, but if in countries like USA or Germany banks become unreliable then Bitcoin might replace them, at least to to an extent.

[SingAlong]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

This is true in more economically developed countries but there are many others where you can't rely on banks and in those countries Bitcoin is a better option. So Bitcoin will never make banks disappear if even in undeveloped countries situation will be changing for better, but if in countries like USA or Germany banks become unreliable then Bitcoin might replace them, at least to to an extent.

The Bitcoi  and the bank can work together and be together as the economy progress in a much more digital inclined transactions or exchange but I guess for now it is not possible but there are a lot of things that will happen in the future that may open the path to make it posssible.

[DoublerHunter]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

This is true in more economically developed countries but there are many others where you can't rely on banks and in those countries Bitcoin is a better option. So Bitcoin will never make banks disappear if even in undeveloped countries situation will be changing for better, but if in countries like USA or Germany banks become unreliable then Bitcoin might replace them, at least to to an extent.

The Bitcoi  and the bank can work together and be together as the economy progress in a much more digital inclined transactions or exchange but I guess for now it is not possible but there are a lot of things that will happen in the future that may open the path to make it posssible.

Bank and bitcoin can't work together because bank is centralized while bitcoin is decentralized, so if they combine together then bitcoin will no longer be decentralized the bank will take control of bitcoin and they will manipulate the market because they control the bitcoin in the first place, so i think they are not suitable for each other. They are both different and they work by their own and not together.

[jak3]

we already know how banks operate they simple just take our money to make more money (anybody having some big amount of money can probably make huge profits too) but in bitcoin or any other crypto currency(mostly) nobody has any control over the total money in the market. Nobody can use your money nobody can control it except you so you are the one who will trade those and decide how much profit you are gonna make that's hard but its actually lot more profitable than banks. take the charges in your hand if you need a bright future then make it bright

[boyptc]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

It is a sure thing because banks are being endorsed and trusted by the government. They are the one who controls the market of banks that's why people and will be manipulated by the media which is controlled by the government too. Because they can just simply boycott services from bitcoin and tell the people to stay with the banks.

[AK47-]

I dont think bitcoin will make bank disappear. Bank cater to altogether different need. Banks are present to safeguard customer’s cash holdings at a given time and lend them to those in need to collect revenue in the form of interests.

[Xenophoto]

Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.

This is true in more economically developed countries but there are many others where you can't rely on banks and in those countries Bitcoin is a better option. So Bitcoin will never make banks disappear if even in undeveloped countries situation will be changing for better, but if in countries like USA or Germany banks become unreliable then Bitcoin might replace them, at least to to an extent.

To an extent? Then bitcoin has already replaced the banks to a really small extend since we are using bitcoins. "To an extent" is such a weak argument in this context.

I still doubt that bitcoins will ever replace the banks. The government is very strict about their fiat currency getting obsolete. When their people are using a foreign currency more than their local currency, the government takes action right away since that will devaluate their fiat currency in addition to the inflation.

The opportunities that exists in the bitcoin world will really help individuals earn more money but the growth of the country in terms of research, technology, nursing, etc. will become slower.

[Rostadom]

Cannot, the bank is the official institution that full supported by the Government's, all done through the bank such as economic policy. bitcoin can't possibly eliminate and make the bank disappear even though used en masse.

Correct and also the goal of bitcoin is not to make banks disappear, the goal of bitcoin is to allows to have an alternative to the banking system and that is something we can do already, although with some difficulties but as time passes it will become easier.

But this time more users will makes bitcoin as their primary investment than banks, because we can see the opportunity to get much better income by putting money in bitcoin due to faster increase of value unlike in the bank you money will increase too slow because of lower interest of your savings.

If you think bitcoin is a way better option than banks then there is nothing and no one that will stop you from investing most of your money in bitcoin and that way earn more money, but if you want even bigger returns then you could try to invest in altcoins.

Nothing will stop you from investing huge amount of money except for the fact that you can chicken out and cancel your big plan. You can do literally everything that you want in this world but you limit yourself from it. You can spend all of your money in one night, give it all to the poor ones, or risk it all in bitcoin investment. All of these wild decisions can't be done because of yourself. You're the only one who can stop yourself and you're the only guy that's stopping you from taking risks.