Can Bitcoin make Banks disappear?

[Savemore]

It is really impossible. Think about it, if the banks will disappear how will you cashout your money or the btc? Banks and bitcoin are partner in the economy. Bitcoin can't disappear the banks.

[TitanGEL]

There is no such a reason to make the banks disappear by the bitcoins. I know banks will not disappear, it is really impossible if the bitcoin conquer and destroy the bank. Banks are really important to us, so it will never disappear.

[doomistake]

Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.

Though it is possible to make banks disappear by bitcoin because bitcoin doesn't need banks at all. Web wallets and hardware wallets are the one where we are storing our bitcoins and not in the banks. Bitcoin is decentralized and storing it in the banks is not really included on the cryto world.

But if there would be a "Bitcoin Bank" then it is a good idea but of course this company must be a trusted one before we invest or store our bitcoin on it.

[AicecreaME]

Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.

Though it is possible to make banks disappear by bitcoin because bitcoin doesn't need banks at all. Web wallets and hardware wallets are the one where we are storing our bitcoins and not in the banks. Bitcoin is decentralized and storing it in the banks is not really included on the cryto world.

But if there would be a "Bitcoin Bank" then it is a good idea but of course this company must be a trusted one before we invest or store our bitcoin on it.

Lets be realistic here and we all know that bitcoin "can't" really make banks disappear because it is very hard for bitcoin to beat banking system because they are already well established and gained a lot of reputation and respect from the different people who are using it and that is how bitcoin should do first, bitcoin need to build its reputation to the public so it can have a chance to replace banks.

[mikerono]

IMO, bitcoin does have the potential needed to do that and even reshape the face of the financial system in the world itself, Making banks disappear would mean the collapse on the lending based financial system and something like blockchain or smart contracts can replace it.

[iqlimasyadiqa]

It is really impossible. Think about it, if the banks will disappear how will you cashout your money or the btc? Banks and bitcoin are partner in the economy. Bitcoin can't disappear the banks.

I agree with you . Bitcoin is a partner with the current bank. But in the future if all economies are already controlled by bitcoin then real cash is no longer needed. May seem impossible, but it all starts from here. an impossible finally become a reality.

[snowcrashed]

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?

Bank can not completely disappear but it will ALMOST disappear because in the future, people will use e-currencies to make their payments, to pay for everything so having physical money in their pokets will be something weird so that Bank should disappear

[ladydark]

Banks and bitcoin reflect different sectors of the society.Banks get deposits from the people,lend it as loans to others and charge interests for it.Also it gets revenue from transactions.Banks would exist until it runs profitably.Banks would suffer due to government policies regarding currencies.Bitcoin is a P2P system where money is sent without indulging banks.Bitcoin is uncontrolled by any government authority.Its price would only increase due to its limited supply of 21 million coins.The only place where banks and bitcoin clash is the transaction section where bitcoin fee is much less than bank charges.But only low transaction charge could not be a valid reason to completely make banks disappear from the society.So banks would still continue to exist.

[dhimasnk]

Banks are a very important financial institution for the state and international economy, so even though bitcoin is good, but I do not think it will make the bank dissappear

[AlexBessonov]

I agree with what has been said above. It doesn't seem as if banks will disappear entirely in the upcoming years (as I cannot imagine a full-scale transition to crypto-currencies), however, it seems that banks will continue to become more and more obsolete as the popularity of Bitcoin, Ethereum, etc; grows and their prices stabilize.

[zeragth]

Banks are an integrated part of the current world and in no place does exist a bank-less system, at least in normal countries. Therefore completely replacing them with bitcoin and deleting that part of the financial system is not possible in my opinion, but changing banks and integrating them, not as just as a storage for money but as outlets and lending platforms.

[DoublerHunter]

Banks are a very important financial institution for the state and international economy, so even though bitcoin is good, but I do not think it will make the bank dissappear

Banks will still exist as well as bitcoin and there is nothing to compete about because they can both work together to make things work because bitcoin can be used for a faster transfer of money in terms of remittance while bank can be a good storage of excess money from the bitcoin user if they want to secure their profit. That is only an example and for sure there is a lot more.

[siti25]

Bitcoin may not make the bank disappear!
Because not everyone in the world knows bitcoin,
Although people in the world know bitcoin, only some of them will put their money in bitcoin, there are some say that the use of bitcoin is difficult

[7jaka7]

Bitcoin may not make the bank disappear!
Because not everyone in the world knows bitcoin,
Although people in the world know bitcoin, only some of them will put their money in bitcoin, there are some say that the use of bitcoin is difficult

Today of course it can't but we are talking about the future... When paper money was invented not everyone knew that, but today everyone (99%) use it. I think the society will have to accept Bitcoin before it will make big impact on economy and world overall. But the problem is that many people (most influential people in the world) are making a lot of money with economy system we have, so there is a big chance they will try to stop Cryptocurrencies. Only time can show us what is going to happen.

[8Habits]

Bitcoin may not make the bank disappear!
Because not everyone in the world knows bitcoin,
Although people in the world know bitcoin, only some of them will put their money in bitcoin, there are some say that the use of bitcoin is difficult

Today of course it can't but we are talking about the future... When paper money was invented not everyone knew that, but today everyone (99%) use it. I think the society will have to accept Bitcoin before it will make big impact on economy and world overall. But the problem is that many people (most influential people in the world) are making a lot of money with economy system we have, so there is a big chance they will try to stop Cryptocurrencies. Only time can show us what is going to happen.

after all, it is really depend on each people's appetite. in my case, i am investing to bitcoin right now and see its bright future. While other people are so negative and anxious with bitcoins future, there are people that are making a fortune with bitcoin right now. I really learned it the hard way around - I have several bitcoins before and i don't see its value so I just spend them on gambling sites - i was wrong!

[Hydrogen]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

[ocid]

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?

Banks as WE know it may disappear, but banks generally will not disappear.

All that could have happened but in the long term the bank could have disappeared, Discussed here is not a bank in general that can disappear in every country but bank in digital currency.

[8Habits]

The way to make banks disappear is to organize boycotts and for business owners to cut banks out of their business.

Bitcoin wasn't developed to compete with banks in areas of loans or high speed transactions like credit cards.

Crypto isn't likely to replace banks anytime soon.

That is true. Bitcoin was never built to compete and much even eradicate banks. They are just alternative to online transactions. Banks will never disappear anytime soon and it may just adopt bitcoins along the way but not necessarily be eradicated.

[foxbat]

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?

The bank has the process of forming certain and bitcoin can't make it disappear. The bank has is a name familiar in human life. Between bitcoin and banks have private function, so them can't replace each other.Can will give birth to what kind of new bank, but we still need them for currency conversion. It's very necessary.

[DoublerHunter]

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?

The bank has the process of forming certain and bitcoin can't make it disappear. The bank has is a name familiar in human life. Between bitcoin and banks have private function, so them can't replace each other.Can will give birth to what kind of new bank, but we still need them for currency conversion. It's very necessary.

Banks will never be disappear because of bitcoin or any kind of new financial system that can potentially beat it because bank is already spread out all around the world so it is very easy for the banks to maintain its position and the new things like bitcoin needs reputation first before it gets some attention from people.