Can Bitcoin make Banks disappear?

[Ashong Salonga]

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!

Ofcourse banks will disappears if people didn't use it accomodate it anymore and jusr focus only on bitcoin. This will make it banks disappears because  we all know that it depends on the user on how will bee in the future. Most of the time today bitcoin and banks are collab in terms of cashing out and cabing out. So don't worry on banks will disappears because it will not happen.

[stompix]

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Making assumptions or guesses without proper reasoning will surely make your statement invalid. How can possible a non-government controlled currency make banks disappear? Surely any country's government will surely take action before that happen. A cryptocurrency controlled country will surely have bad effects in many ways such as abuse of privacy and security.

We won't even get there.
But people are so naive they fail to see that banks can work with bitcoin without problems.

You use coinbase? You use blockchain wallet?
What's the difference from using an online wallet or having you money in a bank?
None. And actually you might even be safer with the bank option.

And banks do a lot more thing that just guarding you money.
Want a loan? Who are you going to ask when banks are gone?

[RajaJudi]

I don't think that would ever happen, because bitcoins are not legal tender and are not being controlled by anyone including government of all countries or banks. So there could be a possibility for bitcoin to be worthless but that is very unlikely to happen as bitcoins is a very establish and valuable assets now.

People would still put portion of their cash in banks and would only use some part of it to invest into bitcoins so I don't see a reason why banks would disappear just because of bitcoin.

I do think like you. why would banks disappear just because of bitcoin? Nowadays, not many people don't know or even hear about it. Of course, Bitcoin is very good to be invested. But If Banks disappear, it will take time and very long.

[Casdinyard]

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Wow! Really huh?
How come is that? Even though bitcoin is popular today and widely use in the internet world its not enough to say that.
Some banks run by the private sector some are by government, do you think they let that happen?
Just a like a bubble that disappear? Of course they dont. Banks are well establish enough to maintain its financial status.
Think twice.

[8Habits]

I don't think that would ever happen, because bitcoins are not legal tender and are not being controlled by anyone including government of all countries or banks. So there could be a possibility for bitcoin to be worthless but that is very unlikely to happen as bitcoins is a very establish and valuable assets now.

People would still put portion of their cash in banks and would only use some part of it to invest into bitcoins so I don't see a reason why banks would disappear just because of bitcoin.

I do think like you. why would banks disappear just because of bitcoin? Nowadays, not many people don't know or even hear about it. Of course, Bitcoin is very good to be invested. But If Banks disappear, it will take time and very long.

I agree and bank is already an established institution and it can't be easily be eradicated by bitcoins for sure. Unless something very unusual phenomenon that will happen and all of our fiat transactions get affected.

[Cazkys]

In my opinion bitcoin can't make banks disappear, I don’t think so. We still need banks as not all people are aware of how to use Bitcoins. Even if the government requires Bitcoin, we still need banks for proper transactions. Banks will guide Bitcoin users to make the transaction easier. It is like the literal Banks for Bitcoins. It is an offline safe vault for people who are not an online user oar those who do not have online wallet.

[PhAnToMtRaDeR84]

Banks are a critical and fundamental portion of the financial system, I don't see them getting removed completely even if bitcoin take over as the world leading currency, Why? even though bitcoin doesn't require a bank to hold but a bank offer profit for the depositer and an effective lending system, hence I see banks using bitcoins and lending them in place of USD.

[Ewinsane]

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!

That’s true that bitcoin is making value in market very rapidly but I don’t think that banks could disappear  I think in future banks will also involved in bitcoin. I think people in future will handle in bitcoin instead of fiat and such as banks will also make there all process of money in bitcoin.

[Hotel_Prodeo]

Until when I was convinced that financial and economic policy was still dependent on banks, the state guarantees banks through the law so I'm sure whatever happens with bitcoin will not make the bank disappear.

[ICObox]

I could not read all 229 pages of discussion, but the topic is quite interesting and I'll let myself speak. Banks will never disappear! A financial intermediary can not disappear! Yes, they are transformed! Yes, many classical banking products will disappear! Yes, the concept of currency will change! But the financial intermediary will always be, and I do not see the preconditions for the disappearance of the institution of banking and financial intermediation!

[fancy_pants]

I don't think that bitcoin is that powerful that it can ever replace the most powerful financial institution that we have as bitcoin is too small in compare to banks and it also don't have support from the society and government.

[Mpamaegbu]

In my opinion bitcoin can't make banks disappear, I don’t think so..Banks will guide Bitcoin users to make the transaction easier.

Oh really? Well, I don't think the bolded is a reason for Bitcoin not been able to replace the banking institution. As it stands, how many people have the bank helped to pull through a Bitcoin transactions?
The answer, I guess, should be none!

However, the bank are at the moment indispensable because of other factors not even associated with helping out Bitcoin users through transactions. The major reason being that there are a whole lot of people who haven't even heard of Bitcoin, let alone knowing how to use it. What about those who don't have access to the Internet? How will they cope if the banking system is completely eradicated?

[Fatanut]

In my opinion bitcoin can't make banks disappear, I don’t think so..Banks will guide Bitcoin users to make the transaction easier.

Oh really? Well, I don't think the bolded is a reason for Bitcoin not been able to replace the banking institution. As it stands, how many people have the bank helped to pull through a Bitcoin transactions?
The answer, I guess, should be none!

However, the bank are at the moment indispensable because of other factors not even associated with helping out Bitcoin users through transactions. The major reason being that there are a whole lot of people who haven't even heard of Bitcoin, let alone knowing how to use it. What about those who don't have access to the Internet? How will they cope if the banking system is completely eradicated?

People in this forum always use "how about the people that don't have an Internet access?" as an argument and they think no one can answer it. Places that don't have an Internet access probably isn't in the city or near town. That means that there are no banks in the place, they will be the least affected ones. And even if there is, there will be very little amount of people that's going to be using it. They are not going to be devastated if banks disappear. They are not going to be affected at all. What you should be worrying about are the people that have a lot of money in the banks.

People with no Internet are just going to have to stick with what's available in their place and that's fiat money.

[IGNation]

I think Banks will not totally disappear maybe some can disappear but not all they can always find a way not to they wont make it happen especially not because of cryptocurrency and i think not all people want to use and  learn about bitcoin there is always people who prefer to invest in bank than here.

[randythered]

To my mind the idea that banks could one day disappear is quite outlandish. Bitcoin has been hugely successful and will probably continue to be but Banks have been the main financial institution for years and I believe they will be for many many years to come. The simple fact that a large majority of the population do not understand what bitcoin is or how to use it will always hold it back. At the end of the day banks are tried and tested and that's what consumers look for in the financial market. "The devil you know"

[lexamagic]

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

[Japinat]

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

How can bitcoin be cooperating with banks when we are not under with bank, they are operating in a centralized manner while we are operating on the opposite, I think that is very obvious reason why bitcoin will be a threat to the banks payment system because bitcoin is more transparent.

[Makka]

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Wow! Really huh?
How come is that? Even though bitcoin is popular today and widely use in the internet world its not enough to say that.
Some banks run by the private sector some are by government, do you think they let that happen?
Just a like a bubble that disappear? Of course they dont. Banks are well establish enough to maintain its financial status.
Think twice.

Absolutely! Bitcoin cannot just simply pop the bank balloon just like that. In fact, insofar as this particular phase is concerned, bitcoin is really a no match for banks. Banks have been here for a long while already, much established, much trusted, much services are also offered, etc. Bitcoin, on the other hand, is just beginning to walk. They cannot threaten the banks enormously. Although it has already got their attention.

[Gastotade]

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

Banks were too broad now or trusted by many, bank users may limit and transfer to btc but in the end banks already have regular customer and it will be hard for them to put trust in btc.

[8Habits]

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Wow! Really huh?
How come is that? Even though bitcoin is popular today and widely use in the internet world its not enough to say that.
Some banks run by the private sector some are by government, do you think they let that happen?
Just a like a bubble that disappear? Of course they dont. Banks are well establish enough to maintain its financial status.
Think twice.

Absolutely! Bitcoin cannot just simply pop the bank balloon just like that. In fact, insofar as this particular phase is concerned, bitcoin is really a no match for banks. Banks have been here for a long while already, much established, much trusted, much services are also offered, etc. Bitcoin, on the other hand, is just beginning to walk. They cannot threaten the banks enormously. Although it has already got their attention.

Bitcoin should not be looked at as replacement to banks and just an alternative for online financial transactions where bitcoins is one of the mode of payment. Banks is already an institution and is essential in financial industry and to ordinary people where they save their money and even a channel to receive their source of income.