Can Bitcoin make Banks disappear?

[8Habits]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

That right, governments have control of some banks. It’s the way of government to earn taxes and fees in transactions that’s why bitcoin cannot make banks disappear. Right now, lot of people still depends in banks to save, and for their daily transaction as long as their trust is in banks, it will not dissapper.

You are correct mate. That is why I said many times on my posts that unless the government is in chaos and society is no longer attuned to order due to some political and civil wars, bitcoin might replace banks but that is really far from reality.

[Phyton76]

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?

Obviosly i guess when you have bitcoin it is more great than depositing in a bank i guess you will not gonna need bank when you have a more great bitcoin wallet have a lot of great feature like transactions fees also it is growing over time because bitcoin price is increasing.

[Creepings]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

That right, governments have control of some banks. It’s the way of government to earn taxes and fees in transactions that’s why bitcoin cannot make banks disappear. Right now, lot of people still depends in banks to save, and for their daily transaction as long as their trust is in banks, it will not dissapper.

I don't know what you are all saying, and I think you do not really know how banks and governments function with its other and what banks can do. Did you know that government borrow money from the banks? It just means one thing, it is the opposite, banks can control the government. If you think of it, if the government don't did what the banks want to, there will be no money they can borrow from the banks.

[choppork]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

Who said that? Cryptocurrencies can stand by its own and I think that's the beauty of it. If the banks disappear and fiat currencies have become nothing but paper (like the way it actually is), bitcoins and altcoins will be safe and sound. People might even migrate to using cryptocurrencies which is a much better technology than fiat. Things will just be priced as BTC. Like for example, 0.1BTC for iPhone6.

Right now, the only reason why banks are connected to bitcoin is because we need the banks to cash in and cash out our cryptocurrencies. But even if banks go down, there will be other substitutes. We can do money remittance and we can also do P2P or even meetups.

[madwica]

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?

Obviosly i guess when you have bitcoin it is more great than depositing in a bank i guess you will not gonna need bank when you have a more great bitcoin wallet have a lot of great feature like transactions fees also it is growing over time because bitcoin price is increasing.

I do not think that you do not need bank if you have more bitcoin. If you are saving in bitcoi you put your money at risk we do not have asurance if bitcoin will be continuous to gives us profit. That is why for me all my earnings in bitcoin will be deposited in the bank regardless the value of bitcoin. Much better to secure your money than to keep it on risk.

[choppork]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

That right, governments have control of some banks. It’s the way of government to earn taxes and fees in transactions that’s why bitcoin cannot make banks disappear. Right now, lot of people still depends in banks to save, and for their daily transaction as long as their trust is in banks, it will not dissapper.

I don't know what you are all saying, and I think you do not really know how banks and governments function with its other and what banks can do. Did you know that government borrow money from the banks? It just means one thing, it is the opposite, banks can control the government. If you think of it, if the government don't did what the banks want to, there will be no money they can borrow from the banks.

And who owns those banks? It's the government. Banks aren't on top of the government. Because if it is, then who's controlling the banks if it's not the government themselves. The government is getting a loan not from their own banks but rather from other nations. Your government can also ask for money from the World Bank which is then owned by World Bank Group (WBG). And who are the people from that group? It's the government from different nations.

I really wonder how can "banks control the government" if it's themselves. And you're talking about the "banks" as if it's an entity or a group of people. Seriously?

[Creepings]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

That right, governments have control of some banks. It’s the way of government to earn taxes and fees in transactions that’s why bitcoin cannot make banks disappear. Right now, lot of people still depends in banks to save, and for their daily transaction as long as their trust is in banks, it will not dissapper.

I don't know what you are all saying, and I think you do not really know how banks and governments function with its other and what banks can do. Did you know that government borrow money from the banks? It just means one thing, it is the opposite, banks can control the government. If you think of it, if the government don't did what the banks want to, there will be no money they can borrow from the banks.

And who owns those banks? It's the government. Banks aren't on top of the government. Because if it is, then who's controlling the banks if it's not the government themselves. The government is getting a loan not from their own banks but rather from other nations. Your government can also ask for money from the World Bank which is then owned by World Bank Group (WBG). And who are the people from that group? It's the government from different nations.

I really wonder how can "banks control the government" if it's themselves. And you're talking about the "banks" as if it's an entity or a group of people. Seriously?

Government cannot own this banks as you know. Do you know of fiscal policy? It is given to a priviledge where officials are independent from the government. An independent branch which they are free from doing what they want and they must not have any connections with the other government branches. Central banks are focussed on distributing coins and making the banks work fine, it is independent from the government because it will have an effect on the economy especially to abusive high ranked government employee.

[stompix]

Certainly no. Banks would never be replaced since goverment's control would be lost if there is no banks. Besides, crypto currency would also need banks if it become a major currency.

That right, governments have control of some banks. It’s the way of government to earn taxes and fees in transactions that’s why bitcoin cannot make banks disappear. Right now, lot of people still depends in banks to save, and for their daily transaction as long as their trust is in banks, it will not dissapper.

I don't know what you are all saying, and I think you do not really know how banks and governments function with its other and what banks can do. Did you know that government borrow money from the banks? It just means one thing, it is the opposite, banks can control the government. If you think of it, if the government don't did what the banks want to, there will be no money they can borrow from the banks.

And who owns those banks? It's the government. Banks aren't on top of the government. Because if it is, then who's controlling the banks if it's not the government themselves. The government is getting a loan not from their own banks but rather from other nations. Your government can also ask for money from the World Bank which is then owned by World Bank Group (WBG). And who are the people from that group? It's the government from different nations.

I really wonder how can "banks control the government" if it's themselves. And you're talking about the "banks" as if it's an entity or a group of people. Seriously?

Banks are not owned by the government.
It is pretty funny how some times people don't have a clue about the banking sector.
For example my aunt has a few shares in a german bank. The bank is privately owned by people.
Even if a majority of shares are hold by an investment fund even behind that there are still people owning it.

The government has no banks in it's control.
Even the central bank is not in control of the government in most countries. For example in my country it only answers to the parliament.
And here is where the separation of powers in a state comes.

[bluefirecorp]

I think not, it is because the bank will always fully supported the Government, all the financial policy course through banks and economy without a bank will be dead and not moving.

Absolutely agree with your point and I appriciate your view, bank will exit until there is fiat but hoping for something big I must say that there are many instances that bitcoin can make it happen because it has such big potential in your investment or savings though bitcoin increase its value to very high level and still going to up maybe it will work very soon.

[rickadone]

I actually read this topic a few months ago, and I want to reassure you that banks will not disappear until the common currency disappears and that this will not happen. Btc is simply a digital currency. In addition, the government will not let the banking system disappear easily

I think the banks will not disappear because if the governments are going to legalize bitcoins then they will have to upgrade the banking systems according to bitcoin transactions. Every country will have bitcoin banks where they will have monitor and guide the business transactions such as sale and purchases. There must be proper system for such thing and then we can make bitcoin more popular in a very very short period of time.

[wilwxk]

I actually read this topic a few months ago, and I want to reassure you that banks will not disappear until the common currency disappears and that this will not happen. Btc is simply a digital currency. In addition, the government will not let the banking system disappear easily

I think the banks will not disappear because if the governments are going to legalize bitcoins then they will have to upgrade the banking systems according to bitcoin transactions. Every country will have bitcoin banks where they will have monitor and guide the business transactions such as sale and purchases. There must be proper system for such thing and then we can make bitcoin more popular in a very very short period of time.

Yes, in theory, everything its best or faster if its centralized, like the human brain, the devs of cryptocurrencies, especialy of the bitcoin, its very descentralized, and the banks can upgrade before the devs of cryptocurrencies.

[btctousd81]

nope, banks are not going to disappear., not everybody uses bitcoins and banks are here to stay same as bitcoin is here to stay., they both have their own advantages over one another.,
banks may have to adapt to bitcoin like network for money transafer from one country to another and to lower the costs ., but they will not completly disappear. average joe needs bank too.

[Lomberjack]

Maybe that can truly happen if bitcoin will be advertise and legalize in many nations. Because people will think about the advantage of using bitcoin to let their money grow rather than putting it in the bank to save it. Because bank offers a minimal interest to top up the original money you put into it. If you will sum up, your account in bank is just gaining cents or small amount compared to bitcoin. But the possibility that banks will disappear is quite long distance from now. Banks will surely adopt and evolve to the demands of the society for them to be able to continue their business.

[densuj]

Actually yes, bitcoins can makes Banks disappear but not for today because however bitcoins is still new in world of currencies, bitcoins still not be considered as money in the world and still there is problem on bitcoins network to be currency, i think in the future after many people adopt bitcoins, that will makes Banks disappear because of bitcoins.

[8Habits]

Maybe that can truly happen if bitcoin will be advertise and legalize in many nations. Because people will think about the advantage of using bitcoin to let their money grow rather than putting it in the bank to save it. Because bank offers a minimal interest to top up the original money you put into it. If you will sum up, your account in bank is just gaining cents or small amount compared to bitcoin. But the possibility that banks will disappear is quite long distance from now. Banks will surely adopt and evolve to the demands of the society for them to be able to continue their business.

For me, that is really far from happening because banks are already institution to our financial industry and they are well regulated by the goverment and bitcoin is not yet. Also, bitcoin has a maximum cap of I believe 21 million bitcoin and that is it.

[Sanitough]

Maybe that can truly happen if bitcoin will be advertise and legalize in many nations. Because people will think about the advantage of using bitcoin to let their money grow rather than putting it in the bank to save it. Because bank offers a minimal interest to top up the original money you put into it. If you will sum up, your account in bank is just gaining cents or small amount compared to bitcoin. But the possibility that banks will disappear is quite long distance from now. Banks will surely adopt and evolve to the demands of the society for them to be able to continue their business.

For me, that is really far from happening because banks are already institution to our financial industry and they are well regulated by the goverment and bitcoin is not yet. Also, bitcoin has a maximum cap of I believe 21 million bitcoin and that is it.

Without banks there will no regulatory body that will control the circulation of money which is the main thing we need to buy bitcoin.
We should not be thinking for that, it's too unrealistic, bitcoin will help the banking system improve and not to replace it.

[Jimmy_H]

Banks (which are the core of the current world financial system) won't disappear, because they serve a big need for depositors (interest) and loaners (funding), peer 2 peer lending still has a long way to go and banks lending system works now, so it is not replacing banks anytime soon.

[CARrency]

Bitcoin will be tough competitor for banks but it will never make banks disappear as banks are the strongest financial institutions who have support from Government and also from the people as majority of people are dependent on banks for their financial transactions.

When and why bitcoin become a competitor of banks? Even if bitcoin become one, it has no chance. Banks are used by the people on the entire world, everybody knows it and most of us have our own accounts. Bitcoin is just a digital currency known by not so many people, almost all of the people in the world uses money or fiats, they keep it in the banks, bitcoin is not a bank.

[8Habits]

Bitcoin will be tough competitor for banks but it will never make banks disappear as banks are the strongest financial institutions who have support from Government and also from the people as majority of people are dependent on banks for their financial transactions.

When and why bitcoin become a competitor of banks? Even if bitcoin become one, it has no chance. Banks are used by the people on the entire world, everybody knows it and most of us have our own accounts. Bitcoin is just a digital currency known by not so many people, almost all of the people in the world uses money or fiats, they keep it in the banks, bitcoin is not a bank.

If bitcoin can really be a competitor of banks - those  are only in so far as online transactions and other transactions where bitcoin can be use. Those transactions like car loans, house and lot loan, and other transactions that are only be made through banks and not on bitcoins.

[renes]

Basically no, because bitcoin and banks is very different thinks in its cores but the competition between them serves the people