Can Bitcoin make Banks disappear?

[snowcrashed]

It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
but i think if bitcoin will grow the banks will also grow

Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.

I agree, Bitcoin is not yet in its full capability, but replacing real money is somehow impossible for me, even to think that in the near future bitcoin might be the popular currency doesn't change the fact that we still need real money.

I'm agree with you too, the usages of Bitcoin is not yet optimized for daily payments to replace real money in real life so that the possibility for Bitcoin to replace money is still very low.

[Vixmore]

Most definitely, Bitcoin has the potential and power to make every bank obsolete. Its all up to the people to want this change. While some are easily convinced of the advantages of using Bitcoin in the everyday environment, others will need to receive hard treatment to change over their current bank account into a bitcoin wallet. At this stage, I'd have to say that the level of security that each form of currency (cash-wire for banks) features has to go to Bank transfers. They are ultimately more secure and at least here in Australia, you are covered by the Fraudulent Act., meaning that if your money does get stolen, no matter the amount, the banks have to pay it back to you. However, this same feature cannot be achieved with Bitcoin as it is decentralised, meaning that you are the only person to own what you have - banks on the other hand are heavily centralised. Bitcoin is still, however, in its developing phase, meaning that we can still expect a lot more from it in the next few years.

I guess it all comes down to what the user wants - functionality over security and stability (at least at this stage). The future can however very rapidly change and we will be able to see what people want in the next coming years.

[cantika]

 

It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
but i think if bitcoin will grow the banks will also grow

Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.

I agree, Bitcoin is not yet in its full capability, but replacing real money is somehow impossible for me, even to think that in the near future bitcoin might be the popular currency doesn't change the fact that we still need real money.

I'm agree with you too, the usages of Bitcoin is not yet optimized for daily payments to replace real money in real life so that the possibility for Bitcoin to replace money is still very low.

Can Bitcoin make Banks disappear? is funny dude  .  I think maybe not, banks will not disappear because of bitcoin. that's true bitcoin is not yet optimized for daily payments. I used dollar to buy coffee, popcorn, and pizza not bitcoin;D. is enough proof if ban will not disappear.

[dhimasnk]

I think it is still impossible for bitcoin to disappear the bank because the bank is one of the most important financial institutions for the international economy

[Rostadom]

Most definitely, Bitcoin has the potential and power to make every bank obsolete. Its all up to the people to want this change. While some are easily convinced of the advantages of using Bitcoin in the everyday environment, others will need to receive hard treatment to change over their current bank account into a bitcoin wallet. At this stage, I'd have to say that the level of security that each form of currency (cash-wire for banks) features has to go to Bank transfers. They are ultimately more secure and at least here in Australia, you are covered by the Fraudulent Act., meaning that if your money does get stolen, no matter the amount, the banks have to pay it back to you. However, this same feature cannot be achieved with Bitcoin as it is decentralised, meaning that you are the only person to own what you have - banks on the other hand are heavily centralised. Bitcoin is still, however, in its developing phase, meaning that we can still expect a lot more from it in the next few years.

I guess it all comes down to what the user wants - functionality over security and stability (at least at this stage). The future can however very rapidly change and we will be able to see what people want in the next coming years.

Well that's just because fiat money is made from thin air. Your money got stolen? Don't you worry. The banks got your back! They simply have to add digits on your account and ta Dah! Your money has been recovered like nothing happened. They wouldn't even worry about the money that was stolen from you. They will just say that it will cost more if they are going to investigate the guy that stole your money. And on your end, everything's already fine because you got your money back.

This is why banks and fiat money are rather an illusion. Everything is just created from magic. They will just print more money and it's almost as if nothing happened at all. Imagine maybe someone is already abusing this fraudulent act and is robbing himself over and over again. That doubles his money everytime. Genius.

[bitllionaire]

I think it is still impossible for bitcoin to disappear the bank because the bank is one of the most important financial institutions for the international economy

in fact bitcoin is not created to disappear banks it is created for online purpose  and now people are also using it in offline shops also. i am sure that bitcoin will help with banks.

[itsallpc]

Banks have a great network for more than a century.They would continue to exist.They only suffer in transaction sector due to bitcoins offering transactions in much lower fee.But still they continue to lend loans for interests and so there is no problem for their survival.

[killgald]

A bank is different like a bitcoin page, bank exist centurys ago in the Medici era in Florence, the banks will always hold the paper money the difference is that bitcoin is online and can´t be touch.

[rjbtc2017]

Banks have a great network for more than a century.They would continue to exist.They only suffer in transaction sector due to bitcoins offering transactions in much lower fee.But still they continue to lend loans for interests and so there is no problem for their survival.

That's true , it will still continue to grow since bitcoin and banks have different purpose/function in diff. industries.

[Pleione527]

No I don't think so..banks has already established their posistion in the market though bitcoin may continue to grow in the future, bank will still be there and will be used by a lot of people and companies

[Russlenat]

No I don't think so..banks has already established their posistion in the market though bitcoin may continue to grow in the future, bank will still be there and will be used by a lot of people and companies

Bank now a day is fully established and I think bitcoin can't make bank disappear!, maybe banks just adopt and accept bitcoin then for there transactions and savings.

[livinglightning]

I think bitcoin can not make the bank disappear.
In the future, if bitcoin can replace other currencies, it can change the way banks operate, but can not disappear.

[dbundus]

This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.

[Finestream]

This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.

Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.

[rjbtc2017]

This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.

Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.

Exactly, Government will not allow this to happen, unless they will create law on controlling bitcoin.

[Hotel_Prodeo]

Yes it is quite possible, if the transaction is bitcoin increasingly massive and ever-increasing bank transaction will certainly continue to fall and the bank eventually will disappear.

[EddyGameta]

Yes it is quite possible, if the transaction is bitcoin increasingly massive and ever-increasing bank transaction will certainly continue to fall and the bank eventually will disappear.

Not a valid reason and illogical

It's not possible in this decade or maybe centuries, nowadays bitcoin have huge transaction and bank still be a key in all country. Bank will follow government regulation and controlled by government so it wont disappear even bitcoin transaction increasing massive.

Maybe Bank will disappear when all of people in the whole world use computer in every activities, nowadays lot of people don't have a computer or don't understand a computer. Let say poor people in Africa, Papua new guinea, etc, who don't know how to use computer/device.

Do you ever think if bank disappear and no paper money will help poor people without bitcoin miner to life and survive?

[jlspartz]

This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.

Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.

Changing the government is the only hold up in my mind.  Otherwise, its possible, although maybe not with just Bitcoin.  I believe once loans are issued in crypto, and those loans are decentralized, and once a solution to those without computers carrying only fiat is figured out, then pressure on the banks and therefore government will be insurmountable.  Banks will have to choose to support or not, but by that point it won't matter when all their services can be done through crypto.  I believe the early adopting banks can figure out some services to offer, but the rest won't have any advantage or leg to stand on later.  The government will have to reluctantly follow suit when the banks start seeing that tipping point.

[junkozane]

Now, there is no possibilities. Still, some governments fight against on cryptocurrency and its usage. If governments understand the Bitcoin value, usage and popularity, then only possible to make banks disappear, or else banks work based on bitcoin.

[IamAltcoinfan]

Bitcoin can't replace bank bitcoin may replace foreign exchanges . Because most of the people use banks they are not knowing the digital currency or app of the bank and they are not comfort with that . Then we can think that bitcoin will replace bank may it possible with next generation who knows about bitcoin or crypto currency from their school days.