Can Bitcoin make Banks disappear?

[stompix]

Is there none? There's value added tax on every single transaction that you're doing except for person-to-person trade. Groceries, medicine, any type of commodities, there's a VAT there. It might not seem that there's a transaction fee but there is. Even when you simply earn money, there's a transaction fee because you have to report an income tax.

VAT is not something all countries have.
Take for example the US.
There are cases where the sales tax (not VAT) is 0 like OR or(!) MT.

And even in the EU the VAT for a lot of things can be 0 best example is the UK.

So next time a bit of research before posting would be nice:)

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[Polar91]

Banks will not disappear. As we all know banks are one of the wise establishments in town. They will not agree that bitcoin will be the reason for them to disappear or to get lost theie clients. For them to be able to settle down or adapt with the situation of bitcoin's popularization and many people around the world are widely using it, they will be surely offer the storage or feature bitcoin as one of their services in the banks. That will lead or push their clients to continuously invest on them in terms of using or accepting bitcoin.

[zevtev9]

This is a very difficult question to answer, particularly for someone who believes in bitcoin, I don't think banks will disappear as a whole but probably will change their system a bit, perhaps even enabling and using bitcoin accounts and paying interest in bitcoins.
The issue with banks disappearing is the fact they are the engine for finance, funding and financing everything from merchants loans to real estate, so, if banks disappear, what will cover these needs.

[cotton ball]

This is a very difficult question to answer, particularly for someone who believes in bitcoin, I don't think banks will disappear as a whole but probably will change their system a bit, perhaps even enabling and using bitcoin accounts and paying interest in bitcoins.
The issue with banks disappearing is the fact they are the engine for finance, funding and financing everything from merchants loans to real estate, so, if banks disappear, what will cover these needs.

Bank is product of civilization of the world government, if bank disappears automatically, the world economy will be uproar, the best solution is to adopt peer-to-peer system and start receiving bitcoin as global currency. The power of cryptocurrency can not be dammed but also can not stand alone in public. Requires approval from the official financial system and must have a legal tender.

The potential for bitcoin to make Banks disappear is zero percent.

[alexsandria]

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?

Ofcourse no because bitcoin has its own descriptive and bank also and yet bitcoin is not a threat to banks that may able to make it disappear because bitcoin is a another way of currency which is digital that can also help in circulating our currency. Bitcoin may not be good at this time yet it is very good in terms of progressions.

[Ashong Salonga]

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 is a part of governments establishments and bitcoin is quite owned by another person not under by government. The disappearing of bank is walys depend on the person or peple who are using it. If they stop using banks and focus only on bitcoin I'm sure bank will be having a reason to disappear.

[Zooplus]

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 is a part of governments establishments and bitcoin is quite owned by another person not under by government. The disappearing of bank is walys depend on the person or peple who are using it. If they stop using banks and focus only on bitcoin I'm sure bank will be having a reason to disappear.

Maybe in that cased the government will ban bitcoin then, I don't think even majority of the people will prefer to stop using banks
and transfer all their money into bitcoin. Not wise at all even for me who supports bitcoin.

[nagobinga]

It is unlikely that banks will disappear bitter gibbons because the bank is a money-picking place across the country.

[Cosbycoin]

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?

I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear

Basically the bank was formed from the government, and it is really in need of a country. Well, I think the bank is something that will be a harvester in a country. Aya do not think that it will be replaced by bitcoin or other altcoin.

That is correct. So, what is sure thing to happen and is currently happening right now is that banks and bitcoin co exist each other.. People have opportunity to choose which alternative they want to use on their online financial transactions.

Yes you are right that the bitcoin will not replace the banks because the bitcoin is not that much strengthened nor trusted that it could be a replacement to the banking system. It could be to use by an individual but a country will never support it because the banks run almost the whole financial system of a country.

[Warry]

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?

In my opinion, Bitcoin can not make bank disappear because of its a lot of disavantages but in the future, there would some other currencies that are suitable for daily uses and make bank disappear.

[doomloop]

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

In future the banks might add bitcoin to their list of service provided, but could never convert entirely to bitcoin bank. Always real money has got its usage as well the value, because till date the users of bitcoin is very low compared to the fiat users around the world. Bitcoin creates a change in the system, but the same never leads to replacing.

Yeah, I agree with you, in the future the bank will consider bitcoin as a payment method, we will be able to convert bitcoin into cash or cash into bitcoin at the bank. The real money has been the habit of everyone in the world, the future of real money will still exist, it can decrease in number of users but it will never disappear or be replaced by bitcoin. Bitcoin can be popular and powerful on the internet but in the real world, it's not strong enough to replace or disappear of anything, real money is always convenient and more popular than Bitcoin

I don’t know why people ask such questions. Look the US dollar, England pound and European euro are some most stable and high economies around the world, so did they caused any bank in the third world countries to shut down. Everything has its own place. Bitcoin is not a threat to worlds economy rather it’s an opportunity for the people to get rich.

[Reid]

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

In future the banks might add bitcoin to their list of service provided, but could never convert entirely to bitcoin bank. Always real money has got its usage as well the value, because till date the users of bitcoin is very low compared to the fiat users around the world. Bitcoin creates a change in the system, but the same never leads to replacing.

Yeah, I agree with you, in the future the bank will consider bitcoin as a payment method, we will be able to convert bitcoin into cash or cash into bitcoin at the bank. The real money has been the habit of everyone in the world, the future of real money will still exist, it can decrease in number of users but it will never disappear or be replaced by bitcoin. Bitcoin can be popular and powerful on the internet but in the real world, it's not strong enough to replace or disappear of anything, real money is always convenient and more popular than Bitcoin

I don’t know why people ask such questions. Look the US dollar, England pound and European euro are some most stable and high economies around the world, so did they caused any bank in the third world countries to shut down. Everything has its own place. Bitcoin is not a threat to worlds economy rather it’s an opportunity for the people to get rich.

That is not how it works. Who says it is not a threat?
If they will see that bitcoin can be used like a bank (actually much better than them) where you are your own manager and the increase annually are better then the people who have funds in the banks can come to a thinking why not use bitcoin.
With this, banks may create a movement to bring bitcoin down.
It is a threat. It just cannot be seen by now since there are not too many who are supporting it.

[JimmieA]

im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...

I do not understand your thoughts, but in my opinion the bank can not disappear because it is a big source of government revenue and they are trying to build that system and it is not easy for it to disappear on the substitution By the Bitcoin system. On the other hand bitcoin does not bring any benefit to the government. In addition the banking system can not disappear when the cash system persists in our lives.

[ximply]

Only magicians can make bank disappear and bitcoin is not magic. But its magical it brings to us.

But bank needs to adopt to blockchain technology otherwise they will become obsolete.

[rjbtc2017]

im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...

I do not understand your thoughts, but in my opinion the bank can not disappear because it is a big source of government revenue and they are trying to build that system and it is not easy for it to disappear on the substitution By the Bitcoin system. On the other hand bitcoin does not bring any benefit to the government. In addition the banking system can not disappear when the cash system persists in our lives.

I agree on this, rebuilding the system of government-bank relationship to government-bitcoin relationship is hard, considering that bitcoin is not fully a standard/stable thing unlike bank that has been here for a long time, Maybe Bitcoin will be a part of the BANKS. I think Banks are still more powerful than Bitcoin.

[systemv]

At one point they will disappear in the current shape. They will become smart contract (or whatever it would be called) driven machines used for holding deposits, will do automated investments and transfers. All "account servicing" and "operations" can be defined as smart contracts.

[Caelanpelley]

im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...

That can not happen. The development of bitcoin is still unstable, prices fluctuate, then why can it make the bank disappear? The bank has a stable development history, I do not think for a time that bitcoin can do it.

[iram1011]

Banks aren't sleeping. They are paying close attention to Bitcoin and its growth. They are not doing anything at present because its adoption rates is miniscule as compared to fiat.

Another thing is they both are different in so many ways. Banks try to maintain financial stability of a country and provide many other services such as of mortgage and lending. Which bitcoin doesn't. But cases like of Greece, where banks put money ahead of people for their personal gains are prevalent and many places corruption is also high. This strengthens Bitcoin and makes bitcoin an alternative to banks.

But Central banks are currently the dominant structure nations use to manage their economies. They have monopoly power and are not going to give up that power without a fight and Bitcoin market cap is still very less for making any significant change.

[pathapoddo]

I am not sure about it.Because banks are the middle businesses organization.If their present scheme can't give them much profit or face to loss they will find another scheme for the customers. So I think when bitcoin will the strong currency they will reduce the scheme of fiat currency. They will businesses on bitcoin & will advertise on bitcoin to save their bank.But now they know that bitcoin will the king of future world so they now silently following bitcoin & it's  rate.Thank you.

[AiWanChu]

alot of wishful thinking on here.. BTC will never supplant banks