Can Bitcoin make Banks disappear?

[micher143]

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.

Banks need to adopt bitcoin to go to the flow of technology. Because for now many people now are using bitcoin instead of banks but of course the way they can cash out the bitcoin is the banks and ATM machine but it is okay if the banks accept bitcoin and adopt it to be part of their system.

[aoihs00]

Aah! Something I wish could happen any time now. Banks are real devils of financial system. They pose like big hero of the nation but they are not. They take away lots of money from you in the form of service charges and VAT. Hell they say that they are giving 11% of interest rate on your saving that is in the bank and that is also annually but what the f*** they do take bigger service charges throughout the financial year and that why I hate it. Its better that bitcoin eats out them and atlas we can have everything that we deserve to have boy!

[Capradina]

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.

precisely, banks and also the bitcoin has or desires are different. The Bank was the currency of each State expires on regularity, bitcoin wants to help everyone to perform transactions, financial management is done with a single click or do individually. But it all did have in common, however the bitcoin until whenever will never replace the role of the bank. Because the bank is the most important thing in any Government, if the bank is missing then all order in the Government will be lost
 

[FrozenByte]

I don't believe that Bitcoin can make Banks disappear. They have been around for too long for them to just go away in a few years.

[8Habits]

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.

precisely, banks and also the bitcoin has or desires are different. The Bank was the currency of each State expires on regularity, bitcoin wants to help everyone to perform transactions, financial management is done with a single click or do individually. But it all did have in common, however the bitcoin until whenever will never replace the role of the bank. Because the bank is the most important thing in any Government, if the bank is missing then all order in the Government will be lost
 

That is the reason why we should be very thankful about bitcoin because it us somehow not regulated by the government. This s amidst the fact that thousand of dollars worth of bitcoin are mostly transacted every single minute.

[youdacapt]

I don't believe that Bitcoin can make Banks disappear. They have been around for too long for them to just go away in a few years.

If you think like that, you have to think about many aspects that underlie the possibility of the bank will disappear, if you live in a country that has experienced government revolution, the analogy is bitcoin has great potential to replace economic civilization with a new system. Half the earth population has the mind to manage finances freely, and half prefer to believe in civilization today.

[panganib999]

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 do not see bitcoin as a major thing or threat that will make banks disappear. Because banks will find its own way to get along with its consumers and the potential investors demands. If bitcoin is the way to keep their business going, I am sure that they will adopt and evolve their marketing strategy that will suit people's needs and wants. In that case, banks will not be possible to disappear as lonh as they will adopt. If they will add bitcoin as one of their feature cryptocurrency same with cash.

[Ahmat faisol]

Civilization has indeed changed and governments have made various revolutions.
But the people know the bank better than know the bitcoin more clearly the bank will never disappear.
Even if bitcoin is popular in the world The teams in a bank must have its own idea to adapt to bitcoin as it is already in my area of ​​ATM BTC although little but many already know this one bank that provides services for BTC holders.
It is very likely that one day the bank will participate to BTPC so they will not disappear.

[8Habits]

I don't believe that Bitcoin can make Banks disappear. They have been around for too long for them to just go away in a few years.

If you think like that, you have to think about many aspects that underlie the possibility of the bank will disappear, if you live in a country that has experienced government revolution, the analogy is bitcoin has great potential to replace economic civilization with a new system. Half the earth population has the mind to manage finances freely, and half prefer to believe in civilization today.

The dangerous thing about this government revolution and anarchy is the fact that there is no regulation and there are bigger chances of disorder and chaos. This is not what we really happened. Government are there to maintain the orderliness but if the people behind it are corrupt and do nothing, then that is the start of the problem.

[stompix]

I don't believe that Bitcoin can make Banks disappear. They have been around for too long for them to just go away in a few years.

If you think like that, you have to think about many aspects that underlie the possibility of the bank will disappear, if you live in a country that has experienced government revolution, the analogy is bitcoin has great potential to replace economic civilization with a new system. Half the earth population has the mind to manage finances freely, and half prefer to believe in civilization today.

You talk about a revolution against banks and you are keeping your coins in an online wallet.
Really?
99% of people here are arguing banks are bad and should disappear yet they have just switched to another kind of bank cartel.

Aah! Something I wish could happen any time now. Banks are real devils of financial system. They pose like big hero of the nation but they are not. They take away lots of money from you in the form of service charges and VAT. Hell they say that they are giving 11% of interest rate on your saving that is in the bank and that is also annually but what the f*** they do take bigger service charges throughout the financial year and that why I hate it. Its better that bitcoin eats out them and atlas we can have everything that we deserve to have boy!

Rather that throwing hate bags around here you should educate yourself a bit.

VAT is not collected by the banks is a tax that the government is in charge of that.
In my country they don't even offer that much interest, for most of the accounts is one single digit either 1 or 2 %.
Because the interest is affected by inflation (which we're close to 0).
And I pay only close to 1 euro for mobile app, 0 withdraw or charge fees at the ATM.

Let's see when your dream will come true what will you do for a loan. .

[javeed1]

No.Banks would exist.Banks may only suffer their profits which they got from transactions due to bitcoins.But banks would continue to give loans and get their profits from customers.

[Drnice]

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?

Bitcoin making banks disappear is not the best but working hand-in-hand with each other.
Most countries are not accepting Bitcoin today because of the low currency quality their Money is, and Bitcoin can just come in and wipeout their countries currency due to its high quality and stuffs like that.

[Cherylstar86]

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.

precisely, banks and also the bitcoin has or desires are different. The Bank was the currency of each State expires on regularity, bitcoin wants to help everyone to perform transactions, financial management is done with a single click or do individually. But it all did have in common, however the bitcoin until whenever will never replace the role of the bank. Because the bank is the most important thing in any Government, if the bank is missing then all order in the Government will be lost
 

Very well defined mate, and that's how bank works in our entire economy right now and bitcoin couldn't stop banking ideas which governement economy in the country still benefited from it, and bank is really been become a strong pillars that bitcoin can be exchanged through online. If ever bitcoin will be implemented legally and freedom remains to people I thinkf it can help improve the slow sytem which our fiat currency has and hassle transactions can be avoided in the future.

[bozo333]

As per the research, Banks will highly impact on bitcoins in future. That is true. But, banks disappearing is may be possible or not. Don't think much and enjoy the current technology.

[xFiber]

It certainly has the potential but I'm unsure whether banks will fully disappear off the globe. Because that would mean that governments give up total financial control if I'm not mistaken (don't quote me on that). And that isn't something you want being a government.

[Kisanaq]

As per the research, Banks will highly impact on bitcoins in future. That is true. But, banks disappearing is may be possible or not. Don't think much and enjoy the current technology.

Yes I agree, the big thing that makes the bank disappear of course is government policy, as long as there are regulations that establish the bank as the economic foundation then the bank will not disappear.

[Drnice]

It certainly has the potential but I'm unsure whether banks will fully disappear off the globe. Because that would mean that governments give up total financial control if I'm not mistaken (don't quote me on that). And that isn't something you want being a government.

That is a very good reason why Bitcoin can never make banks disappear. Cause if the money of a country is no more controlled by the government, then it is a very huge problem.

[bitllionaire]

It certainly has the potential but I'm unsure whether banks will fully disappear off the globe. Because that would mean that governments give up total financial control if I'm not mistaken (don't quote me on that). And that isn't something you want being a government.

yes bitcoin must have the potential but i do not think that it is so easy, because banks have the support of government and government will never like to disappear banking system. they will like banking system to continue.

[TheFriends]

Maybe it can happen in the long term, and also if the bitcoin network solve all the problems so then can be mass adoption. 

[Bedebah]

Maybe it can happen in the long term, and also if the bitcoin network solve all the problems so then can be mass adoption. 

Yes, when many customers leave the bank and switch to bitcoin, the bank will disappear, this is what the bank should watch out for in order to keep the business going.