Can Bitcoin make Banks disappear?

[guoyu78]

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.

Exactly! Bitcoins though pose threats to banks’ survival but will not destroy them. Banks will never wish to lose their clients so they will revise their policies and simply start accepting payments in bitcoins. Another reason is that lower class will always prefer banks to store money.

[8Habits]

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.

For me, that is really very far from happening yet that people will leave banks in exchange for bitcoins. But I am not discounting the fact that it will happen. Banks thrive for centuries for a reason and it will not easily disappear because of bitcoin. Bitcoin is a good alternative for our financial transactions but will not replace banks for sure anytime soon.

[smauni]

I think bitcoin can disappear the bank. But it needs a lot of time. I am sure that one Bitcoin will take the place of bank.

[Japinat]

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.

For me, that is really very far from happening yet that people will leave banks in exchange for bitcoins. But I am not discounting the fact that it will happen. Banks thrive for centuries for a reason and it will not easily disappear because of bitcoin. Bitcoin is a good alternative for our financial transactions but will not replace banks for sure anytime soon.

I do no even believe bitcoin can disrupt the banking industry, we are still following the law and the government is implementing it to us in anything we do.
Bitcoin is not a bank but only a tool that can be used or partnered by the banking industry to make a faster transaction, it's value will always depend on its users and when there is a law that will be against bitcoin, people will stop using it, it's simple as that.

[watemp]

Powerful countries can legislatively restrict the use of crypto-currency. And then the crypto-currencies will become the lot of small countries. All this is in doubt. Most likely we will see a symbiosis of blockchain technologies and existing banking technologies.

[batang_bitcoin]

I think bitcoin can disappear the bank. But it needs a lot of time. I am sure that one Bitcoin will take the place of bank.

No way, bitcoin will never make the banks disappear. We know that banks are powerful and they are being backed up by the government. And that will make them stronger and even bitcoin will be popular that's not going to be enough just to make the banks disappear. It's a big part of government that is paying big taxes.

[Ewinsane]

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.

Yes the banks will never be replace but not because of governments control because the governments will have to upgrade banking system and the will have to keep control because of imports and exports of the country. My question is how the business means will trust on their transaction regarding sale and purchase for the factories.

[marcuslong]

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.

Yes the banks will never be replace but not because of governments control because the governments will have to upgrade banking system and the will have to keep control because of imports and exports of the country. My question is how the business means will trust on their transaction regarding sale and purchase for the factories.

The main bank of all shall control every thing government here in my country has nothing to do with the bank. however banks in here also mostly died because of the issue happens on the sysmtem glitch some of the user has a negative balance or someone withdrawn their money and some of users get high balance they like get million money the question here is if people will start using bitcoin maybe it can be a secondary currency but not to trust on bitcoin because bitcoin is just for internet use only.

[Arkann]

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

Crypto currency, including bitcoin, can not completely displace and destroy banks. Commercial and state banks are now adjusting and are also starting to buy and sell the Crypto currency. I know that at the same time take a commission of four percent or more. It should also be taken into account that some part of the population will never ever use crypts

[Luno]

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

Crypto currency, including bitcoin, can not completely displace and destroy banks. Commercial and state banks are now adjusting and are also starting to buy and sell the Crypto currency. I know that at the same time take a commission of four percent or more. It should also be taken into account that some part of the population will never ever use crypts

Yeah and that includes older generation who will find complicated to use bitcoins as its very new concept for them and they will continue to use fiat even if bitcoin becomes more popular as they find easy and comfortable using fiat as they are using it since its inception.

[angrybirdy]

I think bitcoin can disappear the bank. But it needs a lot of time. I am sure that one Bitcoin will take the place of bank.

The functions of a bank cannot be performed by bitcoin alone. What we need is a better banking system that is open for platforms being introduced just like bitcoin's platform. But I doubt this will happen anytime soon. But banks won't disappear.

[smileee]

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?

That can happen if banks do not seek to innovate. The fact that banks are very concerned about the utility and popularity of Bitcoin. If Bitcoin continues to be accepted and disseminated further, banks will definitely disappear

[frankenmint]

nope - bitcoin cannot still do credit issuance and lending - you can't go to bitcoin to apply for a mortgage... banks will not go away on this basis alone (they may take bitcoin and allow users to hold wallets of bitcoin, but they aren't going to be outright replaced by bitcoin as bitcoin is irreversible).... anyone else not wise to see this is allowing their ignorance to show.

[stadus]

nope - bitcoin cannot still do credit issuance and lending - you can't go to bitcoin to apply for a mortgage... banks will not go away on this basis alone (they may take bitcoin and allow users to hold wallets of bitcoin, but they aren't going to be outright replaced by bitcoin as bitcoin is irreversible).... anyone else not wise to see this is allowing their ignorance to show.

Bank manages real money or fiat while bitcoin will help facilitate for the transaction, it's one of the payment tools that could
be the best of all as it is getting more popular but will never replace the current system.
We are living in a world where there is a government who controls it and it will continue to remain, we are "centralized".

[funnycoinas]

I think there is still room for physical Banks. There certainly will be a huge resistance by a lot of people.
Without doubt, Banks are now and then taking fundamental role in people's wealth accumulation process, which is almost habitual. Still, we should see, since things are changing so fast that we cannot predict anything about it.    

[nicosey]

Some people will never be comfortable managing their own money.  Hence the amount of bitcoin kept on places like coinbase.
 

[iru786]

No. Banks will be there but slowly they too will start using bitcoin

[hv_]

No. Banks will be there but slowly they too will start using bitcoin

Yes - right answer.

And it just started in good old Switzerland, the haven of money:

https://www.nytimes.com/reuters/2017/07/12/business/12reuters-swiss-banks-falcon-bitcoin.html?mcubz=1

[ASHLIUSZ]

No. Banks will be there but slowly they too will start using bitcoin

As stated banks will be there for a long time and slowly the integrated usage of bitcoin and the banking will be established as the above mate mentioned. This is all because of the growth and the advancement that bitcoin has made in the financial system. For the same we cannot think that banks gets replaced.

[Rinder]

Bitcoin will be big one day, and its already but when we talk about replace banks for bitcoin its more a dream than something really possible, i do expect banks to start providing some service related to crypto world, soo they will follow and adapt into any new step the community does give.