Can Bitcoin make Banks disappear?

[DAVETUN]

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 see the world bank accepting bitcoin in the near future as a means of transacting between nation and also for online transaction.

[hurain]

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.

yes that is right that it is not so easy that bitcoin will disappear banks so easily, in fact banks have the support of government and almost all the people are using bitcoin therefore i think it is not so easy that bitcoin will replace banks so easily.

[ashfakur]

Bitcoin can not disappear bank . If it is pissible it takes long time. Bank is a fiat order other hand bitcoin is not fiat order. Infuture bank take bitcoin.

[Drnice]

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.

To me, Bitcoin coming to take away or make banks disappear, that is not going to happen any soon or might not happen at all.
Cause if this should happen, its like losing anarchy upon the world, ie a world with out government, cause the governments are in control over the banks.

[Superzpay]

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.

Yep, that’s true. If we think realistically, banks can’t disappear completely from the face of earth but yes crypto currency is soon going to overpower them especially bitcoins. It’s easy to make transactions with bitcoins than paper money and like banks, we don’t need to pay heavy transaction fee.

[Blitzboy]

Well, depends on each person's experience and knowledge, the idea of security in banks and of bitcoin wallets may vary. For some people, they assume banks as the safest way to keep money as they afraid of hackers may steal their bitcoin. But for others, they are scared of potential risks from bank robbery or something like that. But anyways, banks will hardly be extinct as most of everything on this planet still relies heavily on fiat money.

[the rise]

Well, depends on each person's experience and knowledge, the idea of security in banks and of bitcoin wallets may vary. For some people, they assume banks as the safest way to keep money as they afraid of hackers may steal their bitcoin. But for others, they are scared of potential risks from bank robbery or something like that. But anyways, banks will hardly be extinct as most of everything on this planet still relies heavily on fiat money.

In fact, conventional banks need only to adopt a peer-to-peer system of bitcoin and put it in their currency list, they will not experience any obstacles in this case, but since all financial problems depend on government policy they can only wait for it. Central banks do not need to disappear from civilization during fiat and bitcoin can run side by side. Bitcoin works well as a common currency and will certainly have a positive impact on foreign exchange.

[tauceramica]

Well, depends on each person's experience and knowledge, the idea of security in banks and of bitcoin wallets may vary. For some people, they assume banks as the safest way to keep money as they afraid of hackers may steal their bitcoin. But for others, they are scared of potential risks from bank robbery or something like that. But anyways, banks will hardly be extinct as most of everything on this planet still relies heavily on fiat money.

In fact, conventional banks need only to adopt a peer-to-peer system of bitcoin and put it in their currency list, they will not experience any obstacles in this case, but since all financial problems depend on government policy they can only wait for it. Central banks do not need to disappear from civilization during fiat and bitcoin can run side by side. Bitcoin works well as a common currency and will certainly have a positive impact on foreign exchange.

Bitcoin does not really make banks disappear, they can product new technologies with banks and generate common product for the customers. So we don't have to pick one from these two, banks or bitcoin. They would be great together.

[colossus]

No, I think, it isn't so powerful to destroy the banking system. Seems like nonsense

[Bestwishes745]

Well, depends on each person's experience and knowledge, the idea of security in banks and of bitcoin wallets may vary. For some people, they assume banks as the safest way to keep money as they afraid of hackers may steal their bitcoin. But for others, they are scared of potential risks from bank robbery or something like that. But anyways, banks will hardly be extinct as most of everything on this planet still relies heavily on fiat money.

In fact, conventional banks need only to adopt a peer-to-peer system of bitcoin and put it in their currency list, they will not experience any obstacles in this case, but since all financial problems depend on government policy they can only wait for it. Central banks do not need to disappear from civilization during fiat and bitcoin can run side by side. Bitcoin works well as a common currency and will certainly have a positive impact on foreign exchange.

Bitcoin does not really make banks disappear, they can product new technologies with banks and generate common product for the customers. So we don't have to pick one from these two, banks or bitcoin. They would be great together.

Yes that both will be great together if they both come together but it is not possible until the states adopt bitcoin and till that time both banks and bitcoins are two different things and people will prefer bitcoin instead of banks for storing and transactions of their money so banks will go down in that field.

[FLoving]

No, I think, it isn't so powerful to destroy the banking system. Seems like nonsense

But many people are now preferring the bitcoin system for the management of their money. It is true that banking system is required even for buying our bitcoins but still as money is shifting to bitcoin from bank so it is not a good point for the banking system as it will reduce the income of the banks.

[Raven91]

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?

Obviously i guess it is really the most possible thing that could happened when the bitcoin is so popular in the market i guess it could easily make the banks disappear easily in the coming years when the people continue adopting the bitcoin they will now dont need the real money and just depend on bitcoin on buying something in a store.

[Taskford]

People are so many in this world and the needs of bitcoin will not be sustainable base on the number of supply of bitcoin. What is the sense of having no bank and just bitcoin if we cannot secure our money fully in bitcoin? Because it is online and there is always a risk in online and banks is needed in almost all of the traditional transactions and we cannot just make banks disappear so it is very impossible.

[Sir Legend]

The existence of bitcoin must be recognized as a bank threat, many transactions are turning to bitcoin so that bank transactions continue to decline, if this continues to increase, of course the bitcoin can make banks abandoned consumers and eventually disappear.

[8Habits]

The existence of bitcoin must be recognized as a bank threat, many transactions are turning to bitcoin so that bank transactions continue to decline, if this continues to increase, of course the bitcoin can make banks abandoned consumers and eventually disappear.

I am sorry but I disagree to this. Although it is true that there are people that are heading more of their efforts to bitcoin, there is no way to make the banks disappear at this time. I am sorry but vast majority of people are using fiat money which involves bank transactions and there are people out there that doesn't really use bitcoin.

[Meraki]

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 banks will not be dissolve because even though bitcoin is constantly becoming more popular it will not be able to forcefully close one bank because banks know here in our world has a huge foundation within it  so basically it is very difficult to dissolve hence when they loose money or investors they will come up with a plan for them to survive.

[RudyCenJia]

Can Bitcoin make Banks disappear?
It could be future will be like that, because nowadays it has been using digital for existing payment.
Does not rule out the banks that will exist today will disappear in the future that exists.

[8Habits]

Can Bitcoin make Banks disappear?
It could be future will be like that, because nowadays it has been using digital for existing payment.
Does not rule out the banks that will exist today will disappear in the future that exists.

We are really not certain and unless there is chaos going on in worlds government, then maybe that is the time that Bitcoin will overtake banks or even replace it - but it is really far from happening.

[Cazkys]

Maybe but it can make new ones appear. Maybe it will be banks that will deal with bitcoin on how to regulate it. Maybe it will be banks run by the government and how they distribute by Bitcoin to its territory and how can it be used in government projects. Maybe it will be banks ran by authorities to trace illegal activities where Bitcoin is used. It can be all these and it can be none at all. But one thing is for sure, Bitcoin is here to stay.

[JNiks_ZLisa]

With Bitcoin you banker for youself.