Can Bitcoin make Banks disappear?

[KingdomHearts]

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

It can disappear back as you said. But in my opinion banks would allow bitcoin soon as possible because they are also looking for a great currency but might some restriction by Federal Reserve banks. But about product you said it should be like that if it is goes like that then more crowd means traffic will appear to bitcoin side. So Yes it can do better if there is option like that in future.

[BunnyShibe]

well it might happen after a long long time, maybe if that happens they will just became a bitcoin trading center.

yes that is a fact that it is not so easy that bitcoin will make banks disappear.

[bitcoinmaniac52]

I do not believe banks will disappear, actually. If anything what will happen is banks as we know them today will become "Bitcoin banks", where individuals can store their Bitcoins to keep them safe from getting stolen/hacked.

In fact, there are already Bitcoin banks in existence. I just read about one opening in Israel.

[bitbob82]

I do not believe banks will disappear, actually. If anything what will happen is banks as we know them today will become "Bitcoin banks", where individuals can store their Bitcoins to keep them safe from getting stolen/hacked.

In fact, there are already Bitcoin banks in existence. I just read about one opening in Israel.

i think it is still very early to say that bitcoin will replace banks.or will disappear it. i think still bitcoin community is very low and i do not think that bitcoin is providing us such facilites through which we can use bitcoin for everything and we will never feel the need to use banks i think banks will continue for a long time.

[ivrynx]

it is possible that bitcoin can make banks disappear, since it is not regulated by banks, it can replace banks, but i think both bitcoin and banks need to co exist, since that value of bitcoin is echangeable to fiat, and people with a lot of cryptocurrencies would also like to have thdir money secured, one which is you can exchange it and deposit through banks

[Armstand]

There's no chance in disappearing of banks, they can get many issues or lose some customers. But still many organizations and businesses that are putting their money on it , it will be hard for some to not put it on a real facility.

[novhitadaloma]

It is only the perception of some people, in fact the local bank its use evenly from the society up to the community down. So it would be difficult for bitcoin to get rid of local banks. Maybe if it works together can.

[Savemore]

it is possible that bitcoin can make banks disappear, since it is not regulated by banks, it can replace banks, but i think both bitcoin and banks need to co exist, since that value of bitcoin is echangeable to fiat, and people with a lot of cryptocurrencies would also like to have thdir money secured, one which is you can exchange it and deposit through banks

I think it is not possible. There is no such reason in this world that the bitcoin will make the bank disappear. It can't be and it is impossible that the bank will disappear because of the bitcoin. The bitcoin doesn't have enough power to make the bank disappear.

[Erickvand]

It could see the community and bitcoin users from year to year continue to increase, because of the simplicity to the sophistication offered bitcoin. This will certainly affect the use of the bank, but I think it will take a long time.

[Arkann]

Regarding the relationship between banks and crypto currency, in particular bitcoin, the widespread use of crypto currency can not lead to the destruction of banks. Crypto currency will take a certain number of customers into banks, however they will be in demand and will continue to work, especially in those areas where the crypto currency will not find wide application. Banks and the digital currency will be forced to interact on mutually beneficial terms. Thus, banks have already begun to buy and sell the Crypto-currency for certain commission fees. I believe that this activity of banks will well affect the spread of the crypto currency.

[jvdp]

It could see the community and bitcoin users from year to year continue to increase, because of the simplicity to the sophistication offered bitcoin. This will certainly affect the use of the bank, but I think it will take a long time.

I think so .It will happen ,but require some more time to happen. Since many use bitcoin for their transaction, their is the possible for that.For that to happen, bitcoin have to replace dollar first.Then the entire currency system and then the bank process. Finally the entire bank work such as deposit, withdraw ,loan and so on.

[albertvert]

It could see the community and bitcoin users from year to year continue to increase, because of the simplicity to the sophistication offered bitcoin. This will certainly affect the use of the bank, but I think it will take a long time.

I think so .It will happen ,but require some more time to happen. Since many use bitcoin for their transaction, their is the possible for that.For that to happen, bitcoin have to replace dollar first.Then the entire currency system and then the bank process. Finally the entire bank work such as deposit, withdraw ,loan and so on.

Ya you are correct. Many frankly say it will replace or it will not replace. But upto me it has lot of process for that to happen. It take 5-10 years to .Because replacing a bank is not a very easy process.
As you said bitcoin must replace dollar, which is used in many countries and then the entire paper currency atlast only the entire bank process.

[Mattvg7]

It could see the community and bitcoin users from year to year continue to increase, because of the simplicity to the sophistication offered bitcoin. This will certainly affect the use of the bank, but I think it will take a long time.

I think so .It will happen ,but require some more time to happen. Since many use bitcoin for their transaction, their is the possible for that.For that to happen, bitcoin have to replace dollar first.Then the entire currency system and then the bank process. Finally the entire bank work such as deposit, withdraw ,loan and so on.

It won't happen, there will be institutions like banks around in the near and the far future. There probably will be co-existence and its, imo, highly likely banks will adopt some form of crypto-currency in the very near future albeit I highly doubt it's going to be BTC due to its decentralised nature and the fact that its use case specifically intended to cut the middle man, ie, banks and other institutions, out.

You have to keep in mind that none of the crypto-currencies, as far as I'm aware, have any significantly sized lobby group that wields influence in any sovereign nation. If banks tomorrow decide that crypto's are a real threat, how long do you think it would take for governments to adopt rulings and laws that will heavily tax or outright ban crypto-currencies?

[batang_bitcoin]

It is only the perception of some people, in fact the local bank its use evenly from the society up to the community down. So it would be difficult for bitcoin to get rid of local banks. Maybe if it works together can.

Possible in the near future bitcoin and banks can work out together. And there's no way that banks will be ever replaced by bitcoin, it's being backed up by the government. But people will think that there's no need for them to use banks are bitcoin wallets are going to be a self owned bank already.

[luluvic]

I think banks won't disappear. people usually know about bank more than Bitcoin. And Bitcoin isn't accepted as offical money

[liliiaolivia2017]

I'm sure many bank owners see Bitcoin as their main competitor, which can make them disappear. Moreover, every day new crypto-currencies come to the market, more sophisticated and unique and profitable for investors, one of the last - a recoin - the only Crypto currency in the current market that is supported by real estate in the US, Canada, Switzerland and Japan, and not many cryptographic stores can Boast: full compliance with US law and Guaranteed buyback RECoin at 70% of its current market, if something goes to waste. Well, as it will be seen in practice in August..

[Sir Paijoe]

It is only the perception of some people, in fact the local bank its use evenly from the society up to the community down. So it would be difficult for bitcoin to get rid of local banks. Maybe if it works together can.

I'm sure although bitcoin is very popular but it will not make the bank disappear, for example is when the presence of paypal a few years ago, many people think that the bank will disappear because of paypal, the fact is not.

[ximply]

It depends on how you define bank. Coz right now we are the bank because of the concept of decentralization. If bank will disappear then you mean to say we will disappear too?

Bank will just evolve just like us we the users of bitcoin is the bank. We keep our own money using our wallet and we can transact anytime we want 24/7. No holidays, no waiting time, no more paperwork, etc.

Let me know if im wrong.

[stompix]

It is only the perception of some people, in fact the local bank its use evenly from the society up to the community down. So it would be difficult for bitcoin to get rid of local banks. Maybe if it works together can.

I'm sure although bitcoin is very popular but it will not make the bank disappear, for example is when the presence of paypal a few years ago, many people think that the bank will disappear because of paypal, the fact is not.

Paypal was and is a payment gateway.
Bitcoin is somewhat of a payment gateway and a currency.

None of those two models are any kind of threat to what banks are.

[Vikingr]

It is only the perception of some people, in fact the local bank its use evenly from the society up to the community down. So it would be difficult for bitcoin to get rid of local banks. Maybe if it works together can.

I'm sure although bitcoin is very popular but it will not make the bank disappear, for example is when the presence of paypal a few years ago, many people think that the bank will disappear because of paypal, the fact is not.

Paypal was and is a payment gateway.
Bitcoin is somewhat of a payment gateway and a currency.

None of those two models are any kind of threat to what banks are.

yes you are right that these both are not any threat to banks but as these both things are a system which is also done via banks and as bitcoin and paypal are doing it better than banks so people will do that service via bitcoin or paypal and that part of the banks will be replaced from the bank by bitcoin etc.