Can Bitcoin make Banks disappear?

[Jmmerquita]

i don't think so. Banks will remain. Banks can change it system as well into digital currency and fiat.

[Glorious04]

I dont thinks so. Banks even benefit from bitcoin users the moment users make transactions with them by charging them on services they make. So if they benefit form bitcoin users (not all) so it makes them stand all the more. Just an opinion.

[HasHe]

Bitcoin and banks are catering diferent sections of our society.Banks run based upon the interest which they get from lending loans.Banks may run as long as they are profitable.Bitcoin is sustainable as long as there is demand for it.Banks are not only dependant on the income which they get from transaction fee.So,even if people switch from sending money through banks to bitcoin,even then it will not affect the banking sector that much.But in future, a new problem may arise for banks since most people would consider that it would be better to buy bitcoin as an investment than depositing their money in banks as deposits.If such situation arises in future,then banks would definitely face a critical situation to survive.

[8Habits]

Bitcoin and banks are catering diferent sections of our society.Banks run based upon the interest which they get from lending loans.Banks may run as long as they are profitable.Bitcoin is sustainable as long as there is demand for it.Banks are not only dependant on the income which they get from transaction fee.So,even if people switch from sending money through banks to bitcoin,even then it will not affect the banking sector that much.But in future, a new problem may arise for banks since most people would consider that it would be better to buy bitcoin as an investment than depositing their money in banks as deposits.If such situation arises in future,then banks would definitely face a critical situation to survive.

Banks are also investing in order to profit. They get their capitals from the deposits of their clients - without the deposits and investment of clientele, banks will be at risk of collapsing one bank to another - however, I believe it is far from happening.

[HAARP]

Bitcoin and banks are catering diferent sections of our society.Banks run based upon the interest which they get from lending loans.Banks may run as long as they are profitable.Bitcoin is sustainable as long as there is demand for it.Banks are not only dependant on the income which they get from transaction fee.So,even if people switch from sending money through banks to bitcoin,even then it will not affect the banking sector that much.But in future, a new problem may arise for banks since most people would consider that it would be better to buy bitcoin as an investment than depositing their money in banks as deposits.If such situation arises in future,then banks would definitely face a critical situation to survive.

Banks are also investing in order to profit. They get their capitals from the deposits of their clients - without the deposits and investment of clientele, banks will be at risk of collapsing one bank to another - however, I believe it is far from happening.

World banking system is created on the forces of balances and vectors, it's more sensible than we can guess. In a case of deposit problems, they can face an economic crysis. They rely on governments and capitalist rich people. They never let banking system disappear from the earth. They have billions of dollars already invested in banks.

[joebrook]

I don't think bitcoin aim is to make bank disappear. There are still a lot of bank effect that bitcoin may not adopt. more so, bitcoin is a currency not a bank. At least, banks will be left for  the old and illiterates that may not be able to operate bitcoin involving devices.

Even though more and more people are becoming disillusioned with banks and closing down their accounts and shifting to other methods of saving money like bitcoins I don't think this will make banks disappear,  lots of jobs insists that employees have bank accounts so that they can be paid.

[bitfornewbs]

For many years, bitcoin established and created its name in the history of networking as a well-built cryptocurrency. Because of bitcoin's popularity especially this years where people are starting to notice its existence, bitcoin's demands keeps increasing. Bitcoin's value will keep increasing overtime but it is still not possible for cryptocurrency to replace banks. There are so many flaws needed to be fix before it becomes possible. One example is that its value is so unstable making it harder for investors to take risk. The other problem is the risk of losing your wallet's address where you would lose all your earnings.

[Rinaze]

I don't think bank would disappear completely since the need to have one is always required but they might be significantly reduce though if BTC do managed to reach that kind of influence. I wouldn't worry about bank being rooted out completely since we still have a very very long journey ahead of us!

[suryana]

Banks will not disappear with existence and popularity of bitcoin. Because bitcoin isn't controlled by anyone and bitcoin will not be able to complete large financial transactions such as for salary payments for example . Bitcoin is an alternative currency after fiat.

[MostHigh]

No, i dont believe banks will disappear because of bitcoins. first of all we need to remember the wit of the bankers and they will do anything to sustain their market by adapting and providing other services which i believe will be good. Providing healthy competition and always giving the investor good options on where to put his money

[Bigmacduck]

Short answer: NO

Long answer: complete your master in economics.

[Yaramrd]

I think in future banks will start accepting bitcoins with some regulation or fees. Bitcoin is the future and banks will also try to take some benefit from bitcoin. Bitcoin is a reality and they have no choice except to start dealing in bitcoins along with fiat currencies.

[Kiweikoo]

I think the banks will not go away. If it goes away, a large amount of traditional money will go to where. So the government will never let the banks disappear and instead the banks will accept bitcoin. People can send and withdraw bitcoin in the bank. So I think bitcoin can not make the bank disappear that it will together develop

Bitcoins cannot wipe out banks from the face of this planet because banks have started to accept bitcoins. For instance, the Central Bank of Philippines has legalized BTC. This would affect other banks of all the countries and they might like to give it a thought. Sorry, but I am not aware of BTC limits. BTC cannot be defeated or replaced.

[Goler]

I think it's impossible to let banks disappear because many people are also depending on a bank and banks are too strong to lose, but we don't know what happens in the future given bitcoin growth over time more and more people using bitcoin.

[unknown-user]

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?

It won't totally be disappeared because it is controlled by difderent governments in differemt countries. Maybe, if the demand in Bitcoin and other cryptocurrency will continue increasing, they will just overpower banks but won't make it disapper or won't replace it. Banks are still important especially to the government .

[Dudeperfect]

Short answer: NO

Long answer: complete your master in economics.

Probably banks won't accept Bitcoin anytime near the future but since Bitcoin will emerge as a cost effective, fast and easy to use option for the fund transfer, banks will have to adopt blockchain technology for their transactions and provide service in comparatively lower cost in order to survive in the market. Adoption of change would help banks to sustain and cope up with the newer technologies and thus I don't see Bitcoin or alt-coin will be a threat to the banking system if it is willing to change over the period of time.

[bangjoe]

If bitcoin takes the attitude to form a physical bank into a competitor of a conventional bank, it is the same as a declaration of war. Right now bitcoin is true because it only uses virtual bank accounts, I also hope that peer to peer system technology is applied to the bank, at least it only needs to be accepted as a valid currency. Bitcoin is not a threat because it is an innovation that's not controlled by anyone.

[giletto]

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?

It won't totally be disappeared because it is controlled by difderent governments in differemt countries. Maybe, if the demand in Bitcoin and other cryptocurrency will continue increasing, they will just overpower banks but won't make it disapper or won't replace it. Banks are still important especially to the government .

I totally agree with you. There is no way bitcoin or even the whole cryptocurrency system can make the bank disappear. As you can see, banks are so important not only to the government but also to many people around the world. Not all of the people on the world know how to use the computer properly

[tittensor]

I think it's impossible to let banks disappear because many people are also depending on a bank and banks are too strong to lose, but we don't know what happens in the future given bitcoin growth over time more and more people using bitcoin.

If after a century, when the era cryptocurrency and Blockchain technology or digital currency can replace paper money and banking system, I think in that time Bitcoin or other crypto will make banks disappear

[joanshu]

I don't think bitcoins can make banks disappear because in a bank there will be lot of people with credit cards and overdrafts as far as I know bitcoin doesn't provide any kind of lending or borrowing services and so it cannot make banks disappear