Can Bitcoin make Banks disappear?

[Sanitough]

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

Bitcoin is not a bank, it cannot provide the service of the bank but we can still take credit in a 3rd party business like lending
business if we want to. The tool to the transaction is still bitcoin, and you are right it will not make banks disappear because it cannot do it.
Banks has the power of the government, and in fact there is a central bank that supervise all banks and it is controlled by the government.

[badungs]

bank is always have attraction to attracted people.
compare with bitcoin that virtual, bank will be the number one of destination people that need instant money. so bank can desappear.

[Lubang Bawah]

I think this will never happen, we all know that banks are fully supported by the state, the presence of bitcoin will never make the bank disappear because until now there has been no official state using bitcoin.

[Faliro]

Of course not,

banks will not disappear, well actually bitcoin haven't a power to do that, although the system against the bank system.
And if you go back to basic, bitcoin created as alternative currency, and the value is depends on fiat, BTC/USD.

Besides that, the bank is playing a big role in the society...every business is run by money and people still deposit the earnings to their banks, so banks might not really disappear and might just adjust or adapt a new technology as blockchain

[warrior333]

Of course not,

banks will not disappear, well actually bitcoin haven't a power to do that, although the system against the bank system.
And if you go back to basic, bitcoin created as alternative currency, and the value is depends on fiat, BTC/USD.

Besides that, the bank is playing a big role in the society...every business is run by money and people still deposit the earnings to their banks, so banks might not really disappear and might just adjust or adapt a new technology as blockchain

For me, the Bank does not matter. Banks are just hyping inflation and support the government. Why do you need them? The interest on deposits which you will receive does not even cover inflation. Bitcoin is a true currency, but it is necessary to get used to.

[Kisanaq]

Anything can happen, the bank plays a very important role in the state and economy, even for financial transactions currently held full by the bank. I think the role of the bank is vital and will not disappear despite the increased use of bitcoin. Maybe one day the bank will adopt the bitcoin system.

[cryptothreads]

Anything can happen, the bank plays a very important role in the state and economy, even for financial transactions currently held full by the bank. I think the role of the bank is vital and will not disappear despite the increased use of bitcoin. Maybe one day the bank will adopt the bitcoin system.

I agree with you . Banking is a financial system that is heavily impacted by our daily lives, but not so Bitcoin can make a bank disappear as Bitcoin is not recognized by many countries.

[jatin729]

Not at all,
It is just as new currency why should bank disappear.
bank has different operations and bitcoin has different. I think in future may be Banks can open a different  exchanges to accept bitcoin.

[PizzaBTC]

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 question is a very tough one tough. But banks can’t close down because of bitcoins. The banking system is more developed than the bitcoin system. The banking system is going to withstand any amount of force.

[NEUROSEED]

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?

Perhaps the banks will disappear in their traditional form, but there will be systems that will replace Swift on the blockchain. Or Swift himself will turn to this technology.

[harimauagam]

Now We're probably going to need some very different ways for Bitcoin and will probably reach a very end in terms of no currency itself or nothing at all.

[cinchin]

I think this will never happen, we all know that banks are fully supported by the state, the presence of bitcoin will never make the bank disappear because until now there has been no official state using bitcoin.

- I think sooner or later, the governments of countries around the world will officially use bitcoin because Bitcoin is gradually popular, many people use it, the impact of bitcoin on the economy is enormous, the government will bring it into use to improve the economy
- And really, it would not make banks disappear, it will help banks develop more in the field of digital currency, the bank will also support bitcoin popular and more widely used, this is a modern trend in the future

[Theb]

I think this will never happen, we all know that banks are fully supported by the state, the presence of bitcoin will never make the bank disappear because until now there has been no official state using bitcoin.

- I think sooner or later, the governments of countries around the world will officially use bitcoin because Bitcoin is gradually popular, many people use it, the impact of bitcoin on the economy is enormous, the government will bring it into use to improve the economy
- And really, it would not make banks disappear, it will help banks develop more in the field of digital currency, the bank will also support bitcoin popular and more widely used, this is a modern trend in the future

But why do you think will the government use Bitcoin more compared to other forms of payment? I think your transacting country will prefer wire transfers more rather than transacting a big amount of payment in cryptocurrency form. I guess that how will it go because Bitcoin is still an unstable currency and no country would ever like that as making it their transacting currency, unlike Fiat currency in which we know that it is stable.

[bitcoinmasterlord]

I think this will never happen, we all know that banks are fully supported by the state, the presence of bitcoin will never make the bank disappear because until now there has been no official state using bitcoin.

- I think sooner or later, the governments of countries around the world will officially use bitcoin because Bitcoin is gradually popular, many people use it, the impact of bitcoin on the economy is enormous, the government will bring it into use to improve the economy
- And really, it would not make banks disappear, it will help banks develop more in the field of digital currency, the bank will also support bitcoin popular and more widely used, this is a modern trend in the future

But why do you think will the government use Bitcoin more compared to other forms of payment? I think your transacting country will prefer wire transfers more rather than transacting a big amount of payment in cryptocurrency form. I guess that how will it go because Bitcoin is still an unstable currency and no country would ever like that as making it their transacting currency, unlike Fiat currency in which we know that it is stable.

Yes the Bitcoin is unstable currency, and it has huge fluctuation in the price. And why the banks will support this Bitcoin if they support bitcoins then all fiat transaction will stop, and people start to transact with bitcoins. This is a big loss for Banks. So suppose if the govt accept this Bitcoin as legal currency I thin the banks will oppose.

[stompix]

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

And after a century maybe you will realize that BTC is a currency , the blockchain a protocol and neither of these can give you a loan for your business.
And at that moment you realize why banks will still be around even in a century and a millennia.

Yes the Bitcoin is unstable currency, and it has huge fluctuation in the price. And why the banks will support this Bitcoin if they support bitcoins then all fiat transaction will stop, and people start to transact with bitcoins. This is a big loss for Banks. So suppose if the govt accept this Bitcoin as legal currency I thin the banks will oppose.

In 2012 everyone here would considered you stupid for putting your bitcoins inan online wallet.
Now , 90% have their coins in such wallets.
In case you haven't yet understand, those are nothing else but banks and BTC keeps on multiplying them.

[poplolnman]

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

And after a century maybe you will realize that BTC is a currency , the blockchain a protocol and neither of these can give you a loan for your business.
And at that moment you realize why banks will still be around even in a century and a millennia.

Yes the Bitcoin is unstable currency, and it has huge fluctuation in the price. And why the banks will support this Bitcoin if they support bitcoins then all fiat transaction will stop, and people start to transact with bitcoins. This is a big loss for Banks. So suppose if the govt accept this Bitcoin as legal currency I thin the banks will oppose.

In 2012 everyone here would considered you stupid for putting your bitcoins inan online wallet.
Now , 90% have their coins in such wallets.
In case you haven't yet understand, those are nothing else but banks and BTC keeps on multiplying them.

yeah that's true , we can make an analogy like this : few years ago texting are so popular , as time goes by there's a breakthrough where you shouldn't pay for every single text you have sent and it's called social media. bitcoin could really replaces banks, that's what i believe so far. just the matter of time, let's see.

[oktana]

Depending on the government attitude, if they continue to force KYC into all existing bitcoin business, I am sure that bitcoin will be able to stand alone in one of the countries that facilitate them as its center, many countries guarantee user safety including Switzerland, I think bitcoin will indeed threaten all conventional banks.

[Tungsten-1]

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?

Perhaps the banks will disappear in their traditional form, but there will be systems that will replace Swift on the blockchain. Or Swift himself will turn to this technology.

Do you really think that banks can be disappeared? I think no. they are the biggest enemies of bitcoin and they will never let bitcoin to make such an improvement to disappear them. And one more thing, if banks disappears then there will a huge bang in everyday life. Because banks are the way to keep money safe that people use in daily life. Bitcoin as we all know that are nothing without real money so banks cannot disappear in any case. So i think bitcoin is also the way that we keep our money save.

[Casalania]

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 will not because, not all people knows about bitcoin and other legit investor will not agree to bitcoin because it is digital coin not same as real money to all bank that they know.

[owangebooks]

I don't think this is the case and even if bitcoin gains ground and becomes a leading world currency, banks are still going to remain, Banks biggest advantage isn't just holding money, but interest given on money as a result of the bank investing it and giving part of profit to depositors, This is a basic component of today's finance, I don't think bitcoin will "cancel" banks, but perhaps "modify" them.