Can Bitcoin make Banks disappear?

[recklessMe]

I don’t think that banks will disappear. They are more likely to switch to bitcoin some day and provide cryptocurrency-related services as well. Decentralization is good, but it’s not very convenient for certain people. So they will better pay more money and take the risk of trusting a third-party rather than use bitcoin by their own.

[Rk286]

I don't think that banks will disappear ,banks have their own reputation and safe procedure for users ,there is no relatioship between banks and bitcoin .

[bitcoinorcash]

I think it will not happen because of the bitcoins issue of legality.As we can see,bitcoin isnt really legal in many countries and it will take some time for the bitcoin to be legal worldwide.But still there are  possibilities for the bitcoin to overcome the banks.

[Wingo]

Maybe it is just an exaggeration, banks circulates paper currencies and it cannot disappear completely. I think it just means that when bitcoin is known to everybody and is used by everybody, it would lessen the need for banks but not completely removing the need for banks.

[bangjoe]

Maybe it is just an exaggeration, banks circulates paper currencies and it cannot disappear completely. I think it just means that when bitcoin is known to everybody and is used by everybody, it would lessen the need for banks but not completely removing the need for banks.

If bitcoin volume comes from the concentration of people who used to use fiat, then the bank will lose assets and inflation will happen soon if no one set it, this means the bank will disappear, if the government does not take the attitude of the tax and regulations, will look strong bitcoin wave and will not be controlled by anyone.

[henmark]

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?

Its not possible and even if its possible it would take long, its going to be a fierce battle between banks and bitcoin wallet owners because they won’t want a new invention to put them out of market.

[mmhaimhai]

Banks are quite impossible to disappear maybe a certain bank would close due to bankruptsy or some other issue but not all bank would. There would be operation of bank as long as there are usage of fiat money.

[Zooplus]

Banks are quite impossible to disappear maybe a certain bank would close due to bankruptsy or some other issue but not all bank would. There would be operation of bank as long as there are usage of fiat money.

Big banks will stay and they will remain profitable, there are banks that are run by the government and no way they will go bankrupt.
We are heading to a digital world but bank will surely adopt the change but will make their own digital currency.

[cryptofangl]

Banks are historicly formed organisations and have definite place in finance system. I dont thinks its possible even in the near future (20~50 yrs)/

[Vaskiy]

Banks are quite impossible to disappear maybe a certain bank would close due to bankruptsy or some other issue but not all bank would. There would be operation of bank as long as there are usage of fiat money.

Big banks will stay and they will remain profitable, there are banks that are run by the government and no way they will go bankrupt.
We are heading to a digital world but bank will surely adopt the change but will make their own digital currency.

We're heading to the digital world, same time some countries have adopted the technology whereas some haven't. In the meantime following bitcoin several banks have created their own digital currency for transactions within the country.

[kirkeyah]

I think no, with my own view the Bank has bigger part of digital currencies since some people were earning already then hey converted BTC to local currency then take it from any ATMs.

[Viscore]

I think no, with my own view the Bank has bigger part of digital currencies since some people were earning already then hey converted BTC to local currency then take it from any ATMs.

Of course, of the total number of users only few are really holding bitcoins, traders who do day trades usually cash out their profit.
In short they are only using bitcoin as a tool to make money and at the end of the day they'll cash it out.

[8Habits]

I think no, with my own view the Bank has bigger part of digital currencies since some people were earning already then hey converted BTC to local currency then take it from any ATMs.

Of course, of the total number of users only few are really holding bitcoins, traders who do day trades usually cash out their profit.
In short they are only using bitcoin as a tool to make money and at the end of the day they'll cash it out.

With having many traders, it will still add to the bitcoin industry and makes it popular among any form of investment as well - although yes, it is true that most of the traders do cashout from time to time but I guess they also know the value of bitcoin and is holding some of coins on their wallet apart from their bankroll in trading platforms.

[giga_999]

at this moment BTC can't replace banks but in the future it is possible. Banks will be changed, we won't have traditional banks, their role will be reduced.

[barabarian1]

bitcoin never make bank disappear.
if you need money instantly, you must go to bank, not bitcoin. yes we're admitt that bitcoin give you more money than bank, but bitcoin take the time to give you money.
so, i think all people that use bitcoin also need bank too

[Dainye_dyep]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

True, and banks were part of investments , it is the place where we cash out profits that we have gain herr in bitcoin or in other things that we see as a extra income,banks in near future may be accepting bitcoin system and thry should accept it since bitcoin is already gaining it popularity worldwide big possibility that sooner it may run with fiat and other currency and be legalized worldwide for tge most  of the people to use.

[Igebotz]

bank will not disappear because government use bank .and many people use loan so they can start business they are offering financial advice financial services  and  insurance and unlike bitcoin wallet its more safe if you deposit on bank but not have interest. and protect against money losing value against inflation.

[leonair]

Everything can happen and we all know that even if it is in the digital world, if Bitcoin can make Banks disappear then maybe yes or maybe no. Just like Kodak a company that is so well known about the picture in 80's to 90's it suddenly disappear after the boom of the digital camera and some cellphone that have camera. Everything is subject to change it is just a matter of time to when it will be.

[ALI AKBAR]

My personal thinking said that, bank will not disappear.because of that,everyone don't know about bitcoin but they know about bank very well.in this reason, the users of bank is more than the users of bitcoin. so, bitcoin can't make banks disappear.

[classics]

Banks will not all disappear but bitcoin will impact tremendously on banks transaction volume and deposit size which will obviously reduce banks profit and may lead to loss of job.