Can Bitcoin make Banks disappear?

[Somz1]

It's entirely possible that bitcoins will make banks obsolete in future because people could do transactions themselves in a p2p manner

[stepwilli]

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.

Do you remember in history, we use coin gold, silver, bronze before use paper money like now? Ok, if you know that, you also understand in someday Bitcoin can pass FIAT and replace paper money if the growth of Bitcoin cannot stop.

But if there won't be fiat that does not imply there won't be any banks around. The banks may shift to bitcoins and digital currencies. It is a possibility. For instance, ripples are connected with bitcoins and it is a digital asset. The central bank of Philippines has also legalized BTCs. I don't find Banks and BTCs rival forever.

[Cold-Heart]

Yes and no, yes if the people recommend bitcoins instead of banks or the majority of the people in the world are using bitcoins to transfer and convert money, but given the fact that we are still progressing and evolving to a more technological era. i guess bitcoin can't replace banks, but no one knows what will happen in the future, so let's just hope its for the better for all of us, and just for the bitcoin it self.

[helga22richter]

If you look at both, I think Bitcoin is hard to make the bank disappear as Bitcoin is still dependent on the bank and its financial system will not allow Bitcoin to dominate all markets. Instead . They will apply Bitcoin technology to control it

They will interact. But  BTC would never replace a bank.

[NavI_027]

It seems tt 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 it's impossible for now because conventional money is the major type of money that we are using today and banks cannot and will not disappear as long as conventional money is existing. Even Bitcoins are now getting popular and now can be used for transactions, it still doesn't have the power and influence to beat the conventional money that we're using today.
Maybe in the future banks will gone IF bitcoins can surpass the conventional money.

[fredrickodo]

Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing

[Periodik]

Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing

Add it up that bitcoin is decentralized. I wonder how governments want a currency which they can't control most especially influential countries like United States and China. But for the benefit of everyone decentralization of monetary system is the best. This should lessen the influence of banks, rich countries and personalities on the world's financial system.

[salihno71]

Today there is a noticeable trend especially in developed countries to minimize the amount of paper money in use. If this would happen in such extent that everybody would use only some kind of electronic payment (which is highly unlikely since some people don't want to use credit/debit cards for a number of reasons) then it might be possible. But as i already said, not likely.

[stompix]

Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing

Add it up that bitcoin is decentralized. I wonder how governments want a currency which they can't control most especially influential countries like United States and China. But for the benefit of everyone decentralization of monetary system is the best. This should lessen the influence of banks, rich countries and personalities on the world's financial system.

You were right up to a point (I made it blue).
No, bitcoin will improve their influence.

Let's think for a moment where are the major holders of bitcoin. Look at the nodes map.
Probably Africa and South America/ South Asia have less than 2% of the total coins mined.
BTC will just make the ones that can afford to buy now richer, it won't make the poor rich.

Today there is a noticeable trend especially in developed countries to minimize the amount of paper money in use. If this would happen in such extent that everybody would use only some kind of electronic payment (which is highly unlikely since some people don't want to use credit/debit cards for a number of reasons) then it might be possible. But as i already said, not likely.

14 countries in the EU have more virtual /electronic usage than cash transaction.
In 3 of them cash payments have gone below 10%.
It will happen, sooner than you think.

[FabulousZombie]

As long as Bitcoin Exists , any kind of bank will not cease to exist .

[seattletu]

for me, I believe that the banks won't vanish. They might be created further, change the method for the genuine presence yet I feel that will survive. Continuously will be requirement for cash in huge plans or extends, or even in different circumstances of everybody of us. May be a place when are offered the required guarantees that something can abandon issues and take the required cash (or instruments which may supplant those).

Be this the season of the genuine us dollar and be the tomorrow one when perhaps will be the day of bitcoin or the cryptos. Indeed, even in the presumably time of just the cryptos will exist such needs. What's more, even with the most complex crypto in presence will exist dependably a programmer which can have the capacity to take or break the security of our own wallets. Or, then again individuals which will offer crypto yet not security. It is something else a bank. In all the past issues. Or, on the other hand perhaps others that are not in my mind now.

[daenarys_stormborn]

I think as long as the state can not make laws and regulations about legalizing bitcoin, the bank will not be disappear and replaceable, because people are still difficult to trust bitcoin to be used as a depository, but otherwise the bank has been very reliable

[lllaqpt]

I think that the founders of banks are very influential people and they will not allow the crypto currency to destroy them. Either the crypto currency will carry out its transactions through banks or they will destroy it by prohibition.

[appleffi]

I don't think Banks can be replaced with Bitcoin, it is far to being possible because I believe banks are well established and has been widely used in the world. And also come to think of it, bitcoin should be in coordination with banks for it to be an acceptable medium of exhange which becomes valuable to the people.

[triasel]

It cant because old people and big fortunes are stored at banks, soo it wont happen at all, as some people said in the past save your money at the banks and enjoy the fees they pay to you, since they lend your money to others. Even the p2p transactions does requires bank, without them bitcoin would be dead since we need to transfer money between accounts. Bitcoin wont replace anything, it can improve all services as remitances, providing a fair system and not abusive charge due to cambio.

People who put their money to banks just want to be safe with their money, but actually they have a business where they get the money they save.
Bank is just good for saving but not for investing, however there are also some who what to fully hide their real wealth and they can store their money into bitcoins but I think there are only few of them compared to the total number of banks depositors.

Yes people use banks for saving to their business so that they saved money for their future. Banks is the popular saving place in our society but when the others seek bitcoin and spread it maybe the bitcoin become the popular saving place also and investment place for everyone.

yeah i agree with you, bitcoin and bank is different basic. bank is for saving money but bitcoin to invesment
bitcoin can't make bank dissapear  because not all people familiar with bitcoin

[yugyug]

there is no way that BTC can make bank disappear, BTC today is reliant to fiat and fiat is reliant to bank. There's a chance that  BTC may disappear hru the joining forces of the banks. there is a rumor that a major bank companies like HSBC, are also developing a cryptocurrency that could rival BTC and could put BTC into danger ,this is not related to Ripple XRP altcoins as other bank adopted this protocol.

[djselery]

I don't think that Bitcoin can make banks disappear, because people use mainly fiat currencies and need banks in their offline transactions mostly. Bitcoin is used online and need to be converted to fiat to be used offline, so it can't replace banks.

[AleksandraSandra]

If banks accept bitcoins, they can earn. Also on exchange .

[Kousei23]

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?

Of course no, bitcoin will never make bank disappears because we all know and we all can see that bitcoins and bank nowadays are have some collaboration in a sense of bank is the way of cashing out our bitcoin and to earn it. And sometimes bank is the one who will secure our money just like bitcoin so that it will be very safe and not get by anyone.

[Gabrieelle]

I don't think that Bitcoin can make banks disappear, because people use mainly fiat currencies and need banks in their offline transactions mostly. Bitcoin is used online and need to be converted to fiat to be used offline, so it can't replace banks.

Yeah you're right both has its own world and one cannot function in the world of the another as mentioned one is online and the other one is offline. Both of them has their own place that is why no one can replace the other one.