Can Bitcoin make Banks disappear?

[Beicin]

The way its headed right now, hell no. It'll just be another asset for the already rich to store/speculate and get even richer, lol... "Digital Gold"... Its sad to see what it has become.

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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?

Bitcoin will never be a threat in bank that it will make it disappear in a way that many people will more focus in bitcoin than in banks but bitcoin will never be disappear as well as banks because these two are most usable in many individual and it is a way of earning and securing their money.

[tranle789]

If Bitcoin persists, it is likely that Bitcoin bank will be born as banks must keep pace with the new trend, which will allow the bank to have new technologies to manage Bitcoin and the bank will not be able to never disappear

[Kingofbitcoin12345]

As of now even bitcoin is in the run to be an important part of financial system,, banks is still and will always be available as they slowly integrated services that corresponds the needs of their customers who eventually part of the bitcoin paradigms.. When banks sees an opportunity to profits they swerve to adapt..

[relentless1]

I hope it doesnt and I cant see it happening. Too much has been invested and mining, work has been done that determines value of each coin.

[FLoving]

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.

You are hundred percent correct! I either don't see crypto currencies and banks as enemies. Banks are at the back of ripples and it is functioning pretty cool, although not cooler than Bitcoins but still it's a good proof of banks supporting digital currencies. Moreover, they also know that without technology they can't survive.

[Gameroid]

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.

I think in the near future it may possible, but in these days, all the transaction and other payments are through regular banks. The role of the banks is no doubt very important in our day to day life. But as we see the importance and awareness about bitcoin in the world is getting popularity, and as it works that there is no need for exchange of money and other hurdles while dealing in bitcoin, it will definitely overcome on traditional banks.

[DAVETUN]

Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.

[Therly]

I consider bitcoin and fiat can each co-exist collectively, with bitcoin covering the bodily trades and bitcoin utilized in online transactions.

[virasisog]

Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.

Bitcoins and banks have both advantages over each other and that's why bitcoins can't take fully over banks in terms of liabilities and securedness of funds if ever happens unlik in bitcoins it is an investment and not a bank.

[Zooplus]

Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.

Bitcoins and banks have both advantages over each other and that's why bitcoins can't take fully over banks in terms of liabilities and securedness of funds if ever happens unlik in bitcoins it is an investment and not a bank.

In terms of security only the information where bitcoin has the advantage because for security of funds you can have the
best security in banks because your deposit has insurance. The new trend is different, we want our information to be safety and we
do not want to be watched by an organization ordered by the government to monitor.

[jamids]

Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.

I agree. Bitcoin can co-exist with banks cause there are still so many people who doesn't know about bitcoin and because bitcoin's value is fluctuating, it cannot be considered for now as an option for salary unlike banks that are used by companies to distribute the salary of their employees. The time when banks disappears is when fiat disappear which is far from reality to happen though there is still a slight possibility but then the problem would be the network connections cause if there is no internet then people cannot transact with bitcoin.

[i287853]

Bitcoin will not make banks disappear. If in the near future, bitcoin becomes widely accepted for transactions, it will only cover one aspect of banking which is processing transactions from consumer to merchants through the use of traditional currency. Banks has other services such as mortgages, loans etc which people will continue to use

[MaoChao]

https://www.youtube.com/watch?v=joITmEr4SjY

[costina]

I don't think banks will ever go away or dissapear. They can evolve and make it to where you don't need physical money. If everyone do not use the bank, then, yes, it is possible. Other than that, it is impossible to make the bank "vanished". Almost all the people use banks and that won't depends upon educated or uneducated, rich or poor and most of the people trust only the banks so after few years bitcoin will be popular but still banks will be there.

[ThatChange]

I don't think banks will ever be in a place where they can no longer operate due to bitcoin.  The key thing we will see will be the adaption and adoption by the banks to incorporate the virtual currency world into their business. Just like we have bitcoin wallets with different providers, banks will also introduce bitcoin wallets where customers can deposit their bitcoins.

[d4z]

I don't think they will. They will just adapt and like use bitcoin also as their main currency. People will always need a loan or sthng

[RajaJudi]

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.

I agree with you. Banks are the tools of government and as long as the government still exist, bitcoin can never replace banks or take over it. Government will do their best to protect the bank because bank is the only way for the government to control the nation's economic system.

[JackMorris]

Banks will change. It won't be as we know it today. But we will always have banks. I'm unaware of how bitcoin eliminates those functions. Imagine a world in which we only had bitcoin. There would still be a desire for some people to save and other people to borrow. Consequently something will emerge that provides those services. I suspect it will look a lot different than today's banks, but I'm guessing that most people will still call it a bank because it will provide all of the functions that they typically associated with a bank.

[Sanitough]

I don't think they will. They will just adapt and like use bitcoin also as their main currency. People will always need a loan or sthng

Even without a bank we can still take a loan because we have platform for that service here in crypto.
The only good thing bank can offer us is to give insurance on our deposits and it could be impossible with just saving our bitcoin
in our wallet as the moment we will get hack, we will loss everything we have.