Can Bitcoin make Banks disappear?

[awilliams]

Banks will put up a fight to stop bitcoins. Just like JP Morgan recently...

[8Habits]

I think bitcoin  doesnt have a power to destroy banks and even in future  banks will not disappear.   Banks are  strong financial structures and also  are connected  with goverment. goverment  will protect banks if  goverment  take a decision  to do it))))

i think yes that bitcoin is not here to destroy banks, but i am sure that in future bitcoin and banks will worth together, in fact banks are depending on their governments, if their governments will accept bitcoin as legal currency the surely they will also start accepting bitcoin for depositing in banks, and will surely make a system for it, and i am sure that in future we can expect that banks and bitcoin will work together.

I agree that it will precisely will happen - bank and bitcoin can work together and not making either one to disappear over the other.. Banks are there for so long for a reason and that is to maintain integrity of financial transactions as regulated by the government. Hence, it will stay for long and can evolve to serving bitcoin transactions in the future and not going to disappear because of bitcoin.

[Natural Perm]

For me I dont think that banks is going to be disappear. Because not all the people have trust on bitcoin. So some people they use banks to save their money beause they know that every banks have safe and proper security. Actually some bitcoin users need or use banks too. Their savings in bitcoin they put in banks not in bitcoin wallet

[senne]

Banks have their importance in the system and we should always remember that at the end we need banks to transfer our money into local currencies till the time bitcoin is not been established as a world wide accepted currency everywhere. Also, Banks become as importance aspect of economic and also provides job to large number of people and the benefits one gets from banks can never be achieved from bitcoin and one need to accept this fact. So no matter how powerful the Bitcoin become banks are going to exist.

[DewiKirana]

It took a long time for the bank to disappear because of bitcoin. It seems that banks will be hard to disappear due to the influence of bitcoin, the community in general, although sometimes there are those who hate the banks but they still need with the services of banks. If bitcoin could replace the duties of banks, maybe the bank will soon disappear.

[peterthegreat]

I think Bitcoin can make banks obsolete because it naturally dis-intermediates third because of it's decentralized properties. Other organizations can handle loans, trust barrier, etc

[Soul-Blink]

For me, it wouldn't because banks are for the people that represents real money or a physical type of money, like paper and coins. This bitcoins are for the users that represents virtual money in terms of codes and binary outputs. This however makes the banks different from others. But the most secure way to save money is from the banks it self, due to the loss od internet or hackers that can manipulate or decrease the value of bitcoins, that's why bitcoins can't replace banks.

[BigBos]

for the moment I think not yet. bitcoin is not a legal means of transactions for all countries, with banks, which have been recognized by all countries. well, there are still many things that bitcoin should develop before finally actually making the bank disappear.

[pugman]

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 is not regulated, which is one of the main cause here. Banks are regulated but still illegal activities like terrorist funding, drug trafficking and much more take place.  Bitcoin being decentralized, it will be even hard to realize which transaction will be a terrorist one, hell drugs have been bought using bitcoin, and terrorist funding has already happened in bitcoin, so it won't be a good option I believe.

[patz22]

It will not happen but the biggest fear that we can have is that "banks" will make BTC disappear, there is a possibility that it will happen since BTC doesn't have that kind of credibility like a bank (largest banks). If we will compare, there's a lot if difference - all of the people knows banks and there were only few who knows bitcoin right?

[Here4Trades]

more than just dissapear they will adapt to the blockchain transactions but centralized, bitcoin is the future and they must adapt to the future or they will eventually get pwn by the btc and the major alts.

[oegarod]

for the moment I think not yet. bitcoin is not a legal means of transactions for all countries, with banks, which have been recognized by all countries. well, there are still many things that bitcoin should develop before finally actually making the bank disappear.

Yes, it's been used for small transactions to large volume transactions. The legal authorization is not provided with bitcoin. I believe bitcoin has got certain licensed exchanges which make those transactions through them to be similar to that we make using the banking system.

[Finestream]

I think Bitcoin can make banks obsolete because it naturally dis-intermediates third because of it's decentralized properties. Other organizations can handle loans, trust barrier, etc

The thing is who would dominate in this world, we cannot replace the current set up which is decentralized and manage by a government.
Bitcoin maybe one of the best invention in this world but without the support of our leaders it will only be limited when it comes to success and massive adoption that we are hoping might not happen.

[skhurram007]

My guess is that the Banks will get disruptive big time but major banks will not disappear; small ones might.

My guess is that BTC will not only force them to improve their quality of service but also to provide additional /different services and all @ lower cost.

They might turned from Banks to more into Financial /Portfolio Companies.

[8Habits]

My guess is that the Banks will get disruptive big time but major banks will not disappear; small ones might.

My guess is that BTC will not only force them to improve their quality of service but also to provide additional /different services and all @ lower cost.

They might turned from Banks to more into Financial /Portfolio Companies.

You have the point that bitcoin in the future may force banks to be more effective, efficient, innovative, and cheaper just to keep up with the popularity of use of bitcoin in the near future. This is actually a good one and not necessarily making banks disappear but making it more to be a more good service to its clientele..

[Reid]

I think bitcoin  doesnt have a power to destroy banks and even in future  banks will not disappear.   Banks are  strong financial structures and also  are connected  with goverment. goverment  will protect banks if  goverment  take a decision  to do it))))

i think yes that bitcoin is not here to destroy banks, but i am sure that in future bitcoin and banks will worth together, in fact banks are depending on their governments, if their governments will accept bitcoin as legal currency the surely they will also start accepting bitcoin for depositing in banks, and will surely make a system for it, and i am sure that in future we can expect that banks and bitcoin will work together.

That could one of the main problem actually.
If banks will just have to wait for the government actions then it might take a long time. If only they could do it by their own then it could be a good addition to their services to make everything faster instead of seeing a long line of people doing transaction in their banks.

[8Habits]

I think bitcoin  doesnt have a power to destroy banks and even in future  banks will not disappear.   Banks are  strong financial structures and also  are connected  with goverment. goverment  will protect banks if  goverment  take a decision  to do it))))

i think yes that bitcoin is not here to destroy banks, but i am sure that in future bitcoin and banks will worth together, in fact banks are depending on their governments, if their governments will accept bitcoin as legal currency the surely they will also start accepting bitcoin for depositing in banks, and will surely make a system for it, and i am sure that in future we can expect that banks and bitcoin will work together.

That could one of the main problem actually.
If banks will just have to wait for the government actions then it might take a long time. If only they could do it by their own then it could be a good addition to their services to make everything faster instead of seeing a long line of people doing transaction in their banks.

I am pretty sure that banks will wait for the bitcoin being regulated by the government before they even open a service with bitcoin - they want to play it safe because the number or amount of bitcoins that will be transacted to them will surely be insane amount - and if they make it wrong, they will going to lost a fortune for sure.

[salihno71]

I'm quite sure if it comes to this, the banks will adapt to the new situation on the market. Even today there are some banks in Switzerland which are already accepting cryptocoins so i don't believe that banks will dissapear - at least in the next 10-15 years.

[JTASSOCIATES]

Bitcoin make Bank to function much better but we cant expect Bitcoin make Banks disappear. It is also impossible to make banks disappear. For sure Bitcoin make a very big impact that's why country like China consider Bitcoin as a serious matter in their financial portfolio and issue the ban notice to screw Bitcoin. Only time will tell the result of disappearing Bank due to Bitcoin.

[mirakal]

I'm quite sure if it comes to this, the banks will adapt to the new situation on the market. Even today there are some banks in Switzerland which are already accepting cryptocoins so i don't believe that banks will dissapear - at least in the next 10-15 years.

Banks can make their own blockchain but they cannot make a bitcoin like because it's operated in a decentralized manner.
I guess we have to be optimistic now because bitcoin is big threat to the banking system and of course big businessmen or bankers will always protect their interest and might say negative words about bitcoin aiming to stop it's success. Imagine if everything will be decentralized, it will limit the profit of bankers but will give great benefit to the people.