Can Bitcoin make Banks disappear?

[Restmand]

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?

in my opinion, i think its possible that bitcoin makes banks disappear. we know that the bank is you nedd a fee become to you have an account and we know that banks collect interest for ours. bitcoin can't do this things so if people knew about the bitcoin i think people will go to bitcoin and make banks disappear

[ubeng07]

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?

in my opinion, i think its possible that bitcoin makes banks disappear. we know that the bank is you nedd a fee become to you have an account and we know that banks collect interest for ours. bitcoin can't do this things so if people knew about the bitcoin i think people will go to bitcoin and make banks disappear

yes exactly there is a lot of process to be approve by bank for you to have an account unlike here anyone can have an account and can monitor and take it in a safe place you can use any wallet you want you can withdraw you can do everything im agree too that banks someday can dissappear.

[loading...]

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?

I don't think so because we all know that bitcoin is quite have a relation to banks in a sense that banks are the one who performs to cash out the money we earned in btc. Some people might see that btc is a big threat to banks but I don't think so and I know that banks and btc will help each other and will be good in future.

[Sanugarid]

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?

Nope. That would never ever happen because bank is have a good relationship in bitcoin. Eventhough bitcoin are decentralize and didn't control by someone it hs a relation to the bitcoin. And banks serves as the way of cashing out earnings in bitcoin so that uou can use it as a real money.

[Chyton]

Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

[Fatanut]

Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

I doubt that a lot. What types of collateral will blockchain accept? There are lending sites like BTCJam and I had an interest in investing in sites that are like that. I read, though, that it's not a good idea to do so. People are just using fake IDs. In case someone defaulted on the loan, even though he posted his ID and a picture of him holding the ID, then what? You are not going to fly to another country or do all of the trouble just to chase a couple of bucks, would you? In this forum, there are collateral being accepted but most of the time, it's only the way of the other person to get rid of that collateral. It's like a way to sell that item. And so we ended up in the way loans are given by trust alone. The lender thinks that a hero member wouldn't risk his account getting negged for a couple of bucks but sometimes that is just not the case.

There are even trusted members here that destroyed their trust by getting a loan and not paying.

[8Habits]

Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

I doubt that a lot. What types of collateral will blockchain accept? There are lending sites like BTCJam and I had an interest in investing in sites that are like that. I read, though, that it's not a good idea to do so. People are just using fake IDs. In case someone defaulted on the loan, even though he posted his ID and a picture of him holding the ID, then what? You are not going to fly to another country or do all of the trouble just to chase a couple of bucks, would you? In this forum, there are collateral being accepted but most of the time, it's only the way of the other person to get rid of that collateral. It's like a way to sell that item. And so we ended up in the way loans are given by trust alone. The lender thinks that a hero member wouldn't risk his account getting negged for a couple of bucks but sometimes that is just not the case.

There are even trusted members here that destroyed their trust by getting a loan and not paying.

You have the point there mate. In so far as lending some btc to other people here, no matter what the level of account rank, the risk is there when you are the one offers someone to lend you some btc.

[Zandar]

Since all of the BTC and alt coins combined does not even come close to 1% of what the banks activity, moneys worth etc are, it cannot and will not make banks disappear.
You can't make your employer pay your paycheck in BTC, because there would be no tax regulation for it, without taxes no country would be able to exist, so in order to make banks disappear you need to first make countries disappear, hence BTC cannot and will not make banks disappear.

[bitcoinsocial09]

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?

In my own opinion, I think yes, bitcoin can make banks disappear because banks in general are used by people for them to transfer and receive some money and store money and take loans. Since the introduction of Bitcoin to people, we have already seen some similar services that are going to give people loans in Bitcoin, and also gives loan will gain interest.

[krafa]

Hi,
I think that the banks will not disappear.
In near future, Bitcoin and banks will work together like make a transaction, withdraw bitcoins to the banks, Using Banks VISA card for withdrawing Bitcoin digital money etc.
If you still have the question then I would prefer Bitcoin instead of Banks for only reason is for Security and 24/7 service.

Thanks & Have a nice day

[mysangel]

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

yes i do agree maybe they will only consider things in bitcoin currency to make their operation more successful and they will not be left behind by the new platforms.

[donGeilo]

I dont think that Bitcoin can make banks dissappear. I think they  both will rather work hand in hand . Banks provides us with some facilities which Bitcoin donot provides .Banks provides us with saving accounts , they lend money, they provide loans etc but Bitcoin is better investment asset than bank .Both have there own features. So both will work hand in hand.

[Eternu]

Bitcoin is strong, and it is supported by a lot of people all around the world. But to think that bitcoin could be a doom for banks... well i do not know. To be honest banks are very strong too, most of people depend on banks for living, therefor banks will stay in our life for a long long time. What is more possible to happen is that the banks will start dealing with bitcoin and accept bitcoin, that is more possible than bitcoin destroying banks.

[paolo099]

bank and cash will never disappear, not even with bitcoin.. there are way too many politics things behind

[8Habits]

Bitcoin is strong, and it is supported by a lot of people all around the world. But to think that bitcoin could be a doom for banks... well i do not know. To be honest banks are very strong too, most of people depend on banks for living, therefor banks will stay in our life for a long long time. What is more possible to happen is that the banks will start dealing with bitcoin and accept bitcoin, that is more possible than bitcoin destroying banks.

Banks are already an institution and well regulated by the government. It would be nearly impossible for banks to disappear because of bitcoin but I can really think that when bitcoin will be more accepted by number of people and investors, I think bank can incorporate bitcoin service for their clientele and not necessarily going to be disappeared.

[Falgorn]

In the near and relatively distant future, bitcoin will not be able to make the banks disappear. Banks, although not as effective as bitcoin, however they perform a function that is slightly different from crypto currency functions. We are still far from the time when all money transfers will be made when using crypto currency without the participation of banks. In addition, banks also introduce blockchein technology into their work and use digital Ionettes, such as ripple, to speed up the transfer of money.

[xsaints128]

When bitcoin is going to threaten the banking system i'm afraid that the banks will make bitcoin disappear. I really hope it does not happen.

[Webetcoins]

Since all of the BTC and alt coins combined does not even come close to 1% of what the banks activity, moneys worth etc are, it cannot and will not make banks disappear.
You can't make your employer pay your paycheck in BTC, because there would be no tax regulation for it, without taxes no country would be able to exist, so in order to make banks disappear you need to first make countries disappear, hence BTC cannot and will not make banks disappear.

Why not? I am not agreeing with you here because now almost everyone in my country is using bitcoin. It is very easy to pay through bitcoin and the bitcoin currency has become very famous so it is true that no bank is require for the bitcoin paying service it is safe in your bitcoin wallet and it is very easy to pay for everything and anytime you can transact your bitcoin.

[macartem]

I dont think that can happen. Many people must use their banks. So it can disappear. Some people dont even know what Bitcoin is.

[mammoniter]

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?

Though it is not impossible I think bitcoin would not be the sole reason why banks would become obsolete, because banks have been a part of society and culture for so long that they don't just process and secure money of individual people. Most of the government employees, projects and such budgets are directed to banks, I think it would be hard for a company to distribute and monitor budgets through only bitcoins and its online wallets.