Can Bitcoin make Banks disappear?

[THAHIRHAJI]

I don't think so
Banking and using Bitcoin is two different things
Maybe bank will use Bitcoin as one of its currency but can't disappear

[Maxcrypto1990]

I think no, Banks will most likely try to set up a privatised blockchain, through which they can remove intermediary banks, allowing for "instant" global transactions between banks without a transfer fee. Thus avoiding the majority of the populus switching to bitcoin or other crypto assets.

[donGeilo]

Banks are afraid of Bitcoin because they think it will reduce their profit and not because it will wipe them out. Banks have their importance in the system like bitcoins, a large number of people are dependent upon banks for various purposes. Also banks provide improvement to large number of people and bank has given us benefits like loans, easy way to store for everyone, keeps the money safe and provides good interest and also help in funding many companies and much more.

[exeljeksen]

I think that the banks will not disappear. They may be developed further, change the way of the actual existence but I think that will survive. Always will be need for money in big plans or projects, or even in various situations of everyone of us. May be a place when are offered the needed warranties that something can go without problems and take the needed money (or tools which may replace those). Be this the time of the actual us dollar and be the tomorrow one when maybe will be the day of bitcoin or the cryptos. Even in the probably time of only the cryptos will exist such needs. And even with the most sophisticated crypto in existence will exist always a hacker which can be able to steal or break the security of our personal wallets. Or people which will offer crypto but not security. It is another thing a bank. In all the previous problems...

[dmbragin]

Surely it will not happen anytime shortly, BTC is a currency of the potential but having more than spot of the genuine currency of the entire world that is quite structured at present will not be a short-expression undertaking if BTC could overthrow fiat at whenever proprietor needs.

[senne]

The first bank was established in 1472 and is still operating in Italy, so few years old currency can replace such an old system is nearly impossible, also there are more than 15k+ bank in the world. So you can clearly estimate that such a large system cannot be shut down overnight by the coming of new currency. Bitcoin, might have an upper hand over the banks but the banks have gained trust of the people from long time.

[DoublerHunter]

The first bank was established in 1472 and is still operating in Italy, so few years old currency can replace such an old system is nearly impossible, also there are more than 15k+ bank in the world. So you can clearly estimate that such a large system cannot be shut down overnight by the coming of new currency. Bitcoin, might have an upper hand over the banks but the banks have gained trust of the people from long time.

Banks are already exisiting in this world for a lot of decades and like you said, it already gained the trust of the people for being a place to store there money and to invest to that bank and help them to grow their money. Bitcoin is just getting started to introduce to the public and it will not make banks disappear since it doesn't have a fixed place or even identity of the creator to be a relief for the worries of the investors to put their money in bitcoin.

[Psalms23]

Bitcoin can never make banks disappear. I think we are just overestimating bitcoin in that sense. Sure the users of bitcoin is already rising, but there are so much for people to learn and trust bitcoin that can never yet replace fiat money. Right now, only people with inclination to computers have interest to invest in bitcoin, so ordinary people and businessmen are not really trusting bitcoin yet. Another reason also is that bitcoin transactions tend to be very slow, thats really bad for business.

[mdripon]

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 think, banks will not be disappear. but can change the policy. this currency continue running.

[hugoworld]

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?

Absolutely no, Banks definitely will change themselves but they will never dissappear on the surface of earth. I think banks will turn into bitcoin banks in the far future because bitcoin will be the most important stuff in near future.

[tyronecoinbit]

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?

Absolutely no, Banks definitely will change themselves but they will never dissappear on the surface of earth. I think banks will turn into bitcoin banks in the far future because bitcoin will be the most important stuff in near future.

I think it is impossible for the bitcoin to change into a bank or replace the bank.Because many people use bitcoin for earning purposes and after earnings they sell bitcoin and it will transact in  a bank so this is only the thing of bank money system.We are also can assure that our money in a bank will not get loss easily.

[Jake052478]

Before you knew it, they are already having studies on how to venture into bitcoins,  they will not easily be gone because, in the future, they will also be a part of the growth of bitcoins,  this people are not ignorant as what we believe. Remember, this are big players in the industry that said, you cannot just eliminate them.  So think it this way, this organization/people has the capital to invest.  Unlike us here who are just individual and just waiting for the reward after join signature campaigns...

[Bittoshi]

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

I agree to this. Bitcoin will not yet make banks disappear. First it needs a mass adoption but that will take some more decades. Most people do not know what Bitcoin is and stick to their inflationary fiat money and their banks.

[Text]

We don't need a bank for bitcoin due to some complications, we know that one of the specs of it is anonymity. Some people who are using bitcoin wants to be anonymous because they are engaging on gambling and other activities which are illegal on some countries.

So bitcoin and bank is separate. But it is good to know that they are working together now like converting our bitcoins to fiat currency then withdraw through a bank.

[Conevesses1976]

I feel bitcoin and fiat can each co-exist together, with bitcoin covering the bodily trades and bitcoin employed in on-line transactions.

[MOTHIT]

Bitcoin will not Make disappear why Bitcoin is not a currency of any country to make Bank disappear.

But lot of people will depend on Bitcoin as it is the only digimoney which people can trust depend upon its past performance and reliability of the rates.

Banks will exist for ever with lot of changes compete with the Bitcoin.

[xBitHodler]

Yes, they can and it will probably happen in the future. Bitcoin is the next generation of money. We are going to be our own banks. Maybe there will be some institutions that are going to give loans but I think they won't be used for long term storage like these days. A lot of people will lose their jobs but we can't stop the revolution which may come in the next 30 years.

[Karimeen]

In our present situation bitcoin and Banks have different roles in the society.Banks make profits from leveraging loans from account holders money and ,bitcoin sustains as long as there is demand.banks remain profitable and is controlled by central authority and in bitcoin it is flexible and controlled by demand play and in  Bitcoin the supply remains  constant,so I can"t fully agree  with that bitcoin can make Banks disappear.

[Toxicsoul]

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

I don't agree with you because bitcoin and banks have the same goals but the big difference would be that banks have your money and you have your bitcoins no one can control that except you.

[dart vader]

Almost every person has a Bank account rather than having a Bitcoin account.People are depended on Banks for various purposes.Banks provide them certain services such as saving accounts, mortgage, personal loans etc but Bitcoin doesnot provide them any such service. People doing jobs prefer banks over Bitcoin as they can have there salary accounts in bank .No doubt Bitcoin is the best investment asset and provides profitable investments but i dont think it can make bank dissapear. They  both will rather coexist.