Can Bitcoin make Banks disappear?

[jumpercrypto]

As Bitcoin reached a value of $4,000, bank branches generally just keeps on increasing. So, not really.

[Eternu]

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.

You are wrong my friend. Banks and Bitcoin don't have same goals, not at all. Goal of Bitcoin is to become world currency, which people could use in all parts of the world. And yes, Bitcoin is currency. On the other hand we have Banks which are institutions which deal with investments, loans and deposits. To say that Bitcoin and Banks are the same is like saying that Jar and Jam are the same thing. But you are right when you say that Bank uses your money. With Bitcoin you are the one with total control. I guess that is one of perks of decentralized cryptocurrency.

[CryptoMoar]

never i think.
bank have other advantages that very usefull than bitcoin.
for longfterm invest bank is better than bitcoin, and you can ask money for much in short time if you any accident that make you need money.

[8Habits]

never i think.
bank have other advantages that very usefull than bitcoin.
for longfterm invest bank is better than bitcoin, and you can ask money for much in short time if you any accident that make you need money.

What you are saying is that with the bank, where your savings are being deposited, it is convenient and powerfully convenient to use and pay it for some immediate and urgent instances like paying bills in the hospital with just one swipe. This is true especially that greater majority if not all of establishments accepts fiat money and not all of them accepts bitcoin.

[sch_lau]

I don't think banks will ever disappear. Banks are not just a place with bank accounts in which people store their money, they are a center that provides different services such as investment and corporate banking, insurance, money market trading , commodity trading etc. Bitcoin alone doesn't do that. Some crypto-projects are being developed to create legal contracts (Notary), replace real estate agents (Atlant) or loan money (Salt) but I'm sure that instead of disappearing, banks would only start working with blockchain technology themselves and have to adjust. Some banks have existed since 1760 and don't see why they'd fight the current and let themselves drown.

[evgeniyosda]

i extremely question that bitcoin can replace all the banks, i imagine in bitcoin and i feel that the price tag is likely to increase really large, but i dont consider its realistic of changing banking institutions

[fateh1313]

 banks also has huge roll to build economy so its not possible to say banks will disappear  but in future there strategy of can change a lot they will change them self as economy change and make there services according to new demands of society but they cannot demolish fully effect  will be there on there monopoly

[datodota002]

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?

bank cannot be disappear because we still need fiat money to do our daily economic, and bitcoin can do that because we have to use bank to get bitcoin.

[Singwala]

It may be because we now see how powerful the power of bitcoins is. And it can change the state of our lives. How much more if bitcoins change the world the money used. So I believe that bitcoins can remove the banks or banks accept the bitcoins and become part of it. There are many concepts and the only thing we can do is contribute our ability so that these words are realized

[chichan13]

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 that BTC can make banks disappear. After all, banks have been a very important sector in the society. We still need the fiat money to live and the economic state of a nation would crashed without the banks. Banks can still remain even though they won't expand their operations to crypto currency. This is because the majority of people are still dependent to banks and not everyone are fan of BTC.

[xBitHodler]

I partially agree. The idea of Bitcoin is that we are our own banks. I know that not everyone is going to buy a hardware wallets or use a software one but banks won't earn much. They won't be able to earn money on transaction fees and exchanges rates. Their only earnings will be from loans which they will probably offer if Bitcoin would replace fiat.

[Cindy1983]

Maybe it'll happen. When government legalize Bitcoin that mean banks in these country will have a lot of troubles so if they want to survive they will have to find a new way and I think they will have to make an important decision is accept Bitcoin or not cause when Bitcoin is legalized I believe that everyone will prefer to invest their money in Bitcoin to Bank so if they let this case happen without doing anything they will disappear.

[Cryptomaniac13]

I doubt that, they will coexist and at the end of the day i predict banks to store BTC and give us cash if needed with low fees

[daserpent]

Banks are gonna disappear just like that. Its a long fight. Govts don't want banks to go away - because they enable the govts to track the flow of money. Whereas, with crypto, its either impossible or too complicated to track the flow. The inability to track money, is what worries all govts.

The one who controls money, controls everything. So, the chances of banks disappearing is highly unlikely. Instead, govts will try to legalise crypto in a way so that its more trackable. Maybe eventually, banks will offer crypto wallet services, loans and everything. Just like they do with fiat.

[FaithETH]

I don't think so. In the future when cryptocurrencies will become more popular, banks will have rebrand. Maybe what we call a web wallet today will be renamed to a CryptoBank? They would offer storing, interest and legal loans. I can't think of any other functions. No need to use real cash = no need to maintain ATMs.

[8Habits]

I don't think so. In the future when cryptocurrencies will become more popular, banks will have rebrand. Maybe what we call a web wallet today will be renamed to a CryptoBank? They would offer storing, interest and legal loans. I can't think of any other functions. No need to use real cash = no need to maintain ATMs.

When cryptocurrencies will go big in the future, there is really no reason why banks will not adopt it. Of course, it will not make banks disappear as banks is fully backed up by the government as a very essential institution with the use of fiat money which by the way issued by the government.

[Turiettly]

I never think that Bitcoin can make Banking institutions vanish at least in the near futureBut i consider a lot more people will depart banking services as Bitcoin's developing up everyday

[Orange Guy]

I dont think so. I took they will collab and make eachother stronger.

[WorldEG]

banks may adopt the blockchain technology and create private chains, but I don't think they'll be gone until the whole concept of money is gone

[jak3]

I do not actually feel that bitcoin can make banks disappear because to do that bitcoin has to take 100% or at least 80% of all the money place which people use every day. when people will start using bitcoin instead of cash then we can say that banks are no more. But 95% of people are still using Physical Cash on their everyday life and everyone still believe that it is the best method of payment. So it is far away for banks to disappear.