Can Bitcoin make Banks disappear?

[mysacrifice]

That's where things are going and market makers are in the panic. you can see that clearly when you see graphs.

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[DimaS1574]

I thik  it is imposible.
bank it is ancient structure and it will do everything to protect their interests and profits

[BeerPanda]

I think we need both banks and wallets because till now we need the banking services to promote better the Bitcoin and convince more people to support it as we can convert it into fiat easily

Yeees , you're right . There are some much different advices and opinions. How do you check all these different projects? I just found Omega One and Confideal. Last should be interesting due to usual people orientation. What do you think?

[lenovo16]

For me, bitcoin has a lot of feature and it makes our life easily. It can pay bills with less of time that the banks can't do. It can share money to the other without consuming much time and effort. But even bitcoin has a lot of this advantage with the bank. It still can't make the banks disappear.

[webelong]

For now it's no.It is too early to say that it will destroy the images of banks.There are things that banks can do in order that the money that they are holding are safe enough for their costumers.

[Kat_messy]

Absolutely not. Rather, banks will provide services related to crypto-currencies

[cybersofts]

No. Bitcoin cannot make banks disappear for real. Banks hold the money for offline businesses. In fact there are some offline businesses that never had an idea of coming online and never will - Tell me how those businesses can use bitcoin, huh? Bitcoin has huge potential and have very strong role to play on the future but i don't think bitcoin will ever replace banks completely because government and companies pay salaries, wages, and loans through banks and also banks control fiat which is the currency for people that are not tech savvy. To use bitcoin you should at least know how to operate computer and a lot of people can't... Bitcoin might rather slow banks down or make them less important by the people in the future. 

[LordDisick]

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

Yes I believe it too that banks will never disappear as long as the community are still using fiat on their daily life. Not everyone are using bitcoin these days and I believe fiat and bitcoin can co exist together. Maybe bank will disappear if the government will permanently remove fiats but i don't think its gonna happen anytime soon.

[Apened]

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

Yes I believe it too that banks will never disappear as long as the community are still using fiat on their daily life. Not everyone are using bitcoin these days and I believe fiat and bitcoin can co exist together. Maybe bank will disappear if the government will permanently remove fiats but i don't think its gonna happen anytime soon.

It will not as it only improves their quality and storing of money by using blockchain technology or smart contracts in time when most of the people don't use a banking. The only advantage of a bank is the money you put was safe.

[zander09]

For my opinion bank will not disappear ,maybe bitcoin?  Because we all not sure in bitcoin, everyone knows about the bank, and many people are saving money in the bank, not all people are very much aware of bitcoin. So i think bitcoin can not make banks disappear.

[satish37]

Yes 100% bank and cash have to be disappear. Basic cryptocurrencies are only virtual money . Digital and virtual has some thing common in them, cryptocurrency has easy accountability, as Banks does not have wallet systems for coins handling , lots of difference between both .  Conclusion is only banks have to disappear .

[umbara ardian]

quoted from the article. banks will slowly disappear if not follow the technological developments of banks can be lost or lost with bitcoin as a person's lifestyle will increase the technology if the bank does not keep up with the development of the technology then slowly but surely the bank will be eliminated by bitcoin

[Argoo]

I think that bitcoin will not make the banks disappear. Part of the money supply will pass through banks, which will also change and improve. As we can already see, now banks themselves partially implement the blockchein technology, create their own digital coins inside the banking system, such as ripple, which allows for a few seconds to transfer payments to the world's point of view instead of the outdated and slow SWIFT method. Banks will exist along with the crypto currency, because the need for conventional money will not disappear for a long time.

[Fesatmas]

It's imposible i think. Bitcoin can not make Banks dissappear, people around the world using bank. There is many people support bank as secure storage of his money. Many people do not really know about Bitcoin.

[d1ceplayer]

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.

In my opinion in this day it seems to be impossible and the other thing is that banks are doing a good job and are aware of the market of bitcoin as well. They will also plan something for their survival in the future. They also worry about it because bitcoin has no physical existence therefore no regular bank require for trading or transactions and this is not tolerable for banking sector.

[flower1024]

It's imposible i think. Bitcoin can not make Banks dissappear, people around the world using bank. There is many people support bank as secure storage of his money. Many people do not really know about Bitcoin.

Banks want to disappear means before that first all fiat currency should be ban then only banks will not get any work, and it disappears until that banks will work as usual. But bitcoin legalisation decision from our governments will reduce banks revenue that's it. for this reason may be some private banks may close but this will not affect on any government under banks.

[cryptojac17]

It's imposible i think. Bitcoin can not make Banks dissappear, people around the world using bank. There is many people support bank as secure storage of his money. Many people do not really know about Bitcoin.

Banks want to disappear means before that first all fiat currency should be ban then only banks will not get any work, and it disappears until that banks will work as usual. But bitcoin legalisation decision from our governments will reduce banks revenue that's it. for this reason may be some private banks may close but this will not affect on any government under banks.

It is too early to conclude that bank may disappear because the government must have a banking system like central bank that control monetary system of the country with out bank we will go back to a barter system of business. I believe that may be private own banks will be affected here because may not deposit bigger amount of money any more instead they will only save with them BTC in electronic wallet.   

[gesdan]

i think it can't because bank works in the country to make circulation of money in that country, and all people can't use bitcoin, we need offline currenciies like money too to use it offline and when internet is down or something else, maybe someday bitcoin can make credit card dissapear

[Pakar11220]

i think it can't because bank works in the country to make circulation of money in that country, and all people can't use bitcoin, we need offline currenciies like money too to use it offline and when internet is down or something else, maybe someday bitcoin can make credit card dissapear

But i deny your point on the basis of advancement in technology like IOT, in which every individual will be online at any time and anyplace. Also the number of people adopting bitcoin are increasing day by day.

[hilda483]

Why do I fear that banks and goverments will somehow put their hands on cryto. So far they didn't care, but as bitcoin grow so is their attention. :|