Can Bitcoin make Banks disappear?

[Cacaparg]

I will be happy if it will occur. I hate banks. Banks are real scammers. I hope bitcoin and blockchain make banks disappear.

[Ngewex Yuk]

If bitcoin transactions continue to increase and larger than the bank then it will be a threat to the bank and could make the bank disappear. but for the near future it seems difficult to achieve, it took at least 10 years to make the bank disappear.

[Frank0209]

If bitcoin transactions continue to increase and larger than the bank then it will be a threat to the bank and could make the bank disappear. but for the near future it seems difficult to achieve, it took at least 10 years to make the bank disappear.

Yeah, maybe it'll happen soon. Cause the number of country that legalize Bitcoin is increasing and when a government legalize Bitcoin in their country that mean there will be a lot of troubles that Banks will have to front cause it's really hard for any Bank to make a decision that accept Bitcoin in their Bank or not cause if they accept it they will have to have enough ability to control it but as I know to totally control is not easy that why Bitcoin is not legalized worldwide. Beside, IMO Bitcoin owner will not send their Bitcoin to bank cause there are a lot of ways for them to keep their Bitcoin safe without banking and they also prefer use their Bitcoin to invest in trading or something else like that to send it to bank to receive monthly interest.

[Finestream]

If bitcoin transactions continue to increase and larger than the bank then it will be a threat to the bank and could make the bank disappear. but for the near future it seems difficult to achieve, it took at least 10 years to make the bank disappear.

That would not happen, even if bitcoin will be successful and can beat the banks in terms of fast and cheap transactions but it cannot attract a big number of clients like the banks does. Not all people has already understood bitcoin and they are not educated yet and even they will know about bitcoin there are still big chances that they will not risk using it especially without the proper endorsement of the government.

[The Monkey King]

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 that it would not happen. Even though bitcoin will be really successful in the future and might beat the banks in terms of faster and cheaper transactions, it still cannot attract a big number of clients. Because not all people has already understood the use of bitcoin. They are not yet educated about the very use of bitcoin. And without the proper endorsement of the government, bitcoin will not yet be legalized.

[no0dlepunk]

Uniquely, bitcoin will not make the banks disappear. Just the time will come when all banks will understand that without the use of crypto currency they can not exist, therefore they either adapt or close. Well it's obvious, because you need to adjust to progress. Of course, the cryptocurrency is changing the entire financial market.

I somehow agree on this. The telephone companies didn't disappear when the mobile phones took place about a decade ago, same as the USPS when emails took place in the 90s... I guess the banks would join the bandwagon once they realize that majority of people are patronizing it.

[proTECH77]

Bitcoin cannot make banks disappear.
A bank is a place where transactions are made, and if bitcoin becomes globally known and accepted, it can be adopted into the banking system such that you can go to the bank and actually make transactions with it. Just like you have it in other currencies.

[Bram 666]

Government will every thing to make  Bank system strong so it may be ban bitcoin to save Bank system

Answer No

[Crassula]

We can say that bitcoin's influence on the world's financial ecosystem is significant. Banks will not disappear in the nearest future but cryptocurrencies can change the way they work.

[jennywhzz]

I don't think banks can be disappear  maybe they also start work with bitcoin. Who's knows !!!
we use banks instead wallet to save our bitcoins. Since the hackers and security breakers are everywhere they can steal our bitcoins so maybe in future we use banks instead of  wallets, but for sure they will not be ordinary banks. It can be that wallets are saved in banks and bank make use of their high firewall and security to keep the wallets and bitcoins save from hackers.

[willnotwas]

I'm sure not. Banks have too long roots in the human mind, they have a too long history and great influence. I'd rather expect the regulation of the crypto-currency market and the more ergonomic inclusion of it in the overall economic system on the rights of a full member

[leanhtuan]

i don't know bitcoin will make banks .if bitcoin make banks, that will be good idea . Users use bitcoin will be more convenient

[Pansamantala]

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?

Yes becuase bitcoin become famous so i think in the future bitcoin bank is the new bank in all country.

[ihsanskanzaone]

I think it still can not because human beings still live in the real world so to conduct daily transactions for ordinary people need money that is physical. what's more for transactions to small seller seller would need money that is small value and physical form to facilitate the transaction therefore I think bitcoin can not replace the bank

[Xenophoto]

Banks won't disappear. Why? People will still need loans and a place to store their cryptocurrencies even if we switch completely from cash to them. Banks won't earn on transactions and withdraw fees like today. Instead, they will charge for exchanging cryptocurrencies and they will earn from loans like today they do. I wouldn't be suprised if there were more banks and exchanges in the future.

I do think that the reason why banks wouldn't disappear is because the government is backing them up. Plus, there will always be rich people that are too afraid to try something new. They feel safe with the government although obviously if a bank gets bankrupt, they wouldn't get their money at all.

"People need a place to store their cryptocurrencies", don't you own a wallet to not know that we already have that? If you are trying to emphasize security and all that, well that is all up to you. It's even less secure if you store it in a cryptocurrency bank (a bank that stores cryptocurrencies) because you don't know if their system was already hacked upon generating a private key for you. If you do it on your own, you know that you are safe if you generate it to a fresh computer, or a computer that has Linux as operating system, lots of measures can be done actually.

A place to loan isn't necessarily a bank. There are loaning services out there that aren't necessarily owned by the government nor the banks at all.

[nguyenanhvu]

I think the bank will not have it because if it does, it will block some of the features of bitcoin, which limits the bitcoin. Many users will not use bitcoin anymore

[inevertell]

Bitcoin is going very famous in future because bitcoin gave a lot of profits to people and it will have a great affect on bank because in future more people will start investing in bitcoin and saving money in bitcoins.

[HiringYou]

 Bitcoin is the most renowned online transaction system of all time which provide us with many facilities such as fast and cheap online transactions which does not involve any paper work ,profitable investments ,anonymous transactions within or outside the country etc. But some services like saving accounts ,salary accounts ,home loans ,educational loans,debit and credit cards ,cash management etc are provided only by banks.Moreover Bitcoin is a decentralized transaction system so no government will allow such system on which they have no control to overpower a trusted and centralized system like Banks. So i dont think that Bitcoin can make Banks disappear.

[komjhq]

Bitcoin is the most  prominent online transaction system of all time which provide us with many facilities such as fast and cheap online transactions which does not involve any paper work ,profitable investments ,anonymous transactions within or outside the country etc. But some services like saving accounts ,salary accounts ,home loans ,educational loans,debit and credit cards ,cash management etc are provided only by banks.Moreover Bitcoin is a decentralized transaction system so no government will allow such system on which they have no control to overpower a trusted and centralized system like Banks. So i dont think that Bitcoin can make Banks disappear.

in fact, practically all banking institutions with new people that they will let fall to the banking system. We must look into history and see how the whole structure was built and how it developed. Virtually no one could fix this sphere of human life and therefore bitcoin can not bring destabilization into banking work.

[Rj Manik]

I'm hopeful it will not happen.Because banks are operated with each country's own currency.How Bitcoin will make the bank disappear there?If Bitcoin enters any country's economy, some pressure on the main currency will be reduced.Moreover, if Bitcoin is concerned with the bank, it is best to bank a bitcoin to cache it.