Can Bitcoin make Banks disappear?

[Altas]

How can  Bitcoin make Banks disappear?? This is not possible and it is not possible to replace the banks. Making all the money into bitcoins is risky and you can not predict the future so it is a big risk.

Holding entire funds in terms of bitcoin is quite a risky thing, but the same can be made as a way to profit in a large scale. This doesn't initiate plans to destroy the banking system which is the backbone for the entire financial administration happening around the globe.

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[catvantuong]

I think that the operation of a bank for human beings is necessary. i believe that theses will appear  and support the stability of the currency .These banks could also support crypto currencies as well as cash . I think that the banks of the electronic currency will appear in the coming years, when the electronic currency throne

[diegz]

I think that the operation of a bank for human beings is necessary. i believe that theses will appear  and support the stability of the currency .These banks could also support crypto currencies as well as cash . I think that the banks of the electronic currency will appear in the coming years, when the electronic currency throne

Yes of course. it is needed. That is why it will not disappear. They are adopting to what their client needs, that is why they are still alive until now. Who knows, one day, bitcoin banks will appear, or banks would start accepting bitcoin deposit.

I do believe that they are here to stay, whether we want to use it or not.

[kiloiko]

Banks have their importance in the system and we should always remember that at the end we need banks to transfer our money into local currencies till the time bitcoin is not been established as a world wide accepted currency everywhere. Also, Banks become as importance aspect of economic and also provides job to large number of people and the benefits one gets from banks can never be achieved from bitcoin and one need to accept this fact. So no matter how powerful the Bitcoin become banks are going to exist.

In my opinion bitcoins can never make the banks disappear at all. This is because the banks have their own importance in the field of finance and even today, we could not deny the fact that most of the people having some status rely on banks for their money related problems.

Banks are a safer security for keeping your money and have a lot to do with the country’s economy. They add up to the daily indexes of the stock exchanges as well.

[joekelly500]

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

[boyrocky]

nothing is permanent my friend. and banks are also not permanent.

[Xester]

It's very unlikely that bank will disappear because of Bitcoin. If hard currency is gone than banks will start using Bitcoins as a new currency and in online banking as it's already dealing in hard currancy in online. So no bank won't disappear because of Bitcoins in my opinion.

Absolutely, bitcoin will not make banks disappear.  Especially that bitcoin is still done online ofcourse.  Foods, supplies, everything are bought physically by money.  Maybe if there are stores and other establishments that will accept bitcoin worldwide then perhaps it can diminish banks but it would not still disappear.  We need banks even if we think we do not need them.  Government will not let banks to disappear because it is also a good way to have an income.

[yourialfa]

I think the bank will not disappear. because banks are always needed to manage finances in a country. and currently bitcoin has not been acknowledged by the government in my country. bank something that is important to local finance.

[cjinny]

It took a long time for bitcoin to eliminate the Bank's role in the world. Currently bitcoin can not be used and owned by everyone, it is difficult for bitcoin to eliminate the role of the Bank.

[posternat]

No i don't really thing about it. Its hard to replace money with bitcoins, Because not everyone aware about the bitcoins.  On the other side if it happen the banks maybe  start work with bitcoins as wallet. People use banks to store there bitcoins rather than money  At this point of time, this change of bitcoins replacing banks or bitcoins really does not seems possible.

[Himanshu111]

Banks have their importance in the system and we should always remember that at the end we need banks to transfer our money into local currencies till the time bitcoin is not been established as a world wide accepted currency everywhere. Also, Banks become as importance aspect of economic and also provides job to large number of people and the benefits one gets from banks can never be achieved from bitcoin and one need to accept this fact. So no matter how powerful the Bitcoin become banks are going to exist.

In my opinion bitcoins can never make the banks disappear at all. This is because the banks have their own importance in the field of finance and even today, we could not deny the fact that most of the people having some status rely on banks for their money related problems.

Banks are a safer security for keeping your money and have a lot to do with the country’s economy. They add up to the daily indexes of the stock exchanges as well.

Bitcoin cannot make banks disappear. Banks have a very huge amount of fiat money of the people.A large percentage of population have not even heard about bitcoin.This is because of these people that banks are alive.Not everyone likes using the Internet or the technology or do not even have access to such benefits. Some people just don't want to change or have difficulty in accepting the change.The idea of digital currency will not be accepted by them.

[Bakemat]

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 its possible that bitcoin makes banks dis appear. if all people have an proper knowledge about the bitcoin and they know about the benefit of the bitcoin im sure that many people can go to the bitcoin and left the banks because we know that the bitcoin cannot collect any interest in us unlike the banks do. everytime you got savings in the banks the more you save the more they get  interest if time passes by . so bitcoin is only need password and its on you what you going to do with your money.

[barabut]

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?

Nothing will be disappear in the mid-term, in the longer term who know will we appear?

[finom.io]

Bitcoin won't kill the banks, but they will have to adopt to new situation to survive this situation

[skylark001]

In future,  if Bitcoin will be acceptable all over the world in a legalized form then only Banks may disappear.
Bitcoin offers an alternative to the conventional banking system which is state owned or regularised by government policy under one Centralised system. In my view, Its the most fascinating things to have happened in cyberspace since the invention of peer networking that undermined the music business and enabled developments such as Wiki leaks.

[Kisanaq]

If bitcoin usage continues to increase and later defeat the bank then it is not difficult to make the bank disappear, I'm sure the development of the transaction system more dynamic so that when there is no solution then the best way is to make bitcoin replace fiat money.

[TraderRay]

No. Banks will not disappear. Even if Bitcoin will be used by everyone, banks will stay but will not be as functional as they are now. A country will still need it's own Fiat currency and there is where Banks will be essential.

[bryant.coleman]

Banks will not disappear as banks may make their own crypto coins for transaction and profit purpose.

I don't think that the banks will make their own crypto-currencies. Because they have their own mode of online payments. What is the point in replacing an online payment system based on fiat cash, with one based on crypto-currency? And the survival of the banks depends on fiat cash. It will be foolish to assume that they will support crypto all of a sudden.

[sammiko]

Bitcoin transfers are usually irreversible when there is at least one confirmation. This makes it hard for attackers to reverse without controlling significant percentage of the network or a long block reorganization... If transactions are reversible, the first option will never exist. Unless you are talking about a Paypal/bank approach which allows for chargeback. However, it is a must for a neutral party to meditate the transaction. With Bitcoin being trustless, the only way to do so is, as Amph mentioned, Multisig with escrow or a third party service.

Also, merchants can accept Bitcoin with little to no cost or loss. It wouldn't make sense if the merchant only wants to install a POS with Bitcoin integration when there is a large volume. Transactions are verified instantly by nodes when transactions are sent. If you're talking about confirmations, there isn't a need for confirmations with smaller valued transactions such as buying a coffee due to the difficulty of initiating a double spend as of now.

[roddy5]

If bitcoin usage continues to increase and later defeat the bank then it is not difficult to make the bank disappear, I'm sure the development of the transaction system more dynamic so that when there is no solution then the best way is to make bitcoin replace fiat money.

That is a possibility in the future but at this point of time Bitcoin is dependent on the banks to convert it back to fiat.