Can Bitcoin make Banks disappear?

[Freshmen]

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?

Bitcoin is not regulated, which is one of the main cause here. Banks are regulated but still illegal activities like terrorist funding, drug trafficking and much more take place.  Bitcoin being decentralized, it will be even hard to realize which transaction will be a terrorist one, hell drugs have been bought using bitcoin, and terrorist funding has already happened in bitcoin, so it won't be a good option I believe.

If we want banks to disappear, we need to make crypto coins used by everyone and then we will also need to make some rules or standards so that everyone can have common grounds. It is going to take a lot of time. Also, there are some banks that have started accepting bitcoins and ripples are a digital asset that is mainly used by banks. Maybe, they both will work together.

[nkarm1]

The possibility is quite low, yes bitcoin has the potential to be one of the main guys out there in terms of being a currency. But banks remember, is still the most trusted and most used among them. If you are thinking that the blockchain technology will dominate this world in the future. Are you thinking also that banks won't adopt that technology? They can easily cope up with that and make their own regulated one. So still the possibility of banks disappearing is still low.

[badakjawa]

I don't think banks will ever go away or dissapear.

[dewynijhof]

i think will not disappear, because in the future, we still need banks to keep assets, and may be they can change to digital bank to catch up with cryptocurrency.

[Himanshu111]

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.

Yes bitcoin is a very big competition to the banks.Most of the percentage of people don't know about the advantages of the bitcoin.When they get to know that with bitcoin, their money can be fully operated and controlled by them,and spend it wherever and whenever they want unlike banks which do not give us any control on our money which we have deposited.Banks also frame laws which prevent people from governing their own money.To make banks disappear,people must know about the cryptocurrencies and it's benefits.Bitcoin offers alternatives for conventional banking method.

[jaocoincrypto18]

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 will not disappear because they can easily shift to bitcoin banking in which is in favor to them due to they are already exposed in computers and digital transactions so it will be easy for them to adopt or to shift to bitcoin currency. If you will read the history of the banks they just started as merchants and traders, as the years passing by they adopt gold and silver coins as deposits until it becomes fiat therefore if the fiat will obsolete then banks will shift to bitcoin banking.

[jakoylantern]

For me bitcoin can’t make banks disappear. Most people are using banks to secure their money, investment and many more. Banks is much popular than bitcoin and much bigger industry than bitcoin. Banks can easily embrace the bitcoin industry maybe know they are creating a bitcoin banks that are connected to you bank accounts. 

[Xester]

For me bitcoin can’t make banks disappear. Most people are using banks to secure their money, investment and many more. Banks is much popular than bitcoin and much bigger industry than bitcoin. Banks can easily embrace the bitcoin industry maybe know they are creating a bitcoin banks that are connected to you bank accounts. 

It could be possible that there would be a bank for bitcoin but do we really needs it?  Does they need to create bitcoin banks considering that we can already store our bitcoins and other cryptos in our wallet and also doing the same thing which banks can do.  Letting and keeping our bitcoins in our wallet will make its price goes up and goes down.  But bitcoin cannot makes bank disappear because those who are not into technology thing will prefer and it is enough for them to have bitcoins.

[nelsledma]

I think Bitcoin can make banks obsolete because it naturally dis-intermediates third because of it's decentralized properties. Other organizations can handle loans, trust barrier, etc

The thing is who would dominate in this world, we cannot replace the current set up which is decentralized and manage by a government.
Bitcoin maybe one of the best invention in this world but without the support of our leaders it will only be limited when it comes to success and massive adoption that we are hoping might not happen.

It is difficult to disappear the banks completely but it is also not to be ignored that bitcoin is the big threat for banks in future and may be bankers convert their business in blockchain if bitcoin overcomes. I think it will be better for banks to adopt the blockchain business because banks are not so able to control bitcoin at any cost due to decentralized feature of bitcoin. I have to come to know that banks are worried about bitcoin.

[fedorkr6]

As all below know financial institutions trying to make  their possess blockchain,to save the large charges they pay,soo possibly be a question of time until they begin to accepts payments of bitcoins ,as apps with bitcoins ,converted to fiat benefit on the working day ,and increasing as btc and not fiat.

[mayidid]

I don't think that the banks can disappear so easily. I think that the most people just need the normal banks. Some people doesn't even know that bitcoin exist. that makes banks so strong, banks won't disappear in early future. Even if they do, it will take decades. You cant finish the current banking system in few years. Also for this to happen, bitcoins should be an option in every store , in every transactions and of course awareness of bitcoin is also a major factor.

[ehrz22]

For now, there is no possibility that banks will disappear. Maybe in the future or maybe banks can still find ways even if in the future we'll be using digital currencies. Banks can also upgrade that time. Still, I cant think of any idea that banks will disappear in the future by bitcoin currency. We really cant tell what will happen in the future.

[GoodOne]

Don't think Bitcoin can but Cryptocurrency will.

Completely disagree with your statement unless you could open our eyes and explain how it could eliminate banks

[Pepito Manaloto]

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?

Definitely not. Even if Bitcoin become a better way of storing an individual's wealth, Banks will still exist. Bitcoin is an open source system so it is not under any government, and if something bad happens no one will take full responsibility out of it. There will still be people that would choose assurance of their wealth which is in Banks.

[Mame]

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?

It can happen. I work in the bank for ten years, knowing the concept of the bank, the financial background also if all the people will be using bitcoin it is possible that banks will disappear because banks are just like a middle person with money and the account holders, compare to bitcoin if we can just acess our account in just one click. And pay your bills also with it.

[BlackBi88]

I think bitcoin can not replace a bank, make the bank disappears. Because banking is not just a place to send and store money, it has many other functions, especially state banks. Because physical money will always exist, for simplicity, the need for physical money is much higher than bitcoin. And the government will not allow bitcoin to replace physical money for at least next 50 years.

[BeGoods]

Don't think Bitcoin can but Cryptocurrency will.

Completely disagree with your statement unless you could open our eyes and explain how it could eliminate banks

Many people argue that cryptocureency might just make the bank disappear because they see cryptocurrency having such a rapid development. they see that there are a lot of people coming in and adopting bitcoin then they think that cryptocurrency will continue to grow and be used by everyone. but it will not make the bank disappear because the bank is backed by a government that holds all control on every country

[Cryptolive]

The ultimate goal of bitcoin is to make transactions fast and cheaper, this eventually leads to the end of banks but I think this will never happen as all people are not up with the advanced technologies like blockchain they still want to save their money safely in the banks.

[xbugitox]

I don't think bitcoin will make banks disappear, because there are also those who doesn't want and doesn't know about bitcoin. Banks might have a little problem about it but that doesn't mean that they will be taken out with bitcoin.

[_Legendary_]

Banks and bitcoins can work together, I hope banks soon receive bitcoin so users are easier to sell and buy anytime, if the bank does not accept bitcoin then I'm sure someday the bank will disappear.