Can Bitcoin make Banks disappear?

[Akash55]

It is impossible to Bank disappear can not be. Because, bitcoin Bank to work with, but disappear can not. Bank customer number bitcoin of more. So it's impossible.

[bitalive]

no, banks won't go off just like that. it would need centuries to get everyone on this planet using cryptocurrency as Bitcoin. and banks are smart, they will adopt changes and open same debit/credit business in cryptocurrency.

[lyks15]

No I think bitcoin can make banks disappear. But on the other hand possible things may happend that they will have a partnership or tie up agreement to make easier all the transactions that we all doing at bitcoin. Like in money remittance banks have many money remittance center who are help them to serve people. It is more convinient when bitcoin and banks are already together. More priveledge are going to have using bitcoin thru banks help or partnership.

[tmawheba]

It is impossible to make banks disappear by Bitcoin.

Even 10% of world population doesn't know about Bitcoin I am surprised to think about making banks to disappear.

Bitcoin is born not to destroy other systems it is created to support the world with better financial system I believe bitcoin is on right path.

[meliodas]

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?

Well it will take a very long time for bitcoin to totally overpower money or cash, which will affect the banks world wide. So, it’s not that easy actually. However, there is still a possibility.

[HansWermhat]

Very doubtful, but more realistically it could make Paypal and Western Union go away.

[Passive Coin]

Absolutely right, banks do not dissappear but will be force to evolve.
Not all people trust or want to use Bitcoins and/or crypto.
But there is side-effect of Bitcoin existence, people are getting more educated
and start realizing that fiat money are based on debt and gov. can print them in excessive way,
without asking us, we want diluted money or not.

For sure, Bitcoin/alts will have impact on various payment processors.
They simply feel cometitive push from crypto.
Recently, I got email from Skrill saying they are lowering sending money fees.
You see!

[diegz]

Very doubtful, but more realistically it could make Paypal and Western Union go away.

I think no, it can't. With the transaction fee that keeps on increasing while the price is increasing, then I think it is still faster to use western union or paypal in that sense.

I would believe that western union or paypal would be gone when we are paying small fee and as fast as those. With regards to banks, no it won't disappear no matter how we wish that it happen.

[Alok Yadav]

They may be developed further, change the way of the actual existence but I think that will survive. Always will be need for money in big plans or projects, or even in various situations of everyone of us. May be a place when are offered the needed warranties that something can go without problems and take the needed money (or tools which may replace those). Be this the time of the actual us dollar and be the tomorrow one when maybe will be the day of bitcoin or the cryptos. Even in the probably time of only the cryptos will exist such needs. And even with the most sophisticated crypto in existence will exist always a hacker which can be able to steal or break the security of our personal wallets. Or people which will offer crypto but not security.
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.

[melted349]

Very doubtful, but more realistically it could make Paypal and Western Union go away.

I think no, it can't. With the transaction fee that keeps on increasing while the price is increasing, then I think it is still faster to use western union or paypal in that sense.

I would believe that western union or paypal would be gone when we are paying small fee and as fast as those. With regards to banks, no it won't disappear no matter how we wish that it happen.

Yes right and why we would wish to disappear the old version on how we deposit some moneys how weve cash out so probably there is no such thing to wish for that all bank will disappear even though how may become so powerful the bitcoin is disappearing bank are never been happen.

[Viscera]

Bitcoin will eliminate banks just like what Email did to the postal industry. But still we're using fiat money for a mean time and soon bitcoin will be useful by all levels of society.

[Fatanut]

Very doubtful, but more realistically it could make Paypal and Western Union go away.

I'm going with Paypal disappearing because bitcoin and Paypal are both used widely on the Internet. In real life, we have banks and we get that cash aren't just going to disappear. they aren't built in hype or some trend anymore. They are built by tradition. The tradition that people have been worshiping money ever since it was created. The tradition that we have to work so hard and get so little in return. And even if we do get a lot fiat money, it's purchasing power is now too little because of the constant inflation going on.

Let's face it. Paypal is what the scammers are using. You see someone here offering his Paypal for your BTC, you better be careful. Even though in the buyer protection policy of Paypal it is said that the buyer can't dispute the payment if it was for a digital good, the scammer can simply just say that he was hacked and he never really had that transaction. We all should use bitcoin but the only thing that's keeping Paypal alive is all the online stores that we use that accepts it and not bitcoin.

[Ipwich]

Bitcoin will eliminate banks just like what Email did to the postal industry. But still we're using fiat money for a mean time and soon bitcoin will be useful by all levels of society.

I don't think that will happen, banks is just so powerful and it is protected by the government, they pay the right tax so they will be protected.
Maybe bitcoin will only be popular in the online world but it has it's limitation as this world is still control by the government and we all abide with the law.

[John Langut]

Banks will never disappear. Bankers have been among us ever since we invented money. What happened, first the banks tried to stop bitcoin. As they didn't succeed, they now try to use it for their own benefit. Maybe they'll introduce their own cryptocurrency, but that will only work if governments back them up and make this the official currency.

[Haunebu]

I doubt it. It would be very tough for bitcoin to practically accomplish this. Instead of making banks disappear, I think bitcoin will simply stand tall next to them as an alternative source of payment. This is how bitcoin will function according to me.

[cryptomato]

bitcoin is on its way to destroy the current banking system but it doesn't mean that banks has to be disappear with that. if banks can integrate with bitcoins they can still be alive.

[yuriyn]

I will not consider that Bitcoin can make Banking institutions disappear at minimum in the near futureBut i feel a lot more men and women will leave banking services as Bitcoin's expanding up daily

[Redanim]

Banks was made long time ago, bitcoin only 9 years ago, people will always trust in banks not in virtual currency.

[rainingbitcoins]

Banks are the strongest financial institution we have that has support from Government and society so I don't think that it will be easy for bitcoin to  make banks disappear as even if bitcoin gets on mainstream people will continue to use banks for their day to day transactions.

[whoisyourking]

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?

Maybe bitcoin will not but bank will disappear? maybe  but not that easy, Banks in general holds lots of lots of physical money and not only money sometimes jewelry and golds and some people are storing their money to hold it for the long period of time so they are choosing banks to do the job.