Can Bitcoin make Banks disappear?

[VeroBTC]

its funny, if cryptocurrent as virtual money can replace bank as money provider.
bank still strong if many crypto attack them.
you know bitcoin and bank have other advantages and each other have each own way that dont have each other.

[dsouzac72]

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?

The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

[dsouzac72]

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?

No! cause Bitcoin and Banks are catering different sections of our society.

[Disconnecting]

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?

No! cause Bitcoin and Banks are catering different sections of our society.

No! Because banks is more important than bitcoin.

[BitcoinsGreat]

Its impossible. Bitcoin can't take place of money. So banks will be exist in future. Maybe the bank change there plan and start working same as blockchain. People call banks as wallet. Banks can involve with bitcoins but they'll never disappear. Also most of seller use banks to transfer money.So if it disappear how can bitcoin seller get the money .

[Trela]

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 don't think so that banks will disappear because of bitcoin. We still need real fiat in everyday life for our childs daily allowance, paying of tuition, etc., Maybe time will come that many banks will also tie up to bitcoin exchanger sites so that we can easily transfer bitcoin to cash and vice versa.

The banking system and Bitcoin will never cooporate, as far as I know, only the Japanese government accepted Bitcoin and cooporate to Bitcoin for improve their economy. While, other large countries do not accept Bitcoin and just see it as a stock, asset or goods normal.

[DrYe5]

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 don't think so that banks will disappear because of bitcoin. We still need real fiat in everyday life for our childs daily allowance, paying of tuition, etc., Maybe time will come that many banks will also tie up to bitcoin exchanger sites so that we can easily transfer bitcoin to cash and vice versa.

The banking system and Bitcoin will never cooporate, as far as I know, only the Japanese government accepted Bitcoin and cooporate to Bitcoin for improve their economy. While, other large countries do not accept Bitcoin and just see it as a stock, asset or goods normal.

I do not think it would be necessary at this time, but in time BTC banks may come in handy. At this time I would wait a bit as the situation will continue to develop.

[guesswhat]

I don't think that banks can disappear, as banks are supported by the government, and everybody needs them for loans.

i don't think so that bitcoin will disappear the bank system because every country need a bank system through bank system different countries are doing business and also bank system is old system and the trust of people on bank will never end but there is only small issue of taxes only. so bitcoin will never become so develop that it will disappear the bank system but it can reduce the customers of bank.

Bitcoin doesn't work to make banks disappear clearly. The aim and the reason of its existence is much more different than making the banks disappear. Bitcoin improved our lives during the past 5 years.

[salterious]

My read is that if they do stay in some fashion it will be limited what the banks will provide. They may serve as an intermediary between bitcoin transactions and other transactions but cant see a real point of them existing

beyond this. The ledger will be digital and so will the money, what real need will be left for banks coming 50 years+?

[Rishabh riyz]

My read is that if they do stay in some fashion it will be limited what the banks will provide. They may serve as an intermediary between bitcoin transactions and other transactions but cant see a real point of them existing

beyond this. The ledger will be digital and so will the money, what real need will be left for banks coming 50 years+?

The soul purpose of bitcoins was to give people financial freedom from banks and other third parties looking behind our earnings and provide even more privacy.
If banks become an intermediate between BTC transaction then they would probably peek into accounts and look at our balance.
Well having check on transaction is actually good , it avoids the anonymous transactions made for illegal activities .so giving some power to banks/government is important so that no one misuses this feature.

[Finestream]

I don't think that banks can disappear, as banks are supported by the government, and everybody needs them for loans.

i don't think so that bitcoin will disappear the bank system because every country need a bank system through bank system different countries are doing business and also bank system is old system and the trust of people on bank will never end but there is only small issue of taxes only. so bitcoin will never become so develop that it will disappear the bank system but it can reduce the customers of bank.

Bitcoin doesn't work to make banks disappear clearly. The aim and the reason of its existence is much more different than making the banks disappear. Bitcoin improved our lives during the past 5 years.

It can only improve if we take advantage on investing by holding it for a long period of time, bitcoin is a big success and we have proven that because we are supporters who believe decentralization is necessary in the future and it's not just a dream anymore as slowly we are seeing people adopting.
Banks will still exist but bitcoin will become a major competitor as people will choose bitcoin since it's cheap and faster in terms of transaction.

[adityakr56]

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?

The banks are not necessarily scared of bitcoin the currency, they are however scared of the potential disruption from the technology used in the Bitcoin infrastructure.
Banks are subject to inflation. They make profit from interest accrued from lending account holder’s money to remain active, but they are affected by external factors such as government laws and their issual of local currency.
Bitcoin, by keeping the supply constant, demand shall dictate the value of Bitcoin and given that value is being generated in each round of rotation, the value of Bitcoin shall only increase. Bitcoin isn’t affected by government laws and has a capped supply which keeps its motive in alignment with that of its token holders.

[real eyes realize]

I think it is impossible the disappearing of the banks by bitcoin. Yes, the bitcoin have brought many incredible innovations to economy, but I think existence of the banks will always continue in the future.

[wahyu5]

I think bitcoin cannot make banks disappear, Unless Bitcoin goes mainstream and gets mass adoption

[stadus]

I think bitcoin cannot make banks disappear, Unless Bitcoin goes mainstream and gets mass adoption

Which will not happen, only with the government support where we can see a massive adoption, but are they gonna support
to ruin their own system, I think the answer is very obvious, they are created to protect the interest of a certain country and they will support
those that they can monitor and control.

[ZENC]

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 Bitcoin can destroy banks. But not entirely. Conversion happens. Bitcoin banks turn into banks.

[AriannaSantosUU]

Now that I think about it, if bitcoin does make banks obsolete, there will be a rise in criminal syndicate activities as it will be easier to move money around with bitcoin transactions' anonymity. But back to reality, it's a very slim chance for this to happen since the entire financial infrastructure of a nation will need to be overhauled. And banks are too powerful to yield.

[eucliffe]

I really doubt that Bitcoin can make banks disappear, we all know that banks supports our government so its a conflict of interest, both bank and the government won't let it happen, they will either adopt to the circumstances or avoid it as much as they can, though I'm sure that they're going to protect their interest.

[YouKnowMe]

Banks adopt to the changing society, just like being analog to being digitalized.
Besides, bank employees have wide range of knowledge, I'm sure they're formulating ideas to  cope up with the fast growing popularity of crytocurrencies.
I don't think banks will disappear, Bitcoin/cryptocurrencies might just be used for their advantage.

[Loopper]

I think bitcoin cannot make banks disappear, Unless Bitcoin goes mainstream and gets mass adoption

Which will not happen, only with the government support where we can see a massive adoption, but are they gonna support
to ruin their own system, I think the answer is very obvious, they are created to protect the interest of a certain country and they will support
those that they can monitor and control.

I agree with you because it would not be possible that it would happen and this will be a difficult thing to explain.