Can Bitcoin make Banks disappear?

[bujurpanci]

Banks not disappear, but certainly reduced. The solution, banks must be innovate so not to be eliminated by bitcoin. Bitcoin has become a financial system solution that has been dominated by banks.

[rey.fudz15]

Simply No, banking systems what makes up most of the economy of a country, without banks every establishment might not function at day to day basis. Banks might get affected if they do not cope up with the rise of cryptocurrency but i know they will not vanish just because of that industry.

[yoseph]

Banks not disappear, but certainly reduced. The solution, banks must be innovate so not to be eliminated by bitcoin. Bitcoin has become a financial system solution that has been dominated by banks.

With government has a central bank and as long as the country stands, the central bank is going to be in existence and there is no way that any government is going to abandon their local currency for bitcoin.

[BlueFlare Magazine Co.]

It is not possible.

Can bank adopt blockchain? I think..

[jangangilaya]

Banks in the future will offer or their coins with a share of their profits,working like shares,as they can offer some services related to bitcoin,the thing is we dont know what tomorrow may bring to bitcoin,we all know that bitcoin has a huge potencial soo currently bitcoin hasnt power to make banks gone ,but who knows maybe one day.

[emmanborromeo67]

for me everything can be replaced by a brand new idea. Those people that were in the barter system might thought that their payment method will never be replaced ever just like how you think fiat and the banking system will never disappear.

[Sophiea]

I think no because bank is already here since then so I think it will be hard to abolish, maybe if bitcoin will publicize maybe there is a condition regarding on this.

[mingxiao]

Of course not, bitcoin and banks can co-exist. The function of bitcoin and the function of the bank do not affect each other. The bank does not have the function of bitcoin, so bitcoin will not replace the bank.

[Alok_Yadav]

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?

This is a complicated question. 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.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

[emanbea1234]

for me so it wont be easy to pull down banks. Maybe of could rob one bank in many places at the same time you could take them down.

[JRoa]

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 can't do that. Bitcoin and banks have both importance in the society. Many people uses their banks because they they store their money there. Bitcoin doesn't have enough power to make bank disappear.

[X2PR8888]

I don't think banks will disappear with the growth of bitcoin. Instead, they will or may adapt to how the bitcoin system works so as to keep up with the trends.  I'm just not sure how but banks will have to modify existing policies to do so.

[valentine401]

Disappearing of banks is very far from reality, Maybe bitcoins has very high amount of value that is keep on increasing but not everyone has knowledge about crypto currency and has the ability to earn bitcoins. Still banks will be very reliable.

[sqid]

If bitcoin remains an unregulated decentralised peer to peer payment system then it is a certainty that banks are no longer needed. 

[websoftwareengineer]

In my own opinion, No it cannot. The banks are already here without bitcoins appearing in the internet. Banks are still reliable for those who does not knew how to earn bitcoins like in low class families.

[pavelv3]

I believe people will still employing Banking companies and banking solutions because it really is necessary today and Bitcoin even now want much more usability to change it

[Scallywag]

It is gonna be a hard selling point when the btc network is under attack as it is now. If a couple of whales can do this , than a government will take it down very easy.

[henry1116]

I don't think it's possible.
What's more likely is that banks will actually incorporate bitcoins into their work and start to use them just like other currencies.

[Ngewex Yuk]

In my own opinion, No it cannot. The banks are already here without bitcoins appearing in the internet. Banks are still reliable for those who does not knew how to earn bitcoins like in low class families.

Yes, I'm sure that whatever happens with bitcoin will not create a bank disappear, this is because banks are fully supported by the state, maybe someday banks will accept bitcoin as a type of savings.

[watchurstep45]

no way it cant happen. It's really hard that Bitcoin makes banks disappear because simply people still using banking services a lot more than Bitcoin till now , and also even Bitcoin this banking services to get converted into fiat.