Can Bitcoin make Banks disappear?

[BitRewardsTeam]

Banks will never disappear. Conventional usage of fiat , petty cash is still required in our daily life. Banks work very closely with the gov, and all theyneed is to ensure regulations of bitcoin and crypto is in placed.
All forms of crypto transaction has to go through the national banks for kyc/aml and recording. In this way, everyone will still requires some bank account to use crypto.

Can't fully agree! To some extent, banks are usless instance which simply gains a lot of money. Maybe some of them will stay  - at least those which manage governmental money, but for the ordinary people the system will change - for sure - why shall we feed the greedy bankers when performing simple sell-buy operations?

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[Afnan_faizah]

Bitcoin has no chance gaint banking instiautions. Virtually everybody in the globe utilizes a bank.st

Probably not to make bank dissapear, but most likely will reduce the use of by the people. The most important function of the bank today is to save money, But the methode of payment using paper money that is not fit in this era that is all required fast-pased. When people are get tired with paper money that slow, people will try to looking for the alternative that can help them like bitcoin.

[dillo666]

Nopes.i don't think so.
The banks will remain forever but may be they adopt virtual currency for transactions to make cashless transactions.

[Transformbitz]

Yes it will and part of the campaign of bitcoin is to change the world for a better future. bitcoin will help to eliminate 3rd party user and cut taxes and bigger fees for a single transactions.

[xandriel]

Although Bitcoin is the future of currency, I dont think that Bitcoin can replace the Banks. As you know, the Banks have many different missions, apart from the intermediary payment function, the bank also lends money to companies. Bitcoin can't do this

[annanava]

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 blockchain technology could change the perception of money, including the centralized part of the distribution of money. So we can say that cryptocurrency, may make disappear the banks. But to get at that point, is a very radical situation but I don't think that it will come anytime soon. So I think that the best right now, is to invest on cryptocurrency, especially in projects like propthereum.io

[Zooplus]

Although Bitcoin is the future of currency, I dont think that Bitcoin can replace the Banks. As you know, the Banks have many different missions, apart from the intermediary payment function, the bank also lends money to companies. Bitcoin can't do this

Bank promotes KYC in order for them to monitor their clients while bitcoin does not need any personal information from us, they are different by nature and knowing that our government makes a law to ensure they can monitor illegal transactions and one council they build is the AMLC which combat money laundering, with bitcoin, everything is possible even illegal activities and it might be rampant so the government will still promote the bank as they can control it.

[noorammak]

bitcoin will hardly replace banks now and even in very long future, despite it has many benefits that can be a good candidate to replace cash, but it still have disadvantages like slow in transactions, high fees, and anonymous, moreover, banks if fighting against bitcoin by using more advance technologies that can satisfy all people.

[Charot12345]

Bank will not disappear. People still needed banks. Even though many people are choosing biitcoins there still more people want’s bank to store their money especially those who don’t want to risk their money. And also I think the bank will improve their system to catch up with the popularity of bitcoin in the industry.

[slavla3]

I do not feel that Bitcoin can make Banks vanish at minimum in the near futureBut i think a lot more folks will leave banking companies as Bitcoin's expanding up every day

[johnrickdalaygon]

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.

[ubay]

I think it can not because banks have a big influence on a country. Precisely for the future banks will adopt the way bitcoin work by using blockchain.

[nicoly]

No, I highly doubt it. Bitcoin is a system that aims to facilitate transactions without the need for a bank. People tend to overlook the fact that anywhere where one transacts value in different forms inevitably forms an economy. There shall be tools and factors that influence this economy to cultivate it. Banks are just one of the factors that influence economy. Banks run within a different kind of economy. Banks are designed to safeguard people’s money, lend the same money to people that need them to collect interest and eventually have the money rotated within to generate maximum value per rotation.

[FameBroker]

I think that banks will not completely disappear, but they will have to adapt and implement the use of cryptocurrencies in general.

[aleksabat]

Probably banks will use cryptocurrency to cintinue their work, but who knows maybe in 20 years they will dissapear completly.

[iyan33]

In my opinion,nothing is impossible in this world,maybe for now there are still many bank users and while Bitcoin users may still be few.
If someday later people are no longer using the bank, maybe that's where the bank will be replaced and lost,so we just have to trust it and see what happens next.

[nithin@123]

I don't think Bitcoin make Banks disappear.And right now banks have more usage than bitcoin has.

[rayymat]

yes it can make banks disappear in long-term, let say we are in 2100 year, no banks only virtual currency

[ferdinandos93]

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 doubt bitcoins can beat fiats and the banks that hold them because of one thing: bitcoins and fiat money are two completely different things. One can never beat the other and vice versa. But for me, it reakky depends on the masses' reaction on whether or not bitcoins as a world wide currency, will help ALL of the people, whether poor or rich.

I agree with you but i personally think it cannot defeat banks because banks are made to stay forever and bitcoin is just till its all mined after that no one knows what will happen but the banks are forever and they will stay forever.

[feiss]

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?

Lets agree to disagree. Yes bitcoin will have an effect on the banks but bitcoin can never make the banks disappear. Why ? Because bitcoin is just a digital currency , it means that it has a chance to continue and disappear depends on the total of investors and creators of its currency while the bank is already exist in the first place when bitcoin appear in our world.