Can Bitcoin make Banks disappear?

[nareshrohra]

No, the banks won't disappear. Infact they will revolutionalize themselves with blockchain. Many big banks are coming with their own blockchain. The current high rate of transfer is a impedance to many. The speed & low cost of transaction in blockchain will increase the use of online transactions within/outside country borders.

[dreamer81]

yes it can, and it will. The days of banks are numbered. However, what is more important is that the governments grasp on the peoples wealth is also going to dissapear, this is where the real war starts. since the medivel times, governments have always collected tax, and once they are unable to do so, we will see problems arise.

[osasshem]

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 won't go so easy for bitcoin to make banks disappear, this will have to be a heavy battle that might lead to no winning, rather, they will both accept to work with each other.

[fearcoka]

Bitcoin can not make banks to disappear, it will only make the banks to diversify. The banking sector have been in existence for many years now, their operations are not only approved by the Government but also approved by the members of the body. The banks have a regulating body called the central banks, so the banks have already gotten a solid foundation so talking of disappearing as  a result of an Emerging Bitcoin which though is gaining ground in many counties of the world, but yet to be accepted in some countries,even when accepted by all the countries, bank may key into the Bitcoin Business as well.

Yes both have their own importance. You cannot compare two neither can deny one’s importance. Both are good in their own way, still many people prefer banks because they feel more safe on that side and some are getting into crypto so to earn more. Anyhow bitcoin cannot make banks disappear but can give a tough competition to it.

I think its possible for bitcoin because in short time bitcoin have done a lot of things which was not possible like bitcoin replace other crypto from market and its price is high on any currency it also reduce un employment in many countries so I think it’s not a big deal for bitcoin to disappear banks but I think bitcoin need little time more.

"Bitcoin replace other cryptocurrency", this is the problem of the cryptocurrency world, so I think it is not related to make the bank disappear in future. However. Bitcoin is really helped many unemployed have jobs to make money while their country can not provide any job for them. This is a plus point for Bitcoin while the government and the bank can not provide for us.

[BraveSpirit]

I think Bitcoin can't make banks disappear. If ever bitcoin slowly replace banks, people will transfer into bitcoin and the government won't let it happen. However, banks offer services that would make people still stay in a bank. One great example is the secureness in a bank. It is still safe when depositing a big amount of money while in bitcoin, it might lose when you invest it all. Nonetheless, both can exist in the market at the same time.

[KingOfWinterfell01]

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?

Very very unlikely because bitcoins have their own level. Bitcoins are on a very different level in terms of competition. Bitcoins today are usually used for transacting with internet goods and some stores like Microsoft. Money however are on a larger scale because it has more supply than bitcoins. The price of fiat money is very stable. Considering how much of an impact bitcoins have on money does not determin whether bitcoins will totally eliminate banks.

[MAJICOIN]

I think NO bitcoin can’t easily disappear banks because the banks are very big industry which is operating actively for the businesses. The function of the banks is to save money for the public and to lend money to big companies on a interest which they are distributing among the accounts holder so we can say that banks will operate it will not disappear.

[pokeronlinestatus]

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.

It all depends on the government. If the government is willing to accept this change for the betterment of not only the people living in that country but also for the betterment of the economy of the country, then there are likely chances of this thing to happen.

This is no doubt quite a time taking process and it will not happen in the near future. The thing is you can always hope for the best.

[19faraon88]

I think not, because there still people who are not believing in the power of Bitcoin. Also, some people's mind reject new era of currency.

[ihsanskanzaone]

No.
There are more people using banks than bitcoin right now.
This won't change over night. Some people are used to what they are using right now.
They won't just adapt in a flash.

Yeah lets say for me in my family they use banks I don't think they will just like to see bitcoin growing and bank disappearing.
I think the bank will just convert the money of the people to bitcoin, but they are to much people that they don't use bitcoin so yeah.

If you begin to see the world increasingly changing from the means of communication, transactions and other tools have begun to the modern world where people prefer to live with the various technologies and conveniences provided. I see bitcoin is the beginning of a very profitable modern transaction tool and already has a lot of interest if the bank did not immediately update the technology in terms of transactions then did not rule out banks will disappear because people will tend to choose the ease provided by technology.

[Kakawate]

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?

Banks are owned by business men, these people are smart people, they know how to act according to the situation, I think they will somehow end up making a way for them to not lose their businesses, Bitcoin has the capacity to turn banks into nothing, thats what I believe.

[leemaster]

Banks will definitely not let this. Bitcoin's main problem is the goverments.

[websoftwareengineer]

Banks and fiat are nearly the same, They cannot disappear easily because there are many people that are relying to them. Bitcoins is the mainstream as of today but it is not enough for banks to disappear just because it is famous to everyone.

[sangwookie]

To my mind bank will not disappiar. I think bank will make colaboration with blockchain and become a part of this global system.

sure, in an ideal world this would happen, however, I'd never trust the banks nor the governments. They are planning for every contingency and bitcoin is now on their radar. Let's see if the blockchain can modernize banking. I mean in the states, they still use paper checks. Crazy!

[runling]

Future bitcoins may outperform Banks,but not Banks.

[Open4lies]

To my mind bank will not disappiar. I think bank will make colaboration with blockchain and become a part of this global system.

sure, in an ideal world this would happen, however, I'd never trust the banks nor the governments. They are planning for every contingency and bitcoin is now on their radar. Let's see if the blockchain can modernize banking. I mean in the states, they still use paper checks. Crazy!

Apply blockchain in banking system does not mean they will accept the cryptocurrency using blockchain technology for the world's economy. They can use this technology to protect their data, but they do not like to accept anything can affect their benefit like cryptocurrency.

[shezu007]

well considering that our world is ruled right now by the bankers , let s hope it is not the bank who will make bitcoin disappear lol

I think No, because banks are very important for a state or country but in future bitcoin can reduce the use of banks for local or normal people because of it special qualities as; easy transfer worldwide , very less transfer rate and high rate. In future bitcoin use will be more than banks in result the banks will contract bitcoin for trade.

[brickafterbrickwalldpt]

The banks as in the current state of them might change drastically if Bitcoin ever becomes enough of a force to make the people in charge of them to rethink and restructure banking to accomodate themselves in such an event. Thing is, bitcoin still needs a bit of a push, the topic is being discussed more and more everyday, but it isn't influencial enough to for example make the news stations in every nation go nuts about it. As for making banks disappear entirely? Not a chance, unless we're going to live in postapo world where anarchy reigns supreme haha.

[NavySeals]

well considering that our world is ruled right now by the bankers , let s hope it is not the bank who will make bitcoin disappear lol

I think No, because banks are very important for a state or country but in future bitcoin can reduce the use of banks for local or normal people because of it special qualities as; easy transfer worldwide , very less transfer rate and high rate. In future bitcoin use will be more than banks in result the banks will contract bitcoin for trade.

No matter what you think, banks will never disappear from the economy. They will stay right there. They have great economical authority behind them, they can't lose against bitcoin or any other digital asset.

[Famnant]

No, i don't think so, banks will never disappear , they are the main source of money in the world and the Bitcoin can easily disappear because after all it is just a cryptocurrency.