Can Bitcoin make Banks disappear?

[Shannykhan44]

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.
Bitcoin’s economic model differs from that of a bank.
Cryptocurrencies (bitcoin) might solve a problem that banks do too,

[1714641854]

1714641854

[Northrop]

Bitcoin may have those banks disappear in the future but no one can tell if that will really happen. Bitcoin's purpose is to become a worldwide currency but no one knows if when will it happen.

[jostorres]

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?

Both have their own roles to play in the future.
I don't think bitcoin will make banks disappear because bitcoin has it own issues and limitations.
Bitcoin and banks both have their limitations and advantages, people are the ones to choose best for themselves.
   

Well I think it will disappear banks in future because of decentralized economic system i.e. there will be no need of banks for monitoring for international transactions because in decentralized economic system bitcoin users will only be responsible for their actions. Beside all this it will be tax free. And this will make your transactions safe and sound and the sole reason behind such fame.

[Carrody]

Yes, but not soon. Most people 40+ trust only banks.

[dbutp]

Bitcoin can not make the bank disappear. Although bitcoin has many benefits and many people use it but Bitcoin deals are free, the government can not profit from bitcoin. so bitcoin is forbidden.

[mevmike]

for me as of now this kind of scenario is not yet possible to happen.
since most of the users today treats bitcoin as an investment or an asset.
and not as a money, therefore we can say that banks weren't affected that much yet because of the emergence of bitcoin.
i believe that before bitcoin can be a threat to banks, users must first be able to use it as they use money.
but as long as this isn't happening then bank will not be gone because of bitcoin.

[arthotdog]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

correct mate banks will be banks and they would let they're business disappear,as what an old man saying is IF YOU CAN HIT THEM JOIN THEM.so if crypto dominantly take all the transaction and storage banking system has no choice but to adapt the settings of crypto and make a great deal on it.so they wont be vanished and continue business together

[Miles123]

No, Bitcoin can't make banks disappear because banks will long last and it can help to save their money for our future. Banks will make a change in their business, but they won't go because there are many people are earning in banks. Bitcoin has a very big help in our life.

[Mobshady24]

nope, bitcoin and cryptos are evolution of our current monetary system but i believe that banks will still play an important role for the economy in the future and they will get together with digital currencies.

[aftab.436]

nope, bitcoin and cryptos are evolution of our current monetary system but i believe that banks will still play an important role for the economy in the future and they will get together with digital currencies.

I think bitcoin can create a great impact on the banks but banks can’t be down because banks play a very good rule for government. But bitcoin will create its own world due to some unique qualities such as; high security of the bitcoin and easy transfer throughout the world and cheap rates for the transfer of bitcoins etc.the rising value in market in such a rapid rate is also a factor that will create a great impact on Banks.

[Kajevy]

Yes because P2P make transition easy without pay  a lot  we need 10-40 years to destroy bank

[hynext]

For me, banks will not disappear. They will upgrade their system, duplicate bitcoin and make own coin too. We need fiat money to buy our basic needs. In case any stores accept bitcoin maybe i never use banks anymore. But banks will not disappear because of government.

[CIiff0rd]

Absolutely not , banks could just adopt into the currency of bitcoin from which there would be bitcoin banks ...

[missyqt29]

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 will still need more years, perhaps decades, to mature more and be known by the majority of the world population before they can take over the banks in saving money. There are some things that banks have and cryptocurrency don't like loans. While bitcoin  can offer higher interest if you save up your money there. Let us just wait and see who will win in the end.

[Fizpok]

Banks is not about currency they use. It is group of people, worldwide, that controls production, military and government. Bitcoin... it is just a way to send money.

[Hoganye]

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 will still need more years, perhaps decades, to mature more and be known by the majority of the world population before they can take over the banks in saving money. There are some things that banks have and cryptocurrency don't like loans. While bitcoin  can offer higher interest if you save up your money there. Let us just wait and see who will win in the end.

Bitcoin does not offer any interest like bank, it is an investment asset, so you can buy it to investing for long term or short term depend on your target. But unlike bank, it can not call is a safe place to saving money. So, I think the role of bank is still important for anyone want to have a best place saving money.

[Zooplus]

For me, banks will not disappear. They will upgrade their system, duplicate bitcoin and make own coin too. We need fiat money to buy our basic needs. In case any stores accept bitcoin maybe i never use banks anymore. But banks will not disappear because of government.

They will continue to operate as people are still liking the centralized system and more regulated is safer for them.
Bitcoin is just another option but I do not believe it will become more powerful than the banking industry.

[Faxmate]

Bitcoin may have those banks disappear in the future but no one can tell if that will really happen. Bitcoin's purpose is to become a worldwide currency but no one knows if when will it happen.

I think if we see the history of bitcoin so in short time bitcoin achieved a lot of things as we know that bitcoin replaced other crypto from market so there is no doubt that bitcoin can replace banks as well but as far as I know that it will take some time because it’s a very big challenge to bitcoin so I’m sure that it's possible for bitcoin.

[rxtwo]

I don't think so that bank can disappear so easily. Even if they do, it will take decades.

[mathiaslivis]

According to the current trend analysis, bitcoin is really likely to make the bank finished. I have to say, your speech is very meaningful, and I think it is very discussion