Can Bitcoin make Banks disappear?

[acener]

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 depends upon the innovation of the banks around the world. As of now, banks only accept money only if it has physical form. Any transaction made in the bank should always have a physical form, even credit cards after the due needs to be paid with physical money. Unless, the banks will not change that rule that they have then bitcoin might make banks extinct as well along with physical money.

[krishnaverma]

I do not think banks will disappear in near future. Currencies they are dealing with may change in future.

[November11]

I think this is possible after TWO GENERATIONS

[ken0203]

bitcoin will not make bank disappear, the only possible thing is bitcoin will compete banks, and it start start in this year, but some event will decide decide how long and how far bitcoin will make bank feel awfull with bitcoin existence. For now and maybe in the future too, we still need banks to convert it to fiat.

[Tiger Junk]

I think this is possible after TWO GENERATIONS

Well that is very impossible to happen because banks is very special so bitcoin will never have a chance to make banks dissapear, and for me in the future bitcoin is will also be use by many people and in the future also bitcoin can do what the banks can do.

[Neglected Person]

The people would not leave banks with the establishing of bitcoins, as the bank do not only for saving or investment of public fiats.

[Karmakid]

I don't think banks will disappeared maybe banks will started to accept bitcoin and learn how blockchain system works or maybe banks will be under of bitcoin.

[Mr.Stemafon]

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.

I do not agree with you because if it disappears the chance of hackers attacking bitcoins will be a lot bigger i think that it will be a good idea if banks applied blockchain technology into their banks this way it is kind of both.

[Crypto4K]

I don't think banks will disappeared maybe banks will started to accept bitcoin and learn how blockchain system works or maybe banks will be under of bitcoin.

Most likely they will try to copy the existing blockchains and just like tether, make up money out of nothing... AGAIN.
We have to use this extraordinary possibilty and use cryptocurrencies in the way they where designed. Peer-to-Peer.

Banks will definitely take a share in the market and why not. But it should be a matter of choice for us users. And a non manipulable and most of all a democratic form of money that we should all use.

Like that? Follow me on Twitter @Crypto_4K or Telegram @Crypto4K

Thanks, stay safe.

[Bitcoinstein]

disappear is a really rough word, but look at the crypto market cap! 255 billion dollars.
The bigger it get, the less the banks do. I guess we need to wait until a point we get to Trillions and we will see the reactions.

[Kathan]

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 will never disappear.
They are one of the essential things in capitalism.

Crypto Currencys are revolutionary, but not in how they are distributed, only in how they are able to be used.
The Bitcoin for example makes things easier as we have ever dreamed of 20 years ago, but it does not change the way our financial economy is running.

Banks will adapt BTC as soon as the price normalizes and the demand is higher due to more popularity.
One will open up a store in your local area giving you loans of BTC as more and more people are likely to get them Coins.
You can keep the BTC in your personal wallet, but what if i tell you, that i will give you 4% interest p.a. if you just put your BTC in my hands?
You can look at your actual balance anytime as i show it to you in your bank-account and you can use it as yours..but in the time you do not use it, i will lend it as a loan to others and keep showing you that your BTC are still there.  Thats how banks work and i see no reason why BTC would change this.
Now thats not profitable and too risky for existing banks..but it will be as bitcoin succeeds in growing.

It will not replace fiat money..but it will be treated like any other currency.

I do believe in Bitcoin and i would love to see it become more usable.
Like buying things from around the world without paying high fees.

[lestariptr]

I think the bank will not disappear because I think everyone needs it to make their lives easier. Besides, it is not possible to make the bank disappear
Unless you are stronger than government in every country.

[olegna17]

I don't think it will happen because banks have an important role in every country and I don't think the government will allow this to happen.

[DoublerHunter]

I don't think it will happen because banks have an important role in every country and I don't think the government will allow this to happen.

I agree with you. Government is one of the organization that will question bitcoin for making the banks disappear because if they will allow banks to disappear then it will be a huge problem for them since almost all the business are flowing in the banks because banks is the very first place to put money because of their security so it is very impossible for bitcoin to make banks disappear.

[shanksluffy]

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 think other banks innovate their system like adding bitcoin in their system

[CowboyKiller]

I don't think it will happen because banks have an important role in every country and I don't think the government will allow this to happen.

I agree with you. Government is one of the organization that will question bitcoin for making the banks disappear because if they will allow banks to disappear then it will be a huge problem for them since almost all the business are flowing in the banks because banks is the very first place to put money because of their security so it is very impossible for bitcoin to make banks disappear.

Banking system is a tool to help the government have money through lending. Of course, they also have money from tax, but the fact, almost the rich countries always recommend the people deposit and keep money in bank or assets instead of holding it at home.

[coat47]

The bank will evolve or transform and maybe in the future, we could borrow money via a blockhain platform  held by the private company and also by the bank.
I would answer No, because a bank is also here to lend money to the Local businesses or for people like you and me to buy a house etc 
Don’t forget there are much more small and medium-sized enterprises than the wales. It is these small and medium-sized businesses are the lifeblood of the country.

[Crypto4K]

The bank will evolve or transform and maybe in the future, we could borrow money via a blockhain platform  held by the private company and also by the bank.
I would answer No, because a bank is also here to lend money to the Local businesses or for people like you and me to buy a house etc 
Don’t forget there are much more small and medium-sized enterprises than the wales. It is these small and medium-sized businesses are the lifeblood of the country.

You never questionned where the money came from. If 20 million people add up 10€ it's 200 million. So why would I have to go to a bank to take a credit? It's just about organizing the people and the money for a business that is worth lending the money! ICOs are the best example for that. No banks involved, but money flowing. So you don't need banks for lending. The bank is just an intermediary, but with protocols that make it possible to interact even on a non-trust basis, everything is possible.

Watch this please: https://www.youtube.com/watch?v=Zc41H8oqPik

[marjohn]

I don't think so, banks will remain as it is and that's only my opinion.

That only one who can answer that question is the one who can witness what will happen in the future.

#Thoughts
#MorePower

[tikaka]

I do not believe that bitcoin can make banks disappear. Because bitcoin can not replace traditional coins. The government will not let this happen. Bitcoin will develop along with many other currencies and the bank will accept bitcoin.