Can Bitcoin make Banks disappear?

[Naoko]

for me it's completely different structures of the economic market...maybe they can compete in some sense, but never one will supplant another

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[Gotumoot]

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?

We can not say if bitcoin can afford to lose the bank in the countries. Many people are more likely to use the bank than bitcoin, bitcoin because they are not yet familiar with the countries. He is not yet well known or that we have not yet been legally recognized in other countries that are supported by bitcoin. But I do not think that the bank will lose the world, it's better to use it in the eyes of others. Bitcoin because they are not well known in around the world.

[elie_s]

If governments around the globe gave no restrictions to bitcoin bank as we know it will disappear this process is gonna take a lot of time to happen  and it all depends on the spread of bitcoins around the world

[P60]

I'm sure bank will always stay because we always need the services which the bank offers such as loans and credits. If bitcoin has this kind of services maybe they can really make banks disappear.

Yes, because a lot of people are not dependent on their services. Also, Banks will stay because of its power worldwide. Bank is introduced first before Bitcoin and it became widely known because of the advertisement on social media and TV commercials. The built trust are stronger, it may not give a high value of  interest as you invest, but as what you have said, bank offers loans and more; one of the reasons why people are supporting it.

[Snub]

Banks will exist till fiat exists,and if someday we could pay for everything with BTC that will be the end of banks

[mylyn2327]

im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...

A bank can disappear because some get bankrupt or face crisis. But other banks might buy it and merge to their recent bank. So bank cannot totally disappeared because of bitcoin. There will be war against each other but banks are hard to get down. Even though all people will be familiar with bitcoin doesn't mean bank will disappear. And i am looking forward to what bitcoin will be in the future and i am hoping it will be stable as banks are today.

[RakknRoll]

From the potential of bitcoin in electronic banking industry, there is no doubt that bitcoin can dominate the bank in future and consider cryptocurrency as a standard industry in any means of financial transaction.

[Lannie25]

The big rival or threat of commercial banks is cryptocurrency, especially bitcoins. From the performace of company and management of bitcoin it brings them to the number one spot in this field. The good principle in decision making, strategy management, well detail plans and wise financing helps them to become more productive and efficient. From this they receive lots of awards and achievement which bring a threat to the bank that they can be beaten by bitcoin in future.

[Crypto4K]

Bitcoins can't make banks disappear because very soon all the banks will come on board and offer bitcoin transactions. Banks play a major role in the world's economy and so they will have to fuse their services together.

No. We play a major role as the customers. If no one uses a bank again, but lends money directly in a peer-to-peer system - what's their role in the economy???
Get yourself seriously informed about bitcoin PLEASE. It's all about the CROWD.

GET INFORMED - BEAT THE BANKS
https://www.youtube.com/watch?v=Zc41H8oqPik

[Lossika]

Banks are the way to make money! They will then give out loans in BTC!

[Crypto4K]

Banks are the way to make money! They will then give out loans in BTC!

no. get informed. 

[8Habits]

The big rival or threat of commercial banks is cryptocurrency, especially bitcoins. From the performace of company and management of bitcoin it brings them to the number one spot in this field. The good principle in decision making, strategy management, well detail plans and wise financing helps them to become more productive and efficient. From this they receive lots of awards and achievement which bring a threat to the bank that they can be beaten by bitcoin in future.

Bitcoin is just an alternative to fiat money in our online transaction and investment. We should not compare it to banks as it is just an alternative to people in their online and maybe some offline transactions. However, there will always be the majority who will still use banks in their brick and mortar transactions.

[cryptadikt]

10 years, crypto currencies are accepted and actually used to buy and sell goods, and banks may start to be even less current. Anything's possible!

[jayram]

Yes, bitcoin is actually designed to replace the current banking system which in the process makes banks disappear. The competition right now is it negligeable in favor of the banks since only a small portion of the population uses bitcoin, but if we can look into the whole structure of cryptocurrency, we are starting to see that the banks are now scared, this is why they are lobbying the government to ban or restrict the use of cryptocurrencies in their country.

[Japinat]

Yes, bitcoin is actually designed to replace the current banking system which in the process makes banks disappear. The competition right now is it negligeable in favor of the banks since only a small portion of the population uses bitcoin, but if we can look into the whole structure of cryptocurrency, we are starting to see that the banks are now scared, this is why they are lobbying the government to ban or restrict the use of cryptocurrencies in their country.

If that would happen I hope this will be for the benefit of the majority, banking industry is just so big that is hard to replace because they are created by the government and they have been part of our life for a long period of time, I mean they have already created reputation why people trusted them to entrust their hard earned money.

[tatum506]

can not. Transactions can not be changed. The bank is still a safe place for your money. and the bank is managed by the state, when you encounter a trouble. the bank can help you. Bitcoin is not.

[huynotientao]

the bank may disappear in the future. But now Bitcoin can not replace the bank, it is still a safe place for your economy. and banks are accepted and protected

[The Monkey King]

If bitcoin transactions continue to increase and larger than the bank then it will be a threat to the bank and could make the bank disappear. but for the near future it seems difficult to achieve, it took at least 10 years to make the bank disappear.

Yeah, maybe it'll happen soon. Cause the number of country that legalize Bitcoin is increasing and when a government legalize Bitcoin in their country that mean there will be a lot of troubles that Banks will have to front cause it's really hard for any Bank to make a decision that accept Bitcoin in their Bank or not cause if they accept it they will have to have enough ability to control it but as I know to totally control is not easy that why Bitcoin is not legalized worldwide. Beside, IMO Bitcoin owner will not send their Bitcoin to bank cause there are a lot of ways for them to keep their Bitcoin safe without banking and they also prefer use their Bitcoin to invest in trading or something else like that to send it to bank to receive monthly interest.

We can't tell. Of course as we can see nowadays we are living a world where banks are accepted. Sooner maybe bitcoin can make some increase in banks. However people are much more dependent on the banks because we think that it is safer to invest them and ut is acceptable in our economy.

[RaymanC.]

No I do not think the bitcoin can let banks disappear the banks are already too big to get destroyed by it.
The bitcoin is also still depending on banks, fiat...

[cabitu]

I think the bank will never disappear. They will add more and more pleasure to satisfy as much as possible the interests of people and themselves as it may happen. So can change the name in the future or the other, but still its function - make money for the wishes of others