Can Bitcoin make Banks disappear?

[Airdrop Manager]

Rereading the old messages, we see that many people were visionary ahah! That's what worries me most about banks, how will they react when the bitcoin becomes more and more important?

[rfcdejong]

It seems to me that the banks are transforming their system and implementing the blockchain.  Also there will also be new specialized crypto banks.

[lepbagong]

Obviously very different needs, complementary possibilities are certain, and obviously better like that.

[Airdrop Manager]

Today, for the time being, banks can make bitcoin disappear. Not the other way around. Bitcoin is not yet heavy enough...

[8Habits]

Rereading the old messages, we see that many people were visionary ahah! That's what worries me most about banks, how will they react when the bitcoin becomes more and more important?

Those people (bitcoin holders in the past) that keep on holding on as much as they could, are now very wealthy - their patience in just a small amount of time pays multiple times over.

[Commitments]

I don't think so, banks own the world.

[Blackwhite69]

It seems the Bank will be able to adjust to there Bitcoin in the next day but is the Bank able to do that?

[8Habits]

Bitcoins will develop a structure of alternative banking, but it won't make the banks disappear. Banking is universally known and the banks has been used by normal people. It takes time for bitcoin to reach normal people.

bitcoin is really a good alternative to people that are transacting online. It is also a good investment to accumulate and hold because its price is continually going at high levels.

[kallen02]

It won't disappear, maybe banks will adapt bitcoin for all their transaction to keep their names in the industry. They always find a ways just to make sure people won't leave them and continue patronizing banks with the use of bitcoins.

[desanti]

I think the Bank will not disappear because not everyone knows or uses bitcoin.
there are still many people who use Banks from Bitcoin
so I do not think Bitcoin could make the Bank disappear

[ZZ8ZZ]

My friend sitting next to me just said "More like banks make the BTC disappear"  seriously I have no idea, but BTC is getting more and more powerful day by day. Most of us plan to buy BTC and then sell our coins for cash, where do we store this cash ? -> In the banks !
BTC can destroy the banks only if people have no use of banks anymore, but sadly I don't see this happening in the near future.

[riyaz1539]

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,but

Are they catering to the same economy ?
Banks are present to safeguard customer’s cash holdings at a given time and lend them to those in need to collect revenue in the form of interests, that involves a central authority catering to needs of the public. They usually cater to specific locations and factors that decide their existence is the ratio between people having accounts/money in the bank to people willing to borrow money at set interest rates. Value of currency is subject to inflation. Tokens(Paper currency) aren’t capped and are issued by the government.

Bitcoin is an investment similar system that isn’t controlled by a central authority, but instead controlled by consensus. Bitcoin can be accessed and obtained by anyone with access to the internet but does not cater to the needs of the general public on an ad hoc basis. Any changes to be made are made on a consensus basis. The system controls the number of tokens(21 million) that can be issued/revolved ensuring that rotation of Bitcoin shall only increase its value.
By keeping the supply constant, demand shall dictate the value of Bitcoin and given that value is being generated in each round of rotation, the value of Bitcoin shall only increase.

Conclusion: No, they aren’t catering to the same economy.

Are they following the same or similar economic models ?
Banks are to remain profitable from the interest they make from lending leveraged account holder’s money.
Bitcoin shall continue to exist if the demand for its tokens continue to grow.

Conclusion: No, they aren’t following same or similar economic models.

Are they generating a high value per rotation of money within the system ?
Banks are subject to inflation. They make profit from interest accrued from lending account holder’s money to remain active, but they are affected by external factors such as government laws and their issual of local currency.
Bitcoin, by keeping the supply constant, demand shall dictate the value of Bitcoin and given that value is being generated in each round of rotation, the value of Bitcoin shall only increase. Bitcoin isn’t affected by government laws and has a capped supply which keeps its motive in alignment with that of its token holders.

Conclusion: Yes, both generate a high value per rotation within their system.

How flexible are they in moments of need/ crisis ?
Banks are limited by flexibility to help their customers as long as they remain profitable. Banks, being controlled by government and a central authority plays an important role.
Bitcoin are only as flexible as its consensus deems it to be. Bitcoin on being controlled by consensus and demand plays an important role.

Conclusion: Both are flexible and inflexible within their very own spheres.

Are they sustainable in the long run ?
Banks are sustainable as long as they continue to make profits from leveraging loans and account holder’s money.

Bitcoin is sustainable as long as there is demand, community and transactions happening within.

Conclusion: Both are sustainable in the long run as they cater to different economies.

Bitcoin and Banks are catering different sections of our society.
Sure, one might hamper another, but I don’t think it is enough to erase one’s need to our society.

I’ve used a couple of comparisons to validate its need although there are a lot more factors that come into play when economic models are concerned.
Both have had considerable thought and work put into its making and hence both remain unique within their own spheres of influence.

Ref:
Economy - Wikipedia

I hope this was helpful.

Good Luck!

[weredo911]

In my view, In the future, If Bitcoin can solve its weaknesses about transaction speed, the fee,.. Besides, Bitcoin is legal in all countries in the world. Bitcoin can replace Bank in payment.

[SummonKing2]

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?

 

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.

[boddy.dy]

It won’t! There are many things that bank can do that bitcoin cant. This is one of it, we can only send bitcoin to become money to other persons but we can assure that the bitcoin we sent would be the same price when they will claim it, we all know that the price of the bitcoin may go up or down in any time and with no reasons.

[Rggadi]

i dont think bitcoin can do that , but surely a digital monnaie will do , like email has make postal s
mailing disappear

[didoubk]

Electronic currencies like bitcoin are beyond the control of monetary institutes. But they did not say their last word.
We will have a great war between Bitcoin and Banks in differnt countries.People find it easy to stock their money in a blockchain instead of a real Bank with taxes.

[12tribes]

Not exactly. Banks still act as a safe keep house for wares like diamonds, gold and other important and much needed valuables. So let's say, bitcoin throws fiat money out, there will still be a role banks still get to play.

[Xester]

Electronic currencies like bitcoin are beyond the control of monetary institutes. But they did not say their last word.
We will have a great war between Bitcoin and Banks in differnt countries.People find it easy to stock their money in a blockchain instead of a real Bank with taxes.

 Exactly.  Bitcoin is the new money and currency.  It has given a lot of opportunities to people in different walks of life as well as it does not have any considerations or requirements if you want to have one.  Having a good amount of bitcoin, one can become rich.  Because of that banks will be threatened and the government will do something that digital currencies would not take over banks. 

[miyami]

Banks will not disappear... They will offer new services connected with bitcoin
1. Purchase.
2. sale.
3. storage.
4. loans in BTC.
Banks for money will do anything.