Can Bitcoin make Banks disappear?

[Blocklock]

I think the banks are not going to leave bitcoin. And will not need the concept of smart contracts.
At the decision of problems:
 security of data;
speed of transactions;
the rule of law .
- will not require a complex banking structure at great cost and effort.

What do You think about this forecast?

[mirakal]

I belong to the school of thought that banks will never disappear, but will continuously innovate and that means in the nearest future all banks have to find a way to accommodate crypto currencies into the main stream financial system, and this will do a lot to help crypto currency evolution

Banks support real money, bitcoin is not because it's only a payment system, the rule of the bank is to serve the people and make income from their service, they are not like us who like to take bigger risk because that is against their mantra, in fact when I was still working with the bank, we were always thought on risk management and we are advise to take always take smaller risk that could give good reward, it doesn't matter if it takes long as long as it has a little risk and we can be successful. Bitcoin is different, it's like gambling where we can make instant money, hence it's considered as a high risk activity.

[RamBahadur.Gurung]

Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

This situation is not going to continue for long. Either Bitcoin will be replaced by some other currency such as Bitcoin Cash or Ethereum, or it will adapt to the needs of the users by increasing the block size.

[maynguyen]

Although bitcoin is growing, it's price is high, it brings many benefits to people but it still can not replace the bank. The bank has a long history and it has some benefits that bitcoin does not. Banks can lend money to anyone, but bitcoin is not possible.

[ronremsey25]

Banks will not disappear because banks offers services that the bitcoin can't. But maybe in the future Banks will develop and will offer cryptocurrency account. In that way the banks will evolve and stay in track in the world of cryptocurrencies like Bitcoin.

[bbjay]

Banking sector of the economy will continue to exist irrespective of active progression of bitcoin. The only problem for sure is that banking activities may not be booming as before since many bitcoiner can do without bank. Infant some banks may close down if not properly managed or due to overhead cost as a result of low customer turn out.

[newguy05]

Currently all financial sector resisting on cyripto currencies to cut their income, but at the end they should adaptate it, the system should be change.

[newguy05]

Australia will be the first stock market to use a stock exchange block-chain technology. Other stock exchanges are preparing for this kind of transition.

BLOCKCHAIN SHOOTING

Finally, after the passage of the blockchain technology that comes to the fore, the Australian stock market will be the world's first block-chain stock exchange. The Australian Securities Exchange (ASX) has announced that it will use this technology to conduct clearing and custody transactions. The move began in January 2016 with the aim of building a block-chain-based system with ASX's partnership with US-based block-chain initiative Digital Asset Holdings. The stock market will start its main lines of new technology transition in March.

Changing, changing...

[Pan Troglodytes]

Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

True, I have been waiting for the transaction with a nice and decent fee to get confirmed since Monday and it is not confirmed and no prospects that it will get confirmed anytime soon as the number of unconfirmed transactions is growing day by day.

On the other hand, I have made a few bank wire transfers and a few micropayments for Christmas and it was a smooth experience.

[bug.lady]

Australia will be the first stock market to use a stock exchange block-chain technology. Other stock exchanges are preparing for this kind of transition.

BLOCKCHAIN SHOOTING

Finally, after the passage of the blockchain technology that comes to the fore, the Australian stock market will be the world's first block-chain stock exchange. The Australian Securities Exchange (ASX) has announced that it will use this technology to conduct clearing and custody transactions. The move began in January 2016 with the aim of building a block-chain-based system with ASX's partnership with US-based block-chain initiative Digital Asset Holdings. The stock market will start its main lines of new technology transition in March.

Changing, changing...

Yes but you are speaking here about building a blockchain into existing infrastructure. It by no means implies that the Austaralian stock exchange nor Australian dollar desapears. And bitcoin is not replacement for it neither.

The authorities are simply taking what is best in bitcoin technology (the blockchain tech) and using it to their means in a centralized way.

[Twinscoin2017]

Australia will be the first stock market to use a stock exchange block-chain technology. Other stock exchanges are preparing for this kind of transition.

BLOCKCHAIN SHOOTING

Finally, after the passage of the blockchain technology that comes to the fore, the Australian stock market will be the world's first block-chain stock exchange. The Australian Securities Exchange (ASX) has announced that it will use this technology to conduct clearing and custody transactions. The move began in January 2016 with the aim of building a block-chain-based system with ASX's partnership with US-based block-chain initiative Digital Asset Holdings. The stock market will start its main lines of new technology transition in March.

Changing, changing...

Yes but you are speaking here about building a blockchain into existing infrastructure. It by no means implies that the Austaralian stock exchange nor Australian dollar desapears. And bitcoin is not replacement for it neither.

The authorities are simply taking what is best in bitcoin technology (the blockchain tech) and using it to their means in a centralized way.

I really believe that bitcoin can really make banks disappear  in the near future because bitcoin has really more advantages than banking because if manyvpeople will really know what was really the  bitcoin and what is its advantages maybe  people will tend to use bitcoin than banking because holding bitcoin is just like vanking and at the same time gaining because of its price.

[nextcrypto2401]

although it will effect in money market but bank for sure never disappeared

Thanks

[Zebra.Guy]

Australia will be the first stock market to use a stock exchange block-chain technology. Other stock exchanges are preparing for this kind of transition.

BLOCKCHAIN SHOOTING

Finally, after the passage of the blockchain technology that comes to the fore, the Australian stock market will be the world's first block-chain stock exchange. The Australian Securities Exchange (ASX) has announced that it will use this technology to conduct clearing and custody transactions. The move began in January 2016 with the aim of building a block-chain-based system with ASX's partnership with US-based block-chain initiative Digital Asset Holdings. The stock market will start its main lines of new technology transition in March.

Changing, changing...

Yes but you are speaking here about building a blockchain into existing infrastructure. It by no means implies that the Austaralian stock exchange nor Australian dollar desapears. And bitcoin is not replacement for it neither.

The authorities are simply taking what is best in bitcoin technology (the blockchain tech) and using it to their means in a centralized way.

I really believe that bitcoin can really make banks disappear  in the near future because bitcoin has really more advantages than banking because if manyvpeople will really know what was really the  bitcoin and what is its advantages maybe  people will tend to use bitcoin than banking because holding bitcoin is just like vanking and at the same time gaining because of its price.

if (when) more people know about bitcoin and its advantages, the moment they attempt to use it they will create a backlog of hundreds of thousands of unconfirmed transactions (have you seen the backlog today? I do it everyday and it is more than 134.000 unconfirmed transactions today), they will wait for weeks for their particular transaction to clear and they will decide it was the first and LAST time they attempted to use the tech.

Unless the technology dramaticaly improves, and this is my call to the devs (!), a desperate call for changes

[Jack Harris]

Not in the near future, anytime, as bitcoins are not that much mass adopted that people will start using bitcoin only, and it is not even that widely accepted. However, it may change the way banks do their business, and it has already started its impact on many banks in some developed countries, as they are switching to BTC and banks are losing customers. So, due to bitcoin, they may soon have to modify their policy.

[removebeforeflight]

Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

This situation is not going to continue for long. Either Bitcoin will be replaced by some other currency such as Bitcoin Cash or Ethereum, or it will adapt to the needs of the users by increasing the block size.

True. Banks would adapt Bitcoin in future as a service and will close the traditional currency system, may be in 5 to 10 years. Bitcoin would go through some kind of transformation as well for migrating to banking system.

[megalith07]

BTC wouldn't influence banks to vanish. It's simply intended to be an option installment framework. Individuals will dependably require banks regardless of whether it's for just advances or whatnot. I assume they could issue credits in BTC however banks will need to keep hold of the money they can make issue alone will so in that regard BTC isn't desirable over them.

[nick_nick]

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?

Certainly not. Banks will not disappear because of bitcoin. However, banks will modify their line of business by shifting more to using cryptocurrencies in addition to fiat money for their transactions.

[Mrjitter]

I do not think that such a system as banks will be able to destroy bitcoin, it is still too weak for such a mission, but perhaps in the future it can become a reality

[ace4549]

I think there is possibility that this thing may happen in future. The company and management of bitcoin show a great performance in the public which result to more achievements and recoginition that they received.
If all this thing can be maintain by them, their is no such thing impossible to reach by them.

[chacha66]

Well ive invested in two crypto banks, one in switz and the other in spain. So banks may be here for a long time to come although it may be a different type of bank .