Can Bitcoin make Banks disappear?

[anhhung409]

I do not think that. On the contrary, I think Bitcoin will make the bank more developed because the bank will soon catch up with the trend and launch the digital currency. I have heard that governments and central banks have been developing their own digital money. I believe it will soon be applied in the future and become popular everywhere

[russ26]

There is no reason for banks to disappear, just like any other business. Just one thing to add, without banks, fiat cannot exist, because banks are the only ones who creating money out of nothing when lending money (thats fiat main function) - if anybody else create new money out of nothing, it is considered counterfeit instead - so fiat, as most love it, can not exist without banks.I do not think that. I think Bitcoin will make the bank more developed because the bank will soon catch up with the trend and launch the digital currency. I have heard that governments and central banks have been developing their own digital money. I believe it will soon be applied in the future.

[jepoyr1]

banks provide some services bitcoin can't and also wont be able to in the future. stuff like a safe deposit box. they will most likely have to adopt to the new situation but they have enough time to do it, so i don't think they will disappear.

[FRJ]

Bitcoin is a modern currency.It is used through internet.There is wallet system which is controlled by the user. In the wallet,the user or worker store his bitcoin. The owner of bitcoin controls his own bitcoin.

So,we can say that a user has his own bank which is controlled by his own.It helps us to get rid of the banks and other authorities.As a result,we can guess that bitcoin can make banks disappear.

[AliciarMartinezeh]

The banks are certainly not going to disappear. There are many industries that need cash and do not need electronic money. But in the future, bitcoin is sure to take many of the banks' customers, and perhaps the future banks will turn more in the direction of financial consultation.

[Henry27]

Not anytime soon. As of now, I would say we need the banks now more than ever as they have been here for a while and are not going to be overthrown by something thats only 7-8 years old. It is not fair. Let BTC be more established, then we can move the banks away from us.

[alterwelt]

Banks have different roles with bitcoin, as reliable storage for public money, the making of money, and borrowing money in the real world and if the bank does not exist, there may be economic damage to all involved.

[kallen11]

no.i think it will not totally disappear. bank owner can do a lot of strategies, they can also use bitcoin for banking and if its disappear, it will cause a big trouble in every people.

[BLAST2MARS]

Banks will stay here but I guess that bitcoin will reduce its power to control the financial services to the point that no one will consider using or ever need a bank.

[moni44]

i think banks can't disappear. because this day bitcoin maybe, be most popular digital currency. but so many people don't know about bitcoin this is make bitcoin is not like a banks. everyone know about banks this day don't like bitcoin.
but if someday bitcoin recognized by many people I think it will be better replaced than disappear. 

[ruthbabe]

Bitcoin is a modern currency.It is used through internet.There is wallet system which is controlled by the user. In the wallet,the user or worker store his bitcoin. The owner of bitcoin controls his own bitcoin.

So,we can say that a user has his own bank which is controlled by his own.It helps us to get rid of the banks and other authorities.As a result,we can guess that bitcoin can make banks disappear.

LOL. You can't live with Bitcoin alone, it's digital and you don't see it physically. Bitcoin has no value and it's practically NOTHING if there's no fiat or physical money. If there are no banks where will you get the money to invest in Bitcoin and other cryptocurrencies? Also, can anyone cashout Bitcoin itself?

[World4Crypto]

i dont think so that thing could be happen because a government need banks to alive and without bank you know what happen. bitcoin will never make  banks dissapear maybe bitcoin will dissapear i dont know. quantum computer hmmmm

[kudosoblique]

Physical banks may be less relevant in the future but they will still probably be there. There is a high probability that virtual banks will open up in order to keep up to crypto currencies.

[codpku]

I think not
I think Bank will follow how technology growth

[kissme09]

Bitcoin can not last forever and it does not guarantee our money's safety 100% so it can not make the banks disappear.

[theunbeatable]

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

Nice Idea, still for a long term the banks might dissapear but the system of the world governmet wont let it be, There is so much more to lose and so much more to do before the banks to be dissapeared not mentioning that they are running the world of finance for thousands of years and yes this would take a decade or maybe a lifetime when we are battling for the survival of who will be the one on top of the financing world, the decentralized currecies or the banking system.

[WannaCry]

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 all know that nothing can replace bank no matter what. Even bitcoin is the most known and is in the mainstream these days, it can't still replace banks. Many people still refuses to believe in bitcoin so I think that bankers would still entrust their money in banks. Banks are banks we all know that.

[Jaron80]

Banks main function is to let people that have money store it and allow people that need money access to it.

Bitcoin and other cryptocurrencies might not make banks disappear completely.

But they will be the enforcers of change in the way we view our economic system (banks being one of important pillars)

Reduce the friction between parties
Lower financial companies overhead cost
Reduce the ability of companies to charge high fees.  

However, the main challenge will be the user experience.
As long as the majority of people are not able to buy, sell and use bitcoins the current system will remain.

[Jaron80]

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 all know that nothing can replace bank no matter what. Even bitcoin is the most known and is in the mainstream these days, it can't still replace banks. Many people still refuses to believe in bitcoin so I think that bankers would still entrust their money in banks. Banks are banks we all know that.

Trust only comes from familiarity. Once the mainstream user will be able to buy and use bitcoins easily trust will follow very quickly.

For reference look at the number of cars in 1900 vs 1913 

http://www.businessinsider.com/5th-ave-1900-vs-1913-2011-3

[Pink Panda]

I think not ..Then if the banks would disappear, how could those CryptoUsers would cash out their cryptocurrencies? maybe in the early future a lot would find a way on that ..Cause here in our country were still depending in banks or other shops that send money..We cryptoUsers doesnt really depend them upon saving money and loans..But withdrawing our money..i guess We all do that??