Can Bitcoin make Banks disappear?

[TeLlMeFrY]

I don´t think so. Bitcoin is not so popular to do transactions, so it doesn´t represent a big threat for the banks yet. Besides, the banks are backed up for people with a big power in the world, who wouldn´t let to the banks disappear.

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[Tenderino]

In this case you need to ask if bitcoin can make governments disappear, because the banks are the real government, because why would a government give foreign and private companies the right to create money digital and make billions, while a government owned bank could do exactly the same but with the money going into the state budget instead?

[Blackwhite69]

I don´t think so. Bitcoin is not so popular to do transactions, so it doesn´t represent a big threat for the banks yet. Besides, the banks are backed up for people with a big power in the world, who wouldn´t let to the banks disappear.

It will take a long time if the Bank will disappear because of Bitcoin and people still believe in the existence of Banks.

[hastag_80]

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?

Yes,maybe soon bitcoin can make the banks dissapear,if this the legacy of digital currencey  will continue to moves on,until that the time bitcoin become legal and the government make all the transaction in cryptocurrency centralized.because in digital currency you can gain a huge profit compare to the mother bank that you can earn only a penny  cents to your capital,because banks is a long term investment.so  mostly people  will choose bitcoin  investment  because of its given profit compare in the banks, so that the time  banks will constantly faded and totally diminished.

[BelieveInBTC]

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

[Coyoteerex09]

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

I don't think bitcoin is near of replacing or removing the banks. Removing banks could potentially ruin the economy as the stock market and the exchange still rely on the banks.

[Rayner77]

In Bitcoin's current state, I don't think it has the power to eliminate banks since it turns out that banks now have the cheaper transaction fees as well as faster processing time.

[8Habits]

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

That is true. When you have lots of money, you need to have banks where you are going to deposit it. But with bitcoin, all you need to have is a bitcoin wallet and your privacy key and that is it - no one knows that you are wealthy but yourself

[Coyoteerex09]

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

That is true. When you have lots of money, you need to have banks where you are going to deposit it. But with bitcoin, all you need to have is a bitcoin wallet and your privacy key and that is it - no one knows that you are wealthy but yourself

We can't deny the fact that we still need cash for our daily living. Also cashing out in small amount in bitcoin is not practical because of the high fees and slow processing fee.

[Chainblock]

No it will not disappear bitcoin as banks are not currency with which bitcoin is in competition and the banks will sooner start working with bitcoin as the banks job is to work with currencies and bitcoin is a currency.
And may be Bitcoin itself require the need of banks if it took physical shape.

[White32]

It would never happen, cause many people used to put their money in the bank from the begginning of thier lives, and trusting it. A possible happen bank can be use bitcoin, but it could'nt disappear.

[tonyja2017]

I don't think the bank will disappear, because it's a tool to convert from bitcoin to cash, at the moment I still see the bank as a top priority, because bitcoin will not be able to the world is recognized as cash that we often use.

[Geoll29]

Bank is an old institution and eversince used by lots of people especially businessmen. They won't disappear. Bitcoin is a cryptocurrency which in its advent provides everyone with convenience and chance to earn more than putting money in the bank. Still if you earn in bitcoin you need banks to put your hard earned money in.

[Botnake]

Bank is an old institution and eversince used by lots of people especially businessmen. They won't disappear. Bitcoin is a cryptocurrency which in its advent provides everyone with convenience and chance to earn more than putting money in the bank. Still if you earn in bitcoin you need banks to put your hard earned money in.

Cryptocurrencies will not replace banks who are creating a legal currency that we are using now.
We have to understand that everything is under the supervision and control of the government and banks have a big role in our country to help the circulation of cash and to report to their governing body.

[pulsefirekelly]

For me no. But it may affect the bank transactions and maybe doozed the number of accounts that are registered in the bank
Since bitcoin is more efficient in a way that even application wont take long

[Janation]

Digital currencies are becoming popular to people since it is decentralized and volatile, but bitcoin is not that usable in the real world since there are only some stores or place that accept bitcoin as a payment, and that means that if there are a small amount of people using it, there will be only few people who will be using it, but the thing is that they do not use bitcoin because it is quickly transacted but because it is volatile, so I think bitcoin or any other crypto currency will make banks dissapear.

[JohnWick_Bitcoin]

No it cannot, Banks are already existing before since bitcoins has not been discovered yet and most of the poeple are already placing their money on the banks because they are trusting those people to hold their money so it only means that the existence of bitcoins would not affect the banks.

[ausbit]

It may take a long time even impossible if bitcoin beat the bank, because we know banks are supported by their respective countries to run smoothly, banks are assets in the country, so the government will not remain silent if the existence of banks is threatened by bitcoin.

Definitely, a lot of people will prefer banks because they think that as there is no physical existence of bitcoins and have no security of them. It is so because of lack of knowledge and awareness about bitcoins. Some older people also think that it is just a sort of prank which gives satisfaction to people that they have a lot of money in their accounts but its banks that actually saves their money. So banks can never be disappeared at all.

[ibhk]

I don't get what you are pointing at...No one will force anyone to deposit their money to a bank, we are living in a free world and government is not forcing us to deposit our money to banks... Except if you mean that if everyone who deposit in the bank is exposing their money to the authority, well, there's nothing wrong with that, except if you are doing something illicit and not paying taxes and laundering your money... Bitcoin is a good option to store our money, but it will never replace banks functions...

[dbutp]

I think bicoin will not be able to replace the bank. Bitcoin is digital money, it's value is not stable, it can not give someone a loan. Banks have the benefits that bitcoin does not have and it is popular with everyone.