Can Bitcoin make Banks disappear?

[beerkouti]

Let's all hope so

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[Vigme86]

I am sure that banks will take the blockchain technology and will use it as they got many other thing of technical progress. We will see it in a near future it is obvious thing. Let’s wait how banks will be transformed.

Current Blockchain implementations are still too slow, comparing to such payment systems as Visa and Mastercard.
On my opinion we need at least few more years to get new generation of Blockchain, fast and reliable for global financial systems.

This is not true, scalability is not a problem for all altcoins based on blockchain, Ripple can handle 1500 transactions per seconds, Stellar 1000+ T/s, and Raiblocks even 10,000+ T/s. It's a problem of mass adoption and customers' trust, but the technology is already here.

[Doni Ariyanto]

I am not so sure that it will happen. I mean even if it will happen it will probably take a very long time. But they will never disappear because it will never disappear as well. They could change or work with bitcoins. although I am very sure that bank users more than bitcoin.

[Ailsa567]

Bitcoin does not make the bank disappear, but it may exist as a new payment medium.

[Addywealth]

It might seems impossible now but in the nearest future bank will be cemetery where nobody goes for transaction. Banks will be forced to venture into CryptoFortune currency to survive and maintain there relevance

[hacking13]

Not like Banks will disappear but to a large extent it can affect the banking system generally

[thomillllistic]

In my opinion i think it can,but it will take a long time to make bank dissapear.there has to be awareness of bitcoin.if people get to know about it very well then it can

[russella31]

I dont' think banks will disappear. Although bitcoin is getting popular now, still banks would exist. It's just that the bitcoin is another financial tool  for people to use.

[hagia]

i think for the near time i think bitcoin can makes the banks dissapear. becausr as i know that banks is the main part of the country.so i think bitcoin cant makes bank dissapear for the short time

[Aufar]

I doubt that Bitcoin would be practical enough to be able to do it in today's world and economic system and turn it enough to make banks obsolete, nowadays Blockchain is being considered as a complement to the banking system.

At the beginning of his Presence Not many people understand and are interested in learning and learning. However, as time passes, many people including banking players are realizing the great potential of Blockchain.

[snedyolo]

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?

Well if banks won't learn to accept bitcoin, then that could be a problem. It could lead to their downfall because if people were to start cryptocurrencies and not use the Fiat system anymore all the banks all over the world will be irrelevant. Sooner or later they must learn to accept it. After all, it is not that hard to do with the resources that they have.

[Kadalijo]

it can be happen. unless we all dont need fiat again. and we walk with cryptocurrent

[josephpogi]

According to my researches and as I read artucles about the nature of bitcoin itself, I can't see as to why there's a competition between the introduction of cryptocurrency and the banks itself, if anything I think, they are working hand-in-hand because you couldn't transform your precious bitcoins into tangible cash without the presence and aids of banks itself. I  really don't think bitcoins and other cryptocurrencies would negatively affect the businesses of banks.

[genology]

Both Bitcoin and banks have their own respective purposes. I believe Bitcoin can't totally replace banks. They can only lessen the banks'services but banks still has their own unique services that Bitcoin can't do.

[thescimitarr]

I am sure that banks will take the blockchain technology and will use it as they got many other thing of technical progress. We will see it in a near future it is obvious thing. Let’s wait how banks will be transformed.

Current Blockchain implementations are still too slow, comparing to such payment systems as Visa and Mastercard.
On my opinion we need at least few more years to get new generation of Blockchain, fast and reliable for global financial systems.

This is not true, scalability is not a problem for all altcoins based on blockchain, Ripple can handle 1500 transactions per seconds, Stellar 1000+ T/s, and Raiblocks even 10,000+ T/s. It's a problem of mass adoption and customers' trust, but the technology is already here.

If banks adopt blockchain technology, customers will have no choice but to accept it. Most of the banks and financial companies are already looking into it to adopt it for their needs

[PancherBitCoin]

Internet commerce is becoming more popular every year, but it is hindered by the threat of hacker attacks and distrust of partners by competing with traditional business. This problem is solved by the new database technology - Blockchain. These databases do not have a single control center, operations are confirmed by other network members, so they are immune to hacker attacks and allow verifying the truth of information about a partner - this is the future of Internet commerce. Proceeding from this, since the banking system is not only the economic lever of every state, but also not a small part of the business, the entire block-from-chains technology and even Bitcoin itself will be beneficial for the banking system and the entire financial sector of each country. Therefore, there is no question of destroying the bank to the bitcoins.

[Trela]

I am sure that banks will take the blockchain technology and will use it as they got many other thing of technical progress. We will see it in a near future it is obvious thing. Let’s wait how banks will be transformed.

Current Blockchain implementations are still too slow, comparing to such payment systems as Visa and Mastercard.
On my opinion we need at least few more years to get new generation of Blockchain, fast and reliable for global financial systems.

This is not true, scalability is not a problem for all altcoins based on blockchain, Ripple can handle 1500 transactions per seconds, Stellar 1000+ T/s, and Raiblocks even 10,000+ T/s. It's a problem of mass adoption and customers' trust, but the technology is already here.

If banks adopt blockchain technology, customers will have no choice but to accept it. Most of the banks and financial companies are already looking into it to adopt it for their needs

Accept Blockchain technology and Bitcoin (a cryptocurrency) are different. You have to know cryptocurrency can not manage by the government or anyone. It is managed by all users, this is the concept and benefit of decentralized network. Everyone is equal, all have same access.

[alevlaslo]

Banks were allowed not to give money to shady investors in Russia

If the customer cannot confirm the origin of funds, employees shall have the right to refuse service, according to "Rambler".

This decision was taken by the Collegium of the Supreme court (SC) in civil disputes. The court supported Sberbank in dispute with Sergey Budnik. The man refused to cash at the end of the term. The Bank suspected him of money laundering.

Budnikov transferred to your account in 2015, 56 million rubles. The next day he tried to withdraw the funds in cash. The Bank asked the men the documents confirming the origin of funds. After their study, the savings Bank repeatedly refused Budnikova the grant money.

https://www.9111.ru/banking-law/t255437-bankam-razreshili-ne-otdavat-dengi-podozritelnim-vkladchikam/?&utm_source=law-instructions&utm_medium=mail785&utm_campaign=readtitle#header_top

[Underrated]

Is more like to happen the otherwise,  banks power are attempting against bitcoin users and doesn't let them hold their money coming from crypto.

[Luca.Luca]

It may cross cut the Bank’s share market value in Finance and world share market. But I don’t think so It will replace the bank completely.i think bank will follow the technology current and maybe in the next generation there will be banks that receive bitcoin, so it can make people to have an easier transaction