Can Bitcoins Survive Without Bank Or Any Financial Institution?

[btcfastrader]

My answer is Yes considering the fact that there are lot of local exchange on site i.e localbitcoin and on exchange forum like this!

While bank's and other form of payment are dependant on bitcoins. Bitcoins is independent of them.

Is the First banking system in existence without the need of government policy or any financial medium
This is one of the main objective of bitcoins (total control,Freedom)

☞Now, why are most financial institution launching series of bit-related prepaid & debit? The answer is simple and straight forward. They want to introduce rules. Mark My Word!

Inotherword's they want to break the main objective of bitcoins. And most bit user's are unaware of this.
Bank's cannot function fully with a virtual currency whose objective is to remain anonymous. This is against the financial rules. And, no bank will be willing to break such rules.

Below is a snapshot forwarded to me via email by a colleague who placed order for one of such prepaid card.





He was force to submit personal document & proof of resident address during this process.
The summary of it all, he had to cancel this order at the end because he was told such payment does not support bitcoins and other virtual-related currency.

Regard's

[Undermood]

Bitcoin is totally antonomous system w/o the need of third party's intervention. But the problem is that bitcoin is completely new invention, need to have some sort of value or utility to incentivize ppl to adopt it and runing miners to secure its network otherwise it will be dumped and worthless. It can be dependent from the banks and cannot live without the fiat money.

[Amph]

the purpose of bitcoin was not meant to break the bank and financial institution? so why bitcoin should need those things to survive?

those unknown services are not embracing bitcoin because of regulation, if they embrace somethign that is not easily traceable and taxed, they cna have problem with their government

this is the only reason, but for common private people, this is not a real issue, big institution instead have the obligation to declare everything at the end of the fiscal year, they are monitored more strictly, than an "average joe"

[Elwar]

There will be this shitty hybrid system for a while. About 90% of the problems with Bitcoin are related to the part where you go back and forth between fiat.

In the end, the only thing banks will be needed for is the go between for a few companies that offer to pay your taxes in bitcoins. Maybe 3 or 4 companies. And banks hanging on to that last bit of life provided to them by the government. But that may be just a few banks. Maybe just the Federal Reserve banks in the main cities. No customers other than these few companies paying a percentage for the tax payments.

[knowhow]

Bitcoin are independent,but remeber to buy bitcoins people need to deposit money online,soo paypal or other place were need to give you virtual balance,banks tranfers and deposits into exchanges to get bitcoins.. soo without the banks in the past i doubt bitcoin would ever exist....fiat are sticked to bank and bitcoin need fiat ,since there arent yet places enought to spend it.

[WENGER]

My answer would be Yes since that's how it has been so far, without a bank backing it up or any kind of financial institution for the matter. Banks could introduce all similar or related Bitcoin products but non would be like Bitcoin itself. There isn't any control over it, that's what it makes it greater than them.

[BellaBitBit]

Of course.  The purpose of the creator/creators was for Bitcoin to be independent. There are many good sources out there to read about the original intentions of Bitcoin and the possibilities - all are without banks.

[HabBear]

Bitcoin can certainly operate independently from banks.  As long as cash exists, banks are not needed to buy bitcoin. You can wire money to a wallet, you can use cash to wire money. Most banks will allow interaction with bitcoin as long as it doesn't violate their local laws. Banks are in business to make money off of money...they can do that with bitcoin nearly as well as they can with their fiat currency. Any bank that doesn't want to work with bitcoin is a business not worth working with.

[n2004al]

My answer is Yes considering the fact that there are lot of local exchange on site i.e localbitcoin and on exchange forum like this!

While bank's and other form of payment are dependant on bitcoins. Bitcoins is independent of them.

Is the First banking system in existence without the need of government policy or any financial medium
This is one of the main objective of bitcoins (total control,Freedom)

You are not correct. Bitcoin have to many qualities and is liked (even more) by everyone of us who are in this forum. But must be careful in our enthusiasm about it and its qualities. Telling or alluding things without any kind of basis about it only make laughing their who don't care or fight it. Bitcoin is simply a currency and cannot be compared with a bank. The bank work with currencies so bitcoin is (must be) only subject of the work of an bank and the bank cannot be never dependent from bitcoin. This is a total absurdity. To not use more hard words. The banks exist since hundred and hundred years. While bitcoin has only 6 years. How is possible that the banks worked before the born of bitcoin if are dependent from it. Then if I want to have a credit in which way will communicate with bitcoin to have it? make to it a phone call and ask for some bitcoin and then it make a sent of the amount needed from me to my wallet?

People be reasonable in that what write. To many may laugh with your posts and your connections without any sense.

[victoryboy]

Yes,Bitcoin can survive without any bank or financial institution backing it.We all have observed it for last few years as Bitcoin made its way totally independently.It was progressing successfully and price were even more higher before the financial institution stepped in this.It can survive in future too without any problem.

[boopy265420]

I will say Bitcoin can not survive without financial institutions in future even it has reached and survived but all this was struggle which was directionless.People had doubts about its future without protection and now this adoption and acceptance by financial institution which is making credible and legislation is backing it.Now Bitcoin really needs at least support of financial institutions for rich and bright future.

[croato]

I dont see why bitcoin would not survive without banks or financial institutions. Bitcoin need only some sort of internet to be fully operational and that is all IMO. Not that i think we will get rid of those leaches and their colored cotton paper anytime soon, but if we do eventually, there is no reason on earth why bitcoin could not exist in that case. Currencies exist way longer than banks or financial institutions.

[Mr. Forum]

For now I do think that it can not be that easy for them to operate alone. You see there are some services that the bitcoin depend on financial institutions and even banks. It is just the time for growth and It can not make it far without them.

[Kprawn]

At the moment fiat is still part of the whole process to pay for services and products. The day when you can pay for everything in Bitcoin, the need for conversion to and from

fiat will not be necessary and the banks will not be a part of the picture anymore. We do not need to survive, they will soon need us to survive... Their best attempt to survive,

is to steal the Blockchain idea and build their own copycat version. Very original... right? 

[n2004al]

Normally yes. Is born without asking permit to those and there are six years (since its born) that act and is grow up without having nothing to do with those. So I don't see any reason why must have need for those. If will be accepted by those it will be better because this will increase it more easily and faster and will put in light its potential. But even without those I think that it will continue its way with more increase, more power, more spread and even more importance in the world of the currencies. Anyhow this can be verified only by the time. The only testimonial of every kind of event.

[Meuh6879]

My answer is Yes

[Denker]

Bitcoin was born without the need of banks so it will survive without the need of banks.
Simple is that.
What is more interesting and important, the banks had been the reason why Bitcoin was created!!!!

[ShrykeZ]

Didn't start with a bank, didn't grow with a bank and I highly doubt it will need a bank in the future to survive.

[RodeoX]

I appreciate your concerns and agree that the banks would love to exert some control over the protocol and network. Lucky for us that can't happen.

In the past 6 years a lot of people have worried about a bank takeover of bitcoin. What no one has ever shown me is any plausible way to do it. The only leverage a bank has that I do not have would be their billions of dollars. This is no real advantage though. If they say tried dominating the market by buying all the coins it would drive the price to the moon and strengthen the network for us all.

They cant change the rules of the protocol because the only way for that to happen is to fork the network and create their own valueless alt-coin. They can't control the fees, or production. They can't control who uses it or how it is used. All they can do is participate. IMO, that's ok.

As far as the identity requirements, that is not a bank rule. That is U.S. law.
KYC and AML rules require banks to do due diligence in finding people who are engaged in illegal activities. Of course we could lobby to change those laws also if we wanted.

If you know of a way that banks could "take over" or destroy bitcoin do post it. Perhaps there is a way none of us has considered, but it would be a first.   

[dhimasnk]

Can, because bitcoin has a decentralized system that does not rely on government agencies