"BTC Will do to banks what Email did to the postal industry"

[CosmicVibe]

 Full quote : https://i.imgur.com/TGcWICB.jpg

Hey !

I would like to have your opinions on this quote. I don't think this is implying that banks will fail and disapear ( the postal industry is still running well ) but banks will have to adapt to crypto currencies. What will be their plan to not be overwhelmed by Bitcoins and altcoins ? Do they take it as a serious treat ?

Thanks in advance for all your opinions guys  

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[flora_digitalis]

I very much agree with this quote. Banks will be forced to evolve, because their traditional core business will no longer be profitable because of Bitcoin.

I imagine that banks will either concentrate more on (risky) investment banking or become financial insurance companies (insurance against data theft for example).

You have to keep in mind that postal service is not dead. The downturn almost exclusively applies to traditional letters. In contrast, parcel services are booming because of the growth of online shops.

[chennan]

I very much agree with this quote. Banks will be forced to evolve, because their traditional core business will no longer be profitable because of Bitcoin.

I imagine that banks will either concentrate more on (risky) investment banking or become financial insurance companies (insurance against data theft for example).

You have to keep in mind that postal service is not dead. The downturn almost exclusively applies to traditional letters. In contrast, parcel services are booming because of the growth of online shops.

Exactly... I mean if you think about the way the current economic system is set up, people will most certainly always need to get loans to start businesses and other things such as cars, houses, etc. from a reliable source with a decent interest tied to it.  That part I think will be the "parcel services" to keep the postal service/bank correlation going on.  It will hurt the banks at the beginning very badly; mainly the "too big to fail banks" (hopefully) at the beginning and will continue to allow other banks to continue offering services to offer people financial help if they need it.

[voise]

I agree with all the posts above, banks will not die but they will be forced to change and still they will never be used as much as they were before just like the postal industry.

[OmegaStarScream]

I disagree on this one, I mean the statement could become true but they simply won't let us. The banking system is exactly what's controlling the governments nowadays while emails are totally under the control of the governments so there is no reason for them to stop it while having bitcoin (which is decentralized) used by people and leaving the banking system (centralized and control by them) is a threat for them.

[Daniel91]

I don't think that something like this may happen in the near future.
You have to understand that banks and finances are highly regulated in our societies.
All users of such services must pass very strict identity control, personal check, job, financial status etc.
Bitcoin is decentralized, without any government control and it's impossible to control identity of users, personal check, job, financial status etc.
So, right now, I don't see how bitcoin can replace banks.
I think that bitcoin will remain alternative way of payment and alternative currency.

[nikona]

I don't think that something like this may happen in the near future.
You have to understand that banks and finances are highly regulated in our societies.
All users of such services must pass very strict identity control, personal check, job, financial status etc.
Bitcoin is decentralized, without any government control and it's impossible to control identity of users, personal check, job, financial status etc.
So, right now, I don't see how bitcoin can replace banks.
I think that bitcoin will remain alternative way of payment and alternative currency.

Agreed, and not to forget the high fees and long conformation times that's going on right now is turning into a setback slowly. A change to the structure has to some soon so that the conformation times become shorter and the fees is slightly reduced.

[Yakamoto]

That is probably a decently accurate statement to make right about now, in my opinion. There's a lot of things that Bitcoin will end up changing within the FinTech world, and I'm kind of curious to see what else is going to spring up from the advancements we have already made.

The question becomes whether or not the rest of the globe is willing to accept something like this.

[chennan]

I disagree on this one, I mean the statement could become true but they simply won't let us. The banking system is exactly what's controlling the governments nowadays while emails are totally under the control of the governments so there is no reason for them to stop it while having bitcoin (which is decentralized) used by people and leaving the banking system (centralized and control by them) is a threat for them.

While I understand what you are saying here... let me play devil's advocate for a second.  You could argue that when email was coming out and people didn't quite understand the importance of communication over the internet, the governments probably saw email in this same light.  They didn't know how to control it because they didn't understand the technology.  Essentially all postal services are/were controlled by the government at the time as well, and as time went on, people in the government grew to understand it's importance of being able to control and monitor email communications.  So now they give incentives to companies like yahoo and google to be able to monitor email accounts.

You could argue the same thing will happen to Banks and Bitcoin.  Governments have allowed banks to get "too big to fail".  It is no secret that banks and government go hand in hand with one another.  Bitcoin is "decentralized", sure, but everything on the blockchain can be observed and tracked by the government in real time.  You think governments won't want to capitalize on that?  Bitcoin isn't anonymous, it is pseudonymous; and being that the governments have good relations with the big banks, it will be relatively simple for governments to see what people buy and who they pay in real time, because people mostly move money in and out of Bitcoin through their banks.

[bitbunnny]

Bitcoin has already shaken the financial industry and banks and in some way has moved them to slightly change they attitude. Of course they will not disappear or stop making money on us, this is impossibe, but still Bitcoin will force them to make some changes because by now they are aware they are not the only option anymore.

[European Central Bank]

nope. as long as you have to pay tax there's gonna be fiat, and as long as there's fiat there'll be banks. bitcoin will exist alongside it. it won't supersede it.

[szpalata]

It looks like that's inevitable but the banks can find a way to integrate themselves into the blockchain technology so that they can be relevant again when the time is approaching.

[olushakes]

Full quote :

Hey !

I would like to have your opinions on this quote. I don't think this is implying that banks will fail and disapear ( the postal industry is still running well ) but banks will have to adapt to crypto currencies. What will be their plan to not be overwhelmed by Bitcoins and altcoins ? Do they take it as a serious treat ?

Thanks in advance for all your opinions guys  

The quote is kind of true to the part where email replaces postal service but not totally correct to say bitcoin will just replace banks. I think the reason of what we have in the case of email is because another invention just came and other factors supported it to make it a reality which is the most important thing that pushed it. In the case of bitcoin and bank, those factors involves governments which is one thing that might not come easy considering the fact that most governments are not ready for such change all of a sudden.

[Ayers]

isn't better to comparate it to internet itself, and say that bitcoin will change the world like internet did in the past? i find bitcoin and internet very similar

[Idrisu]

Very powerful thinking and words "Bitcoin will do to banks what Email did to the postal companies". To me reason why people Bank of china and others related Central Bank are attack bitcoin and crypto currencies in general is because they know immediately people began to understand how bitcoin solve the financial problems they will abandoned Bank. I tell you the elites will not want that happened.

[European Central Bank]

To me reason why people Bank of china and others related Central Bank are attack bitcoin and crypto currencies in general is because they know immediately people began to understand how bitcoin solve the financial problems they will abandoned Bank. I tell you the elites will not want that happened.

it's a dumb comparison. the postal service is nothing but a conduit of information or products. if there was something better than the postal service then you're gonna use it. no one cares as long as they get what they want.

in addition to delivering and storing your money banks offer products that billions use. i'd like to see how a bitcoin loan or mortgage would work. p2p will not cut it.

[megynacuna]

I think they revolution has already started and the banks if they want to coexist with the cryptocurrencies must up their game and accept the blockchain technology as the future and invest into it so that they can both co-exist.

[xskl0]

Good comparation! Bitcoin is better than traditional currencies, money 2.0. but today is still far away to replace banks completly  

[bitart]

I disagree on this one, I mean the statement could become true but they simply won't let us. The banking system is exactly what's controlling the governments nowadays while emails are totally under the control of the governments so there is no reason for them to stop it while having bitcoin (which is decentralized) used by people and leaving the banking system (centralized and control by them) is a threat for them.

While I understand what you are saying here... let me play devil's advocate for a second.  You could argue that when email was coming out and people didn't quite understand the importance of communication over the internet, the governments probably saw email in this same light.  They didn't know how to control it because they didn't understand the technology.  Essentially all postal services are/were controlled by the government at the time as well, and as time went on, people in the government grew to understand it's importance of being able to control and monitor email communications.  So now they give incentives to companies like yahoo and google to be able to monitor email accounts.

You could argue the same thing will happen to Banks and Bitcoin.  Governments have allowed banks to get "too big to fail".  It is no secret that banks and government go hand in hand with one another.  Bitcoin is "decentralized", sure, but everything on the blockchain can be observed and tracked by the government in real time.  You think governments won't want to capitalize on that?  Bitcoin isn't anonymous, it is pseudonymous; and being that the governments have good relations with the big banks, it will be relatively simple for governments to see what people buy and who they pay in real time, because people mostly move money in and out of Bitcoin through their banks.

It's true, and it's interesting. They can link bitcoin public keys (wallets) to you, which was funded by your bank account, this is easy. But the next step is harder, if you send bitcoin from your 'marked' wallet (using the assignes public key) to another bitcoin wallet, then how will they know if it's yours or not? If it's a HW wallet of you to store your savings in it? Or it's someone else's wallet? Even if you are the only one who transfers btc to a wallet, how would they know if it's yours or not? They can just presume it, but it's not an evidence.

[Juggy777]

This is a really nice quote op, but not every one uses Bitcoins as of now. Then Bitcoins is a crypto currency. It's not our local currency. Now imagine x country person starts using it. And suddenly the government bans it. The price of Bitcoins in that country will crash and it will be the end there. I think instead of banks ending, possibilities should be made for banks and Bitcoins being used together. Imagine your local bank, accepting Bitcoins and giving you change. I am yet waiting for this to happen. Maybe 2017 they might just do it