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Author Topic: Can we totally eliminate all the banks in this world?  (Read 3481 times)
bytethecoin
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September 26, 2017, 04:06:13 PM
 #1

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
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September 26, 2017, 04:26:12 PM
 #2

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Bitcoin is the only one currency which is dealing people and people are coming attract to bitcoin because bitcoin is the only currency which having future well if we think about ETH then it is also quite good for future.
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September 26, 2017, 04:37:25 PM
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Not sure that banks will be totaly eliminated (too much money and too many smart minds are staying behind the bank system) but I'm sure that banks will have to change the way they work. It seem like P2P transactions are pushing banks to make those changes and blockchain is bringing innovations to this sphere.

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September 26, 2017, 04:46:08 PM
 #4

Here's an idea: banks will maybe catch on to the cryptocurrency trend, but would charge a fee for transactions & stuff.

Meaning, transfers within blockchain are not very expensive generally, but they would charge their percent on top.

I think that might be entirely possible, as there's a lot of folk who are too intidimated by the technology & can't get the hang of it.

The people to use it would be those who just can't figure the way to send payments themselves (e.g older people & like).

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September 26, 2017, 05:26:40 PM
 #5

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Bitcoin is the only one currency which is dealing people and people are coming attract to bitcoin because bitcoin is the only currency which having future well if we think about ETH then it is also quite good for future.

I do believe that banks from past years of old times really accepts only one currency, but as of todays modernization of banking technology, banks were more aware and accepting exchanges from digital to fiat currency. Sometimes it's getting redundant to read this questions so far, because bank will not be eliminated due to it's purpose is highly recognized by people around the world.

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September 26, 2017, 05:39:13 PM
 #6

        Banks could not be eliminated completely.They do other services than transactions like getting deposits from customers and giving them monthly interests for it and also lending money as loan to people.Already,transaction line is suffering in banks due to bitcoin.very soon,banks getting deposits may even get reduced as more people are now investing in bitcoin.But as there is no bitcoin banks to lend loan,banks would continue to survive by lending loans and collecting interests for that loans.
        Banks consider only bitcoin as their rival and not the block chain in which bitcoin works.They have already started adopting the block chain technology.



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September 26, 2017, 05:49:20 PM
 #7

Cryptocurrencies will be available while dark markets exist and people want to launder money/make anonymous transactions. It can't be end once it's invented.
Goverment will never say no to banks because they need it, they get fees from them and also they can easily freeze anyone's balance.
But banks are bad for people, they are often reason of some pure people but goverment likes that and they don't care about that.
Btw I think crypto is future and no one can to stop this process.

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September 26, 2017, 05:52:52 PM
 #8

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Under what legal rational can the U.S. government close my bitcoin business? They can't. Of course if you live under a tyrannical government then anything is possible. Singapore has a lot of crazy laws. Even chewing gum is illegal. But in the civilized world there is no way to do this. So let Singapore do what they will. It will only hurt them in the long run.  

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September 26, 2017, 05:53:31 PM
 #9

Such a plans won't be successful however things go digitalized. The reason is that banks paved path for the financial framework and little by little changes took place. Finally bitcoin with the blockchain technology gave a new definition to the functioning. So banks might adopt the technology, but it never makes the bitcoin over rule as both are mutually important at present.

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September 26, 2017, 05:54:01 PM
 #10

Banks are an inherent part of our society. We need them to protect wealth. Sure, they currently suck in many ways, but are still used by most as it is simply the only way we have to keep our money/gold/assets safe and secure.

Bitcoin will certainly, and is hurting the banks. It will result in many banks closing, but I think they will still be useful going forward even to store crypto. There are safe deposit boxes, for example which are great for keeping paper wallets safe. Tongue



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September 26, 2017, 06:23:17 PM
 #11

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

The statement of the thread and the subject line doesn't match with each other. Let me go with the subject line only. No the crypto cumminity doesn't have the power to eliminate the banks or the banking sector in any way. Banks are so deeply rooted in to our society and economy, it can't be eliminated. The more the technology will evolve, banks will also evolve with the same to survive themselves.

It may happen that they accept bitcoin in future if they see a huge opportunity and also get the support from the government. But they will not become a destroy-able entity in any way. 

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September 26, 2017, 06:29:44 PM
 #12

What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Under what legal rational can the U.S. government close my bitcoin business? They can't. Of course if you live under a tyrannical government then anything is possible. Singapore has a lot of crazy laws. Even chewing gum is illegal. But in the civilized world there is no way to do this. So let Singapore do what they will. It will only hurt them in the long run.  
Kinda ironic given Vitalik resides in Singapore now. Hope he takes care & doesn't chew much gum. Roll Eyes

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September 26, 2017, 06:33:18 PM
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NO NEVER for NOW but we can competewith them .. the stock market are very affected now but as the bank are ! will not yet .. as long as  not every citizen of earth know the bitcoin and alts !! but in reverse thay can never dump bitcoin !! NEVER!

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September 27, 2017, 05:39:50 AM
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Singaporean government were probably influenced by Chinese politicians. China keeps meddling in Singapores affairs despite the small country having a law that prevents China from doing this.

Chinese government will always claim that Singapore remains part of China.
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September 27, 2017, 02:02:02 PM
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What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Under what legal rational can the U.S. government close my bitcoin business? They can't. Of course if you live under a tyrannical government then anything is possible. Singapore has a lot of crazy laws. Even chewing gum is illegal. But in the civilized world there is no way to do this. So let Singapore do what they will. It will only hurt them in the long run.  
Kinda ironic given Vitalik resides in Singapore now. Hope he takes care & doesn't chew much gum. Roll Eyes

You might like this: http://www.businessinsider.com/things-that-are-illegal-in-singapore-2015-7

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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September 27, 2017, 02:07:00 PM
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I think in this generation definitely no, in the future perhaps. However there are facilities banks offer other than processing transactions which are valued, such as lending, these would need to be replaced somehow by the crypto markets.

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September 27, 2017, 02:11:16 PM
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What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Bitcoin is the only one currency which is dealing people and people are coming attract to bitcoin because bitcoin is the only currency which having future well if we think about ETH then it is also quite good for future.

Yes bitcoin is, but we cannot deny the fact that governments will never allow this, they will never let centralized system could slowly eat the society, what I am trying to say that banks are one of the fundamental establishments the governments were holding it is a financial framework that we should not eliminate it contribute a lot in the economy , and it also giving taxes for public services, but also bwnk must adapt bitcoin system or the blockchain here to shortened the process of profit.

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September 27, 2017, 02:17:10 PM
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What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?

https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/

Bitcoin is the only one currency which is dealing people and people are coming attract to bitcoin because bitcoin is the only currency which having future well if we think about ETH then it is also quite good for future.

Yes bitcoin is, but we cannot deny the fact that governments will never allow this, they will never let centralized system could slowly eat the society, what I am trying to say that banks are one of the fundamental establishments the governments were holding it is a financial framework that we should not eliminate it contribute a lot in the economy , and it also giving taxes for public services, but also bwnk must adapt bitcoin system or the blockchain here to shortened the process of profit.

Bitcoin is like a dot on the banking system, just imagine the money circulating in the conventional banking system. If they see a threat, they will kill bitcoin anyways.

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September 27, 2017, 02:21:28 PM
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Bitcoin is like a dot on the banking system, just imagine the money circulating in the conventional banking system. If they see a threat, they will kill bitcoin anyways.

Who will? How?

I have seen posts like this since 2010 and have yet to see an answer.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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September 27, 2017, 02:42:12 PM
 #20

Banks will not be eliminated by Bitcoin, instead they will be forced to transform. If Bitcoin becomes the dominant currency they will loose much of their privileges. They will no longer be able to profit from fiat money creation and savings account.

It's possible that today's banks might become some sort of insurance companies, offering insurance policies against hacking. They may still be able to sustain their credit business (= investment banking) though.

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