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Author Topic: Can we totally eliminate all the banks in this world?  (Read 3495 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
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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.
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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
 #13

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
 #14



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
 #15

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

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September 27, 2017, 02:07:00 PM
 #16

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
 #17

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
 #18

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
 #19

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.

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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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September 27, 2017, 02:53:35 PM
 #21

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.

Some banks might adopt btc services but needs more studies on how theybcan implement it as well as how they can be able to still continue growing knowing that they're competing in a more broad development machinery that have a bigger future. Bit at this moment banks were still needed.




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September 27, 2017, 04:10:30 PM
 #22

banks is traditional concept which already exist even since hundred years ago and i don't think government will eleminate banks and adopted cryptocurrencies as instead of banks but maybe in the future possibly there is a government will adopted cryptocurrencies technology which make banks works better but not for eleminate banks itself

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September 27, 2017, 04:17:53 PM
 #23

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/

I think most country still need bank very much , maybe Singapore have their own policy against bank.
Eliminate all bank currently impossible , IMO.

So will Bitcoin take over after the bank at Singapore ?
Well everything can happen with bitcoin

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September 27, 2017, 05:03:46 PM
 #24

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/
It depend if you want to denominate  the bank if bitcoin is the one to be currency of all time but it impossible banks will close or disappear the government will against bitcoin as one currency it depend on the situation . I suggest it fine bitcoin became one of the ex-charger of the world.

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September 27, 2017, 05:10:32 PM
 #25

We can't totally eliminate all the banks in the world, because most people around the world use banking services now, and governments also legalized banks and deal with them financially. Maybe in the future if the bitcoin's community grow up it will be possible to make the using of banks lower
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September 27, 2017, 05:15:45 PM
 #26

The scenario that all governments will close the bank accounts of exchanges will never happen!

There will be always countries assisting bitcoin like some offshore countries assist tax evasion.

Despite of this, even if the governments were somehow able to close all bank accounts of all exchanges, there will be other payment methods to buy coins.

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September 27, 2017, 05:21:04 PM
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its impossible to eliminate banks right now, but most of the banks now are emerging to blockchain.. so maybe 1 or 2 decades bank will totally eliminated
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September 27, 2017, 05:23:48 PM
 #28

We can't totally eliminate all the banks in the world, because most people around the world use banking services now, and governments also legalized banks and deal with them financially. Maybe in the future if the bitcoin's community grow up it will be possible to make the using of banks lower

Banks have been in operation at least for the past 500 years. I don't think that it is possible to eradicate them. Rather than hoping for that, we can look in to ways to transform the banks. What is the need for physical banks, when we can do the stuff online? Online banks are much better than the physical banks.

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September 27, 2017, 05:24:47 PM
 #29

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/
Eliminating banks? Its an impossible thing and im sure government wouldnt allow such thing to happen.We might see some would eventually do this thing but talking or seeing on original its an impossible to happen on wiping them out. Cryptos might build a new way payment system but cant completely replace the things are backed strongly by government.

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September 27, 2017, 05:33:05 PM
 #30

banks can't being eliminated at least in the near future, because most people use them and most governments in the world support them, as supporting their fiat currencies. Instead i think banks in the near future will accept bitcoin and deal with it and legalize it, we noticed lastly that many ewallets online started adding bitcoin as a deposit/withdraw method

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September 27, 2017, 05:39:51 PM
 #31

Banks do their jobs and Bitcoin does its job, both can't be compared just the way we cannot eliminate fiat in the near future, at least not till the next 10 decades. Banks may stop you from using Bitcoins by closing your accounts but Bitcoin doesn't possess the power to eliminate banks at all because banks work under Governments' control and something which comes under the Government, do you really think they would close it at any cost?
(even I had my account frozen for no reason but just because I used Zebpay exchange here in India and withdrew my fiat in my bank account).

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September 27, 2017, 05:46:57 PM
 #32

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/

Lols to that. Do you think tha is really going to happen and it is not possible at all. Government knows that most of the taxes which is nothing but governments salary comes from the big businesses and exchangers like this. They will not even think of that in the news or here dreams to shut down such programs and let there money go away from them only. The tax is the big thing and which is what makes the treasures of government filled all the time. So that's the third world thought and news.

The crypto currency is different thing and it's not in the hand of founder or people because they can be imposed as threat to national investment and that's they are being closed in some country's. But not everywhere.

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September 27, 2017, 06:45:26 PM
 #33

That is actually not possible I would say because rather than just transaction they do many stuff  like keeping people's money, they have lockers to keep your important stuff as well in my country we have that, banks also give loans to people who need them while bitcoin has no such  facility. Still many people use normal paper currency so banks are important not every person uses bitcoin.

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September 27, 2017, 06:52:29 PM
 #34

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/


There will be more decentralized P2P exchanges like shapeshift or something similar is all.

They wil take a small fee for the trade , and that will be that! we don't need centralized exchanges anyways. those are garbage.

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September 27, 2017, 07:12:58 PM
 #35

I still use banks. They have safe deposit boxes and that is an excellent place to keep your paper wallets.

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September 27, 2017, 07:22:55 PM
 #36

I still use banks. They have safe deposit boxes and that is an excellent place to keep your paper wallets.
Deposits are safe in bitcoins too let's suppose if i tell you the example of bank if a thief come and take away whole money then what you will say more? like that they are many people who are belongs to there skills i would prefer bitcoin instead bank.
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September 27, 2017, 07:41:39 PM
 #37

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 cryptocurrencies have to solve some of it΄s problems to became really usable currencies. coin will have to have more stability in price, be private and fungible and  have fast and low cost transactions. These are the main pillars of a currency to be widely accepted. and while BTC paved the way a long path have to be walked until this is achieved. till then you need to change it to fiat and that gives some importance to banks of course...

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September 27, 2017, 08:26:06 PM
 #38

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/
Even if we ban the banks our bitcoin wallets might end up becoming our new bank accounts. Banks will pick up the culture of crypto handling. But I dont see this coming in near future for sure.
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September 27, 2017, 08:48:01 PM
 #39

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/

There's no big deal if the gov't will close the bank accounts of the business or exchange. It will just show that those exchange are supported by big sums of money as they operate. And with the title, we can't totally eliminate banks in the world as it is being held by the world and you can't go against with the authority or you'll be treated as a criminal if you want to remove the usage of the bank. They are the only one to predict what we can do with it.

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September 27, 2017, 08:53:38 PM
 #40

No... what were you thinking on when you created this thread? you really think that banks will stop being the center of all the money in this world? it won't happen because governments and powerful people wont let it happen. Just imagine if you were banks, and your worst enemy is bitcoin, would you let him take off your sit? same situation happens with banks. It wont happen, they will create much fud as possible .

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September 27, 2017, 08:59:09 PM
 #41

Seriously? Wallets can be our own banks but it doesn't mean that bitcoin does have a stand to replace the banking system. Bitcoin is an alternative of fiat money but it doesn't mean that it will replace the banking system and as well as the fiat money. It's impossible to say to eliminate the banking sectors in this world and why do you have to think about eliminating them? They are a big help to the economy.

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September 27, 2017, 09:24:54 PM
 #42

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/

Not yet time for such agenda. One reason is even that all the cryptos (that is plus bitcoin too) put together is not close to fiat money in circulation not to talk of the once stored in strong rooms.  So at least not time yes, banking has its purpose too.
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September 28, 2017, 09:35:11 AM
 #43

The only reason banks exist is to fulfill basic and essential needs relating to the storage and exchange of money.

As long as those fundamental human needs exist, banking or something similar to it, will exist in one format or another.

Some ask if bitcoin could replace banks. There's a possibility bitcoin itself could someday become a type of bank.

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September 28, 2017, 09:44:06 AM
 #44

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/
Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.

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September 28, 2017, 09:58:02 AM
 #45

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/

Future Bitcoin will replace the current position of the bank. However, it will be quite difficult and take a long time. Maybe the bank will still work but few people will use it or maybe the bank will not be used !

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September 29, 2017, 01:22:06 PM
 #46

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/
Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.
You are right! Banks cannot absolutely be eliminated. So many people will still believe in using the normal traditional banking system and wont even want to go through the stress of advancing in technology.

However, this will have to do with time. If cashless system gets grounded and most especially cryptocurrency comes to play, some generations will fade off and banking activities will reduce and before you know it, we may just totally switch over from banking system entirely but this will definitely take years before we start seeing that happening.



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September 29, 2017, 01:52:59 PM
 #47

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/
Don't be afraid of it mate, bitcoin has faced many conspiracies and challenges in the past like this and every time bitcoin manage to go through these hurdles and grow more due to its loyal community.
Anger of government and banks towards bitcoin and cryptcurrency have just flared up, this reaction is not unexpected at all, the growing popularity of cryptocurrencies is causing headache for government and banks.
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September 29, 2017, 01:56:29 PM
 #48

No we can't. Banks are part of the economy of a certain country it holds majority of cash circulating in the market and they played important role in controlling the legality of cash so whether we like it or not banks will remain in the market and even bitcoin cannot replace fiat and permanently remove banks it can be just a global currency but not a currency replacement.

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September 29, 2017, 11:26:30 PM
 #49

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/

Actually, Bitcoin or any type of cryptocurrency cannot make banks disappear completely. Banks are friends with the government so I wish good luck to these cryptocurrencies in eliminating all the banks completely. If ever the time comes that only one should reign, a compromise will be set. Cryptocurrency and bank will work together so that both will coexist.
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September 29, 2017, 11:48:01 PM
 #50

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/
Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.
You are right! Banks cannot absolutely be eliminated. So many people will still believe in using the normal traditional banking system and wont even want to go through the stress of advancing in technology.

However, this will have to do with time. If cashless system gets grounded and most especially cryptocurrency comes to play, some generations will fade off and banking activities will reduce and before you know it, we may just totally switch over from banking system entirely but this will definitely take years before we start seeing that happening.
after all, the bank functions not only for financial transactions between users or money stores for many people, but the bank has a very important role for the finances of a country, the central bank in a country also performs financial management for the country right? so I think only because the currency becomes more sophisticated does not mean it will eliminate the bank system

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September 30, 2017, 12:18:42 AM
 #51

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.

Banks won't be eliminated in the world. Our world consists of differents continents divided into different countries with different currencies. Currencies is the one that makes identification to a certain country. Eliminating banks won't be that easy but it can be possible if the world has a certain currency for everyone.

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September 30, 2017, 01:03:05 AM
 #52

Can we totally eliminate all of the banks in the world? No way. There are millions of bank branches and hundreds of banks and to think they would all get eliminated is hilarious. There will always be banks, and I think at some point there will be crypto-like banks which have extreme security to keep your coins safe, and maybe you could only retrieve them in person like current fiat banks.



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September 30, 2017, 01:12:05 AM
 #53

Banks all over the world are the most finance system, if they're all eliminated where you think will hold the financial of the country? Of course the goverment can't do it, their responsibility is the politics not for the economics finance.
Banks are necessary for the exist of some organization and order of one country so it's impossible when you want to eliminate all the banks , i guess which country doesn't have a bank will be totally destroyed.
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September 30, 2017, 01:33:01 AM
 #54

There is a future in cryptocurrencies. But after all, I think, paper money will never go out of trend. it has been there for generations already and it is not that easy to eliminate. So I think we can't get rid of banks that easily. Banks are there for safe keeping of the money. Bitcoin only is for electronic banking but people has a tendency to withdraw bitcoin for paper money to be stored in a more secured platfom.

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September 30, 2017, 01:42:26 AM
 #55

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/

It might be theoretically possible, but I am not sure that a) it is necessary to strive to achieve that because Think the first thing we should be doing is adding all the value we can and not worrying about what banks do. and b) I am not sure it is desirable to eliminate all the banks, because as much as you might hate some of them, there are many important functions that banks provide.

I do believe int he long term that banks will be very much changed.

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September 30, 2017, 06:59:20 AM
 #56

we can not totally eliminate all the banks in this world unless people is not using the banks again. right now people still believe with the banks and they are saving their money in the banks. but if in future, people is moving from the banks into crypto currencies then it might be possible that banks will eliminate or disappear or even integrate with crypto currency.

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September 30, 2017, 07:10:24 AM
 #57

Bitcoin can be use as wiretransfer device for Bank transaction. Why should we need to compare or make an issue of elliminating banks using crypto? THis is why the government wants to close or eliminate the crypto, because they are scared of having their banks closed. So please stop making topic like this to stop the government from mistreating bitcoin.

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September 30, 2017, 07:26:07 AM
 #58

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/

According to the article, the Monetary Authority of Singapore don't intervene with the decisions of commercial banks in regards to fraud protection and customer due-diligence laws, so these actions weren't taken by their government but the banks alone. In that case, the exchange needs to just find a bank who's okay with crypto dealings and will make them more money. Slowly, countries are adapting to cryptocurrencies and are creating flexible regulations that allows the use of cryptos freely. Just give it more time and crypto and gov't will coexist but not sure about commercial banks.

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September 30, 2017, 07:38:01 AM
 #59

Banks can never be eliminated soley because of the reason of a cryptocurrency;
They employee a large number of people
They are well established and most of the money and currency people have is im the bank that helps to regulate many functions directly or indirectly, like pertaining to government funds schemes all are regulated through bank besides cryptocurrency is not stable and not widely accepted thus its hard for them to over power the banking system.
And besides keeping the money many other functions are also run through a bank...
They can sure improve but can't be eliminated.

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September 30, 2017, 07:43:52 AM
 #60

Banks disappear will not happen anytime soon but if we get announcement from government officially over the world accepting bitcoin as legal market then bank will close brunches one after one , i expect that would happen withing 1-2 decades.

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September 30, 2017, 08:42:10 AM
 #61

See banks are the major sector where we can get paid for the work we are doing and many other daily transactions are being done through the banks. Bitcoin is being developed not to eliminate the banks but the bring change in the human being life.


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September 30, 2017, 09:17:12 PM
 #62

See banks are the major sector where we can get paid for the work we are doing and many other daily transactions are being done through the banks. Bitcoin is being developed not to eliminate the banks but the bring change in the human being life.
Eliminating the banking system entirely from this world is something nearly impossible. The banks are the basic needs of so many of us. There is no way that we can rely on Digital currencies entirely. Bank and paper money has its own importance and no one can deny their importance. I think this will never going to happen.


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October 07, 2017, 08:09:57 AM
 #63

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/
Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.
You are right! Banks cannot absolutely be eliminated. So many people will still believe in using the normal traditional banking system and wont even want to go through the stress of advancing in technology.

However, this will have to do with time. If cashless system gets grounded and most especially cryptocurrency comes to play, some generations will fade off and banking activities will reduce and before you know it, we may just totally switch over from banking system entirely but this will definitely take years before we start seeing that happening.
No matter how desperately I want banks to be vanished but like you people said, it is not possible. Banks have their own ways of surviving and it has a very large population that is using these all around the world.

Moreover, some banks have accepted bitcoins and some altcoins also and one of the digital currency known as ripple is widely used in banks.

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October 08, 2017, 10:50:25 PM
 #64

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 value of a product, even money, it is given by the believe of those who uses it that it has value. The system is the same with ordinary money, it is just a piece of paper/plastic and the bank is in the middle of it. As long as there will be billionaires, the existence of the banks wont be a concern for this world. The bank in that article probably had some other issues and the crytocurrency was the getaway plan so they can wash their laundry. Don't believe everything that is written in the press.

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October 08, 2017, 11:10:24 PM
 #65

There are things that may not happen. Eliminating banks is very impossible to happen. All of the business sector trust their banks for so many years.

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October 08, 2017, 11:21:45 PM
 #66

I really highly doubt banks will be eliminated in this world, it's far too impossible to happen even with the boost of knowledge about bitcoin and stuff. There are higher people that trusts banks more than anything else and there are still a lot of people hesitant about bitcoin and other cryptocurrencies and where else do they store their money? The bank would be their answer.
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October 10, 2017, 10:03:01 PM
 #67

I think not. It's because if we could completely eliminate banks in this world, what will happen to the future? Where will we get our money if we want to withdraw or something?

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October 10, 2017, 10:14:35 PM
 #68

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/

Part of the popularity bitcoin enjoys today can be partly attributed to the importance of the banks by ensuring that there is availability of the platform to either exchange from btc to fiat and vice versa. Until bitcoin gets to the point where a the shop next door is ready to accept bitcoin as a form of payment, that is when we can start discussion about doing without the bank until then, their influence is is very much at the peak.
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October 10, 2017, 10:38:57 PM
 #69

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/

Part of the popularity bitcoin enjoys today can be partly attributed to the importance of the banks by ensuring that there is availability of the platform to either exchange from btc to fiat and vice versa. Until bitcoin gets to the point where a the shop next door is ready to accept bitcoin as a form of payment, that is when we can start discussion about doing without the bank until then, their influence is is very much at the peak.

We can not totally eliminate all the banks in the world because bitcoin is not yet 100% accepted.We still needs fiat money to buy goods.Also other countries like north korea cant access the internet means it can not do the transactions.Old people still want to use traditional banking transaction so still it is for me its impossible that the banks will be eliminated.

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October 10, 2017, 11:01:22 PM
 #70

You mean the central banks right.. Because if generalizing banks it might cover a bitcoin bank in the future.. Eventhough I’m against they’re policy that makes them greedy for profits,, I don’t think they will be gone or even be closed without a war.. Only a world wide war can be a reason for closure not bitcoin existence..

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October 10, 2017, 11:47:06 PM
 #71

No.not really.You can never truly say that banks would be eliminated.Because thete are banks that are stable enough to fight bankruptcy.It will take a long time and security reasons in order for banks to be eliminated.

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October 10, 2017, 11:49:38 PM
 #72

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/


I want the bank closed, but honestly this maybe very difficult to do because banks today are part of life of modern society where they desperately need the presence of banks. other than, the Bank gets support from the government, so if we want the bank closed we will be dealing with the government and of course this becomes more difficult, so I think for now the best way we can do is to reduce our needs to the bank as a form of our resistance to them.
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October 11, 2017, 12:37:29 AM
 #73

Trying to think about this in a close minded situation, yes, we could shut down all the banks if everyone were to use Bitcoin and the banks took this laying down. But the thing is, in the real world, the banks would never allow something like this to happen. They're the ones with the gross amount of money and power to control the economies of the countries which they are in.

Governments also aren't going to allow this to happen, as their power lies with being able to control the treasury. So, no it will never happen.

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October 11, 2017, 01:39:43 AM
 #74

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/

I think thats gonna be hard to do, knowing that we've been holding on to banks since I don't know when. Closing banks to give way to cryptocurrencies is gonna take some time, most people are also buying bitcoin and other cryptocurrencies because they know that cryptocurrencies has the ability to increase its value in a short period of time, then they're gonna convert their cryptos when the prices gets high. So I think people are still wanting our current money and are just using cryptos to get rich.

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October 11, 2017, 01:55:03 AM
 #75

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/

Economy will go down since there will no body that will hold any ivestments to come if all banks are closed. Yes bitcoin is greater than banking your money, but bank is essential for all because it holds all physical money that will be used in any projects a private or public sector needs to operate.

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October 11, 2017, 04:07:12 AM
 #76

To eliminate banks from the world mean that to eliminate the total banking industry from the world which is impossible because this industry is providing major function in the economy. There are numerous big corporation in the world who are operating their daily activities through this.

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October 11, 2017, 04:57:24 AM
 #77

nope i think government  will never give up the fiat system. because they're getting a benefits from it too unlike on bitcoin they can't get that much. so bitcoin will be forever crypto currency and fiat system will be the same as before. but if the government will agree to eliminate the fiat system. i think they will gonna add large tax on bitcoin.

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October 11, 2017, 05:06:11 AM
 #78

as what the others may say, total elimination of banks is quiet impossible, but i guess the thing they need to do is to change the kind of system they have and their approach towards crypto currency. changes sometime is also quiet hard because of what we called mass adaption, but for me there is no point on making both of them as enemies, it would only lead to a big trouble if it might happen someday.

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October 11, 2017, 05:15:31 AM
 #79

No I don’t think that bitcoin can overtake real currency. Which means that there is no chance that cryptocurrencies will result in eliminating the bank system from the world because of the following

Firstly bitcoin will not be able to eliminate banks from the world because of the less popularity of bitcoin as compared to the banks.

Secondly real currency is very stable because of which it is very difficult to eliminate the banks from the world as compared to cryptocurrencies which are very prone to fluctuations in value.
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October 11, 2017, 05:19:31 AM
 #80

Bitcoin's a hell of a lot more secure than keeping money in a bank. When wire transfers take days to be cleared, it can travel the world at the speed of lightning. Although i think we can't eliminate all the banks in this world.


     
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October 11, 2017, 05:26:04 AM
 #81

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/

I dont think so. But for banks totally adopt crytocurrencies. Because we know how cryptocurrency help and make our lives easy.  Grin

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October 11, 2017, 05:29:08 AM
 #82

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/
Well this is unrealistic, first banks are beneficial to the government, and secondly, while the money will be banks. Even if legalize the crypto currency, there will be an analog of gold in banks and an electronic purse will do. Therefore, there will simply be another currency for people and everything.

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October 11, 2017, 05:45:53 AM
 #83

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/

Closing down exchange sites banks accounts will definitely mean something and slow things down, but would not still stop the spread of bitcoin because of the cross fires in between and also the cost involved in such.

If the exchange site corporate account is closed, its just to use individual account and inform all my clients to further pay into that account without any notification that it directed towards bitcoin and related issues. Since government cannot still go ahead and stop banks from attending to the needs of individual.

Another is that banks most times comply to rules that affects the majority in that the moment one is close to a top official in the bank, the rule becomes secondary.

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October 11, 2017, 06:12:38 AM
 #84

It could be happen with goverment control blockchains but still its not eliminate all the banks. Probably blockhain powered banks will be the future. I think that will be happen in 10 years


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October 11, 2017, 06:23:57 AM
 #85

This is possible if government will have the full adaptation of crypto currencies in their economy but the way I see it I think the government will not like that because they will lose control over the money circulating in the market, because of technology bitcoin has I guess the govern are afraid of its capability to stand alone.

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October 11, 2017, 06:33:35 AM
 #86

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/

I dont think so. But for banks totally adopt crytocurrencies. Because we know how cryptocurrency help and make our lives easy.  Grin

Eliminate banks totally will never ever happen in this world anywhere. Yes you can add the cypto currency as a function in banking , but no country can eliminate the system of banking which has being existence from decades and also will the banks will adopt it , is also the question which needs to be an answered buy them.

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October 11, 2017, 06:57:32 AM
 #87

I think that the banks will exist anyway in the future. Maybe we'll just be using them less. The government will provide and maintain a fiat system forever because of taxes.


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October 11, 2017, 08:04:15 AM
 #88

I don't think so blockchain is a technology which could achieve it

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October 11, 2017, 08:21:21 AM
 #89

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/

Cryptocurrecies are in ascendanct slowly and surely. However banks are needed still as I believe that paper money would never go away. As people would be paranoid that all we ever use is electric currency then what if there is a great blackout or a hacking? Banks keep physical money safe and for some people money that is seen and touched is more valuable than digital ones

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October 11, 2017, 12:44:41 PM
 #90

The only reason banks exist is to fulfill basic and essential needs relating to the storage and exchange of money.

As long as those fundamental human needs exist, banking or something similar to it, will exist in one format or another.

Some ask if bitcoin could replace banks. There's a possibility bitcoin itself could someday become a type of bank.
No it is not possible because the role of the banks is not only holding our money in the accounts but they also do many other things. I think banks can never be eliminated from the world. if the bankers realized that now the future of paper currency is no longer last then they will also start dealing in bitcoin and other digital currencies if exist anywhere other than bitcoin, but for the time being it is not possible.

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October 11, 2017, 01:09:13 PM
 #91

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/

People seem to have a hard time losing the bank, because people are always used to using the banks, it's hard to train someone to use what they do not know. If they delete the bank? maybe still. At the time we are now the expectations of people for getting quick money from their raised money are banks. They look forward to it and expect it to be in the future.

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October 11, 2017, 01:20:26 PM
 #92

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/

I dont think that bank can be eliminated as of this time because banks are used in different transactions of different business and let us admit it all of us do benefit from using banks doing our personal transactions and even encashing our crypto currency possesion. If bank will be eliminated it would take so many many years before it will happen.

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October 11, 2017, 01:50:31 PM
 #93

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/

I believe a world without bank isn't the purpose of why bitcoin was created, but a world with a way of transferring money without a third party being involved. Banks are a big help and I believe that some of us here, if not most, still believes that we need banks so that we have at least somewhere to store our money with the safety and security. So I think its gonna be hard to just remove or shut down our banks.

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October 11, 2017, 07:13:09 PM
 #94

I think that the banks will exist anyway in the future. Maybe we'll just be using them less. The government will provide and maintain a fiat system forever because of taxes.
No the banks are not ready to have for the time to wait money cannot be waste for the bright time. The value of the bitcoin is high and the majority of the people are using the money and users will know the amount of the money. The value of the money will lower than the other currencies, the importance of the bitcoin is high in banks and the social media and the markets so we cannot say than the bitcoin is going to go down.

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October 12, 2017, 09:37:21 AM
 #95

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/

According to what I have read in the article, there is no reason to create such dispute between banks and bitcoin. So the future of the bitcoin holders together with bitcoin businesses is still commendable.
Singaporean banks are just playing safe to protect themselves in terms of their operational protocols, fraud protection, and some law abiders in their country. In addition to those things, Singapore's Central Bank said that they have nothing to do, and they don't interfere with the commercial decisions and actions of the banks. So still the government is out from the decisions of the commercial banks in their country.

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October 12, 2017, 12:29:58 PM
 #96

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/

I believe a world without bank isn't the purpose of why bitcoin was created, but a world with a way of transferring money without a third party being involved. Banks are a big help and I believe that some of us here, if not most, still believes that we need banks so that we have at least somewhere to store our money with the safety and security. So I think its gonna be hard to just remove or shut down our banks.
Yes bitcoin is not here to eliminates banks from the world banks have own importance bitcoin was introduced to pay digitally and make money in digital form and as the world is now switching toward the digital currency and importance of flat currency is going to fade there is possibility that banks will start accepting bitcoin to continue their business and this will be good for the banks.

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October 12, 2017, 01:06:25 PM
 #97

I don't think so blockchain is a technology which could achieve it
Bitcoin cannot eliminate the banks from the world. It is certain that the digital currency is a big threat to the banking system but if they will start accepting bitcoin and other crypto currencies, definitely the cards will clearly go into their favor.

I think the future banks will deal with digital coins and even if fiat get disappears, they won't but I just hope this does not happen.

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October 12, 2017, 01:27:49 PM
 #98

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/


For me i think its to hard to eliminate all the banks in this world because banks plays a big role in this world,especially in financing,loan,savings etc. But if that will happen that all banks will be eleminated i think there is a much better purpose to have a progressive world of bitcoins.

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October 12, 2017, 01:42:45 PM
 #99

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/

I dont think so. But for banks totally adopt crytocurrencies. Because we know how cryptocurrency help and make our lives easy.  Grin
That may happen. Banks will convert into bitcoin banks I think. You can’t say that all the banks in the world will be just disappear because the king of economy, bitcoin, has just prevailed to whole world, no. that will not be happening at all. But yes like you said, bitcoin will change the banking style and all the banks will adopt its behaviors.

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October 12, 2017, 01:49:16 PM
 #100

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/

As long as the government exist this banking system will not be gone. It is our own government who rely on those institutions. And the bargain is abusing us with they’re greed for money. That is how this bankers has control to our public officials neck that they can even manipulate anything in this world.

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October 12, 2017, 02:07:32 PM
 #101

Like there will be always tax heavens in the world, there will be always countries who will allow to run crypto currency exchanges. Even if more and more governments will start to prohibit exchanges, there will be still the possibility to exchange directly from person to person.

Besides you have also the possibility to mine coins directly without any need to use exchanges. If the governments will say A, people will say B.  Wink

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October 12, 2017, 02:24:33 PM
 #102

Yes, but sooner rather than later
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October 12, 2017, 02:32:36 PM
 #103

Bitcoin will never destroy the banking system. Who will lend to the development of enterprises? Without it the economy will cease to develop. I think that the state will issue its own electronic money, and regulate it like Fiat. Banks with 'bjv generally can no longer pursue exchange transactions of bitcoins.

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October 12, 2017, 02:32:48 PM
 #104

Impossible.
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October 12, 2017, 02:33:29 PM
 #105

I don't think the banks will disappear, ever. They will change the way they do their business and that is also partialy because of cryptocurrencies who have changed the finances but worlds' economy will not change that soon and banks are one of the pillars of such system.

But with growth of cryptocurrencies, especialy Bitcoin people have the choice and with time they could diminish the number of services they use in banks and some could maybe become totaly independent from banking system.

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Harlot
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October 12, 2017, 02:34:19 PM
 #106

I don't think that there is any possibility of that happening. First of a government will face a lot of legal issues protecting all the bank accounts especially all the money of their citizens within their banking system. And why will you eliminate a banking system because of cryptocurrency? When they can co-exist with each other. People think that one of them should be eliminated in order for the other to be completely successful, but that is really not the case.

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yurekaa
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October 12, 2017, 02:36:36 PM
 #107

and when the cryptocurrent die, the bank will exist again.
i think no, bank never disappear.
not all human use this crypto, so we always need bank

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October 13, 2017, 05:02:46 PM
 #108

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/


For me i think its to hard to eliminate all the banks in this world because banks plays a big role in this world,especially in financing,loan,savings etc. But if that will happen that all banks will be eleminated i think there is a much better purpose to have a progressive world of bitcoins.
The banks in my country are accepting the bitcoin and they are investing in the bitcoin for the sake of the profit. The price of the bitcoin is increasing and the price of the bitcoin will be high if the world banks and the investors will invest in the bitcoin for the sake of the high profit. The amount of the bitcoin is now going high and they are accepting the bitcoin for the long term investments.

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October 13, 2017, 05:31:03 PM
 #109

Since fiat money is still alive, banks business is still there also to accommodate us.  Bank owners are totally aware about this kind of currency. And I believe that they are doing some modifications in their technologies in order to accept digital currencies because that might  happen in the future.

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October 13, 2017, 05:47:18 PM
 #110

Since fiat money is still alive, banks business is still there also to accommodate us.  Bank owners are totally aware about this kind of currency. And I believe that they are doing some modifications in their technologies in order to accept digital currencies because that might  happen in the future.
Why banks need cryptocurrencies. The banking system is completely adapted under Fiat. Cryptocurrencies are different in that you are unable to refinancing from the state in the event of temporary illiquidity. Bucky accepted the crypto currency will fall like a house of cards. What business can withstand a 500% APR loan?
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October 13, 2017, 06:55:48 PM
 #111

Since fiat money is still alive, banks business is still there also to accommodate us.  Bank owners are totally aware about this kind of currency. And I believe that they are doing some modifications in their technologies in order to accept digital currencies because that might  happen in the future.

If banks do accept crypto currencies, it will be a government approved, fiat like crypto. It definitely don't be decentralized like Bitcoin. Bankers and governments hate things they cannot control.

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October 13, 2017, 07:29:06 PM
 #112

Bank’s aint going nowhere. The banking system has been around for ages.Cryptocurrencies will will be used on a larger scale as technology progresses but not to a point that it will replace banks because technology is not adopted by everyone
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October 13, 2017, 08:24:51 PM
 #113

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/

Maybe but we cannot tell when bank to be eliminated i think it is imoossible because unless all people alreayd adopt already bitcoin as a digital currency.

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October 14, 2017, 05:06:21 AM
 #114

Like there will be always tax heavens in the world, there will be always countries who will allow to run crypto currency exchanges. Even if more and more governments will start to prohibit exchanges, there will be still the possibility to exchange directly from person to person.

Besides you have also the possibility to mine coins directly without any need to use exchanges. If the governments will say A, people will say B.  Wink
Governments are sensible and they know that there betterment is in bitcoin and no other country is going to ban such valuable coin and as taxation system is concerned there will be easy to collect taxes from the bitcoin because it will reduce HR and banks will not be eliminated they will upgrade their systems and will start receiving bitcoin as it gets in.



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Anthonyxx
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October 14, 2017, 06:09:44 AM
 #115

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/

And who exactly is the government,who do they represent?Us,everyday people of course.
So the only thing to do is to start worldwide protests.When your freedom is taken away by banksters' and rich people interests,
so is your freedom and there's nothing else you can do.
World would anyway be so much better place without this prosperity sucking leeches.
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October 14, 2017, 07:23:34 AM
 #116

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/

And who exactly is the government,who do they represent?Us,everyday people of course.
So the only thing to do is to start worldwide protests.When your freedom is taken away by banksters' and rich people interests,
so is your freedom and there's nothing else you can do.
World would anyway be so much better place without this prosperity sucking leeches.


I think we can not eliminate totally all the banks in the world because banks plays a big role in this world, especially in financing, loan, savings and many others. They have a full support to the government and it is  inherent in already in our society. In long run the banks will adopt accepting digital currency soon if fiat will disappear.

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October 14, 2017, 08:18:12 AM
 #117

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/

Maybe but we cannot tell when bank to be eliminated i think it is imoossible because unless all people alreayd adopt already bitcoin as a digital currency.
I don't think that bitcoin could be eliminated  because we all know that not all of us are in using crypto currencies. And still a lot of people, even billionaires that are using and totally supporting banks. They considered banks as their primary storage of their wealth and it could be hard for them if banks will gone.

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October 14, 2017, 01:36:56 PM
 #118

no, banks never get eliminated totally.
Banks do many functions required by persons in their day to day life.
Banks help people by paying them interests by keeping their deposits.
They not only give loans to general people but also to the industrialists who run industries by charging them interest.
Banks works as a mediator between those who have surplus and who are in need.
Currently no substitute institutes or agency is there which can replace banks.
Banking business may get affected by cryptocurrencies like bitcoin etc. but they will definately overcome them by making adequate changes in banks technology or by reducing the bank charges.

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October 14, 2017, 02:21:28 PM
 #119

Banks will never be gone no matter what bitcoin do. Banks are needed not only for loans but they are also used as means to give people their salary through atms. Banks are also one of the main means to cash out bitcoin so I don't understand why would someone thinks that banks can be eliminated.

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October 14, 2017, 02:38:14 PM
 #120

Banks move trillions of dollars each day.  Without them we have no commerce.   Bitcoin will not take this over with little home computers hosting the block chain.   We are years away from bitcoin have this kind of impact.
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October 14, 2017, 02:56:12 PM
 #121

No, surely we can't eliminate all the banks in this world, because most financial transactions around the world are made by banking services, and also banks are usually legalized and supported by the governments.
Most people use banks as well, a lot more than using crypto currencies.


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