Can we totally eliminate all the banks in this world?

[bestluck]

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.

[fasdorcas]

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.

[innocent93]

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.

[thet]

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.

[Ewox]

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.

[rushel22]

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?

[pearlmen]

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.

[Dodoymabs]

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.

[Kingofbitcoin12345]

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..

[chelle5]

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.

[Roman Abraham]

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.

[squatz1]

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.

[UchihaRukawa]

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.

[Ranly123]

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.

[MMS2017]

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.

[DrGuns4Hands]

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.

[Funeral Wreaths]

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.

[DG2000]

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.

[culuuton]

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.

[Milo_Kidd]

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.