Can we totally eliminate all the banks in this world?

[Lumada]

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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[Nahl]

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

[rivoke]

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

[TonixGaming_14]

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.

[Jackblack90909]

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

[vvong]

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

[Netnox]

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.

[Quidat]

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.

[djselery]

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

[nizamcc]

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).

[boyshx]

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.

[Sasuke102001]

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.

[iluvpie60]

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.

[RodeoX]

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

[mozillaspez]

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.

[amaral1977]

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...

[Virtual miner]

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.

[batang_bitcoin]

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.

[Youghoor]

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 .

[boyptc]

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.