Can we totally eliminate all the banks in this world?

[crazycatwoman03]

I think no, we all know that digital cryptocurrencies are new and its starting to become more popular. But, even its becoming more popular it doesn't mean that it can eliminate our real money and we all know that real currencies are made by banks. So for me there is no other way that crypto can eliminate the banks.

Right virtual currencies could not just do that when they became more useful and the future. We know that the disadvantage of these currencies is that few people or store accepts this coins and up to this day, there are still many bank users. We grew up knowing that money transactions are best done in bank and as long as there are many people still using banks, it will not be outdated. Besides, virtual money is not yet legalized and this is preventing is to fully utilize the use of bitcoin but on the other side, the banks have already established their works and their worth.

[mrcash02]

I think exchanges could be the future of banks. Instead of working with fiat only, the banks could work like an online exchange operating with all Crypto-Currencies and offering extra features like insurance, investment plans (to hold money on the exchange for minimum X time), credit and debit cards, etc...

This way we could eliminate the banks, but at same time make them become more useful for all.

[Tyrantt]

Short answer: No.

Longer answer: No, because the concept of banks is almost impossible to disappear now. First they would not allow that, banks are one of the most powerful businesses and bankers are powerful as well. Second: it can't becasue that would require a longer process of transimision of money and they wouldn't allow that, they'd be keeping up with the changes to always stay in the game.

[coinplus]

Jesus...  Of course we can, and quickly.  

Consider the VC industry : it got rekt by ICO's in a matter of months.  Numbers talked, money talked.  It's over for the big guys.

Who the hell in their right mind would consider giving away 40% equity in their startup to some fat lazy shark like Mark Cuban in exchange for a grotesque 100k investment in their company when they can raise that money through an ICO in a matter of hours without any paperwork while keeping 100% equity ?

http://www.wired.co.uk/article/initial-coin-offerings-on-the-blockchain-are-disrupting-venture-capital


We're about to witness a tsunami of massive disruptions in the financial system, banks will be the first victims : even if they survive, they will be disrupted beyond recognition in a matter of years.

Another financial crisis like the one we saw in 2008 and you kiss the banks goodbye and say hello to a $500k Bitcoin global gold standard.

I so much love your optimism and honestly looking at it from your point of view, then we can really kiss banks goodbye. However, it cannot be that easy as it sounds, not without a fight. However, there are so many people who would still be struck with the normal traditional currency which makes bank still very much needed.

It might be easy in some places, but the world, you should understand some third world countries really find it hard to even have access to the internet. One thing I am sure though is that adaptability to technology can get the banks out but not very soon.

[Nathland]

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/

No. I don’t think that bitcoin will ever be able to eliminate banks because firstly, banks are way too much popular than bitcoin. Hence they are also way much in use too as compared to bitcoin. Secondly banks are easily accessible to all where as bitcoin is only available for people who have internet connection and still there are many places in the world where internet is not available. Thirdly banks regulate the money hence keep them stable on the other hand bitcoin are not regulated and hence are not stable.

[LordMonopoly]

Banks won't get disrupted by the cryptos or anything like that because the whole system / society is relying on it so it seems quit impossible but who knows, maybe in 100 years... But, assuming that bitcoin will go mainstream, be stable and that large amount of people will be able to use it to buy food, clothes or basics items, banks will probably adapt the retail banking industry to the bitcoin.

[_Dawid_]

It is just impossible right now. Not only people use banks, but also goverments etc. The whole system is related,if you want delete banks then you must replace deleted banks with new "banks" or something what running simultaneously and similar.

[Chrystora123]

will not be able, Bitcoin community will not be able to remove the role of Bank, at this time we still need Bank as a place to exchange Bitcon that we can into we respective currency ..

[nelsledma]

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/

That is very unlikely. No matter how common a bitcoin is, it can not completely replace the bank. Although bitcoin deals smoothly and quickly. People are used to using cash everyday and depositing savings. Change not one day two.

As bitcoin is now not so circulated all over the world so no one can deny the importance of banks because banks re fulfilling people need and as bitcoin will be spread and accepted all over the world then banks will be of no use and for this purpose we have to wait for more year and then this will happen because still bitcoin Is unknown to a lot of regions around the world.

[el kaka22]

No, and I really liked Antonopoulos' comparison as to why. The car has been around for ~100 years. Before that we had the carriage. If you go to Central Park and take a ride in a carriage with your girlfriend, you still can. Same thing with banks. They will probably stay around as tools for a niche market. The problem isn't really your local banks that give out high interest loans. The really big problems come from central banks, which are pretty much above the law right now and the ones who make or break economies.

I really like that analogy. However, if I will want to stick with that stuff Antonopolous said, you cannot just find so many carriages everywhere and they are basically just good for parks and for those who may want to have fun within that environment, so not like a regular used stuff for daily activities.

A time will come when bank activities will reduce, no doubt, and only the staff will just end up losing most of their jobs as we see just few people making use of the services they have to offer. Even without bitcoin, that is already happening with cashless policies and society.

[tylerderden]

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/

Crypto currencies already in headlines now days.
Every person is curious to know about them and when they knew about they are investing in it.  Bitcoin is become a new obsession. 
Best thing is it can be mined.
But considering all its advantages I don't think that bitcoin can eliminate all the banks..  Yes it's possible that with rapid use of bitcoin bank transaction can be but decreases.  But for elimination banks,  bitcoin need to increase its potential.  Banks offer a sense of security and assurance where bitcoin lacks..  And we can't deny from the fact bitcoin is a crypto currency, that is a virtual currency and it's take a lot more efforts to replace cash from  bitcoins.  So I don't think this is possible.
Bitcoin has several advantages bit disadvantages also. 

Bitcoin can not eliminate banks.  They may decrease it's profit but elimination is not possible,  at least in next 50years.

[Monkeydluffy001]

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'm afraid that exposing bitcoin and laying it down to our government  will be not that easy, the futute of bitcoin my be hold if there will be no more banks, there's a lot of difference between cryptocurrency to a real money. Our culture might have different perspective with this. But for me the future of having no banks is really hard.

[BUK2016]

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/

Elimination of the banks as a result crypto currency will be the hardest thing that will happen in the next decade. Although it is a known fact that the activities of banks will be reduce to some extent as Bitcoin and crypto currency in general gets more acceptance world over in recent time because of the strong advantages it possessed.

[voltesbit777]

I think bank now is not going to be disappear instead they adapt the concept system of digital currency. As far as I can remember, I watched it somewhere in you tube that Bank of the future in digital currency. If I am not mistaken

[Yadstiker]

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/

No. I don’t think that bitcoin will ever be able to eliminate banks because firstly, banks are way too much popular than bitcoin. Hence they are also way much in use too as compared to bitcoin. Secondly banks are easily accessible to all where as bitcoin is only available for people who have internet connection and still there are many places in the world where internet is not available. Thirdly banks regulate the money hence keep them stable on the other hand bitcoin are not regulated and hence are not stable.

Yea you do have a point out there my friend, and honestly it is very hard to describeit as of now. Maybe in the future to what might happen maybe its possible, but as i am wondering that banks would only adapt to bitcoin, so i guess still it wont be eliminated anyway, i don't know but i think banks  will adaot changes and for bitcoin to be more accessible, but its not yet guaranteed, because the opposit might happen also.

[UzumakiSakuragi]

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 the thing you said ( all the government need to do is close the bank accounts or businesses or exchange?), is gonna take up more than a few years. Its nit as easy as it sounds, it has to go through a lot of legal process that would take years just to be talked about. Banks had been around for quite sometimes now, and I think, its not gonna be easy to bring down such big part of the world.

[ekoice]

Banks could not be totally eliminated.They have been in the market for more than centuries.They have a very broad network spread all over the world.Main reason for their importance is that they have all been recognized by governments and governments have very much friendly approach towards them.

Also,banks don't only offer money transaction service,but they have great network in offering services like getting deposits,lending loans for interests,etc.So,they would also survive in the future,but they would have to change and enhance their services to retain customers.But that seems to be very hard with facing such a gigantic rival like bitcoin.

[upsidedown75]

People often do not see the difference between the real economy and the circulation of cryptocurrency. Banks is part of the real economy and without them it is impossible to develop production. How businesses can take out loans in bitcoin for production development? If not the company will operate then you will not have money to buy cryptocurrency.

We should also consider that they are the ones who give loans, and they play an important role in the financial system, whether we like it or not. These are some of the reason we will still always have them around even with reduced activities as time goes on.

If a lot will change eventually and we will end up not having banks, some generations will just have to wipe out first leaving the digital age generations. That day is coming when no one will not really need much service of the bank.

[thesmallgod]

you cannot eliminate bank. bank have always been and it will continue to be. the problem is the government they see potential of cryptocurrencies how this coin can revolutionize the world but they hate it. government dont like something they can not control. that is the reason why poor people will always exist because the government can make the rich poor and can also make the poor rich. with time the bank will have no option than to consider bitcoin as legal tender.

[jiamileshuai]

If the state has applied the rules with reason that is rational and acceptable to society, why not. Including by applying money or digital transactions. But if you have to remove all the banks in the world, this will be very difficult. It's like a massacre for a banker. There will be many problems that occur due to bank deletion.