Can we totally eliminate all the banks in this world?

[meliodas]

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 don't think so. Even though every transaction that we make are computer generated, still we need a place to store the soft data and hard data. If ever there is no more cash in the world, then they need to make an online bank for bitcoin.

[romero121]

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 don't think so. Even though every transaction that we make are computer generated, still we need a place to store the soft data and hard data. If ever there is no more cash in the world, then they need to make an online bank for bitcoin.

Whether it's an online banking system or something else, fiat will serve as the base for the entire functioning. Based on the fact, it's really impossible to eliminate the banking system. Now, I expect banks need to get incorporated along with bitcoin and function. This will surely increase the usage of the bitcoin.

[MiF]

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 government did not urge the banks to close the accounts but the banks just decide for themselves. Most of the banks see bitcoin is a threat to their business that is why they are doing everything that necessary to neutralize the threat but i believed that the banking business cannot be eliminated because they can shift to bitcoin banking specially that they are already used to computer and digital transactions, only the currency will be replaced but not the business except if there is a government law that will eliminate the banking system then it will be over for the banks.

[Jateng]

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 don't think bitcoin will totally eliminate all banks in the world. Lots of people still depend on banking system even our government and I guess this will not allow to happen by the government of ev county. Beside I don't think bitcoin is not intended to destroy or eliminate the current banking system and nowadays even some banks are paying attention about cryptocurrencies. For now, huge percentage of people prefer to put their money in a regulated banks rather than in their own digital wallet because they still don't trust the security of their wallets.

[deppil]

If the countries consider ban exchanges accounts in the banks we will start a war, because the traders will go into the banks and withdraw all the money, and well they will trade bitcoin with another way, p2p will lead the trasanctions, exposing the people at a bigger risk then nowadays. And why would a countrie ban something that is paying the legal fees to the country, soo the exchanges is providing revenue as any other company... anyway i dont believe this will happen at all.

Firstly there may be chaos happen, because almost all the people of the world use banks to save their money, the finances of various countries will be chaotic because many rich people will withdraw all their money that reaches hundreds of trillions dollars, and maybe it will make many countries experience inflation and crisis, agree with you that this is impossible to happen,,

[nightrider]

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 don't think bitcoin will totally eliminate all banks in the world. Lots of people still depend on banking system even our government and I guess this will not allow to happen by the government of ev county. Beside I don't think bitcoin is not intended to destroy or eliminate the current banking system and nowadays even some banks are paying attention about cryptocurrencies. For now, huge percentage of people prefer to put their money in a regulated banks rather than in their own digital wallet because they still don't trust the security of their wallets.

Indeed, despite high values, bitcoins are still heavily dependent on banks as many governments impose banks on bitcoin payments. Clearly, they are closely related, and they are mutually supportive.

[Bitcoin1216]

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

[Akash1243]

I don't think that Bitcoins can eliminate banks in this world as banks would have adapted to bitcoins and would allow bitcoins transactions through them and etc.Banks are important for nations and also the many people dependent on banks.Banks grants loans which bitcoins can't do and without loans many people can suffer.And banks secure than the Bitcoin wallet we use about would be nice if bank start using bitcoins.

[Yakamoto]

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/

banks will be eliminated if they do not keep up with developments for digital currencies, they will be very hard to keep the bank productive and not eliminated. banks must cooperate with digital currencies such as bitcoin in order to always grow.

No, banks will still be around even if they don't put in effort to make developments relating to digital currencies. They will be propped up until they either reach the same point, or they can simply ignore them. They have no need to cooperate with cryptos such as Bitcoin; they have no growth they need from those who use cryptos since most people who use cryptos also have bank accounts, and typically they use them in some capacity. There is no reason for them to cooperate since Bitcoin is a bad thing for them, mostly. They can put more effort into attacking Bitcoin and get better results that favor them than trying to sacrifice some of their profits and pretending to get along with Bitcoin.

[Xester]

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

Definitely banks wcannot be eliminated because it has been there eversince.  It helps our economy in different ways.  Many people who are financially educated uses bank and keep their money in banks.  Not all people uses bitcoin and in case time will come that bitcoin will be used by all people, I think the government will do something with banks.

[miccb]

We could do that.
But the bigger question is how?

[miccb]

A transition plan might be necessary

[MOTHIT]

No we cannot totally eliminate all the banks in this world it is not possible and it is not required also.

I strongly believe the formula "mind your own Business"

Let banks do their role in this world and we Bitcoin will mind its own success equally. So we will have healthy competition to run forward and achieve bigger then what we are now.

[Sled]

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

Definitely banks wcannot be eliminated because it has been there eversince.  It helps our economy in different ways.  Many people who are financially educated uses bank and keep their money in banks.  Not all people uses bitcoin and in case time will come that bitcoin will be used by all people, I think the government will do something with banks.

Banks will stay to this world and we don't need to eliminate banks to just have a full forced in using bitcoin because that is a selfish move and the best thing to do is to work together with banks like bitcoin is being accepted as a deposit or you can withdraw your funds in banks using bitcoin and that is a good collaboration for bitcoin and banks for sure.

[ethereumhunter]

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

Definitely banks wcannot be eliminated because it has been there eversince.  It helps our economy in different ways.  Many people who are financially educated uses bank and keep their money in banks.  Not all people uses bitcoin and in case time will come that bitcoin will be used by all people, I think the government will do something with banks.

Banks will stay to this world and we don't need to eliminate banks to just have a full forced in using bitcoin because that is a selfish move and the best thing to do is to work together with banks like bitcoin is being accepted as a deposit or you can withdraw your funds in banks using bitcoin and that is a good collaboration for bitcoin and banks for sure.

we still need bank to help us to receive the money that we withdraw from bitcoin and if the banks and bitcoin can work together then it will give another benefit for the members. i think if the government accepting bitcoin for a new payment system and the banks can integrate with bitcoin, then we can connected from something which is in internet and the other in offline so both will be related and will give something better to us.

[Yadstiker]

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

Definitely banks wcannot be eliminated because it has been there eversince.  It helps our economy in different ways.  Many people who are financially educated uses bank and keep their money in banks.  Not all people uses bitcoin and in case time will come that bitcoin will be used by all people, I think the government will do something with banks.

Banks will stay to this world and we don't need to eliminate banks to just have a full forced in using bitcoin because that is a selfish move and the best thing to do is to work together with banks like bitcoin is being accepted as a deposit or you can withdraw your funds in banks using bitcoin and that is a good collaboration for bitcoin and banks for sure.

we still need bank to help us to receive the money that we withdraw from bitcoin and if the banks and bitcoin can work together then it will give another benefit for the members. i think if the government accepting bitcoin for a new payment system and the banks can integrate with bitcoin, then we can connected from something which is in internet and the other in offline so both will be related and will give something better to us.

For now it is one of te best solutions and also one of the best partnerships could be, but lets not make it as final, there still can be changes can happen, and as what banks would do, they surely do what it takes to earn, but in some instances the government might also interefere and do what they can to earn either, but either of the options can never lead to elimination of banks.

[Kakawate]

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, although bitcoin is being widely known around the world, and there are lots of investors and users of bitcoin and other cryptocurrencies, its not gonna be easy to bring down the banks which has been a great help also to people. Banks has been a partner to people for a long time and I don't think people are completely ready for that to happen.

[kateryana81]

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 government did not urge the banks to close the accounts but the banks just decide for themselves. Most of the banks see bitcoin is a threat to their business that is why they are doing everything that necessary to neutralize the threat but i believed that the banking business cannot be eliminated because they can shift to bitcoin banking specially that they are already used to computer and digital transactions, only the currency will be replaced but not the business except if there is a government law that will eliminate the banking system then it will be over for the banks.

Banks will not accept that this currency will take their place they will simply switch to the crypto dealing to continue their business and this phenomena will happen in future because now people trends toward digital currency and nobody is keeping their money in banks and a lot of banks in the worlds had recognized bitcoin because they all know that this currency will take over the flat and they will be gone.

[tonlong]

Cryptocurrency not being connected to a central bank is actually a major point why everyone buy them. Bitcoin is the future, people need more like these so banks can start wobbling.

[tbterryboy]

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/

this could happen if the bank does not want to cooperate or receive bitcoin as a valuable digital currency because the banks have to work together with bitcoin so as not to be eliminated.

That is actually very right. If banks will try to stand against digital currencies then I am afraid about their existence in the future. If I have to be honest, digital currencies will take some time rather good number of years to cover whole world but once that happen, either we will not have any banks or all of them will be dealing in bitcoin and altcoins. Ripple is being supported highly by banks. Jamie has badmouthed bitcoin but JP Morgan is trading bitcoin.