Can we totally eliminate all the banks in this world?

[Monro3000]

I believe that banks have existed for centuries and will continue to exist. Previously, these were usurers, now official names, banks. The crypt of all = will not remove, since people in it are not versed in the world. Someone is scared to understand, a new one, to whom they will give up the habit. So that 30-40 banks will definitely prosper.

[Pedro18]

You can't do that. Some business company will never approve this, also the government will never do this, they will never get a big tax from big businesses like banks. This will never happen.

[lordquanta]

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).

Banks will charge only when bitcoin is transformed or exchanged for normal regular fiat currency. This strategy will flat on its face if people keep their business with crypto only. So right now banks are or will keep the tab on transfer from the crypto to fiat, fiat to fiat. That is where there their power lies. So once people or companies or entities starts working with cryptos as currencies instead of as commodity the problem will start to fade away. This way there will be less and less significance of banks in the general economy.

[MinMan]

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.

Really unlikely indeed. I really do not see how government will wake up in a day and decide to close my account as an exchange when their was no policy stating I should not conduct such transactions in the first place. Sure, bitcoin cannot replace banks and banks will still always find a way to operate but at this stage, the highest government can do is to find a way to regulate the exchanges and make the compliant with the policies of the government when it comes to the monetary aspect. if the government want to stop exchnages, P2P will still rock.

[Kevin77]

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.

Exactly! Bitcoin cannot be used as a global currency and that is one.
Secondly, like you said, there is a basis at which we keep measuring the value of the bitcoin we have and whether we like it or not, it would continue like this until probably some countries decide to stop printing money and change the system of generating money by utilizing the blockchain technology but not without the banks still. Maybe, by then, U.S, will be making use of USDT.

[neurotypical]

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.

Bitcoin is still not big enough for them to throw a full blown attack on bitcoin, including a ban on both exchanges and possession. I think this could damage the price a lot.

Ultimately I don't think bitcoin will kill banks, because let's admit it, most people don't like self responsibility and like to outsource the task of keeping your money safe to others. So I see bitcoin banks being an offer for the bitcoin peasants. Smart people will keep holding their own private keys.

[GreenBits]

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.

Bitcoin is still not big enough for them to throw a full blown attack on bitcoin, including a ban on both exchanges and possession. I think this could damage the price a lot.

Ultimately I don't think bitcoin will kill banks, because let's admit it, most people don't like self responsibility and like to outsource the task of keeping your money safe to others. So I see bitcoin banks being an offer for the bitcoin peasants. Smart people will keep holding their own private keys.

AMEN.

Everyone needs banks, but not everyone understands how banks work, or the role they play in the world’s economy. I see so much bank hatred on the boards; your beef is ot with the banks, it is with the folks that operate the bans and the policy thtey hide behind. But I digress..

Banks pretty much function as an intermediary, or  a go-between, in the financial system. Banks are where people can safely deposit their savings, which banks then pay interest on. If there were no banks, people would have to store and protect their savings themselves, which would involve major risks. People have a really hard time securing btc; trust me when I say this is a vital service for most folks.

Banks are largely responsible for the payments system. Electronic payments are becoming more ubiquitous as people use less cash. This means that banks are processing more card payments, transfers, direct debits, etc. every day. Banks also issue loans to both people and companies. Without banks, it would be very hard for people to buy a home or start a business, or for companies to make investments, for example.

Despite how you ( a body) might feel about the banking system, it is going absolutely nowhere at this point. It is very much here to stay

[gabmen]

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.

Bitcoin is still not big enough for them to throw a full blown attack on bitcoin, including a ban on both exchanges and possession. I think this could damage the price a lot.

Ultimately I don't think bitcoin will kill banks, because let's admit it, most people don't like self responsibility and like to outsource the task of keeping your money safe to others. So I see bitcoin banks being an offer for the bitcoin peasants. Smart people will keep holding their own private keys.

It can't. And i don't think it's meant to do that anyways. As things stand, bitcoin can't really stand on its own without fiat. Banks control this fiat market. And governments control banks. So something as independent as bitcoin can only be an alternative most likely.

[Monnt]

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.

One thing you should always know is that Bitcoin can not go face-to-face with Banks, cause Banks are being backed up by the government, and they’re like the foundation of every business, Bitcoin businesses can’t run without banks, they need banks to save their money, unless they will a piggy bank lol.

[Osarman]

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.

This will not be acceptable by the bankers that this coin will take over their system and their main strategy in the past about bitcoin is they were spreading rumors about bitcoin and now they see their fate clearly and some of bankers are investing in bitcoin also and sooner all banks will also start accepting bitcoin to continue their business and this will be easy for them to upgrade their system.

[onrise]

You can't do that. Some business company will never approve this, also the government will never do this, they will never get a big tax from big businesses like banks. This will never happen.

This can certainly never happen because unless and until its being controlled by government no big business will change their model of working and accepting and dealing in btc . Only a few countries till now have actually made it legal rest of the countries are still undecided and yet to think about it.

[Dudeperfect]

This statement is applicable to the banks who don't change over the time. Blockchain-based payment system like Bitcoin is giving far better advantages over the traditional fiat system so in the coming years we will see the growth of such network. However, if banks could adopt something like Blockchain to improve their efficiency then I don't see any threat to the banking system. There are 75+ banks already using technologies like Ripple protocol and XRP to provide efficient banking services.

[Sled]

This statement is applicable to the banks who don't change over the time. Blockchain-based payment system like Bitcoin is giving far better advantages over the traditional fiat system so in the coming years we will see the growth of such network. However, if banks could adopt something like Blockchain to improve their efficiency then I don't see any threat to the banking system. There are 75+ banks already using technologies like Ripple protocol and XRP to provide efficient banking services.

I agree to that. The banks doesn't need to disappear or get eliminated by the cryptocurrencies because banks can adjust their system to improvise the current financial system that they have and if the banks will adopt the blockchain technology then the transactions in the different banks will become easier and faster and because of that, it can attract more people to try and use their service because of the new feature.

[futuret]

A transition plan might be necessary

Yes it is important to have the proper planning and the pre planned thing get eth success sooner than the unplanned things, I hold the bitcoin. I am going to transact my bitcoin after the price will be very high. It is not the good time for sure so be the patient person and hold the bitcoin till the end of the year so you will be able to get the profit from the bitcoin. So be planned for the best transaction and the high profit.

[Wexnident]

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's a big NO. First of all, it is not the goal of Bitcoin and also, Banks are fucntioning for many years. Given the fact that Banks are the strongest institution which are strongly supported by each of the Government in every country. Also, cryptocirrency including Bitcoin haven't still establish full trust of most of the countries.

[BlueStackz]

This statement is applicable to the banks who don't change over the time. Blockchain-based payment system like Bitcoin is giving far better advantages over the traditional fiat system so in the coming years we will see the growth of such network. However, if banks could adopt something like Blockchain to improve their efficiency then I don't see any threat to the banking system. There are 75+ banks already using technologies like Ripple protocol and XRP to provide efficient banking services.

I agree to that. The banks doesn't need to disappear or get eliminated by the cryptocurrencies because banks can adjust their system to improvise the current financial system that they have and if the banks will adopt the blockchain technology then the transactions in the different banks will become easier and faster and because of that, it can attract more people to try and use their service because of the new feature.

This upgradation of the current banking system will only be possible if the government declares it as legal. Till the time this thing will not happen, it is not at all possible for the banks to take such kind of step at their own.

As far as elimination of banks is concerned, I don’t think so that there is any possibility of this thing to happen no matter if the government declares crypto currency as legal or not.

[McKane]

A transition plan might be necessary

Yes it is important to have the proper planning and the pre planned thing get eth success sooner than the unplanned things, I hold the bitcoin. I am going to transact my bitcoin after the price will be very high. It is not the good time for sure so be the patient person and hold the bitcoin till the end of the year so you will be able to get the profit from the bitcoin. So be planned for the best transaction and the high profit.

If you are holding your bitcoin you are doing finer thing because in the end of year bitcoin will reach to very high level even it will be 2x of the current value so we should need to hold our bitcoin for a while if we want to see better future.

[coinplus]

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.

Banks cannot be eliminated, they will still always be there whether we like it or not. Sure, blockchain technology is going to change so many things, but not banks.

Governments will look into the technology, build their own cryptocurrency as we are already seeing from some countries and regulate it. That won't stop bitcoin, that won't stop the rest, but they will utilize the technology for their own benefit and banks will still be at the forefront for those who wish to use the currency.

All the above , before then, a lot would have changes even for bitcoin and probably some of us would have been laid down to rest. Also, with the way we have it, fiats are still going to be much in use most especially in some parts of the world and with that, banks will still be in operation.

[lichnikkk]

Banks is just a mediator between to two people or companies. Someday people will realize that it is not profitable and banks will disappear

[Harlot]

Banks is just a mediator between to two people or companies. Someday people will realize that it is not profitable and banks will disappear

From what I know people up to this day know that Banks are not made for profiting from it but for other purposes. People now put their money in banks just to save it and hold their money there for security purposes. Unfortunately it won't stop people from using banks as holding other peoples' money is not their only way to earn money but also loaning out their money, as you can see many people including businesses needs the money of the bank in order to fund their businesses and other daily needs.