Can we totally eliminate all the banks in this world?

[jaysabi]

I doubt that, bank pays a lot of money to the government so I believe government will protect it's interest, and other thing is BTC is still not widely accepted, even with all the proof given on how good it is and the potential it offers, people still doubts it and kinda skeptical on trying it out. so I think it might take a while for BTC to eliminate banks.

Government makes money from a robust economy, so I'm not too sure that any particular industry is safe if the alternative is a better economy which would result in more tax revenues. Now it's another case if you're talking about lobbying groups making political contributions to politicians. That's not money that's going to the government, it's going to politicians. Not the same thing. Nonetheless, btc isn't a real threat to banks. There will still be a need for traditional banking roles of lending and the underwriting, even if btc were to become a dominant currency. Odds of that though are slim to none.

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[astrid.uchiha24]

I find this a weird thought, as soon as the monetary system has been introduce of course banks will be there because they are the one who regulates the circulation of money in a state or country so  i don't believe there will be a time that money are not existing.

[hurain]

As we know that the crypto currencies are trying to capture the whole market and that’s why people are giving importance to them but it is not possible to eliminate the whole banks from the world as we know that banking industry is as whole big industry and people are doing thousands of transaction everywhere in the world. The banking industry is now the backbone of economy.

Yes that is right that with the passage of time it is now becoming more clear that very soon bitcoin will become the most popular currency of the world and then people will be giving more preference to bitcoin as compare to banks, where it is very easy to keep your money and widthraw it without loosing any time. we can even visit our wallet at any time and from anywhere.

[Blitzboy]

I find this a weird thought, as soon as the monetary system has been introduce of course banks will be there because they are the one who regulates the circulation of money in a state or country so  i don't believe there will be a time that money are not existing.

We need money bro. Money is the tool for us to trade even if it is not controled by the government anymore. Money has been on this world for many years and money is the only thing that we can use for the easier trade. Therefore, I believe that no matter how the world change, money will still be there and nothing can make it disappear

[fasdorcas]

First of all banks are not shit but are central authority managing the economy of a country and no country will go all in cryptocurrencies which are international and can be manipulated internationally. They need a local central financial manager. Unless countries launch their own centralized cryptocurrency, banks are not going anywhere for sure. Rather cryptos and banks will coexist.

Yes banks will stay important until the government of region will not come to know about the benefits of bitcoin and bitcoin is not controlled it depends on the user demands and once bitcoin knowledge will reach at door to door then everyone will forget about banks and launching own cryptocurrency will be like a flat money because there is no scope of that in outer world so adopting bitcoin is best option.

[Yarsk]

Bitcoin as a decentralized currency and with innovative blockchains who are bringing new innovation every day will definitely give the bank some competition to game with but I doubt if the existence of bitcoin will totally eliminate banks because not all the countries of the world will option in for bitcoin as they central currency, bitcoin is gaining ground and getting popular each day and bitcoin is the future world currency but that will rake some time and people need faint money and in that the banks are still relevant.

[Coinve.st]

The banks and the government won't allow this to happen for a long time.  Beyond our lifetime indeed.  Elimintating our banking system will cause a global recession due to unemployment, lack of liquidity, etc.

[Sand King]

i read some news on CNBC that say in future bank will support blockchain techno but  no one say they can support coins

For me it's a big no even bitcoin is popular now and will be more popular when many years come, it will never happen that bank will eliminate in this world. Many people can earn money using bitcoin thats true and many people became rich because of bitcoin thats true but to eliminate bank in this world i think it will never happen because banks is in the history of the world, and banks has many function for all people.

[rausvi15]

According to my opinion it is impossible to remove bank system from the world. Because bank has the major role in every country and without bank the contracts of business is not possible between two countries. Bank is the common element through which different countries are trying to share balances. May be this eliminating word is nothing for those who do not have saving account, but those who have business accounts and all their savings i banks would panic when they comes to know that.

[rjbtc2017]

i read some news on CNBC that say in future bank will support blockchain techno but  no one say they can support coins

They will surely not "SUPPORT COINS" they will just use the blockchain technology as a record keeping technology to make sure the data is synced and secured and the integrity of each data is high. They will integrate blockchain technology for the purpose of "less paper work, less time for retrieving of data".

[logicgate]

If the banks in the future will be closed because of the cryptocurreny then it will be a big problem for a lot of people and mostly for the bank owners. It will also be a problem for those who are woking in the banks because their jobs will disappear.

Bitcoin is better than banks and this facts is threating the existence of banks and bankers are very upset as they feel unsecured while seeing the popularity of bitcoin, bitcoin has attracted and diverted the attention of people toward itself and those who were keeping their money into the banks now they all are investing into bitcoin because bitcoin is giving them maximum profit and this shuts banks in future.

[yugyug]

i don't think that bank will totally eliminate, banks makes your money secure even this modern times of cryptocurrency, crypto currency is not a day-to-dat transaction for commners, besides bank help you manage some of your  savings to diverisify into a form of investment or money markets. banks also protect your banking transaction and no one is allow to trace your account without proper approval from authourity, unlike blockchains your transactions is transparent and traceable, even your wife can trace your blockchan once they know your bitcoin or altcoins address nd she cn trace it without any permission from you.

[Jose Rizal]

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/

Why is it needed for banks to be eliminated around the world in the first place? The establishing of bitcoin does not intend to eliminate the existence of bitcoin in the whole world. In fact, the existence of cryptocurrencies like bitcoin is the innovation or just simply the improvement or the latest version of money which is generated and operated through online usage but it does not imply that with this existence, banks will be totally eliminated. It can just stay the same anyway since it offers another stuffs to its consumers same way that bitcoin do to attract many people to go beyond it.

[tbterryboy]

I think it's not necessary when all the bank account information is completely transparent and legal. They should not be used by Bitcoin, the engagement activities will be more and more

No I think it is not possible. The banks have their own role in the communities and many people have many benefits from the banks. On the other hand bitcoin is just a digital currency and many people do not believe bitcoin because it has no physical existence.

Therefore I think that it is not possible that all the banks will be eliminated due to the widely use of bitcoin. Banks have their own features.

[Shamie1002]

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.

Definitely true,  but in my country, the banks are the one who announced the bitcoin's legalization. They were the first one who accept bitcoin that is why I would be thankful for bringing it up front. Maybe, the acceptance here by banks will further lead to general taxes. It's the opposite of what bitcoin stands for but if it's the only way to keep them then let it be.
Maybe a wiser way in holding will give sustainable income.

[JTASSOCIATES]

Till bitcoin acceptance with all retailers and malls other shop possible in day to day life we are not able to totally eliminate all the banks in this world. Not only the reason above at present I am converting bitcoin with the help of exchange and they are transferring the money in bank account directly with local currency so with out bank from it is difficult accept bitcon. This is the major reason we are not able to eliminate banks from our life at least for next five years. Once we reach our target of many users we are independent to have bitcoin without depending banks.

[Sengoko]

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 can eliminate all the banks from the world because firstly banks are more efficient than bitcoin. Then banks are way more popular than bitcoin among the people and because of which they have more users too. Then banks are available everywhere and easily accessible. And lastly banks do not need internet to run which is a big limitation of bitcoin. So because of all these reasons I don’t think bitcoin will be able to eliminate banks from the world.

Banks are the utmost important entity in running a country so it is looking impossible to me that bit coin will eliminate all the banks although it is looking not very difficult that sooner or later but all banks will use bit coin for transaction, online payments etc

[micher143]

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/

Bitcoin is the only one currency which is dealing people and people are coming attract to bitcoin because bitcoin is the only currency which having future well if we think about ETH then it is also quite good for future.

I do believe that banks from past years of old times really accepts only one currency, but as of todays modernization of banking technology, banks were more aware and accepting exchanges from digital to fiat currency. Sometimes it's getting redundant to read this questions so far, because bank will not be eliminated due to it's purpose is highly recognized by people around the world.

It is most likely to happen that bank will accept bitcoin or any other form of cryptocurreny rather than to be eliminated. I found out that the currency such as bitcoin as a form of cryptocurrency can really be a vital factor for development in terms of economical state of a specific country or any other platform of business, so the best thing to do is to actually get in to the flow of the development of bitcoin for bank to adapt on the development a part on the future of bitcoin.

[anshul_848]

No that can never be happened because do you think that virtual currency would be change over fiat currency?
Bitcoin is all way different from banking,

[sumanto]

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/

yes of course you can, everyone who plays bitcoin is not too thinking about banks, banks only place as withdrawal course, if the bank does not want to cooperate or develop using bitcoin technology then the bank will be eliminated from the economy in this world.