Can we totally eliminate all the banks in this world?

[mistanama]

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/

We can not say that all banks in the world lose bitcoin. The bank has been scattered all over the world but the bitcoin is not quite well known by most people. But if the bitcoin is known in the world, I think it's not going to lose the banks anymore. Is it because of the fact that most people in the world are already using that money when they need it? Will they withdraw from the banks and when they need to save money? at the bank they will also be allocated. And that's my opinion not to lose banks even when bitcoin spreads.

[Jabiii]

I think it will be hard to eliminate banks because maybe someday they will catch the trend of Bitcoin or other crypto. I think government wil not allow that their banks will be eliminated.

[NicG13]

If we continue using the current capitalist system we will need either banks or something similar to banks.

[crisanto01]

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/

We can not say that all banks in the world lose bitcoin. The bank has been scattered all over the world but the bitcoin is not quite well known by most people. But if the bitcoin is known in the world, I think it's not going to lose the banks anymore. Is it because of the fact that most people in the world are already using that money when they need it? Will they withdraw from the banks and when they need to save money? at the bank they will also be allocated. And that's my opinion not to lose banks even when bitcoin spreads.

We cannot eliminate banks, in fact we need banks to know bitcoin more in the world, one of the most trusted institution in the world is bank and if banks were already accepting bitcoin in any transactions a lot of people will encourage to know what bitcoin is, they will not be afraid because they know that it is legal.

[fiulpro]

This is quite unlikely to happen with these exchanges and businesses that keep their money is the bank or at least us banks for their trading and other monetary activities is in a way hugely benefiting the banks as well.

None of the banks are doing any kind of social service. They do take hefty fees for all the services provided by them.

The only reason this can ever happen is when the profit margin will be substantially low as compared to the services offered.

Meanwhile, Bitcoin has proven to be the first and obviously the longest running cryptocurrency in the market and have a huge user base.

Doing something like that may bring about serious problems for the banks and authorities because of the huge user base that bitcoin carries.

[bantrex11]

banks will not be eliminate, they have a lots of tactics maybe they can also use or adopt crypto for their transactions.

[FireShark89]

I'm sure banks will somehow manage to adapt to the inevitable and superior technology in their midst. Once they do, they will become part of the system which will make it hard for them to go out of business. We still need fiat afterall.

[GunThe]

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/

At this time, banks are still impossible to be eliminated especially to a developing country. But the BSP (Banko Sentral Ng Pilipinas) sees cryptos in a positive way.

[Epimetheus]

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 has come a long way since it had started and has gained immense amount of users which is a result of its huge popularity among people around the globe. But still I don’t think that bitcoin will be able to replace banks from the world because firstly, banks are way more popular than bitcoin and has way way more users than bitcoin. Then most of the people trust the banks with their money and don’t trust bitcoin with their money. Then banks regulate the currency and make it stable making its value stable whereas bitcoin is not regulated by any bank or government because of which its value is not stable and fluctuate a lot.

[DevilSlayer]

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 can't happen because it is impossible. I am sure that many people will not let the banks will disappear because banks have many important roles in our society. I am sure that many people will still save their money in banks in the future. Banks will never disappear because of the cryptocurrencies.

[shahani]

Eliminating banks by way of bitcoin is not easy. Many banks establish different places in all countries, and it is legally build with the approval of government for a hundred years passed by, about bitcoin, it is organize and made by a genius people also, but it is a tax free and government did not endorse it. In my opinion about bitcoin, it is provably a global asset that also governments economic status are benifited. It is a international gift that made by a very genius person.

[Cosbycoin]

All banks can not be liquidated because their owners are the most influential people in the world and they will not allow to destroy their source of income, rather they will destroy the crypto currency than shut their banks.

No mates banks are not the only way to sustain our savings bitcoin has more capability as compare to the banks, banks only take the costumer money and saves it and don’t give any high profit whereas bitcoin is reverse of banks and more better than banks in bitcoin an investor has full charge to use his money at any time as well as it multiplies your money and return huge profit to the investor which is enough to live lavish life.

[PIR]

No one can totally know what will happen in the next future with bitcoin and bank to say that we can totally eliminate them, banks are already there since it started, and they're now part of history, society and economy of ones country so we never know, but in case it happen that bank will slowly be eliminated I'm sure there is a back plan for that.. however bitcoin will continue to rise and being useful to as crypto currency in the world

[Hendralam18]

Most likely one day one can replace banks and exchange, if all merchants have adopted payments through cryptocurrency. We all know that today many countries are fighting the use of bitcoin and cryptocoin, it can be believed the government's concerns about the problem of corruption and terrorism. Let's pray that the government is not always concerned with the problem but to see that many are helped by the existence of bitcoin and cryptocoin, both from the financial side and their standard of living tend to be much improved, even though the world is experiencing an economic crisis caused by the state debt. I myself strongly support if one day cryptocurrency can replace the existing bank and exchange.

[ChaitanyaKosaraju]

Definitely impossible....banks can never be eliminated....role of banks may change and mode of conduct may change...you may see only digital banks etc...but eliminating is not at all possible

[Orino Suimuri]

Unlikely: even in case of a wide acceptance of bitcoin, for most of people banks will be the main source of financial services, as loans or leasing.
But who knows, the world is changing, may be new kind of services will appear on the market

[elston6x]

No. We cannot eliminate all the banks in this world because what is your goal for eliminating the banks in this world. Banks works as a mediator between those who have surplus and who are in need. Currently no substitute institutes or agency is there which can replace banks.

[logan16j]

Banks do many functions required by persons in their day to day life.
Banks help people by paying them interests by keeping their deposits.
They not only give loans to general people but also to the industrialists who run industries by charging them interest.

[pissyas]

World would anyway be so much better place without this prosperity sucking leeches. I think we can not eliminate totally all the banks in the world because banks plays a big role in this world, especially in financing, loan, savings and many others. They have a full support to the government and it is  inherent in already in our society

[Cryptolupus]

I don't think so, at least in the next future: banks have a fundamental role in global economy; even in case of general acceptance of cryptocurrency, banks still will offer a lot o services.