Can we totally eliminate all the banks in this world?

[boruto99]

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.

now we have tether? who founder tether company??

tether prints hundreds of millions of dollars every day without being audited.

bitfinex receives usdt from most tether. The exchanger is full of price manipulation from usdt.

[PpaatToupee]

I agree that it will be very difficult to erase banks from existence since they offer services that Cryptos can't including insurance for your savings, loans, etc...

[Wayan_Pedjeng]

As long as we need to invest in bank fixed deposits, treasury bonds, equities, mutual funds.etc, we need the banks. Also, if the banks are not there, how we are going to store our money? Please don't tell me that Bitcoin will completely replace fiat currency in 10 or 20 years.

[munareal]

Crypto currencies can not eliminate banks in the world but rather the banks will come to accept the use of crypto currencies. Banks will want to survive any way and if it means accepting crypto then be it. More over they are encouraging cashless society which is dealing in digital currencies.

[monomix]

potentially ... in the remote future there is a possibility. i dont see it in midterm perspective. though technology is really fast nowadays

[Tungsten-1]

bitcoin can replace the existing banks in the world if more and more countries that legalize bitcoin. because blockchain is a new technology that can replace the function of the bank with very low cost and high security

No one knows what will happen in the coming days but the fact is it will really very much difficult for bitcoin to replace the existing banking system. Banks are there since a long period of time and there is a huge number of people who really trust banks and will never use any other way of keeping their money other than that of banks. Bitcoin really needs to work hard in order to get this much of fame.

[mikan111]

Its difficult to foresee it, however if they continue to exist, they will be in a completely different function than before

[skyline247]

No. you just cannot eliminate all the banks ever.

[avi007]

No not at all, an economy can't exist without a bank. A bank plays an important role in an economy.

[shi07]

I don't think so, banks is were people keep their fiat. And even bitcoin already exist, still more people are utilizing fiat over crypto. Fiat is still the currency revolves and circulates in an economy so we really need banks. To safekeep our money. Also bitcoin and banks is somehow correlated because conversion and exchanges of btc to fiat is transacted over banks.

[Jeepney_koh]

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, banks will continue to exist and would be impossible to eliminate them. Government also cannot eliminate them because they are partners in every way. Government controls banks and thats where they actually earn. In terms of the businesses and exchanges' banks accounts closure, they cannot do that because they generate profit from them from their taxes.

[logicgate]

i think we can't get all banks in the world vanished
because we still need that to doin in some cash cash thing

Banking system is not an illegal system or it is being run by some ordinary person that it will get vanished. All the banks and this banking system is being governed by the government and government is actually taking care of all the things related to it. I don’t really think so that there can be such kind of situation when we will see no existence of the banks in our society. Banks will remain there and people will keep on using them.

[Card]

No. you just cannot eliminate all the banks ever.

yes, I think so, the bank can not be eliminated, because the bank also plays an important role in the system of transactions and the economy

[queenlaurel]

Banks can not totally be eliminated with paper money still going around, at the end banks may end up going into cryptocurrency and getting involve. It's a two way thing it's either bitcoin is not accepted generally or it is and banks adopt idea, and the more people get involve the more it interests the banks.

[Cryptomagnus]

I'd like very much a world without banks, but I don't think this will be possible, even in case of the general acceptance of bitcoin.
Banks offer a lot of different services, so I think they will start to collaborate with bitcoin, even in I can't figure the exact way.

[Rony24h7]

Cryptocurrency occurs at online and most of the people in this world don’t know anything about it. Only a few people know about it and deal with it. Generally, w use banking system for the safety of our money and transfer one place to another and we have to pay some fees to do these type of work.
On the other hand, we don’t need to pay any extra charges to deal with cryptoes but some countries ban BTC and there is no relationship between any bank with any type of crypto's or alts. So we have to use bank and banking system to maintain our regular work so it is very impossible to eliminate all the banks in this world.

[Edrian]

Remember that not all people knows how to use crypto, some of them are much comfortable using fiat another reason this is a bad idea because if the government eliminate all banks it will affect the economic system badly. Using crypto as the standard currency will takes time, tons of study and research on how fiat will be replaced by cryptocurrencies it is not that easy.

[Francissco12]

You have reminded me of a very interesting book, called "The End of Banking" by Jonathan McMillan, which proposes to "modernize" the financial system and eliminate the business activity of the entities to avoid a new economic recession worldwide. I recommend it.

[yosemit]

Even eliminating the traditional banks we need to make some organizations who would deal financial services, imho. So to my mind, we can not live without them in any ways

[Jgatsby]

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.

I didn't meant it that way, actually i was referring to the taxes that goes to the government from the bank, but you're right that Bitcoin isn't a real threat to the banks at all after a few months here in Bitcoin it made me realized that we still really need the bank after all.