Can we totally eliminate all the banks in this world?

[btctube]

Crypto needs banks too especially for the users who will cash out using their banks. WE can't totally eliminate banks unless the stores everywhere are going to accept BTCs and altcoins to which we don't need fiat money anymore to buy some thing on the grocery stores. We still need banks.

[dzhan]

Surely we can't eliminate all the banks in this world, because most people around the world use their services and trust them as well, and most people use fiat currencies right now, which is mostly linked to banking services. The number of people trading crypto currencies and holding them still not yet large.

[domerosan10]

it will not be possible for banks to be eliminated or destroyed, because banks are places where savers are saving and Banks are also used as a place to lend or credit to citizens who need borrowed funds. Another function of the bank is as a place of currency exchange, money transfer, as a place of payment or deposit.

[jmiro1]

I believe in crypto currency but I don't think it's possible to eliminate all the banks from the world. The exchanges are kind of like a bank as well. The purpose of a bank does not follow a one way route. There are and there will be people who are in need of a loan from time to time. You can't change that from happening. So you can't replace this need without a bank. Even if the fiat money banks were closed, a new kind of financial institution will grow and start to act like a bank.

[FoBoT]

Word itself is full of different people of different potentialities. Hence ideas of one person will be different from one another. If some people believe that with the existence of Bitcoin may be in the next generation, Banks may be wiped out completely, I feel this might be somehow nasty. Banks are in custody of Real currency, Golds and other valuables, but Bitcoin are anonymous coin stored on line. These two are parallel currencies that are not meeting. 

[Pancheng]

Dreaming??!! We can use cryptos to buy and make transaction on line but we need also money to pay government contribution since some countries are not yet accepting bitcoin on their system.... So we can't eliminate bank as of now.

[charlotte04]

Dreaming??!! We can use cryptos to buy and make transaction on line but we need also money to pay government contribution since some countries are not yet accepting bitcoin on their system.... So we can't eliminate bank as of now.

Yeah, I agree with you man. We can't simply just buy a car on the spot with our crypto, we still need banks for our mortgages and other thanks, like cashing out our cryptos?

[Naficopa]

I do not think that it is possible at all. Today's economy is based on banks. However, cryptocurrencies can make global banking change.

[Xanxus024]

No, because its like a tradition we used bank over hundred years and most of the people they prefer bank not on crypto because not all the people is known this kind of modern tech, I think bank can cope in this kind of modernization.

[JRoa]

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 can't eliminate all of the banks in the world. It is not possible and I know that government will not let banks to disappear. Banks have important role in our society and also in our economy so it is not possible that banks will disappear.

[stayeduptolate]

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 true that bitcoin has come a long way since it had started and in this journey it has gained a lot of popularity and users through out the world.  But still I don’t think it will result in elimination of banks. Because firstly, banks are way more popular than bitcoin and banks have way more users than bitcoin. Then banks regulate the currency whereas bitcoin is not regulated by any government or bank. Then banks are more trusted when it comes to investing money than bitcoins.

[Butchick]

Bitcoin has some great future ahead but i don't think banks will be eliminated despite all the advantages bitcoin can offer. Bitcoin follows a decentralized system in which most governments doesn't agree on and it would definitely take a huge amount of effort and changes if ever bitcoin or any digital currency for that matter, will be the sole or only currency to be used since you won't only be working on one country but the entire world. With this, i don't think banks will be totally eliminated.

[Tsugihara]

I think it is impossible, because without our bank hard to save money or exchange currency.

[Sled]

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 true that bitcoin has come a long way since it had started and in this journey it has gained a lot of popularity and users through out the world.  But still I don’t think it will result in elimination of banks. Because firstly, banks are way more popular than bitcoin and banks have way more users than bitcoin. Then banks regulate the currency whereas bitcoin is not regulated by any government or bank. Then banks are more trusted when it comes to investing money than bitcoins.

Banks are so strong and they are backed by the government so there is no reason for bitcoin to eliminate the banks because bitcoin and banks can still work without helping each other and bitcoin doesn't required a full usage from the people because people can make bitcoin as one of their option in order to make a good investments or just to make a fast and secure transaction.

[bittybits]

I highly doubt that cryptocurrency as a whole can totally eliminate all the banks in the world as you can already purchase goods cashless using bank cards (debit/credit). Cryptocurrency will only be the ones circulated in blockchain transactions and those markets that accept cryptocurrencies.

[lemazullo]

No we can not eliminate. We even send money to the bank account to buy btc.

[gabmen]

I highly doubt that cryptocurrency as a whole can totally eliminate all the banks in the world as you can already purchase goods cashless using bank cards (debit/credit). Cryptocurrency will only be the ones circulated in blockchain transactions and those markets that accept cryptocurrencies.

We'll never know. But with the way most banks are acting towards crypto, it seems they're afraid of what it can do to their control over people. I've read an article about citi not allowing debit card purchases for btc. That's people's money and they don't have any right to tell them where it should or shouldn't be used on.

[CoolSkeleton]

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. Many people still trust in usial money only, btc is too new for now, may be it is not soo good to use

[Hotel_Prodeo]

No we can not eliminate. We even send money to the bank account to buy btc.

For now yes, but we never know 50 or 100 years since the use of cryptocurrency will certainly make banks disappear. when everyone does not want to use banks and switch to crypto then everything gets faster.

[Genemind]

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 really think that just before banks go bankrupt just because of cryptocurrency, banks would start jumping in and adapting cryptocurrency on their services. As the sayings say " If you can't beat them, join them." Banks are financial institutions, so it would not be wise to close down just because of losing their customers because of cryptocurrency.