Can we totally eliminate all the banks in this world?

[Cryptolupus]

I'd like very much to get rid of banks and of other centers of financial power, but this is probably impossible: they don't want to lose their power, so you can bet they will try every possible strategy to keep the control over the financial world.

[BitcoinPanther]

Theoretically, in the case of a massive acceptance of bitcoin by general public, banks would become useless, at least in the form we know today.
But they form a so influential network, that I'm pretty sure they will find a way to keep their position of power.

Funny how you say that, even if bitcoin is massively accepted, banks will never be useless.  Banks offers several services not only keeping your money and trading it without your consent.  They are also being used as vault for important documents and items, also offers investment program for your money and several insurance stuff.  So I guess Bank will be useful and will always be with use.  Thus we cannot totally eliminate banking in this world.

[Orino Suimuri]

I agree; more over, even form a psychological point of view, people are so used to think "money=bank" that it will be extremely difficult to break this connection.
And, as already stated, there will be the need of all kind of financial services, as loans, leasing, escrow, and so on.

I'd like very much to get rid of banks and of other centers of financial power, but this is probably impossible: they don't want to lose their power, so you can bet they will try every possible strategy to keep the control over the financial world.

[stevegreer]

We can never beat banks, they are operating based on the law and protected by the government if you follow the law.
They are different but bank are more trustworthy since depositors has more confidence because they are guaranteed with insurance.

^^^This. Big banks will never be beaten mainly because of this reason. Bitcoin has been around less than a decade. Banks have been around for centuries. People tend to trust banks because they are insured. And because they want to keep your business, and keep your money flowing through their doors, they will work hard to maintain that trust.

I can relate a recent personal experience to also justify my statement and agreement with goldcoinminer's statement. My family and I went on a weekend trip to Washington DC a couple of months ago. While there, we used our debit cards at the hotel, restaurants, and several of those mobile canteens and souvenir trucks. Just two days ago we noticed a charge on our account for $30 at a Quizno's in DC. We never ate at a Quizno's while we were there, and we live 5 hours away from DC, so obviously we didn't make that charge. My wife went to our bank to dispute the charge. They told us that once the charge cleared our account they will refund it and start an investigation to see if they could find out who used our account. They also cancelled her card and issued her a new one right there on the spot.

Now, don't get me wrong. I think Bitcoin and altcoins offer a viable alternative to fiat currency and banks, if one is willing to accept the risks associated with it. But do you think I would have been able to dispute any charges or get my money back had someone hacked my account and stolen my coins? Or that I would have any real way of tracking down who stole them in the first place? All it took was one trip to my bank to resolve my issue. Who would I have called to get help had it been Bitcoin? Since the government or banks don't regulate Bitcoin, it has no interest in providing resources to help an individual in that situation.

Sorry, I think Bitcoin and altcoins are fun to play around with and try to make money, or lose it just the same. But I will never place enough trust in it to do away with my checking and savings accounts.

[stevegreer]

Funny how you say that, even if bitcoin is massively accepted, banks will never be useless.  Banks offers several services not only keeping your money and trading it without your consent.  They are also being used as vault for important documents and items, also offers investment program for your money and several insurance stuff.  So I guess Bank will be useful and will always be with use.  Thus we cannot totally eliminate banking in this world.

I'm sure if people would actually read the fine print of the documents they sign when setting up bank accounts they will realize that they are giving the banks consent to trade their money. Besides, the banks do reward us, if albeit with much less money than they make off of our dollars, in the form of the interest they pay us to keep our money there.

[Owl129]

In my opinion banks cannot be eliminated,banks are everywhere and most likely the big banks who stores a lot of money and where people entrust their money with, it cannot be eliminated that easily also because most of the people particularly in our country still not into cyptocurrency. If ever it happens that most of the people are into cryptocurreny then banks will think a way to stay in the line of business. There are many intelligent people behind those banks thinking of a good stategy for their business and their market. So for me it is nearly impossible.

[Yzhel]

Funny how you say that, even if bitcoin is massively accepted, banks will never be useless.  Banks offers several services not only keeping your money and trading it without your consent.  They are also being used as vault for important documents and items, also offers investment program for your money and several insurance stuff.  So I guess Bank will be useful and will always be with use.  Thus we cannot totally eliminate banking in this world.

I'm sure if people would actually read the fine print of the documents they sign when setting up bank accounts they will realize that they are giving the banks consent to trade their money. Besides, the banks do reward us, if albeit with much less money than they make off of our dollars, in the form of the interest they pay us to keep our money there.

for me let us save bank as we will need it in the future, think of it we need to stpre our hard earned money at safe place and that is the bank more than our house. So let us create unity between bank and crypto.

[fcklife]

Theoretically, in the case of a massive acceptance of bitcoin by general public, banks would become useless, at least in the form we know today.
But they form a so influential network, that I'm pretty sure they will find a way to keep their position of power.

yes indeed. we will not able to eliminate banks but make the fees lower since there is now an easier way to transact.
e wallets must also have insurance for hacks like the banks insurance over theft.

[Dondon1234]

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!!  Its totaly we can elemates all bank in this world, ig we use us a degital wallet likr bitcoin wallet, we dont need any banks account for that case, so i think someday banks will dead.  

[Crypto Vitriol]

It seems that there are a lot of pessimistic people, here.
Well, I like to think that bitcoin will bring freedom, so we'll find a way to get rid of banks and of their power.

[shoaibmahar]

Actually it is not possible in near future,But possible in future that banks can be replaced.According to different sources there Bitcoin banks started their operations and deal with Bitcoin and its customer ratio increasing,It is positive signal that Bitcoin bank will be successful and replace the traditional Bank.

[EPICA Token]

I dont think there is a even a slight chance that banking system, which were evolving and adapting the financial structures through a historical eras can be eliminated so easily because of bitcoin. Today banks are playing one of the main regulatory role in the global economy and even minor violations in the banking sector can cause another massive economical crisis. It is too fragile.

[Magister Magus]

Who knows, in a world where bitcoin is the main currency and everyone has his own "bank" in his cellphone banks would be useless.
But I'm very skeptic that they will accept a so big loss of power, so probably they will find a way to control the blockchain, or to offer new services that an economy based on bitcoin will need.
Btw, for the moment this is just science fiction, so... don't think too much about it.

[rockyboy]

I guess we cannot eliminate  those banks that are currently operating in different parteof the world.  Banks also help  us with other transactions.  Bitcoin and bank do have a different  usage.

[alval]

nope. it cannot be happened . because P2P technology was developed because the lack bank system nowadays. instead some bank on some country adapt blockchain to improve their banking system . make the system getting better, more efficent, and slightly reduce time transaction on large scale. the technology behind blockchain is awesome . can solve many problems for right now. the bank system and crypto with will co-operations each other to make future-payment schema in the future. (my opinion is subjective. don't be offense )

[Rooster101]

You can't eliminate banks but they will evolve instead and became part of that so called cashless society. Think about blockchain technology, which is a distributed database that made the cryptocurrencies possible, it is the technology that is more likely to have the greatest impact on managing and transferring money to the very concept of national currency. Many banks will later adopt or use the blockchain technology to improve their services and this adoption will revolutionize the whole banking industry the coming years.

[zhuiyongliang8]

Blockchain is the basic technology of cryptocurrency, allowing people to trade directly. Distributed itself is a technology, not an institution, to ensure that transactions between people are effective... Of course, bitcoin is mainly a digital asset, which has many advantages over the French currency. It is not necessary to replace the French currency and when it can replace the French currency. In fact, it is not necessary to replace the French currency completely.

[SkustaClee]

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 not disappear because of the cryptocurrencies. You should be aware to what is the benefits that we can get from the banks. Banks also have many functions in our economy and society.

[RAAAMA]

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

Haha, your right. We bought our crypto through banks. Anyway, crypto is an option for us to be more digital and flexible and I hope in a long run we could minimize the use of banks.

[Indai24]

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

Haha, your right. We bought our crypto through banks. Anyway, crypto is an option for us to be more digital and flexible and I hope in a long run we could minimize the use of banks.

Bank play an important role in the financial system and the economy, this is to stabilize the financial stability of our country. And yes you're right we use the bank in sending or recieving money and it is very impossible to eliminate all the banks in the world.