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craZyLovE0916
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March 19, 2018, 11:45:43 AM |
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Banks are not going anywhere. They are needed and will continue to exist for a long time. What will happen is that banks and cryptocurrencies will have to figure out a way to exist side by side. The world is big enough for everyone and they are both needed by people which is what give both banks and cryptocurrencies their value.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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Altf4
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March 19, 2018, 12:26:02 PM |
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Banks are not going anywhere. They are needed and will continue to exist for a long time. What will happen is that banks and cryptocurrencies will have to figure out a way to exist side by side. The world is big enough for everyone and they are both needed by people which is what give both banks and cryptocurrencies their value.
I think it will not happen because the banks has its own way business in running our fiat money ,while bitcoin and other cryptos has its own way of running its business currency that differ with the banks so the two have different world of running a currency. |
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carlbreezy
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March 19, 2018, 12:29:24 PM |
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No, not in near future. As long as fiat is widely accepted (and i see no reason not to), banks will remain with us.
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kuckong
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March 19, 2018, 01:12:38 PM |
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I think to eliminate the bank from the world can not. Because the bank has existed since the 16th century until now.And the function of banks for life in the modern era today is very much.Currently banks not only as a place of storage of money but also as a place of credit , place of bill payment and storage of goods or securities and many others.
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Blackhammer321
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March 19, 2018, 01:24:49 PM |
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If we do think that cryptocurrency cannot eliminate the fiat and so the blockchain system can't. Digital currency is way too far from the fiat currency, the only similar is the value but not the same as volatility then. Fiat capabilities are way flexible than the cryptocurrency even the cryptocurrency can be usedinternationall with no hassle, i believe that crypto is the future but the need of physical money is a necessity.
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TIDOVEE
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March 19, 2018, 01:33:23 PM |
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I think all banks can actually be eliminated by bitcoin, that is, if it is a determined aim of the founders of it, but, looking into few things , eliminating banks should be a right priority. Because. Not every one will like to work with bitcoin,especially the old and stack illiterate, and there could be mutual but benefit of a bank to bitcoin. Which should be supported.
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CoinFlipKing
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March 19, 2018, 01:49:25 PM |
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Crypto/blockchain is changing the structure of economies at the macro level and businesses at the micro level. When people talk about government control over various aspects of something I think its unrealistic to think that things will become decentralized to the point of anarchy. I don't believe that would benefit the world personally, but you are welcome to disagree. What it does enable is the ability to operate within a system that isn't manipulated by central banks and large financial institution. As we've seen since 2009, the quantitative easing did reduce the short term impact of the economic shock that caused the recession, but the great majority of the benefit has been reaped by the wealthy. By wealthy, I mean those who own financial assets and don't live paycheck to paycheck. The stimulus has caused financial assets and real assets to appreciate, but real wage growth (where the lower-middle to lower class citizens derive their purchasing power) as been very stagnant until the last year or so. This is why the wealth gap has spread considerable over the last 8-9 years globally. So by utilizing a monetary system that isn't manipulated by the wealthy, we can free ourselves from this aspect of oppression. It doesn't mean we'll have a world where everyone can commit tax evasion without being caught, and my opinion is that world wouldn't look very attractive anyway (again, some may disagree and that's ok too). Governments will not be able to stop the innovation and maintain the fiat system based on game theory imho. The utility gains of crypto/blockchain are far to large. It would require a global agreement between all developed economies. But if that agreement was reached, which is a long shot on it's own, each nation would be incentivized to cheat in order to lock in a competitive economic advantage. Once one nation cheats, the rest will cheat so they don't fall behind and the agreement would fall apart. To see an example of this, consider the restriction of the internet and how much of an economic disadvantage that would represent to a nation. There would be no way to compete. Blockchain is AT LEAST just as much of a utility gain for participating economies, so it will not be banned. I think to key to realizing the potential is creating a way to integrate the legacy and new systems so that participants can "slide" from the old into the new. |
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Bessta
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March 19, 2018, 01:50:58 PM |
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Maybe if cryptocurrencies will be regulated the same way with banks, people will give their 100% trust to cryptos. Banks may not be as fast as bitcoin, and more expensive to transact with but people felt secured with transacting with banks because governnent has put in place safety nets in dealing with banks. So if the same safety nets would not be laid by the government for bitcoin users, i think banks will not be eliminated.
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CoinFlipKing
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March 19, 2018, 02:03:08 PM |
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I think all banks can actually be eliminated by bitcoin, that is, if it is a determined aim of the founders of it, but, looking into few things , eliminating banks should be a right priority. Because. Not every one will like to work with bitcoin,especially the old and stack illiterate, and there could be mutual but benefit of a bank to bitcoin. Which should be supported.
As more and more DLT platforms are built and wallet/tx protocols improve, the retail side of the banks can easily be replace. A solid lending market needs to take hold first though. Other platforms can replace the capital markets side of banking, but those are a little more complicated because the transaction types and contract are far more complex. In total though, the whole banking system can and will be disintermediated as this tech matures. I'm pretty pumped about it. |
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crisanto01
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March 19, 2018, 02:43:58 PM |
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I think all banks can actually be eliminated by bitcoin, that is, if it is a determined aim of the founders of it, but, looking into few things , eliminating banks should be a right priority. Because. Not every one will like to work with bitcoin,especially the old and stack illiterate, and there could be mutual but benefit of a bank to bitcoin. Which should be supported.
As more and more DLT platforms are built and wallet/tx protocols improve, the retail side of the banks can easily be replace. A solid lending market needs to take hold first though. Other platforms can replace the capital markets side of banking, but those are a little more complicated because the transaction types and contract are far more complex. In total though, the whole banking system can and will be disintermediated as this tech matures. I'm pretty pumped about it. We cannot totally eliminate bank in the world, but we can partner with them that they will add bitcoin on their lists of transactions, with that they can have the potential to increase their revenue and advantage for bitcoin since they can easily access. cash in/out bitcoin in their life. |
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futuret
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March 19, 2018, 06:29:29 PM |
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I do not think that we can eliminate the banks, given the financial power they have and the fact that people are used to access their services.
But surely they will have to change their profile and offer different services, maybe supporting crypto.
The reason we have so many banks in our society is because they help us by providing different kinds of services and giving us the advantage to make maximum use of them with deposits and withdrawals of the currency. The payment system has given them this leverage to manipulate our money in their own idea, but when the payment system will be changed, then they will not be able to do this and slowly either they will vanish or shift towards crypto currency. |
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weblaraveluser
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March 19, 2018, 07:20:19 PM |
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It is possible that banks will be remove in the future but maybe they will create a way for them to hold cryptocurrency so their business will not go to failure but it was really hard to compete on ico's because the system of banks and cryptocurrency is not the same. |
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CuteBaby123
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March 19, 2018, 08:01:50 PM |
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The answer is NO. We can never eliminate banks because they have been part of the government system for thousand years. Whatever happen and may come, banks will continue to exist until goverment exist. These two are allies and banks are also necessary in the government. |
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plaintiff77
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March 19, 2018, 08:52:51 PM |
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We cannot. Banks are storage of all the money of a certain country or its government. This would not be possible since banks play a very vital role in a society. But then time would come that one day banks have to accept the fact that they would recognize crypto currency for them to be able to continue operating.
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bitcon
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March 20, 2018, 12:07:30 PM |
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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.
You talking like because you do not own the bank. The owners of banks will not allow to destroy their business and will take a crypto currency to be able to earn. |
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cerberus5424
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March 20, 2018, 01:38:32 PM |
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I do not think that there will come a time when the banks will completely die out. Cryptocurrencies can flourish and be in use around the globe, but banks will still be!
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gareng1468
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March 20, 2018, 02:01:55 PM |
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I do not think banks can not be eliminated even though cripto could be used without any help from banks. however, humans need the interaction of funds also need the help of others who manage it is the function of the bank as a manager of the economy of society and government. it would be naïve if everything rely on crypto alone.
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AdamRay
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March 20, 2018, 02:42:23 PM |
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Can not eliminate all the banks in this world. They are the lifeblood of every nation's economy. If the bank does not survive the economy will collapse accordingly. I think some people are interested in BTC, but some prefer to deposit money into the bank for savings. So there is no reason banks will not exist.
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Razick
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March 20, 2018, 02:47:30 PM |
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Regardless of how good bitcoin is to us and how important the idea behind bitcoin is, banks will always be needed in the world. Cryptocurrencies will exist just like banks will exist and they all have a place in the world and play important roles to people. Banks will always be needed for storage of money and we cannot change that.
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Wabaman
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March 20, 2018, 03:13:35 PM |
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Definitely not! Banks will be able to find a way to transact using cryptocurrency, banks will adapt on anyways possible so that they can continue to function side by side with any cryptocurrencies. From what i've read cryptocurrencies main objective is to try to make a cashless transaction. This doesnt mean that bank transactions are no longer necessary. As long as there are material values banks will not ceased to exist.
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