Can we totally eliminate all the banks in this world?

[Paka1]

Banks will not be eliminated by Bitcoin, instead they will be forced to transform. If Bitcoin becomes the dominant currency they will loose much of their privileges. They will no longer be able to profit from fiat money creation and savings account.

It's possible that today's banks might become some sort of insurance companies, offering insurance policies against hacking. They may still be able to sustain their credit business (= investment banking) though.

I don't think banks can be eliminated, since it has its own functions that differs from cryptocurrencies such as bitcoin. Banks maybe hassle to deal with because it goes through a process but it really does helpful when we need it the most.  On the other hand,  bitcoin serves as one mode of payments. And it is great when we are doing transactions online.

[coinluisa]

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 think they not totally eliminate the banks because even we have bitcoin some people want rely banks mostly people lot of money in the banks like business man and so on. There's a lot of circumstances that they need to consider before they can eliminate the banks.

[btcrut2017]

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/

For now we cannot eliminate banks in the world. Banks are needed to ensure that our money and other assets are store and kept. More people believe in banks than in crypto since this is new. People are knows the systems of banks rather than crypto.

[Sorento]

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.

Exactly my point..  Who will?  It's going to be a tough one

[RAAAMA]

I don't think the banks will be eliminated. I'm sure what will happen is bank will adopt in the new technology and the bank system itself will be replace by something better. This way, bank will still exist but it will be powered by the blockchain technology.

[GamblingPurveyor]

I know bitcoin has come back way since it had begun and in its trip it's picked up a good deal of fame and purchasers at some point of the planet. nevertheless at constant time i do not surmise that bitcoin will dispense with banks from the planet on the grounds that originally, banks area unit way more thought than bitcoin and that they have way a much bigger variety of purchasers than bitcoin at some point of the planet. what is more, banks area unit a lot of trusty than bitcoin and banks management the money of any country although bitcoin is not directed by any bank or government.

[nur rochid]

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/

For now we cannot eliminate banks in the world. Banks are needed to ensure that our money and other assets are store and kept. More people believe in banks than in crypto since this is new. People are knows the systems of banks rather than crypto.

i think so. despite the rapid growth of cryptocurrency, i dont think the government will let the bank disappear, because it will disrupt the stability of the world  economy. let alone for now indeed trust of the bank is still greater than cryptocurrency

[lucy94]

That is the whole point of bitcoin.

[ButtCrack]

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/

For now we cannot eliminate banks in the world. Banks are needed to ensure that our money and other assets are store and kept. More people believe in banks than in crypto since this is new. People are knows the systems of banks rather than crypto.

i think so. despite the rapid growth of cryptocurrency, i dont think the government will let the bank disappear, because it will disrupt the stability of the world  economy. let alone for now indeed trust of the bank is still greater than cryptocurrency

Yes, I agree with you. The role of the banking system on the world not only help the government, companies have money for investment or simply help the people keep money safe. The bank need that amount to control the volatility of FIAT's value on the world. Just a small changes in the value of FIAT can make the world become panic. Example USD and Euro. Both currencies can not hange higher than 10%/day.

[icol333]

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/

For now we cannot eliminate banks in the world. Banks are needed to ensure that our money and other assets are store and kept. More people believe in banks than in crypto since this is new. People are knows the systems of banks rather than crypto.

i think so. despite the rapid growth of cryptocurrency, i dont think the government will let the bank disappear, because it will disrupt the stability of the world  economy. let alone for now indeed trust of the bank is still greater than cryptocurrency

Yes, I agree with you. The role of the banking system on the world not only help the government, companies have money for investment or simply help the people keep money safe. The bank need that amount to control the volatility of FIAT's value on the world. Just a small changes in the value of FIAT can make the world become panic. Example USD and Euro. Both currencies can not hange higher than 10%/day.

It is also the obligation for every government to maintain their currency's value from another country. With each country's bank who got the duty to track down the price movement, so its price could be maintained not too far down or too high.

[nightfury]

That is the whole point of bitcoin.

That's quite feasible if only all the countries worldwide will embrace and adapt the digital currencies, IMO. That's what makes it hard to eliminate banks too because we know that each country has its own bank. So definitely, these countries who are against cryptos will preserve their banks.

[fxstrike]

Right now people are using BTC as investment instrument, if we all start using it in our daily dealing directly then we can collapse banks all over the world even with just few millions of BTC circulating right now

[milah_ah]

I think that now it is impossible. Maybe ... in 10-15 years ... We are not ready yet for this

[andika2018]

I don't think so that all banks in this world will be eliminated. Even though crypto currencies will grow in its markets, still banks in every country is very important. Because people who do not want to use crypto currency will be using banks also since not all people are using digital money.

I am still believe that banks still exist in the future even cryptocurrency eliminating and disrupting banks bussiness as intermediaries. Bank still used as lender resort because banks infrastructure more prepare to distributing wealth and distributing economy growth

[Dark_Felix]

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

[Ramtapsbtc]

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 be affected with the existence of bitcoin becuase banks has lesser interest rates. Maybe we can use banks to deposits our important documents such as lot titles and also our jewelries as well.

[Jamescur]

BTC will not wipe out the bank, and the bank will occupy an important position in the real economy!

But BTC can change the bank, reduce the bank's business and profit!

Use BTC to transfer money, save money and transfer fees!

The use of blockchain technology in the bank will reduce the cost of the bank and improve the efficiency of the bank.

[kidoseagle0312]

In my perceptions Bank will only be eliminate if banks will not adapt the system of digital currency, this could be their end.  But if once they accept or adapt it or join the trend they will still exist more.

[Clara.Wilfred]

Its possible but I don't think this needs to be the aim. As long as crypto in its decentralised form exist in the future as well as banks that will be enough for its benefits to change the world

[mstfprcn]

In future perhaps, but it is not possible right now. Banks still control everything in the our communities there is no way to exclude them in our businesses.