CENTRAL BANKS PRINTING MONEY VS BITCOIN

[seafarer124]

Just been reading a very interesting article, link below.

http://www.americanthinker.com/2013/07/the_mind-boggling_implications_of_a_bitcoin_economy.html

I am just a normal man in the street trying to understand where the world is going.

My question is:

If BTC or similar is the way forward and it becomes mainstream will banks NOT need to print money as more and more crypto currency is used, will it make a better world?

[karsy]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

[tysat]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

No, bitcoin does not mean the end of banks.  Do you expect everyone to handle their own money?  People are still going to want loans, and places to keep their money.

[tclo]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

Bankers are not going to sit there and let themselves be obsolete any more than solar power will make Exxon Mobil and Big Oil obsolete.  They aren't doing down without a fight and they have VERY deep pockets for their war chest.

[Razick]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

This is a common misconception but it drives me crazy. There will be no need for central banks, but banks will still be needed for credit services and the various other services that private banks are providing today.

[btceic]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

Bankers are not going to sit there and let themselves be obsolete any more than solar power will make Exxon Mobil and Big Oil obsolete.  They aren't doing down without a fight and they have VERY deep pockets  unlimited funds via the federal reserve / treasury for their war chest.

ftfy

[jubalix]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

Bankers are not going to sit there and let themselves be obsolete any more than solar power will make Exxon Mobil and Big Oil obsolete.  They aren't doing down without a fight and they have VERY deep pockets for their war chest.

but deep pockets of what, well essentially, fiat (paper) and state backing/license which relies on enforceable tax. Bitcoin attacks both of these squarely, particularly when married up with zero coin or something similar.

[knight22]

To answer your question, banks will be obsolete. As every individual is in control of their own economy there is no need for banks.

This is a common misconception but it drives me crazy. There will be no need for central banks, but banks will still be needed for credit services and the various other services that private banks are providing today.

The more banks will print money, the less powerfull they will be facing bitcoin. For the first time in the history of banking, banks cannot solve one of their problem (which is bitcoin) simply by throwing money at it. It will just get worst for them. They will have to adapt or die.

[seafarer124]

Being new to BTC the more I think of it's advantages.

I love the concept that nobody is having free lunches and huge executive payouts with "our" money.

Long live BTC.