Does bitcoin pose a threat to banks?

[xiaowu55]

I don't see bitcoin as a threat to Banks.
Banks will never disappear.
Banks have the backing of the state.
The government won't let that happen.

[1714919235]

1714919235

[wolf one]

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

I can only say that the advent of bitcoin can have a huge impact on the banking industry and is likely to threaten the power of the government of the country. This is not alarmist. If Bitcoin can overcome some of its own controversial drawbacks, I think There was no bank at that time, and bitcoin could also subvert a nation's government,and I think bitcoin is the product of the times like the Internet.

[sadacoin]

Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks.

[Zyborg]

Yup BTC pose a great threat to Banks.There may be many reasons regarding this discussions,but it depends upon the thinking level of each investor.Transaction system of BTC is based on blockchain technology which is more safe and secure system and when you make any transactions there is no third party and its person to person,peer to peer,you have to pay less transaction fee and its more secure,its saves your time and energy and sitting anywhere in the world on your net you can make this transactions quickly,whereas transactions involve banks carries high fees,theft chances,time consuming.Comparing BTC & Bank is just similar like Internet and Post Office. Internet replaced old system of communications.

[Carlsen]

I see the biggest threat to the whole financial sectors in a scenario where loans can not be paid back which were used to buy crypto currencies.
When it comes to crypto currencies as payment form, I do not think the banks fear them.
The business model of banks has changed during the last decade. Private customers have become a kind of burden for many banks.

[Marucya]

I think that with the development of Bitcoin, many financial companies will become redundant in the market.
Bitcoin and Blockchain are some of the most cutting-edge financial experiments.

[doaremon]

I think it is a threat for tha banks. If we see the inner side then, mainly the banks earns by investment to different economical structure, transferring money from one place to other, and also through different other processes. So, transaction of money is a great earning source for the bank. But if Bitcoin becomes ligal then transfer of money will be done through Bitcoin. Because if we compare the bitcoin and money in case of any case like money transfer, money earning then Bitcoin will be ahead of bankars money.
So to me I think it will be a threat for banks..

[GC2263]

Bitcoin does not pose a huge threat to bank cos bitcoin is not a financial institution. Banks earn their money by giving out loans, investing money at various places (stock market, properties etc), fees charge on services rendered. Bitcoin doesnt hv a direct competition to banks apart from the ability of fund transfer but how much % of banks earning is based on it??

Bitcoin can be another avenue for banks to earn by investing in bitcoin if they want to. To say bitcoin poses a threat to the financial system, yes. But not to financial institution.

[papasmurph]

An interesting question I strongly hope the answer to is YES.
But honestly, I'm not entirely sure about that. There are many things that makes banks a kind of untouchables.

[macartem]

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

No, I do not think so. Because banks use a lot of people, and many of them don't even know anything about bitcoin

[dwsgh]

Of course I think Bitcoin is a threat to banks and that is one of the reasons why the government have not regulated these digital coins too. But I also doubt banks would disappear just because people will be drawing their attention more to these digital coins than paper money. There are still a lot of people in the world who thinks Bitcoin and other cryptocurrencies will diminish after a few years and stick to what they were used to which is I think understandable. You can't really please everyone because they have their own opinions regarding the digital currencies.

Financial market infrastructure such as the stock exchange has added Bitcoin to their platforms, threatening the financial stability of the banking system as a whole.

[Rath_]

Yes, cryptocurrencies are a huge threat to banks and that is why they are trying to fight with Bitcoin and other cryptocurrencies. In my country, almost every bank refuses to provide a service for cryptocurrencies exchanges. Some banks claim that they will try to adopt the "blockchain technology" but what is the point if we won't have a decentralized currency? Many people still don't understand cryptocurrencies and even banking which they use all the time.

[yudhistira]

Perhaps they are not yet, because many people do not believe the crypto currencies.
But even if it start to be a threat, I think the banks will find a way to take advantage of the crypto currencies as well.

[Meysa_richa]

Bitcoin will not be able to eliminate the bank, although bitcoin as a popular currency today, but we can not leave the bank, Because banks become an intermediary for our deposits into bitcoin, it would be nice all work together and mutually beneficial.

[samcun]

Does bitcoin pose a threat to banks? My opinion will not affect the bank nor the threat to the bank.

usability of the Bank:
1. Institutions under the auspices of the government.
2. lend money to customers
3. invest money.
4. means of payment
5. the existence of the customer

while Bitcoin:
1. virtual money
2. not taxable.
3. can not provide loans
4. have no customers
5. not an institution under the auspices of the government.

[bitgoldpanther1978]

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

Definitely it does, that's other banks in some country are now adopting the system of crypto currency, instead closing their bank they will ride on the trend we had it now. In fact,there are some  bank in the other country are creating their own ico token.

[ibininja]

In many cases it is the simplest threat is the people taking their money off the banks to crypto. Don't forget banks use your money to make more money now those numbers are decreasing not as threatening but possible.

[Nisharawal]

Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?

Yes there are full chances that bitcoin poses some high threat to the banks because it is the bitcoin's popularity and their uses that has shaken the banks and also it will soon demolish the currency value if bitcoin and other crypto's come into existence all over the world or if all the countries try to make them legal all over the world. The generation is moving and we should be moving along with the generation and i can see with my naked eyes that bitcoin will soon be dominating the major fiat currencies like USD, CHF, GBP, EUR and other currencies. Banks cannot disappear this much soon as it will take some time to disappear as it is strictly connected to the government and all the major transactions, reforms and contracts are done with Banks and I think it will take few years to disappear and that too if the cryptos dominate them on big scale.

[Plixs]

I dont think so it will not happen. It is impossible that bank maybe disappear. Lots off people use's banks for there money.
Banks are still playing a major role in the daily activities of traders and I don't see this changing any time soon.

[EnaksiS]

A threat? I think this is the end of regular banks if they do not accept the cryptocurrency. Because, i truly believe in that the bitcoin or altcoins will be the bill of future in the world even -if there is a life- in the space.