Does bitcoin pose a threat to banks?

[Yamifoud]

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, banks still remain, even though people are widely used digital form of currency but still we need banks for the reason that it could be a best storage of our money than in online wallet.

[aardvark15]

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?

The threat is that cryptocurrencies will be used to store money, send money, and be used for payments. All these functions are done by banks.

I don’t think this has to be the end for banks for a couple of reasons. For one thing, another major function of banks is lending money. Cryptocurrencies can’t replace that function directly. Secondly, banks can evolve to embrace this new technology. They could offer cryptocurrency banking and trading services. I think they will need to move in this direction if they want to survive.

[Craigjohnstone]

BTC is a great example of how simple we need to be. The financial industry needs to wake up. The banks are full of greed. BTC empowers everyone around the world to show the financial industry that they are wrong.

[Suguha]

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?

Maybe yes if the people will invest more in bitcoin and they believe that their money will grow and also it can be a threat if bitcoin don't have any interest and it surely that the money they invest wikk be back to their hands and much bigger than the money they invest. People nowadays wants anything to be a easy way without any appointments and any requirement that are needed to invest. Banks may be gone if bitcoin will continue to spread around the world and they think that bitcoin is interesting to invest.

[Master Third]

Actually it does, that is why almost all of the Banks CEO are trying to make statements about the Bitcoins Bubble. Defaming bitcoin, indirectly and directly attacking its reputation.

I can not see any any strength of possibilities or a chance for those to stop the thing which will surely come to reality in the future if that is already the awaited event. So for me whatever strategy of bank will do just to destroy the image of this future world money will not succeed.
What they are doing is they are just helping bitcoin to introduce to all and by this the interest to know it comes to all. They are a blessing In disguise of bitcoin.

[dongyi17]

I don't think so, bank will remain because it's already part of the human history and not everyone knows and use bitcoin yet specially those who are still in third world country or in remote areas, for them they still need to use fiat for everyday use and also some still prefer to use bank rather than bitcoin.

[irenegaming]

I don't think the banks are going to disappear, there will always be a need for people to deposit their cash and money in. Although what bitcoin threatens is the monopoly of banks over money. And that is something the banks are going to be fearing soon as bitcoin will be crossing the one trillion dollar mark soon.

[CryptoLoverz]

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?

The bank will disappear, I think it will be difficult to happen. Banks are closely related to the state. If it's not the country that's eliminating the bank, I do not think it will. Bitcoin is just a digital currency, which many people use. I think, It is not possible bitcoin will eliminate the bank. I think in the future bitcoin and bank run parallel because both are needed by people.

[roshanface123]

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?

Crypto currencies are the main opponents of banking sector. But cryptos can't make banks disappear because if the fiat money exist in the economy and use it for everyday transactions the bank will exist with them . The structure of crypto currencies are not suitable for the use of daily needs and transactions so fiat money is essancial in the economy.

[Kaykay]

Bitcoin somehow threaten the bank. Currently, banks do not accept bitcoin payments. But if Bitcoin is firmly positioned in the world's currency markets, it is imperative that banks accept bitcoin payments. This caused a lot of problems for the bank.

[lunnatic]

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?

That possibility could be a revolution of digital era we can not get out of it, it will certainly be developed later. As we know bitcoin is still in the conversation of the world there is still a debate about it if bitcoin has been recognized then the fate of the bank will be the same as has been mentioned.

[BinManR]

Yes, to be honest, that's what was predicted earlier. Bitcoin has improved or redirected to an investment rather than a payment. Bitcoins are becoming popular and popular in the community. I have seen, some have withdrawn money from the bank and invested in bitcoin and crypto in my country. That in the long run will affect and inevitably by affecting the development of the bank.

[fattyforhire]

It is unlikely that banks will disappear in this century, it is quite a deep-rooted system, and it is unlikely to be removed. Bitcoin will exist in parallel with banks.

[WebTera]

It is high time to abolish banks, this is an old system that is not always convenient and I hope that bitcoin will be able to change this outdated organization.

[dynospytan]

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?

Bitcoin as the origin of a fundamental transformation of the financial system toward a more decentralized structure. As a medium of exchange, bitcoin is still small compared with traditional channels, and it is held largely for speculation rather than transactions. As long as central banks continue to pursue stability-oriented monetary policies, they will have little reason to fear that the bitcoin system will replace them.

[harunhabib]

I believe it is difficult, a minimum of with regard to government-backed banking institutions, simply because banking institutions possess lots of company, such as financial loans, cost savings, not to mention, cost savings would be the majority of utilized. The buying price of bitcoin changes, which makes it not possible for individuals who don't think bitcoin to change in order to bitcoin. As well as personal banking institutions, which might have the effect associated with bitcoin, because won't fall, that understands.

[Blekok001]

In some cases such as payment transactions in the country and abroad are in fact more Bitcoin has efficiency both in terms of time and cost without any rules limit the number of transactions that provide comfort for the market participants who want to Transact in large numbers, of course, would be a threat to banks that still have a certain amount of transaction limitations with the middlemen-middlemen in charge of verifying the transaction forms a large number of transactions.

[David Vo]

It seems the bank's position is not so threatened by bitcoin for now. Because the functions of banks and bitcoins are slightly different. But if in the future bitcoin can be a threat because it may be that investors who invest their capital to the bank will move to bitcoin all.

[neerajimittal]

As you can observed, most of those people who appeared in news are those bankers who will say their opinion about cryptocurrencies and it would definitely be a negative opinion to convince others to continue to trust them and not pull out the funds of those who are already diversifying their investments. the banks to declared bankruptcy. I'm pretty much sure banks will develop its system to accommodate bitcoin and other cryptos for them to stay in operation.

[alvinmtp]

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?

The bank will not disappear, why do I say this? The world is changing with the introduction of technology but human nature is such that not all will and can adapt to the new way of doing things. There are still a loot of people out there who are adamant and will never yield to change. Again there are other people who can neither read nor write, how will those people cope with this new era of doing things? They still need to rely on others to do their monetary transactions thus the banks. For these reasons among others, I think the banks will continue to operate even though they may loose customers like you and I who understand blockchain and bitcoin and feel safe with it.