Does bitcoin pose a threat to banks?

[finaleshot2016]

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?

Banks will not disappear because there is a huge difference between online wallet and banks. Benefits that we get from bank can't give us by the digital money.
For me, It is a loss of the bank if they don't accept digital money as payment because this era now will become more advance and after many years there will be more users of digital money. Still, marketing department will discuss this kind of situation and they will be more creative to be accepted and can stay for a long term business. Especially for Central Banks, they can't disappear because we always use our national money in our daily lives, we rely on this things too.

[zhanyiguai261315]

Bitcoin is a threat to central Banks and authorities because it is the first value storage and monetary system to separate money from the state. It would probably eliminate the most powerful government tools to monopolize the global monetary system.

But bitcoin is not a threat to the central bank because it is unstable.

[SiDtHeBeSt]

Yes, I think it actually does. As alot of people came to know about bitcoins and other cryptocurrencies, they started to invest in these instead of investing their money in banks, as the profit in these was far more than the banks' interests. I think that would be the reason many banks and the media are trying to spread negativity about bitcoins.

[arteezyy]

Yes. That is the reason why bitcoin is banned to several countries. Because it poses as a threat to banks, bitcoin is decentralized. No intermediaries, no government, no companies and no banks can meddle with its transactions. People are now learning that instead of resting your money into banks, it should be invested and traded.

[lunaalthea]

Of course! Why else would government of different countries ban bitcoin?? They are threatened by bitcoin's potential. It is used anonymously, no tax is imposed and a lot of people earn money in this cryptocurrency  and yet they are not declared. It is a threat because it can be used illegaly and be used in money laundering

[boksoon]

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 it will but not to the extent that it can make banks disappear. There are more people who truly believes to the security of banks given the fact that Bitcoin is risky especially when you know just a little about it. First of all it is not regulated by the government and don't have papers if unexpected things happen. If you lost your money in Bitcoin, you cannot able to recover it whatever you do.

[Altero]

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.

I know banks will be affected in some aspects. As digital system of currency may widely used, of course banks not to be important. But it doesn't mean that it will help banks to disappear, instead it could lead them to adopt and create a system which could correlate these new system of currency.

[erickkyut]

This is one of the main reasons why banks are very much against Bitcoin. It is a main threat to them. If people will accept and use Bitcoin, banks might lose their clients. No one will deposit or invest in the banks because of the taxes they get on their clients. Aside from that, they offer a very little interest rate for the money being invested on them while Bitcoin is non taxable, more convenient to use and has potential of much higher returns compared to banks.

[Buttercup123]

This is one of the main reasons why banks are very much against Bitcoin. It is a main threat to them. If people will accept and use Bitcoin, banks might lose their clients. No one will deposit or invest in the banks because of the taxes they get on their clients. Aside from that, they offer a very little interest rate for the money being invested on them while Bitcoin is non taxable, more convenient to use and has potential of much higher returns compared to banks.

I agree with you that bitcoin is a major treat to banks worldwide. As of now bank is refusing to accept crypto currencies with the the help of the government. For which if bitcoin is accepted then the bank might loose profit because many would be investing into bitcoin. If a bank shutdowns,  the government looses one major source of funds. This is why the government is also against bitcoin even though they find it really usefull and profitable. Regulation is the only thing they can do right now because bitcoin is use by most of us. But still they discourages everyone by advertising that if you invested in bitcoin, and bitcoin suddenly drops because of volatility,  you will loose all your money.

[Voidlocke]

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 don't think so, while banks still are the ones who hold the most people money, there's still people unware of the advantages of taking the savings outs and put into the blockchain.

[acell101]

Yes it is, because if bitcoin continue to grow it may become a major component of the global finance sector and a competitor to both government-issued fiat currencies and central banks. The nature of bitcoin completely eliminates the necessity of central entities and authorities within the network to settle transactions between two parties. Banks Fears bitcoin because they see its potential but bitcoins cannot take over fiat currency because there were so many people around the world who are not aware that bitcoin exist but if the acceptance of Bitcoin or similar virtual currencies increased significantly on a global level, it could affect the behavior of consumers and producers and as a consequence change the relevance of monetary policy and the bank will be affected.

[gabmen]

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 don't think so, while banks still are the ones who hold the most people money, there's still people unware of the advantages of taking the savings outs and put into the blockchain.

And banks will evolve. It doesn't mean that banks can't go digital. At the current state of btc, with the fees hiking way up since december, i don't see any reasons for banks to be threatened. Though in the future, blockchain technology may also be used by banks to upgrade transactions

[Pansamantala]

According to my researches and my observations, bitcoin doesn't really threaten the banking industry. if that is what you are talking about. if anything, bitcoin helps the banking industry because without banks we couldn't transfer our precious bitcoins into tangible cash.

[Cgrbb]

its up to banks
if they evolve and  accept the cryptocurrency they will live a better life, if not people will spit on their grave

[shi07]

I think yes because it is possible to decrease their depositors.To be able to invest they can withdraw their savings on the bank then invest in bitcoin. Because bank interest is not as higher of what we are thinking Number of transactions and charges also decrease interms of remittance because Bitocoin is capable of exchage and trading.

[cmaxwell]

somehow yes because the cash which form the bedrock of all this strong banks can turn to a thing of dream one night if bitcoin eventually takes over the economy of the world. this might be one of the reasons why some Banks are forming resistance against bitcoin and all other crypto currencies

[khendjer]

It probably does. Moreover it pose a threat to governments cause it has a potential to substitute national currencies. And if there is no more national currency and people use Bitcoin instead why would they need to go to some bank's department and waste their time there if it's much easier to use a Bitcoin wallet. While governments will continue to try to ban, control, regulate crypto it can be said that banks are in a safe position as people will still be using national currencies and will have a need for some financial services. But once they loose a battle to Bitcoin the today's bank era will end shortly.

[daarul50]

I do not see the threat of bitcoin for a bank. Precisely, I see a bright future if bitcoin and bank can work together to implement blockchain technology because indirectly so far bitcoin and bank have cooperated but still use intermediary from the exchange server. We can imagine what if banks around the world implement this blockchain technology? I would be very happy if it happened in the future and the possibility is huge.

[otandelapaz]

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 don't think so. Not going to happen. The question is like "Will cryptocurrency replace fiat?".
First, Bitcoin in nature is limited
no internet connection, no bitcoin
no electric power, no bitcoin
no electronic device, no bitcoin
etc...etc
In fact it will do just the opposite. Bitcoin or cryptocurrency in general will boost the financial/banking industry. People will have/earn more money because of bitcoin. And where do you think people put there money for safety? To the bank. Where do business put their money where they earned from bitcoin earners who purchases or ask services from them? To the bank.
"Bitcoin'ers" will and always will transfer there digitals to fiat no matter what. Because bitcoin is being used as an investment/asset rather than as a currency.

[pelumi20]

I think it pose a big threat to the banks, not just bitcoin but alt digital currency. If it becomes generally acceptable then few people will need the banks. I think they need to find a way to move with this development rather than attack it because it isn't something they can stop.