Does bitcoin pose a threat to banks?

[tlkchain]

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?

[allthingsluxury]

Of course it does. The majority of power that a government possesses comes from their ability to endlessly print money out of thin air. Obviously BTC and other Cryptos compete with this and therefore you can expect heavy resistance.

[Furtivecoin41]

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.

[squatz1]

Yes, and a massive threat. Cause it's not only bitcoin which threatens them, its the idea that currency doesn't have to be centralized and that with the right code, approach, community, and dev team a decentralized coin can not only work but it can thrive and be accepted by people.

If you were to tell people this was going to happen 25 years ago, they would have LAUGHED at you and called the money monopoly money. So this idea alongside bitcoin the banks are going to have to change their ways (IF BITCOIN GOES MAINSTREAM) which is something that no bank wants to do, as they'd rather justmake massive amounts of money and not be subject to change at all.

[noonc]

I think it's hard, at least for government-backed banks, because banks have a lot of business, like loans, savings, and of course, savings are the most used. The price of bitcoin fluctuates, making it impossible for those who do not believe bitcoin to switch to bitcoin. And private banks, which may receive the impact of bitcoin, as will not collapse, who knows.

[jamids]

Of course it is a threat to banks that's why they are thinking of ways to make people think that investing in bitcoin is bad idea and their money will be worthless in the future. 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. Since banks are big source of tax as well then they have a power to influence the decision of government and then make up some stories so that government would ban cryptos because they are afraid of it.

[TepungBeras]

Bitcoin will not eliminate the bank, because even if there is bitcoin we still need to use fiat money, and the bank is an intermediary between bitcoin to make fiat money.

[Davidbugs2]

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 dont think banks will disppear but I am sure they will change by times and demands the  way they operate and modernize them.

[criticoflife]

if banks were fast to adapt they could issue there own cryptos and integrate with this system instead of resisting. the thing is there is always some way to turn any situation into a positive for all involved so i just hope banks do take that path instead of attacking crypto every chance they get. My bank recently froze my acct because i changed too much crypto into fiat in one go now i have to jump through a lot of hurdles just to get at my own money.

[dashchain]

Of course it does. The majority of power that a government possesses comes from their ability to endlessly print money out of thin air. Obviously BTC and other Cryptos compete with this and therefore you can expect heavy resistance.

Such conflicts must be faced. For example, in China, Bitcoin has seriously affected the country's financial order and has made it difficult to trace the difficulty of regulation of banks and some payment activities. Therefore, China completely forbids the transaction of bitcoin in its own country and the prohibition of bit Currency and legal currency their own currency exchange

[player514]

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'm pretty sure that crypto currency, if it gets big enough, would be able to bring some damage to banks because the returns could end up being stronger than what banks can offer. Also, banks offer centralization. If decentralization is the future, then it makes sense that banks are would be fearful.

However, I don't think Bitcoin or any crypto is at that point yet. Maybe in a few decades, but too few people accept it and only a few people are using it in comparison to the world population.

[Lorence.xD]

Of course it is a threat to banks that's why they are thinking of ways to make people think that investing in bitcoin is bad idea and their money will be worthless in the future. 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. Since banks are big source of tax as well then they have a power to influence the decision of government and then make up some stories so that government would ban cryptos because they are afraid of it.

Bitcoin does not need middleman or 'banks' in having their transactions. This is the reason why bitcoin impose a big threat to governments specifically the banks. If all people turn out to be using bitcoin, then it will be a disaster for them, they will be useless if this event will happen. But of course, not all the people can afford or has the ability to join because of personal excuses so that banks are still in function. Its just the function of banks will be lesser than what they are in the past.

[kiver]

bitcoin and crypto currencies does threaten banks in the way we see it today because the goal of crypto is to change the old and rusty financial system banks have two choices either attack crypto with false pretends and accusations in order to protect their own systems or benefit from the block chain technology and start thinking about change , a change that could benefit the whole world   

[Herbert2020]

not so far and probably not for a while either.

so far existence of bitcoin meant more money for banks! their revenue has actually increased thanks to bitcoin and the traders. the money they are earning from fees that they take from bitcoiners who are going in and out of bitcoin has been great for them.

and bitcoin doesn't have to be the end of banks like digital photography was to Kodak. banks are just services which are being offered for money. and bitcoin being money can need many of those services such as a bank account which pays you interest, loans, some services that credit cards offer like the credit you get and then pay it later.

[ashfer]

  How  Bitcoin can pose a treat to Banks in this society Bitcoin and Banks are totally different .Banks sustain by leveraging loans from the account holders money.Bitcoin sustain as long as there is demand both sustain in long run.Banks are limited by flexibility as long as they remain profitable and is controlled by government central authorities.Bitcoin is flexible and not controlled by any government authorities and it is controlled by only demand and in bitcoin supply is limited.

[ajjhu]

No matter what type of transfer people prefer, it's not that hard to add cryptocurrencies. Perhaps the trend is that banks should support Bitcoin growth. After all, cryptocurrencies have proven to be a cost-effective method of transfer or remittance.

[gambitcoin53]

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 dont think banks wil disappear because of the rise of cryptocurrency, banks are part of the major economy of one country, though some banks experienced bankrupcy due to loss of investors, we cannot say or presumed that bitcoin holders will not need banks 100% in their lifetime and cause the banks to declared bankrupcy. Im pretty much sure banks wil develop its system to accomodate bitcoin and other cryptos for them to stay in operation. Even world banks are for sure gathering new ways and means to cope up with the growing demands of bitcoin transactions. Soon they will invade the wolrd f bitcoin.

[Irvinn]

Bitcoin is still a threat to the banks getting their profits in former volumes, as people leave banking services and turn to crypto currency, which gives a big profit, payments are always available, are relatively anonymous and are conducted without the participation of third parties, that is, the same banks.
However, in my opinion, the crypto currency is not a threat to the existence of the banks themselves. The state will always need banks, it is a financial instrument of the state and it is unlikely to disappear in the foreseeable future. If the crypto currency will threaten the existence of banks, then the states will rather prefer to limit the currency than go to liquidate the banks.

[pxo.011]

yes it is while many of other people dont know about bitcoin but if they do they would really invest in bitcoin than time investment in banks, and the bank was triggered by the crypto because the money will not roll to them

[Ewox]

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.