Does bitcoin pose a threat to banks?

[cosmo1]

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?

Absolutely Yes bitcoin is threat to bank.Bitcoin makes every work like transfer and receiving easily at low cost and quickly.So many of them now migrating to bitcoin thus the usage of bank will be low this will affect the bank.

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[ekoja]

Bitcoin is independent from any central bank or any sort of manipulation by any government on the planet.
People who use and create Bitcoin are those who are in charge of its future.

[gamechangers]

You did not remember to put it that the postal services suffered a great deal in the advent of electronic mail, so cryptocurrencies are expected to do same to banks. The banks already know this and that is why they want to do anything in collaboration with various governments to bring bitcoin down.

[aileen393332xe5157]

Many banks now offer warnings about Bitcoin. The growth of Bitcoin has made the banking system more challenging. If you want to compete, the bank itself must upgrade, the fee must be balanced ... Or under the backing of the government, the bank must be encrypted to manage Bitcoin.

[BraveSaw]

blockchain by itself if a problem for banks and governments. They cannot control it.

[BitcoinPanther]

I'd say yes, bitcoin does pose a threat to banks.

Being able to transact directly in a peer to peer manner and surpassing any barrier and limits of traditional banking, who wouldn't want bitcoin over banks?

Plus the cheaper fees, nearly instant transfers, transparency and traceable transactions.

Bitcoin does pose a threat to banks economically.

Though, i doubt that bitcoin can radically take out banks since their primal purpose, design and execution are of two different things.

[Coinnosaurus]

I think digital currencies like bitcoin represent risks to the banking system. Digital currencies could undermine a bank's ability to influence the economy's price of credit

[Dudeperfect]

As Rick Falkvinge said, Bitcoin will do to banks, what email did to postal industry. It's not the fight against bitcoin vs banks but it's all about improving the traditional system of holding and spending the values with better efficiency. Banks were providing service but it was not up to the market and hence people started using crypto and it gained momentum in last few years. However, things are still in the basic phase of development and will take at least a decade to experience the actual efficiency of it.

[angelakrasnova]

I think that bitcoin really poses a threat to banks, let's see what the threat is, the first is that bitcoin does not have any commissions like banks, the second is tax-free, and the third is reliability, no one except you has access to yours savings

[Lannie25]

In my own opinion yes,  because the company of bitcoins really creates a booming growth in our economy which is very good but in the banks it is really a bad thing.
It creates a big threat to them wherein they can replaced by this in future.

[SixOfFive]

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, Bitcoin pose a threat to the existence of banks. Bitcoin is decentralized system for worldwide payment which means it completes the transactions without the involvement of any intermediary. This very fact poses a threat to the banks as now when we have to make a transaction with the funds in our account it is done through the banks. Also, banks charge huge fees for providing such services which poses additional threat to it.

[cryptamod]

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?

It is going to be a big threat as far as i can see banks are going to be removed in the system might not be going happen as most of the people are still using fiat currencies,but hopefully cryptocurrencies wont be going to come to their end!We should be more focused into something because it is going to eat our time and effort getting involved with this.

[market field]

I think this is only a small part. Because when you transfer money or trade from one country to another, you just convert to bitcoin then you sell it in your own country. This will take less time and money for banks. But I think it does not affect much.

[cizatext]

This is the reason the bank always carried out attacks on bitcoin and the crypto currency entirely due to the fact that the bank sees digital currency as the future of all financial transactions but if you study the statistics carefully you will understand that digital currency plays a different role to the bank but may be the banks are so lazy to notice that.

[matanglawin]

Not that much because Bitcoin and banks are different. Even if there's a huge possibility that bitcoin would be more used in the future than fiat because of the advancement of technology,surely, fiat will still exist since it is centralized and/or supported by the governments including banks so as such, it is not that realky a threat to banks.

[jmaresca]

thats a tough question to answer. obviously with btc a bank isn't need however i think there will be some type of co-existence between the 2. i doubt the banks will allow themselves to lose as much as i believe in btc.

[junjunsalsalani]

It is going to be replacing cash as soon as the countries has fully adopted the blockchain technology.It is indeed going to be threat to most of the banks who didnt adopt the technology as soon as possible.Cryptocurrencies especially bitcoin would be much threat as soon as its price surged up and we are hoping that these projects wont be wasted.

[Addywealth]

bitcoin as a decentralized structure is a big threat to the banking system worldwide. bitcoin has come with lot of flexibility and transparency, there is no limit to how much you can hold in your account and not VAT or maintenance fee charged on your money

[AlexAtom]

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?

rather than a threat, it is a challenge for bank. cryptocurrency technology will replace bank transactions in the future.
but for now, it is still not replacing bank system until the crypto is fully secure from hacker, phisher, etc.

[Tanjima]

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.
I am 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.