The end of the banks due to bitcoin

[Jackypot]

It can be a possibility

[taeewo]

It can never be the end of bank, most of them will adopt the technology of blockchain and integrate it with their banking system...

[Jackypot]

It can never be the end of bank, most of them will adopt the technology of blockchain and integrate it with their banking system...

Do you really believe it?

[franky1]

banks have LAWS such as legal tender, minimum wage and tax that ensure that FIAT stays in circulation. so they are not worried. cryptocurrencies do not affect their business model.

after all when one person buys bitcoin. their fiat does not burn up. it just moves to the sellers account.. meaning fiat is still in circulation .. this is why banks dont care how many cars people buy or how many iphones people buy. to a bank fiat just moves from one account to another. and that goes for cryptocurrencies too

banks will however close local bank branches and cut costs in the future
banks will change their current database model (that require tonnes of security and auditing) for a blockchain equivalent data store (research hyperledger)

eventually it will all be done via an app on a phone and if your lucky a call centre. but be sure of one thing, while there are LAWS that keep fiat in circulation. banks and governments will still control 99% of common use finance.

that said. international trades and local trades between private parties/smaller businesses will offer accepting cryptocurrency. but remember cryptocurrency is just code.. it has no voice, no arms no legs. so dont sit on your arses waiting for cryptocurrency to jump up and have a meeting with your local retailer/landlord to get them accepting cryptocurrency. if you want it to happen in your area, you have to push for it.

[RNC]

oh dear has no one told the OP about the lightning network ?

https://www.youtube.com/watch?v=UYHFrf5ci_g

Stop laughing, we all believed in Santa Claus once upon a time and a merry Segwit to you too.

[Drunkenhorse]

Banks will just change their outside view to something new, but owners will be the same. The world never changes.

[Jackypot]

Banks will just change their outside view to something new, but owners will be the same. The world never changes.

I can not imagine a bank that regulates bitcoin

[xWolfx]

It can never be the end of bank, most of them will adopt the technology of blockchain and integrate it with their banking system...

I agree with this comment. The bank trust is almost intact even after years of Bitcoin release, they are still trustable organizations to hold currency, especially if the law protects the customers in case of a possible bankrupt or bank fraud.

It seriously hurts central banks since they don't have full and complete control and power now, and their control will be lower as more and more people starts to use Bitcoin actively.

I believe too that at the end they will have to adapt and accept a currency they can't control inside their systems. If a the right number of people starts using Bitcoin, of course.

[Forbes]

oh dear has no one told the OP about the lightning network ?

https://www.youtube.com/watch?v=UYHFrf5ci_g

Stop laughing, we all believed in Santa Claus once upon a time and a merry Segwit to you too.

Very good video explaining how Lightening Network works. Thanks.

[bitbunnny]

Bitcoin will not cause the end of the banks. No matter how much we love and appreciate Bitcoin and want the independence from banks Bitcoin doesn't have such power.
Banks are protected by current economic system that depends on them and in some countries are also strongly supprted by governments. They have their place in the society and can't be eliminated so easy.
So, no, Bitcoin can't harm banks.

[MaleKing]

banks have LAWS such as legal tender, minimum wage and tax that ensure that FIAT stays in circulation. so they are not worried. cryptocurrencies do not affect their business model.

after all when one person buys bitcoin. their fiat does not burn up. it just moves to the sellers account.. meaning fiat is still in circulation .. this is why banks dont care how many cars people buy or how many iphones people buy. to a bank fiat just moves from one account to another. and that goes for cryptocurrencies too

banks will however close local bank branches and cut costs in the future
banks will change their current database model (that require tonnes of security and auditing) for a blockchain equivalent data store (research hyperledger)

eventually it will all be done via an app on a phone and if your lucky a call centre. but be sure of one thing, while there are LAWS that keep fiat in circulation. banks and governments will still control 99% of common use finance.

that said. international trades and local trades between private parties/smaller businesses will offer accepting cryptocurrency. but remember cryptocurrency is just code.. it has no voice, no arms no legs. so dont sit on your arses waiting for cryptocurrency to jump up and have a meeting with your local retailer/landlord to get them accepting cryptocurrency. if you want it to happen in your area, you have to push for it.

I think banks are worried. Very soon banks will have a different meaning. They will lose commission due to the fact that people will simply pay with crypto for goods instead of fiat.
For now, yes, banks are not worried, fiat is moving from one place to another. But soon enough, crypto will move from one place to another, the banks will be pointless.

[Jackypot]

Bitcoin will not cause the end of the banks. No matter how much we love and appreciate Bitcoin and want the independence from banks Bitcoin doesn't have such power.
Banks are protected by current economic system that depends on them and in some countries are also strongly supprted by governments. They have their place in the society and can't be eliminated so easy.
So, no, Bitcoin can't harm banks.

If that, I think Bitcoin will not be able to adapt to banks, nor will banks be able to adapt to bitcoin or other cryptocurrencies

[Emmanuel95]

End of bank has not come yet now but the banking end will soon come, if more people are know more about bitcoin and Ethermer the more.

[Jackypot]

End of bank has not come yet now but the banking end will soon come, if more people are know more about bitcoin and Ethermer the more.

I'm not pessimistic but I do not believe that either

[alarsincoin]

Not so soon. And I think not due to bitcoin. Bitcoin will die early. No money no banks. No money  but cryptomoney - will have "cryptobanks". But it must be electricity and internet everywhere as minimum conditions.

[yrrehc16]

It can be a possibility

bank will never end as long as FIAT is in the community of mankind.
how can mankind ignore bank if IFAT have a strong band with people?
remember that bitcoin is bitcoin and we are exchanging bitcoin with fiat to survive in daily living!]
as long as bitcoin is depending with the internet connection, FIAT and BANK will exist!

[Morgann]

It can be a possibility

i think this it is impossible because they can adopt the cryptocurrency or use it as a currency also to avoid losing all their customers. but there will be a 50% that banks will end if they cant adopt it fast or legalized  bitcoin in their country.

[G2z_Riya]

Banks coming to an end with bitcoin to be the reason is not gonna be the real fact. Misunderstanding the reality leads to such thoughts, because bitcoin is a hard competent to the growing financial development for which it doesn't mean it'll overcome the banks.

[KingScorpio]

It can be a possibility

na banks will still be desired, however the banks will lose their power, and influence over the societies

[Vaflia]

I don't expect the banks will die due to bitcoin or other cryptocurrencies. Most likely, they will switch to blockchain and become more transparent for clients.