The end of the banks due to bitcoin

[Jackypot]

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.

I really doubt it

[Alexis77600]

I don't think bitcoin will cause the fall of the banking system its a system protect by the state and the economy people like independence thanks to the BTC I think the banks in the long term will have to adopt the technology blockchain to have in their pocket this type of customer

[Lancusters]

Banks will never disappear. I think they will have to change the format of their work. Working with individuals will be problematic for them. But they will not be able to refuse to work with legal entities. This interaction is part of the modern economy. But where the banks will borrow working capital I don't know.

[surfinonmyownwavebaby]

Not the end of banks per se but they will need to work together and co-exist moving forward. It may get kind of tricky as well because you have KYC AML laws on one side and on the other side you have a mainly decentralized industry in nature which will try resist such procedures. Will be interesting to see how these types of issues come to resolution, if they ever do.

[zarados]

it can't be denied that the development of banks around the world will be affected by cryptocurrency. Currently, many banks have to make efficiency in order to save the company and increase profits. efficiency is done in terms of labor and operational costs. Not in the future, banks will adopt cryptocurrency in minimizing transaction costs between countries.

[Vektrum]

It's silly to say that bitcoin can lead to the destruction of banks. Regular money in paper form and cashless will always exist. The state, in order to regulate the economy and plan its indicators, will always need money fiat, which are stable in price in relation to the crypto currency. Banks serve this activity of each state. Planning in the economy is impossible because of its high volatility. Therefore banks and money fiat will always exist. Banks will lose significant profits due to the introduction of the crypto currency, but will have to adapt to it and extract part of their profits from its use.

[diguyo]

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?

Yes. Banks are working alongside it now...they're watching closely and monitoring developments, even making money off it. If you think for one second that bitcoin is going to overthrow banks though, you're very much mistaken. It's not equipped to and its community won't allow it. I've said it before, bitcoin is almost like an alpha or a prototype...bitcoin is not going to revolutionise anything, blockchain is what's new, what's different and what'll change the internet as we know it. People here blockchain and think bitcoin, and vice versa, but one must distinguish between the two - the technology, and the store of value. Bitcoin is only worth what someone is willing to pay for it, like a commodity, it doesn't have anywhere near enough about it to be able to change the world of global finance. You can quote me on that.

[carter34]

It can be a possibility

The pidsibilities are high for the banks to park up giving the way the crypto business is moving but I do not think that bank ceos would just park up like that. They would want to start investing in the new currency and probably, grow a business outfit from it.

[Harrisonimo]

It can be a possibility

Well, at the moment, part of the government at threat is also the banks. Cryptocurrency and blockchain is a technology moving on its own path. Cryptocurrency has been in operation without little association with the banks. And I believe banks are trying to up their game by understudying the blockchain technology. The banks that don't update themselves will be swept off. So, no total eradication of banks but a collaboration.

[batang_bitcoin]

Many are saying that bitcoin will end the banking system and I also believe it will. And this is why there's a big reaction that we can see from the banks and other government as well. But if these industries that are about to die will embrace the technology after bitcoin they can improve. Just like the saying that if you can't beat them, join them right?

[jayc89]

Banks will never disappear. I think they will have to change the format of their work. Working with individuals will be problematic for them. But they will not be able to refuse to work with legal entities. This interaction is part of the modern economy. But where the banks will borrow working capital I don't know.

Banks will disappear. They will go away with the customers money and they might spend that money on their next business idea.

[wiser]

The banks aren't going away just because of cryptocurrencies. They will over time adapt to the innovations in the cryptocurrency industry and incorporate them into their own systems. That process is already underway. Check out NEM. There are already a number of companies using its private block chain. There is even a token called LoyalCoin running on the NEM blockchain which seeks to consolidate all the various customer loyalty programs. Banks are already putting resources into researching the whole blockchain technology.

In the mean time, as long as you want to buy or sell Bitcoin on Coinbase... you will need a conventional bank account.

[Omosomofa]

There will not be an end to banks because people will still need physical cash on hand. What they will be doing is to start accepting bitcoin for transaction and for payment, deposit and they will also can pay with bitcoin if you want. For example here in my country Nigeria there is one bank which is in partner with Luno exchange now. So I see banks will not end but will adjust to the new technology and changes.

[rehydrogenated]

I don't think banks will be replaced by bitcoin because banks run the world. The run our governments, they finance our wars and the profit off of every single thing that costs money (and some things that don't). I do hope that bitcoin can help reduce bank fees and improve technology. But that won't kill banks. Crypto still can't make smart loans on its own. That still takes a banker. Crypto can deal with bureaucracy or sue to reclaim an asset. But if that happens in the future things sure will be interesting!

[Ragnartron]

They will change something in their model that is for sure. More of the crypto adoption will cause fiat rejection.
I don't think they will vanish.

[jossiel]

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

"Never", I was about to say this. But we can't deny that there's a potential that most people will engage their wealth to bitcoin or any crypto instead of depositing it to the banks.

But the banks does have a big companion and partner to their operation and that is the government which they can demand if there is something that stops their business because they are paying the right tax in able to operate.

This is being debated by many crypto believers and bankers, I believe in bitcoin but we have to balance things.

[Jackypot]

I don't think banks will be replaced by bitcoin because banks run the world. The run our governments, they finance our wars and the profit off of every single thing that costs money (and some things that don't). I do hope that bitcoin can help reduce bank fees and improve technology. But that won't kill banks. Crypto still can't make smart loans on its own. That still takes a banker. Crypto can deal with bureaucracy or sue to reclaim an asset. But if that happens in the future things sure will be interesting!

Personally I think that everything will remain the same as the cryptocurrency on the one hand and the banks on the other hand.

[Diced90]

It can be a possibility

I don't think it will be possible to end banks because of bitcoin, as I have already seen some crypto bank ICOs which want to basically disrupt the fiat banking systems we have but as far as I know banks are certainly not sitting idle to lose their business to cryptos am sure they will adopt this tech.

[BTCeminjas]

It can be a possibility:

I don't think it will be possible to end banks because of bitcoin, as I have already seen some crypto bank ICOs which want to basically disrupt the fiat banking systems we have but as far as I know banks are certainly not sitting idle to lose their business to cryptos am sure they will adopt this tech.

Banks have still remained, it is impossible to happen that bank will eliminate by bitcoin. Because the bank is the way that we have a fiat from cryptocurrencies if we converted on this into fiat. Besides some banks now are adapted and embraced bitcoin technology and it is called blockchain, trough this blockchain they can easy transact. But not all bank doing this. there are some banks refused bitcoin and banned their place.

[felipe04]

It can be a possibility

Here in my country digital currency and our own money(FIAT) have same wallet in bank

I think they help each other now but in the future if digital currency continue like this well i think this is not good for bank in many ways like bank are no worth already

But still by now here in my country digital currency pay bank for transaction so they help each other business