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Author Topic: Is banking still important in the bitcoin era?  (Read 1839 times)
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March 06, 2018, 04:37:39 AM
 #1

Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
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March 06, 2018, 04:54:32 AM
 #2

of course, the bank has its own role in a country, its small example as a container for lending capital, other credits and as its, even though the development of crypto world is very rapid, but the bank has its own role, and they will not close the company, maybe later them will follow also the current development of the crypto world

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March 06, 2018, 05:20:36 AM
 #3

Actually our Wallet is a bank, but another topic with what you say. Back on your topic, until now bitcoin still need bank to deposit or to withdraw money from our bitcoin wallet, because if without bank we can't do both. Unlike the case if bitcoins have their own banks (like traditional banks) it's certainly they (traditional banks) are no longer needed for bitcoin users or cryptocurrency users. For now it's a bit of a possibility for bitcoin to make banks especially in countries that still forbid world of crypto (mostly developing countries) maybe in the next few years will come true.

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March 06, 2018, 05:25:53 AM
 #4




I think yes, regardless of the excess bitcoin
banking is still needed by society in a country anyway. although in the future bitcoin or digital era will be more phenomenal but will not really undermine the banking system. Yes, the state needs banking to manage money and other resources.




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March 06, 2018, 05:32:06 AM
 #5

We are not in the bitcoin era yet, only in early stages.

Similarly, bitcoin hasn’t been mass adopted yet, so banks are much more important. It will take some time for bitcoin to pose a real treat for them, although banks are aware and have plans to use blockchain and to use their own cryptocurrencies.
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March 06, 2018, 05:38:28 AM
 #6

There is a market share for everyone. Banks will be the preferred network for much older people who are not capable to handle their own financial affairs. The people who still need face-to-face interaction with people, to solve their problems. The younger generation wants a much faster network that suits their fast paced online life and Bitcoin is filling that need.

Bitcoin also gives younger people independence from authority. You might be too young to handle your financial matters when you use Banks, but Bitcoin makes no distinction with age.  

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March 06, 2018, 05:45:56 AM
 #7

I agree with you. The Bank will still play a role as usual. Although a lot of the things that hindered his journey.
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March 06, 2018, 05:50:11 AM
 #8

What if I tell you "Exchanges" are the new banks!!!
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March 06, 2018, 05:54:07 AM
 #9

banks are still used by many people and are still useful and anything that is used and useful will remain important for as long as they continue to be the same. and the "bitcoin era" doesn't have to change that. a bank is a financial institute that gives certain services for money and bitcoin is a new form of money so they can simply change the type of services they are offering.

What if I tell you "Exchanges" are the new banks!!!
then you would be wrong because exchanges are only a place or a platform where people go to meet and exchange currencies and nothing more.

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March 06, 2018, 05:54:51 AM
 #10

Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
Banks do really matter specially in today's bitcoin era. Through these banks we were able to deposit our money in the crypto that we wanted to invest. Even though we can consider today as bitcoin era, they still differ on the market that they cater. Bitcoin, p2p and online exchange sites are created for transactions of cryptocurrencies. While banks are created for fiat exchanges, a way to keep and save our real money. Banks also adapts to the booming technology that's why it will still continue even if digital currency has been a thing.

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March 06, 2018, 06:02:42 AM
 #11

We are not in the bitcoin era yet, only in early stages.

Similarly, bitcoin hasn’t been mass adopted yet, so banks are much more important. It will take some time for bitcoin to pose a real treat for them, although banks are aware and have plans to use blockchain and to use their own cryptocurrencies.


I agree, at this stage we are in right now on cryptocurrency, banks are still very important because they play a huge role on a countries economy. Imagine how much loaned money each country has on the world bank. In the future maybe they will have a smaller role in the economy but  this bankers are smart and i am pretty sure they will use the blockchain technology sooner or later.

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March 06, 2018, 06:07:16 AM
 #12

Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?

For now, yes. We're not quite there yet. Only a small portion of people know Bitcoin and its regulation is still unclear. I even doubt that we will see the disappearance of banks in our lifetime, even if Bitcoin and cryptocurrency have become even more popular. The future of global financial is so uncertain, and that makes it interesting. My money is on Bitcoin though Smiley

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March 06, 2018, 06:08:43 AM
 #13

banks are still used by many people and are still useful and anything that is used and useful will remain important for as long as they continue to be the same. and the "bitcoin era" doesn't have to change that. a bank is a financial institute that gives certain services for money and bitcoin is a new form of money so they can simply change the type of services they are offering.

What if I tell you "Exchanges" are the new banks!!!
then you would be wrong because exchanges are only a place or a platform where people go to meet and exchange currencies and nothing more.

Well I did not mean it in that way, but still i stand to my claim as this I have been discussing with peers too.  

Firstly yes banks are not going any where agree with you. But as per the services which banks are providing let say "loan" yes there are some exchanges which offer you loans too. Then banks are giving you profits so does the exchanges. My point is Exchanges are the new type of banking not a traditional banking services but with time you will see more and more offers coming from exchanges. For example Direct merchant payments, they can be your bank guarantee they have strong KYC even stronger then some banks these days.  So day by day these exchanges playing some roles in re-shaping our traditional payment methods.
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March 06, 2018, 06:30:40 AM
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 #14

In 1994, Bill Gates had said banking is necessary, banks are not. Although Bitcoin/Blockchain technology does give us the choice to be our own bank, the technology hasn't evolved to the point of offering a whole new level of decentralized banking services ecosystem, for that banks are undeniably necessary/important. A few traditional banks are already working on moving to private banking on Blockchain. Bitcoin/cryptos are an alternative banking solution and as far as I would like to believe it would make banks obsolete, guess it wouldn't happen, but most probably banks would be forced to bring changes in their fundamental business model to provide better services.
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March 06, 2018, 06:33:05 AM
 #15

There is a market share for everyone. Banks will be the preferred network for much older people who are not capable to handle their own financial affairs. The people who still need face-to-face interaction with people, to solve their problems. The younger generation wants a much faster network that suits their fast paced online life and Bitcoin is filling that need.

Bitcoin also gives younger people independence from authority. You might be too young to handle your financial matters when you use Banks, but Bitcoin makes no distinction with age.  

I agree with you, there is a market share for everyone. Banking still play an important role in the financial system even in the advent of bitcoin. Some senior citizens preferred the traditional bank accounts because they avoid technology, they don't understand it or it makes them uncomfortable. My mom is one of that non-tech people and preferred eye to eye with person counting her money. We, the millennial generation preferred investing our hard-earned money in the leading digital currency bitcoin instead of opening traditional bank accounts because we can earn more from bitcoin.
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March 06, 2018, 06:37:32 AM
 #16

Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
Actually the cryotocurrency system can not fully replace our fiat system because it was well established for so many centuries so we can't expect that to be replaced by a new technology which is just found before 10 years.But banking system is not that much important of cryotocurrency was accepted worldwide as a payment because we all have our own bank we can transact our money to anywhere so there is no need for banks.

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March 06, 2018, 06:46:35 AM
 #17

banks will only not matter once cryptos stop doing this:
1, stop being measured against fiat
2. stop being traded against fiat
but that would require people to stop buying food, clothing and paying tax in fiat.

as for 'banks' not mattering to society in a crypto utopia..
well if you look at the direction bitcoin is going.. LN hubs become bank2.0 where retailers start being the bank... oh wait in the UK we already have virgin bank, tesco bank, sainsburys bank moving fiat around.. so not much of a step to move crypto around where they control CLTV (1-3 business day fund maturity) and CSV(chargeback/wire reversal)..

and altcoins will have masternodes as bank 2.0

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March 06, 2018, 07:10:03 AM
 #18

yes, banks are still very important for some people. but I think every bank if  wants to survive in the digital age, they must to use some crypto platform that support to do transaction.

because slowly, the public has begun aware the world of crypto and digital. so in the end if the bank does not innovate, then the public will leave the bank.

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March 06, 2018, 07:17:11 AM
 #19

of course, the bank has its own role in a country, its small example as a container for lending capital, other credits and as its, even though the development of crypto world is very rapid, but the bank has its own role, and they will not close the company, maybe later them will follow also the current development of the crypto world

Yes, banks has a big role in the community and in the financial markets. Even though bitcoin is widely adopted, it doesn't mean that banks will lose their worth. I believe that banks and cryptocurrencies can co-exist and will work just fine with existing banks in the future,

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March 06, 2018, 07:29:05 AM
 #20

Financial institutions are not going to disappear, crypto or not. The are an essential, integral part of the current economic system. Retail banking is just a small part of it, financial institutions providing capitals for corporations are much more important, and crypto is of no danger for them.

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