Is banking still important in the bitcoin era?

[VitKoyn]

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?

Of course banks will still be important even Bitcoin become more popular and widely used as a currency, and it doesn't mean that if one is more used the other one should be replaced. Remember that in any country there are lots of less fortunate people that can't use Bitcoin, so if banks and fiat will disappear how will they be able to buy their needs. Also those financial institution helps government to collect tax, which will be hard to do if Bitcoin and other cryptocurrency will be used as the main currency. But cryptocurrency will always be a threat to existing financial system as it doesn't need any banks for them to work as a currency.

[gambitcoin53]

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?

yes, we cannot put banks aside, one country's economy still needs banking especially today, although bitcoin is starting to conquer our lives financially, still it has a lot of things to improve, one is the buying power of fiats, still, bitcoin has limited buying power due to lack of institutions that accept it as payments, in terms of services like day jobs and peer to peer services that is paid in fiats, groceries, hospitals and so much more, maybe if bitcoin will further develop in coping with these financial aspects, then there will come a time that banks will close due to its inefficiency and irrelevance.

[MMS2017]

Financial system is running through banks and other financial institutions so bitcoin er a is good but the banks will start working through bitcoin so banks will be deal in a most advance way and this is the real one that bitcoin will grow more in the near future and for the future the bitcoin is very important and the banks will still important in the bitcoin era.

[hilman89]

until recently people have deposited bitcoin or to withdraw money from bitcoin wallet using Bank. so how can Banks be abolished? because if without a bank we can not do both. unless bitcoin establishes its own bank that does not require the role of other traditional banks. of course, traditional banks are no longer needed bitcoin users. however, I think for now it is unlikely for bitcoin to set up banks especially in countries that still have not legalized bitcoin.

[Hellobx]

For now is such, but block chain is likely to overturn the traditional banking industry, because the blockchain can make all the loans and different transparent, so you can use the distributed system to implement, so this is the reason why most Banks began to alert.

[sicnarfkswiss]

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?

yeah, it is more important because it is where all the fiat come and go, It plays an important role in financial and economy. Without bamk, where would our money go?

[PsylockReborn]

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 played a vital role in the improvement of our economy. There are lots of essential activities that banks do for us to prosper like, facilitates the process of production, exchange and distribution of wealth. So banks will never be gone even if a new technology will arise. Bitcoin won't replace banks, they can work together  in building a more productive and prosperous nation.

Here are some reasons why bank is important even if we are already in bitcoin era.
http://www.businessstudynotes.com/others/banking-finance/discuss-importance-banks-detail/

[Vladv26]

The banks are still one of the most important institutions on the planet because they have millions of people whp use it and they get brig pne of the biggest quantity on monry to the economy of a country. Bitcoin or other coins are not even close to defeat banks and take control of the economy world, even though they also have millions of users. With a credit card from a bank you can pay everywhere and anytime for anything while with bitcoin you cant buy almost anything offline because there are no shops that accept it.

[pxo.011]

well maybe that is important because some of crypto trader uses bank to cash out the funds.

[TrumpD]

There are different things physical banks still offer aside of lending, deposits, withdrawals etc. For example safe deposit boxes for physical / tangible assets. Until tech reaches the stage where physical stuff can be teleported or decimated into code and stored in cloud, physical banks will be needed for stuff like these.

[Emjohn.]

Yes, banking is still important. I think we are not yet in the bitcoin era yet, we are still in the early stage. Banking is necessary, there are transactions that only a bank does. Someday there will be a time that banking is not that necessary.

[xhoondilan]

Yes of course, Banks are the one who will keep our cash and savings. Even though we already have cryptocurrencies. People are still comfortable to use debit and credit cards. Banks also serves those people who want to lend money from them in exchange with their real state or jewelry.

[godrey123]

Nope, banking system is not important anymore in the bitcoin era. You can keep your money on your phone without any worry that it might get stolen, Also transaction is very fast. Your money also grows overtime. Bitcoin has a very promising future in the monetary industry that is why banks are destabilizing bitcoin.

[camito]

Banks are still important, it will always be, maybe not for some of us anymore cause most of us have our own digital wallets where we put our crypto coins and tokens but to some people who do not use this digital wallets, banks are still important. Not just because they invest in these banks, or they store and deposit money in here but because there are some things that banks do other than this things. Some of these things are: (1) Banks lend moneys to people. (2) Credit cards from banks are used anytime anywhere by people, and (3) Some banks accept transactions using bitcoins like converting bitcoins to fiat money.

[Doge dealer]

banks will always be needed , its just that the models that are currently being used are more repressive than constructive when it comes to REAL  economic growth and development .Bitcoins will need a bank eventually cause lets be clear structure and doing things in an ordered way is imperative , and if you cant influence your currency to achieve certain fiscal or monetary objectives then that currency will have deleterious effects on the people of your country.what is now needed is some revolutionary thinking to integrate bitcoins into the banking system , changing the game play , liberalizing the system and ushering in the new financial world order.

[bitfocus]

Crypto Wallets are kind of banks where you store your coins. Well, we need banks for now as crypto still needs a couple of decades to spread all over the world. But when the world goes full crypto, the regular banking we know today will change.

[Pan Troglodytes]

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?

The services for retail customers are only a fraction of what banks do, and even regarding retail services, not all of them can be covered by crypto: crypto is rather useless for mortgages and crediting in general. But outside retail, banks issue bonds on behalf of corporations and governments, they credit governments, issue fiat currencies (Federal Reserve is owned by private banks, if you were not aware of that fact) etc., all those activities cannot be currently covered by crypto.

[Mainman08]

Ofcourse bank are still important in our society. There are still so many people or business man still save their money in the bank. Bank has its own role in our society. So i don'k think bitcoin will make banks disappear.

[google98]

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?

Of course, banks still have the main influence in the countries. I think we are far from times when they will not be needed, at least for governments to maintain their authority.  

[Red-Apple]

like it or not, banks are a big part of our lives and every one of us are going to be using them at some point and we won't be able to simply give them up so they will keep their place in any futuristic world that we have even with bitcoin around.
lets not forget that bitcoin is not that big yet to want to replace the huge banking system that is currently working.