Is banking still important in the bitcoin era?

[Wolfwar]

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?

I think the fact is bitcoin is only new currency which have no enough power to make bank dissapear. Although bitcoin bring a lot of benefits for us butthe scalability issue is still prevent all peiple to use bitcoin. Bank wil always needed since it's one of governments tools to make the economy of country more stable. Most of people in this world are still need bank to store their money and process their transactions.

to date, half of the users of crypto currency are still using the banking system. The fact is that in everyday life we ​​still use real paper money, not crypto currency. Crypto currency for us is a means for earning and investing.

[s0beit]

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?

I believe yes , banks are known to be a best way for us to save and store our earnings and invest though we all know that we'll only get a small profit from it. Banks are well known than crypto currency and we can't deny the fact that it is still trusted by people around us.

[Leyss]

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 role of banks in the era of crypto-alaith does not diminish. Banks will carry out all the same important functions assigned to them by the state, and first of all, lending to the sectors of the country's economy. Therefore, no matter how one tries to minimize the role of banks, vseravno banks as existed, and will exist in the future. Crypto currency and banks will be forced to reconcile with the existence of each other and work together.

[supercanada1]

Banks are still important for those that are unaware of cryptocurrencies. But for us who know bitcoin and other altcoins, we see banks as a big lie and a great deceiver. They aren't important to us anymore.

Our banking system is quite strong and that it is being controlled by the government and that there are so many people who trust this banking system. I don’t think so that there will come certain time when we will not be able to see this banking system because of the reason that there will remain so many people who will keep trusting the banking system and will never adopt to the crypto currencies.

[Kita Kita]

If someday the volume of bitcoin transactions has reached more than 50% of all world transactions then we do not need banks, I think with bitcoin everything becomes easier and do not need the help of third parties like banks.

I think banking is still important even right now bitcoin is getting popular because banks has so many function in this wolrd so even bitcoin is supported by a lot of people banks will remain or will still exist in thjs world.

[yrreg ger]

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?

I believe yes , banks are known to be a best way for us to save and store our earnings and invest though we all know that we'll only get a small profit from it. Banks are well known than crypto currency and we can't deny the fact that it is still trusted by people around us.

Yes it is still important. Why? Simply becauae we cannot assure the security  in the bitcoin a lot of wallet are hacked by other hackers who have the guts to have an instant money without any hardwork. For them they have the knowledge  to have it in an instant why would they give a damn hardwork for it.

Entering bitcoin will give you instant big money depending  upon the value but you cannot make it as a bank savings, you might regret it. If you already have profit you gain from the bitcoin you can cash out it and put it in the bank. It is more sure and safe to put it for lifetime instead of bitcoin.

[ylnar123]

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?

Ofcourse banks are plays a vital role in every way we save our earnings. Bitcoin cannot be considered a bank because it is very volatile that it would be broke in any given moment.

[necktiearrival0]

Banking is important as there is a proper security in that as compared to the wallets.

[The_Dark_Knight]

Banking is all about the financial administration, without banking none of the government will function in a better way. Maybe they have flaws in the functioning, but they're much in need for a country and other needs. Even now bitcoin has got dependence upon the fiat system, which shows the need for banking.

The definition of banking if people missed it is "the business conducted or services offered by a bank." , and most of these services mean transporting and conserving your money in total security , yet with the blockchain technology and the Ledgers all of this can be done without any need of any banks at all , yet the "banking system" is still there even if there's no bank at all . So like bill gates said in 1994 , we need banking systems but we don't really need banks and thanks to the blockchain technology such statement can turn into reality .

People are simply to used to the way things work, technically we could replace banks already but we must also understand that banks are some of the most powerful entities in the entire world so they are not going to let themselves be beaten just because of the development of a new technology, but I think in the future probably in many decades there is the potential for bitcoin and cryptocurrencies to replace them.

[Indai24]

Banking is all about the financial administration, without banking none of the government will function in a better way. Maybe they have flaws in the functioning, but they're much in need for a country and other needs. Even now bitcoin has got dependence upon the fiat system, which shows the need for banking.

The definition of banking if people missed it is "the business conducted or services offered by a bank." , and most of these services mean transporting and conserving your money in total security , yet with the blockchain technology and the Ledgers all of this can be done without any need of any banks at all , yet the "banking system" is still there even if there's no bank at all . So like bill gates said in 1994 , we need banking systems but we don't really need banks and thanks to the blockchain technology such statement can turn into reality .

People are simply to used to the way things work, technically we could replace banks already but we must also understand that banks are some of the most powerful entities in the entire world so they are not going to let themselves be beaten just because of the development of a new technology, but I think in the future probably in many decades there is the potential for bitcoin and cryptocurrencies to replace them.

Banks are the safest storage of our wealth and are geney trusted by the public and it will not be taken out from them. They also serve as the another very important purpose involving the creation of money, Banks are more than just financial intermediaries, they are in fact crucial to the functioning of our economy.

[Arata]

Talking about bitcoin is certainly inseparable from the role of blockchain. Blockchain technology does offer a transaction without any third party. However, I think banks have been able to adapt to blockchain technology. In the regions of Europe, the Middle East, and Africa (EMEA) almost all global banks have experimented with Blockchain. They are interested in Blockchain because the technology has the potential to cut costs and improve operational efficiency. Some banks are currently implementing blockchain technology in their systems such as Royal Bank of Canada (RBC). They developed a distributed ledger technology (DLT) system based on Blockchain technology, and named Hyperledger. In addition, Bank OCBC has also used Blockchain technology to transfer funds between OCBC branch offices in Singapore and Malaysia. The money transfer process takes only about 5 minutes. Then there's Bank Santander. The British bank has also started using Blockchain technology in its services. Bank Santander uses Blockchain technology to service payments abroad, through new applications. Conclusion, as long as the Bank is able to adapt to blockchain technology then both are still important and indispensable.

[y_stars]

Yes, it currently makes it easier to buy. Instead of searching and meeting a live person to sell me whatever Bitcoin they have available to sell, I can go to coinbase and buy how many Bitcoins as I want, with my account linked to my bank. 

[NathanJB]

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?

At this time, the banks are still holding the reins of power. No one can argue that the banks are losing importance and influence. They are still very much powerful until today. However, even if the crypto threat to these commercial banks are still considered insignificant immediately, we are aware that the banks are always looking forward to the future if they want to remain in power. So as early as I now, I think the banks are already planning on how to remain in powers despite the crypto growth.

[Bruce1614]

Indeed, we can't set banks aside, one nation's economy still needs saving money particularly today, in spite of the fact that bitcoin is beginning to vanquish our lives monetarily, still it has a ton of things to enhance, one is the purchasing influence of fiats, still, bitcoin has constrained purchasing influence because of absence of establishments that acknowledge it as installments, as far as administrations prefer day occupations and shared administrations that is paid in fiats, foodstuffs, healing centers thus considerably more, perhaps if bitcoin will additionally create in adapting to these budgetary perspectives, at that point there will come a period that banks will close because of its wastefulness and unimportance.

[inquirybanjoE]

If banks are not there, how would the money be taken out after liquidating our investment in btcs?

[kidd07]

Banking is all about the financial administration, without banking none of the government will function in a better way. Maybe they have flaws in the functioning, but they're much in need for a country and other needs. Even now bitcoin has got dependence upon the fiat system, which shows the need for banking.

The definition of banking if people missed it is "the business conducted or services offered by a bank." , and most of these services mean transporting and conserving your money in total security , yet with the blockchain technology and the Ledgers all of this can be done without any need of any banks at all , yet the "banking system" is still there even if there's no bank at all . So like bill gates said in 1994 , we need banking systems but we don't really need banks and thanks to the blockchain technology such statement can turn into reality .

People are simply to used to the way things work, technically we could replace banks already but we must also understand that banks are some of the most powerful entities in the entire world so they are not going to let themselves be beaten just because of the development of a new technology, but I think in the future probably in many decades there is the potential for bitcoin and cryptocurrencies to replace them.

Banks are the safest storage of our wealth and are geney trusted by the public and it will not be taken out from them. They also serve as the another very important purpose involving the creation of money, Banks are more than just financial intermediaries, they are in fact crucial to the functioning of our economy.

Yes, banks is important at this time that bitcoin is not yet fully established and adapted by the world because mostly our earning from bitcoin will be in cash to the bank, but I do believe that in the next generation of crypto currency and the full blast of bitcoin era the bank is useless because there are already crypto bank started and if big company use crypto for the payroll and large establishment accept bitcoin then that is the time that the bank will be extincted.

[FlightyPouch]

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?

Bitcoin makes our savings more secure and efficient since we are the one who are managing our balances but not all of the people will be using Bitcoin that easily. The economy of one's country is also reliant on banks.

[kyucryp]

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, I also think that banks are still very important. although the technology is getting better because of bitcoin, people will not be able to escape with the bank. because at this moment the currency used in everyday activities is physical money. I am sure that bitcoin users will not be able to escape with the bank. therefore as a means of exchange between the currency crypto with physical currency. so I also think that banks are still very important for everyone.

[gamalzour]

In my opinion, although the bitcoin era has developed, banks still need it. Bitcoin transactions between traders when paying money must also be made via bank transfer. Moreover, a country will retain a unified currency, so the bank will be the place to trade.

Banks are still important because bitcoin and other crypto currencies are not as famous as banks. Majority of world population is still unaware of this concept. Moreover, many adults have techphobea and they do not feel safe with digital currencies rather it is tough for them to adopt new ways. However, with the passage of time and after digital assets mainstream, people will leave banks behind.

[dirham99]

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?

I think, The bank is still important in the bitcoin era. We can save our money in bank for emergency needs, because I think bitcoin is long term investment.