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Author Topic: Is banking still important in the bitcoin era?  (Read 1817 times)
taxli
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May 25, 2018, 01:36:52 PM
 #641

There is this significant drawback that bitcoin has as the currency since it is decentralized and cannot be printed as the paper money by banks whenever it hits the deflationary behavior.

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May 25, 2018, 01:43:36 PM
 #642

Until whenever banks will be important for the country and the economy, we all know that business and investment in the world are in dire need of funds, and that they can get by borrowing funds in banks.
banks will stay still be needed
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May 25, 2018, 01:58:03 PM
 #643

If cryptocurrencies are still not regulated or legalized on all countries, then we still need help comming from banks. In our country, you can cash out anytime anywhere with an ATM machine powedred by banks. If you withraw your earning for example and thats a huge amount, you need to store it through your bank for security purposes also.
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May 25, 2018, 02:03:01 PM
 #644

In the bitcoin era banking is not so important at all because  every thing we can resolved with bitcoin itself so the conventional banking system has no specific role on it. If some body is undertaking a deal between  a firm or an individual here with bitcoin  the buyer and the seller only  knows about it with out a third party interference such as banks. Bitcoin saves the processing time and the processing charge and the transaction  between the buyer and seller directly..So the bitcoin is more convenient for the international trade.
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May 25, 2018, 02:05:49 PM
 #645

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.

 
The banking system is very much important with the Bitcoin crytpo currency trading market, not to mention the important of Financial Banking System of its country, this the soul of one country economy. No country can survive with out the Financial institution or the Banking system, they are the one  in charged  on money circulation, control of possible over supply or over circulation resulting to inflation which bad to its economy. We have to accept the facts that banking system will remains as the growing acceptance on crypto currency trading transaction is very much visible on the market treed.

Without banking system, you can't deposit money to your exchange and you can't take your money out to your account. Banks are needed but their era will end within years with the rise of blockchain technologies.
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May 25, 2018, 02:13:11 PM
 #646

For me, banks are still important in this bitcoin era because the acceptance of bitcoin is still very meager compared to banks and also banks are legal to all over the globe. We all know that bitcoin is illegal to some countries and most of the state wants to ban bitcoin because for some reasons. Banks is still essential especially if your country doesn’t have any exchanger of bitcoin, how you will cash out it? Or how you can buy bitcoin or use. Also, most of the establishment and company is still want to transact with banks because they know the bank's capability even bitcoin is the best.   Smiley
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May 25, 2018, 02:23:48 PM
 #647

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 think Bank is still important in the bitcoin era. Bank is still needed by society in a country anyway, and play own role like lending, funding etc. It is my opinion
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May 25, 2018, 02:51:49 PM
 #648

Yes, it is still important, but less.. Since bitcoin got popular, many investors withdrew their money and started investing in bitcoin, for they know bitcoin has higher profit than a bank in lesser time.
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May 25, 2018, 02:52:41 PM
 #649

Of course it is your back up when you are having an emergency happens and it is very reliable and also very accessible.  I am not saying bitcoin is not accessible but atleast you have two different assets and savings storage so that's why banking is still important.
saving in bank more accessible and easy to liquidate.if have something emergency we can take it soon.it little different with withdrawing bitcoin or other crypto currency that need several steps.

Banks are still necessary even with the presence of new innovations like cryptocurrencies. Not all people are in cryptocurrencies and even products and services are not all in online business. Banks regulate the issuance of fiat money and the main end of having cryptos is to exchange them in fiat.
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May 25, 2018, 02:52:59 PM
 #650

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.

The banking system is very much important with the Bitcoin crytpo currency trading market, not to mention the important of Financial Banking System of its country, this the soul of one country economy. No country can survive with out the Financial institution or the Banking system, they are the one  in charged  on money circulation, control of possible over supply or over circulation resulting to inflation which bad to its economy. We have to accept the facts that banking system will remains as the growing acceptance on crypto currency trading transaction is very much visible on the market treed.

Without banking system, you can't deposit money to your exchange and you can't take your money out to your account. Banks are needed but their era will end within years with the rise of blockchain technologies.
As of now bank is still the best counter part in bitcoin earnings, since most people used to convert their bitcoin into their local money and save it on he bank and withdraw anytime from it by using its dedicated ATM card. If time comes that bitcoin will have its own crypto bank and bitcoin ATM are established nationwide then that is the time that bank will not needed anymore.

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May 25, 2018, 07:07:18 PM
 #651

Yes of course Banking is still important in this bitcoin era. And here some of the reasons behind this. Bitcoin is not a widely accepted crypto currency. If you use bitcoin money transaction facility then you just transfer your money only in limited place but in case of bank that thing doesn't happen. Although Bitcoin provide a lot of advantages but it can't it is unable to gain the Trust of people. If once the transaction are happen through Bitcoin then it can't be reverse but this kind of problem doesn't happened with bank. Bank is always need to convert the virtual from of Bitcoin into physical form. So bank is also highly essential in this bitcoin era.  Smiley

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The_Dark_Knight
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May 26, 2018, 03:52:35 AM
 #652

Yes, banks are still very important for some people. But I think every bank if it wants to survive in the digital age, they have to use some crypto platform that support to do transaction.
Banks are not dumb they are seeing the revolution that is coming and they understand that they will have to adapt, however I am not as enthusiastic as some people that think that bitcoin is going to kill banks, I would like that to happen but I really do not think that is on the cards, banks have a lot of power and they can use the media to manipulate the people to keep using their services.
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May 26, 2018, 05:08:53 AM
 #653

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 yes. Bank are still important today. For as long as we are still using the fiat money bank is still needed. We cannot deny the fact that even though more and more people and countries are accepting bitcoin but the vast population is still using the fiat. All of us are still using it in our daily transactions.
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