is it true that bitcoin is a disaster for local banks

[btyco]

It's only a disaster for the banks if the government will allow bitcoin transactions freely. People who can safely store their own funds in a digital wallet will do that instead of wasting hours at the banks registering, queuing up, paying fees, etc..

[R. Hasan]

I don't think so, even though bitcoin was created as a cryptocurrency, but bitcoin is more used as an investment than used as a currency. True it is volatile but aside that let's look at the good sides. If given a chance it will disrupt the banking industry.

[1van__]

no, if they in their offices put the exchangers crypto currency and will enter on them a percentage

[KINGCHACHA1]

To be frank our local banks are scared over the operation of bitcoin. They may be indecisive over adoption of blockchain or reframing from it. Adoption is the best option for them.

[Rozita]

I don't think so, even though bitcoin was created as a cryptocurrency, but bitcoin is more used as an investment than used as a currency. True it is volatile but aside that let's look at the good sides. If given a chance it will disrupt the banking industry.

Yes, bitcoin isn't now used for daily buys and sells. But there is a probability of being used for such purposes. This is what concerns governments and banks.

[bitbunnny]

I wouldn't say that Bitcoin is disaster for banks, this term is too strong. But definetely is a competition and banks are well aware of this.
And this is not bad, in fact such competitive situation could bring us a lot improvements in financial world and better and cheaper services and a choice we didn't have before Bitcoin appeared.
Also, to my opinion sooner or later banks will embrace Bitcoin and offer Bitcoin related services to their clients.

[Chestt]

I don't think it is so now, but in some distant future this might become true.
Broadly, banks make money by issuing loans and placing deposits from customers as well as providing some settlement services, etc. and they charge commissions on all their operations. The commissions vary by country, but they're significantly higher than the cost of a transaction in BTC. Of course, banks will start losing money they used to have from their customers because in order to stay competitive they will have to lower the commission amount, etc.
So, BTC is not a disaster for the banks now, but it might turn out to be a disaster in the long run, I suppose.

[kemonojim]

Yes, it can be a disaster while bitcoin cannot replace the bank completely. There are many things that can be done by banks while bitcoin cannot and vice versa. Short term, people will see bitcoin as an extraordinary investment tool while banks slowly lose deposits from people, keeping their (bank) profits to a minimum.

[KingScorpio]

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

cryptocurrencies are a disaster for the banks as they are decentralising the power away that the current democracies are trusting them with

[airdnasxela]

No, bitcoin is not a disaster for local banks like what other people have been telling. They said that it is a disaster just because they taught that bitcoin is a big competitor in terms of those profit gaining ventures. Bitcoin they said will have the audiences or customers that the local banks should have. I think it is not a disaster because they can actually coexist. Local banks can actually adapt bitcoin as one mode of transaction and or payment so that they also have it. They will have an advantage to those banks that do not have bitcoin because they can now cater bitcoin users.

[South Park]

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

No bank is being deeply affected by bitcoin yet, since the technology has not been adopted by enough people to make that kind of local or international impact, but as bitcoin becomes more popular there is no doubt that banks will begin to feel the pressure but right now the pressure does not come from bitcoin but from several business that are also offering loans to their customers.

[Diced90]

Like many people on here, I also think that's a definite NO. Bitcoin or cryptocurrency in general isn't that big to become a direct threat to any banks though this does not  mean this won't be the case in the future. In fact, this is one reason why many people want to regulate crypto.

[Bakugan]

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

Yes , local banks think that bitcoin is a big threat to . them. People nowadays choose to invest in bitcoin rather than banks. Bitcoin can now used to pay anything like banks but we all know that bitcoin is better than banks.

[jak3]

Yes, it is absolutely true. In fact, I have seen a lot of problems in bank nowadays such as they have their server PC a lot so sometimes they cannot process any deposit or withdraw or nowadays our local bank is paying the loan with almost half of the amount as an interest which we have to pay with the principal amount. I mean that is insane and it is still growing so maybe in the future we have to pay the double amount which we take the loan of. I think cryptocurrency should take over the banks so everyone can get a decent amount of features and I do not care if we do not have the very privacy protection in cryptocurrency right now.

[bezygly]

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

I believe that bitcoin is a threat to the banking system and the current economic system. And it's great, because the decentralized financial system looks much more promising and more subtle. If I am given the choice to keep money in the bank or buy the BTC, I will choose BTC.

[regadly]

I think we should not generalize every banking system. For example BTC can be a treatment for the economics of developing countries where the financial system is so weak.

[stayeduptolate]

I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks

We all know that bitcoin is very trustworthy and sustainable crypto currency and being in digital form, it comes superior to all the currencies available in the market and this is not theoretical, as millions of people in the world finds bitcoin much better, safer and the most profitable in all the terms than all the form currencies available in the market and no doubt that if crypto currencies will get legalised it the entire world then it will obviously decrease the use of Fiat currencies among people but I don’t think that this is also a threat to local banks as then instead of storing these Fiat currencies, they can start storing these crypto currencies.

[Crypto24hrs]

What is the connection between Bitcoin and Banks? i don't think their is any the primary functions of banks is accepting deposit and lending loans and Bitcoin you can see does a different thing so it does not constitute any threat to banks.

[clonely]

I think it's like that. If Bitcoin and many subsequent projects succeed, the bank will not need much. But still a very strong few banks can survive.

[nikki4]

It is true that Bitcoin are one of the most fearful competitors of the local banks worldwide. Especially now that Bitcoin community is keep on its growth, a lot of people are keep on their curiosity to crypto currencies and eventually engaging to Bitcoin. For me, I think that the local banks are mostly afraid because they are thinking that in the coming future their place will take over by the Bitcoin or the crypto currency community.