is it true that bitcoin is a disaster for local banks

[mensahkkofie]

Bitcoin will not collapse local banks, the local banks will still exist in spite of bitcoin and the other Cryptos. The world of finances have advanced over the years, bitcoin is here to make the banks even much stronger.

[unorowest]

Although the word "disaster" seem too harsh, but I would answer in the affirmative. People have already started dumping the conventional banking methods.

[Baekhyun]

in fact the bitcoin decentralization system is more attractive to many people than traditional banking because it has many advantages. This might threaten the status of a traditional bank but with some improvements and the bank is able to accept bitcoin I think the local bank will not die.

[Crypto one]

Blockchain technology can potentially become a disaster for banks. Banks can, as the money system are now, print digital  money and lent them out to there costumers, as long as the money are just digital they can create money, however if all money becomes something there's visible on the blockchain then banks can no longer print money.

[milandres0207]

Well, i think this makes a sense because in our country, many people choose to save their money and convert to bitcoin. They believe that bitcoin can earn more profit from it compare to bank that even in a long period of time you can't earn what you will earn when holding on a bitcoin.

[bloodyvio]

not bitcoin but blockchain
because blockchain is a system that requires data flow through verification
You can call it anti-data manipulation

[nagasaking]

That's down to market share. The bank has not had real competition for years and then Bitcoin came on the scene to become an alternative / competition for these Banks. In many countries, people are limited by the availability of banking services, so everyone uses the bank, because they have no choice.

[pushups44]

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

More than likely once bitcoin reaches a critical mass, banks will incorporate the cryptocurrency and find ways to profit from it by loaning it out, charging fees to withdraw it, and providing other services for bitcoin users. It's only a matter of time before cryptocurrencies are embraced by banks.

[masterflexy01]

bitcoin is here to make the banks stronger not as a  disaster, with the view of things, bitcoin is still more of investing due to the risk while i doubt if the inexistence of bank in present day is possible. 

[IamKnowledge]

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

Banks have been one of the few institutions take have not supported bitcoin and its projects over the past years because of the fact that bitcoin is volatile also decentralised. I think they(the banks) cannot figure out a way to incorporate bitcoin into their operations, that is their Problem.

[Jyominall]

I don't think so. Because humanity can't be free from the yoke of money issued and control by governments through central banks in the near 30 years at least.

[dilemamis]

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.

[yndye]

I don't think so. Because humanity can't be free from the yoke of money issued and control by governments through central banks in the near 30 years at least.

If people opt to use bitcoin then it would be a disaster for them, but for now I don't think it would happen that easily because the government supports the banks and if they just let bitcoin take over then it would be bad for them because there is a possibility that they cannot get the necessary funding needed for the salaries of the people working for the government and projects to be funded. They will also lose their control which would entail just giving up their position.

[djmixen]

Well, i think this is a little bit true, but this can prevent if they can prevent it i think if they make it some partnership regardless on its investing on it. There are many people who are choose to be part of the bitcoin compare to save their money at the bank.

[rancakadu]

I can say that this is possible but inevitable, so my state banks really ignore the fact that cryptocurrency exists and they think that it will appear as a bubble.

[Gudhal Untu]

The presence of bitcoin is a good thing for the future of the transaction system, everyone can and is free to control their assets without having to depend on third parties, and this is what makes bitcoin a threat to the future of banks and can make banks disappear.

[microwave]

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

That's a big problem of Bank, bitcoin is primary compositor when it comes to stored of money and businesses but Bank will have a chance to continue their operation if ever Bitcoin become Primary use in all over the world because Big business company doesn't handle the huge amount of tangible money they rely on the agency who handle it so they have a chance to handle the stock of Bitcoin from big company but they gonna do first of alternative module that compatible with bitcoin and Bank to process all transaction.

[ntodntodan69]

I don't think it's actually a disaster! what factors cause disaster for existing local banks! all of this has run smoothly with a long time, no local bank

[Willie_Linder]

We just need to know what we want. Banks want profit and they need clients. We are their clients and they make profits on us. The bitcoin is a way to earn more money. We can invest in bitcoin and earn a lot. Banks know that and that is maybe why they are afraid. They see concurrence where we see opportunity. But it is not true that bitcoin is a disaster for local banks. I think if those banks have the right mindset, they can profit as well. They just need to re-invent themselves.

[pelipurlara]

In my opinion, banks are not afraid of bitcoin, but actually those who are afraid that their governments are afraid of the presence of bitcoin will reduce taxes from government people who have an interest in enriching themselves by taking advantage of bitcoin holders or crypto currencies