harley.kitty
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Merit: 11
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November 10, 2018, 04:11:40 PM |
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I'll replace your question and I guess its better if you'll ask this "Will the banks use blockchain technology?"
I doubt it that the banks will be gone in the future though we got crypto, we can fully ignore the banking system and stick to crypto's as no need for an application to open a bank account, no requirements needed and no more waiting days of creating our own bank accounts. Our wallets are already our bank accounts.
There's also a tendency that the bank will join this crypto revolution as they have no choice to compete against it.
I think if Bank uses Blockchain technology it will facilitate financial matters but the Bank will get a little profit right? I have no idea how the scheme will be used if the Bank tries to utilize Blockchain technology, but I am sure with the many interests of Blockchain users, the Bank will begin to use it and the big contribution in this case is none other than the government. |
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mammoniter
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November 10, 2018, 04:17:12 PM |
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I don't think so. Replacing banks will actually lead to replacing fiat money with cryptocurrency which is not exactly a good thing. Blockchain and banks can coexist and gives people options to choose from. In fact they can work together. Banks can use blockchain to introduce cryptocurrency to their client thus giving them the power to expand and explore other options.
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CaptainKid
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November 10, 2018, 04:18:55 PM |
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The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
Perhaps in the future, the banking system and the global economy will change and the blockchain technology will be used more often in many areas, but at the moment it’s hard for me to assume that banks will disappear, as they are very significant for the economy of each country. |
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bboyjohn
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November 10, 2018, 04:35:36 PM |
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It is not right to evaluate everything as it is now. At the moment prices may be increasing, bitcoin or crypto coins may not be as effective as before. But a few years later, we will see how fast the blockchain technology rises and the financial systems will change  |
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Perfect35
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November 10, 2018, 11:44:49 PM |
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The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
Blockchain does not need to replace banks. These days, banks are even considering the possibility of harnessing the use of blockchain in order to foster more development and improved as well as good quality of work in the banking sector. They have now come to realise that there are lots of benefits attached to the use of blockchain when sentiments are kept aside. |
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missyqt29
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November 11, 2018, 02:31:49 AM |
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No. Blockchain is a technology while bank is an organization. They can't replace each others.
And also, blockchain doesn't really need the help of a bank. Blockchain can get up with itself and do transactions anonymously and privately unlike the bank who controls the money and your profits as well. |
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aileen393332xe5157
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November 11, 2018, 03:14:28 AM |
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Blockchin has the strength that banks can not afford. But now, crypto is not popular, not government accepted ... so can not replace the bank. Hopefully in the near future, BLockchian will bring its strengths.
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faza13
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November 11, 2018, 03:17:36 AM |
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The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
No I don't think so, blockchain is a technology but Bank is organization. Blockchain cannot replace it but, Bank can addopt the blockchain technology |
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Questat
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November 11, 2018, 04:53:08 AM |
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The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
No I don't think so, blockchain is a technology but Bank is organization. Blockchain cannot replace it but, Bank can addopt the blockchain technology After all we need banks to cash out our bitcoin or altcoins, blockchain is not widely adopted so we need fiat to buy most of the things we need. Banks will continue to exist and they will improve their system by integrating blockchain for efficiency but they will always remain centralized. |
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Epimetheus
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Merit: 1000
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November 11, 2018, 05:57:21 AM |
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Obviously it's just impossible in this age my friend , just think about people who doesn't know nothing about crypto and blockchain. Crypto needs much more develop, first of all crypto need replace cash money, but we wont see this probably.
Yes it is quite impossible. Because bank is a organisation which run by an private organisation or government where as Blockchain technology is just an independent technology. Many people believe bank because it is old and more sustain method of transaction than that of bank. Although blockchain technology is a highly advantageous technology in the matter of transaction but still it is not legalized everywhere and because of this many people still doesn't believe on this. Where as bank are legalized everywhere and it has physical appearance which is creat more trust issues among people in comparison to blockchain technology. |
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Yshakov.v
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November 11, 2018, 06:06:45 AM |
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It can replace banks partially. Not many believe in cryptocurrencies. I think in a few years everything will change. We will be patient.
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jaywizzy
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November 11, 2018, 06:17:27 AM |
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Replace Bank? That one can't never be possible due to the fact that is not everyone knows about blockchain, secondly Bank has been in existence for donkey years and not be eradicate by any form of keeping money and thirdly
bank can be used to keep others valuable things .
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VeeTeaSee
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November 11, 2018, 06:29:39 AM |
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it can replace some services that banks provide
but cant replace banks completely , my guess is there will be banks for crypto and its good because they give you custody and insurance..
it depends on how you look on the things
i personally love ADA - and hope they'll bring the banking services to the countries that dont have it
banks are good - its only the bankers and governments who take advantage and use it in bad ways
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abubakar.tapo
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November 11, 2018, 07:37:49 PM |
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Cryptography with hard work can replace banks. The banking system has its own characteristics that cryptography does not replace. Moreover, many countries do not give permission to Blockchain and society does not believe in the absolute security of the Blockchain system. However, in the near future, Blockchain technology will be used by banks.
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zgrdyg
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November 11, 2018, 07:48:45 PM |
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Blockchain can be used in anywhere even in banks too, that's a tool. Not a company or entity itself, so blockchain can not replace banks. But crypto related banks can be seen in the near future. (solid and long lasting projects )
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veter2601
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November 11, 2018, 08:15:46 PM |
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I believe that the blockchain platform is a great alternative to the banking system. A small transaction cost , their speed , decentralization is what makes bitcoin from the modern banking system. At the moment, the blockchain technology finds application in many areas of our life , facilitating them and making innovative solutions . The credibility of this technology is already evident from the multiple projects ico to raise finance.
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Gifolote
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November 11, 2018, 08:22:38 PM |
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blockchain can't replace a Bank because it's two different things. blockchain is a technology, a Bank is an organization.
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Umuoji
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November 11, 2018, 10:23:45 PM |
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My answer is no, blockchain cannot replace bank because just a small percentage of the world population know what crypto is all about
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bummm
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November 12, 2018, 02:53:27 AM |
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The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
For banks this will allow to seriously simplify the processes, abandoning a large number of existing processes and elements of information infrastructure. So banks will be also using blockchain! |
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martabaktelor
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November 12, 2018, 03:05:17 AM |
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The Blockchain system is very good and if it is used to replace the Bank, I don't think it will work. In my opinion, the Bank is the safest place to save money because if there is a problem we can block it. And our money is still safe. And this Blockchain system in some countries is still not acceptable.
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