Can Blockchain Replace Banks?

[awik p]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Yes i agree on that, speaking of blockhain there are so many people that is now slowly believing on it. And it is already proven and tested that blockchain is really an amazing ways to make payment or thousands of transactions in a seconds in a very low fee, i believe that there will be a great posibility that it will replace bank in the near future.

Yes, there are many believers now in blockchain. They see the potential of what does blockchain can do. Maybe in the future, people will fully adopt blockchain and will use it.

we hear a lot of news that banks are starting to use blockchain for various purposes. but I think the blockchain will not replace the bank, but the bank will use the blockchain completely. what we don't know is government policy that will regulate it

[jrrsparkles]

Blockchain technology can be implemented on the banking system as well so it is not a threat for the existence of the banking system but if the cryptocurrencies take over the payment system then in future banks will be replaced by the the cryptocurrencies which run on the blockchain technology make it to be decentralized.

[Bezobraznike]

well, blockchain is a system that makes transactions faster, and of course it can make good competition with banks. it's just that, the blockchain is a system. so, banks only need to use the system. however, the bank is truly a company that is needed by all people in the world.

   Banks will use Blockchain! It will happen, this year we have seen many big names entering Blockchain, JP Morgan is one of them. In the next couple of years more banks
will join. What ever new coin they create it will be centralized and controlled by people who created that coin.
   I think Bitcoin already proved that we don`t need banks, we can be our own bank. We can store Bitcoin, send it where ever we want, we can do what we want, without
going to a bank.

[zergenyt09]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

There are some questions that doesn’t even need answers. Before asking this question did you ever take a minute to imagine what it’s going to look like if like such a thing happens? How possible do you even think it is? The only thing you should have said is that if there is any possibility that banks might decide to start making use of the Blockchain in processing transactions. There is the possibility for such to happen, and not the one of eliminating banks completely. That one is the one that is not going to happen, as much as some crazy enthusiasts would say that’s what they want.

[bitgolden]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

We need to clear this idea off our mind of blockchain replacing banks, the only thing blockchain can do is to better the system of banks and not replace it because so long government exists, and there is money involved, there will always be a  third party to manage the affairs of the nation’s fiances, whether it is on blockchain technology or not, and this third party will always be referred to as bank.

Look at it, I already heard that we have crypto banks being established already, I also heard that we have cryptocurrency ATM also being mounted, so these things are still replicate of the already existing traditional system, but this time around built on blockchain, so we can only say that blockchain may eliminate the tradition way of operating things, but it will still be regulated by a third party delegated by the government.

[kryptqnick]

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

Good point. But the banks could seize to exist, and other institutions could appear to assist with the functions that cryptos can't perform. For instance, some official loan services, exchanges, insurance services, etc. And if blockchain is to take over, I think there'll still be some sort of authorities that help to regulate human relations in this area. There will be (and already are in some countries) crypto regulators, institutions of offer legal, advisory and other services. It's just that these institutions will only be able to assist with things, but not control the money.

[vixcious]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

No, in my opinion, blockchain is just a kind of technology and it is not a bank, it has no one to manage the blockchain.
I think the combination of bank and blockchain will be what new startups are aiming for. Blockchain is really good, but it only serves customers who understand the blockchain and now there are very few customers.
they will combine them and create a much better service. Every transaction becomes cheaper and faster.

[Bitcoin Seller]

Blockchain looks hard for replace of band function, so far many people only save their money on bank and never know other source to keep saving their money but blockchain is not best ideas right now.

Libra is unlikely going to compete with Bitcoin or the dollar in the nearest future, but under certain conditions, it can become a leader among stable coins.
The main advantage of Libra is its connection with Facebook, and now there is a historical choice: independence from the authorities or full assistance. It will compere with Tether and USD Coin, and if the project is not closed, Libra will become the most popular stable coin.

[EdenHazard]

I doubt about it, have you heard some banks has decided to make their own coin based on blockchain such as JPM coin? Although for the user of cryptocurrencies it is nothing to do for crypto industry but I don't know for those people who haven't know about blockchain before.

I guess they has thought that the blockchain system can replace its role as a bank function. However they try to make an inovation in order to survive when blockchain is a maintreams system that known by most people. It is gonna happen, this is the matter of time.

Moreover facebook as the mainstreams social media has created their own coin which is use blockchain as a basic system. So, it will be easy for all people on this world who haven't know blockchain so as they can try to understand about it.

[brotherwood12]

for rightnow i think its hard to believe that cryptocurrency can replace banks , there a lot of thing that make people still trust bank rather than blockchain
need more years to make it happens and more improvment i guess

[coolcoinz]

I think they are two different think entirely and performing different function as well. So since fiat still be in existence, then banks will be relevant just as blockchain for cryptocurrency.

The question was can it replace it. Data about state issued currency can also be held in the blockchain. It's about the banks not being there and people being able to be their own banks, even for centralized currencies. Such state is very much possible, but it would have to remove fiat completely and replace it with stablecoins and centralized XRP -like coins held in a public ledger. Doable but very unlikely to happen, within the next 10 years.

[Best Dreams]

well, blockchain is a system that makes transactions faster, and of course it can make good competition with banks. it's just that, the blockchain is a system. so, banks only need to use the system. however, the bank is truly a company that is needed by all people in the world.

To some extent you are right, blockchain gives us faster and good transaction than we get from banks,  but I don’t think that blockchain has any intention to beat of to replace banks because in some areas people use banks to store their money and in some people prefer using blockchain to store their coin, but I am sure after few years banks will try to make blockchain a part of their system.

[fiulpro]

Instead of replacing , blockchain infact is integrating itself with the banks and many other things , institutions, environment  etc...

It is itself not a sure shot thing which can replace something instead it is more like a programme made to integrate itself with other things , you can take it for the building block of everything that is dependent upon the blockchain.

I won't say it can replace banking system , it can for sure make it stronger .

[Naida_BR]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Blockchain technology and cryptocurrencies are here to substitute banks.
I think that this transition is not going to happen soon. Maybe it is more likely to see double ecosystems to occur and cooperate with each other. But still that would be a huge step towards mass adoption.

[Chrystora123]

well, blockchain is a system that makes transactions faster, and of course it can make good competition with banks. it's just that, the blockchain is a system. so, banks only need to use the system. however, the bank is truly a company that is needed by all people in the world.

I think this is what is happening, some big banks are studying this so they can use Blockchain technology. sooner or later all banks in the world will announce they have adopted the Blockchain system.

[abeecrypto]

Blockchain can replace banks but I do not think it will. I think Banks will venture into the use of blockchain technology and come out with a platform that will make customers feel like they are getting all the benefits of blockchain.

[shoreno]

Blockchain is techbology and bank is place

No, in my opinion, blockchain is just a kind of technology and it is not a bank

this is what im also about to say  .  blockchain is not a business  but banks are  . both cant be comparable to each other but blockchain tech. can be used in existing banks so that it can perfrom better and faster  . both can be a good combo but im not sure if some banks will agree on it since they knew that blockchain tech. is related to crypto and i believe that banks ( some /most of them ) are still allergic to cryptocurrencies or simillar/related to it  .

[NathanJB]

If the banks will not adapt to the technological changes of the time, then they will probably be replaced. But then it is not necessary to compare banks with blockchain for this matter because banks could simply use blockchain as well. But if they insist in using whatever old and obsolete banking system they have and disregard the rise of blockchain, they would definitely end up outdated and then replaced with something updated.

[FanEagle]

I think blockchain can't do that but wallets of bitcoin could potentially steal some customers. Right now, there are places like xapo or coinsbank or whatever else you want to use and with that you can literally get a debit card that is filled with bitcoin or other cryptocurrencies they work with and than you get to spend it wherever you want like a regular debit card and than you still get to keep the rest of it on bitcoin anytime you want.

So, you are basically spending bitcoin on stuff and can be using it wherever you want in the whole world as well, it is giving you that insane freedom over your finance and you do not have to ever use a bank, you can even send money to people from there as well because it is credit card like system and all you have to do is wire them some money.

[bitcoinUF]

No, Banks are already and will end up using blockchain technology. But everything is going to be in the backend. They have millions and millions to spend on development, they can just hire the best blockchain developers in the world and start integrating it on their system.