Bitcoin will do to banks what email did to the postal industry.

putrisa

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Quote from: hosseinimr93 on April 15, 2018, 03:44:59 PM

It's a good example.
Every thing is in development.
Internet and telephone make the communication easier for people all over the world. But postal companies still exist. There are many works they do.
Also, bitcoin can make the transactions easier for people. But banks will exist forever.

yes you are right bitcoin can be used for all kinds of transactions and it seems bitcoin is still there but it will start to decrease because it will if from the bank does not follow developments and do not follow the technology it will lose some of its customers because the customer is thinking more profitable if saving assets its in cryptocurrency like this bitcoin.

Luizrosevelt

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Yes, albeit most appropriately cryptocurrency. This speculation is not far fetched if one understands the history of banking and money. It is no longer a question of "if" cryptocurrency could disrupt conventional banking , but a question of "when", how soon this would happen. Technology has affected virtually every aspect of live and money won't be left behind. People would prefer to sit at home and transact/complete deals with anybody around the world at ease, to going to the bank to queue up and pay charges.

gordeevaverona

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Very interesting topic for discussion, in my opinion, I think so and it will happen as the author said, bitcoin can really destroy the banking system, since in the bitcoin system there is no place for corruption

Nilda

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I still send postcards and Hallmark Greeting Cards instead of emails or from social media flatforms. Nothing beats old school. It still cheaper to send packages thru the US Postal Service than UPS or FedEx. I think banks can coexist with cryptocurrency. Those bankers will think of something. They’re not gonna let those MBAs from Ivy League schools go to waste.

bitart

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Vires in Numeris

Quote from: Eternu on April 22, 2018, 03:29:17 PM

Quote from: Cryptogid on April 22, 2018, 01:07:40 PM

Bitcoin will eventually win the banks over, first the blockchain technology,then bitcoin as a currency to be used a basic exchange medium, like dolla and pounds in fiat..

Nah, that is not possible. No matter how much we don't like what banks do and how they make money out of other people misery, there are advantages in having banks around.
Ask yourself... if there was not for banks, where would people leave their valuables? Or should people hold whole their savings in their houses maybe... Nah, banks are necessary evil in this world.
With bitcoin and blockchain out there, they will not die, they will merely adapt and everything will continue.

Banks will change, because they have to change, if they want to stay on the market... On the short run, it's only money transfer which is affected by the cryptos, using the blockchain, but the other services of the banks are untouced, and will be untouched for the long run also.
This means that banks will have time to think it over, what they want to do in the future and how they want to do it. They will have time to develop themselves again, if it's needed, and they can afford to hire the best IT staff, if it's about their future.
So I think the two things (banks and cryptos) will live next to each other for a long time

Doge dealer

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laughing , this is sad but true so really the onus is on these banks to now sit and see how they can incentivize and re-tailor them selves to adapt to the changing market so that they can remain relevant and "in control". truth is we need banks to enter and exit the crypto world so they should use this to their advantage and stop trying to eat all the "cheese" themselves.

Eternu

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Quote from: Cryptogid on April 22, 2018, 01:07:40 PM

Bitcoin will eventually win the banks over, first the blockchain technology,then bitcoin as a currency to be used a basic exchange medium, like dolla and pounds in fiat..

Nah, that is not possible. No matter how much we don't like what banks do and how they make money out of other people misery, there are advantages in having banks around.
Ask yourself... if there was not for banks, where would people leave their valuables? Or should people hold whole their savings in their houses maybe... Nah, banks are necessary evil in this world.
With bitcoin and blockchain out there, they will not die, they will merely adapt and everything will continue.

santino11

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Quote from: ainimarch112 on April 15, 2018, 03:09:45 PM

Bitcoin will do to banks what email did to the postal industry.

let us go back to pass!
what fiat do to barter? what e-mail do to snail mail?
this will happen now, we are just getting resistance with acceptance of different country.
well as of now i am still against like them as many people still dont have fine connection with internet.

KingScorpio

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Quote from: kevoh on April 15, 2018, 04:01:04 PM

Quote from: ainimarch112 on April 15, 2018, 03:09:45 PM

Bitcoin will do to banks what email did to the postal industry.

I admit the postal industry is gradually becoming irrelevant but I believe for the banks they will come have to come up with new ideas to co-exist with Bitcoin and other altcoins in general.

thats wrong, postal industry just changes, package delivery maybe in the future also by droids, letters wrote on paper are safe from hackers...

etc

Phlaser

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I just love this analogy. Everything is just with matter of time.Soon banks will begin to beg customers to keep junk of cash with them. A good investors should understand that money isn't meant to be stored in a room or vault but move around from hand to hand. More reason the rich always get richer. With Bitcoin and Cryprocurrency at large, everyone has got the ability to make good digital Currency. Let the Bank industries just keep watch and better step up their games else they would be left on the dark.

Quote from: ainimarch112 on April 15, 2018, 03:09:45 PM

Bitcoin will do to banks what email did to the postal industry.

Cryptogid

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Bitcoin will eventually win the banks over, first the blockchain technology,then bitcoin as a currency to be used a basic exchange medium, like dolla and pounds in fiat..

Eternu

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Quote from: Rizky Aditya on April 18, 2018, 05:18:34 AM

Maybe before you say this kind of thing again you should think about it first. There is no way Bitcoin can beat banks, it is just an asset. And even if it does affect one bank, it can’t affect the others; it will favor some banks and not favor the others. And when any government finds out that Bitcoin is destroying their banks and affecting their country’s economy, it may lead to banning Bitcoin from the country for good, cause Bitcoin can’t impact negatively on all banks, it will impact negatively on some and also impact positively on the others. Those that it affects negatively won’t take it lightly with it.

Sad but truth. That is nearly exactly what happened when China banned crypto trading and some other things which involve crypto. Their economy was affected by crypto so the first thing they did was to shut down everything, until they come up with a solution and decided to regulate crypto. Only after than they allowed it again. So what you said is truth and have been proven as such in the past.

Rizky Aditya

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Maybe before you say this kind of thing again you should think about it first. There is no way Bitcoin can beat banks, it is just an asset. And even if it does affect one bank, it can’t affect the others; it will favor some banks and not favor the others. And when any government finds out that Bitcoin is destroying their banks and affecting their country’s economy, it may lead to banning Bitcoin from the country for good, cause Bitcoin can’t impact negatively on all banks, it will impact negatively on some and also impact positively on the others. Those that it affects negatively won’t take it lightly with it.

Reid

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The best comparison. Grin

The banks will still be there but not of much usage.
The government will need them for they could make them money out of nothing. Grin

Better to be invested with bitcoin first than being late and getting it into an expensive price. That tells it all, it will be more valuable someday.

chalbinov

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BTC can only do to bank what email did to the postal industry if it grew to the level where the world’s people adopted it with trust that cannot be said of the banking system. The power of the banking system has been a combination of the people’s trust and the lack of other alternatives to use besides it. Systems of loans be it for school, homes, cars, or business, create the sticky web that the majority of citizens find themselves entangled in.

Jonsnowstark

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This is a good one i would want to believe this might happen in the future. For now i think its very unlikely. Banks are doing so much to kill bitcoin but in the procress, it made bitcoin stronger. What email did to post office is it made our mails reach the recepient faster, instead of 1week it became immediate. Communication has improved and it really helped a lot. Banks on the other hand process money transfer for a couple of days and the transaction fee is just so high. With bitcoin it makes transfers real time and maybe transsction fees will become lesser, hopefylly someday then i think in no time it will replace banks

skyline247

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Banks are very important when it comes to holding up the economy of a country which is why it will not be obsolete. Like it or not people need banks as not everyone can properly secure their money themselves without the help of others. it will take a while but cryptocurrency banks will be coming as well. Banks are not going anywhere, we need them.

tegaisaffluent

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I beg to differ. Banks will continue to exist as far as there are people/government here on earth. Like in my country there is no ATM where you can withdraw the bitcoin worth of local cash. Beside, the bank is still needed to make the payment to get initial bitcoin for those that are just starting the business.

metenjean

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It will but only in transaction function and not to override the banking system. Email only enable people to message easily and without any fees however people still need to use postal industry for item delivery because email only do electronic mail system and not item delivery and that will also happen towards bank, people will still use bank for safe deposit and such but they will also lower their interest in using bank for money transactions and instead turn into bitcoin.

Rustamm

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Bitcoin lover!

Banks will not die because of the massive introduction into our lives of crypts. This opinion is not true. There are many functions of banks, which can not be replaced by crypto currency. Including because of its high volatility, it is generally not able to replace the existing money in the economy. Planning the country's economy in the crypto currency is impossible. Banks will gradually introduce blockchein technology into their system and will adapt to the crypto currency, but they will remain. Without them, the state can not exist.

Topic: Bitcoin will do to banks what email did to the postal industry. (Read 216 times)