Topic: Bitcoin will do to banks what email did to the postal industry. - page 2. (Read 228 times)

Banks will exist as long as there is a state and as long as there is a need to regulate the country's economy. The fulfillment of the budget of each state is possible only through banks and bank control. In addition, banks perform a monetary function, which is not inherent in the crypto currency. This is a very important function and it should not be forgotten. The banking system will be rebuilt taking into account the appearance of the crypto currency and will use its blockchein technology, which is already done through the digital coin ripple. Therefore, banks will exist forever.

Every process and development has to start on something and every technological innovations take advantage of the primitive platform in order for it to exist! For the postal industry, it was considered that sending mails through a post-office takes too long for a person to receive such message (not to mention the cost!). With the existence of the internet, the postal industry became slowly obsolete as sending mails were replaced by the electronic mail (also known as e-mail).

In connection with bitcoins replacing bank, I doubt it. Banks, headed by our respective central banks, were created for the regulation of currency and inflation control. The term 'currency' is the standard payment used in transactions since every country accepts and views it as something that has value depending upon the gold reserves of each country. For bitcoin, its value is determinant upon the law of supply and demand and is very volatile in nature.

Though I doubt that cryptocurrencies would replace banks, there is still the possibility of such scenario happening in the future especially when we discover and maximize the use of the blockchain technology. Perhaps in the future, we may utilize the blockchain technology for replacing our current payment system into a digitalized form of transaction.

i wish emails would have been successful though burocrats in germany still annoy me with paper letters.

I'm not sure they are mutually exclusive. Banks offer a level of security and peace of mind who's existence will be many years from now in the world of Crypto. I think governments are the entities that will be changed more.

They will still be part of the world. That comes the point where humans make profit upon the service of technologies such as AI cryptocurrency and stuff. The point is manpower is still needed and can cowork intechnology.

Its true that bitcoin has made the banks revenue which they got by transaction fee low.But still banks would survive as they have the main sector of lending loans and people would continue to get loans which bitcoin could not affect anyway.

For the record, I hate e-mail. It's so flawed and outdated you'd think there'd be a replacement. If it isn't going the way of the postal industry soon I'm going postal.

I don't know where you live, but what you said is not correct. There are still postal companies all around the world, which still works. Not everyone has access to email and other services that technology of this day and age can provide. Also postal industry doesn't only deal with mails, there are other services that postal industry is providing. Postal industries and banks will never die, they will only adapt to new, better and easier way of doing things. But adapting is not choice, they will have to do it or they will perish.

Bitcoin has been around for more than 8 years, and if you compare it's adoption rates with adoption rates of some other products like social media or smartphones, it really wasn't that great. You still can't walk down the street and spend Bitcoin at shops around you - "bitcoin accepted here" signs are really rare. Bitcoin still needs to improve a lot before it will start to seriously compete with banks, and  there's always the risk that the government will try to ban it when banks will be scared of competition.

This is true about postal industry, they have gone to extinction. They were made to finally pack up by the use of email after being inactive and redundant.

Times have really changed, even the email use to be difficult to sign up with and the companies were very few or just one (that I don't want to mention the name before others started joining.

Also, the email address has been over shadowed by the phones etc

No one can stop the technological progress. All that people can do, is to try to delay it, but at the end they will always lose. That happened with email and postal industry, and same thing will happen with blockchain technology (crypto) and the things that it could replace. Newer and better things will always replace obsolete ones. But changes doesn't come without effort. And that is where we are now, struggling to show other people what Bitcoin and Blockchain technology could accomplish. Also, who can blame us if we want to make small profit while we struggle right. 

This is so possible but still postal does exist until now. Banks will also be the same. Bitcoin may continue to conquer the virtual world and eVen ours but banks will also keep on doing its functions.

I dont agree, banks will not be wiped out, they will also eventually
use blockchain technology just like bitcoin.

Email hasnt totally wiped out surface mail yet either.

I agree to this bro, if cryptocurrency and email or technologies developes i think it'll not kill bank and postal industries or anything. They will still be part of the world. That comes the point where humans make profit upon the service of technologies such as AI cryptocurrency and stuff. The point is manpower is still needed and can cowork intechnology.

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.

Agreed

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.

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