Can Bitcoin make Banks disappear? - page 107.

Cosbycoin

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Quote from: 8Habits on July 03, 2017, 01:01:22 AM

Quote from: OrangeII on July 03, 2017, 12:08:23 AM

Quote from: Vohoanghiep on July 02, 2017, 11:58:23 PM

Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear

Basically the bank was formed from the government, and it is really in need of a country. Well, I think the bank is something that will be a harvester in a country. Aya do not think that it will be replaced by bitcoin or other altcoin.

That is correct. So, what is sure thing to happen and is currently happening right now is that banks and bitcoin co exist each other.. People have opportunity to choose which alternative they want to use on their online financial transactions.

Yes you are right that the bitcoin will not replace the banks because the bitcoin is not that much strengthened nor trusted that it could be a replacement to the banking system. It could be to use by an individual but a country will never support it because the banks run almost the whole financial system of a country.

nagobinga

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It is unlikely that banks will disappear bitter gibbons because the bank is a money-picking place across the country.

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Quote from: Ashong Salonga on July 08, 2017, 09:08:30 AM

Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Bank is a part of governments establishments and bitcoin is quite owned by another person not under by government. The disappearing of bank is walys depend on the person or peple who are using it. If they stop using banks and focus only on bitcoin I'm sure bank will be having a reason to disappear.

Maybe in that cased the government will ban bitcoin then, I don't think even majority of the people will prefer to stop using banks
and transfer all their money into bitcoin. Not wise at all even for me who supports bitcoin.

Ashong Salonga

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Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Bank is a part of governments establishments and bitcoin is quite owned by another person not under by government. The disappearing of bank is walys depend on the person or peple who are using it. If they stop using banks and focus only on bitcoin I'm sure bank will be having a reason to disappear.

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Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Ofcourse no because bitcoin has its own descriptive and bank also and yet bitcoin is not a threat to banks that may able to make it disappear because bitcoin is a another way of currency which is digital that can also help in circulating our currency. Bitcoin may not be good at this time yet it is very good in terms of progressions.

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Quote from: zevtev9 on July 08, 2017, 08:51:22 AM

This is a very difficult question to answer, particularly for someone who believes in bitcoin, I don't think banks will disappear as a whole but probably will change their system a bit, perhaps even enabling and using bitcoin accounts and paying interest in bitcoins.
The issue with banks disappearing is the fact they are the engine for finance, funding and financing everything from merchants loans to real estate, so, if banks disappear, what will cover these needs.

Bank is product of civilization of the world government, if bank disappears automatically, the world economy will be uproar, the best solution is to adopt peer-to-peer system and start receiving bitcoin as global currency. The power of cryptocurrency can not be dammed but also can not stand alone in public. Requires approval from the official financial system and must have a legal tender.

The potential for bitcoin to make Banks disappear is zero percent.

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This is a very difficult question to answer, particularly for someone who believes in bitcoin, I don't think banks will disappear as a whole but probably will change their system a bit, perhaps even enabling and using bitcoin accounts and paying interest in bitcoins.
The issue with banks disappearing is the fact they are the engine for finance, funding and financing everything from merchants loans to real estate, so, if banks disappear, what will cover these needs.

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Banks will not disappear. As we all know banks are one of the wise establishments in town. They will not agree that bitcoin will be the reason for them to disappear or to get lost theie clients. For them to be able to settle down or adapt with the situation of bitcoin's popularization and many people around the world are widely using it, they will be surely offer the storage or feature bitcoin as one of their services in the banks. That will lead or push their clients to continuously invest on them in terms of using or accepting bitcoin.

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Quote from: Rostadom on July 07, 2017, 09:17:33 AM

Is there none? There's value added tax on every single transaction that you're doing except for person-to-person trade. Groceries, medicine, any type of commodities, there's a VAT there. It might not seem that there's a transaction fee but there is. Even when you simply earn money, there's a transaction fee because you have to report an income tax.

VAT is not something all countries have.
Take for example the US.
There are cases where the sales tax (not VAT) is 0 like OR or(!) MT.

And even in the EU the VAT for a lot of things can be 0 best example is the UK.

So next time a bit of research before posting would be nice:)

highlandknight

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There are no middle ways like banks for exchanging the bitcoins. The complete transaction details will be stored in the block chain. if all governments accept the bitcoins, then bitcoin will make banks disappear. Other wise, banks will depend on bitcoin.

linkme

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Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Basically, when a thing is replaced, there must be something that is better than itself so that Bitcoin is not good enough to replace Bank at all. I think Bank can disapear when there are some Altcoins that is optimized for people to use them as money.

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Quote from: Vaskiy on July 07, 2017, 09:22:51 AM

Quote from: hugoworld on July 07, 2017, 07:10:26 AM

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

In future the banks might add bitcoin to their list of service provided, but could never convert entirely to bitcoin bank. Always real money has got its usage as well the value, because till date the users of bitcoin is very low compared to the fiat users around the world. Bitcoin creates a change in the system, but the same never leads to replacing.

Yeah, I agree with you, in the future the bank will consider bitcoin as a payment method, we will be able to convert bitcoin into cash or cash into bitcoin at the bank. The real money has been the habit of everyone in the world, the future of real money will still exist, it can decrease in number of users but it will never disappear or be replaced by bitcoin. Bitcoin can be popular and powerful on the internet but in the real world, it's not strong enough to replace or disappear of anything, real money is always convenient and more popular than Bitcoin

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I think banks will change their policies base on Bitcoins Cool

. That much popular bitcoins in future we will see how much popular it is no one can cross bitcoins range.

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Quote from: 8Habits on July 03, 2017, 01:01:22 AM

Quote from: OrangeII on July 03, 2017, 12:08:23 AM

Quote from: Vohoanghiep on July 02, 2017, 11:58:23 PM

Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear

Basically the bank was formed from the government, and it is really in need of a country. Well, I think the bank is something that will be a harvester in a country. Aya do not think that it will be replaced by bitcoin or other altcoin.

That is correct. So, what is sure thing to happen and is currently happening right now is that banks and bitcoin co exist each other.. People have opportunity to choose which alternative they want to use on their online financial transactions.

I think you are right. A country cannot run without a bank. There is a proper check and balance system in bank. I don't see the banks getting replaced with the bitcoin not in the near future. Whereas both bitcoins and banks can exist in future. We know that in today's era, most of us are't well aware of a bitcoin and many people dont' believe the bitcoin to be trust worthy. It will take time for the bitcoin to make its impact in lives of a common person. Until then, bitcoin can't even compete with real currency or a bank.

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Quote from: helloeverybody on January 12, 2016, 03:37:53 AM

Banks aren't going anywhere, not anytime soon anyway. Even in the unlikeliest event of Bitcoin becoming the world's international currency banks will still be there to provide loans and gain interest in btc. I'd say fiat will be around well after Bitcoin is gone though.

Bank system and fiat price is a vital part on the growth and development of bitcoin. So it doesn't need to make it disappear in the point that there will never be a bank im the future. Bitcoin will develope more if there is a help or a part of bitcoin in the process. It's better to combine both systems for more development for the users to experience.

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Bitcoin is a threat to conventional financial systems, especially banks, but I'm sure that banks will never disappear as long as there is a regulation that protects banks, better banks open units to accept bitcoin.

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Quote from: hugoworld on July 07, 2017, 07:10:26 AM

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

In future the banks might add bitcoin to their list of service provided, but could never convert entirely to bitcoin bank. Always real money has got its usage as well the value, because till date the users of bitcoin is very low compared to the fiat users around the world. Bitcoin creates a change in the system, but the same never leads to replacing.

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Quote from: ximply on July 07, 2017, 08:23:53 AM

Hi Newbie here.. but let me share you what I think.

If bank will disappear because of bitcoin then by that time if i would ask you how much is the value of your bitcoin then what would you say? $5,000? Keep in mind that bank is the reason why we have fiat money. or maybe you will answer the value of bitcoin like BTC1=100 cows

I think bank will not disappear but they will adopt to the blockchain technology as well. Right now when you use your fiat money to buy a burger you dont pay a fee for it. With bitcoin right now you pay a high fee. If people will continue to use fiat money for their everyday use then banks will still be there. If bitcoin will continue to have a higher fee then slowly transactions will also slow down, for people will hold on to their bitcoin. Then bitcoin ecosystem will slowly die particularly when it reaches the 21M count of bitcoin. Then what would happen then? no more incentive for miner not even on fees for the bitcoin ecosystem slowly dies out because of high fee and no one is using it for transactions.

...then in the end bitcoin will disappear

think about it while we can still make the action needed to make bitcoin last forever.

My two cent --from a newbie

Is there none? There's value added tax on every single transaction that you're doing except for person-to-person trade. Groceries, medicine, any type of commodities, there's a VAT there. It might not seem that there's a transaction fee but there is. Even when you simply earn money, there's a transaction fee because you have to report an income tax.

One solution for bitcoin to have no fees is to have a multi-sig wallet for a huge company. I'm actually using an online wallet right now that if you send bitcoins to another person using the same website, there's no tx fee and the confirmation time is instant. I believe it's because what actually happened is that they simply updated your balance in their database. Your bitcoins are located somewhere else in that multi-sig wallet. This makes things centralized but it's one solution.

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Quote from: OrangeII on July 07, 2017, 08:33:48 AM

Quote from: BeGoods on July 07, 2017, 07:43:17 AM

Quote from: hugoworld on July 07, 2017, 07:10:26 AM

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

I think impossible bitcoin will shift the bank. Because banks covered by governments and banks become very central to the finances of each country. Bank not only as a place to save money but also a money manager in a country. Impossible bitcoin will eliminate the bank

You're right, the existence of a bank might intimidate bitcoin. Well, basically banks are more needed today than bitcoins in terms of storage, because bitcoin prices tend to be unstable. I guess that's also impossible

Banks will be needed as long as governments issue fiat currencies unless they shift to their own digital currency rather than paper money. However, as individuals start to store more money outside of banks in cryptocurrency wallets, banks will become less important.

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Quote from: BeGoods on July 07, 2017, 07:43:17 AM

Quote from: hugoworld on July 07, 2017, 07:10:26 AM

I don't think bitcoin will sweep banks away but bitcoin will make banks into bitcoin banks. Maybe in the future , there will be no real money , everyone will use bitcoin. Who knows ?

I think impossible bitcoin will shift the bank. Because banks covered by governments and banks become very central to the finances of each country. Bank not only as a place to save money but also a money manager in a country. Impossible bitcoin will eliminate the bank

You're right, the existence of a bank might intimidate bitcoin. Well, basically banks are more needed today than bitcoins in terms of storage, because bitcoin prices tend to be unstable. I guess that's also impossible

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