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
Topic: Can Bitcoin make Banks disappear? - page 108. (Read 427614 times)
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 bankYes it is quite possible, if the transaction is bitcoin increasingly massive and ever-increasing bank transaction will certainly continue to fall and the bank eventually will disappear.
Not a valid reason and illogical
It's not possible in this decade or maybe centuries, nowadays bitcoin have huge transaction and bank still be a key in all country. Bank will follow government regulation and controlled by government so it wont disappear even bitcoin transaction increasing massive.
Maybe Bank will disappear when all of people in the whole world use computer in every activities, nowadays lot of people don't have a computer or don't understand a computer. Let say poor people in Africa, Papua new guinea, etc, who don't know how to use computer/device.
Do you ever think if bank disappear and no paper money will help poor people without bitcoin miner to life and survive?
What makes you think that bitcoin will be the currency once the banks have disappeared and paper money were all burned down? If anything, there's a much higher chance that these people will go back to trading goods in exchange of other goods. It is called the barter system and I think it's a lot better than having fiat in a poor country. People will be busy planting trees, catching fish, hunting deer, only because those are the only things that we really need. We might go back to having a primitive life but isn't it a lot better than all these technology. You can research about how depressed a normal person is in this era.
The only reason why the poor people would start using bitcoins is when they are forced to do so. Otherwise, their economy will take a step back and go back to doing older ways.
Bitcoin transaction is fast so when bitcoin slowly promoted to all natoins and all nations bitcoin be used to all over the world. maybe most of the people will used botcoin,for easy transactions for payments,shop and others.That time maybe banks will fall down.ofcourse people looking for a fast and convinient settlement.
That will only happen if the blockchain is finally upgraded. Luckily for us, there's going to be a judgment day which is the August 1. If we're to continue having the same blockchain, the transaction fee will be a lot more than what it is right now. Along with the increase of bitcoin's price, the transaction fee will be really high in fiat terms.
"Convenience" for merchants isn't something that we have right now and it's because bitcoin transactions are really slow, bitcoin transaction cannot support microtransactions, and bitcoin is subject to volatility. We might live long enough to see the bitcoin transaction becoming better but bitcoin will always be volatile which make most merchants reluctant to accepting bitcoins as payment.
Due to it being in very small quantity, 21 million to be precise, bitcoin will never become widespread enough to eliminate the need for traditional banking. We will always need the banking system to carry our daily as well as our business transactions.
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 ?
It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
but i think if bitcoin will grow the banks will also grow
Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.but i think if bitcoin will grow the banks will also grow
I agree, Bitcoin is not yet in its full capability, but replacing real money is somehow impossible for me, even to think that in the near future bitcoin might be the popular currency doesn't change the fact that we still need real money.
Bitcoin is not totally perfect and needed more work to be totally usable in real world, and also it will take a couple of decades before it will be known to the other people. But for now i don't think that bitcoin could replace the banks where you can see the physical money rather than the digitize money.
It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
but i think if bitcoin will grow the banks will also grow
Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.but i think if bitcoin will grow the banks will also grow
I agree, Bitcoin is not yet in its full capability, but replacing real money is somehow impossible for me, even to think that in the near future bitcoin might be the popular currency doesn't change the fact that we still need real money.
Bitcoin transaction is fast so when bitcoin slowly promoted to all natoins and all nations bitcoin be used to all over the world. maybe most of the people will used botcoin,for easy transactions for payments,shop and others.That time maybe banks will fall down.ofcourse people looking for a fast and convinient settlement.
Bitcoin can't replace bank bitcoin may replace foreign exchanges . Because most of the people use banks they are not knowing the digital currency or app of the bank and they are not comfort with that . Then we can think that bitcoin will replace bank may it possible with next generation who knows about bitcoin or crypto currency from their school days.
Now, there is no possibilities. Still, some governments fight against on cryptocurrency and its usage. If governments understand the Bitcoin value, usage and popularity, then only possible to make banks disappear, or else banks work based on bitcoin.
This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.
Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.Changing the government is the only hold up in my mind. Otherwise, its possible, although maybe not with just Bitcoin. I believe once loans are issued in crypto, and those loans are decentralized, and once a solution to those without computers carrying only fiat is figured out, then pressure on the banks and therefore government will be insurmountable. Banks will have to choose to support or not, but by that point it won't matter when all their services can be done through crypto. I believe the early adopting banks can figure out some services to offer, but the rest won't have any advantage or leg to stand on later. The government will have to reluctantly follow suit when the banks start seeing that tipping point.
Yes it is quite possible, if the transaction is bitcoin increasingly massive and ever-increasing bank transaction will certainly continue to fall and the bank eventually will disappear.
Not a valid reason and illogical
It's not possible in this decade or maybe centuries, nowadays bitcoin have huge transaction and bank still be a key in all country. Bank will follow government regulation and controlled by government so it wont disappear even bitcoin transaction increasing massive.
Maybe Bank will disappear when all of people in the whole world use computer in every activities, nowadays lot of people don't have a computer or don't understand a computer. Let say poor people in Africa, Papua new guinea, etc, who don't know how to use computer/device.
Do you ever think if bank disappear and no paper money will help poor people without bitcoin miner to life and survive?
Yes it is quite possible, if the transaction is bitcoin increasingly massive and ever-increasing bank transaction will certainly continue to fall and the bank eventually will disappear.
This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.
Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.
This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.
Exactly, it will not gonna happen even bitcoin will be very popular, it's usage has a limit and only for online transaction but this world is fully run and govern by officials we elected and since we are not part of the law making bodies they can also put their personal interest not to compromise the current system.
This will only be possible if Bitcoin completely takes fiat currency away. But I don't see the possibility of that happening in the near future.
I think bitcoin can not make the bank disappear.
In the future, if bitcoin can replace other currencies, it can change the way banks operate, but can not disappear.
In the future, if bitcoin can replace other currencies, it can change the way banks operate, but can not disappear.
No I don't think so..banks has already established their posistion in the market though bitcoin may continue to grow in the future, bank will still be there and will be used by a lot of people and companies
Bank now a day is fully established and I think bitcoin can't make bank disappear!, maybe banks just adopt and accept bitcoin then for there transactions and savings.
No I don't think so..banks has already established their posistion in the market though bitcoin may continue to grow in the future, bank will still be there and will be used by a lot of people and companies
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