Can Bitcoin make Banks disappear? - page 113.

Michhotdog

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Quote from: Blackwhite69 on June 25, 2017, 02:30:52 PM

Quote from: subcypher on January 11, 2016, 09:48:18 PM

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

that right, banks will not easily disappear because banks always find some service to provide that someone else will want to buy. Wink

Or I do not understand the financial structure of the crypto currency a bit, you are something about something wrong. I do not think Bitcoin will be able to destroy the banking system. Today you banks are beginning to explore Bitcoin technology. We understand that this is a full-scale preparation for competition.

Blackwhite69

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Quote from: subcypher on January 11, 2016, 09:48:18 PM

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

that right, banks will not easily disappear because banks always find some service to provide that someone else will want to buy. Wink

siti25

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Quote from: 7jaka7 on June 18, 2017, 09:29:33 AM

Quote from: siti25 on June 18, 2017, 01:43:41 AM

Bitcoin may not make the bank disappear!
Because not everyone in the world knows bitcoin,
Although people in the world know bitcoin, only some of them will put their money in bitcoin, there are some say that the use of bitcoin is difficult

Today of course it can't but we are talking about the future... When paper money was invented not everyone knew that, but today everyone (99%) use it. I think the society will have to accept Bitcoin before it will make big impact on economy and world overall. But the problem is that many people (most influential people in the world) are making a lot of money with economy system we have, so there is a big chance they will try to stop Cryptocurrencies. Only time can show us what is going to happen.

This appears to be a law of nature, where the strong is the one that will last long, but it seems to eliminate the paper money system not easy, but does not rule out the passage of time and where humans are increasingly following the time.
And that's where it will start entering the bitcoin and digital coin finance system

Harlot

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Quote from: JimmieA on June 25, 2017, 10:24:33 AM

I actually read this topic a few months ago, and I want to reassure you that banks will not disappear until the common currency disappears and that this will not happen. Btc is simply a digital currency. In addition, the government will not let the banking system disappear easily

I agree with you, the government has a power to protect their own banks which in turn is also protecting the money of all their citizens. And the government won't make it go that far if Bitcoin will really post a threat to their own banking system and currency. Also this should be over by now as some developed countries will soon accept Bitcoin as a mode of payment. For me Bitcoin won't exist if there is no Fiat Currency in the world as people will really convert their Bitcoin to Fiat as of right now.

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Quote from: Fatanut on June 25, 2017, 06:28:44 AM

Quote from: Mpamaegbu on June 24, 2017, 12:07:49 AM

Quote from: Cazkys on June 21, 2017, 05:01:53 AM

In my opinion bitcoin can't make banks disappear, I don’t think so..Banks will guide Bitcoin users to make the transaction easier.

Oh really? Well, I don't think the bolded is a reason for Bitcoin not been able to replace the banking institution. As it stands, how many people have the bank helped to pull through a Bitcoin transactions?
The answer, I guess, should be none!

However, the bank are at the moment indispensable because of other factors not even associated with helping out Bitcoin users through transactions. The major reason being that there are a whole lot of people who haven't even heard of Bitcoin, let alone knowing how to use it. What about those who don't have access to the Internet? How will they cope if the banking system is completely eradicated?

People in this forum always use "how about the people that don't have an Internet access?" as an argument and they think no one can answer it. Places that don't have an Internet access probably isn't in the city or near town. That means that there are no banks in the place, they will be the least affected ones. And even if there is, there will be very little amount of people that's going to be using it. They are not going to be devastated if banks disappear. They are not going to be affected at all. What you should be worrying about are the people that have a lot of money in the banks.

People with no Internet are just going to have to stick with what's available in their place and that's fiat money.

Quote from: Japinat on June 25, 2017, 07:15:52 AM

Quote from: lexamagic on June 25, 2017, 07:04:15 AM

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

How can bitcoin be cooperating with banks when we are not under with bank, they are operating in a centralized manner while we are operating on the opposite, I think that is very obvious reason why bitcoin will be a threat to the banks payment system because bitcoin is more transparent.

Just like banks worked with cash 100 years ago. And how they worked with gold coins 500 years ago.
And probably with stones 10k years ago

))). jk.

Why is so hard to picture idiots taking their bitcoins to the bank?
Look how many are using a bitcoin card like xapo.
What's the difference between using a bitcoincard and a fiat money card?

And besides that, how can you get a loan without a bank?
Btcjam doesn't look like a future idea.

JimmieA

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I actually read this topic a few months ago, and I want to reassure you that banks will not disappear until the common currency disappears and that this will not happen. Btc is simply a digital currency. In addition, the government will not let the banking system disappear easily

Aleister Crowley

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Quote from: 8Habits on June 25, 2017, 08:25:47 AM

Quote from: vikkyzenna on June 25, 2017, 08:10:14 AM

for the acquisition of all necessary goods and services is quite enough the usual dollars, debit cards and services installed on the smartphone. In addition, on the way to the widespread adoption of bitcoin as a means of payment are significant legal, regulatory and, finally, cultural barriers. At the same time, at this stage, bitcoin is valuable as a valuable investment object, a kind of "digital gold". I doubt that in the foreseeable future the average inhabitant of the planet will use bitcoin for the everyday acquisition of the benefits it needs.

You are right that there is really won't happen the so called all bitcoin transactions in a person's day to day living. The fact that we live in a country whose financial transactions are regulated by the government says it all - unless our government is in chaos and is no longer functioning, then maybe that is the time bitcoin can be used. But that is really far from the reality.

This will indeed be very difficult ,.
But it is not impossible that this will happen, because now bitcoin has worldwide and now many payment methods that have been using bitcoin, (bitcoin payment) because of the ease of transactions and the cost of wearing relatively light and not difficult.
Maybe that's one of the reasons why bitcoin is said to take over

8Habits

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Quote from: vikkyzenna on June 25, 2017, 08:10:14 AM

for the acquisition of all necessary goods and services is quite enough the usual dollars, debit cards and services installed on the smartphone. In addition, on the way to the widespread adoption of bitcoin as a means of payment are significant legal, regulatory and, finally, cultural barriers. At the same time, at this stage, bitcoin is valuable as a valuable investment object, a kind of "digital gold". I doubt that in the foreseeable future the average inhabitant of the planet will use bitcoin for the everyday acquisition of the benefits it needs.

You are right that there is really won't happen the so called all bitcoin transactions in a person's day to day living. The fact that we live in a country whose financial transactions are regulated by the government says it all - unless our government is in chaos and is no longer functioning, then maybe that is the time bitcoin can be used. But that is really far from the reality.

vikkyzenna

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for the acquisition of all necessary goods and services is quite enough the usual dollars, debit cards and services installed on the smartphone. In addition, on the way to the widespread adoption of bitcoin as a means of payment are significant legal, regulatory and, finally, cultural barriers. At the same time, at this stage, bitcoin is valuable as a valuable investment object, a kind of "digital gold". I doubt that in the foreseeable future the average inhabitant of the planet will use bitcoin for the everyday acquisition of the benefits it needs.

8Habits

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Quote from: Makka on June 25, 2017, 07:32:37 AM

Quote from: Casdinyard on June 19, 2017, 09:56:00 AM

Quote from: ?? on ??

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Wow! Really huh?
How come is that? Even though bitcoin is popular today and widely use in the internet world its not enough to say that.
Some banks run by the private sector some are by government, do you think they let that happen?
Just a like a bubble that disappear? Of course they dont. Banks are well establish enough to maintain its financial status.
Think twice.

Absolutely! Bitcoin cannot just simply pop the bank balloon just like that. In fact, insofar as this particular phase is concerned, bitcoin is really a no match for banks. Banks have been here for a long while already, much established, much trusted, much services are also offered, etc. Bitcoin, on the other hand, is just beginning to walk. They cannot threaten the banks enormously. Although it has already got their attention.

Bitcoin should not be looked at as replacement to banks and just an alternative for online financial transactions where bitcoins is one of the mode of payment. Banks is already an institution and is essential in financial industry and to ordinary people where they save their money and even a channel to receive their source of income.

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Quote from: lexamagic on June 25, 2017, 07:04:15 AM

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

Banks were too broad now or trusted by many, bank users may limit and transfer to btc but in the end banks already have regular customer and it will be hard for them to put trust in btc.

Makka

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Quote from: Casdinyard on June 19, 2017, 09:56:00 AM

Quote from: ?? on ??

I'm sure one days bitcoin will make banks disappear and take over the function of fiat money.

Wow! Really huh?
How come is that? Even though bitcoin is popular today and widely use in the internet world its not enough to say that.
Some banks run by the private sector some are by government, do you think they let that happen?
Just a like a bubble that disappear? Of course they dont. Banks are well establish enough to maintain its financial status.
Think twice.

Absolutely! Bitcoin cannot just simply pop the bank balloon just like that. In fact, insofar as this particular phase is concerned, bitcoin is really a no match for banks. Banks have been here for a long while already, much established, much trusted, much services are also offered, etc. Bitcoin, on the other hand, is just beginning to walk. They cannot threaten the banks enormously. Although it has already got their attention.

Japinat

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Quote from: lexamagic on June 25, 2017, 07:04:15 AM

No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

How can bitcoin be cooperating with banks when we are not under with bank, they are operating in a centralized manner while we are operating on the opposite, I think that is very obvious reason why bitcoin will be a threat to the banks payment system because bitcoin is more transparent.

lexamagic

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No. Banks are already well thought out and for many years are making a profit. Bitcoin can only cooperate with them or they will destroy it.

randythered

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To my mind the idea that banks could one day disappear is quite outlandish. Bitcoin has been hugely successful and will probably continue to be but Banks have been the main financial institution for years and I believe they will be for many many years to come. The simple fact that a large majority of the population do not understand what bitcoin is or how to use it will always hold it back. At the end of the day banks are tried and tested and that's what consumers look for in the financial market. "The devil you know"

IGNation

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I think Banks will not totally disappear maybe some can disappear but not all they can always find a way not to they wont make it happen especially not because of cryptocurrency and i think not all people want to use and learn about bitcoin there is always people who prefer to invest in bank than here.

Fatanut

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Quote from: Mpamaegbu on June 24, 2017, 12:07:49 AM

Quote from: Cazkys on June 21, 2017, 05:01:53 AM

In my opinion bitcoin can't make banks disappear, I don’t think so..Banks will guide Bitcoin users to make the transaction easier.

Oh really? Well, I don't think the bolded is a reason for Bitcoin not been able to replace the banking institution. As it stands, how many people have the bank helped to pull through a Bitcoin transactions?
The answer, I guess, should be none!

However, the bank are at the moment indispensable because of other factors not even associated with helping out Bitcoin users through transactions. The major reason being that there are a whole lot of people who haven't even heard of Bitcoin, let alone knowing how to use it. What about those who don't have access to the Internet? How will they cope if the banking system is completely eradicated?

People in this forum always use "how about the people that don't have an Internet access?" as an argument and they think no one can answer it. Places that don't have an Internet access probably isn't in the city or near town. That means that there are no banks in the place, they will be the least affected ones. And even if there is, there will be very little amount of people that's going to be using it. They are not going to be devastated if banks disappear. They are not going to be affected at all. What you should be worrying about are the people that have a lot of money in the banks.

People with no Internet are just going to have to stick with what's available in their place and that's fiat money.

Mpamaegbu

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Quote from: Cazkys on June 21, 2017, 05:01:53 AM

In my opinion bitcoin can't make banks disappear, I don’t think so..Banks will guide Bitcoin users to make the transaction easier.

Oh really? Well, I don't think the bolded is a reason for Bitcoin not been able to replace the banking institution. As it stands, how many people have the bank helped to pull through a Bitcoin transactions?
The answer, I guess, should be none!

However, the bank are at the moment indispensable because of other factors not even associated with helping out Bitcoin users through transactions. The major reason being that there are a whole lot of people who haven't even heard of Bitcoin, let alone knowing how to use it. What about those who don't have access to the Internet? How will they cope if the banking system is completely eradicated?

fancy_pants

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I don't think that bitcoin is that powerful that it can ever replace the most powerful financial institution that we have as bitcoin is too small in compare to banks and it also don't have support from the society and government.

ICObox

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I could not read all 229 pages of discussion, but the topic is quite interesting and I'll let myself speak. Banks will never disappear! A financial intermediary can not disappear! Yes, they are transformed! Yes, many classical banking products will disappear! Yes, the concept of currency will change! But the financial intermediary will always be, and I do not see the preconditions for the disappearance of the institution of banking and financial intermediation!

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