Topic: Can Bitcoin make Banks disappear? - page 116. (Read 427614 times)
Banks are a very important financial institution for the state and international economy, so even though bitcoin is good, but I do not think it will make the bank dissappear
Banks and bitcoin reflect different sectors of the society.Banks get deposits from the people,lend it as loans to others and charge interests for it.Also it gets revenue from transactions.Banks would exist until it runs profitably.Banks would suffer due to government policies regarding currencies.Bitcoin is a P2P system where money is sent without indulging banks.Bitcoin is uncontrolled by any government authority.Its price would only increase due to its limited supply of 21 million coins.The only place where banks and bitcoin clash is the transaction section where bitcoin fee is much less than bank charges.But only low transaction charge could not be a valid reason to completely make banks disappear from the society.So banks would still continue to exist.
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 can not completely disappear but it will ALMOST disappear because in the future, people will use e-currencies to make their payments, to pay for everything so having physical money in their pokets will be something weird so that Bank should 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?
It is really impossible. Think about it, if the banks will disappear how will you cashout your money or the btc? Banks and bitcoin are partner in the economy. Bitcoin can't disappear the banks.
I agree with you . Bitcoin is a partner with the current bank. But in the future if all economies are already controlled by bitcoin then real cash is no longer needed. May seem impossible, but it all starts from here. an impossible finally become a reality.
IMO, bitcoin does have the potential needed to do that and even reshape the face of the financial system in the world itself, Making banks disappear would mean the collapse on the lending based financial system and something like blockchain or smart contracts can replace it.
Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Though it is possible to make banks disappear by bitcoin because bitcoin doesn't need banks at all. Web wallets and hardware wallets are the one where we are storing our bitcoins and not in the banks. Bitcoin is decentralized and storing it in the banks is not really included on the cryto world.
But if there would be a "Bitcoin Bank" then it is a good idea but of course this company must be a trusted one before we invest or store our bitcoin on it.
Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Though it is possible to make banks disappear by bitcoin because bitcoin doesn't need banks at all. Web wallets and hardware wallets are the one where we are storing our bitcoins and not in the banks. Bitcoin is decentralized and storing it in the banks is not really included on the cryto world.
But if there would be a "Bitcoin Bank" then it is a good idea but of course this company must be a trusted one before we invest or store our bitcoin on it.
There is no such a reason to make the banks disappear by the bitcoins. I know banks will not disappear, it is really impossible if the bitcoin conquer and destroy the bank. Banks are really important to us, so it will never disappear.
It is really impossible. Think about it, if the banks will disappear how will you cashout your money or the btc? Banks and bitcoin are partner in the economy. Bitcoin can't disappear the banks.
Bitcoin will make banking economy better, because will innovate to get closer to the crowd. Government will improve the system while protecting banking system. Bitcoin is better if viewed from a transactional angle.
The transactional angle in which it looks good is just because of the system being under your control. The same will be looked in some other manner by the rest of the banks and other financial institutions. This won't allow bitcoin replace banks. Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Bank in my country is try to create virtual money too, but I think bitcoin is still will be the best digital money. The p2p technology will help the countries wich do not have enough bank. with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Bitcoin will make banking economy better, because will innovate to get closer to the crowd. Government will improve the system while protecting banking system. Bitcoin is better if viewed from a transactional angle.
Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Bank in my country is try to create virtual money too, but I think bitcoin is still will be the best digital money. The p2p technology will help the countries wich do not have enough bank. with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
Overall, I think bitcoins have the potential to change the outlook of the financial system, and hence changing the system basing itself on banks as a central unit for money and in which lending is done.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
with bitcoin I see no banks, and lending is done in a convenient interface allowing peer to peer lending.
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?
"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 the bank will change according to the current trends, but it can't be missing.
NO! Bitcoin can not make Bank disappear unless there are somewhere that people use bitcoin to pay for there daily lives, pay for EVERY SINGLE PAYMENT they have in their lives
Unless there is a bunch of people using Bitcoin then Bitcoin suddenly drops down to zero then the people that use Bitcoin will notice that Bitcoin has the potential to shut down banks. If banks get involved with Bitcoin then they are playing with a high risk because Bitcoin is not stable.to run us. It will only complicate things and especially that the government will interfere, we know they want to be in control so the decentralized
feature will be at risk.
NO! Bitcoin can not make Bank disappear unless there are somewhere that people use bitcoin to pay for there daily lives, pay for EVERY SINGLE PAYMENT they have in their lives
Unless there is a bunch of people using Bitcoin then Bitcoin suddenly drops down to zero then the people that use Bitcoin will notice that Bitcoin has the potential to shut down banks. If banks get involved with Bitcoin then they are playing with a high risk because Bitcoin is not stable.
Honestly, I'm afraid not. Bank will not ever disappear, not now, not in the future. The majority of the people are of course more comfortable with the status quo, that is, with banks and their system rather than the new technological invention.
However, the great, even unbelievable, appreciation that comes with bitcoin and other cryptocurrencies, made them do some form of introspection and assessment. Do they need to evolve with the current trend of bitcoin and other cryptos shooting up high very quickly?
This, I think, will happen--and for sure it's slowly getting planned out very carefully-- the banking system as well as bitcoin will be taking each others advantageous features and somehow meet somewhere in the middle. Both of them will for sure evolve to a new design that offers the people the best services.
However, the great, even unbelievable, appreciation that comes with bitcoin and other cryptocurrencies, made them do some form of introspection and assessment. Do they need to evolve with the current trend of bitcoin and other cryptos shooting up high very quickly?
This, I think, will happen--and for sure it's slowly getting planned out very carefully-- the banking system as well as bitcoin will be taking each others advantageous features and somehow meet somewhere in the middle. Both of them will for sure evolve to a new design that offers the people the best services.
Banks have the most demands not just by people but also a country because it is a way to cash in or out your money in the real world also it is also helpful to me because i convert bitcoin to my country's money and then cash it out in any banks bitcoin cannot erase something like a bank it is more likely that the bitcoin will always need a bank now but maybe not in the future anymore
Banks is the physical storage of money,without it some countries were not be able too used bitcoin since theres a need to cash out to use it. Banks will always be there , the user might lessen but bank can survive still. 
Banks have the most demands not just by people but also a country because it is a way to cash in or out your money in the real world also it is also helpful to me because i convert bitcoin to my country's money and then cash it out in any banks bitcoin cannot erase something like a bank it is more likely that the bitcoin will always need a bank now but maybe not in the future anymore
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