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Topic: Can Bitcoin make Banks disappear? - page 133. (Read 427614 times)

hero member
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Student Coin
April 24, 2017, 11:08:07 PM
Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.
Well, it will not change even in the future. Banks are trusted by the people and it gives insurance to your money so people
are not worried anymore. However, it does not give you a good interest than holding bitcoins alone, but it's a person's choice on what make him comfortable.
sr. member
Activity: 308
Merit: 250
April 24, 2017, 07:59:28 PM
Banks are not going anywhere even if bitcoin gets on the mainstream there will be many people who will prefer to use banks and save their money in it as they feel that banks are the most safest place to save their money which is actually true.
hero member
Activity: 1092
Merit: 501
April 24, 2017, 07:57:28 PM
Cannot, the bank is the official institution that full supported by the Government's, all done through the bank such as economic policy. bitcoin can't possibly eliminate and make the bank disappear even though used en masse.
Correct and also the goal of bitcoin is not to make banks disappear, the goal of bitcoin is to allows to have an alternative to the banking system and that is something we can do already, although with some difficulties but as time passes it will become easier.
But this time more users will makes bitcoin as their primary investment than banks, because we can see the opportunity to get much better income by putting money in bitcoin due to faster increase of value unlike in the bank you money will increase too slow because of lower interest of your savings.
If you think bitcoin is a way better option than banks then there is nothing and no one that will stop you from investing most of your money in bitcoin and that way earn more money, but if you want even bigger returns then you could try to invest in altcoins.
hero member
Activity: 826
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April 23, 2017, 12:10:30 AM
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?


Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.
as the banks are mostly depending on the people who are using banks and putting their money there. so if the users of baking systems will convert to bitcoin and online wallet system, then the uses of banks will decrease which will surely effect the banking system, but still it need a lot of time and it is not such an easy job.

What are the odds of that happening? 0.00000001%? There's roughly a million bitcoin users and even if we all pull out all our money from the banks and completely ditch the banks, there wouldn't be any effect at all. Non-bitcoin user millionaires will still use the banks. The only way the banks to have a significant decrease on their user-base is for them to have a shitty service or have large missing funds, which I both doubt will ever happen.

People will not just switch from using the banks to using bitcoins unless there's a huge force driving them or they were forced to do so. Even bitcoin users still heavily depend on banks since we convert our bitcoins to digital fiat first before we can use it.
hero member
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April 22, 2017, 06:37:41 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?


Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.
yes it is really difficult to say that bitcoin will disappear banks in current situation, because the users of bitcoin are still very low, and to me i think it will take more than decades when all the people of the world will start using bitcoin., therefore i do not think that it is such an easy job for bitcoin to disappear banks.
We do not hold what will happen in the future but since we are in the present world, we are just living with our prediction with bitcoin. Banking industry is a big one, we cannot easily replace or eliminate them without the government shifting into the cashless industry and we should hope they will choose the crypto currency since we know who is leading in the race.
hero member
Activity: 490
Merit: 500
April 22, 2017, 06:07:53 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?


Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.
yes it is really difficult to say that bitcoin will disappear banks in current situation, because the users of bitcoin are still very low, and to me i think it will take more than decades when all the people of the world will start using bitcoin., therefore i do not think that it is such an easy job for bitcoin to disappear banks.
hero member
Activity: 588
Merit: 500
April 22, 2017, 01:46:36 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?


Bitcoins wouldnot make banks disappear.But user volume of banks would get much reduced.Their profits which they got from transactions would get reduced as more people would prefer bitcoins for transacting money.Banks would be getting their revenue only by lending loans in future.
as the banks are mostly depending on the people who are using banks and putting their money there. so if the users of baking systems will convert to bitcoin and online wallet system, then the uses of banks will decrease which will surely effect the banking system, but still it need a lot of time and it is not such an easy job.
hero member
Activity: 1134
Merit: 515
April 22, 2017, 10:10:31 AM
We know that bank are no one can replace to it even bitcoin can not disappear bank.  Because bank are the major need of our government. And they stored money in bank for safety.
how do you know that? bitcoin also can be a very safe solution for storing money of government. I don't know why government is so partial about bitcoin and not ready to accept it. even if they think positive about bitcoin there is many benefit for government to use bitcoin.
legendary
Activity: 2492
Merit: 1001
Leading Crypto Sports Betting & Casino Platform
April 22, 2017, 04:08:54 AM
Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.
No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.
Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank

If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.
Maybe when the bank receives bitcoin, there will only be losses owned by the bank, because it will make people only save bitcoin, not fiat. I also can not imagine if the bank received bitcoin, because basically very much the difference between bitcoin and bank. Bitcoin probably will not get rid of the bank and will probably become a competitor for the bank.
sr. member
Activity: 700
Merit: 254
April 22, 2017, 04:06:54 AM
We know that bank are no one can replace to it even bitcoin can not disappear bank.  Because bank are the major need of our government. And they stored money in bank for safety.
hero member
Activity: 826
Merit: 502
April 22, 2017, 04:05:47 AM
Bitcoin price changes rapidly that you can earn unexpected profits by converting it into the currency you want. If you stored money on banks the percentage of your deposit will be your profit and it is fixed earning , most of it are being earned on a year or two. Both are good investment but it is depending on you on which you will pick

Converting your bitcoin to the currency that you want alone wouldn't give you profits, let alone unexpected ones. The timing should be right. You should bought bitcoins at a much lower price and then sell at a much higher price.

Time depositing your money in the banks is kind of not recommended especially if you're going to invest all of your money in that method. First reason is the fact that the interest is extremely low. Second reason is that you might need money for emergency purposes. Since your money is in time deposit, you cannot withdraw it until the term has finished.

Personally, I would choose bitcoins even though there's no guarantee that you'll earn profit. After all, fiat is constantly inflating.
legendary
Activity: 1008
Merit: 1060
April 22, 2017, 03:50:04 AM
If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.

It's pretty simple. They are going to accept it just like the same way they accept different fiat currencies. If they are going to allow you to withdraw your bitcoins in fiat form, they would have to convert it using the current sell price. This is basically what the exchanges are already doing. The banks will be the same as exchanges where you can put different types of currencies. Maybe even different cryptocurrencies as well like ETH.

And of course you should also have the ability to withdraw your bitcoins in bitcoin form. Meaning you would have to provide a bitcoin address.
sr. member
Activity: 406
Merit: 250
https://gexcrypto.io
April 20, 2017, 12:33:30 PM
Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.
No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.
Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank

If banks did accept bitcoin then dropping bitcoin's value to zero seems to be impossible. Acceptance of bitcoin would mean the increase in demand and the increase in demand would make bitcoin's value higher not lower.

But I have to agree that bitcoin to be accepted by banks is somewhat hard to imagine. I do not know how they will utilize bitcoin but the answer lies in the banks.
hero member
Activity: 1316
Merit: 502
April 20, 2017, 09:33:24 AM
I do not think bitcoin can make banks disappear, Bitcoin is a currency and the currency always depends on the banks, banks are places to hold and exchange different currencies, it does not affect Bitcoin and Bitcoin does not affect it. The bank is the place to help bitcoin development and trade in the future, many people say government and banks will not accept bitcoin, may be true in the present time but in the future they will surely accept, now their problem is they need a technology and a service to manage bitcoin, they need time to develop that idea
hero member
Activity: 896
Merit: 500
April 20, 2017, 08:42:52 AM
Bitcoin probably cannot make banks disappear simply because bitcoin is not owned by the government that they approved bitcoin for exchange to the banks. But bitcoin can make their own banks to store their bitcoins there and that is not illegal.

You're right, bitcoin can not make banks disappear, but you're wrong if you think banks can legitimately accept bitcoin. In fact, when banks accept bitcoin, they have to accept risks that may occur when bitcoin fluctuates. In addition, banks can only accept bitcoins if the government legalizes bitcoin, otherwise they will break the law.
member
Activity: 77
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April 20, 2017, 07:57:50 AM
For bitcoins to replace banks, the governments have to like bitcoins, but that is not going to happen.
sr. member
Activity: 1274
Merit: 252
April 20, 2017, 07:54:38 AM
Bitcoin could only make banks disappear if they accept Bitcoin and then the price per Bitcoin drops down to zero.
No, with the current situation, it is difficult to bitcoin to zero, bitcoin is growing and more accepted by the people. However, to accept bitcoin is a difficult thing for banks. The bitcoin technology will be very complex for the bank to switch and accept it.
Bitcoin is interesting and less possibility to be zero in my opinion, actually if bitcoin is accepted as legal payments we don't need a bank because we can manage bitcoin own like a bank
legendary
Activity: 2492
Merit: 1145
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
April 20, 2017, 07:50:25 AM
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?


bitcoin has a high value currency but it differs in banks. banks are the only storage of money that gets a profit after a months , we can differentiate it any many ways. They are different.
Bitcoin price changes rapidly that you can earn unexpected profits by converting it into the currency you want. If you stored money on banks the percentage of your deposit will be your profit and it is fixed earning , most of it are being earned on a year or two. Both are good investment but it is depending on you on which you will pick
hero member
Activity: 1498
Merit: 586
April 20, 2017, 07:46:45 AM
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?


bitcoin has a high value currency but it differs in banks. banks are the only storage of money that gets a profit after a months , we can differentiate it any many ways. They are different.
hero member
Activity: 1190
Merit: 568
Sovryn - Brings DeFi to Bitcoin
April 20, 2017, 07:37:13 AM
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 dont think so, maybe not cause not all people are interested on it. It depends on the interest of the people. Maybe some other wants to stay their money in banks because they can go to the banks whether they like it, and they can instantly withdraw their money.
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