Can Bitcoin make Banks disappear? - page 135.

HongKong

hero member

Activity: 812

Merit: 500

Quote from: batang_bitcoin on April 13, 2017, 01:52:37 AM

Quote from: g83 on April 12, 2017, 05:13:03 PM

Quote from: batang_bitcoin on April 12, 2017, 05:10:42 PM

Quote from: duckydonald on April 12, 2017, 04:31:33 PM

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

It is not powerful then it can make the banks disappear? What are you trying to say? Let's say that bitcoin is not that powerful so it won't make the banks disappear. The government of a country is not going to agree if ever there's a threat of making the banks disappearing, because it is a very important body of a country.

That's correct Government will never support bitcoins as it can be threat to their national currency and no Government will be interested in seeing that any digital currency replacing its major currency and if that happens then Government will loose all their control from the money.

Don't say that government will "never" support bitcoin, there will be some exceptions that there would be time that they are going to support. But when it comes to threat of the whole nation, they are not going to show mercy on bitcoin. And I really can't see a chance that bitcoin will ever have the chance to replace banks in the circulation.

The Government might not accept Bitcoin as the only payment inside their Bank because the whole Bitcoin thing is kind of new to them. Since Bitcoin is doing many updating and bug-fixing from the users and the developers within Bitcointalk and other places, there should be a few Banks trying to have it added into their payment system to help it flow along with the regular Fiat within their Company. If there was Banks that only accepted Bitcoin they would really have to rely on the citizens of the world in order to survive.

madwica

hero member

Activity: 714

Merit: 531

Quote from: deppil on April 13, 2017, 06:47:00 PM

Quote from: Dimelord on April 13, 2017, 01:10:57 PM

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

maybe the government will do it to survive, yeah nothing can stem the rapid development of bitcoin. users will start using bitcoin bank and it will happen in the next few years

Bank still will remain even bitcoin will start building up bitcoin bank in different countries. I think bitcoin would be other option for other people to out our money which is better for us.
And bitcoin bank will take more decades to start up i think government need to learn more in this currency before they approve or adopt bitcoin.

deppil

hero member

Activity: 1008

Merit: 501

Quote from: Dimelord on April 13, 2017, 01:10:57 PM

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

maybe the government will do it to survive, yeah nothing can stem the rapid development of bitcoin. users will start using bitcoin bank and it will happen in the next few years

Przemax

hero member

Activity: 574

Merit: 500

In my opinion bitcoin can help banks to disappear, simply by being an alternative. Although a bitcoin cannot make anything. Its just a tool. Its the people that makes the decisions.

If people will be so pissed at the idea of the banks, what can happen after some huge financial crisis then having an alternative can hasten the demise of the banks.

Jewell

hero member

Activity: 490

Merit: 500

Quote from: Rostadom on April 13, 2017, 01:43:04 PM

Quote from: PhucS on April 13, 2017, 01:00:42 AM

I think the probability of this happening, Bitcoin can make banks disappear but it only accounts for a small percentage. This only happens when Bitcoin dominates the world currency, it is considered as an official currency worldwide and widely used without any restriction. But that has not happened yet, bitcoin is now growing, value is rising but it still has some limitations. Many people still do not know Bitcoin, they still need cash to use spend, daily transactions and banks are still needed for the people

But don't you think that making bitcoins an official currency worldwide would make banks become obsolete? Bitcoin is a much better technology than the fiat currency. It will be absurd to open up a bank account and then put bitcoins in it. Why trust an organization to keep your bitcoins safe if you can do it all alone? Doing so does not inspire confidence.

When bitcoin has dominated the world currency, then banks are already out of the scene since no one will be using it. Bitcoin is about individuality. People will be holding their money by their own. They are not going to be needing any external help from the banks when the banks are just going to do the exact same thing as we are going to do. Make a cold storage of the wallet, never save an electronic copy of the private keys, etc.

but to me i think the banks are waiting for the government approval and decision, if the government will consider bitcoin as legal currency then banks will also start accepting bitcoin for depositing and withdrawal and transaction purposes.

dearbesz1219

hero member

Activity: 924

Merit: 500

We all know that banks and bitcoin are both different, Because according to what I read on this thread I just don't exactly where or what section that I read it, explaining that bitcoin is unregulated industry while Bank is a type of regulated industry where any government has a capability to control any banks except in Bitcoin, due to it can't be control, because of decentralization it has.

Rostadom

hero member

Activity: 713

Merit: 501

Quote from: PhucS on April 13, 2017, 01:00:42 AM

I think the probability of this happening, Bitcoin can make banks disappear but it only accounts for a small percentage. This only happens when Bitcoin dominates the world currency, it is considered as an official currency worldwide and widely used without any restriction. But that has not happened yet, bitcoin is now growing, value is rising but it still has some limitations. Many people still do not know Bitcoin, they still need cash to use spend, daily transactions and banks are still needed for the people

But don't you think that making bitcoins an official currency worldwide would make banks become obsolete? Bitcoin is a much better technology than the fiat currency. It will be absurd to open up a bank account and then put bitcoins in it. Why trust an organization to keep your bitcoins safe if you can do it all alone? Doing so does not inspire confidence.

When bitcoin has dominated the world currency, then banks are already out of the scene since no one will be using it. Bitcoin is about individuality. People will be holding their money by their own. They are not going to be needing any external help from the banks when the banks are just going to do the exact same thing as we are going to do. Make a cold storage of the wallet, never save an electronic copy of the private keys, etc.

Dimelord

hero member

Activity: 490

Merit: 500

No banks would exist whether bitcoin becomes popular or not.But user volume would get considerably reduced for banks.Already,banks have started to face revenue loss which they used to get from transactions due to bitcoins.Global digital bank WB21 has started to accept bitcoins.In future,other banks may also start accepting bitcoins to survive in the market.

LuanX3

hero member

Activity: 756

Merit: 505

Quote from: citywise2 on April 13, 2017, 10:57:09 AM

Well i think bitcoin and bank has it's purposes .
All i am witnessed about bitcoin has a simple methods than the bank.
Like a transactions you will see that bitcoin have an easy way of transaction.
So if i may say in time to come bitcoin will trunket the banks.

Yes, they are both different and they serve different purposes anyway, so I don't think there is really any inconsistencies with both of them. They can co-exist no matter what. Maybe we just have to realize both their potentials and not really compare their flaws. It's just a matter of perspective to it.

whizter

hero member

Activity: 588

Merit: 500

Quote from: dadaas on April 12, 2017, 03:47:38 PM

Quote from: gracia0023 on April 12, 2017, 02:46:53 PM

Quote from: g83 on April 12, 2017, 11:48:32 AM

Quote from: Tribizz on April 12, 2017, 10:39:35 AM

I don't think that Bitcoin can make banks disappear. Because in my country there are more to be educated about the internet let alone Bitcoin.
So am sure Banks won't disappear but Bitcoin is here to stay. Tongue

Neither banks nor bitcoin will disappear in future as both are the long term players and banks has already proved its power since it exists since long time and it also has large number of users bitcoins is comparatively new but will gain more popularity and users as time passes by.

Both bitcoin and banks will coexist with each other. Due to the growing popularity of bitcoin, banks now will start to accept bitcoin in order for the two to help each other. Banks cannot make bitcoin disappear because it is decentralized in nature and the same way, bitcoin cannot make banks disappear because banks are supported by the government. Since they cannot make each other disappear, the good possible way to make the coexist is to help each other. This way, bitcoin will be as powerful as the banks nowadays.

Banks may adopt blockchain technology in future but its very hard to believe that banks will shake hands with bitcoin in future as bitcoin is the toughest competitor for the banks so I don't think that banks will support bitcoins in future.

i think it will surely take some time but still we can expect that in future the banks have to adopt blockchain technology and they will either create their own coin or will accept bitcoin as legal currency.

citywise2

full member

Activity: 150

Merit: 100

Well i think bitcoin and bank has it's purposes .
All i am witnessed about bitcoin has a simple methods than the bank.
Like a transactions you will see that bitcoin have an easy way of transaction.
So if i may say in time to come bitcoin will trunket the banks.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: DoublerHunter on April 13, 2017, 02:46:49 AM

Quote from: Vivace92 on April 13, 2017, 01:59:44 AM

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.

That is the main reason why bitcoin can't make the banks disappear because banks are supported by the government and the government is one of the most powerful in the world who can manipulate and dictate something or someone else. Bitcoin can't make banks disappear but it can be an additional option for the banks in accepting payments like what some of the banks already did.

Well, at least we all know how powerful the government is, bitcoin is just a system and it will not be as powerful and popular like fiat.
Bank will only accept assets or fiat that is recognize by the government as legal, bitcoin is legal but it has different definition and it is just solely considered as a payment system. True that the demand will increase in the future due to the growing popularity but it cannot surpass fiat.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: Vivace92 on April 13, 2017, 01:59:44 AM

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.

That is the main reason why bitcoin can't make the banks disappear because banks are supported by the government and the government is one of the most powerful in the world who can manipulate and dictate something or someone else. Bitcoin can't make banks disappear but it can be an additional option for the banks in accepting payments like what some of the banks already did.

Vivace92

member

Activity: 112

Merit: 10

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.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: g83 on April 12, 2017, 05:13:03 PM

Quote from: batang_bitcoin on April 12, 2017, 05:10:42 PM

Quote from: duckydonald on April 12, 2017, 04:31:33 PM

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

It is not powerful then it can make the banks disappear? What are you trying to say? Let's say that bitcoin is not that powerful so it won't make the banks disappear. The government of a country is not going to agree if ever there's a threat of making the banks disappearing, because it is a very important body of a country.

That's correct Government will never support bitcoins as it can be threat to their national currency and no Government will be interested in seeing that any digital currency replacing its major currency and if that happens then Government will loose all their control from the money.

Don't say that government will "never" support bitcoin, there will be some exceptions that there would be time that they are going to support. But when it comes to threat of the whole nation, they are not going to show mercy on bitcoin. And I really can't see a chance that bitcoin will ever have the chance to replace banks in the circulation.

PhucS

sr. member

Activity: 742

Merit: 250

I think the probability of this happening, Bitcoin can make banks disappear but it only accounts for a small percentage. This only happens when Bitcoin dominates the world currency, it is considered as an official currency worldwide and widely used without any restriction. But that has not happened yet, bitcoin is now growing, value is rising but it still has some limitations. Many people still do not know Bitcoin, they still need cash to use spend, daily transactions and banks are still needed for the people

Pattart

hero member

Activity: 1190

Merit: 500

Quote from: sevendust777 on April 12, 2017, 10:01:57 PM

For me I dont think bitcoin makes bank disappear. Because here in my country other people doesnt know bitcoin well, so theres need to educate and introduce bitcoin properly. Thus, its not easy that banks will disappear and still banks will used though.

even if everyone is already familiar with bitcoin though if the government does not permit or legalize bitcoin. then bitcoin could never beat bank

sevendust777

hero member

Activity: 806

Merit: 503

For me I dont think bitcoin makes bank disappear. Because here in my country other people doesnt know bitcoin well, so theres need to educate and introduce bitcoin properly. Thus, its not easy that banks will disappear and still banks will used though.

KennyR

hero member

Activity: 2310

Merit: 532

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: President79 on April 12, 2017, 08:51:07 PM

Quote from: BeGoods on April 12, 2017, 08:28:34 PM

Quote from: duckydonald on April 12, 2017, 04:31:33 PM

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

the government will never let it happen. governments have more power, they would prohibit bitcoin in the legislation and bitcoin will not be able to fight it

For now yes, but I sure there is the possibility of the future will be to adopt a system of bitcoin, regulations and laws can be changed depending on the needs of citizens.

Already regulatory plans were going on by the government that once opposed bitcoin. So governments will adopt it to experience the goodness as well banks function as a joint platform without getting replaced. This helps people choose the one that provides the convenience.

erickkyut

hero member

Activity: 1176

Merit: 509

Quote from: President79 on April 12, 2017, 08:51:07 PM

Quote from: BeGoods on April 12, 2017, 08:28:34 PM

Quote from: duckydonald on April 12, 2017, 04:31:33 PM

Bitcoin is not that powerful yet that it can make banks disappear which are the biggest financial institutions we have and also banks holds support from the Government so Government will never allow bitcoin to replace the banking system.

the government will never let it happen. governments have more power, they would prohibit bitcoin in the legislation and bitcoin will not be able to fight it

For now yes, but I sure there is the possibility of the future will be to adopt a system of bitcoin, regulations and laws can be changed depending on the needs of citizens.

I totally agree especially now that bitcoin is constantly increasing its value and becoming more and more popular worldwide. Bitcoin is said to be the future currency. If that happens, banks have no other choice but to adopt it.

Topic: Can Bitcoin make Banks disappear? - page 135. (Read 427614 times)