Can Bitcoin make Banks disappear? - page 141.

Yanisumin

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Quote from: Vorth on March 21, 2017, 05:33:29 AM

its impossible, because bitcoin cannot fully change money and as money will exist banks will exists too.

The possibility of this is very low and almost impossible. Governments are being controlled by banks and global elites. It will be more than just a war before banks will dissapear. Look at what happened to the people that oppose the central banks and drop the dollar reserves. They died in vain even tho they only mean what is good for their people. We can barely scratch the banking system. I'm not saying that there's no hope but let's accept the fact that this will be harder than hard. Because as you can see even Bitcoin replace the fiat as a 💰, Bitcoin will be money too and banks will appear again. This will be a never ending cycle unless all the greed's and desire of wealth to everyone of us is remove.

alexsandria

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Quote from: Nagadota on April 06, 2017, 08:30:25 PM

It's near impossible for Bitcoin to destroy banks. Even if it did much better, there would be new banking systems centered around Bitcoin, as there are already edgy Bitcoin savings accounts like Freebitco.in have.

Certainly. Bitcoin wouldn't have a value without fiat money bank. Banks can destroy bitcoin but bitcoin can not destroy banks since banks are being used by the government to implement the exact money supply to avoid money devaluing.

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It's near impossible for Bitcoin to destroy banks. Even if it did much better, there would be new banking systems centered around Bitcoin, as there are already edgy Bitcoin savings accounts like Freebitco.in have.

SamsungBitcoin

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Quote from: mrcash02 on April 06, 2017, 08:18:56 PM

Quote from: Omega Weapon on April 06, 2017, 06:56:43 PM

Quote from: MintCondition on April 04, 2017, 07:39:15 PM

Quote from: Omega Weapon on April 04, 2017, 07:32:11 PM

Quote from: mastermold on March 23, 2017, 01:53:54 AM

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs.

Bitterly Truth, we can now monitored and control our money so why bother ourselves in engaging in banks and other banks activities. Our bitcoin wallet have features that are useful like banks and having low transaction fees are much more better than in banks.

Yes, but it seems that people are blind and kept ignorant about how the economy really works, so as long as they can exchange their dollar for products and services they are fine with things as they are which is a shame since things could be a lot better thanks to bitcoin.

They are blind and ignorant because fiat still supplies everything they need, they are confortable with this situation, it's normal. Currently the most people that are using BTCs are doing this because they need extra sources of money and Bitcoin is a good one. Maybe there are other people needing money also, but for any reason they don't trust Bitcoin or they think it's a dangerous currency/scheme. To say the truth I tought this before start using BTCs.

Agree with you mate, me also before i discover bitcoin i do not trust this i just trying for 1 month if this is paying, when i prove it i start putting some of my extra money as investment and then now i started to recruit my office mate to used this as their additional investment but still we used bank as our main safe keeper of our money bitcoin is just an investment.

Janation

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Quote from: citywise2 on April 06, 2017, 08:55:06 AM

I think this maybe true because bitcoin is now not things of the past it is now advanced.
And it is not hard in terms of some difficulties one can received in bank issues.
When once one follow due process in opening bit coin wallet there no problem and the services of bitcoi n is fast.
So even now bitcoin is dominating the bank.

That is really ridiculous, bitcoin, a digital currency can't make banks dissapear, how.can these digital currencies remove banks on the job? And besides, bitcoin is just a digital currency, a secondary currency, which means money is still used even in the near future. Banks are for money, that is why bitcoin can't affect banks no matter what. I think if it will be affecting banks, it can be for greater good because it can implement the system banks now are using.

mrcash02

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Quote from: Omega Weapon on April 06, 2017, 06:56:43 PM

Quote from: MintCondition on April 04, 2017, 07:39:15 PM

Quote from: Omega Weapon on April 04, 2017, 07:32:11 PM

Quote from: mastermold on March 23, 2017, 01:53:54 AM

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs.

Bitterly Truth, we can now monitored and control our money so why bother ourselves in engaging in banks and other banks activities. Our bitcoin wallet have features that are useful like banks and having low transaction fees are much more better than in banks.

Yes, but it seems that people are blind and kept ignorant about how the economy really works, so as long as they can exchange their dollar for products and services they are fine with things as they are which is a shame since things could be a lot better thanks to bitcoin.

They are blind and ignorant because fiat still supplies everything they need, they are confortable with this situation, it's normal. Currently the most people that are using BTCs are doing this because they need extra sources of money and Bitcoin is a good one. Maybe there are other people needing money also, but for any reason they don't trust Bitcoin or they think it's a dangerous currency/scheme. To say the truth I tought this before start using BTCs.

Omega Weapon

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Quote from: MintCondition on April 04, 2017, 07:39:15 PM

Quote from: Omega Weapon on April 04, 2017, 07:32:11 PM

Quote from: mastermold on March 23, 2017, 01:53:54 AM

This is a complicated question. The reason why banks exist is because they can do credit creation (by issuing loans.) This enables a bank to lend out more “money” than reserves (at the central bank and other assets.) Bitcoin is like “gold” and if it becomes more common in everyday transactions it would mean that banks would have to build up bitcoin reserves, in case they start having accounts denominated in bitcoin. This in turn enforces central banks to hold bitcoin in case banks have to be bailed out (if bitcoin becomes very common.)

However, in parallel there’s more development happening around the bitcoin network. Although the bitcoin network cannot handle much transaction volumes, there’s work that enables decentralised high speed transactions using the bitcoin network as a settlement layer. These technologies are named lightning network, lumino, sidechains, etc. This enables high capacity transfers completely outside the banking network. If peer-to-peer lending networks enables alternative ways of people getting loans, then the need for banks may almost diminish. At least how we view “banks” today, i.e. credit creation. These institutions will of course not disappear but transform into something else. Perhaps into something like investment funds.

Banks are just going to adapt if bitcoin becomes king, it is very likely that you will find a way to pull their trick on bitcoin the same way they do in fiat and then they will keep doing what they do best stealing people’s wealth by providing a service no one really needs.

Bitterly Truth, we can now monitored and control our money so why bother ourselves in engaging in banks and other banks activities. Our bitcoin wallet have features that are useful like banks and having low transaction fees are much more better than in banks.

Yes, but it seems that people are blind and kept ignorant about how the economy really works, so as long as they can exchange their dollar for products and services they are fine with things as they are which is a shame since things could be a lot better thanks to bitcoin.

adriaymati58

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If it's nolonger decentralized it would make the reason btc was created moot

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Quote from: CODE200 on April 06, 2017, 10:16:35 AM

I think bitcoin can't make bank disappear because banks are still more useful than bitcoin and banks are run by the goverment and the government are more powerful than the people who runs bitcoin. But if no one are still using the bank there's a big chance that bitcoin can make the bank disappear.

Bitcoin and banks are totally unrelated. Bitcoin is a currency and banks are a financial intermediary to facilitate borrowing and saving of money. They also keep transfer fees down. If bitcoin were to be used by everyone they would still keep banks for the same reason we have banks now for every other currency.

The only difference between Bitcoin and other currency that would affect banks is that Bitcoin is decentralized. That may be the confusion. Just because a currency is decentralized doesn’t mean it doesn’t need banks.

adriaymati58

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Bitcoin will naver make banks disappear, that is just insane.

CODE200

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I think bitcoin can't make bank disappear because banks are still more useful than bitcoin and banks are run by the goverment and the government are more powerful than the people who runs bitcoin. But if no one are still using the bank there's a big chance that bitcoin can make the bank disappear.

citywise2

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I think this maybe true because bitcoin is now not things of the past it is now advanced.
And it is not hard in terms of some difficulties one can received in bank issues.
When once one follow due process in opening bit coin wallet there no problem and the services of bitcoi n is fast.
So even now bitcoin is dominating the bank.

PrintCoins

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Of course governments feel threatened.
Even though it's obvious that fiat money are also needed.
But why not ban bitcoin. I'm sure that they are doing everything they can to find out ways to control or stop bitcoin one way or another.

Oatmeal

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Yes, in some bank in countries like Canada banned bitcoin users to use their bank as a transaction of bitcoin. Some experts do believe that bitcoin is a threat to banks it is because people hold their own money and they are the security of it. As we can see bitcoin is a digital money that we can only see in our computer, we don't need specific things like we usually need in banks.

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Quote from: Vivace92 on April 06, 2017, 03:54:07 AM

I will say very likely, this is because if the transaction we can control surely don't need the services of the bank. I'm optimistic the bank will disappear and one factor is bitcoin.

The banks as you know them of today will disappear but the banking industry will find a way to hang on.
The whole banking industry will change with the introduction of cryptocurrencies, some banks will change their mo and start to operate like Coinbase by holding users private keys and offering some type of security on their users accounts but I could only see that leading to big trouble.

Other banks will probably try release their own currencies but that is less likely I believe.

The main changes in the way the banking industry will operate will not be clear on the surface to all, many banks are already starting to use the ripple blockchain for international money transfers, there is no stopping this ship now.

Vivace92

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I will say very likely, this is because if the transaction we can control surely don't need the services of the bank. I'm optimistic the bank will disappear and one factor is bitcoin.

AjithBtc

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Quote from: lOvE mE forEvEr on April 06, 2017, 01:20:48 AM

Quote from: Cangkeman Wae on April 06, 2017, 01:14:40 AM

Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

If banks want to survive of course banks must to accept bitcoin, banks have to be creative in the future, but but the fact is the banks can survive because it is fully protected by the Government.

Right now banks have been making everything digital. As a part Bank based on specific countries have scheduled plans of generating own digital coins to circulate within the country. So in future bank won't get replaced, only the service features might gets varied.

logicgate

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Quote from: BTCBinary on January 11, 2016, 09:40:58 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?

bitcoin is online currency and only those people know who have internet and also some of internet users didn't know about bitcoin and about fiat currency everyone in a country know it, from child to old. also illiterate persons know about fiat and they know that fiat belongs to banks,that's why banks will not disappear. the only reason is if 100% people of a country know about bitcoin so there possibility that banks would disappear.

lOvE mE forEvEr

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Quote from: Cangkeman Wae on April 06, 2017, 01:14:40 AM

Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

If banks want to survive of course banks must to accept bitcoin, banks have to be creative in the future, but but the fact is the banks can survive because it is fully protected by the Government.

Cangkeman Wae

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Yeah right, if transactions using bitcoin's getting massive, surely it will make banks disappear. and that is what scared many banks so that they reject the bitcoin.

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