Can Bitcoin make Banks disappear? - page 142.

bitkilo

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https://www.bitcoin.com/

Quote from: White Christmas on April 04, 2017, 08:21:34 PM

Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

Eventually, bitcoin banks can't make fiat money banks disappear since bitcoin doesn't have a value without fiat money. Also, it can't replace its position since the volume and the supply of fiat currency is quite big enough that 21 million bitcoin of supplies can not beat.

You two really know absolutely nothing about the modern banking system do you. Banks are not run by governments and in just about every case they are private businesses now, the federal reserve isn't even controlled by the government, the whole system is a complete scam.

I would highly recommend that you watch this YouTube documentary about the federal reserve: https://www.youtube.com/watch?v=5IJeemTQ7Vk

Also saying that bitcoin doesn't have a value without fiat money is a joke, goods and services don't have to be linked to a fiat currency just to have value.

BitcoinMarshal

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Quote from: anami57 on April 05, 2017, 03:59:22 PM

Banks will not be disappear. But Bank and Government will create a new regulation on use of bitcoin transactions.

You are absolutely right its not going to happen that Banks will disappear because they are doing too many services in many developing countries for peoples if they adopt new technology this could be going to help them for more good services in near future

anami57

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Banks will not be disappear. But Bank and Government will create a new regulation on use of bitcoin transactions.

kidoseagle0312

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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?

In my assessment, Bank will not disappear in the near future. Bitcoin maybe a threat for the other banks but it doesn't mean bank will be destroy, in fact, if the owner of each bank will see the good side of it they can be a good tandem actually, in terms of giving profit. But the problem which I saw all banks are regulated industry, while bitcoin is unregulated industry because of bitcoin decentralization, but in the end bank will accept bitcoin once they see the community embracing it so well in the entire world whether they like it or not.

Zyborg

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Quote from: Ziskinberg on April 04, 2017, 10:30:22 PM

Quote from: NEWGOODOUBLE on April 04, 2017, 09:14:34 PM

Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

No one can defeat the government because they rule the world, if this government will be defeated, we will only have new government and we will still remain centralized. Bitcoin is decentralized while banks are centralized, it's two different system but one thing is certain, bitcoin relies on the value of fiat.

That's right we always compare the price of bitcoins to fiat currency and that will be the same even in future too so I don't think that either banks or fiat will disappear in future unless we won't be able to spend bitcoins everywhere which is unlikely to happen.

Fatanut

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Quote from: iamTom123 on April 04, 2017, 10:55:25 PM

This idea is already too far-fetched. Look at Bitcoin right now, some are saying it can be controlled by China and if there is even a slight truth on that then I don't think any nation will ever allow their banks (including central banks) be gobbled by Bitcoin. Look at the current debate on hard fork right now...it is a divisive debate and one that exposed so many vested interest...with that story on the backdrop do we really think Bitcoin and the community behind it be given a chance to wipe out banks and be the banking industry itself. No, what am sure is that the banking industry would soon adopt some idea of the blockchain or any from the cryptocurrency industry. Bitcoin and the banks can be complimenting each other not that they will kill each other. The internet did not kill radio, tv and even the printed newspaper are still around and can also be adopting the situation all in the name of survival. We are entering a very diversified and very "niched" society so we have a place for any industry and for anyone.

"I did not kill my ancestors, therefore, other new innovations wouldn't either."

It doesn't matter if that's the case for the Internet. Bitcoin is different. You can't just look at other things and be "Ohh, Bitcoin will do that as well. They will have the same logic." I'm not dismissing the possibility of that happening, but I'm saying is that you're basing what will happen to X stuff from what has happened to Y stuff.

The internet did not kill radio, tv, and the newspaper. Yet, all of that is just a small part of the Internet. Today, you can do that using the internet. Radios are aired online as well. For tv, we have netflix. And for newspaper, we have Google, Yahoo, and almost all news articles are already posted on the Internet.

Since you like applying the same logic of Y to X. How about this? It will be the same. Fiat will just be a small part of bitcoin as well. And all of the things that you can do with fiat, is just a small part of bitcoin. Actually that's the case already. But bitcoin user base is still nothing compared to fiat's user base.

iamTom123

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This idea is already too far-fetched. Look at Bitcoin right now, some are saying it can be controlled by China and if there is even a slight truth on that then I don't think any nation will ever allow their banks (including central banks) be gobbled by Bitcoin. Look at the current debate on hard fork right now...it is a divisive debate and one that exposed so many vested interest...with that story on the backdrop do we really think Bitcoin and the community behind it be given a chance to wipe out banks and be the banking industry itself. No, what am sure is that the banking industry would soon adopt some idea of the blockchain or any from the cryptocurrency industry. Bitcoin and the banks can be complimenting each other not that they will kill each other. The internet did not kill radio, tv and even the printed newspaper are still around and can also be adopting the situation all in the name of survival. We are entering a very diversified and very "niched" society so we have a place for any industry and for anyone.

Ziskinberg

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Quote from: NEWGOODOUBLE on April 04, 2017, 09:14:34 PM

Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

No one can defeat the government because they rule the world, if this government will be defeated, we will only have new government and we will still remain centralized. Bitcoin is decentralized while banks are centralized, it's two different system but one thing is certain, bitcoin relies on the value of fiat.

NEWGOODOUBLE

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Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

in order to make the bank became disappears it means bitcoin must defeat fiat and the government? you know it is impossible. it means that the bank will not disappear because bitcoin?

Japinat

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Quote from: White Christmas on April 04, 2017, 08:21:34 PM

Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

Eventually, bitcoin banks can't make fiat money banks disappear since bitcoin doesn't have a value without fiat money. Also, it can't replace its position since the volume and the supply of fiat currency is quite big enough that 21 million bitcoin of supplies can not beat.

We are just too overwhelm with the value that we see now but if eventually if you will analyze using a simple math you will wake up with the reality that the government is still the most powerful in this world. Bitcoin is created by an anonymous person while bitcoin has become sensational in the online world, however this online world can be controlled by the government because we live according to the law.

White Christmas

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Astvile on April 04, 2017, 08:20:09 PM

Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

Eventually, bitcoin banks can't make fiat money banks disappear since bitcoin doesn't have a value without fiat money. Also, it can't replace its position since the volume and the supply of fiat currency is quite big enough that 21 million bitcoin of supplies can not beat.

Astvile

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Not really at all.Bitcoins replacing banks cannot happen in this and even in future time.Banks is run by government and why would government let a decentralized crypto currency who is run by an anonymous people replace their power over financial system.I think this thing will not happen

MintCondition

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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.

Omega Weapon

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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.

skorupi17

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It is a total possibility that bitcoin can make banks disappear, but the question is do we want banks be replaced by bitcoin? or do the government want the banks to disappear and replace it with bitcoin? As for my opinion, the government will not let that happen. Banks are supported and regulated by some government entities and they gain much benefit from it compared to bitcoin. Due to bitcoin's decentralized structure, it would be difficult for the government to manage their monetary system.

taxmanmt5

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Quote from: AjithBtc on March 22, 2017, 05:24:02 AM

Fiat is the base for all needs and it's the only thing that's been used by all people without any difference of opinion. Digital currencies are the one that's been used by only the skilled people. For this reason bitcoin won't make banks go disappeared.

Yes it is possible once those bank holders or users be enlighten and make their money to bitcoin then the bank will be bankrupt so they will be going to die and end their business. Possibility is there.

LuanX3

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Quote from: Monnt on March 23, 2017, 09:03:42 AM

Quote from: BitHodler on March 22, 2017, 06:26:00 AM

Quote from: Dimelord on March 22, 2017, 05:19:51 AM

Banks will not disappear.But its also true that bitcoin has become the worst nightmare for bankers.Already,many people have started using bitcoins for transactions instead of banks.If this continues,Banks would face a huge loss in revenue got from transactions.In future,banks will not get huge profits as now.Mostly,they have to depend on the interests from loans as their main revenue.

Banks won't suffer any major losses as their core revenue doesn't come from transaction fees. If you look within your country, then it's free to send and receive money from one bank account to another.

You'll be charged a certain fee if you happen to transfer money to a different country. But let's be honest, how often do people send money abroad? It's an insignificant bit of income for banks. So no, it won't hurt banks.

Actually banks basically make money by lending money at rates higher than the cost of money they lend, means they collect money from interest on loans, but the largest source by far for banks is deposit, when you entrust money to banks for safekeeping for future transactions, and from account checking and withdraws, if you go to check you banks account at an ATM you will get charged for it and when you withdraw they take a small percentage of it, so bitcoin actually is a threat to them.

Yeah and bitcoins really are different from what banks offer. There might even be a great chance, in the event bitcoins does get accepted globally, that it might have its own bank for storing and lending bitcoins. There are plenty of things a bank can do for bitcoins like have a savings account, atm services, and lending services.

Monnt

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Quote from: BitHodler on March 22, 2017, 06:26:00 AM

Quote from: Dimelord on March 22, 2017, 05:19:51 AM

Banks will not disappear.But its also true that bitcoin has become the worst nightmare for bankers.Already,many people have started using bitcoins for transactions instead of banks.If this continues,Banks would face a huge loss in revenue got from transactions.In future,banks will not get huge profits as now.Mostly,they have to depend on the interests from loans as their main revenue.

Banks won't suffer any major losses as their core revenue doesn't come from transaction fees. If you look within your country, then it's free to send and receive money from one bank account to another.

You'll be charged a certain fee if you happen to transfer money to a different country. But let's be honest, how often do people send money abroad? It's an insignificant bit of income for banks. So no, it won't hurt banks.

Actually banks basically make money by lending money at rates higher than the cost of money they lend, means they collect money from interest on loans, but the largest source by far for banks is deposit, when you entrust money to banks for safekeeping for future transactions, and from account checking and withdraws, if you go to check you banks account at an ATM you will get charged for it and when you withdraw they take a small percentage of it, so bitcoin actually is a threat to them.

mornabo

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Quote from: Dhimas Kanjeng on March 23, 2017, 04:23:12 AM

It is not possible, the bank will continue to exist because control of the circulation of money and help boost the economy. I believe someday bitcoin is available at the bank.

banks not only as a place to save money, but as the financial heart of the country because a country's financial well regulated by the central bank. so impossible bitcoin bank could make disappear

Dhimas Kanjeng

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It is not possible, the bank will continue to exist because control of the circulation of money and help boost the economy. I believe someday bitcoin is available at the bank.

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