Can Bitcoin make Banks disappear? - page 144.

bitart

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Quote from: Rostadom on March 21, 2017, 09:57:08 AM

Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

There was an closed test of NFC payment system in my country, and after the successfull test, 2 mobile service providers and 1 bank has launched the public NFC payment system. You had to have an NFC compatible phone, a compatible SIM card and the bank has loaded the virtual debit card to that SIM card, so you could used your phone as a PayPass debit card.
Only a few thousands of people used the system in a 2-3 years time, so both parties decided to stop the whole thing. Technology is available, it was working fine, but the demand for this kind of fintech innovation was not enough to get it profitable on the long run...
People needs more time for these kind of changes.

Ziskinberg

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Quote from: Rostadom on March 21, 2017, 09:57:08 AM

Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

To become normal, the government has to recognize it which I don't think it's happening. Credit card is mostly operated by banks and it only showed they also expand their marketing to serve the people with different need. Bitcoin is a different thing as it is only a currency that has a value like fiat but the only difference is it is not created by the government and it's decentralized by nature.

MONKEYJUNK

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May be many of friends here is saying , that it is impossible for the bitcoin to dissapear the bank system .
But I think opposite of this . According to the current condition of bitcoin of increasing popularity and price will surely result into dissapear bank system.

Rostadom

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Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

Credit card have become a usual thing nowadays and most people are already using it. Even commoners or people that live in a not-so-developed place, they know the use of credit card and debit cards since it's not that hard to understand. Let's say that mass adoption has happened. The average joe will eventually adopt to that but there will always be those that don't really want to accept change. It will take generations before the new currency totally takes over and that's when the new currency has become the normal thing to the world.

dearbesz1219

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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 gonna make disappear in the future, even bitcoin will become the world currency. Maybe instead of competing into bitcoin bank they're gonna ride for what is trend nowadays. or they will adopt the concepts and system of bitcoin in a long run.

Vorth

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

novemberwoah

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Quote from: Hatuferu on March 21, 2017, 01:41:28 AM

Quote from: carriebee on March 21, 2017, 01:32:03 AM

Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

Even if bitcoin will be popular the banks will becoming more popular, they are partner in progress because bitcoin relies on fiat.
Banks serves for many years already and it has been used by majority of people's population in the world, we can have a bank account and bitcoin as well so why not used both.

I was always confident banks will continue to develop their technology to attract the sympathy of the public and in order to continue to be popular. The Bank will continue to grow all the time and this has been a long time. So, if bitcoin can makes bank disappear it will not happen, the bank also has a legal and financial management in the country, so it might not happen. Yes you are right, why not use both, it will be profitable.

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Quote from: carriebee on March 21, 2017, 01:32:03 AM

Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

Even if bitcoin will be popular the banks will becoming more popular, they are partner in progress because bitcoin relies on fiat.
Banks serves for many years already and it has been used by majority of people's population in the world, we can have a bank account and bitcoin as well so why not used both.

carriebee

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Banks will not diappear as bitcoin here in my country is not that yet really used like accepted in any store, means it limited user knows bitcoin. Banks will not disappear because of its stands for almost years that is really been used by many for so long years. Bitcoin is still decentralized so its better at is.

sobsitesearch

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Quote from: Pattart on March 20, 2017, 07:28:38 PM

Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

although bitcoin become famous even in the future bitcoin will not be able to shift fiat as the main currency. and for fiat still prevail then the bank will continue to live for shoring fiat

Correct and bitcoin is decentralized currency there is no physical coin/paper money of bitcoin that may bank will disappear. And the possibility was bank may adopt bitcoin in the future since more people are now using bitcoin in every country in the world.

Pattart

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Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

although bitcoin become famous even in the future bitcoin will not be able to shift fiat as the main currency. and for fiat still prevail then the bank will continue to live for shoring fiat

Ipwich

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Quote from: szpalata on March 20, 2017, 04:43:54 PM

Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

That's right but eventually, one day it can make the banks disappear as the new generation takes over.

That's a hard mission to do dude, as long as this world is controlled by the government it will never happen that banks will be replace into something they cannot control. Let's be realistic, bitcoin is not even a threat for them now, they see that bitcoin market is growing due to increasing adoption but what they want to do to us, is they want to control us to comply with some of the law which will give them financial benefit.

szpalata

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Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

That's right but eventually, one day it can make the banks disappear as the new generation takes over.

batang_bitcoin

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Quote from: Vorth on March 20, 2017, 03:48:16 PM

no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

We can't even remove those type of people and they will always think that banks are really important and include me to these average joe. But I'm not a scared one.

Quote from: Vorth on March 20, 2017, 03:48:16 PM

it's the same as right now there are still people that refuse to use credit card or new services...

There are people who refuse to use credit card or anything that is related to banking but majority always prefer to use banks as it is covered by government policies.

Vorth

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no, because there will always be those scared average joe, that will rely on the bank, no matter what new tech you have, you need plenty of new generation to remove those people

it's the same as right now there are still people that refuse to use credit card or new services...

megynacuna

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Quote from: Ucy on March 08, 2017, 08:07:58 AM

Would be a great idea. Bitcoin feels like the future to me than the current boring banking system.

Very true but I feel we will still need the banks to integrate the blockchain technology into their system and have the customers regulate their funds from their homes while they will act as casiers to cash out physical units of Bitcoins (that's if we do create them) as we maintain the core decentralization principles.

Luno

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Quote from: Salazarian on March 20, 2017, 02:13:57 PM

Quote from: Farma on March 20, 2017, 11:31:24 AM

I am not so sure if bitcoin bank is able to make disappear. Well, most people today have to trust the bank, especially if the bank could give them a loan to a business. it is an important point that is owned by a bank, it is very difficult finding a loan of bitcoin so great for a business.

yes currently it may not be possible but in future when bitcoin will become more and more popular then it may be possible that the use of banks will become limited and in the end banks will become disappeared.

I don't think so bank will disappear. it is existing from the long term. Lot of people trust bank very much the reason is it is very secure whatever you store there. it is very much available to public so bank will not disappear. but btc will gain more popularity on the coming days which will give little impact to bank.

Salazarian

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Quote from: Farma on March 20, 2017, 11:31:24 AM

I am not so sure if bitcoin bank is able to make disappear. Well, most people today have to trust the bank, especially if the bank could give them a loan to a business. it is an important point that is owned by a bank, it is very difficult finding a loan of bitcoin so great for a business.

yes currently it may not be possible but in future when bitcoin will become more and more popular then it may be possible that the use of banks will become limited and in the end banks will become disappeared.

choppork

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Quote from: cellard on March 20, 2017, 10:28:20 AM

Apparently they can, by funding people like Jihan Wu to push software that will divide the community and kill the network effect.

So let's wait and see what happens, and hope JihanCoin dies soon. Maybe this is another stone in the way towards bitcoin's success that we have to beat.

Since not everyone's selling their bitcoins and most people are just holding a decent percentage of the total bitcoins, that strategy will just make the price of bitcoin go to the sky and make it even more volatile. I don't think you can send at a nonExistent bitcoin address except for 1BitcoinEaterAddressDontSendf59kuE. Or you can simply send the bitcoins to a new address and then lose the password and lose the private key.

Why would the bank even do that? They will just lose funds and they obviously don't want that. Your idea is absurd, tbh. It doesn't make that much sense to me but that's actually the only way to dispose bitcoins. Buy it all and then throw it all away.

Yamato Tatsuki

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Well my friend, if banks feel that they are about to disappear, they probably might consider accepting bitcoins.
See, banks accepts money, golds, jewelries, and etc... so if bitcoins are causing harm to them, they might soon join the bandwagon Grin

At the end of the day, its just a little bit of Information Technology and some paper works Wink

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