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Topic: Can Bitcoin make Banks disappear? - page 152. (Read 427614 times)

hero member
Activity: 1820
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February 21, 2017, 09:13:40 PM
Bitcoin will not make banks disappear because fiat is very popular and many businesses trusted banks, and actually bitcoin is very significant to banks in exchaging btc to fiat cash through cash out from wallets online. Digital currency has many advantages but we should set aside banks own purpose why it existed and people really trusted banks for their wealth security for their money.
I agree, it will not be replace but when the bitcoin becomes popularly known to people the use of banks will be no longer good ,they will going to improve something..i am thinking about researching blockchain to improve their services towards advance technology eith digital currency.
full member
Activity: 227
Merit: 100
February 21, 2017, 09:10:45 PM
Your question is a bit weird, why they can co-exist? Why bitcoin will make bank disappear? Banks using blockchain technology doesn't mean they will be disappeared.
hero member
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DGbet.fun - Crypto Sportsbook
February 21, 2017, 09:02:54 PM
It's impossible that banks disappears because we will always need banks. Not everyone will use bitcoins I think so that's not possible. But banks can probably use bitcoins as a new money or they can maybe create banks of bitcoins
Banks are already in the economy for a lot of centuries and I don't even think that it can be gone and eliminate easily by bitcoin.

Each country  is still depending its economy with their banks that are the ones who are responsible with their money matters.

And a country without central BANK or any bank will be in debt if bitcoin will replace their function.
hero member
Activity: 3052
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February 21, 2017, 08:57:45 PM
Bitcoin will not make banks disappear because fiat is very popular and many businesses trusted banks, and actually bitcoin is very significant to banks in exchaging btc to fiat cash through cash out from wallets online. Digital currency has many advantages but we should set aside banks own purpose why it existed and people really trusted banks for their wealth security for their money.
Banks would not exist if without the support of the government, in fact we have the central bank which is manage by the government in order to monitor the compliance of all banks may it public or private banks. Bitcoin is not controlled by the government, so there is no chance for it to take over the banking industry, this is a very good technology but without the government pushing it's support it would not succeed.
hero member
Activity: 924
Merit: 505
February 21, 2017, 05:50:46 PM
Bitcoin will not make banks disappear because fiat is very popular and many businesses trusted banks, and actually bitcoin is very significant to banks in exchaging btc to fiat cash through cash out from wallets online. Digital currency has many advantages but we should set aside banks own purpose why it existed and people really trusted banks for their wealth security for their money.
sr. member
Activity: 322
Merit: 250
February 21, 2017, 05:00:25 PM
It's impossible that banks disappears because we will always need banks. Not everyone will use bitcoins I think so that's not possible. But banks can probably use bitcoins as a new money or they can maybe create banks of bitcoins
legendary
Activity: 1008
Merit: 1060
February 21, 2017, 07:08:52 AM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.

Banks cannot disappear, it might be possible that physically banks may go obsolete, but electronically it will  continue to function. Bitcoin is great but some features are missing which general people will like to have. And also the trust factor towards a bank is too high.

As long as fiat has a physical form, there would also be physical banks. ATMs have to be refilled with new cash by the banks. You also need to have a physical bank when you're depositing and opening an account, because otherwise, the bank would have problems. Supposed that they automate opening an account on their bank, there would be people that do not know how to use it and would need guidance. Same goes when depositing money.

There would also be people that would not feel safe when he's going to deposit tons of money in a bank and just be in front of a machine. It would also be tiring to enter all the cash that he needs to deposit (for example, $100,000). Banks are also needed so there would be a building where all the cash of that particular bank is stored. Without a building, the security would be much less.
sr. member
Activity: 1232
Merit: 250
February 20, 2017, 01:44:14 PM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.

Banks cannot disappear, it might be possible that physically banks may go obsolete, but electronically it will  continue to function. Bitcoin is great but some features are missing which general people will like to have. And also the trust factor towards a bank is too high.
full member
Activity: 366
Merit: 100
February 20, 2017, 12:12:06 PM
I don't think that bitcoins make the banks disappear. For the economical purposes we need banks and also no country legalize bitcoin as their currency so, bitcoin can't make make the banks disappear. May be in future it can happen. we do not know what will happen tomorrow, anything can happen.     
sr. member
Activity: 1680
Merit: 288
Eloncoin.org - Mars, here we come!
February 20, 2017, 10:23:25 AM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.
As long there are government banks would not disappear since banks do really need on an economic activity even how bitcoin would progress it can't make banks disappear it would be still there no matter what.

Lets just accept the truth that as long as the governments are not endorsing bitcoin as a currency, we will be at the same situation for a little longer, until the people are the one who are already spreading the news about bitcoin and forced the government to just legalize the use of it.

Though I don't see the time that bitcoin will make banks disappear, I think it is possible that bitcoin will be seen on banks...  Smiley

Bank integrated with bitcoin? This is something that most likely do in future. Just like drugs & cigarettes, there is no other way to prevent abuse, it must be made clear regulations. Bitcoin is not supported by anyone, except the mass community. People power can't be stopped, can only be set to more peaceful.

The Bank will only comply with government, and possibly someday be enlightened by bitcoin.
legendary
Activity: 1008
Merit: 1060
February 20, 2017, 08:49:25 AM
Lets just accept the truth that as long as the governments are not endorsing bitcoin as a currency, we will be at the same situation for a little longer, until the people are the one who are already spreading the news about bitcoin and forced the government to just legalize the use of it.

Though I don't see the time that bitcoin will make banks disappear, I think it is possible that bitcoin will be seen on banks...  Smiley

Bitcoin doesn't offer the average joes what they want in order to fully adapt it at some point. Here are some reasons;

# Bitcoin isn't a suitable currency for daily purchases due the fees that are likely only to increase, and of course don't forget the confirmation times.
[1]# Bitcoin at all times requires you to be connected to the internet.
[2]# Bitcoin is subject to the volatility.
[3]# Bitcoin can't handle mass adoption.
[4]# Bitcoin is a decentralized incentive, which the average joe type of people don't feel comfortable with as they are used to have the government as central authority.
[5]# Bitcoin is too complicated for a lot people.
[6]# Bitcoin has almost zero merchant adoption if you put it against how other payment services are being accepted globally.

And there are probably a few more things... Long story short; Bitcoin is just an asset as Gold, but then with a far better usability. Gold 2.0?

[1] Not necessary "all the time" but only when you're sending money or when you're checking if you already received the payment. Even after being offline for a couple of weeks, your bitcoins would still be in your wallet.

[2] It's a disadvantage to the average joe but it's an advantage to most of us. Eventually, the average joe will evolve and learn how to take advantage with the price volatility.

[3] Maybe not now.

[4] Sadly but people always want to have someone in charge even in small activities (i.e. group activity in school) which obviously don't call for an authority. Maybe the average joe would want to try something new and try decentralized stuffs.

[5] Only when you're not a tech savvy and if you don't read much. You don't have to be all technical.

[6] Eventually, we'll get there although it might be much longer than we are expecting.
legendary
Activity: 2170
Merit: 1427
February 20, 2017, 07:48:09 AM
Lets just accept the truth that as long as the governments are not endorsing bitcoin as a currency, we will be at the same situation for a little longer, until the people are the one who are already spreading the news about bitcoin and forced the government to just legalize the use of it.

Though I don't see the time that bitcoin will make banks disappear, I think it is possible that bitcoin will be seen on banks...  Smiley

Bitcoin doesn't offer the average joes what they want in order to fully adapt it at some point. Here are some reasons;

# Bitcoin isn't a suitable currency for daily purchases due the fees that are likely only to increase, and of course don't forget the confirmation times.
# Bitcoin at all times requires you to be connected to the internet.
# Bitcoin is subject to the volatility.
# Bitcoin can't handle mass adoption.
# Bitcoin is a decentralized incentive, which the average joe type of people don't feel comfortable with as they are used to have the government as central authority.
# Bitcoin is too complicated for a lot people.
# Bitcoin has almost zero merchant adoption if you put it against how other payment services are being accepted globally.

And there are probably a few more things... Long story short; Bitcoin is just an asset as Gold, but then with a far better usability. Gold 2.0?
global moderator
Activity: 2324
Merit: 1179
While my guitar gently weeps!!!
February 20, 2017, 07:35:24 AM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.
As long there are government banks would not disappear since banks do really need on an economic activity even how bitcoin would progress it can't make banks disappear it would be still there no matter what.

Lets just accept the truth that as long as the governments are not endorsing bitcoin as a currency, we will be at the same situation for a little longer, until the people are the one who are already spreading the news about bitcoin and forced the government to just legalize the use of it.

Though I don't see the time that bitcoin will make banks disappear, I think it is possible that bitcoin will be seen on banks...  Smiley
legendary
Activity: 1442
Merit: 1008
February 20, 2017, 07:30:13 AM
I do not think bitcoin can destroy the banks. People do not change their habits easily. They also trust the bank too much. If the bitcoin starts to be used by a few billion people around the world, the banking system could end up.
But the states will not allow it. States always support systems they can control.
in fact it is not possible in present time. because almost all the people of the world are using fiat and the user of bitcoin are still very low. i think in future when the users of bitcoin will increase then it may become possible that the use of banks will decrease.
Despite of the lack of support of the government on bitcoin, I still see that the users will continue to grow. However, I do not see that growth would be substantial enough to surpass the volume of users of the bank. Since fiat is the most popular money in this world, bitcoin would only live in the shadow of fiat.
it would just crazy when you have and use a currency that worth $1,000 USD  Shocked , common people not yet ready to accept that fact. we might have no problem at all with that condition , but still the bitcoin headaway far from established for now. one day this scenario might could happened i believe , just the matter of the time and noone knows.
legendary
Activity: 1386
Merit: 1020
DGbet.fun - Crypto Sportsbook
February 20, 2017, 07:25:31 AM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.
As long there are government banks would not disappear since banks do really need on an economic activity even how bitcoin would progress it can't make banks disappear it would be still there no matter what.
member
Activity: 106
Merit: 10
February 20, 2017, 07:02:12 AM
I do not think the bitcoin can let banks disappear now.But the banks may disappear in the future not only because of btc.
hero member
Activity: 2856
Merit: 667
February 20, 2017, 06:51:08 AM
I do not think bitcoin can destroy the banks. People do not change their habits easily. They also trust the bank too much. If the bitcoin starts to be used by a few billion people around the world, the banking system could end up.
But the states will not allow it. States always support systems they can control.
in fact it is not possible in present time. because almost all the people of the world are using fiat and the user of bitcoin are still very low. i think in future when the users of bitcoin will increase then it may become possible that the use of banks will decrease.
Despite of the lack of support of the government on bitcoin, I still see that the users will continue to grow. However, I do not see that growth would be substantial enough to surpass the volume of users of the bank. Since fiat is the most popular money in this world, bitcoin would only live in the shadow of fiat.
hero member
Activity: 588
Merit: 500
February 20, 2017, 02:43:51 AM
I do not think bitcoin can destroy the banks. People do not change their habits easily. They also trust the bank too much. If the bitcoin starts to be used by a few billion people around the world, the banking system could end up.
But the states will not allow it. States always support systems they can control.
in fact it is not possible in present time. because almost all the people of the world are using fiat and the user of bitcoin are still very low. i think in future when the users of bitcoin will increase then it may become possible that the use of banks will decrease.
full member
Activity: 157
Merit: 100
February 20, 2017, 02:35:59 AM
I do not think bitcoin can destroy the banks. People do not change their habits easily. They also trust the bank too much. If the bitcoin starts to be used by a few billion people around the world, the banking system could end up.
But the states will not allow it. States always support systems they can control.

I think that's far from happening. Just imagine how many bitcoins are there, and if billions will be sharing it, then everyone will be getting a few thousands satoshi. It's not that the state wants something that they control, but it's all about the ease, and what's good for their economy. Bitcoin could help the economy, but as a currency of a certain country, it's hard to happen, but in banking, it is possible.  Smiley
I do not think bitcoin can destroy the banks. People do not change their habits easily. They also trust the bank too much. If the bitcoin starts to be used by a few billion people around the world, the banking system could end up.
But the states will not allow it. States always support systems they can control.
I totally agree with you. Bitcoin will not be able to defeat the banking system, and even those oligarchic clans that rule the world, do not give opportunities to develop bitcoin.
sr. member
Activity: 246
Merit: 250
February 20, 2017, 02:15:19 AM
it may be possible to  make all banks disappear... but in a long time, so we wouldn't be alive to watch it become a thing.
Bitcoin does not perform those functions which undertake to comply with the banks. Therefore, there are no preconditions to think so.
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