Can Bitcoin make Banks disappear? - page 167.

Mr. Big

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Quote from: Kemarit on January 09, 2017, 04:11:07 AM

I don't think bitcoin will make banks disappear. While bitcoin has generated interest of the public the and fact that government has not supported it, bitcoin has little hope of killing the banking system.

And if it does, how will it replace other transactions that banks are offering? If bitcoin has answer to that, well, the only problem will be who will start, and which government will accept its existence without regulating... It might not happen, and I for my self, I am contented on what bitcoin now is and upgrades on bitcoin is welcome, but becoming mainstream and being regulated by the government for the sake of banking, that's off...

Kemarit

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I don't think bitcoin will make banks disappear. While bitcoin has generated interest of the public the and fact that government has not supported it, bitcoin has little hope of killing the banking system.

alphablitzer

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It is highly unlikely that Bitcoin can make banks disappear. A lot of influential people, wealthy people control banks and they already have power to their places. Banks also has taken part of the bitcoin system in some areas of the world because they can get fiat through banks exchanging bitcoin for it. Bitcoin can make banks stronger or weaker; we will see.

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Quote from: Positid on January 06, 2017, 09:50:02 PM

Quote from: mrbigmugs on January 06, 2017, 06:26:25 PM

Quote from: skyway1 on December 30, 2016, 05:38:51 PM

No I do think this can happen in my opinion this is highly unlikely but we will see what is gonna happen of course because the fact is that its not to predict.
The banks are controlling the world and they have a lot of power that is why I do not think the bitcoin do it.

to me i think bitcoin is not here to make banks disappear.

It's true, and even if we think of that, it will not happen as we do not have the power to do it. Bank will be superior than bitcoin because the government supports them and we are not.

not because bitcoin is weaker, but bitcoin was created as a payment option I think, because it is not possible bitcoin to shift fiat that entrenched hundreds of years (used by all countries)
because banks used to fiat

lol3c

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Quote from: sadiq basha on January 09, 2017, 03:35:44 AM

Bitcoins cannot make banks disappear. But it will considerably decrease the amount of people using banks. In future, even a situation could arise in which banks could only be used for getting loans and no transactions done through banks.

Indeed. Digital currencies are still pretty new to people and I doubt that bank will disappear in the next few year. Bitcoin and other crytos need to do a lot of things to be adopted and recognized by people and this process may take at least 20 years. If this process every finished, banks would disappear in about 30 years after the adoption

care2yak

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Maybe not. But it could make banks evolve. If bitcoin becomes mainstream crypto, banks will want to earn what exchanges and some wallets like Exodus, for example are earning from bitcoin holders' transactions. So bitcoin won't necessarily make banks disappear because they won't accept it now but in the future, they'll realize that they'll want to earn from the transaction charges exchanges and wallets make.

aarturka

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I've little doubt banks become meaningless in a few years

sadiq basha

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Bitcoins cannot make banks disappear. But it will considerably decrease the amount of people using banks. In future, even a situation could arise in which banks could only be used for getting loans and no transactions done through banks.

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Quote from: Harlot on January 08, 2017, 09:51:21 PM

Quote from: pinoycash on January 08, 2017, 12:36:18 AM

Quote from: Digong30 on January 07, 2017, 12:52:13 AM

I don't think that bitcoin has the potential to make banks disappear or even make banks useless . the government especially those elites wouldn't want it to happen even if they already have the control in bitcoin .

Yes, banks is the economic and monetary lifeline of every country and it cant be replaced by BTC, plus how can we encash our BTC if the banks disappear.

Yup in this world we live in Cash is still king. Bitcoin without banks or even Fiat can't act on his own. Bitcoin will have no value on the majority of people who don't know it yet. Even in the near future I can't see Bitcoin overtaking any Fiat currency. Because in order for you to use Bitcoin you need to have internet and not all people have internet.

As bitcoin users and supporters as well we think of the better future of bitcoin, but let us consider the reality that it will never be bigger than fiat. We can use both to have a better like gaining from the benefits of using bitcoin, however we cannot deny that all people needs fiat as it's widely accepted compared to bitcoin.

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Quote from: pinoycash on January 08, 2017, 12:36:18 AM

Quote from: Digong30 on January 07, 2017, 12:52:13 AM

I don't think that bitcoin has the potential to make banks disappear or even make banks useless . the government especially those elites wouldn't want it to happen even if they already have the control in bitcoin .

Yes, banks is the economic and monetary lifeline of every country and it cant be replaced by BTC, plus how can we encash our BTC if the banks disappear.

Yup in this world we live in Cash is still king. Bitcoin without banks or even Fiat can't act on his own. Bitcoin will have no value on the majority of people who don't know it yet. Even in the near future I can't see Bitcoin overtaking any Fiat currency. Because in order for you to use Bitcoin you need to have internet and not all people have internet.

pinoycash

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Quote from: Digong30 on January 07, 2017, 12:52:13 AM

I don't think that bitcoin has the potential to make banks disappear or even make banks useless . the government especially those elites wouldn't want it to happen even if they already have the control in bitcoin .

Yes, banks is the economic and monetary lifeline of every country and it cant be replaced by BTC, plus how can we encash our BTC if the banks disappear.

Finestream

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Quote from: Digong30 on January 07, 2017, 12:52:13 AM

I don't think that bitcoin has the potential to make banks disappear or even make banks useless . the government especially those elites wouldn't want it to happen even if they already have the control in bitcoin .

It's not even something to debate as we are only hoping for the impossible to happen. Banks produce fiat and it's like saying bitcoin will replace fiat. Let's be practical here I guess, bitcoin is new and still on it's early stage and there's so much to prove in the future.

The world is control by the government and no government would allow a decentralized system where they losses their power.

Digong30

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I don't think that bitcoin has the potential to make banks disappear or even make banks useless . the government especially those elites wouldn't want it to happen even if they already have the control in bitcoin .

batang_bitcoin

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Quote from: delliaerd on January 07, 2017, 12:30:50 AM

Quote from: ?? on ??

Quote from: coszy on January 06, 2017, 02:54:19 PM

You can answer immediately and clearly the question of the strength of the banking system against bitcoin. That never happens. Nobody will destroy the banking sector. Rather bitcoin will have many enemies than the opposite.

Bitcoin will not even has the priority of destroying the banking sector. It just wants to help us to have good daily transactions where we have freedom from taxes. And for sure that it will not going to happen because the banks are going to adopt bitcoin instead because they can see it as a threat and adopting it will make their services better.

I am sorry but I have different opinion with you two. I mean is if bank is used for save our money, if we do not use fiat anymore bank will become unused. I read so many news about some countries fiat is become worthless becouse the price is fall against USD. How if it is happen to our fiat, we have to safe our wealth by change it into something that no correlation with global economy. Thats my opinion.

Hmmm, even though the fiat of an individual country is falling still their fiat will not be totally useless at all. It can still be used but its value is going to be affected not the whole fiat system of a country. And banks are not just for saving our fiat, there are a lot of things and services that banks can offer especially in investments.

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Quote from: ?? on ??

Quote from: coszy on January 06, 2017, 02:54:19 PM

You can answer immediately and clearly the question of the strength of the banking system against bitcoin. That never happens. Nobody will destroy the banking sector. Rather bitcoin will have many enemies than the opposite.

Bitcoin will not even has the priority of destroying the banking sector. It just wants to help us to have good daily transactions where we have freedom from taxes. And for sure that it will not going to happen because the banks are going to adopt bitcoin instead because they can see it as a threat and adopting it will make their services better.

I am sorry but I have different opinion with you two. I mean is if bank is used for save our money, if we do not use fiat anymore bank will become unused. I read so many news about some countries fiat is become worthless becouse the price is fall against USD. How if it is happen to our fiat, we have to safe our wealth by change it into something that no correlation with global economy. Thats my opinion.

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Quote from: mrbigmugs on January 06, 2017, 06:26:25 PM

Quote from: skyway1 on December 30, 2016, 05:38:51 PM

No I do think this can happen in my opinion this is highly unlikely but we will see what is gonna happen of course because the fact is that its not to predict.
The banks are controlling the world and they have a lot of power that is why I do not think the bitcoin do it.

to me i think bitcoin is not here to make banks disappear.

It's true, and even if we think of that, it will not happen as we do not have the power to do it. Bank will be superior than bitcoin because the government supports them and we are not.

mrbigmugs

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Quote from: skyway1 on December 30, 2016, 05:38:51 PM

No I do think this can happen in my opinion this is highly unlikely but we will see what is gonna happen of course because the fact is that its not to predict.
The banks are controlling the world and they have a lot of power that is why I do not think the bitcoin do it.

to me i think bitcoin is not here to make banks disappear. banks depends on fiat and bitcion cannot make fiat disappear, therefore banks will stay tell fiat exist. and to me i think there is still more time so that bitcoin become a regular currency and all the people of the world start using bitcoin as fiat currency.

mornabo

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Quote from: ?? on ??

Quote from: coszy on January 06, 2017, 02:54:19 PM

You can answer immediately and clearly the question of the strength of the banking system against bitcoin. That never happens. Nobody will destroy the banking sector. Rather bitcoin will have many enemies than the opposite.

Bitcoin will not even has the priority of destroying the banking sector. It just wants to help us to have good daily transactions where we have freedom from taxes. And for sure that it will not going to happen because the banks are going to adopt bitcoin instead because they can see it as a threat and adopting it will make their services better.

True, I think even though bitcoin became famous later. it will not shift or make a bank be disappearing, bitcoin only provide diversity for currencies in the world

onelove2111

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Quote from: mastica on January 06, 2017, 08:47:08 AM

Banks interest and big corporations saw at blockchain the possibility to save milions with the normal transactions they do make all days, soo they can save a huge ammount and raise their profit, thats their interest. Banks does provide a strong service and they risk their clients money with lending, but they do minimize the risks doing such lendings, something that for bitcoin gets similiar service would need a trusted escrow and would have to expose all credentials, something i doubt any bitcoiner wanna to be reall exposed.

I do not know why the banks and other financial institutions are adopting blockchain, but it is certainly not because of good intentions. I think that this point is the study of how the bitcoin and to resist cryptocurrency and threats from her the entire banking system.

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Quote from: Superzpay on January 06, 2017, 03:56:21 PM

Quote from: lilit on January 06, 2017, 03:49:30 PM

Quote from: mastica on January 06, 2017, 08:47:08 AM

Banks interest and big corporations saw at blockchain the possibility to save milions with the normal transactions they do make all days, soo they can save a huge ammount and raise their profit, thats their interest. Banks does provide a strong service and they risk their clients money with lending, but they do minimize the risks doing such lendings, something that for bitcoin gets similiar service would need a trusted escrow and would have to expose all credentials, something i doubt any bitcoiner wanna to be reall exposed.

That's a good point. I also believe that banks and corporations are not stitching will take their warm places or close to the people the opportunity to earn money.

The reason that banks do not accept bitcoin is the governments of them as the banks and their rules are bounded with governments of the states so up to the time when governments do not allow them for bitcoin adoption they are unable to adopt bitcoin for their uses.

There are instances when the state is not the prize officially bitcoin currency, but the banks carried out operations with cryptocurrency. I think that this is also the fact of fraud and the fact that hide money from the state by the bank itself.

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