Can Bitcoin make Banks disappear? - page 173.

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Quote from: ffe on December 21, 2016, 06:37:41 PM

Quote from: Bigdan on December 21, 2016, 03:29:35 PM

I don't believe the banks can be completely wiped out in a moment but I foresee the banks rather investing in bitcoins and gradually replacing them (their fiat) with bitcoins in the future.

They don't need to invest much in Bitcoin. They issue loans nominally in Bitcoin and hand out checkbooks. They don't have to hold the full amount of the checking accounts in Bitcoins, just a fractional reserve.  And their loans get paid back in real Bitcoins.

Pretty soon they have a lot of Bitcoins.

Yes it can happen that payments with banks will be bitcoin but I don't think that they will allow that bitcoin will replace fiat for real. As we know that the risk is still there and because of the price of bitcoin is not stable enough and cannot be controlled. I don't think they will completely trust their business to a decentralized crypto's.

Bitcoin as a high value store token has been gaining popularity among most of the financial service providers. Banks were the most among those and banks supporting bitcoin won't happen as quoted. Already banking system is with continued plan of updating themselves with the technology but haven't issued willingness to use bitcoin into the banking services.

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I am sure this difficult, we all know the function of the bank is very important for the economy, because if banks disappear then economy can be a problem.

ffe

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Quote from: Bigdan on December 21, 2016, 03:29:35 PM

I don't believe the banks can be completely wiped out in a moment but I foresee the banks rather investing in bitcoins and gradually replacing them (their fiat) with bitcoins in the future.

They don't need to invest much in Bitcoin. They issue loans nominally in Bitcoin and hand out checkbooks. They don't have to hold the full amount of the checking accounts in Bitcoins, just a fractional reserve. And their loans get paid back in real Bitcoins.

Pretty soon they have a lot of Bitcoins.

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I don't believe the banks can be completely wiped out in a moment but I foresee the banks rather investing in bitcoins and gradually replacing them (their fiat) with bitcoins in the future.

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Quote from: South Park on December 21, 2016, 02:17:30 PM

Quote from: bitbunnny on December 21, 2016, 04:06:27 AM

Banks are so deep integrated in the whole world so I don't see the way that could disappear. Not even with help of Bitcoin. The whole financial system in every country is based on banks. They have started every world financial crysis but stil usualy nothing bad happens to banks and they continue to rule this world. Bitcoin could maybe just put them away a little bit from the track but that is all.

Things do happen to banks, it is just the banking industry still goes strong and that gives the appearance that nothing happens, but when a crisis strikes many banks can go bankrupt in a matter of months or even days.

yeah i agree with you , even banks have been integrated deeply anywhere around the world it's still could be collapsed and even dissapeared. the problem is when something like that could happened? what factors exclude bitcoin that could make it happen? i don't think it cost short time only , i can say for now it's almost impossible to imagine about it.

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yess bitcoins will make banks disappear at all.in by 2022 most of the people will start using bitcoins as their currency otherwise bitcoins will die in a very hard way .we have to work hard a lot everyday and make educate people about the bitcoin cryptocurrency.

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Quote from: bitbunnny on December 21, 2016, 04:06:27 AM

Banks are so deep integrated in the whole world so I don't see the way that could disappear. Not even with help of Bitcoin. The whole financial system in every country is based on banks. They have started every world financial crysis but stil usualy nothing bad happens to banks and they continue to rule this world. Bitcoin could maybe just put them away a little bit from the track but that is all.

Things do happen to banks, it is just the banking industry still goes strong and that gives the appearance that nothing happens, but when a crisis strikes many banks can go bankrupt in a matter of months or even days.

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Quote from: skyway1 on December 21, 2016, 04:12:16 AM

Quote from: Finestream on December 21, 2016, 12:36:24 AM

Quote from: millgates on December 20, 2016, 09:48:32 PM

Quote from: TheBobman on December 20, 2016, 08:35:23 PM

The bitcoin is good and I think it has a good future but that does not means it can let banks disappear not gonna happen in my eyes.

I am sorry but I have different opinion with you, we use bank becouse we need to save our money in it, but if we have our own wallet it's mean we doesn't need it anymore. So many countries that start to accept bitcoin and it was become main stream. If bank do not begin to cooperate with bitcoin, I think they could be dissapear.

It will not happen, bank will stay here forever. We do not need banks to cooperate with us, we can have our own as it's a different system and it's hard to migrate or integrate the two to function as one. Some people uses banks and some uses bitcoin, but it's good if we can use both to benefit of it all.

you are right that it will never happen because bank is make for fiat currency and we know that fiat currency will be survive forever and we keep our money in bank so bitcoin will be never disappear bank.

Hold on fiat will last forever? Sure this is the main system being used the printed money, but we will advance into digital money in the future, and bitcoin is part of those as well crypto world, soo we may see some big changes into those system. Banks are slowing offering several services that you can make from home, as pay bills, soon they will allow you try to get a loan from home directly with the bank. Banks wont disappear because they are following the market, and the market its present at digital era, almost all people has a phone and internet acess.

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Quote from: Taki on December 21, 2016, 05:22:34 AM

Banks will always have place to be, cause of who mostly use banks? - rich people to hold their treasures and people who live from salary to salary and can't allow themselves something expansive. And cause if second type of people is much bigger than others banks will work.

There is a chance that rich people leave banks because for storing their wealth because bitcoin is considered as a more secure way of storing our wealth but still the banks will not disappear and it will exist because a number of people and businesses like to use banks for continuing their financial systems.

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Bitcoin cannot fully change money and as money will exist banks will exists too and Bitcoin won't change the fact that people will be looking to take a loan for something like a house or a car. so according my to bitcoin will not die.

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Quote from: Smita on January 12, 2016, 05:02:21 AM

well considering that our world is ruled right now by the bankers , let s hope it is not the bank who will make bitcoin disappear lol

Yes agree, because more than 75% of human beings still puts on the banks of course it takes a long time to be disappear. And the most important is whether there is a substitute for a bank? Bitcoin is still not much known so I doubt it can replace for the bank.

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i believe that someday many countries will accept bitcoins and banks will die.

Many countries may start accepting bitcoin but bitcoin can't completely replace banks. Bitcoin will be popular for sure in future and may be priced in million $ mark per coin but it just can't make banks disappear.

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Banks will always have place to be, cause of who mostly use banks? - rich people to hold their treasures and people who live from salary to salary and can't allow themselves something expansive. And cause if second type of people is much bigger than others banks will work.

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Quote from: bitbunnny on December 21, 2016, 04:06:27 AM

Banks are so deep integrated in the whole world so I don't see the way that could disappear. Not even with help of Bitcoin. The whole financial system in every country is based on banks. They have started every world financial crysis but stil usualy nothing bad happens to banks and they continue to rule this world. Bitcoin could maybe just put them away a little bit from the track but that is all.

Before the Christ, there was not any banks and people still lived happily and everything still worked find. Bank is a kind of centralized system which is used by the government to control the people. In some ways, Banks is not good at all and many people have realized that while using bank, you can easily be controlled. Since Bitcoin was created, Bitcoiners have believed that Bitcoin can save them from bank and government and even nonsense tax. I do think that Bitcoin can make a strong effect onto the centralized system which cause bank disappear

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Quote from: Finestream on December 21, 2016, 12:36:24 AM

Quote from: millgates on December 20, 2016, 09:48:32 PM

Quote from: TheBobman on December 20, 2016, 08:35:23 PM

The bitcoin is good and I think it has a good future but that does not means it can let banks disappear not gonna happen in my eyes.

I am sorry but I have different opinion with you, we use bank becouse we need to save our money in it, but if we have our own wallet it's mean we doesn't need it anymore. So many countries that start to accept bitcoin and it was become main stream. If bank do not begin to cooperate with bitcoin, I think they could be dissapear.

It will not happen, bank will stay here forever. We do not need banks to cooperate with us, we can have our own as it's a different system and it's hard to migrate or integrate the two to function as one. Some people uses banks and some uses bitcoin, but it's good if we can use both to benefit of it all.

you are right that it will never happen because bank is make for fiat currency and we know that fiat currency will be survive forever and we keep our money in bank so bitcoin will be never disappear bank.

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Banks are so deep integrated in the whole world so I don't see the way that could disappear. Not even with help of Bitcoin. The whole financial system in every country is based on banks. They have started every world financial crysis but stil usualy nothing bad happens to banks and they continue to rule this world. Bitcoin could maybe just put them away a little bit from the track but that is all.

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Quote from: millgates on December 20, 2016, 09:48:32 PM

Quote from: TheBobman on December 20, 2016, 08:35:23 PM

The bitcoin is good and I think it has a good future but that does not means it can let banks disappear not gonna happen in my eyes.

I am sorry but I have different opinion with you, we use bank becouse we need to save our money in it, but if we have our own wallet it's mean we doesn't need it anymore. So many countries that start to accept bitcoin and it was become main stream. If bank do not begin to cooperate with bitcoin, I think they could be dissapear.

People mostly choose for banks as their money is well secured and also the fact that governments are keeping an eye on their entire operations.

That gives the average Joe a great feeling of security as even when a bank goes down, their money is secured and won't vanish.

That being said, governments only secure/guarantee your money to a certain level. It of course differs per country, but mostly the amounts that get secured are up to $100,000.

Considering the majority of the people have way less than that, it will be seen as a major positive aspect for people to keep making use of banks.

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Quote from: friend666 on December 21, 2016, 01:27:25 AM

Bitcoin technology for the subversion of the traditional financial sector, like Amazon in recent years for the subversion of the publishing and book market, as well as e-readers Kindle consumption patterns change. Five years ago, about 96.1% of the books were printed on paper, but last year it dropped to about $85%.Perhaps ten years later, you can see the results of competition between bitcoin and banks.

though competing, but I guess people's trust in banks is still larger than the bitcoin. Well, within a few years, bitcoin has demonstrated the quality, and an increase in popularity could be called incredible. however, the bank has been believed for a long time by people as a storage area that is safe and convenient to use since the first, so, I think the quality of the current bitcoin, can not be compared to the quality which is owned by the bank.

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Bitcoin technology for the subversion of the traditional financial sector, like Amazon in recent years for the subversion of the publishing and book market, as well as e-readers Kindle consumption patterns change. Five years ago, about 96.1% of the books were printed on paper, but last year it dropped to about $85%.Perhaps ten years later, you can see the results of competition between bitcoin and banks.

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Quote from: millgates on December 20, 2016, 09:48:32 PM

Quote from: TheBobman on December 20, 2016, 08:35:23 PM

The bitcoin is good and I think it has a good future but that does not means it can let banks disappear not gonna happen in my eyes.

I am sorry but I have different opinion with you, we use bank becouse we need to save our money in it, but if we have our own wallet it's mean we doesn't need it anymore. So many countries that start to accept bitcoin and it was become main stream. If bank do not begin to cooperate with bitcoin, I think they could be dissapear.

It will not happen, bank will stay here forever. We do not need banks to cooperate with us, we can have our own as it's a different system and it's hard to migrate or integrate the two to function as one. Some people uses banks and some uses bitcoin, but it's good if we can use both to benefit of it all.

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