Can Bitcoin make Banks disappear? - page 175.

bitcoinmasterlord

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Quote from: ufaiz50 on December 16, 2016, 08:17:36 PM

Quote from: markisanon2434 on December 16, 2016, 10:40:04 AM

Quote from: Ejinx on December 16, 2016, 10:34:09 AM

Everyone is entitled to his/her opinions..but bitcoin is here tp stay... and we are enjoying bitcoin

Sure, bitcoin is here to stay and rule the cryptos. I don't think banks will be replace by bitcoins. But both of them will be used together and simultaneously. There are people who still believe in Government backed Banks and that will hard to change. And Government need banks to function to have control over the economy.

yep even some say in the future there will be a special bank bitcoin like fiat, in my country bitcoin is not legal payment. so seems must a long wait until it happens

Both have a separate value, The Banks are under control of our government, and the Bitcoin is ruling online gambling industry. Our governments need banks to control our economy. And the banks will pay tax to government so the banks are legal in all country. Why the bitcoin is not legal in many countries means in BTC transaction govt will not get any income and people will use this currency to do illegal activities. That is why BTC is illegal in many countries.

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Quote from: markisanon2434 on December 16, 2016, 10:40:04 AM

Quote from: Ejinx on December 16, 2016, 10:34:09 AM

Everyone is entitled to his/her opinions..but bitcoin is here tp stay... and we are enjoying bitcoin

Sure, bitcoin is here to stay and rule the cryptos. I don't think banks will be replace by bitcoins. But both of them will be used together and simultaneously. There are people who still believe in Government backed Banks and that will hard to change. And Government need banks to function to have control over the economy.

yep even some say in the future there will be a special bank bitcoin like fiat, in my country bitcoin is not legal payment. so seems must a long wait until it happens

bitcointalk

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Bitcoin and Banks are completely different. No way!

South Park

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Quote from: Kasabus on December 15, 2016, 09:57:29 PM

Quote from: raja2sumi on December 15, 2016, 09:41:07 PM

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

Where did you get that info? I guess you are not doing a good research dude, bank is created by the government to create fiat and as a entity to safeguard our fiat when we chooses to deposit, by looking at the current situation, bitcoin is still in reliance with fiat. It cannot exist and grow with the support of fiat.

Banks are private organizations and business they are not created by governments, the only banks created by governments are the central banks which have the power to create the currency we as citizens use.

richardsNY

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Quote from: FaucetRank.com on December 16, 2016, 11:17:53 AM

It will happen one day that banks will disappear but it is hard to that it will happen due to Bitcoin or due to digital fiat transaction. If world start to do digital transaction and technology improves than it is possible that there will be no bank office but still banks will be maybe digital banks.

Banks will not vanish as they are here because the services they offer are needed in the economy. In order to make sure their position stays as solid as it is, they are improving their services to such a level, that you can't deny that what they offer isn't all that bad. Exactly this is already happening. On top of that there is also the support from the governments that gives banks extra weight.

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Quote from: Ejinx on December 16, 2016, 10:34:09 AM

Everyone is entitled to his/her opinions..but bitcoin is here tp stay... and we are enjoying bitcoin

Bitcoin can or will probably stay, but it is not assured that bitcoin will be adopted and used in real world like fiat and there is no chance of bitcoin replacing fiat or making banks disappear completely, they would simply not let it happen.

FaucetRank.com

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It will happen one day that banks will disappear but it is hard to that it will happen due to Bitcoin or due to digital fiat transaction. If world start to do digital transaction and technology improves than it is possible that there will be no bank office but still banks will be maybe digital banks.

markisanon2434

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Quote from: Ejinx on December 16, 2016, 10:34:09 AM

Everyone is entitled to his/her opinions..but bitcoin is here tp stay... and we are enjoying bitcoin

Sure, bitcoin is here to stay and rule the cryptos. I don't think banks will be replace by bitcoins. But both of them will be used together and simultaneously. There are people who still believe in Government backed Banks and that will hard to change. And Government need banks to function to have control over the economy.

Ejinx

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Everyone is entitled to his/her opinions..but bitcoin is here tp stay... and we are enjoying bitcoin

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Quote from: diegz on December 15, 2016, 09:49:49 PM

Quote from: raja2sumi on December 15, 2016, 09:41:07 PM

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

That's too much of a day dreaming. Banks have more functions than what you are thinking, and bitcoin could only replace one part of it, which is the money,. However, the establishment still has more transactions that occurs most of the day, one of those is processing . Do you think bitcoin alone is capable of processing loans, and other transactions that involves value?

Banks have more functions than bitcoins because bitcoin is nothing but a currency with a twist and banks are services. Without the banks, we wouldn't be able to deposit money to our local exchange website and buy some coins to start with. I guess banks would always be there because lots of people got their loan from banks for their business.

Bitcoins, on the other hand, doesn't have any "loan" feature but there are websites that offers loan. But it gets spammed by scammers, it's really hard to give loans through bitcoins since it's online and you don't know how to get to them when they didn't pay you.

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Quote from: raja2sumi on December 15, 2016, 09:41:07 PM

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

Where did you get that info? I guess you are not doing a good research dude, bank is created by the government to create fiat and as a entity to safeguard our fiat when we chooses to deposit, by looking at the current situation, bitcoin is still in reliance with fiat. It cannot exist and grow with the support of fiat.

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To the OP, only if the critical mass wants to make Banks disappear!

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Quote from: raja2sumi on December 15, 2016, 09:41:07 PM

Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

That's too much of a day dreaming. Banks have more functions than what you are thinking, and bitcoin could only replace one part of it, which is the money,. However, the establishment still has more transactions that occurs most of the day, one of those is processing . Do you think bitcoin alone is capable of processing loans, and other transactions that involves value?

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Yess obviously bitcoins will make banks disappear to a next level.well there will be only one bank whos only work will be to give loans to persons who are in need.

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Quote from: kryptqnick on December 14, 2016, 03:59:07 PM

Quote from: Gwerrahar on December 11, 2016, 08:32:49 PM

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

Exactly. Although I believe in btc's potential I think that if we speak about banks then rather they will make btc adjust to it. So nothing is killing anything but btc will appear in the banks and thus lose its anonymity and spontaneity (because it will become possible to control it).

Banks will try to seize bitcoin no doubt about that, but the very nature of bitcoin makes that to be very difficult so I think bankers are going to at some point understand that indirect control of bitcoin is the best they can hope for.

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Quote from: Gwerrahar on December 11, 2016, 08:32:49 PM

I do not think that this is possible to be honest because the banks are way too big but also too powerful right now!

Exactly. Although I believe in btc's potential I think that if we speak about banks then rather they will make btc adjust to it. So nothing is killing anything but btc will appear in the banks and thus lose its anonymity and spontaneity (because it will become possible to control it).

MMA

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Quote from: Bacotan Bae on December 11, 2016, 10:02:49 PM

I think this is true, and maybe this is a reason why until now bank not accepted bitcoin. Bitcoin system is very simple, without controlling we can send and receive money.

but i do not think that it is such an easy job, i think it will take a lot of time as still bitcoin is not yet so much popular and majority of the people of the world are still depending on Banking system, therefore i think it is not so easy job that bitcoin will disappear banks.

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Quote from: ffe on December 13, 2016, 02:32:35 PM

Quote from: hua_hui on December 13, 2016, 12:58:44 PM

Quote from: South Park on December 13, 2016, 12:02:48 PM

Quote from: rally on December 10, 2016, 12:33:13 PM

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

21 million btc can be broken down into mbtc or satoshi. And if there is a need, it can even be further broken down to meet the rising demand.

Trouble is, as of now, too few people hold most Bitcoin. To have Bitcoin increase in value to the point where it can be broken down sufficiently to be used by most of humanity, we would be giving these few initial holders of Bitcoin most of the wealth of the planet.

Just won't happen.

Bitcoin is not going to reach that point, believe me, while what you are saying may seem unfair that is just the nature of investments, early adopters get the losses when thing go wrong, but they also get the spectacular returns when things go right, besides if bitcoin ever reached the point you are suggesting then anyone in this forum will also win the lottery by holding just a few bitcoins.

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Quote from: angaper on December 11, 2016, 05:24:27 PM

I do not think banks will disappear, but there is no doubt that their business model is outdated and will be forced to evolve in a big way, and that is why we are seeing them make significant investments to in the development of institutional "blockchains", although perhaps they are arriving a little late to this innovation.

They will not come to adopt bitcoin until their governments allow them to adopt it or until bitcoin is legalized by the governments for their citizens to use it. without which we cannot expect that any bank will adopt it for their business. Maybe there will be some banks which will want to adopt bitcoin from now but they cannot.

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Quote from: hua_hui on December 13, 2016, 12:58:44 PM

Quote from: South Park on December 13, 2016, 12:02:48 PM

Quote from: rally on December 10, 2016, 12:33:13 PM

Bitcoin will never make banks disappear. That is impossible. There are only 21 million of bitcoins in the future. That is the maximum amount possible if i am correctly informeted. So if everyone in the world should be paying with bitcoins, we should all have very very very small amounts of bitcoin. That is impossible. I Believe in bitcoin as another value with which you will be able to pay all over the world, as you do with doller, yen, pound, euro or so. All the values will have there own life as now, and nothing is going to disappear.

While I agree that bitcoin is not going to make banks disappear I don't see how the 21 million limit of coins is any problem, does that means the users are going to have very small number of coins? Yes, but bitcoin can be fractioned very easily, after all, it was not long ago someone bought a pizza with tens of thousands of bitcoins.

21 million btc can be broken down into mbtc or satoshi. And if there is a need, it can even be further broken down to meet the rising demand.

Trouble is, as of now, too few people hold most Bitcoin. To have Bitcoin increase in value to the point where it can be broken down sufficiently to be used by most of humanity, we would be giving these few initial holders of Bitcoin most of the wealth of the planet.

Just won't happen.

Topic: Can Bitcoin make Banks disappear? - page 175. (Read 427614 times)