Can Bitcoin make Banks disappear? - page 176.

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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.

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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.

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probably bitcoin could excel when it comes to financial systems but I don't see any chances for it to make banks disappear because banks dominated the system first and it is under the government so it seems to be impossible to happen but still they can coexist in the modern society .

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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.

I think the biggest downside for the banks right now is that it is untraceable and this is something what they just do not like, they have no power over it.

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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.

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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!

Truly they are and I'm thinking how can bitcoin make the banks disappear because a country needs to have bank for the circulation of their wealth.

And how can bitcoin do that job if the banks are the only one to be fitted on doing that job. Also banks are being controlled by the gov't.

So, it is going to be impossible thing that bitcoin will replace banks.

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Quote from: lilit on December 11, 2016, 04:20:31 PM

Quote from: Harlot on December 11, 2016, 03:57:36 AM

Bitcoin can't possibly go that far, because Banks are handles by conglomerate they know what they are doing. And as of the moment they are not panicking about Bitcoin and they have a reason not too. Bitcoin is a limited kind of currency and other than that it is unstable making it hard for any other people to use it. Also Bitcoin is not allowed in certain countries meaning they won't affect locals that much.

It is perhaps worthy of an answer. I understand that bitcoin is not enough functions. But he has a right to exist. That's only to deceive users with it not worth it.

I agree, bitcoin is not able to go far and make banks disappear as we know that banks are already strong enough and they are backed up by the government. It is going to be possible that bitcoin will be used by the banks but banks will still remain and will not be disappear. So, this kind of speculation is very impossible to happen.

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

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Quote from: Harlot on December 11, 2016, 08:10:21 PM

Quote from: dotajhay on December 11, 2016, 07:07:03 PM

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.

That's true if they will not upgrade or evolve to new generation like bitcoins the people who using banks will decrease because they will switch into bitcoins because bitcoins has many benefits unlike bank accounts or credit cards.

What do banks need to evolve with? I honestly think they are not lacking into anything. I mean they are really good at what they are doing from wireless money transfers to credit card payment, they even have loans for you to buy a car. I don't know why do you think they are worrying about Bitcoin that they will ran out of business because of one kind of currency, that is wrong.

That's true. the bank is actually still not consider bitcoin as a threat thus they don't need to evolve. Most of bitcoiners are hating the banks because of their right to shut down their client's account by the order of the government,and because their lending which took a lot of interests. Bank already have everything either for online transaction and offline transaction. it's just how bitcoin can compete bank and it might be a really hard competition for bitcoin

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Quote from: dotajhay on December 11, 2016, 07:07:03 PM

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.

That's true if they will not upgrade or evolve to new generation like bitcoins the people who using banks will decrease because they will switch into bitcoins because bitcoins has many benefits unlike bank accounts or credit cards.

What do banks need to evolve with? I honestly think they are not lacking into anything. I mean they are really good at what they are doing from wireless money transfers to credit card payment, they even have loans for you to buy a car. I don't know why do you think they are worrying about Bitcoin that they will ran out of business because of one kind of currency, that is wrong.

dotajhay

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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.

That's true if they will not upgrade or evolve to new generation like bitcoins the people who using banks will decrease because they will switch into bitcoins because bitcoins has many benefits unlike bank accounts or credit cards.

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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.

The number of coins is definitely not a problem as the higher the price goes, the lower the amounts that people have and use will be. Add that we most likely won't even reach 1% (+70 million) of the world population to use Bitcoin. Right now we have just a few million people at most that are using Bitcoin on a regular basis. If we see this number go x10 to around 25 million users, then the price will go up to much much higher levels. Right now the majority of the people don't even have 0.5 BTC. Imagine how that will be after a few years when the price breaks through ATHs constantly.

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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.

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Quote from: Harlot on December 11, 2016, 03:57:36 AM

Bitcoin can't possibly go that far, because Banks are handles by conglomerate they know what they are doing. And as of the moment they are not panicking about Bitcoin and they have a reason not too. Bitcoin is a limited kind of currency and other than that it is unstable making it hard for any other people to use it. Also Bitcoin is not allowed in certain countries meaning they won't affect locals that much.

Only when the last coin will be produced and bitcoin price reaches its maximum, that's when it will be possible to talk about the real prospects cryptocurrency. But still limited capacity will haunt the entire financial system.

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Quote from: Harlot on December 11, 2016, 03:57:36 AM

Bitcoin can't possibly go that far, because Banks are handles by conglomerate they know what they are doing. And as of the moment they are not panicking about Bitcoin and they have a reason not too. Bitcoin is a limited kind of currency and other than that it is unstable making it hard for any other people to use it. Also Bitcoin is not allowed in certain countries meaning they won't affect locals that much.

It is perhaps worthy of an answer. I understand that bitcoin is not enough functions. But he has a right to exist. That's only to deceive users with it not worth it.

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Quote from: d@nte on December 11, 2016, 03:31:36 PM

Quote from: BigBos on December 11, 2016, 01:19:03 PM

Well, I feel that, at this time bitcoin still do not have the ability to make the bank disappeared. I feel, at this time the bank is something greater than the bitcoin. besides, there are many advantages of the bank in terms of transactions, storage, and others.

By the fact that it is already a business that has been here for many decades, the banking system has several advantages over Bitcoin with respect to places to use it.
However, with regard to technology, Bitcoin is far ahead of banks, the problem is that the number of people who are aware of this is still limited, but history has shown that the best technologies are adopted by people over time.

Because really the whole business and the small and large, all depending on the bank and its services. How can the banking system to give way bitcoin. If it relates to taxes, it is a strong argument. But if other times, they must be sound.

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Quote from: BigBos on December 11, 2016, 01:19:03 PM

Well, I feel that, at this time bitcoin still do not have the ability to make the bank disappeared. I feel, at this time the bank is something greater than the bitcoin. besides, there are many advantages of the bank in terms of transactions, storage, and others.

By the fact that it is already a business that has been here for many decades, the banking system has several advantages over Bitcoin with respect to places to use it.
However, with regard to technology, Bitcoin is far ahead of banks, the problem is that the number of people who are aware of this is still limited, but history has shown that the best technologies are adopted by people over time.

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Quote from: BigBos on December 11, 2016, 01:19:03 PM

Well, I feel that, at this time bitcoin still do not have the ability to make the bank disappeared. I feel, at this time the bank is something greater than the bitcoin. besides, there are many advantages of the bank in terms of transactions, storage, and others.

If Blockchain are embracing banks, it is likely that bitcoin will help banks survive than the abyss.

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Well, I feel that, at this time bitcoin still do not have the ability to make the bank disappeared. I feel, at this time the bank is something greater than the bitcoin. besides, there are many advantages of the bank in terms of transactions, storage, and others.

ivan.daineko23

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Quote from: choppork on December 11, 2016, 09:37:54 AM

Quote from: Harlot on December 11, 2016, 03:57:36 AM

Bitcoin can't possibly go that far, because Banks are handles by conglomerate they know what they are doing. And as of the moment they are not panicking about Bitcoin and they have a reason not too. Bitcoin is a limited kind of currency and other than that it is unstable making it hard for any other people to use it. Also Bitcoin is not allowed in certain countries meaning they won't affect locals that much.

Bitcoin being limited is good. Scarcity gives value and if there was more amount of bitcoins in regulation right now, then the price of bitcoin would be different. There's no currency that has unlimited supply. Maybe if there was one, it would be fiat. Seriously, your balance in the bank is just a number. The government can easily adjust those digits.

People always say that bitcoin is banned in "certain countries" or in some countries but never bothered mentioned what countries are those. The government can't control whatever you want to do online. They might possibly track you down but they would never have control of your activities.

bitcoin does limit options and I do not think that it can replace banks of full re. Service people are getting very diverse and all bitcoin will not be able to offer.

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