Can Bitcoin make Banks disappear? - page 181.

Mr. Big

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Quote from: lEgEndArIUs on November 25, 2016, 01:17:03 AM

Quote from: Mr. Big on November 25, 2016, 01:04:28 AM

Quote from: The_prodigy on November 25, 2016, 12:52:08 AM

Bank is much more stronger than Bitcoin and Banks is now more popular and uses by people to save there money from business or any money than came from good work and bitcoin can really bank disppear then what will be the next bank for the world ? It is bitcoin wallet? Lmao bitcoin is not yet that popular so far.

Banks has a lot of function that bitcoin cannot replace... Even if bitcoin go mainstream, we can never see it replace banks, banks are not just into holding and releasing money, they are more than that... Bitcoin wallet is clearly like bank book or ATM, and as I've mention, banks has a responsibility and function more than that.,..

Nothing is impossible, we can see the post office has already started to close, because people already no one sends mail paper, it is very likely to occur in the presence of bitcoin.

Nope, post offices still operates nowadays... It looks like that it is close, but it is not... Most of the time they are now delivering mails from the government and transactions like that, and some goods coming from customs which needs to be taxed and needs tariff... But anyway, if it is possible as you said, I think that means we need to transact our deed of sale and land title in the bank with a bot in the computer? that's too impossible... I am sure that it's far from happening...

lEgEndArIUs

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Quote from: requester on November 25, 2016, 01:31:30 AM

Nope bitcoin can't make banks disappear because bitcoin is a digital money which have no central agency to control the money and it had limited number that is only 21 million which would create scarcity of the money.

21 million but still there is a small unit, i.e. 21 million times 100 million, if one day 1 satosi equals 1 dollar, I think bitcoin can sufficient the needs the money for all transactions the entire population of the world.

requester

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Nope bitcoin can't make banks disappear because bitcoin is a digital money which have no central agency to control the money and it had limited number that is only 21 million which would create scarcity of the money.

bamboylee

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Quote from: The_prodigy on November 25, 2016, 12:52:08 AM

Bank is much more stronger than Bitcoin and Banks is now more popular and uses by people to save there money from business or any money than came from good work and bitcoin can really bank disppear then what will be the next bank for the world ? It is bitcoin wallet? Lmao bitcoin is not yet that popular so far.

It is not about replacing the current bank, it is about removing the need for banks. And that is what is bitcoin is aiming for. Bitcoin is made to make payments or transactions without relying on a third party processor. And bitcoin is successful with that. Bitcoin may not be that popular so far, but the technology is very promising and will be popular in the future.

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Quote from: Mr. Big on November 25, 2016, 01:04:28 AM

Quote from: The_prodigy on November 25, 2016, 12:52:08 AM

Bank is much more stronger than Bitcoin and Banks is now more popular and uses by people to save there money from business or any money than came from good work and bitcoin can really bank disppear then what will be the next bank for the world ? It is bitcoin wallet? Lmao bitcoin is not yet that popular so far.

Banks has a lot of function that bitcoin cannot replace... Even if bitcoin go mainstream, we can never see it replace banks, banks are not just into holding and releasing money, they are more than that... Bitcoin wallet is clearly like bank book or ATM, and as I've mention, banks has a responsibility and function more than that.,..

Nothing is impossible, we can see the post office has already started to close, because people already no one sends mail paper, it is very likely to occur in the presence of bitcoin.

Mr. Big

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Quote from: The_prodigy on November 25, 2016, 12:52:08 AM

Bank is much more stronger than Bitcoin and Banks is now more popular and uses by people to save there money from business or any money than came from good work and bitcoin can really bank disppear then what will be the next bank for the world ? It is bitcoin wallet? Lmao bitcoin is not yet that popular so far.

Banks has a lot of function that bitcoin cannot replace... Even if bitcoin go mainstream, we can never see it replace banks, banks are not just into holding and releasing money, they are more than that... Bitcoin wallet is clearly like bank book or ATM, and as I've mention, banks has a responsibility and function more than that.,..

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Quote from: hanksBTC on November 25, 2016, 12:37:47 AM

Never! banks will be there as long as governments are there. both go together.

during the bank still held by the government, I think bitcoin will never replace it, even if bitcoin was legalized throughout the state. Well, the people have trust banks, and even banks have also provided a lot of help to the community. Well, bitcoin might not be able to make the banks disappear, but bitcoin will be a rival of the bank

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Bank is much more stronger than Bitcoin and Banks is now more popular and uses by people to save there money from business or any money than came from good work and bitcoin can really bank disppear then what will be the next bank for the world ? It is bitcoin wallet? Lmao bitcoin is not yet that popular so far.

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Quote from: BTCBinary on January 11, 2016, 09:40:58 PM

It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.

"TheStreet: How do you think FinTech will impact the way banks operate?

Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

What's your read on that?

Banks are not needed anymore when you have bitcoin. The job of transacting money can be done already with cryptocurrencies such as bitcoin, without a middleman. And that middleman currently in society are banks.

Banks also run on a sketchy fractional reserve system - bitcoin evidently doesn't.

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Never! banks will be there as long as governments are there. both go together.

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Quote from: Ziskinberg on November 24, 2016, 11:53:37 PM

Quote from: diegz on November 24, 2016, 10:20:31 PM

Quote from: BitSat on November 24, 2016, 07:00:39 PM

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

Definitely true, therefore we cannot afford to lose bank in this word, fiat is created by the bank the we are using it everyday, we are lucky to have bitcoin but it should not reach into the level that we should replace bank in the future.

A good conclusion. It is not the bank that should be deleted but the way it is being handled. It is robbing a lot of money by loans and credit cards. Bitcoin is a good proof of it. I dont use banks but I hear a lot of stories into how they are putting percentage on credit cards and loans. This should be stopped and I think bitcoin is one of the best option to change it.

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Quote from: TheGreatPython on November 24, 2016, 03:35:08 PM

Quote from: bhadz on November 21, 2016, 07:13:42 PM

Quote from: groll on November 21, 2016, 01:36:54 PM

Quote from: spendawgs on November 21, 2016, 12:47:43 AM

Some places maybe

In what particular place you think? Well, i think thats imposible. Banks has an important role on national currency, even if all country will switch to digital currency, banks will never dissapear. Money needs control, and only bank can do that. And many people defends on bank, saving on bank or the old tradition of saving money on bank will never fade even digital currency will introduce to all.

I don't even think that bitcoin will replaced the banks for it is a very important establishment world wide. A country without bank will experience most of the time inflation and if they will allow this to happen. How the government can regulate bitcoin if it is only limited and decentralize. For sure they will just making another problem to their economy.

But I think bitcoin can replace banks, if all the people of the word start using bitcoin, if you provide the facilities in all over the world to use bitcoin as fiat currency, then it is really possible as bitcoin is more convenience that fiat currency and specially for those who are using it for online services.

Even though, still the government is the one to decide if they will allow to make replacement of banks. And who do you think will be able to manage the banking sector? Bitcoins? No, bitcoin is decentralized and it cannot even be manage by an individual or itself won't be able to control the sector of banking industry.

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Quote from: diegz on November 24, 2016, 10:20:31 PM

Quote from: BitSat on November 24, 2016, 07:00:39 PM

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

Definitely true, therefore we cannot afford to lose bank in this word, fiat is created by the bank the we are using it everyday, we are lucky to have bitcoin but it should not reach into the level that we should replace bank in the future.

diegz

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Quote from: BitSat on November 24, 2016, 07:00:39 PM

I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Banks has many function in the community, even bitcoin users benefit from its existence. Now, if there is no way that government is going to make it legal and stay as it is now, well, bank is very much useful to us bitcoin user. Day to day transactions when it comes to finance pass thru banks, and bitcoin cannot do that and probably won't in the coming years.

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Quote from: Doamader on November 24, 2016, 06:57:36 PM

Well if coinbase does provide all details to USA, this will end up with people removing their accounts and bitcoin from there, we love bitcoin because we are hidden unders adress, and not able to trace us, otherwise we would had some problems with whales.

You shouldn't only point your focus at Coinbase for doing so. Every legal exchange will hand over your details to the government if they demand it. Exchanges can't do anything other than doing what the government is forcing them to do. They will kindly supply the government will all the information they are asking for. Think about trading logs, coin deposit and withdrawal logs, IP's from where you have been using your account, fiat deposits and cashouts, etc. The government will make a calculation of what they think you owe them in unpaid tax, and send you the bill afterwards.

Quote from: Doamader on November 24, 2016, 06:57:36 PM

Its insane banks trying to take control over bitcoin, or blockchain this will make us hate banks instead use their services. Bitcoin cant replace banks, but looks like banks are scared about what bitcoins is doing and what can do in the future.

Of course they don't like Bitcoin. It's a potential threat to their way of doing business, how they control people's money, how they gamble with it on financial markets and make billions in profit, etc. Bitcoin gives the power and financial freedom back to the people. Governments and banks don't like that idea. They want you to be stuck in their system for ever.

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I don't this this can happen as banks have their own value and they are doing too many services in many countries for peoples and bitcoin cannot provide this service to every one its just a digital payment system and banks have no problem with this

Doamader

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Well if coinbase does provide all details to USA, this will end up with people removing their accounts and bitcoin from there, we love bitcoin because we are hidden unders adress, and not able to trace us, otherwise we would had some problems with whales. Its insane banks trying to take control over bitcoin, or blockchain this will make us hate banks instead use their services. Bitcoin cant replace banks, but looks like banks are scared about what bitcoins is doing and what can do in the future.

TheGreatPython

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Quote from: bhadz on November 21, 2016, 07:13:42 PM

Quote from: groll on November 21, 2016, 01:36:54 PM

Quote from: spendawgs on November 21, 2016, 12:47:43 AM

Some places maybe

In what particular place you think? Well, i think thats imposible. Banks has an important role on national currency, even if all country will switch to digital currency, banks will never dissapear. Money needs control, and only bank can do that. And many people defends on bank, saving on bank or the old tradition of saving money on bank will never fade even digital currency will introduce to all.

I don't even think that bitcoin will replaced the banks for it is a very important establishment world wide. A country without bank will experience most of the time inflation and if they will allow this to happen. How the government can regulate bitcoin if it is only limited and decentralize. For sure they will just making another problem to their economy.

But I think bitcoin can replace banks, if all the people of the word start using bitcoin, if you provide the facilities in all over the world to use bitcoin as fiat currency, then it is really possible as bitcoin is more convenience that fiat currency and specially for those who are using it for online services.

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Quote from: subcypher on January 11, 2016, 09:48:18 PM

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

yes i agree for your opinion , i am believe that bank always used .. because bitcoin not yet function like bank

Why would you want Bitcoin to function as a regular bank? More important, what is Bitcoin according to you missing since you want it to be like a bank? You can send and receive money 24/7 instantly without the need of a middle man, you own everything in full, it's a great tool to avoid interferene from banks and governments. Only benefits. That's why I don't understand what you are missing. Or probably.... You are not getting any interest on your coins as it is, is that what you are looking for?

I have always though that bitcoin is a great invention but it can also bring fear to some people since now you are completely responsible for your own financial success, when your money is in the bank there are some things the bank offers that bitcoin does not, like interest rates or savings protection, for people used to those things leaping into bitcoin may seem like a risk and even worst since you are on your own.

The interest you are talking is not really beneficial to us because the bank will use our funds to lend to their clients and we are just paid a little interest in return while they get the big amount. What they do is they also risk the money that they raise so why not just for us risk our own money in bitcoin, at least here we have great return.

You are correct in the sense that if we invest ourselves our money we could gain more money but you must understand many people don't want that kind of responsibility and want to forget about it, which is a mistake, but hey its their money.

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People constantly complain about losing bitcoins in accidents like losing passwords, losing hard disks and what not, because let's face it, most people can't take care of their own money, they depend on others and can't face the responsibility of managing your own money, so I think banks will always exist, even if banks are dealing with bitcoin.

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