Can Bitcoin make Banks disappear? - page 183.

Doamader

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Quote from: bamboylee on November 21, 2016, 05:10:31 AM

Quote from: ashiqdey on November 20, 2016, 09:00:19 AM

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

That limit is what makes bitcoin valuable. Without limit, it will be just another fiat that can be printed out unlimited, slowing losing value. But even with that said, it cannot make banks disappear. It is not designed to eliminate banks but just an option.

There are others altcoins with an huge supply and several new coins that after been mined can be staked and generate new coins, sure have a restricted number of coins should make it something rare, but some people already said that maybe bitcoin can cross those value in the future, meaning more bitcoin into circulation, i do hope they dont do such, but the core should do the best to bitcoin. Banks are following the world tendences, allowing several things to be done from phone at home, and their services are far away from what bitcoin can offer for you at the moment.

1Referee

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Quote from: Fraxinus on November 21, 2016, 03:59:20 AM

I really doubt that because Banks have a lot of power and the governments suppor the banks so it will be really hard for BTC to fully replace the whole banking system.So much more people have to adopt BTC in order for that to happen and also the economy has to change,it is possible but the real question is when it will happen and will there be any restrictions or we will use BTC and cryptocurrencies the way we do today.

It's only possible theoretically. Fiat based payment infrastructure is only improving where the need for an alternative currency tool as Bitcoin will be less wanted by the years. Why would people adopt Bitcoin purely as currency when they can do everything with fiat already? No hassle, no waiting for confirmations, no transaction fees, instant money returns when you bring an article back to the store, insured transactions, etc. Also, if Bitcoin is growing to a level where it possibly may cause some sort of damage to the economy, governments will not sit back and look at how their economy is being taken over by something as little as Bitcoin. It won't ever happen.

bamboylee

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Quote from: ashiqdey on November 20, 2016, 09:00:19 AM

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

That limit is what makes bitcoin valuable. Without limit, it will be just another fiat that can be printed out unlimited, slowing losing value. But even with that said, it cannot make banks disappear. It is not designed to eliminate banks but just an option.

Fraxinus

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I really doubt that because Banks have a lot of power and the governments suppor the banks so it will be really hard for BTC to fully replace the whole banking system.So much more people have to adopt BTC in order for that to happen and also the economy has to change,it is possible but the real question is when it will happen and will there be any restrictions or we will use BTC and cryptocurrencies the way we do today.

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Quote from: WhiteSkinnedFREAK on November 21, 2016, 03:11:48 AM

Lol no? Obviously theres not enough trust in the security of the value so I dont think people will be entrusting all of their money in a crypto

You are right. It will take many years if not decades for the cryptocurrencies to establish themselves to be trusted.

WhiteSkinnedFREAK

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Lol no? Obviously theres not enough trust in the security of the value so I dont think people will be entrusting all of their money in a crypto

Tukang Becak

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I'm not sure that bank will disappear with the bitcoin. Bank will always be required whenever financial transactions, because it could not be entirely handled by the system. A simple example is the post office remained although the technology is already advanced.

icecube45

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Quote from: 8Habits on October 31, 2016, 05:15:28 AM

Quote from: icecube45 on October 31, 2016, 04:54:57 AM

Quote from: to1ga on October 30, 2016, 01:51:02 PM

Quote from: iram3130 on October 30, 2016, 12:14:24 PM

As u can see many country's banks are adopting bitcoins in their transactions and I really feel banks will go down some day with just an app and websites.
Which is almost there already..

We cannot expect that each and every bank from different countries will start accepting bitcoins in future as Governments of certain countries will surely oppose bitcoins and won't support them as it can be a threat to their financial system and in that case banks will always keep on operating.

I do not know if all banks will accept bitcoin in the end, but in my country the bank does not want to cooperate with bitcoin for several reasons. Perhaps the bank already has its own system that will be developed and accepted by many people. I think between the bank and the bitcoin very different so it can not work together, and bitcoin could not make disappear the bank because the bank has good strength.

At this point in time, bitcoin is a good alternative for fiat money when in terms of financial transactions online and even other stuff like online gaming, trading altcoins, investing, and the like. Hence, it will not make banks disappears because it serves as a good alternative for people that want to use bitcoin.

Yes, if bitcoin as an alternative I suppose it would can. Bitcoin currency alternative based online very good, maybe the future of all online transactions will start using bitcoin. So that bitcoin will not replace the bank because it was not possible, between the bank and bitcoin are so different that will have the function of each is different.

spendawgs

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Some places maybe

mikehersh2

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Personally i dont think they can. There will always be people who prefer the tradition method of using a bank, there is a large portion of the population who do not trust technology yet.

carlerha

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Quote from: wxa7115 on November 19, 2016, 07:30:52 PM

Quote from: richardsNY on November 19, 2016, 10:14:51 AM

Quote from: Selly Arumsari on November 19, 2016, 10:07:35 AM

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.

but banks cannot give you such a good profit in such a short period of time and if you want to get interested on your saving in banks you have to put your money for years and only then you can get a good interested while bitcoin is in your hand every time and you can use it any time day or night having no restriction on use of bitcoin.

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Quote from: Doamader on November 20, 2016, 08:57:06 AM

Knowing that several companies does work with banks, the loans they get to invest into the company, no other source a company can grow easy since there are others competitors, but the thing is banks with their services, being savings and loans in the general are in plenty control of the economy, since several people does use those services always.

So if bitcoin will make banks disappear many of the companies will not agree on this. Because many do still have doubt feeling with bitcoin and especially those company who have been working with banking loans and other services they give. And the most affected for this disappearance will be the government of a country that allows bitcoin to disappear banks.

Mastsetad

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Quote from: ashiqdey on November 20, 2016, 09:00:19 AM

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Exactly, the reason why it does not seem possible for bitcoin to make banks disappear is the limitation of it, because bitcoin has a limited amount while if it is accepted by even one country it may don't be able to cover the economy of it, so what if more than one countries accept bitcoin? There would probably be problems in this, only if the amount of bitcoin can be increased then maybe it can do something like that.

ged00u

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Quote from: MarvelousAQL on November 20, 2016, 06:56:56 AM

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

Yeah I totally agree with you, the existence of bitcoin which is online currency doesn't have anything to do with the existence of banks. I mean bitcoin is a result of the development of the internet, which is something quite unstable, so how can it make fiat money, which plays a major role in our life to keep us living. So it's impossible for bitcoin to replace what has been irreplaceable.

Shiroslullaby

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Quote from: MarvelousAQL on November 20, 2016, 06:56:56 AM

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

This is a very important point.
Even in areas with reliable power, having everything based on a digital currency is very dangerous.
In the future, cyber warfare will become a greater threat. If an enemy is able to cut off power or internet, you would need to have some form of physical currency.
For this reason you probably always need some form of fiat in paper or coin.

Tyrantt

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Need some spare btc for a new PC

Quote from: ashiqdey on November 20, 2016, 09:00:19 AM

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Not yet and probably NK wont accept it ever. Yes, but since the bitcoin has a limited number, there can't be an inflation.

Xenophoto

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Quote from: ashiqdey on November 20, 2016, 09:00:19 AM

100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Anyone can actually use bitcoin in any country as long as there's an internet connection. I haven't heard someone getting arrested because he used bitcoin in this forum or maybe I just haven't done research about it. Bitcoin is just not banned at all. Government just say that it's an unregulated currency and I don't hear in the news government officials talking about bitcoins.

If bitcoin didn't have that limit in its quantity, then I'm sure that 1 bitcoin would cost much less than what it is right now. It's a good thing that there would only be 21 million of them after all of the coins is in regulation because that would create scarcity and scarcity creates value.

ashiqdey

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100% impossible because bitcoin is not accepted by all countries and there are many country which are against bitcoin. and bitcoin is not the safest form of money because it has limit of 21 million so this would definitely cause crisis.

Doamader

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Knowing that several companies does work with banks, the loans they get to invest into the company, no other source a company can grow easy since there are others competitors, but the thing is banks with their services, being savings and loans in the general are in plenty control of the economy, since several people does use those services always.

Labumi

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Quote from: saiha on November 20, 2016, 07:15:38 AM

Quote from: MarvelousAQL on November 20, 2016, 06:56:56 AM

Bitcoin being an E-curreny can't make bank dissappear; for one thing, here in our country Botswana, we get alot of power cuts, relying on online currency is a really bad thing. Its best to know that you have something physical to use even if the whole world goes internet dark.

That's the risk of digital money if the world will experience some unexpected scenarios such as mass power interruption.

Then it cannot be a good substitute for banking system for they still have the best system when this kind of scenario happens.

Unlike with bitcoin, it needs power,internet and computer.

The thought is very good friends. Indeed the banking is a system that will always live despite the bitcoin as financial rulers of this world or as the master of the economy. Because without the banking system all the things there are in the world is not going to go well and the maximum. And also without banking each country will certainly be difficult to count all the finance they get in and do a calculation of each Fund to be used

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