Can Bitcoin make Banks disappear? - page 184.

BitHodler

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Quote from: Doamader on November 19, 2016, 12:32:12 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 do believe he is saying about some services that banks does provide, which we cant get with bitcoin, like long term loans, bitcoin cant do it, if we do those we know we are likely donating our coins. Besides those service, there are few to invest, that may bring good results, bitcoin for other side has huge potencial and someday may achieve the top position as investment as bank safety, i do use bitcoin as my banks for investements.

There are several ways to get a loan in Bitcoin. It's either that you can ask for a loan here on this forum (assuming you have solid collateral), or you sign up at a lending site which we currently have a few of.

Of course I am well aware of the problems that people are facing when looking into certain lending sites, but if you don't like what they offer, you can start your own lending service.

The lending subject was just an example. Everything you "can't" do with Bitcoin, can be done through various other ways where you don't need an entity naming itself a Bitcoin bank. It's an open market. Everything is available. Wink

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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.

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.

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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.

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Quote from: stadus on November 19, 2016, 08:24:03 PM

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.

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 deposit your money in the bank but don't bother for the interest because it's not really that big enough to consider as income. Deposit for safe keeping while invest in bitcoin to increase your income, it's easy as that but you need to take risk if you aim high enough.

stadus

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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.

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.

wxa7115

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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.

1Referee

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Quote from: Fireblade on November 19, 2016, 02:33:02 PM

as currently bitcoin is still not accepted by any country therefore banks are not ready to accept bitcoin ad for transaction or for saving.

Why do you even think the government of whatever country will ever make an attempt to adopt something decentral, while they are thriving on being the central point of everything? Doesn't really make sense IMO.

Quote from: Fireblade on November 19, 2016, 02:33:02 PM

but as soon as the states will accept bitcoin as legal currency banks will also start accepting bitcoins.

This will never happen. You are making yourself happy with an unrealistic thought. This will only end up in a big disappointment for you if you don't put these thoughts/hopes aside.

Quote from: Fireblade on November 19, 2016, 02:33:02 PM

and i think they will create online wallets for it, therefore to me bitcoin is not going to disappear banks.

Regardless of Bitcoin, banks will not vanish as this is exactly how the current system is set up. It's part of the game where you are relying on entities that take away your financial freedom, squeeze every penny out of your pockets through tax, make you end up in a world of debt, etc.

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Quote from: groll on November 19, 2016, 01:47:11 PM

Quote from: akashborikar on November 17, 2016, 08:24:41 PM

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Yes, i agree!banks would definitely would not dissapear as long as the fiat did not dissapear. It is impossible to loss bank. Banks have an important role in the world. Although the born of digital currency do not need bank, still the world needs bank to control fiat. The bank can manipulate fiat and fiat needs control. Maybe a few changes from bank may happen as the digital currency enters but not to the point that we will loss bank.

as currently bitcoin is still not accepted by any country therefore banks are not ready to accept bitcoin ad for transaction or for saving. but as soon as the states will accept bitcoin as legal currency banks will also start accepting bitcoins. and i think they will create online wallets for it, therefore to me bitcoin is not going to disappear banks.

groll

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Quote from: akashborikar on November 17, 2016, 08:24:41 PM

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Yes, i agree!banks would definitely would not dissapear as long as the fiat did not dissapear. It is impossible to loss bank. Banks have an important role in the world. Although the born of digital currency do not need bank, still the world needs bank to control fiat. The bank can manipulate fiat and fiat needs control. Maybe a few changes from bank may happen as the digital currency enters but not to the point that we will loss bank.

Doamader

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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 do believe he is saying about some services that banks does provide, which we cant get with bitcoin, like long term loans, bitcoin cant do it, if we do those we know we are likely donating our coins. Besides those service, there are few to invest, that may bring good results, bitcoin for other side has huge potencial and someday may achieve the top position as investment as bank safety, i do use bitcoin as my banks for investements.

richardsNY

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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?

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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

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Quote from: wxa7115 on November 18, 2016, 11:20:40 PM

Quote from: akashborikar on November 17, 2016, 08:24:41 PM

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Banks will not disappear but they are going to change, right now banks are researching and creating their very own blockchains, they love blockchain technology but hate bitcoin being on top of it.

I agree with you . could someday BANK will use the technology bitcoin in their financial system. to see these advantages, the BANK may attract more number of users more.

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Quote from: akashborikar on November 17, 2016, 08:24:41 PM

Banks would not disappear. Maybe the way banking works might become different, but even that is a remote possibility.

What you need to remember is that banking is big business. If bitcoin were to cause the banking industry problems, the banks would fight against bitcoin. And they would wage that war through government; By using legislation to keep bitcoin from causing problems to their industry. And government would happily play along.

Banks will not disappear but they are going to change, right now banks are researching and creating their very own blockchains, they love blockchain technology but hate bitcoin being on top of it.

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Quote from: noictib on November 17, 2016, 09:09:11 PM

Quote from: X7 on November 17, 2016, 08:56:53 PM

Unlikely that Bitcoin will make banks disappear, because of the vast amounts of wealth some of these banks have at their disposal. They will simply buy the larger bitcoin companies and gain relative market share.

The smart banks will pivot and see how they may utilize the technology to better their systems, the stubborn banks will disappear perhaps. But not all of them, not by a long shot.

you are right , But still people's habbits will never make Bank disappear because people usually getted into bitcoin for fiat ( bank Money ) .
then how can we say that bitcoin will make bank disappear .

maybe the bank will not disappear but the bank will be make integrate and syncronize with blockchain technology because blockchain technology itself actually is a new technology which can help the bank to serve their member to better than before. beside that, as long as people still using fiat for daily life, then the bank will not disappear.

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Quote from: choppork on November 18, 2016, 10:05:10 PM

Quote from: hawkins on November 18, 2016, 12:19:55 PM

The current bank is something greater than the bitcoin, and the bank has been recognized worldwide, even everyone knows about the bank. however, not everyone knows what it is bitcoin, and not everyone can use bitcoin for now, because there are many people who are blind to the technology. Well, if bitcoin really growing, it may only be a rival bank

That's the situation right now but we're approaching a digital world. The kids are starting to be so computer literate nowadays that they starting to overcome the computer skills of other adults. And when it comes to the popularity of bitcoins, it's only a matter of time when it becomes popular. Since people are all looking in their phone screens all day, they will eventually search for ways to earn money online and bitcoin would be one of the most popular search results.

Earning money is not the make-all and end-all of this world. There are people in this world, who are not interested in the satoshis offered online. So thinking that this would be the reason for Bitcoin's success and the failure of banks is fool hardy.

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Quote from: choppork on November 18, 2016, 10:05:10 PM

Quote from: hawkins on November 18, 2016, 12:19:55 PM

The current bank is something greater than the bitcoin, and the bank has been recognized worldwide, even everyone knows about the bank. however, not everyone knows what it is bitcoin, and not everyone can use bitcoin for now, because there are many people who are blind to the technology. Well, if bitcoin really growing, it may only be a rival bank

That's the situation right now but we're approaching a digital world. The kids are starting to be so computer literate nowadays that they starting to overcome the computer skills of other adults. And when it comes to the popularity of bitcoins, it's only a matter of time when it becomes popular. Since people are all looking in their phone screens all day, they will eventually search for ways to earn money online and bitcoin would be one of the most popular search results.

Yeah thats right. Kids will be curius about bitcoin and they will checking it on how it will work. Specially kids now a days is game addicts and steam is the #1 gaming client . Steam is accepting bitcoin as the payment on the game credits. They might check it

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Quote from: hawkins on November 18, 2016, 12:19:55 PM

The current bank is something greater than the bitcoin, and the bank has been recognized worldwide, even everyone knows about the bank. however, not everyone knows what it is bitcoin, and not everyone can use bitcoin for now, because there are many people who are blind to the technology. Well, if bitcoin really growing, it may only be a rival bank

That's the situation right now but we're approaching a digital world. The kids are starting to be so computer literate nowadays that they starting to overcome the computer skills of other adults. And when it comes to the popularity of bitcoins, it's only a matter of time when it becomes popular. Since people are all looking in their phone screens all day, they will eventually search for ways to earn money online and bitcoin would be one of the most popular search results.

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The current bank is something greater than the bitcoin, and the bank has been recognized worldwide, even everyone knows about the bank. however, not everyone knows what it is bitcoin, and not everyone can use bitcoin for now, because there are many people who are blind to the technology. Well, if bitcoin really growing, it may only be a rival bank

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Quote from: Polisi Ndeso on November 18, 2016, 03:41:33 AM

Quote from: noictib on November 17, 2016, 09:09:11 PM

Quote from: X7 on November 17, 2016, 08:56:53 PM

Unlikely that Bitcoin will make banks disappear, because of the vast amounts of wealth some of these banks have at their disposal. They will simply buy the larger bitcoin companies and gain relative market share.

The smart banks will pivot and see how they may utilize the technology to better their systems, the stubborn banks will disappear perhaps. But not all of them, not by a long shot.

you are right , But still people's habbits will never make Bank disappear because people usually getted into bitcoin for fiat ( bank Money ) .
then how can we say that bitcoin will make bank disappear .

The mark of the bank will disappear is very near, in developed countries the more functions the bank replaced by a third-party financial agencies. The Central Bank is never going to disappear, but private banks slowly will soon disappear. Presence of bitcoin make bank disappear faster than normal time.

The banking system and those who are led by it, very much understand the emerging market cryptocurrency, so given the competition take note of the new technologies, including blockchain.

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