Can Bitcoin make Banks disappear? - page 185.

Polisi Ndeso

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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 .

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.

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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.

It's already changing. If I compare the banking experience right now, with how it was years ago, then it has been changing a lot (for the positive). For the first time in years the customers are being the central point of attention, and not the banks with their greedy intentions. It has either be an effect of them feeling pressure of alternative payment forms such as Bitcoin, or because people were taking distance from banks more and more. Something has sparked this effect.

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

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.

If Bitcoin forms a threat at the time it grows too large, the government won't let it come anywhere near the edge that it is harming their economy and banking system. Every action will be taken to push back Bitcoin. That's why I am perfectly fine with how Bitcoin is right now. I don't even want it to form a threat to the current system. I prefer to have everything stay as is the case right now. People are happy, so why do we want it to replace all kinds of institutions and currencies? There is no need for that when Bitcoin can work alongside all that without any problems.

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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 .

It will only happen in our dreams, it will never make banks disappear, we are just a small community and we cannot make the government disappear. It's the government that established bank so it's really impossible to happen.

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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.

Nope, banks won't be disappear because of bitcoin but surely some banks will disappear due to bankruptcy. More banks were failing on their system because unlike bitcoin no investors that will gain more profits on their savings. You cannot do tradings in the bank and yet you have low interest of your savings, bitcoin will not make bank disapperar because banks is its mediator in currency exchange how would could you cash out your btc if you don't have your bank? So you need the bank actually.

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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 .

X7

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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.

akashborikar

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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.

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Quote from: traderethereum on November 16, 2016, 10:24:19 PM

Quote from: Ziskinberg on November 16, 2016, 10:14:29 PM

Quote from: Senja Kemuning on November 16, 2016, 08:38:35 PM

Quote from: wxa7115 on November 16, 2016, 07:30:46 PM

Quote from: Barbut on November 15, 2016, 08:53:41 PM

Quote from: jonpande on November 15, 2016, 01:06:45 AM

Bitcoin Can Make Banks disappear? Of course not, because bitcoin is not able to completely change the money and as money there will be no bank will also, unless, you are more powerful than governments in each country.

I like to believe that people are stronger then governments and establishment. Banking system exists for a long time, my opinion is that bitcoin is better and if people of this world see as I do we can change this world together.
When people are united anything can happen, I know here we talk about far future but changes are inevitable. I strongly believe that bitcoin is capable for this, one day we will see how people quitting from banks and joining bitcoin, that will be great turnover.

I would like to believe that too but the power of banks and governments has grown significantly especially in the last century, while the power of the people mostly remained unchanged until the advent of the Internet.

It is more to the functions and services to the public. If the service at the bank, then the bank will automatically close. I am sure with the bitcoin will change the pattern of bank from manual to full machine and IT system.

it's either we will adopt or the bank will adopt to the respective system, most likely when it's going to be regulated the government will let us adopt to the banking system and we will lose our freedom in using it, the fact that we can transact online without restriction we can do banking and I consider blockchain as our bank.

i think its better to bank to adopt the blockchain technology and maybe bank will make their own technology to be easy to syncronize with blockchain. not bitcoin that can make bank disappear but its because of the member and the customer, if they are not like or don't want to use the bank, slow by slow the bank can disappear. but for bitcoin, i think it will live longer than the bank, and for blockchain, as blockchain is new technology, i am sure that blockchain will grow more in future.

This is going against what we are seeing, what we see is bitcoin adapting itself around the current economic system dominated by the banks, this is nothing new, for example in Linux you can see the file system of windows without any problem, but that does not happen the other way, Why? Because Microsoft does not want to offer compatibility to Linux so they keep their monopoly for a little bit longer.

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Quote from: eduaro66 on November 17, 2016, 01:09:31 PM

Quote from: whizter on November 17, 2016, 12:27:43 PM

Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

yes that is a fact that in near future it may not be possible, as banks are the primary source of money storage, exchange and getting so many other services, for example to pay bill.

Banks were and still are there. People always use the services of banks. You can count how many people are customers of banks around the world, and the analogy, how many people use or could use bitcoin. That's the whole question.

I wonder who is going to train people to use bitcoin wallets, if we do not all grandmothers and girls can understand even with the banking pension cards. This is a very long process.

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Quote from: carson45 on November 17, 2016, 01:16:16 PM

bitcoin is only the beginning

the real deal is blockchain I think. It will affect the intermediation and change the financial system eventually.

The banking system does not renounce its own interests. They are likely to take advantage of blockchain technology and remain at their advantage.

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bitcoin is only the beginning

the real deal is blockchain I think. It will affect the intermediation and change the financial system eventually.

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Quote from: whizter on November 17, 2016, 12:27:43 PM

Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

yes that is a fact that in near future it may not be possible, as banks are the primary source of money storage, exchange and getting so many other services, for example to pay bill.

Banks were and still are there. People always use the services of banks. You can count how many people are customers of banks around the world, and the analogy, how many people use or could use bitcoin. That's the whole question.

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Quote from: prabowo96 on November 17, 2016, 03:07:20 AM

Quote from: mirakal on November 17, 2016, 03:02:42 AM

Quote from: uname on November 17, 2016, 01:12:42 AM

Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

as long as people continue to use fiat then everyone around the world will depend on the bank, I think the next step should be done bitcoin is more accepted, so users do not need to use bank to convert bitcoin to a fiat

We have no choice but to use it as it is only the legal tender that is honored in our country, you cannot buy fish in the market using your bitcoin so even if you have a lot of bitcoin, it will be useless if you will not convert it to fiat. Let's face and accept the reality for now.

Come on guys, there's another similar thread here talking about bitcoin banks and there's a lot of people saying that is a good idea, people always will trust in this wolfs. Sometimes I don't know what to think, they create an system to avoid banks and people don't wanna quit. Well, everyone can make their own chooses.

And bitcoin marketcap is a joke compared to banks Wink

I don't like the banks myself because they are there not to help people, but only make money from your money. I find the idea behind bitcoin a revolution because you have a value under your belt and have control over your money.

Instead the bank charge a fee to have a checking account, charge an interest to borrow for a home, charge a fee to buy shares, in the end is very frustrating... In the meantime I don't have a choice to continue to use the banks, but I am happy to grow my wallet in bitcoins and to use them in the future.

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Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

yes that is a fact that in near future it may not be possible, as banks are the primary source of money storage, exchange and getting so many other services, for example to pay bill.

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Yes there is nothing impossible. Im not very sure of it, if can bitcoin make banks disappear but we dont know. But i think it will take a longer time to make bank disappear. But i think only few of the users or rather to say only few of us knows about bitcoin. If it would happen, what would be the reactions to the people that don't know about bitcoin?

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Quote from: rizkyhiw on November 16, 2016, 06:31:49 PM

Quote from: bettercrypto on November 16, 2016, 01:09:58 PM

I don't think bitcoin can make banks disappear. The reason is that banks are already established and supported by the government while bitcoin is not supporter by the government and there are only a few percentage of the population supporting it. It may change how bank deal with people but bitcoin will never make banks disappear.

Banks could disappeared as time goes by if people feel not satisfied
As technology keep growing and colaborated with financial services I think this gonna be perfect reason to leave banking system
Move to blockchain financial system where you can rule your own bank
I just not sure when exactly this situation happened.

I don't know but I cannot fully agree with this. Because bitcoin cannot replace the World Bank as what bitcoin is right now.
Maybe some other time or let us wait for another 10 years before we can discuss this again. Grin

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Quote from: mirakal on November 17, 2016, 03:02:42 AM

Quote from: uname on November 17, 2016, 01:12:42 AM

Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

as long as people continue to use fiat then everyone around the world will depend on the bank, I think the next step should be done bitcoin is more accepted, so users do not need to use bank to convert bitcoin to a fiat

We have no choice but to use it as it is only the legal tender that is honored in our country, you cannot buy fish in the market using your bitcoin so even if you have a lot of bitcoin, it will be useless if you will not convert it to fiat. Let's face and accept the reality for now.

Come on guys, there's another similar thread here talking about bitcoin banks and there's a lot of people saying that is a good idea, people always will trust in this wolfs. Sometimes I don't know what to think, they create an system to avoid banks and people don't wanna quit. Well, everyone can make their own chooses.

And bitcoin marketcap is a joke compared to banks Wink

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Quote from: uname on November 17, 2016, 01:12:42 AM

Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

as long as people continue to use fiat then everyone around the world will depend on the bank, I think the next step should be done bitcoin is more accepted, so users do not need to use bank to convert bitcoin to a fiat

We have no choice but to use it as it is only the legal tender that is honored in our country, you cannot buy fish in the market using your bitcoin so even if you have a lot of bitcoin, it will be useless if you will not convert it to fiat. Let's face and accept the reality for now.

uname

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Quote from: d@nte on November 16, 2016, 06:48:30 PM

Even bitcoin having a revolutionary technology, I do not think this would make the banks disappear. Many people still depend on banks, and these banks are institutions with a lot of financial resources, they could find ways to adapt.
It's common to hear news from banks working on projects related to blockchain technologies, for example.

as long as people continue to use fiat then everyone around the world will depend on the bank, I think the next step should be done bitcoin is more accepted, so users do not need to use bank to convert bitcoin to a fiat

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Quote from: Ziskinberg on November 16, 2016, 10:14:29 PM

Quote from: Senja Kemuning on November 16, 2016, 08:38:35 PM

Quote from: wxa7115 on November 16, 2016, 07:30:46 PM

Quote from: Barbut on November 15, 2016, 08:53:41 PM

Quote from: jonpande on November 15, 2016, 01:06:45 AM

Bitcoin Can Make Banks disappear? Of course not, because bitcoin is not able to completely change the money and as money there will be no bank will also, unless, you are more powerful than governments in each country.

I like to believe that people are stronger then governments and establishment. Banking system exists for a long time, my opinion is that bitcoin is better and if people of this world see as I do we can change this world together.
When people are united anything can happen, I know here we talk about far future but changes are inevitable. I strongly believe that bitcoin is capable for this, one day we will see how people quitting from banks and joining bitcoin, that will be great turnover.

I would like to believe that too but the power of banks and governments has grown significantly especially in the last century, while the power of the people mostly remained unchanged until the advent of the Internet.

It is more to the functions and services to the public. If the service at the bank, then the bank will automatically close. I am sure with the bitcoin will change the pattern of bank from manual to full machine and IT system.

it's either we will adopt or the bank will adopt to the respective system, most likely when it's going to be regulated the government will let us adopt to the banking system and we will lose our freedom in using it, the fact that we can transact online without restriction we can do banking and I consider blockchain as our bank.

i think its better to bank to adopt the blockchain technology and maybe bank will make their own technology to be easy to syncronize with blockchain. not bitcoin that can make bank disappear but its because of the member and the customer, if they are not like or don't want to use the bank, slow by slow the bank can disappear. but for bitcoin, i think it will live longer than the bank, and for blockchain, as blockchain is new technology, i am sure that blockchain will grow more in future.

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