Can Bitcoin make Banks disappear? - page 217.

tampazeus

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Quote from: Noctis Connor on October 02, 2016, 06:59:50 AM

Quote from: maudevang on September 26, 2016, 07:17:21 AM

Thinking bitcoin can make banks dissappear is maybe a little bit too ambitious but it can make banks lose money ofcourse I think it's already doing that.
Ofcourse banks don't feel the pain yet but when it gets more globally adopted then they will feel the pain for sure.

Ofcourse banks don't care about bitcoin and bitcoin needs bank if you are going to choose between that two you choosen the right one the banks Tongue

and it is more okay if you people are going to choose bank than bitcoins then

Bitcoin cannot be used anywhere at a moment physically and to spend them we need to sell them and convert it to fiat currency and for that we need banks for transaction.

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Quote from: maudevang on September 26, 2016, 07:17:21 AM

Thinking bitcoin can make banks dissappear is maybe a little bit too ambitious but it can make banks lose money ofcourse I think it's already doing that.
Ofcourse banks don't feel the pain yet but when it gets more globally adopted then they will feel the pain for sure.

Ofcourse banks don't care about bitcoin and bitcoin needs bank if you are going to choose between that two you choosen the right one the banks Tongue

and it is more okay if you people are going to choose bank than bitcoins then

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Quote from: dearbesz1219 on October 02, 2016, 06:07:12 AM

Quote from: dhimasnk on October 01, 2016, 11:20:03 AM

bitcoin make banks disappear? oh no. I think it will not happen because you also know that the bank is a financial institution that is very important for the economy, so the bank may not be disappear because bitcoin

We the same assessment regarding this matter. And that's the reality of it actually, but in some reason or case bitcoin can possibly help the other bank if the owner of the bank will just see the advantage of and benefits of bitcoin.

yeah, bitcoin won't make banks dissapear, don't think anything will but banks will find a way to incorporate bitcoin and find a way to make profit just as with the fiat currencies.

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Quote from: dhimasnk on October 01, 2016, 11:20:03 AM

bitcoin make banks disappear? oh no. I think it will not happen because you also know that the bank is a financial institution that is very important for the economy, so the bank may not be disappear because bitcoin

We the same assessment regarding this matter. And that's the reality of it actually, but in some reason or case bitcoin can possibly help the other bank if the owner of the bank will just see the advantage of and benefits of bitcoin.

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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?

[/quote

I think not, though banks in the future can make disappear but its not for bitcoin reason. In some other instances Bitcoin in the near future will adopt by the other bank according to my perception.

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Quote from: umaOuma on October 02, 2016, 02:46:33 AM

Quote from: gilangIDR on October 02, 2016, 01:00:24 AM

Quote from: South Park on October 01, 2016, 12:00:26 PM

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

yes we should be confident that the future bitcoin will make the financial system in the world is getting stronger. so do not ever blame and dropping each other.

Bitcoin will surely change the financial system in future but its hard to believe that it can make banks disappear as in future even banks will get more stronger.

Bitcoin is no substitute for banks and it is unique. Cryptocurrency itself will be appreciated expensive because bitcoin reserves run out, and therefore its price will rise strongly.

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Quote from: gilangIDR on October 02, 2016, 01:00:24 AM

Quote from: South Park on October 01, 2016, 12:00:26 PM

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

yes we should be confident that the future bitcoin will make the financial system in the world is getting stronger. so do not ever blame and dropping each other.

Bitcoin will surely change the financial system in future but its hard to believe that it can make banks disappear as in future even banks will get more stronger.

requester

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Bitcoin and bank both are different and both serves different purpose and to be honest bitcoin can't replace or remove banks because bitcoin us a digital currency and banks are for paper currency. But it's true that banks could adopt bitcoin system for making transaction easier and make online money system much secure and transparent which will also eradicate black money and money robbery.

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Quote from: South Park on October 01, 2016, 12:00:26 PM

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

yes we should be confident that the future bitcoin will make the financial system in the world is getting stronger. so do not ever blame and dropping each other.

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Quote from: Dudeperfect on October 01, 2016, 11:03:02 PM

I don’t think that anything like crypto currency can make banks disappear because we must understand the fact that there are still large number of people is using traditional payment method like fiat and the majority is more than 80% (even we are also using fiat) so there is no possibility that crypto can make banks disappear. At any stage of financial period, fiat will be there even after 50 years people will be using fiat but form might be different such as digital wallet.

I totally agree. Well, unless the whole countries in this world will be progressive enough and even the remotest place in this planet have access to fast internet and latest technology then, maybe, cryptocurrencies will be dominating and making banks quite disappear. But you know, the example here is just an ideal thing - it is a utopia. There are still many individuals - actually millions of people that have no access to latest technology and gadgets due to financial constraint and they are using fiat money as their mode of commerce in their respective locations.

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I don’t think that anything like crypto currency can make banks disappear because we must understand the fact that there are still large number of people is using traditional payment method like fiat and the majority is more than 80% (even we are also using fiat) so there is no possibility that crypto can make banks disappear. At any stage of financial period, fiat will be there even after 50 years people will be using fiat but form might be different such as digital wallet.

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Quote from: Alphagog on October 01, 2016, 01:49:32 PM

Quote from: South Park on October 01, 2016, 12:00:26 PM

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

You might be right. The bank cannot rely on the central banks to save them in the future. They have to work hard.

Certain banks are so big and deep rooted in the world economy, that governments/central banks will always jump in to offer a helping hand when needed.

But then again, where is the limit of all this support? Will they just keep printing money to help financial institutions, or will they just help out the most important ones, and let others fail? No one knows yet.

Either way, Bitcoin can't and will never be able to make banks vanish. It's impossible and not even worthy of dreaming about.

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Quote from: South Park on October 01, 2016, 12:00:26 PM

At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

You might be right. The bank cannot rely on the central banks to save them in the future. They have to work hard.

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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 hold very strongly the economy of the whole world. So I do not think that the banking sector will give way bitcoin.

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At best bitcoin will force an evolution of banks basically banks as we know it may disappear but a new model will emerge and probably be as strong as always.

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bitcoin make banks disappear? oh no. I think it will not happen because you also know that the bank is a financial institution that is very important for the economy, so the bank may not be disappear because bitcoin

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Quote from: marleybobthedog on September 27, 2016, 10:49:16 AM

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

Banks are seeing the bitcoin as a threat to their business so within the powers of the government what the least they can do is to ban bitcoin to their country. In that way, then the bitcoin doesn't have a chance to penetrate into a country so if we are thinking that the bitcoin is going to make the banks disappear then that is not going to happen.

Governments will do anything to keep their power and that is true fiat. If they let bitcoin take over the currency, governments will lose control and they will not let that happen.

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Quote from: marleybobthedog on September 27, 2016, 10:49:16 AM

Funny, foolish question, bitcoin can't make banks disappear because already many country had banned bitcoin and without paper currency government would not get taxes and without taxes country will ruin. And banks could adoption the technology for making the system transparent and more reliable then conventional system.

of course it cannot disappear in my opinion, i think that banks will be still around for a really long time

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Quote from: Mastsetad on October 01, 2016, 09:49:41 AM

Quote from: springgers on September 28, 2016, 12:08:19 AM

Quote from: deadpoolx on September 27, 2016, 11:01:39 PM

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

So, what do you think more easily?
Places start to accept Bitcoin or a new altcoin made by banks?
Think about that! Bitcoin will never got this market...

An altcoin made by a bank wont be able to get as much success as bitcoin has got, because a bank would only be promote its coin into a single country because they cannot be international but every country has their own banks, but bitcoin is popular in all the world or it will be, so a coin made by a bank wont be able to compete with bitcoin.

Altcoin made by bank would be still useless since people would definitely consider bitcoin as the main crypto and each country has its own bank and if they intend to do altcoins for their country it would be still useless same as you said. They cannot compete with bitcoin for sure. Bitcoin cant make banks disappear.

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Quote from: springgers on September 28, 2016, 12:08:19 AM

Quote from: deadpoolx on September 27, 2016, 11:01:39 PM

Not at the current state. People are still dependent on banks to have access to paper money, because there are few places where you can get this through Bitcoin ATMs. In addition, there are few places where you can spend Bitcoin directly.

So, what do you think more easily?
Places start to accept Bitcoin or a new altcoin made by banks?
Think about that! Bitcoin will never got this market...

An altcoin made by a bank wont be able to get as much success as bitcoin has got, because a bank would only be promote its coin into a single country because they cannot be international but every country has their own banks, but bitcoin is popular in all the world or it will be, so a coin made by a bank wont be able to compete with bitcoin.

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