Can Bitcoin make Banks disappear? - page 226.

Osarman

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Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

you are right that bitcoin is very faster and i also like the transaction of bitcoin because bitcoin transaction is very faster and it transaction fees is very much lower than other currency transaction .

Braeron

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Quote from: knightkon on September 04, 2016, 07:56:44 PM

Quote from: chixka000 on September 04, 2016, 08:03:42 AM

Quote from: stromma44 on September 04, 2016, 07:38:51 AM

That will never happen, banks will never support bitcoins as its an competitor to banks and banks may adopt blockchain technology in future but will never shake hands with bitcoins.

Nothing really is impossible. Lol is there any evidences that the bank would really not support bitcoin? If i am not mistaken i've seen some articles before that central banks are trying to know what is really blockchain's doing.

I have to disagree with these comments to an extent. Banks have the life span that we allow them to have. Take marijuana for an example: If you asked 20 years ago, would marijuana ever be legal in the United States, the answer would be no. Now that more and more of the baby boomers are moving into government positions, this will be changing for there is more information the older government would not allow us to know to try to rake the truth under the rug. Bitcoin is the same way. Government will be fighting this because a large number of investors have their money invested into the banks. This included the government itself. As more and more people who understand bitcoin move into office, the more changes will take place. You just have to give it time.

I dont think bitcoins can make bacnks dissappear because the banks dont want peope to use bitcoins because they only want cash and want that peopel are using cash and not that stupid coins,

newcoins1978

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Quote from: Kate007 on February 15, 2016, 10:26:31 AM

I think it's possible theoretically only. People are not ready to stop using banks. Peer-to-peer system is like something mythical to them.

It is possible for Bitcoin to take over a bank but to be honestly think that the change of that happening are almost at zero.
The chance us bigger that Bitcoin would be taken over by a bank.

8Habits

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Quote from: goinmerry on September 04, 2016, 11:23:58 PM

Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

Then that is the more reason that they should stay. There are using it now and already adapting so why cease it. Let it be the reason to make it stronger, combine the two for a better solution and convenience for every user.

Every good and established business like the banks for instance, they will be focusing on serving value and convenience to their clients. These are the reasons why people stays loyal because of the value they received - I will not wonder if banks will make some enhancement in their services to integrate bitcoin soon.

goinmerry

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Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

Then that is the more reason that they should stay. There are using it now and already adapting so why cease it. Let it be the reason to make it stronger, combine the two for a better solution and convenience for every user.

partialist

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Quote from: maxg on January 11, 2016, 09:45:41 PM

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 as WE know it may disappear, but banks generally will not disappear.

this is right
they will always exist, just less commonly used as the blockchain evolution continues.

boyptc

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Quote from: stadus on September 04, 2016, 10:08:43 PM

Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

That will be all useless without the trust and confidence of the people, without KYC people are afraid if they will loss their money, in banks it is covered by an insurance so they prefer to use banks, I think banks are also fast with their transaction but the it only differs on charges because bitcoin is very cheap.

That is going to be the advantage of banks they have insurance if there is something going to happen wrong. And banks are being trusted the most
people because they have been there for a lot of years already. And people are going to doubt with bitcoin because of its anonymity so they are going to think something different with it.

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Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

That will be all useless without the trust and confidence of the people, without KYC people are afraid if they will loss their money, in banks it is covered by an insurance so they prefer to use banks, I think banks are also fast with their transaction but the it only differs on charges because bitcoin is very cheap.

madwica

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Quote from: danishcookie on September 04, 2016, 09:06:55 PM

I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

I am disagree with you mate, Bank will remain even the bitcoin will be accepted in the country, Bank is much secured than bitcoin, no currency can bank disappear, instead bitcoin will be accepted in all banks.

danishcookie

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I t is very possible to replace bank, reasons:

1. bitcoin is faster than wire transfer
2. bitcoin transaction fee is very low, compare to international transfer
3. some banks use blockchain service now.

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Quote from: Doamader on September 04, 2016, 07:53:31 PM

Quote from: ironm@n on September 04, 2016, 05:58:22 PM

I don't think so. In the current economy, banks are the foundation of money in general, and when I say money in general I refer to fiat money. But the things can, of course, change a lot with time.

Thats true banks and fiat is what rules the world, bitcoin its just a small part of it, sure several services should improve and the digital era is coming, soo banks will change a bit over the future. Bitcoin is the first step into it, as all the others altcoins.

Of course, bank will always rule because people trust them though they have a bigger transfer fee sometimes. Ordinary people will not gamble in bitcoin because they are afraid of losing their money and they are getting used already of depositing their money in banks as that is a government regulated establishment.

knightkon

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Quote from: chixka000 on September 04, 2016, 08:03:42 AM

Quote from: stromma44 on September 04, 2016, 07:38:51 AM

That will never happen, banks will never support bitcoins as its an competitor to banks and banks may adopt blockchain technology in future but will never shake hands with bitcoins.

Nothing really is impossible. Lol is there any evidences that the bank would really not support bitcoin? If i am not mistaken i've seen some articles before that central banks are trying to know what is really blockchain's doing.

I have to disagree with these comments to an extent. Banks have the life span that we allow them to have. Take marijuana for an example: If you asked 20 years ago, would marijuana ever be legal in the United States, the answer would be no. Now that more and more of the baby boomers are moving into government positions, this will be changing for there is more information the older government would not allow us to know to try to rake the truth under the rug. Bitcoin is the same way. Government will be fighting this because a large number of investors have their money invested into the banks. This included the government itself. As more and more people who understand bitcoin move into office, the more changes will take place. You just have to give it time.

Doamader

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Quote from: ironm@n on September 04, 2016, 05:58:22 PM

I don't think so. In the current economy, banks are the foundation of money in general, and when I say money in general I refer to fiat money. But the things can, of course, change a lot with time.

Thats true banks and fiat is what rules the world, bitcoin its just a small part of it, sure several services should improve and the digital era is coming, soo banks will change a bit over the future. Bitcoin is the first step into it, as all the others altcoins.

ironm@n

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I don't think so. In the current economy, banks are the foundation of money in general, and when I say money in general I refer to fiat money. But the things can, of course, change a lot with time.

angryswamp

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Quote from: chixka000 on September 04, 2016, 08:03:42 AM

Quote from: stromma44 on September 04, 2016, 07:38:51 AM

That will never happen, banks will never support bitcoins as its an competitor to banks and banks may adopt blockchain technology in future but will never shake hands with bitcoins.

Nothing really is impossible. Lol is there any evidences that the bank would really not support bitcoin? If i am not mistaken i've seen some articles before that central banks are trying to know what is really blockchain's doing.

thats true, in my opinion everything is possible with bitcoin and banks might soon be gone, hopefully that is going to be true at some point

Mastsetad

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Quote from: vindicare on September 04, 2016, 09:37:14 AM

bank will never disappear as they are the ones who comes first than bitcoin , maybe they will adapt or not but they will not disappear because they are being use by the top 100 fortune and they are important on the money/fiat side.

Besides, there aren't as much people in the world using bitcoin as much are using banks for keeping their money, bitcoin community is quite large now but compared to the people using banks it is nothing.

randy8777

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Quote from: vindicare on September 04, 2016, 09:37:14 AM

bank will never disappear as they are the ones who comes first than bitcoin , maybe they will adapt or not but they will not disappear because they are being use by the top 100 fortune and they are important on the money/fiat side.

banks will never adopt bitcoin. it's something they can't control with the potential to disrupt the way they do business. banks are too deep integrated in the current economy. literally nothing can make them vanish. it's impossible.

8Habits

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Quote from: vindicare on September 04, 2016, 09:37:14 AM

bank will never disappear as they are the ones who comes first than bitcoin , maybe they will adapt or not but they will not disappear because they are being use by the top 100 fortune and they are important on the money/fiat side.

Indeed! Banks play a vital role in ordinary fiat money. However, just because they come first than bitcoin does not mean they won't really disappear - coming in first to the market is not guaranteed to stay there forever. However, really banks won't disappear in the coming of bitcoins - they can live together.

umaOuma

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Quote from: vindicare on September 04, 2016, 09:37:14 AM

bank will never disappear as they are the ones who comes first than bitcoin , maybe they will adapt or not but they will not disappear because they are being use by the top 100 fortune and they are important on the money/fiat side.

Yes businesses and individuals needs banks for their day to day transactions as they are dealing in the terms of fiat and banks also provides its users multiple benefits which is not possible with bitcoins.

vindicare

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bank will never disappear as they are the ones who comes first than bitcoin , maybe they will adapt or not but they will not disappear because they are being use by the top 100 fortune and they are important on the money/fiat side.

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