Can Bitcoin make Banks disappear? - page 229.

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Quote from: exscudo on August 31, 2016, 04:13:57 AM

In the nearest future, banks won't disappear. But the financial ecosystem will change drastically, so much is sure. I think that we are leading toward a new financial space. Like one integrated system where you can use both fiat and cybercurrency.

No matter how much the financial system will change and adopt new technologies, one of the most important things doesn't change, and that is that we are not the full owner of our money when having it all stored in banks and stuff. I think because of that aspect people will at some point at least set a good percentage of their money in Bitcoin as that will allow them to bypass the government and banks.

JumperX

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Quote from: Sontoloyo on August 31, 2016, 03:56:38 AM

No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

Yes and people will need both of them even in future, as its risky to rely only on bitcoin as we never know when it will disappear, and people trust banks with an closed eyes as it exists since long time and will never disappear.

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In the nearest future, banks won't disappear. But the financial ecosystem will change drastically, so much is sure. I think that we are leading toward a new financial space. Like one integrated system where you can use both fiat and cybercurrency.

20kevin20

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Quote from: Kungfu45 on August 31, 2016, 01:54:13 AM

Certainly it will not happen anytime soon, BTC is a currency of the future but taking over place of the real currency of the world that is pretty structured currently won't be a short-term project if BTC could overthrow fiat at anytime owner wishes.

The currency of the future has to be one that can be taxed and controlled, not an anonymous one. Bitcoin is maybe just a test of the big upcoming one.

Sontoloyo

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No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

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Quote from: Dadabong on August 31, 2016, 12:39:45 AM

No it will not disappear bitcoin as banks are not currency with which bitcoin is in competition and the banks will sooner start working with bitcoin as the banks job is to work with currencies and bitcoin is a currency. And may be Bitcoin itself require the need of banks if it took physical shape.

I think bitcoin will not have a physical form because if bitcoin have a physical form it is not suitable for bitcoin always fluctuates, so if you have a physical form will be very harmful because it always fluctuated. Bitcoin better just as a digital currency and I think it will not make banks disappear. The Bank has a very strong financial and could always progressing.

Kungfu45

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Certainly it will not happen anytime soon, BTC is a currency of the future but taking over place of the real currency of the world that is pretty structured currently won't be a short-term project if BTC could overthrow fiat at anytime owner wishes.

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Quote from: hendra147 on August 25, 2016, 09:51:24 PM

Quote from: PieCrafted on August 25, 2016, 08:50:05 AM

People lose more money every year stored in their bank accounts and atms as compared to Bitcoins, the only bitcoins that get stolen are because of either carelessness in handing private keys or investing in scams.

i think no people lost his money in bank, it's just lower interest if we compared with bitcoin interest (rising price).
but i think not all people who stored his money at bitcoin get interest, growing his money, some people who buying bitcoin in $700 and hold it, now lose arround 20% of his money.

You are correct i didnt even heard such thing that someone losses its money while in their banks which is unusual news you have their mate. Grin

I believe that banks have low interest rates compare to bitcoin but btc has also a risk on having a negative profit. As same as they said when you buy at $700 then you have lossen 20% of your money .

Dadabong

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No it will not disappear bitcoin as banks are not currency with which bitcoin is in competition and the banks will sooner start working with bitcoin as the banks job is to work with currencies and bitcoin is a currency. And may be Bitcoin itself require the need of banks if it took physical shape.

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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.

[...]

BTCitcoin Banks!??

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Quote from: Wong_Djadoel on August 30, 2016, 09:07:50 PM

Since i believe that fiat as we know it is not going to go away in the future, i have to say banks which are working with cash/fiat are not going to disappear either. even if bitcoin becomes big and adopted by all the people in the world , cash is still going to be around. so banks will be around too.

Yes banks are going to remain always there because the people are depending into fiat / cash money. And they are going to have hard time to adopt bitcoin especially those people who are into depressed areas. Still they are going to trust banks rather than bitcoin as they are lack of knowledge about bitcoin.

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Since i believe that fiat as we know it is not going to go away in the future, i have to say banks which are working with cash/fiat are not going to disappear either. even if bitcoin becomes big and adopted by all the people in the world , cash is still going to be around. so banks will be around too.

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Quote from: richardsNY on August 30, 2016, 05:50:29 PM

Quote from: CasioK on August 30, 2016, 02:56:16 PM

Quote from: jostorres on August 28, 2016, 05:03:21 AM

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?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

Banks might very well adopt the block chain technology. But it will be their own version of the block chain, and not the one from Bitcoin. That's mainly due to the fact that there is no way for banks to control it. With their own version they can basically still control every aspect. That's the difference.

Banks wont disappear but I'm fairly certain that given it's time they'll change (influenced by bitcoin), but we wont see blanks disappear and just have everyone carrying their money in their wallets. However we might see an scenario where both of these things coexist. Kind of like Mr.Robot's E-Corp's E-coin. Cheesy

skylighters

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i think it is definitely going to be possible and in my opinion banks will not exist for long

richardsNY

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Quote from: CasioK on August 30, 2016, 02:56:16 PM

Quote from: jostorres on August 28, 2016, 05:03:21 AM

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?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

Banks might very well adopt the block chain technology. But it will be their own version of the block chain, and not the one from Bitcoin. That's mainly due to the fact that there is no way for banks to control it. With their own version they can basically still control every aspect. That's the difference.

CasioK

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Quote from: jostorres on August 28, 2016, 05:03:21 AM

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?

It is a very likely possibility that in the future banks will no longer be needed. Cybersecurity is on the rise and with the invention of bitcoin there are many people that are coming up with new ways of making their online wallet as safe as possible. As it stands now I think most wallet sites are just as enough secured, if not more secure than most banks.

I completely support this theory. I think it is very likely that banks will become obsolete if they don’t figure out how to help or integrate themselves into the blockchain technology for the need of staying advanced to serve the people efficiently.

noictib

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No bitcoin cant make bank disappear. Both of then have their own advantage and disadvantages inspite of that bitcoin cant make bank disappear because bank is know by , used by all and user of bitcoin is only limited and there will only 21 million btc ever produced but this doesn't apply of paper currency

Cozynunu

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Bitcoins cant make banks disappear but banks can make bitcoin disappear but do they want that maybe they will bring a idea to make a smaller similar bank but just for people with bitcoins and that they can compare their cash and bitcoin bank together maybe an option.

Dwelach

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Probably they it can happen. If bitcoins get big enough and the majority of the population starts using it the banks will not have enough money to hand out, leading them to go bankrupt no pun intended.

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Quote from: Akupuniard on August 30, 2016, 09:09:56 AM

I am not sure it's possible but maybe someday bitcoin will be accepted by one big country and when bitcoin will be added to banks, this theory can become truth.

I think banks can work on that and make them leave no choice but to just adapt if they want to still run their businesses or just close it for they wont help on making it better.

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