Can Bitcoin make Banks disappear? - page 230.

Altcoinmoney

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Quote from: neochiny on January 12, 2016, 01:58:44 AM

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

i dont think bitcoins can make banks disappear because i know for sure that allot of peopel are going to use the coins but not all oif them want to get payed or other thing with coins the real money would be the best for all of us and banks cant be disappeared.

Akupuniard

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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.

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Quote from: dEJAVU95 on August 30, 2016, 05:30:08 AM

If you say just one or some banks maybe yes. but if you say entirely bank in the world would disappear because of btc I think it is not possible
some country even forbide the circulation of btc. how can bitcoin affect the bank in that country

Bank small banks can indeed disappear but big banks will never disappear, especially because bitcoin. Banks have the economic strength of a country, so the bank has an important role. Banks will continue to have updates so it will continue to follow the development of the era. Progress bitcoin later will not affect the bank.

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If you say just one or some banks maybe yes. but if you say entirely bank in the world would disappear because of btc I think it is not possible
some country even forbide the circulation of btc. how can bitcoin affect the bank in that country

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Quote from: ricardobs on August 30, 2016, 02:40:46 AM

Quote from: Karolus on August 28, 2016, 10:11:45 AM

Quote from: Bestwishes745 on August 28, 2016, 05:57:16 AM

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

Because there are more and more bitcoin companies that are actually started to back people’s losses in these hacks. Trust me these people want their company to succeed just as much as you want to see it fail. There are very smart businessmen trying to get these cryptocurrency banks off the ground because there is so much money to be made for feeding their greediness. We never forget physical banks also had failed many times across globe.

Yes, more and more companies claim wallets are safe. Yet one report says that 33% of Bitcoin exchanges have been hacked, and another report says that 48% of Bitcoin exchanges have closed: http://fortune.com/2016/08/29/risk-of-bitcoin-hacking-is-real/

The 25% drop of Bitcoin's price since the Bitfinix hack suggests the market is getting tired of the nonstop Bitcoin claims of trust and safety.

ricardobs

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Quote from: Karolus on August 28, 2016, 10:11:45 AM

Quote from: Bestwishes745 on August 28, 2016, 05:57:16 AM

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

Because there are more and more bitcoin companies that are actually started to back people’s losses in these hacks. Trust me these people want their company to succeed just as much as you want to see it fail. There are very smart businessmen trying to get these cryptocurrency banks off the ground because there is so much money to be made for feeding their greediness. We never forget physical banks also had failed many times across globe.

Karolus

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Quote from: Bestwishes745 on August 28, 2016, 05:57:16 AM

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

How does this advice help the people who lost bitcoins in wallets of Mt Gox, Mycoin, Bitfinex, or a bunch of other unreliable pseudobanks? Again, unlike genuine banks, wallets don't provide government-funded depositor insurance.

Bestwishes745

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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.

I agree with your first sentence that earnings from bitcoin is more higher than the interest from banks, I also have my money in bitcoin instead of bank for that reason.
And in your second sentence, it is true that some people have lost their money when they bought them at $700 and after a month saw the price at $600 and $580 etc, but if they hold for more longer they can recover their loss and if they know about trade then they can start trade and can recover their loss sooner.

jostorres

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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?

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.

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Quote from: madwica on August 25, 2016, 10:24:07 PM

Quote from: coin_gambler on August 25, 2016, 03:47:51 PM

Quote from: purebitco on August 24, 2016, 05:12:00 PM

Quote from: Crazygreek on August 18, 2016, 01:49:34 PM

I am not sure it can happen, better not to think about it and make more and more money with bitcoin everyday till it's works, cause someday it's MAYBE can dissaper.

of course it can, in my opinion it is the only question in time when we will see it happening, it would be really great to be honest because it would give me some decent money

i hope that the bitcoin price might be growing but anything is possible so dont put too much hopes into it

That is correct putting all your money in bitcoin wallet is like putting your life in risk, just put only portion of your money and save other money in the bank for security purposes, and i do not ever think that bank will disappear because of bitcoin that is will never happen.

thats true because no one knows how the price is going to turn out to be, nearly everything is possible to be honest so i dont risk too much

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Quote from: danherbias07 on August 26, 2016, 08:23:26 PM

Quote from: Karolus on August 26, 2016, 07:45:50 PM

Quote from: pearnapple on August 26, 2016, 07:34:59 AM

there are some banks going bankrupt so i believe there are a lot of people who lose their money though we cannot do anything about it

That might be true in some underdeveloped countries. But American and European governments provide depositor insurance for banks. If banks in those countries go bankrupt, the depositor insurance reimburses depositors up to a certain amount. In the U.S. the insurance is for up to $250,000 per depositor per bank. That means if you have accounts at 10 U.S. banks, you can be insured for up to $2.5 million.

Insured U.S. bank accounts can include individual retirement accounts. Those bank accounts allow the depositor to invest in the stock market. Banks also reimburse their customers if their accounts are hacked. Bank cards protect customers who make purchases by allowing chargebacks.

By comparison, bitcoin provides no insurance and no chargebacks. Many people lose their bitcoins because of problems with their wallets. The latest big loss was the Bitfinix fiasco. Bitcoin losses happen regularly.

In American and European countries, people don't lose money in their bank accounts. It's delusional to think risky bitcoin will replace banks. The extreme majority of people aren't that naive to trust bitcoin instead of banks.

The conclusion will be banks have already establoshed their trust on their customers. The fact that they havr been there for a lot of years makes it impossible to wreck it. They took well of their accounts and gave some features that will let them see that they can really trust them. Just like those insurances.

True, banks have already established their pace for Long years and as you can see that there are many kinds of banks existed which means that many people already trust to banks to handle their funds and it's more secure than keeping your money on yourself. Banks are just like a warehouse or storage which usually a place where our money have been kept.

8Habits

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Quote from: danherbias07 on August 26, 2016, 08:23:26 PM

Quote from: Karolus on August 26, 2016, 07:45:50 PM

Quote from: pearnapple on August 26, 2016, 07:34:59 AM

there are some banks going bankrupt so i believe there are a lot of people who lose their money though we cannot do anything about it

That might be true in some underdeveloped countries. But American and European governments provide depositor insurance for banks. If banks in those countries go bankrupt, the depositor insurance reimburses depositors up to a certain amount. In the U.S. the insurance is for up to $250,000 per depositor per bank. That means if you have accounts at 10 U.S. banks, you can be insured for up to $2.5 million.

Insured U.S. bank accounts can include individual retirement accounts. Those bank accounts allow the depositor to invest in the stock market. Banks also reimburse their customers if their accounts are hacked. Bank cards protect customers who make purchases by allowing chargebacks.

By comparison, bitcoin provides no insurance and no chargebacks. Many people lose their bitcoins because of problems with their wallets. The latest big loss was the Bitfinix fiasco. Bitcoin losses happen regularly.

In American and European countries, people don't lose money in their bank accounts. It's delusional to think risky bitcoin will replace banks. The extreme majority of people aren't that naive to trust bitcoin instead of banks.

The conclusion will be banks have already establoshed their trust on their customers. The fact that they havr been there for a lot of years makes it impossible to wreck it. They took well of their accounts and gave some features that will let them see that they can really trust them. Just like those insurances.

It would be impossible though that we can only have bitcoins use in all of our investment and commercial transactions. Thus, bank will still be needed and is seems impossible to stop its services because of bitcoins. Bitcoins and banks can go hand in hand though.

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Quote from: Karolus on August 26, 2016, 07:45:50 PM

Quote from: pearnapple on August 26, 2016, 07:34:59 AM

there are some banks going bankrupt so i believe there are a lot of people who lose their money though we cannot do anything about it

That might be true in some underdeveloped countries. But American and European governments provide depositor insurance for banks. If banks in those countries go bankrupt, the depositor insurance reimburses depositors up to a certain amount. In the U.S. the insurance is for up to $250,000 per depositor per bank. That means if you have accounts at 10 U.S. banks, you can be insured for up to $2.5 million.

Insured U.S. bank accounts can include individual retirement accounts. Those bank accounts allow the depositor to invest in the stock market. Banks also reimburse their customers if their accounts are hacked. Bank cards protect customers who make purchases by allowing chargebacks.

By comparison, bitcoin provides no insurance and no chargebacks. Many people lose their bitcoins because of problems with their wallets. The latest big loss was the Bitfinix fiasco. Bitcoin losses happen regularly.

In American and European countries, people don't lose money in their bank accounts. It's delusional to think risky bitcoin will replace banks. The extreme majority of people aren't that naive to trust bitcoin instead of banks.

The conclusion will be banks have already establoshed their trust on their customers. The fact that they havr been there for a lot of years makes it impossible to wreck it. They took well of their accounts and gave some features that will let them see that they can really trust them. Just like those insurances.

Reid

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Quote from: lionheart78 on August 26, 2016, 08:12:57 PM

Quote from: shinratensei_ on August 25, 2016, 08:37:48 PM

Quote from: TastyChillySauce00 on August 24, 2016, 06:26:27 PM

Quote from: JeffBrad12 on August 24, 2016, 06:09:17 PM

Quote from: fikihafana on August 24, 2016, 05:47:47 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?

I think it's impossible to make bank disappear, bitcoin just another alternative payment and we still need a bank. it's just my opinion

That's right I giving any example for that if our in the world of war and I think a lot of people will leaving from bitcoin because bitcoin is not usefulness in the urgent situation without internet.

And during the war why did you think the banks will not going to be collapse? With bitcoin you can save your moneg during the war for the security and could just took it when the war just ends,in war,food is the most important things not money

Are you sure if after the war the internet is will already exist? i think a lot of people will never thinking about that because for saving their is too difficult with the chaos in every where. especially think for the internet and the main currency will saving us just a gold.

After the war, one of the things that will be immediately taken care of aside from basic need is the communication. It is needed and internet is one of it. I am very sure that it will still exist. The mere fact that internet was made available, it will be easy to reestablish since basic knowledge about it is already founded.

Yes it will be. We already knew how to start it. It will just need the necessities to create one again. But that will take time. I guess it will be more important to live than to communicate. Saving their own lives first and security before everything.

lionheart78

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Quote from: shinratensei_ on August 25, 2016, 08:37:48 PM

Quote from: TastyChillySauce00 on August 24, 2016, 06:26:27 PM

Quote from: JeffBrad12 on August 24, 2016, 06:09:17 PM

Quote from: fikihafana on August 24, 2016, 05:47:47 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?

I think it's impossible to make bank disappear, bitcoin just another alternative payment and we still need a bank. it's just my opinion

That's right I giving any example for that if our in the world of war and I think a lot of people will leaving from bitcoin because bitcoin is not usefulness in the urgent situation without internet.

And during the war why did you think the banks will not going to be collapse? With bitcoin you can save your moneg during the war for the security and could just took it when the war just ends,in war,food is the most important things not money

Are you sure if after the war the internet is will already exist? i think a lot of people will never thinking about that because for saving their is too difficult with the chaos in every where. especially think for the internet and the main currency will saving us just a gold.

After the war, one of the things that will be immediately taken care of aside from basic need is the communication. It is needed and internet is one of it. I am very sure that it will still exist. The mere fact that internet was made available, it will be easy to reestablish since basic knowledge about it is already founded.

Karolus

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Quote from: pearnapple on August 26, 2016, 07:34:59 AM

there are some banks going bankrupt so i believe there are a lot of people who lose their money though we cannot do anything about it

That might be true in some underdeveloped countries. But American and European governments provide depositor insurance for banks. If banks in those countries go bankrupt, the depositor insurance reimburses depositors up to a certain amount. In the U.S. the insurance is for up to $250,000 per depositor per bank. That means if you have accounts at 10 U.S. banks, you can be insured for up to $2.5 million.

Insured U.S. bank accounts can include individual retirement accounts. Those bank accounts allow the depositor to invest in the stock market. Banks also reimburse their customers if their accounts are hacked. Bank cards protect customers who make purchases by allowing chargebacks.

By comparison, bitcoin provides no insurance and no chargebacks. Many people lose their bitcoins because of problems with their wallets. The latest big loss was the Bitfinix fiasco. Bitcoin losses happen regularly.

In American and European countries, people don't lose money in their bank accounts. It's delusional to think risky bitcoin will replace banks. The extreme majority of people aren't that naive to trust bitcoin instead of banks.

pearnapple

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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.

there are some banks going bankrupt so i believe there are a lot of people who lose their money though we cannot do anything about it

dunfida

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Quote from: bhadz on August 25, 2016, 11:57:01 PM

Quote from: extrabyte on August 25, 2016, 11:17:02 PM

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.

yeah but things can be changed in future. even I am pretty much sure things will get changed in future 100%..
bitcoin price dropped little bit but it will raise again and everyone who invested when the price was 700$ they will also get profit. this is the game of patience. anyone one who have strongest well power well be in more benefit..

and banks won't give this amazing feature, but there is no chance that bitcoin can disappear banks. banks will remain.

Yeah bank is going to remain because the people really needs bank for the security of their money. And mostly, people who have millions of bucks are going to lend their money to the bank for the bank is able to use that money for investment and the bank is going to do the bank so that your money is going to grow easily.

banks are just definitely as a storage on our money and it doesnt connected wit bitcoin and it wont be possible tha bitcoin could make bank disappear since they dont really have connection at all. Yes, banks is more secure on your fiat money it would still grow your money there but it not as big as you expected in per annum basis.

Noctis Connor

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Quote from: theshiki on August 26, 2016, 02:25:13 AM

bitcoin is still a young e - currency and has not got to that level of displacing a bank.
Probably in the next generation it's very much possible as merchants take the step of accepting bitcoin payments then we headed in the right direction

☆

you're right bitcoin is still young currency in internet and it is not yet famous and some country banned bitcoin because some goverment don't want a new currency that people can use and you're right again probably in next generation that bitcoin will be use banks are everywhere that people use to save their money Cheesy

theshiki

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bitcoin is still a young e - currency and has not got to that level of displacing a bank.
Probably in the next generation it's very much possible as merchants take the step of accepting bitcoin payments then we headed in the right direction

☆

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