Can Bitcoin make Banks disappear? - page 241.

dotajhay

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Quote from: Ravion on July 23, 2016, 04:48:19 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?

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.

it's true maybe the bank features will change due to popularity of bitcoins in the future but the bank will not dissapear because it has many benefits not only putting money to your bank.

boyptc

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Quote from: bitdumper on July 23, 2016, 04:05:47 AM

there is no dought that bitcoin is better than old bank systems , we finally had a money system which is ours and yes bitcoincan make banks disapper but we still need faint currency in existence or our government or banks will be extent and it can cause a un balance budget in our country which can effect us

It is very impossible that bitcoin is going to make banks disappear as the banks are playing a very important role to a country's government.
they are needed in the circulation of money in a economy. But I know there are things that we need to consider that we can't say in the future
and changes are possible either.

Ravion

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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 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.

miike999

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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.

"thumbs up"
you are exactly right

btvGainer

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Quote from: BitcoinPaw on July 20, 2016, 08:56:15 PM

Quote from: ironm@n on July 20, 2016, 07:26:11 PM

I'm a fan of Bitcoin, but I don't think so. These banks are like a plague, and some of them are adopting blockchain technology.

Dude, you are calling banks a plague but it's just cause you are a bitcoin fun Grin

I think that bitcoin will be accepted by some countries and become a fiat.

The success of bitcoin doesn't lie in replacing the banks but in its co-existence.Bitcoin needs universal acceptence which is possible only when banks start accepting bitcoins and or converting them into local currency

bitdumper

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there is no dought that bitcoin is better than old bank systems , we finally had a money system which is ours and yes bitcoincan make banks disapper but we still need faint currency in existence or our government or banks will be extent and it can cause a un balance budget in our country which can effect us

romero121

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As most users quoted banks won't get disappeared in a short or long run. Banking has got a separate place in worldwide economy which won't go vanished due to existence of digital currencies which were in strong competence to have a secured place.

hawkins

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Quote from: stadus on July 23, 2016, 03:35:17 AM

Quote from: virasisog on July 22, 2016, 02:49:32 PM

Quote from: dotajhay on July 21, 2016, 05:00:30 AM

Quote from: lionheart78 on July 21, 2016, 04:12:23 AM

I don't think Bitcoin can make banks to disappear. The main reason is that bank exist not because of curreny/ money transaction alone. Bank exist to function as vault to some wealthy customer. Bank store gold, documents, important stuff and get paid for it. So even if Bitcoin replace money, it won't replace Bank functions. So bank is here to stay.

yeah it's true but the main focus of the bank is about storing money , so if the money storing in bank will be disappeared the bank owners will be zest in future because in bitcoin or maybe they will switch to bitcoin business.

If the banks offer me some interest and can make sure my bitcoin is safe there, I will use a bitcoin bank.

There is no such thing as bitcoin bank because bitcoin does not need bank. We deposit in blockchain and that is our bank. Just trust blockchain and you will feel comfortable with your savings.

you're right, bitcoin does not require bank. but I think banks are still bigger in comparison with bitcoin for now. I guess everyone needs a bank but not all users require bitcoin bank, that's his perception. so maybe this time bitcoin bank can not make disappear unless the bank is required by everyone

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Quote from: virasisog on July 22, 2016, 02:49:32 PM

Quote from: dotajhay on July 21, 2016, 05:00:30 AM

Quote from: lionheart78 on July 21, 2016, 04:12:23 AM

I don't think Bitcoin can make banks to disappear. The main reason is that bank exist not because of curreny/ money transaction alone. Bank exist to function as vault to some wealthy customer. Bank store gold, documents, important stuff and get paid for it. So even if Bitcoin replace money, it won't replace Bank functions. So bank is here to stay.

yeah it's true but the main focus of the bank is about storing money , so if the money storing in bank will be disappeared the bank owners will be zest in future because in bitcoin or maybe they will switch to bitcoin business.

If the banks offer me some interest and can make sure my bitcoin is safe there, I will use a bitcoin bank.

There is no such thing as bitcoin bank because bitcoin does not need bank. We deposit in blockchain and that is our bank. Just trust blockchain and you will feel comfortable with your savings.

virasisog

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Quote from: dotajhay on July 21, 2016, 05:00:30 AM

Quote from: lionheart78 on July 21, 2016, 04:12:23 AM

I don't think Bitcoin can make banks to disappear. The main reason is that bank exist not because of curreny/ money transaction alone. Bank exist to function as vault to some wealthy customer. Bank store gold, documents, important stuff and get paid for it. So even if Bitcoin replace money, it won't replace Bank functions. So bank is here to stay.

yeah it's true but the main focus of the bank is about storing money , so if the money storing in bank will be disappeared the bank owners will be zest in future because in bitcoin or maybe they will switch to bitcoin business.

If the banks offer me some interest and can make sure my bitcoin is safe there, I will use a bitcoin bank.

dotajhay

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Quote from: lionheart78 on July 21, 2016, 04:12:23 AM

I don't think Bitcoin can make banks to disappear. The main reason is that bank exist not because of curreny/ money transaction alone. Bank exist to function as vault to some wealthy customer. Bank store gold, documents, important stuff and get paid for it. So even if Bitcoin replace money, it won't replace Bank functions. So bank is here to stay.

yeah it's true but the main focus of the bank is about storing money , so if the money storing in bank will be disappeared the bank owners will be zest in future because in bitcoin or maybe they will switch to bitcoin business.

lionheart78

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I don't think Bitcoin can make banks to disappear. The main reason is that bank exist not because of curreny/ money transaction alone. Bank exist to function as vault to some wealthy customer. Bank store gold, documents, important stuff and get paid for it. So even if Bitcoin replace money, it won't replace Bank functions. So bank is here to stay.

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Quote from: Wind_FURY on July 20, 2016, 09:57:59 PM

Quote from: dunfida on July 20, 2016, 09:42:15 PM

Quote from: boyptc on July 20, 2016, 06:41:31 PM

Quote from: ezehy2014 on July 20, 2016, 06:34:51 PM

I don't think bitcoin can make bank disappear because in my country i exchange bitcoin for my country currency which is transferred into my Bank

As of today that is very impossible at all that bitcoin is going to make the banks disappear because the government is not going to allow it.
And bank is playing a big role in an economy of a country, of course they will not going to let it happen.
But we don't know what is going to happen because of technology.

Even technology would involved its impossible that bitcoin could disappear banks in future. As you said banks play a big role of an economy of a country.
Bitcoin is only a cryptocurrency even though it would become popular into future but only in digital world. Our online wallet or hardware wallet serves as banks in our precious bitcoin.

Exactly why banks are getting worried. The future of the bulk of transactions happening will be in the digital world. If banks won't evolve and improve expect unregulated cryptocurrencies to be a major force in online payments. Bitcoin is already showing us it is possible.

There's a possibility that future bulk transaction would happen in digital world. Even the banks would evolved the still have higher interest or fees in any transaction and these would lead to people on using Bitcoin instead of banks. Banks are only good on paper currency handling.

Imoote

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Quote from: Wind_FURY on July 20, 2016, 09:57:59 PM

Quote from: dunfida on July 20, 2016, 09:42:15 PM

Quote from: boyptc on July 20, 2016, 06:41:31 PM

Quote from: ezehy2014 on July 20, 2016, 06:34:51 PM

I don't think bitcoin can make bank disappear because in my country i exchange bitcoin for my country currency which is transferred into my Bank

As of today that is very impossible at all that bitcoin is going to make the banks disappear because the government is not going to allow it.
And bank is playing a big role in an economy of a country, of course they will not going to let it happen.
But we don't know what is going to happen because of technology.

Even technology would involved its impossible that bitcoin could disappear banks in future. As you said banks play a big role of an economy of a country.
Bitcoin is only a cryptocurrency even though it would become popular into future but only in digital world. Our online wallet or hardware wallet serves as banks in our precious bitcoin.

Exactly why banks are getting worried. The future of the bulk of transactions happening will be in the digital world. If banks won't evolve and improve expect unregulated cryptocurrencies to be a major force in online payments. Bitcoin is already showing us it is possible.

The Bank will continue to grow and develop properly obeying the development era. Banks are also required people to save and transact so that banks will not disappear. Although bitcoin will develop it seems to me merely for profit instead of saving money. Because tempan save the most money safe in the bank.

Wind_FURY

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Quote from: dunfida on July 20, 2016, 09:42:15 PM

Quote from: boyptc on July 20, 2016, 06:41:31 PM

Quote from: ezehy2014 on July 20, 2016, 06:34:51 PM

I don't think bitcoin can make bank disappear because in my country i exchange bitcoin for my country currency which is transferred into my Bank

As of today that is very impossible at all that bitcoin is going to make the banks disappear because the government is not going to allow it.
And bank is playing a big role in an economy of a country, of course they will not going to let it happen.
But we don't know what is going to happen because of technology.

Even technology would involved its impossible that bitcoin could disappear banks in future. As you said banks play a big role of an economy of a country.
Bitcoin is only a cryptocurrency even though it would become popular into future but only in digital world. Our online wallet or hardware wallet serves as banks in our precious bitcoin.

Exactly why banks are getting worried. The future of the bulk of transactions happening will be in the digital world. If banks won't evolve and improve expect unregulated cryptocurrencies to be a major force in online payments. Bitcoin is already showing us it is possible.

Leonard2016

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i don't think bitcoin can ever become so big in the real offline world so that it replaces banks. and banks will not go down easy they aregoing to put up a fight to survive too so they may even start using bitcoin to stay alive.

dunfida

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Quote from: boyptc on July 20, 2016, 06:41:31 PM

Quote from: ezehy2014 on July 20, 2016, 06:34:51 PM

I don't think bitcoin can make bank disappear because in my country i exchange bitcoin for my country currency which is transferred into my Bank

As of today that is very impossible at all that bitcoin is going to make the banks disappear because the government is not going to allow it.
And bank is playing a big role in an economy of a country, of course they will not going to let it happen.
But we don't know what is going to happen because of technology.

Even technology would involved its impossible that bitcoin could disappear banks in future. As you said banks play a big role of an economy of a country.
Bitcoin is only a cryptocurrency even though it would become popular into future but only in digital world. Our online wallet or hardware wallet serves as banks in our precious bitcoin.

Agaguk24

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So far, Paypal or the Banking system have evolved much more quickly than Bitcoin, unfortunately. I can send USD to anyone in a matter of minutes; unfortunately with Bitcoin things are much slower than Paypal.

I like the aspect of decentralization, but it also has to work...

BitcoinPaw

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Quote from: ironm@n on July 20, 2016, 07:26:11 PM

I'm a fan of Bitcoin, but I don't think so. These banks are like a plague, and some of them are adopting blockchain technology.

Dude, you are calling banks a plague but it's just cause you are a bitcoin fun Grin

I think that bitcoin will be accepted by some countries and become a fiat.

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Quote from: boyptc on July 20, 2016, 07:04:26 PM

Quote from: Vikingr on July 20, 2016, 06:55:41 PM

Quote from: ezehy2014 on July 20, 2016, 06:34:51 PM

I don't think bitcoin can make bank disappear because in my country i exchange bitcoin for my country currency which is transferred into my Bank

I also do the same, and I think almost all of the people who sell their coins and withdraw them then they take the help of banks to get that money and without that it will be much harder for us to get our money as it will be harder to trust on any other organization, a copy of bank.

Well this is what I'm doing to do, I am withdrawing it for fiat. And after withdrawing it I am now storing it on the bank. And I have done it many times.
Because the banks are really safe at all so that your money can get some small interest on it. But if this happens that bitcoin is going to make banks disappear we are really on the high technology by that time.

I sure about the bold sentences may people is doing that and after looking at the sentences we can assuming if the bank is always needed by people who always wanna withdrawing or exchanging their BTC into flat and store them. there are a people is doing it I will never think the bitcoin will make a bank disappear. both of them is very important for everyone.

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