Can Bitcoin make Banks disappear? - page 243.

xIIImaL

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Quote from: virasisog on July 18, 2016, 11:05:54 AM

If the banks adopt the bitcoin and provide service based on bitcoin, it will cut their cost a lot. They can make more money.

Banks have taken quite long time to establish. Furthermore, banks perform different functions which will keep them going. As it stands, bitcoin is known by a very small percentage of the global population. Therefore, it will be unrealistic to claim that bitcoin will make banks disappear.

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If the banks adopt the bitcoin and provide service based on bitcoin, it will cut their cost a lot. They can make more money.

Maesters1-

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Quote from: tygeade on July 18, 2016, 07:17:14 AM

Quote from: Crazygreek on July 18, 2016, 06:29:18 AM

Nope, goverments of many countries will no allow to bitcoin to kill banks, at my opinion the highest bitcoin achivment can be becoming a legal currency somewhere.

Bitcoin can become a legal currency in those countries where the Government is not corrupted but it is unlikely to happen in all countries as majority of Governments are corrupted.

but corruption is the end of currency or banks. it can destabilize a country but cannot finish the use of banks. i think bitcoin also cannot disappear band but instead it will turn it more powerful and profitable. because then people will use these banks for transaction.

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Quote from: Crazygreek on July 18, 2016, 06:29:18 AM

Nope, goverments of many countries will no allow to bitcoin to kill banks, at my opinion the highest bitcoin achivment can be becoming a legal currency somewhere.

Bitcoin can become a legal currency in those countries where the Government is not corrupted but it is unlikely to happen in all countries as majority of Governments are corrupted.

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Nope, goverments of many countries will no allow to bitcoin to kill banks, at my opinion the highest bitcoin achivment can be becoming a legal currency somewhere.

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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?

Well it is impossible for bitcoins to replace bank because banks are there for the local currency of each country. It will only be possible if all of the country will only use bitcoin as a mode of payment. If that happens, then that is the only time that bitcoins can make the bank disappear. Because as for now, there are things that banks can do that bitcoins can't do.

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Quote from: Daneric on July 18, 2016, 02:24:44 AM

I consider bitcoin as a form of currency just like the dollars, yen and pound Sterling. The only difference between bitcoin and the other currency is that bitcoin is decentralized and is not controlled by any institution. Due to its nature of operation, I don't think it has any direct effect to the operations of the banks. It can only be a threat to other currencies but not to the banks.

You got it right. Banks are like holders they keep your money safe but in exchange they will use it for different invesments or they could let other people borrow your money. That is why they pay an interest for those who let their money be kept in banks.

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Quote from: Daneric on July 18, 2016, 02:24:44 AM

I consider bitcoin as a form of currency just like the dollars, yen and pound Sterling. The only difference between bitcoin and the other currency is that bitcoin is decentralized and is not controlled by any institution. Due to its nature of operation, I don't think it has any direct effect to the operations of the banks. It can only be a threat to other currencies but not to the banks.

Well that's true.. Bitcoin has no effect to banks, except if bank is trying to gamble and compete bitcoin using their fiat and creating the same technology as bitcoin having an idea to extinct bitcoin. But since there is no such action is happening, I think the two would just be going to go on racing with each other in parallel..

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I consider bitcoin as a form of currency just like the dollars, yen and pound Sterling. The only difference between bitcoin and the other currency is that bitcoin is decentralized and is not controlled by any institution. Due to its nature of operation, I don't think it has any direct effect to the operations of the banks. It can only be a threat to other currencies but not to the banks.

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Quote from: mishra1994 on July 18, 2016, 01:25:16 AM

Its never gonna be possible ever.I still think banks are more safer than any bitcoin wallet and there is a lot of other things and services that bank offers not only to deposit money.
But bitcoin is way away from banks .Yes we love bitcoin and it is the best but can not make banks to dissapear.

Yes that is impossible thing to happen that banks are going to be disappear because of bitcoin.
Because banks is really needed by people and country.
But if people is going to choose bitcoin it depends on them.

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Quote from: Imoote on July 18, 2016, 01:18:57 AM

Quote from: CryptoBjorn on July 18, 2016, 12:32:22 AM

Quote from: Wind_FURY on July 17, 2016, 09:42:50 PM

Quote from: Mr. Big on July 17, 2016, 09:24:04 PM

Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

This is where you are wrong. That is very short sighted. I foresee smaller banks being serious in testing cryptocurrency platforms not just bitcoins in order to get an edge vs the big banks. Once they gain ground, the big banks will have no choice but to adapt or to lose their business vs the smaller banks.

Banks won't let it happen. They have done their utmost best to boycot and even more stop the progress of bitcoin. On the background they are working on their own coin/ implementation of bitcoin... I am sure they can't be stopped and by doing this they can prolong their usabiltiy.... for he moment.

Bitcoin can not make bank disappeared and it was not possible. Banks have power everywhere and play a role in the economy of a country. I think bitcoin will not affect anything because they are different. I am sure the bank can always follow the development so may not be left behind.

We know, at first. bank and bitcoin having a different usefulness. Just for example I sure a lot of people in here always using the card from the bank to pull their digital currency if they exchange the bitcoin into fiat balance. between on both of them having a secret relationship.

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Its never gonna be possible ever.I still think banks are more safer than any bitcoin wallet and there is a lot of other things and services that bank offers not only to deposit money.
But bitcoin is way away from banks .Yes we love bitcoin and it is the best but can not make banks to dissapear.

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Quote from: CryptoBjorn on July 18, 2016, 12:32:22 AM

Quote from: Wind_FURY on July 17, 2016, 09:42:50 PM

Quote from: Mr. Big on July 17, 2016, 09:24:04 PM

Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

This is where you are wrong. That is very short sighted. I foresee smaller banks being serious in testing cryptocurrency platforms not just bitcoins in order to get an edge vs the big banks. Once they gain ground, the big banks will have no choice but to adapt or to lose their business vs the smaller banks.

Banks won't let it happen. They have done their utmost best to boycot and even more stop the progress of bitcoin. On the background they are working on their own coin/ implementation of bitcoin... I am sure they can't be stopped and by doing this they can prolong their usabiltiy.... for he moment.

Bitcoin can not make bank disappeared and it was not possible. Banks have power everywhere and play a role in the economy of a country. I think bitcoin will not affect anything because they are different. I am sure the bank can always follow the development so may not be left behind.

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Quote from: Wind_FURY on July 17, 2016, 09:42:50 PM

Quote from: Mr. Big on July 17, 2016, 09:24:04 PM

Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

This is where you are wrong. That is very short sighted. I foresee smaller banks being serious in testing cryptocurrency platforms not just bitcoins in order to get an edge vs the big banks. Once they gain ground, the big banks will have no choice but to adapt or to lose their business vs the smaller banks.

Banks won't let it happen. They have done their utmost best to boycot and even more stop the progress of bitcoin. On the background they are working on their own coin/ implementation of bitcoin... I am sure they can't be stopped and by doing this they can prolong their usabiltiy.... for he moment.

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If the state is considering its monopoly on currency issue (when only the central bank can release them into circulation) as a source of income, they have something to fear - as taxi drivers in the cities, where there is Uber. However, it is not in the interests of ordinary citizens. It is better to let people choose their convenient payment systems and provide rules that protect people from fraud. In this case, the artificial barriers will be meaningless.

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Quote from: Wind_FURY on July 17, 2016, 09:42:50 PM

Quote from: Mr. Big on July 17, 2016, 09:24:04 PM

Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

This is where you are wrong. That is very short sighted. I foresee smaller banks being serious in testing cryptocurrency platforms not just bitcoins in order to get an edge vs the big banks. Once they gain ground, the big banks will have no choice but to adapt or to lose their business vs the smaller banks.

Well,probably it is not bitcoin that they are testing in your statement and probably new cryptocurrency or other crypto that they want to run..By that, I could say that banks will still race with bitcoin in the future and won't be left behind, though it might be like they copy the technology, atleast they survive and probably that is what's going to happen in the future..I think evolution in technology won't cause banks downfall..

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Quote from: Mr. Big on July 17, 2016, 09:24:04 PM

Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

This is where you are wrong. That is very short sighted. I foresee smaller banks being serious in testing cryptocurrency platforms not just bitcoins in order to get an edge vs the big banks. Once they gain ground, the big banks will have no choice but to adapt or to lose their business vs the smaller banks.

Mr. Big

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Quote from: Wind_FURY on July 17, 2016, 09:18:13 PM

Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

Banks won't just let it happen, they are incline to upgrades too, they are always in the race with bitcoin. Bank is now getting more and more sophisticated and high tech too. In short they are also using computers and networks, just like bitcoin, so there is no way that they will be left behind by bitcoin..

Wind_FURY

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Let's be in reality here. Bitcoin will not make banks go away. Not soon anyway. But banks will have to evolve if it doesn't want to go away. More and more cryptocurrency platforms are being invented today and some of them may be the go to platform in the future. It would be stupid for banks not to use them.

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Quote from: PokerFace3 on July 17, 2016, 01:40:48 PM

Quote from: shugareward on July 17, 2016, 10:20:25 AM

In the far far future, because banks are very big organisations and its obvious that banks are putting a lot of effort to fight with growing bitcoin popularity.

I too believe that Bitcoins can disappear banks but not that fast. The banking system is trying hard to push back cryptocurrency. But this won't be happening. Banks can make bitcoins harder to access. I think eventually Banks wont be able to stand against bitcoins.

That's wrong, In my opinions if you know about the plastic card or similar with it, A lot of people relies on that to take some money from bitcoin and they always need it in every place they are. The bitcoin users are need banks too.

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