Can Bitcoin make Banks disappear? - page 267.

ekoice

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Quote from: HarryKPeters on May 15, 2016, 09:52:26 AM

There is potential here, but getting rid of all the banks? No they are too powerfull although i see it happening that banks will go bankrupt since more users will avoid them.
But since banks sell services like mortgages, insurancies etc. They where will be a place for them.

In my opinion banks can not get disappeared since they offer so many services like mortgages and loans etc. where as bitcoins are different as well as banks are very much available like bitcoins online thru ATMs and online banking as well.

AriesIV10

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Here is an interesting article of acceptance of Bitcoin:

http://strategictechinvestor.com/wp-content/uploads/2016/03/TheGoldofTechPortfolioInsurance.pdf

umaOuma

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Quote from: HarryKPeters on May 15, 2016, 09:52:26 AM

There is potential here, but getting rid of all the banks? No they are too powerfull although i see it happening that banks will go bankrupt since more users will avoid them.
But since banks sell services like mortgages, insurancies etc. They where will be a place for them.

Yeah banks are the strongest, and bitcoin is not that strong yet, it will take time to grow and become more powerful, but banks will always exist, normal users desperately need them.

HarryKPeters

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There is potential here, but getting rid of all the banks? No they are too powerfull although i see it happening that banks will go bankrupt since more users will avoid them.
But since banks sell services like mortgages, insurancies etc. They where will be a place for them.

rabeh boukhnona

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yes, bitcoin is a revolutionary.

jukka

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Quote from: Denker on May 15, 2016, 08:08:58 AM

Quote from: Nowl1935 on May 15, 2016, 07:58:41 AM

I think it bank will never disappear, We cant even access bitcoin if we dont have banks, Bank are use to cash out our bitcoins

That is not true!
There are BTMs out there you can buy Bitcon with.It's pretty simple.Put some bills into the slot of the machine and get Bitcoin transferred on your smartphone.
Or you can use Localbitcoins to buy btc via personal meetings.Cash for Bitcoin.Again pretty easy.
Or you just do some work, offer services and let you pay in Bitcoin.Again an easy possibility to get access to Bitcoin without the need of banks.

thats true! you certainly dont need banks if you want to use bitcoin. however, banks will not disappear but they will start use blockchain technologies.

gilangIDR

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bitcoin provides convenience to transact. bitcoin also provides speed in the deal. bitcoin can beat the bank in all respects.

AriesIV10

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Quote from: Denker on May 15, 2016, 08:08:58 AM

Quote from: Nowl1935 on May 15, 2016, 07:58:41 AM

I think it bank will never disappear, We cant even access bitcoin if we dont have banks, Bank are use to cash out our bitcoins

That is not true!
There are BTMs out there you can buy Bitcon with.It's pretty simple.Put some bills into the slot of the machine and get Bitcoin transferred on your smartphone.
Or you can use Localbitcoins to buy btc via personal meetings.Cash for Bitcoin.Again pretty easy.
Or you just do some work, offer services and let you pay in Bitcoin.Again an easy possibility to get access to Bitcoin without the need of banks.

If vendors all took Bitcoin, there would be no need for cash. I have a credit card through CoinBase right now that I can use just like a Visa/Mastercard so, in a sense I do not need banks.

Denker

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Quote from: Nowl1935 on May 15, 2016, 07:58:41 AM

I think it bank will never disappear, We cant even access bitcoin if we dont have banks, Bank are use to cash out our bitcoins

That is not true!
There are BTMs out there you can buy Bitcon with.It's pretty simple.Put some bills into the slot of the machine and get Bitcoin transferred on your smartphone.
Or you can use Localbitcoins to buy btc via personal meetings.Cash for Bitcoin.Again pretty easy.
Or you just do some work, offer services and let you pay in Bitcoin.Again an easy possibility to get access to Bitcoin without the need of banks.

Nowl1935

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I think it bank will never disappear, We cant even access bitcoin if we dont have banks, Bank are use to cash out our bitcoins

AriesIV10

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Banks are scrambling right now to incorporate the blockchain. They are fighting a war they can't win. The banks just don't know what the war is all about. Once small businesses start taking bitcoin, the end will soon be behind. The only part of the bank that is "wanted" by the people is lending. This will be filled with some future Bitcoin Bank.

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Quote from: GamingBro on May 14, 2016, 07:13:16 PM

It's can't be and everybody know it, bitcoin can't kill other currency and so we can't kill banks. The main reason why it's can't happen is that bitcoin depends on fiat. I don't know why people still discussing this question

Yes very true bitcoin prices also depend on fiat and that is why bitcoin could not make banks disappear. It is impossible although bitcoin highly advanced and evolved it still can not happen. Maybe that could compete with bitcoin is paypal and the like.

GamingBro

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It's can't be and everybody know it, bitcoin can't kill other currency and so we can't kill banks. The main reason why it's can't happen is that bitcoin depends on fiat. I don't know why people still discussing this question

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Quote from: BitHodler on May 14, 2016, 05:51:43 PM

Quote from: terman45x on May 14, 2016, 05:32:41 PM

Quote from: martinacar on May 14, 2016, 04:56:37 PM

Quote from: PacePay on May 14, 2016, 04:12:26 PM

NO, bitcoin really cannot replace any of the bank, but bank can start working on it and they can modify according to their demand and then can start to use it as a normal currency. and also if someone say that everyone will redirect to bitcoin and withdraw their money and invest them in bitcoin then i will say that banks have some other tasks also which they are performing for the state and maintaining the state financial affairs etc.

I also do not think this is possible and the fact is that the banks also gave too much power all over the world, its just way too big to take over.
We could never achieve this with the bitcoin if you ask me.

Yeah and banks are the strongest financial institutions that we have and if bitcoin wants to make them disappear then it needs strong and valid reason to do that.

Governments will never allow Bitcoin to play a role of significance in the financial world.

And beside that, what do you see as a valid reason for Bitcoin to make banks vanish?

Bitcoin can never take the place of banks physically and not even in the hearts of the people, there are people who really don't care about bitcoin and loves traditional banking system.

BitHodler

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Quote from: terman45x on May 14, 2016, 05:32:41 PM

Quote from: martinacar on May 14, 2016, 04:56:37 PM

Quote from: PacePay on May 14, 2016, 04:12:26 PM

NO, bitcoin really cannot replace any of the bank, but bank can start working on it and they can modify according to their demand and then can start to use it as a normal currency. and also if someone say that everyone will redirect to bitcoin and withdraw their money and invest them in bitcoin then i will say that banks have some other tasks also which they are performing for the state and maintaining the state financial affairs etc.

I also do not think this is possible and the fact is that the banks also gave too much power all over the world, its just way too big to take over.
We could never achieve this with the bitcoin if you ask me.

Yeah and banks are the strongest financial institutions that we have and if bitcoin wants to make them disappear then it needs strong and valid reason to do that.

Governments will never allow Bitcoin to play a role of significance in the financial world.

And beside that, what do you see as a valid reason for Bitcoin to make banks vanish?

terman45x

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Quote from: martinacar on May 14, 2016, 04:56:37 PM

Quote from: PacePay on May 14, 2016, 04:12:26 PM

NO, bitcoin really cannot replace any of the bank, but bank can start working on it and they can modify according to their demand and then can start to use it as a normal currency. and also if someone say that everyone will redirect to bitcoin and withdraw their money and invest them in bitcoin then i will say that banks have some other tasks also which they are performing for the state and maintaining the state financial affairs etc.

I also do not think this is possible and the fact is that the banks also gave too much power all over the world, its just way too big to take over.
We could never achieve this with the bitcoin if you ask me.

Yeah and banks are the strongest financial institutions that we have and if bitcoin wants to make them disappear then it needs strong and valid reason to do that.

martinacar

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Quote from: PacePay on May 14, 2016, 04:12:26 PM

NO, bitcoin really cannot replace any of the bank, but bank can start working on it and they can modify according to their demand and then can start to use it as a normal currency. and also if someone say that everyone will redirect to bitcoin and withdraw their money and invest them in bitcoin then i will say that banks have some other tasks also which they are performing for the state and maintaining the state financial affairs etc.

I also do not think this is possible and the fact is that the banks also gave too much power all over the world, its just way too big to take over.
We could never achieve this with the bitcoin if you ask me.

PacePay

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NO, bitcoin really cannot replace any of the bank, but bank can start working on it and they can modify according to their demand and then can start to use it as a normal currency. and also if someone say that everyone will redirect to bitcoin and withdraw their money and invest them in bitcoin then i will say that banks have some other tasks also which they are performing for the state and maintaining the state financial affairs etc.

jukka

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short answer to the op is no! banks will not disapear because of bitcoin or what ever currency is used. banks were there before FIAT and be there after bitcoin.

Igor76200

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I presume Bitcoin will not kill the bank but the two systems will coexist. Just like emails haven't killed postal service although these had to modernize and learn to share parts of their monopole

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