Can Bitcoin make Banks disappear? - page 29.

b!t

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Quote from: raaaj100 on December 30, 2017, 09:08:37 PM

I think Bitcoin's can't make the banks disappear at least in our nearest future, because banks are having already a very big community using and supporting it's services till now. But in time it's possible that Bitcoin will be used more than banks

Yeah banks are so huge they will try not to give up their position in power, I think people still need an instance to help them with their financial ordeals to "feel safe" Grin

randy321

newbie

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Ideally, bitcoin would improve banks instead of making them disappear. Cheaper fees, new innovative products, happier customers. Right now people hate banks almost as much as they hate the government. Bitcoin can help that situation.

PapaJ

member

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Bitcoin is one of those currencies that makes banks think, and how long they will live!)
Time will tell! but I'm sure that the cryptocurrency will still show itself Wink

Advicerabi

member

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I think bitcoin can not make bank disappear, although everyone already using bitcoin. Bank has its own role in the world and will always be in need.
Bitcoin will be use for online payments, but we will use cash and credit cards for our daily need.
But there is chance in the future the user of bank will not be as many now.

Blackwhite69

sr. member

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Quote from: Janation on December 25, 2017, 10:02:44 PM

Digital currencies are becoming popular to people since it is decentralized and volatile, but bitcoin is not that usable in the real world since there are only some stores or place that accept bitcoin as a payment, and that means that if there are a small amount of people using it, there will be only few people who will be using it, but the thing is that they do not use bitcoin because it is quickly transacted but because it is volatile, so I think bitcoin or any other crypto currency will make banks dissapear.

For now it seems unlikely to have a major impact on the bank but in later days the Bank will feel the impact.

raaaj100

newbie

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I think Bitcoin's can't make the banks disappear at least in our nearest future, because banks are having already a very big community using and supporting it's services till now. But in time it's possible that Bitcoin will be used more than banks

chelsieolsen98

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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?

I personally believe that cryptocurrency and bitcoin is going to be the "money" of the future.. I believe that with the rate and success of bitcoin and other currencies, we are going to be getting rid of the dollar bill. Now that being said, I do not believe that it will make all banks disappear, however, I do believe that what they are saying is that the banks we once knew will be changed to that of which the future will consist of... cryptocurrency. So I believe they will no longer accept the dollar bill, but however hold the currency instead.

Jessica2009

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To my concept I don't believe that Bitcoin can make Banks disappear.Both Bank and Bitcoin are making profits in two different ways.Bitcoin is flexible and is controlled by demand play and the Bitcoin supply is constant.No other governing body controls Bitcoin since it is a digital decentralized currency.Banks get profit by leveraging loans from the account holders itself and is controlled by a governing body and is limited by flexibility.As long as profitable Banks sustains.So don't think that Bitcoin can make Banks disappear.

chukaday

full member

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⚡ Property-secured P2P lending ⚡

It possibly could but I don't think it will. I do think the way the financial system is currently will be altered for the benefit of the citizens from here on out. However, I don't think fiat banks will cease to exist instead I think they will work harmoniously beside bitcoin operations in a world that hardly any of us can imagine.

dbutp

member

Activity: 171

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Streamity Decentralized cryptocurrency exchange

I think bicoin will not be able to replace the bank. Bitcoin is digital money, it's value is not stable, it can not give someone a loan. Banks have the benefits that bitcoin does not have and it is popular with everyone.

ibhk

newbie

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I don't get what you are pointing at...No one will force anyone to deposit their money to a bank, we are living in a free world and government is not forcing us to deposit our money to banks... Except if you mean that if everyone who deposit in the bank is exposing their money to the authority, well, there's nothing wrong with that, except if you are doing something illicit and not paying taxes and laundering your money... Bitcoin is a good option to store our money, but it will never replace banks functions...

ausbit

legendary

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Quote from: LTCendmanagement on December 17, 2017, 12:39:24 PM

It may take a long time even impossible if bitcoin beat the bank, because we know banks are supported by their respective countries to run smoothly, banks are assets in the country, so the government will not remain silent if the existence of banks is threatened by bitcoin.

Definitely, a lot of people will prefer banks because they think that as there is no physical existence of bitcoins and have no security of them. It is so because of lack of knowledge and awareness about bitcoins. Some older people also think that it is just a sort of prank which gives satisfaction to people that they have a lot of money in their accounts but its banks that actually saves their money. So banks can never be disappeared at all.

JohnWick_Bitcoin

member

Activity: 308

Merit: 10

No it cannot, Banks are already existing before since bitcoins has not been discovered yet and most of the poeple are already placing their money on the banks because they are trusting those people to hold their money so it only means that the existence of bitcoins would not affect the banks.

Janation

hero member

Activity: 1722

Merit: 528

Digital currencies are becoming popular to people since it is decentralized and volatile, but bitcoin is not that usable in the real world since there are only some stores or place that accept bitcoin as a payment, and that means that if there are a small amount of people using it, there will be only few people who will be using it, but the thing is that they do not use bitcoin because it is quickly transacted but because it is volatile, so I think bitcoin or any other crypto currency will make banks dissapear.

pulsefirekelly

newbie

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For me no. But it may affect the bank transactions and maybe doozed the number of accounts that are registered in the bank
Since bitcoin is more efficient in a way that even application wont take long

Botnake

hero member

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Merit: 667

Quote from: Geoll29 on December 25, 2017, 08:19:17 PM

Bank is an old institution and eversince used by lots of people especially businessmen. They won't disappear. Bitcoin is a cryptocurrency which in its advent provides everyone with convenience and chance to earn more than putting money in the bank. Still if you earn in bitcoin you need banks to put your hard earned money in.

Cryptocurrencies will not replace banks who are creating a legal currency that we are using now.
We have to understand that everything is under the supervision and control of the government and banks have a big role in our country to help the circulation of cash and to report to their governing body.

Geoll29

member

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Bank is an old institution and eversince used by lots of people especially businessmen. They won't disappear. Bitcoin is a cryptocurrency which in its advent provides everyone with convenience and chance to earn more than putting money in the bank. Still if you earn in bitcoin you need banks to put your hard earned money in.

tonyja2017

member

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Merit: 10

I don't think the bank will disappear, because it's a tool to convert from bitcoin to cash, at the moment I still see the bank as a top priority, because bitcoin will not be able to the world is recognized as cash that we often use.

White32

member

Activity: 146

Merit: 10

It would never happen, cause many people used to put their money in the bank from the begginning of thier lives, and trusting it. A possible happen bank can be use bitcoin, but it could'nt disappear.

Chainblock

full member

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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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