Can Bitcoin make Banks disappear? - page 295.

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legendary

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Quote from: adamstgBit on March 23, 2016, 08:12:00 PM

its not implausible

p2p lending is already taking shape.

https://btcpop.co/home.php#welcome

That's not making banks disappear. That's simply trading one kind of bank for another. Banks in some form will exist for the foreseeable future irregardless of what kind of currency is used for their services. Bitcoin cannot make the need for lending disappear. Just as changing one brand of bowling ball for another brand of bowling ball won't make the need for bowling alleys disappear.

BTW: Welcome back. Wink

adamstgBit

legendary

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Trusted Bitcoiner

its not implausible

p2p lending is already taking shape.

https://btcpop.co/home.php#welcome

knowhow

hero member

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That values belong to the past and the begining of bitcoin.You wont find bitcoin for such ammount anymore.Bitcoin needs bank to receive the fiat from the exchange of bitcoins.

whysoanon

member

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I atleast try to sell stuff

Bitcoin is fun somewhat safe..but no so many people screw the exchange rates :/ it would be impossible ive seen .34 on 1$ for BTC

63854

newbie

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Bitcoin has found its niche for anonymous online payments, and will never truly get rid of FIAT banks. As for its own, Bitcoin has banks itself (exchanges). Banks are a necessary part of any economic system, whether you like it or not, there will always be a need.

BirtRenaldsFan

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Keep in mind that Fiat is actually controlling our BTC. BTC needs an outlet to actually be transferred to. You cannot just buy something with BTC itself. People sell BTC when it's at a certain price amount or rank. They also send it to specific fiat. As long as we're still using banks, it seems as though Bitcoin is indirectly helping Fiat become more and more powerful.

GamingBro

sr. member

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Quote from: Lokfar on March 23, 2016, 10:34:21 AM

Quote from: n0ne on March 22, 2016, 06:41:12 AM

Quote from: nostal02 on March 22, 2016, 06:36:27 AM

I think bitcoin cant make bank disappear,bank will just evolve into something new and will fight bitcoin if they see it as a threat so far banks doesnt see that way and didnt take any action.

Yes such fighting back can be found in the future. But banks won't get disappear just with the growing of bitcoin. Lots of crypts have existed but it has never had some impact on banking.

You never know what can happen in the future with Bitcoin and the banks. But most people use also Bitcoin.
But there are also a lot of people that is using their banks so that will be not disappear.

Bitcoin is a baby, banks is trusted and famous man. Try to imagine this. People like trusted and tested things. Eventually we will see that bank > bitcoin now and i don't think that smth will change in near future Grin

Lokfar

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Quote from: n0ne on March 22, 2016, 06:41:12 AM

Quote from: nostal02 on March 22, 2016, 06:36:27 AM

I think bitcoin cant make bank disappear,bank will just evolve into something new and will fight bitcoin if they see it as a threat so far banks doesnt see that way and didnt take any action.

Yes such fighting back can be found in the future. But banks won't get disappear just with the growing of bitcoin. Lots of crypts have existed but it has never had some impact on banking.

You never know what can happen in the future with Bitcoin and the banks. But most people use also Bitcoin.
But there are also a lot of people that is using their banks so that will be not disappear.

Imoote

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Quote from: Altynbekova on March 23, 2016, 03:32:20 AM

No that is impossible. Because you can see that of course many people are now using Bitcoin, but you never know what will happen with the value and that is the problem.
I hope later that there will be more people that use Bitcoin. But many people must use banks because it is really important for them.

Absolutely it would not be possible. I also hope that bitcoin will be constantly evolving but still will not be able to eliminate the banks. It is impossible in my opinion and very difficult.

simonloff

full member

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Quote from: kodtycoon on March 22, 2016, 10:24:14 PM

i don't think any crypto currency will totally replace banks to the point where they don't exist. i do however believe that their prominence and power will be drastically reduced in a similar fashion to that of record labels and the introduction of torrenting and youtube and the likes. prior to the internet era, record labels were practically a necessity, at least if you wanted to make it any ways big. they had a monopoly on the music industry. you didn't succeed if they didn't want you to. now, they are still in existence, but they have little power or influence. crypto will do similar to the banks, clearing houses and all sorts of industries that we likely cant even fathom yet.

Agree it will be a gradual process, Even if bitcoin is capable of doing that and has the opportunity, I think it will be a very slow change in economy overall gradually replacing banks with better systems.

Altynbekova

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No that is impossible. Because you can see that of course many people are now using Bitcoin, but you never know what will happen with the value and that is the problem.
I hope later that there will be more people that use Bitcoin. But many people must use banks because it is really important for them.

jula551

newbie

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Quote from: KennyR on March 23, 2016, 12:27:21 AM

Quote from: Chairul Muttaqin on March 22, 2016, 11:07:16 PM

Bitcoin is online currency and bank is money storage offline. I mean it is different, bitcoin won't disappear the bank. But no one knows what happen in the future.

Even in future if we experience digitalization, banks won't get disappeared because of the bitcoin's growth.

Bitcoin transfers are usually irreversible when there is at least one confirmation. This makes it hard for attackers to reverse without controlling significant percentage of the network or a long block reorganization.

Also, merchants can accept Bitcoin with little to no cost or loss. It wouldn't make sense if the merchant only wants to install a POS with Bitcoin integration when there is a large volume. Transactions are verified instantly by nodes when transactions are sent.

KennyR

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Quote from: Chairul Muttaqin on March 22, 2016, 11:07:16 PM

Bitcoin is online currency and bank is money storage offline. I mean it is different, bitcoin won't disappear the bank. But no one knows what happen in the future.

Even in future if we experience digitalization, banks won't get disappeared because of the bitcoin's growth.

Chairul Muttaqin

sr. member

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Bitcoin is online currency and bank is money storage offline. I mean it is different, bitcoin won't disappear the bank. But no one knows what happen in the future.

bitcoinhopper

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Bravity is beautiful.

Quote from: n0ne on March 22, 2016, 06:41:12 AM

Quote from: nostal02 on March 22, 2016, 06:36:27 AM

I think bitcoin cant make bank disappear,bank will just evolve into something new and will fight bitcoin if they see it as a threat so far banks doesnt see that way and didnt take any action.

Yes such fighting back can be found in the future. But banks won't get disappear just with the growing of bitcoin. Lots of crypts have existed but it has never had some impact on banking.

Indeed, the fact is also that banks are too big and ther are too many people depending on a bank if you ask me.
There is a little chance that this will happen but I do not see this happen if I'm honest.

kodtycoon

legendary

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i don't think any crypto currency will totally replace banks to the point where they don't exist. i do however believe that their prominence and power will be drastically reduced in a similar fashion to that of record labels and the introduction of torrenting and youtube and the likes. prior to the internet era, record labels were practically a necessity, at least if you wanted to make it any ways big. they had a monopoly on the music industry. you didn't succeed if they didn't want you to. now, they are still in existence, but they have little power or influence. crypto will do similar to the banks, clearing houses and all sorts of industries that we likely cant even fathom yet.

DeDordtenaar

hero member

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Quote from: ronaldinho_07 on March 22, 2016, 07:40:43 AM

One thing is sure bitcoin and others crypto wouldnt exist without banks,that are the main way to us to moove our money into online stores,into companies like paypal.Soo without banks would be any crypto,soo thinking the child could kill the mom its not gonna happen .

nope we can still convert it to paypal to buy goods and food. if bitcoin has not been widely accepted in shops.
but indeed I must say that bitcoin is still dependent on the fiat

ronaldinho_07

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One thing is sure bitcoin and others crypto wouldnt exist without banks,that are the main way to us to moove our money into online stores,into companies like paypal.Soo without banks would be any crypto,soo thinking the child could kill the mom its not gonna happen .

n0ne

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Quote from: nostal02 on March 22, 2016, 06:36:27 AM

I think bitcoin cant make bank disappear,bank will just evolve into something new and will fight bitcoin if they see it as a threat so far banks doesnt see that way and didnt take any action.

Yes such fighting back can be found in the future. But banks won't get disappear just with the growing of bitcoin. Lots of crypts have existed but it has never had some impact on banking.

jkrules

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Quote from: nostal02 on March 22, 2016, 06:36:27 AM

I think bitcoin cant make bank disappear,bank will just evolve into something new and will fight bitcoin if they see it as a threat so far banks doesnt see that way and didnt take any action.

bitcoin cannot make banks disappear because The banks is legal and acclaimed by government as the depository institution of money but bitcoin is not and we already know even in some countries bitcoin is illegal

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