Topic: Can Bitcoin make Banks disappear? - page 297. (Read 427641 times)

Banks are too powerfull to dissapear. Suppose the creditcard companies would fight against banks, even they would lose, since the power
both financially and economically of the banks is to big.

Over time nothing is impossible.  A more plausible outcome would be that fiat banks turn into crypto banks. 

not sure... but some banks are ready to adopt new payment innovations and considers the adoption of blockchain technology...

not sure... but some banks are ready to adopt new payment innovations and considers the adoption of blockchain technology...

Banks will always be needed, even if their not needed they will make sure there is something new that we need them for. they wont just close their doors and move along because some decentralized bitcoin comes along.

And I think banks do not have only one job which is savng money for people, but it has a lot of other duties for the state also, so they will remain there to perform their duties for the state affair.

Yes the bankers are more expert business persons, they can fit themselves in any modern system which is introduced for business related finance in order to give success to their banks.

Yes, banks will always be there as I don't see that bitcoin can make them disappear, banks are very strong institution at a moment and they have support from the Government.

Banks will always be needed, even if their not needed they will make sure there is something new that we need them for. they wont just close their doors and move along because some decentralized bitcoin comes along.

I think bitcoin is a great economical system and change to the world, However I don't think banks will disappear, Banks are important and a main part of the economical system, I think bitcoins will coexist with banks.

Yes I think it is possible in the future. Because you can see now that less people now using their banks. And of course it is really important for them
But the world is becoming now more digital and that will also be very good for Bitcoin. But it takes time.

BTC will probably not make the banks disappear but it will make them offer better services in the future

People say "bank" as if it's this one item that works alone like hammer, screwdriver, automobile, chainsaw. The finance industry is made up of many diverse components that create a system of individual parts working in unison to create the functionality of what we know as a "bank".

Banks loan money, right? But banks couldn't loan money with the risk assessment system created by the major credit rating organizations like Equifax and Experian. Without these credit trackers banks would make even more bad loans than they already do. The interest rate these lenders use needs to come from somewhere. Banks can't just be allowed to make the rate what ever they want. That would be bad for the economy and hurt the borrower so the government (federal reserve) sets the interest rate. Some people need loans but have hurt their credit so mainstream banks can't lend them money. This dynamic created the subprime market of special banks willing to take a higher risk for an increased interest rate. When borrowers default on their loans and end up in real financial trouble the banks don't lock them up in the bank vault until they pay. Banks aren't set up to be capable of fixing that problem. They sell that bad account at a discount to a collection agency which is a another necessary business in the banking system. If people still can't pay they now need another branch of the government to help them organize their finances and get out of trouble without going to jail (bankruptcy).

Banks also provide safety and insurance for people's money, provide safety deposit boxes for the storage of hard physical goods like gold or paperwork, they act as payment agents between millions of other banks and businesses and provide accounts that pay interest on retirement accounts like 401k and other savings.

So, you can see now that a bank is not a hammer or screwdriver with a single small function that can be taken over by Bitcoin. When anyone throws the word "bank" around and claims that Bitcoin can replace them they are just showing how completely clueless they really are.