Can Bitcoin make Banks disappear? - page 30.

Coyoteerex09

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Quote from: 8Habits on December 25, 2017, 06:55:16 PM

Quote from: BelieveInBTC on December 25, 2017, 06:30:29 PM

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

That is true. When you have lots of money, you need to have banks where you are going to deposit it. But with bitcoin, all you need to have is a bitcoin wallet and your privacy key and that is it - no one knows that you are wealthy but yourself

We can't deny the fact that we still need cash for our daily living. Also cashing out in small amount in bitcoin is not practical because of the high fees and slow processing fee.

8Habits

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Quote from: BelieveInBTC on December 25, 2017, 06:30:29 PM

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

That is true. When you have lots of money, you need to have banks where you are going to deposit it. But with bitcoin, all you need to have is a bitcoin wallet and your privacy key and that is it - no one knows that you are wealthy but yourself

Rayner77

newbie

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In Bitcoin's current state, I don't think it has the power to eliminate banks since it turns out that banks now have the cheaper transaction fees as well as faster processing time.

Coyoteerex09

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Quote from: BelieveInBTC on December 25, 2017, 06:30:29 PM

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

I don't think bitcoin is near of replacing or removing the banks. Removing banks could potentially ruin the economy as the stock market and the exchange still rely on the banks.

BelieveInBTC

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BookiePro.Fun - The World's Betting Exchange

Thanks to Bitcoin we can become our own banks, we don't have to trust any third party. You can even run your own node if you don't trust anyone in the network. It will take some time before people will learn the benefits of owning your private keys. Probably, they will be always web wallets because not every person is capable of securing money on their own. Also, even if less people would use "crypto banks", someone still have to give loans.

hastag_80

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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?

Yes,maybe soon bitcoin can make the banks dissapear,if this the legacy of digital currencey will continue to moves on,until that the time bitcoin become legal and the government make all the transaction in cryptocurrency centralized.because in digital currency you can gain a huge profit compare to the mother bank that you can earn only a penny cents to your capital,because banks is a long term investment.so mostly people will choose bitcoin investment because of its given profit compare in the banks, so that the time banks will constantly faded and totally diminished.

Blackwhite69

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Quote from: TeLlMeFrY on December 25, 2017, 05:51:47 PM

I don´t think so. Bitcoin is not so popular to do transactions, so it doesn´t represent a big threat for the banks yet. Besides, the banks are backed up for people with a big power in the world, who wouldn´t let to the banks disappear.

It will take a long time if the Bank will disappear because of Bitcoin and people still believe in the existence of Banks.

Tenderino

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In this case you need to ask if bitcoin can make governments disappear, because the banks are the real government, because why would a government give foreign and private companies the right to create money digital and make billions, while a government owned bank could do exactly the same but with the money going into the state budget instead?

TeLlMeFrY

member

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Spanish Translator

I don´t think so. Bitcoin is not so popular to do transactions, so it doesn´t represent a big threat for the banks yet. Besides, the banks are backed up for people with a big power in the world, who wouldn´t let to the banks disappear.

vincentbeth934

newbie

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Bitcoin is a life saver only because of how high its price got. Now, it's a coin with super high transaction fees with unreliable processing time.

Chainblock

full member

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banks are the worst nightmare and bitcoin is a life saver but still i dont think bitcoin can make banks disapper i think bitcoin still needs some time to make a place in everyones mind. peoples blindly trust on banks but dnt trust blindly on bitcoin

8Habits

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Quote from: futuret on December 24, 2017, 10:26:03 AM

Quote from: shezu007 on December 21, 2017, 11:25:49 PM

Quote from: MarkusIsaiah on December 21, 2017, 10:40:29 PM

In my opinion, It is impossible that bank will disappear because bank has an offer that bitcoin can't offer for the people like loans for houses, business and many more. bank will not disappear but they can change or they can work with bitcoin.

yea idea of the mate is correct up to an extent that bitcoin will never disappear bank system due to the reason that bank system is very old, trusted and strong system throughout the whole world while also bank system is legalize in every country while bitcoin is still not with addition with this become system is offering various offers like giving cars,house etc while still bitcoin is still not giving any such offer.

And it is not a small thing to change bank and relative of banks. If bank will change procedures for only bitcoin then it is also a great achievement for bitcoin users because with this we will get what we want and will make high profit, this will cause bitcoin price change and will give huge benefit to max of people who are using bitcoin and are investing in it for the sake of profit, today all people trust bitcoin and putting all of their money in bitcoin do for me bitcoin is going to be the future bank.

Bank will definitely not change its standard procedures for bitcoin - it may happen in the future but not anytime soon. Banks is already an institution for fiat money and it will be a disaster if they will adopt bitcoin instantly. We can just say to leave bank with fiat and bitcoin wallet for bitcoins.

ravedien

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maybe bank will adapt the blockchain as a whole and regulate it. hohoho. end game

jirene21

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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?

It might but there is a higher possibility that we will get banned first before the bank disappear we will be targeted by many bank so they could continue their business

futuret

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Quote from: shezu007 on December 21, 2017, 11:25:49 PM

Quote from: MarkusIsaiah on December 21, 2017, 10:40:29 PM

In my opinion, It is impossible that bank will disappear because bank has an offer that bitcoin can't offer for the people like loans for houses, business and many more. bank will not disappear but they can change or they can work with bitcoin.

yea idea of the mate is correct up to an extent that bitcoin will never disappear bank system due to the reason that bank system is very old, trusted and strong system throughout the whole world while also bank system is legalize in every country while bitcoin is still not with addition with this become system is offering various offers like giving cars,house etc while still bitcoin is still not giving any such offer.

And it is not a small thing to change bank and relative of banks. If bank will change procedures for only bitcoin then it is also a great achievement for bitcoin users because with this we will get what we want and will make high profit, this will cause bitcoin price change and will give huge benefit to max of people who are using bitcoin and are investing in it for the sake of profit, today all people trust bitcoin and putting all of their money in bitcoin do for me bitcoin is going to be the future bank.

Chainblock

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Making banks get disappeared is not simple. From the observation I understood the banks might increase their technological development, else banks which adapt bitcoin technology would come into existence.

akeegan

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The banks have a lot of power and I don't think they're going anywhere tbh.

They'll figure out a way to capitalize on noobs.

Chainblock

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I don't think so, Banks are still the base of the current economical system and people would still need USD ability to exchange bitcoin to it and use it in local transactions.

Coyoteerex09

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It is more like bitcoin will be adopted by the banks. There is no way Banks will disappear, it could possible collapse the economy if the Banks will disappear.

xiboothrezi

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instead, I assume the bank will continue to exist, and begin to adopt the blockchain system. it's more effective, because banks and bitcoins are not enemies. besides, in some cases bitcoin is less effective to use, for example if there is no internet. so, I think bitcoin and bank will complement each other.

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