Topic: Can Bitcoin make Banks disappear? - page 315. (Read 427643 times)

Issuing a debit card is a bank's work. But private companies are doing that. It means already people in need of merge of bitcoin and banking system. It shows banks are so late in adopting new technology along with people's need.

At this point we do need banks, yes, and that won't change. But I am quite sure that banks and governments feel the pressure of the upcomming digital currency revolution. To not fall behind or lose precious market share, they will come up with their own digital currency. I am sure it will take them at least 10 years to release their own digital currency. We still have time to make people realize what the potential of Bitcoin is.

Yeah, banks are the most places to store your money, where your money is safe and cannot get stolen and you can recover it with the help of bank officials.

Expensive is not a concern when you trade/use. (Expensive one is unfortunately the popular one and already reached to mass).

Banks and bitcoins are entire different concepts but with us to solve some financial needs. But, at some point if they work together, there will be more benefits to people. (Your bank will provide you a bitcoin debit card).

All colored coins/side chains are just a derivation of core bitcoin system. Adopting either one of them does not mean ignoring bitcoin.

Actually coins like XMR, where only the owner and the bank has view keys and nobody else (unless the bank or the owner shares the view key) can see the funds in that wallet could make more sense.
And however, there are plenty of established coins, why pick the most expensive?

But this doesn't make sense. Because the whole idea of these coins is decentralization, meaning the opposite of what banks do.


What banks can do is to use the blockchain. Colored coins, side chains, store of information, even transfer of value... there are plenty of good uses for it.

Creating own digital currency based on blockchain, it is centralized form of bitcoin. No one will prefer it.
51% mining hash power attack is the another major thread to any private blockchain.

So, banks will be forced to adopt bitcoin, the only choice in front of them. Adopt or die.

Banks and paper money are the government's tools to protect their politics. If you look in history, paper money decreases the value constantly over long periods of time.
Banks are deeply tied into governments, the only way to make all the banks get extinct is to change the way the politics, the democracy and the governments work.
Some of banking businesses will disappear because of Bitcoin.
However, this will happen in generations, not in a few years, so please don't hope too much

no, bank will create own digital currency based on blockchain and will not need anything like bitcoin at all..

in addition to banks paying interest if you save money. banks also provide more protection to its customers, if you're fooled by a merchant. you can report the bank and they will freeze fraudsters wallet and your money will be refund in you bank

It cant make it disappear. But I think that in the future that banks will reduce more. But we still need them. Everyone need a bank.
Many people dont use Bitcoin or they dont even know what Bitcoin is and that is sad. I hope later in the future that more people will use Bitcoin.

And the most important is that the value is going to rise.

Banks can not be disappear because of the system to distribute money and bitcoins has to travel a lot.

No, the reason being Bank is still the best place to secure money from where the money can't just be stolen or hacked away . Banks provide you the interest you deserve as well .

Yeah bitcoin and bank is different. bitcoin is currency and the bank is a storage place. so they can not be compared

No I don't think so. I think bitcoins can't affect banks in real life, i mean Banks is for real money in real life though. And bitcoins don't have legal physical unit that we can use like real money, so we can't save in a bank.

yeah agree with you. the bank also is not bitcoin rivals. although bitcoin will be famous. it will not make bank dim or dissapear

No man... no... not disappear... but it will make much more easy to people taking "another way"... I don't use banks to make transactions... I mean, in the past, I used to store my money inside the bank... VERY NORMAL WAY OF ACT EH? But since long time, every money I take instead of deposit in the bank I use my BTC wallet. I don't u se PayPal neither CC.

First because in my country (Brazil) the taxes are the biggest in the world... second, the currency of my country is collapsing, if I store let's say R$1000 today... after 1 year it will be R$800 (counting the PPP and inflation rates). Banks add some "illusion" giving 0.6% each month but in the final these benefits sinks like a rust wreck ship in the middle of pacific ocean. It's a scheme, anything but that. Third, I can send my money wherever I'm. So, last year I was in Italy and I take a trip to Amsterdam, my money was there, beautiful and untouchable. Forth, I don't need to think about the government because this is OUR COIN. Nothing it's better than that. And finally, I know that many people are cloning CC and PP accounts. The Darknet is full of this. Dumps, fullz, tracks, drops, etc.

What I paid, I use fiat, paper money, not plastic, so, I spend much less than in the past. It's an "economy based on the Bitcoin llifestyle" hahahahah.
Pretty cool. BITCOIN IS THE BEST INVENTION IN THE WORLD AFTER THE FIRE, ANTIBIOTICS, LIGHT AND INTERNET!

I don't think banks will go away. Not until we still have fiat.

Traditional banks as we know them will never go away. I am sure that they at some point will come up with their own digital currency where their customers get all the benefits from crypto currencies but where the banks are still full in control of every economy aspect. The average joe has more trust in something issued by the bank than something "decentralized" as Bitcoin.

No, that's not possible, people will start using bitcoins more in future but they would not just leave to use banks, as majority of people have more faith in the traditional banking system.

The main goal of creating bitcoin was to stop relying on third parties in our daily transactions and use pear to pear ones only. So if bitcoin become viral, it will end banks of course