Can Bitcoin make Banks disappear? - page 333.

ranochigo

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Quote from: fenican on January 25, 2016, 11:23:12 PM

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

1. 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 reorg.
2. This is contradicting with (1). If transactions are reversible, the first option will never exist. Unless you are talking about a Paypal/bank approach which allows for chargeback. However, it is a must for a neutral party to meditate the transaction. With Bitcoin being trustless, the only way to do so is, as Amph mentioned, Multisig with escrow or a third party service.
3. 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.
4. Transactions are verified instantly by nodes when transactions are sent. If you're talking about confirmations, there isn't a need for confirmations with smaller valued transactions such as buying a coffee due to the difficulty of initiating a double spend as of now.
5. Mining isn't completely controlled by China, neighbouring countries may be using their pool to mine due to lower latency but they do have lower electrical cost than us.

Amph

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Quote from: fenican on January 25, 2016, 11:23:12 PM

Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

i see nothing wrong with the current mining setup, it was intended by satoshi, to have few big farm controlling that sector

transaction will never be reversible, you can mitigate this by using multi sig address, and release your funds only when everythign else is ok, with escrow in play of course

instant confirmation(not verification, can be done with malleability fix, so emrchant cna accept zero confirmation, more than this require other chain

user adoption instead is not something that bitcoin need to fix you know....

joinal

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Quote from: subcypher on January 11, 2016, 09:48:18 PM

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

yeah true. banks are always going to be better, develop according to the needs and fit the era
the fact that the bank is better now and in the future will surely survive

pooya87

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Quote from: ausbit on January 26, 2016, 01:56:48 AM

Quote from: romero121 on January 26, 2016, 12:24:31 AM

Quote from: Rizky Aditya on January 25, 2016, 10:22:52 PM

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

Its not possible that banks will disappear because of Bitcoins market. Banks has grown up all over the world and there is a system to get the money , receive money. so bank is helping bitcoins to accept and supporting in transactions of money.

i agree. bitcoin can grow big and get popular but no matter how huge it gets it can not replace banking system. because banks have been part and parcel of society for so long. bitcoin can be as big though.
besides banking system can evolve and change its ways to match the new age to compete with bitcoin and not be replaced.

ausbit

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Quote from: romero121 on January 26, 2016, 12:24:31 AM

Quote from: Rizky Aditya on January 25, 2016, 10:22:52 PM

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

Its not possible that banks will disappear because of Bitcoins market. Banks has grown up all over the world and there is a system to get the money , receive money. so bank is helping bitcoins to accept and supporting in transactions of money.

romero121

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Quote from: Rizky Aditya on January 25, 2016, 10:22:52 PM

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

More people need to use bitcoin transactions at the same time bank will function on its base. No matter what they do still they interfere in the bitcoin functionalities. Even banks grow as source generator from small scale and now it has grown high, So its sure bitcoins can't make banks disappear

fenican

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Not until:

1. Deposits are guaranteed
2. Transactions are reversible
3. High transaction volume and user adoption
4. Near instant verification
5. Technology is distributed not controlled by a few miners in China

May happen eventually but not sure if BTC can get us there

kevin go

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Quote from: Rizky Aditya on January 25, 2016, 10:22:52 PM

For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

sure dude bitcoin can be a good compete in here..but also not easy to make bank dissapear..bank have many investor and customer
to less people know about bitcoin and hard to understand for some people and im sure one day the would understand and change to more good things just like bitcoin..

Rizky Aditya

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For Bitcoin to even be able to compete in this race, more people need to use Bitcoin.

avw1982

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Quote from: MaritiJames3 on January 24, 2016, 10:02:39 AM

No Bitcoin can't and that was not the goal of bitcoin too. Bitcoin is meant to be a decentralized payment network. And that's it.
Banks are banks and they are needed too.

If bitcoin replaces bank place in future means somehow it helpful for simple wage people to get avoid from the bank interest and finance problems. Government also make their transactions so transparent. It would be easy to identify the right party. Bitcoin should replace bank's place in future.

knowhow

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Bitcoin has potencial and banks are already at their full potencial,if in the future bitcoin becomes some kind of regulated and some kind of bank pay you interest for your bitcoins ,and allow you to get loans cheaper then real banks that are charging a lot,well i believe banks may start loose costumers,but those loans and those banks should be the current ones or banks from governements.

PizzaBTC

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Quote from: MaritiJames3 on January 24, 2016, 10:02:39 AM

No Bitcoin can't and that was not the goal of bitcoin too. Bitcoin is meant to be a decentralized payment network. And that's it.
Banks are banks and they are needed too.

Banks may survive, but the need of banks will get diminished gradually. Because, bitcoin will do more than half of the banks facilities. I believe bitcoin will challenge banks in all possible means.

MaritiJames3

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No Bitcoin can't and that was not the goal of bitcoin too. Bitcoin is meant to be a decentralized payment network. And that's it.
Banks are banks and they are needed too.

watashi-kokoto

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Bitcoin itself is a bank, so: NO.

bob123

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Well i think there is the possibility of bitcoin getting the most used currency and therefore most of
the now-used banks could get kind of "unused".

Daniel91

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No, I don't think so.
Banks and bitcoin have completely different roles, in my opinion.
We will always need banks in order to receive loan, salary, invest in market etc.
People will use bitcoin because of anonymity, desire to achieve financial freedom and get rid from banks and governments, taxes etc.

EdenHazard

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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?

no i dont think banks will dissapear because bitcoin,maybe they just more interesting to bitcoin technology,and some year later bitcoin bank will come,but local bank will not dissapear.

virtualdn

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They will never disappear. But bitcoin is a real challenger for them. No wonder that it's no very loved by bankers. But, there is a saying, there is space for everyone in the world.

Bitcoinpro

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they already have disappeared now they are just shell companies

YoonYeonghwa

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Quote from: Kevin77 on January 24, 2016, 03:09:25 AM

Quote from: ricardobs on January 23, 2016, 09:59:04 AM

The people would not leave banks with the establishing of bitcoins, as the bank do not only for saving or investment of public fiats. Nowadays the banks have a major role in state finance also. All the state finances are controlled and regulated in state banks.

Yes Banks cannot disappear just because of bitcoin, though bitcoin is can become a competitor to the banks. But, I don’t think all the challenges can make banks disappear. Even if other payment process disappears, banks cannot disappear, but banks may decide to adopt bitcoin.

There needs to be an amount of things before banks go away. Not just because of Bitcoin.

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