Can Bitcoin make Banks disappear? - page 336.

shawnhcorey

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Quote from: knowhow on January 14, 2016, 08:32:41 AM

Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

I think it's a matter of convenience, not trust. When Bitcoin becomes more mainstream, banks will lose customers.

knowhow

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Banks has the trust of the costumers,people wont change soo fast their mind.Banks for some are trusted,even knowing that anytime they may bankrupt as their costumers withdraw all funds... banks will the most stay with nothing as they lended those to others...they work with others money,if all take all money out bank is gone... look at Greece financial problem that limited otherwise they would be closed....

kheein

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Turn your financial ideas into reality

it is unlikely the bank will disappear and be replaced with bitcoin . because bitcoin is not a financial institution . yah the bitcoin currency . so bitcoin with the bank are interconnected with each other . bitcoin as a currency and the bank as a place to store.

edoncoin

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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?

I think that the banks will take the blockchain technology

Erkallys

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Let's be frank : fiat money will never disappear. As long as fiat money will exist, there will be banks. That mean that banks will ever exist, maybe in a different way than now, but not a really different one too. Maybe they will include Bitcoin as a service someday, but the will ever be less than 50% of their services.

shawnhcorey

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Quote from: BillyBobZorton on January 13, 2016, 11:13:31 AM

Quote from: ?? on ??

No.bcoz There are more people using banks than bitcoin right now.
Some people are used to what they are using right now???
and This won't change over a night

Well certainty not over a night, but through the course of 10 years people's habits can change a lot, and in 20 years people's habit are insanely different, just go back in time and think how 10 years ago the internet just started going mainstream and there was still no selfie craze and instagram and twitter all that.

All too true. 20 years ago, would anyone predict that people would walk around with a powerful computer in their pocket and use it mostly for viewing cats?

BillyBobZorton

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Quote from: ?? on ??

No.bcoz There are more people using banks than bitcoin right now.
Some people are used to what they are using right now???
and This won't change over a night

Well certainty not over a night, but through the course of 10 years people's habits can change a lot, and in 20 years people's habit are insanely different, just go back in time and think how 10 years ago the internet just started going mainstream and there was still no selfie craze and instagram and twitter all that.

twister

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No, I don't think Bitcoin will make Banks disappear but it will create a separate space for itself. Too many world's finance operations are dependent on banks and therefore both of them will continue to co reside.

pereira4

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Quote from: shawnhcorey on January 13, 2016, 10:48:01 AM

Quote from: Bitcoinbro on January 12, 2016, 10:40:50 AM

No, just no, this is just not going to happen
Like someone said on the first page, the world is ruled by bankers
Can you imagine what will happen to the stock market? To wall street?

Yup. Banks and the financial markets will no longer be able to counterfeit money. Too bad, so sad. Not.

BTW, stay away from blockchains controlled by a bank. Blockchains are distributed ledgers. If a blockchain does not have a lot of miners, it is not distributed. And the ones who control the blockchain controls the transactions. In other words, they can create a transaction that gives them a lot of money whenever they want. So don't fall for their hype.

This is why I can't no longer trust anything coming from Mike Hearn's mouth, since he went the R3 route. He is now part of the banking circles, and clearly not pro-decentralized Bitcoin, since they want centralized nodes basically.

As far as banks disappearing, I think we will see them disappearing in the classic form after some sort of war, since they will not give up easily (that assuming they don't smoothly adapt to the new paradigm).

shawnhcorey

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Quote from: Bitcoinbro on January 12, 2016, 10:40:50 AM

No, just no, this is just not going to happen
Like someone said on the first page, the world is ruled by bankers
Can you imagine what will happen to the stock market? To wall street?

Yup. Banks and the financial markets will no longer be able to counterfeit money. Too bad, so sad. Not.

BTW, stay away from blockchains controlled by a bank. Blockchains are distributed ledgers. If a blockchain does not have a lot of miners, it is not distributed. And the ones who control the blockchain controls the transactions. In other words, they can create a transaction that gives them a lot of money whenever they want. So don't fall for their hype.

yoona

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Live by your own rules

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?

this is too much speculate,i dont think bitcoin can make banks dissapear,i just think more eligible stetment is "bitcoin will make bank afraid,and consider to accept bitcoin"its not mean bank will disapear,i also think this is too early to predict about disapearing bank because bitcoin.

Jeremycoin

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I think yes, because there might be in the future that Bitcoin will replace Bank. That time when anyone in the world acknowledge that Bitcoin is the World's Money.

jacktheking

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I do not think that Bitcoin will make Banks disappear. Instead, like what the person said, they will react on. The world of business is very competitive. They will do their best to get the most profit. They will overcome the problem and find ways to attract Bitcoin user.

wikenpp

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Quote from: whizz94 on January 13, 2016, 05:27:49 AM

I reckon that banks will continue doing what they presently do, whilst genuinely productives will increase our ability to trade with other genuinely productives through our own cryptocoin networks, all bitcoin backed. In the far future, giving money to a bank might be seen as being like giving money to a junk bond salesman. I wouldn't do that, but there continue to be some years when unproductives need to issue junk bonds if they are to carry on as usual and there will be some years when unproductives need high interest from a junk bond. Just so long as that nonsense does not get bailed out by the taxpayer, I'm ok with it. I just stay away from all that.

Let's hope banks will not be needed for using/saving money. They are far from fair motivated to making bigger profits every yaer.
Consumers & companies these day depend on them which is odd, since they are just a (replaceble) money service provider

dhimasnk

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Quote from: Rude Boy on January 11, 2016, 10:09:46 PM

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

Yes I agree with you, it is very difficult for a bank to disappear

whizz94

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I reckon that banks will continue doing what they presently do, whilst genuinely productives will increase our ability to trade with other genuinely productives through our own cryptocoin networks, all bitcoin backed. In the far future, giving money to a bank might be seen as being like giving money to a junk bond salesman. I wouldn't do that, but there continue to be some years when unproductives need to issue junk bonds if they are to carry on as usual and there will be some years when unproductives need high interest from a junk bond. Just so long as that nonsense does not get bailed out by the taxpayer, I'm ok with it. I just stay away from all that.

~Bitcoin~

legendary

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Quote from: johnyj on January 12, 2016, 04:26:43 PM

I think average people's intelligence has not reached a level that they can live without banks

Even people in some part of the world are out of reach to bank or aren't intellegent enough to make bank transactions. Bitcoin to replace bank is out of imagination.

d5000

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In the long run, I have expectations that the importance of banks will be much lower than today because of the influence of cryptocurrencies.

At a first glance, it seems we still need banks, above all because of the lending / credit business. But Smart Contracts (e.g. Ethereum / Counterparty), digital assets (e.g. Nxt Assets) and other technologies are already making possible financing without a bank's intervention.

There is still a difference: Banks have still better evaluation mechanisms to determine a debtor's risk. For example, at this moment for the average Joe it would be difficult to finance a house via a NXT asset or something similar, because nobody would trust him. But for sure there will be enterprises that will explore this niche.

darkstarzz69

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I wouldn't be surprised if one day there will be Bitcoin banks. It is a possibility with encryption techniques always changing.

stromma44

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Quote from: robelneo on January 13, 2016, 02:59:44 AM

In my opinion I don't want to happen and I guess it will not happen banks has been here thousands of years ago we should not be all to dependent on crypto currency they can co- exist and they will do good with each other,banks has a lot of function beside governing the fiat or monetary system of the worlld

Yes and banks will never disappear as people have more faith in the banking system, and honestly speaking we need banks for certain reasons say for fixed deposits or investing in life insurance policies, bitcoin is a good alternative option when it comes to online transfers but banks are important too.

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