Can Bitcoin make Banks disappear? - page 40.

Pan Troglodytes

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Quote from: AdamRay on December 14, 2017, 04:33:03 AM

Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

True, I have been waiting for the transaction with a nice and decent fee to get confirmed since Monday and it is not confirmed and no prospects that it will get confirmed anytime soon as the number of unconfirmed transactions is growing day by day.

On the other hand, I have made a few bank wire transfers and a few micropayments for Christmas and it was a smooth experience.

newguy05

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Someone is sitting in the shade today...

Australia will be the first stock market to use a stock exchange block-chain technology. Other stock exchanges are preparing for this kind of transition.

BLOCKCHAIN SHOOTING

Finally, after the passage of the blockchain technology that comes to the fore, the Australian stock market will be the world's first block-chain stock exchange. The Australian Securities Exchange (ASX) has announced that it will use this technology to conduct clearing and custody transactions. The move began in January 2016 with the aim of building a block-chain-based system with ASX's partnership with US-based block-chain initiative Digital Asset Holdings. The stock market will start its main lines of new technology transition in March.

Changing, changing...

newguy05

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Someone is sitting in the shade today...

Currently all financial sector resisting on cyripto currencies to cut their income, but at the end they should adaptate it, the system should be change.

bbjay

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Banking sector of the economy will continue to exist irrespective of active progression of bitcoin. The only problem for sure is that banking activities may not be booming as before since many bitcoiner can do without bank. Infant some banks may close down if not properly managed or due to overhead cost as a result of low customer turn out.

ronremsey25

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Banks will not disappear because banks offers services that the bitcoin can't. But maybe in the future Banks will develop and will offer cryptocurrency account. In that way the banks will evolve and stay in track in the world of cryptocurrencies like Bitcoin.

maynguyen

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Although bitcoin is growing, it's price is high, it brings many benefits to people but it still can not replace the bank. The bank has a long history and it has some benefits that bitcoin does not. Banks can lend money to anyone, but bitcoin is not possible.

RamBahadur.Gurung

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Quote from: AdamRay on December 14, 2017, 04:33:03 AM

Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

This situation is not going to continue for long. Either Bitcoin will be replaced by some other currency such as Bitcoin Cash or Ethereum, or it will adapt to the needs of the users by increasing the block size.

mirakal

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Quote from: donalfonso on December 14, 2017, 04:40:58 AM

I belong to the school of thought that banks will never disappear, but will continuously innovate and that means in the nearest future all banks have to find a way to accommodate crypto currencies into the main stream financial system, and this will do a lot to help crypto currency evolution

Banks support real money, bitcoin is not because it's only a payment system, the rule of the bank is to serve the people and make income from their service, they are not like us who like to take bigger risk because that is against their mantra, in fact when I was still working with the bank, we were always thought on risk management and we are advise to take always take smaller risk that could give good reward, it doesn't matter if it takes long as long as it has a little risk and we can be successful. Bitcoin is different, it's like gambling where we can make instant money, hence it's considered as a high risk activity.

Blocklock

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I think the banks are not going to leave bitcoin. And will not need the concept of smart contracts.
At the decision of problems:
security of data;
speed of transactions;
the rule of law .
- will not require a complex banking structure at great cost and effort.

What do You think about this forecast?

donalfonso

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I belong to the school of thought that banks will never disappear, but will continuously innovate and that means in the nearest future all banks have to find a way to accommodate crypto currencies into the main stream financial system, and this will do a lot to help crypto currency evolution

AdamRay

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Bitcoin can not make a bank disappear. Because bitcoin can not be traded as commodity. If you want to buy a $ 20 bag you can not lose $ 10 transaction fee. Some 3 days to confirm the transaction

Drakula

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Quote from: Airdrop Manager on December 04, 2017, 05:28:17 PM

Today, for the time being, banks can make bitcoin disappear. Not the other way around. Bitcoin is not yet heavy enough...

I think so, Bitcoin can't make banks disappear; as what you have said, it is not heavy enough and powerful enough to make the banks out of the line. Bank and Bitcoin have a different importance in this world, and I think both of them should stay.

diegz

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Quote from: Bianxee on December 14, 2017, 01:39:19 AM

Quote from: Zooplus on December 14, 2017, 12:00:05 AM

Quote from: waqarkahloon on December 13, 2017, 11:01:47 PM

I do not think this will happen soon because of bitcoin. This is only possible when govt will allow bitcoin as digital currency and stop supporting banks system. Lets see what will happen in near future

The problem is do not control bitcoin so that is not possible that banks will disappear because of bitcoin.
We are too ambitious for that to happen, bitcoin will rise of course but will not cause this too much damage to our usual financial system or the banking system.

It's not being ambitious to think that bitcoin may replace banks sooner. It is just being futuristic. Perhaps, bitcoin is moving so fast in this present time. Though I myself still don't see this to happen very soon. Banks allies will surely fight when this happens.

Why would they refuse a solution? I think if banks would go digital, it would make their works faster, lesser man power and accurate records. I think they won't fight bitcoin, probably they would create their own and it is based on bitcoin, which might replace their ATMs at the moment.

Banks and bitcoin are not enemies, but people who are holding both currency might don't want the other one.

Bianxee

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Quote from: Zooplus on December 14, 2017, 12:00:05 AM

Quote from: waqarkahloon on December 13, 2017, 11:01:47 PM

I do not think this will happen soon because of bitcoin. This is only possible when govt will allow bitcoin as digital currency and stop supporting banks system. Lets see what will happen in near future

The problem is do not control bitcoin so that is not possible that banks will disappear because of bitcoin.
We are too ambitious for that to happen, bitcoin will rise of course but will not cause this too much damage to our usual financial system or the banking system.

It's not being ambitious to think that bitcoin may replace banks sooner. It is just being futuristic. Perhaps, bitcoin is moving so fast in this present time. Though I myself still don't see this to happen very soon. Banks allies will surely fight when this happens.

Zooplus

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Quote from: waqarkahloon on December 13, 2017, 11:01:47 PM

I do not think this will happen soon because of bitcoin. This is only possible when govt will allow bitcoin as digital currency and stop supporting banks system. Lets see what will happen in near future

The problem is do not control bitcoin so that is not possible that banks will disappear because of bitcoin.
We are too ambitious for that to happen, bitcoin will rise of course but will not cause this too much damage to our usual financial system or the banking system.

Bafan

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http://www.bitonbet.com

waqarkahloon

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I do not think this will happen soon because of bitcoin. This is only possible when govt will allow bitcoin as digital currency and stop supporting banks system. Lets see what will happen in near future

Sithara007

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As long as fiat cash exists, the banks will be able to survive. And right now it doesn't looks like Bitcoin is going to replace fiat currency completely, at least in the near future. So I would say that the banks and the banksters will be there, at least for another 100 years. And you also need to remember that they are very good in adjusting to the changing economic situation.

bellanas

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Quote from: nextel on December 13, 2017, 12:34:33 PM

I do not see that coming, not later, not soon nor in the future. Why? If there is no bank and Bitcoin will rule over, all of the people involved would be unidentified and and transactions are unverified. Fraud and scam issues will rise and will remain unresolved. There should be a balance in everything. Let bitcoin shine itself.

Absolutely agree, first problem - fraud and scam issues

Nowherman

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I think that in a few years, due to the development of bitcoin and the blockchain technologies, banks and many other registries will not be needed.
All of them will be replaced by platforms based on the distributed registry.

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