Topic: Can Bitcoin make Banks disappear? - page 43. (Read 427614 times)

Banking system are the most trusted because bank is a business of trust, without bank and everything will be decentralized there will
be a lot of problem that we will encounter, when the government cannot verify the transactions, money laundering will be rampant.

Four things you listed, Bitcoin can does all. Sadly Bitcoin can't use without internet, the banking system are the base to help FIAT active. Without the banking system, there is also no government and the world's economy won't control by anyone!

Not a chance that bitcoin can make banks disappear our ancestors used bank for century and many banks are accepting bitcoin or other altcoins by converting it to paper money or local currencies. Meaning it is impossible to make bank disappear.

People will do anything for money. We ALL have a choice and we need to choose wisely.. 

Yes most probably bitcoin will disappear bank in future because the users of bitcoin is increasing with a fast rate and in future they will affect the customers of bank on a high level and most probably some bank will loss their maximum customers due to bitcoins.

Banks will stay because it will save the masses, there is no way the cryptocurrency will beat the bank.
The KYC is necessary for the government to monitor people, which bitcoin will be dominant and majority of people will use, for sure there will be a big problem.

I do not think the banks will disappear, at least the governments from each country will take care that this will never happen. Maybe they will change their activation strategy on the market and start investing in bitcoin, as most of them are already doing. It's a hard to predict this kind of stuff when the governments are involved.

I figure banks will be exceptionally affected by bitcoin in future. Indeed, even it is conceivable to vanish some of them. Since bitcoin is giving such offices to the general population that a bank can't provide for is account holder

I don't agree that bank will disappear.Instead of disappearing may the curriculum of bank will change.May be they will start using bitcoin . But bank won't disappear.

Banks will not disappear... They will offer new services connected with bitcoin
1. Purchase.
2. sale.
3. storage.
4. loans in BTC.
Banks for money will do anything.

 Exactly.  Bitcoin is the new money and currency.  It has given a lot of opportunities to people in different walks of life as well as it does not have any considerations or requirements if you want to have one.  Having a good amount of bitcoin, one can become rich.  Because of that banks will be threatened and the government will do something that digital currencies would not take over banks. 

Not exactly. Banks still act as a safe keep house for wares like diamonds, gold and other important and much needed valuables. So let's say, bitcoin throws fiat money out, there will still be a role banks still get to play.

Electronic currencies like bitcoin are beyond the control of monetary institutes. But they did not say their last word.
We will have a great war between Bitcoin and Banks in differnt countries.People find it easy to stock their money in a blockchain instead of a real Bank with taxes.

i dont think bitcoin can do that , but surely a digital monnaie will do , like email has make postal s
mailing disappear

It won’t! There are many things that bank can do that bitcoin cant. This is one of it, we can only send bitcoin to become money to other persons but we can assure that the bitcoin we sent would be the same price when they will claim it, we all know that the price of the bitcoin may go up or down in any time and with no reasons.

People tend to overlook the fact that anywhere where one transacts value in different forms inevitably forms an economy. There shall be tools and factors that influence this economy to cultivate it. Banks are just one of the factors that influence economy.

In my view, In the future, If Bitcoin can solve its weaknesses about transaction speed, the fee,.. Besides, Bitcoin is legal in all countries in the world. Bitcoin can replace Bank in payment.

No, I highly doubt it.

Bitcoin is a system that aims to facilitate transactions without the need for a bank.

People tend to overlook the fact that anywhere where one transacts value in different forms inevitably forms an economy. There shall be tools and factors that influence this economy to cultivate it. Banks are just one of the factors that influence economy. Banks run within a different kind of economy. Banks are designed to safeguard people’s money, lend the same money to people that need them to collect interest and eventually have the money rotated within to generate maximum value per rotation.

Bitcoin’s economic model differs from that of a bank.
Cryptocurrencies (bitcoin) might solve a problem that banks do too,but

Are they catering to the same economy ?
Banks are present to safeguard customer’s cash holdings at a given time and lend them to those in need to collect revenue in the form of interests, that involves a central authority catering to needs of the public. They usually cater to specific locations and factors that decide their existence is the ratio between people having accounts/money in the bank to people willing to borrow money at set interest rates. Value of currency is subject to inflation. Tokens(Paper currency) aren’t capped and are issued by the government.

Bitcoin is an investment similar system that isn’t controlled by a central authority, but instead controlled by consensus. Bitcoin can be accessed and obtained by anyone with access to the internet but does not cater to the needs of the general public on an ad hoc basis. Any changes to be made are made on a consensus basis. The system controls the number of tokens(21 million) that can be issued/revolved ensuring that rotation of Bitcoin shall only increase its value.
By keeping the supply constant, demand shall dictate the value of Bitcoin and given that value is being generated in each round of rotation, the value of Bitcoin shall only increase.

Conclusion: No, they aren’t catering to the same economy.

Are they following the same or similar economic models ?
Banks are to remain profitable from the interest they make from lending leveraged account holder’s money.
Bitcoin shall continue to exist if the demand for its tokens continue to grow.

Conclusion: No, they aren’t following same or similar economic models.

Are they generating a high value per rotation of money within the system ?
Banks are subject to inflation. They make profit from interest accrued from lending account holder’s money to remain active, but they are affected by external factors such as government laws and their issual of local currency.
Bitcoin, by keeping the supply constant, demand shall dictate the value of Bitcoin and given that value is being generated in each round of rotation, the value of Bitcoin shall only increase. Bitcoin isn’t affected by government laws and has a capped supply which keeps its motive in alignment with that of its token holders.

Conclusion: Yes, both generate a high value per rotation within their system.

How flexible are they in moments of need/ crisis ?
Banks are limited by flexibility to help their customers as long as they remain profitable. Banks, being controlled by government and a central authority plays an important role.
Bitcoin are only as flexible as its consensus deems it to be. Bitcoin on being controlled by consensus and demand plays an important role.

Conclusion: Both are flexible and inflexible within their very own spheres.

Are they sustainable in the long run ?
Banks are sustainable as long as they continue to make profits from leveraging loans and account holder’s money.

Bitcoin is sustainable as long as there is demand, community and transactions happening within.

Conclusion: Both are sustainable in the long run as they cater to different economies.

Bitcoin and Banks are catering different sections of our society.
Sure, one might hamper another, but I don’t think it is enough to erase one’s need to our society.

I’ve used a couple of comparisons to validate its need although there are a lot more factors that come into play when economic models are concerned.
Both have had considerable thought and work put into its making and hence both remain unique within their own spheres of influence.

Ref:
Economy - Wikipedia

I hope this was helpful.

Good Luck!

My friend sitting next to me just said "More like banks make the BTC disappear"  seriously I have no idea, but BTC is getting more and more powerful day by day. Most of us plan to buy BTC and then sell our coins for cash, where do we store this cash ? -> In the banks !
BTC can destroy the banks only if people have no use of banks anymore, but sadly I don't see this happening in the near future.

I think the Bank will not disappear because not everyone knows or uses bitcoin.
there are still many people who use Banks from Bitcoin
so I do not think Bitcoin could make the Bank disappear