Can Bitcoin make Banks disappear? - page 63.

big_bounty

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Quote from: nz_sana on November 05, 2017, 03:32:04 AM

I think there is a lot of reasons behind the disappearance of a country's bank. But the banks are not always invisible because they change their services over time. One day, banks will start using bitcoin instead of currency like Fay and Fitter.

It seems to me that this will not happen. Banks are based on a centralized currency. They can not completely change their structure in order to use the crypto currency

CamilleGrammer

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I think Bitcoin's cannot result in the banks disappear a minimum of in our nearest future, because banking institutions are having already a very big neighborhood using and supporting it is solutions until now. But in time it's possible that Bitcoin is going to be utilized greater than banking institutions

nz_sana

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I think there is a lot of reasons behind the disappearance of a country's bank. But the banks are not always invisible because they change their services over time. One day, banks will start using bitcoin instead of currency like Fay and Fitter.

subSTRATA

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:^)

Quote from: contecsion on November 03, 2017, 06:17:13 AM

This may happen in the future when bitcoin becomes the main means of exchange in commercial activities. If the bitcoin rate increases, then the bitcoin transaction will be extremely hot. The bank is likely to close.

i dont think so at all; banks are more than a place to put your money into nowadays. they offer so much more that 99% of the posters in this thread are ignoring. investment plans and funds, credit / debit cards, etc are all valuable services that banks provide. even if bitconi or another cryptocurrency does go mainstream and becomes the primarily used form of value of in exchanges, the need for these services will always be present. are you going to make every payment manually? or could you use the bank's card to use coin from your balance and not worry about losing whatever device you use for your day to day transactions? and before you can even say 'ill just carry around my bitcoin on a smartphone wallet or something,' the great majority of people do this already. rarely do you see people carrying around a wad of cash to pay for their groceries or whatever, they just slide their card to pay instantly. no matter what, the financial institutions will adapt to meet the needs and wants of a new financial system.

_noname_

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Quote from: shezu007 on November 04, 2017, 10:32:28 PM

Quote from: luigidosado on November 04, 2017, 10:16:55 PM

Bitcoin can compete with the world bank as more and more people use it as a medium for transactions all over the world. Bitcoin is not a threat for banks for they are different but have some similarities. Bank owners and investors won't allow their banks to be bankrupt and once bitcoin has overcome all the means of transactions, I bet they will start to accept bitcoins in order to keep up with the demands of the people. I don't think banks will disappear because the government relies on it to improve the economy and once bitcoin overcomes banks, they will start to ban it.

according to my opinion it is not possible that bitcoin will disappear bank because bank is an old system and its strong area for trading with other countries and also for saving and investing money but yes it is possible that bitcoin will reduce the customers of bank up to some extent.

yes i agree with you bank system is very old and very strong system and no country will leave without bank system because its the main place of saving and transferring money with in country or out of country.

cryptoriches13

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i believe both factions will come to a compromise to adapt to each other strengths. we can't really disregard one or the other at this point, since only through cooperation will they bring out the best in each other.

Isaacck1

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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?

Individuals must choose between limited options to secure their cash, banks has ensure till a sum reinforcement by the nation, bitcoin has potential, however beyond words or later nobody knows, so on the off chance that I need to pick I would go into both as I consider and have confidence in bitcoin potential and I would prefer not to banks to continue taking the expense to they loan my cash to others, they should pay me to get my cash and not the turn around.

shezu007

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Quote from: luigidosado on November 04, 2017, 10:16:55 PM

Bitcoin can compete with the world bank as more and more people use it as a medium for transactions all over the world. Bitcoin is not a threat for banks for they are different but have some similarities. Bank owners and investors won't allow their banks to be bankrupt and once bitcoin has overcome all the means of transactions, I bet they will start to accept bitcoins in order to keep up with the demands of the people. I don't think banks will disappear because the government relies on it to improve the economy and once bitcoin overcomes banks, they will start to ban it.

according to my opinion it is not possible that bitcoin will disappear bank because bank is an old system and its strong area for trading with other countries and also for saving and investing money but yes it is possible that bitcoin will reduce the customers of bank up to some extent.

wangxiaoyan600

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This is unlikely, bitcoin technology may be widely used in the banking sector, but it is unlikely to replace the position of the bank

luigidosado

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Bitcoin can compete with the world bank as more and more people use it as a medium for transactions all over the world. Bitcoin is not a threat for banks for they are different but have some similarities. Bank owners and investors won't allow their banks to be bankrupt and once bitcoin has overcome all the means of transactions, I bet they will start to accept bitcoins in order to keep up with the demands of the people. I don't think banks will disappear because the government relies on it to improve the economy and once bitcoin overcomes banks, they will start to ban it.

Captain Sneeze

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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?

Of course no because bitcoin has its own descriptive and bank also and yet bitcoin is not a threat to banks that may able to make it disappear, because bitcoin is a another way of currency which is digital that can also help in circulating our currency. Bitcoin may not be good at this time yet it is very good in terms of progressions.

GOODNESS

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Bitcoin can not make banks to disappear, it will only make the banks to diversify. The banking sector have been in existence for many years now, their operations are not only approved by the Government but also approved by the members of the body. The banks have a regulating body called the central banks, so the banks have already gotten a solid foundation so talking of disappearing as a result of an Emerging Bitcoin which though is gaining ground in many counties of the world, but yet to be accepted in some countries,even when accepted by all the countries, bank may key into the Bitcoin Business as well.

Shinza

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Although bitcoin has many benefits, it replaces money in some activities but it can not replace the bank. Because people make transactions with banks is still safer with bitcoin.

Wong Gendheng

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Quote from: Bell-Crypton on November 03, 2017, 06:07:00 PM

I think, before banks disapper, using bitcoin could lessen bank employees first...... by the time it happens, bank would then appreciate bitcoin...

I think banks will never disappear, we all know that banks are government-backed institutions, banks are guaranteed by law, although bitcoin transactions are bigger than banks but I'm sure banks will not accept bitcoin.

Bell-Crypton

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I think, before banks disapper, using bitcoin could lessen bank employees first...... by the time it happens, bank would then appreciate bitcoin...

F8Gradus

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Of course, bitcoins have a significant advantage over banks, but this will not lead to war!

Ability to bypass any sanctions

Despite the high volatility due to the free market, fluctuations in the rate of the Crypto currency may be much less than the fall in the exchange rates of national currencies in the event of political instability in the state, or even a declaration of default. There is no dependence on central banks, local and not only laws, religion, politicians and other attempts to intervene and limit your operations. Including, with the help of sanctions.

Flodemaga

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Even knowing bitcoin potencial is huge, even allowing anybody to replace any third companie between buyer and seller, i doubt it will replace, since banks are adapting the changes, their digital services are growing, and i doubt it will stop. There is a big cost to keep bitcoin safe and secure, once the mining ends we might have to change the current model into something cheaper, but soo far as mining remains active it wont be a problem.

ahtremblay

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Although Cryptocurrency has many advantages, I don't think Bitcoin can make Banks disappear. Because, Banks have many important roles in the economy, a payment intermediary, a lender, a tool for adjusting the economic policy of the government...

ayeshajum07

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It is impossible that the bank will vanish.
Some instances it can be change,develop and adopt new beneficial method.
Possible for other banks to work with Bitcoin.
People needs bank as we need money as well.

conected

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Quote from: Botnake on November 03, 2017, 06:02:40 AM

Quote from: eucliffe on November 03, 2017, 12:19:34 AM

I really doubt that Bitcoin can make banks disappear, we all know that banks supports our government so its a conflict of interest, both bank and the government won't let it happen, they will either adopt to the circumstances or avoid it as much as they can, though I'm sure that they're going to protect their interest.

Bitcoin will be great as an online payment system but not to dominate and replace banks, that would not happen since we are just living
in this world based on the law of the government. What we see now that is a big success is just starting since there are still more rooms to grow
for bitcoin but it's necessary that we should be realistic all the time.

- Yeah, bitcoin will not be able to replace the bank or make the bank disappear because first the government does not accept that happening, they can not allow a virtual currency that they can not manage, replace their bank. In addition, bitcoin is not so popular, even in the future if bitcoin becomes popular, many people still will not trust the bitcoin, they only believe in cash, and want to convert bitcoin into cash, we need bank, bitcoin just helps the bank to have more improvement and development in the future, it can not make the bank disappear, Bitcoin needs banks

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