Can Bitcoin make Banks disappear? - page 66.

Oldhinien

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Quote from: DIMKAZDS on October 31, 2017, 12:08:12 AM

Quote from: 8Habits on October 30, 2017, 10:55:16 PM

Quote from: adityakr56 on October 28, 2017, 04:46:33 PM

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

Bitcoin is a big threat to the normal banks in today's time because if people get to know that with bitcoin they can fully control their money and spend it whenever and where ever they want unlike banks which do no give any control over our deposited money.Moreover banks may create restrictions and limitations that prevents the person from using his own money.Once more people start feeling this difference, they will start abandoning banks and will use more of thr cryptocurrencies like bitcoin and other altcoins.No taxes can be imposed on them therefore people will use more of the crptocurrencies.

I agree with you that bitcoin is a big thread for banks because banks know they will lose their clients to bitcoin if they know the reality and if they know they can control their own money this easily maybe in the future it could make banks disappear but that only happens when almost 90% uses this.

macchiato

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Its like another way of asking if bitcoins can replace fiat money and the answer is not any time soon. Paper money makes the economy run. It already existed way before e-moneys are created. It might take a lot of decades before e-money take over fiat money and if that ever happens, then technology during that time must be superb. Besides, not all country approves bitcoin as means of payment so as long as there are countries which do not approve bitcoin then btc won't be able to eradicate fiat money slash banks.

vegethegreat

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I dont think bitcoin can make banks disappear even being a huge competitor of banks, because bank is govern by the government.

8Habits

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Quote from: Ipwich on October 31, 2017, 12:10:13 AM

Quote from: ?? on ??

From the look of things right now, I don't think that will be possible but with time it can.

Maybe we need to wait forever to make that happen, banks are so powerful as they control our monetary system.
There is no way the government will allow this to happen, bitcoin could be a revolutionary investment but it's not strong enough to replace banks.

Right, bitcoin may just use along with the fiat money and banks but not necessarily eradicate the other. The good thing is that there will be more options of people what to use.

Ipwich

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Student Coin

Quote from: ?? on ??

From the look of things right now, I don't think that will be possible but with time it can.

Maybe we need to wait forever to make that happen, banks are so powerful as they control our monetary system.
There is no way the government will allow this to happen, bitcoin could be a revolutionary investment but it's not strong enough to replace banks.

DIMKAZDS

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Activity: 704

Merit: 500

Quote from: 8Habits on October 30, 2017, 10:55:16 PM

Quote from: adityakr56 on October 28, 2017, 04:46:33 PM

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

Bitcoin is a big threat to the normal banks in today's time because if people get to know that with bitcoin they can fully control their money and spend it whenever and where ever they want unlike banks which do no give any control over our deposited money.Moreover banks may create restrictions and limitations that prevents the person from using his own money.Once more people start feeling this difference, they will start abandoning banks and will use more of thr cryptocurrencies like bitcoin and other altcoins.No taxes can be imposed on them therefore people will use more of the crptocurrencies.

webdevmastery

full member

Activity: 434

Merit: 100

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?

It is possible that banks could disappear because of bitcoins but it was really hard to integrate this kind of concept since banks are already here when bitcoin is not yet on the mainstream and it will be a huge loss for different company if they immediately turn into virtual wallet.

8Habits

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Activity: 756

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Quote from: adityakr56 on October 28, 2017, 04:46:33 PM

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

The fact that there are some countries that are already open to integrating blockchain is a clear indication that bitcoin is a no joke and indeed a very good investment to have.

adityakr56

newbie

Activity: 40

Merit: 0

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 read a quote saying “Bitcoin will do to banking industry what emails did to the postal industry”.
In the past banks have playes significant role in financing in loans to the public. As gold and silver have been replaced with fiat currency,the banks have reached an almost omnipotent position.
More likely that governments will co-opt crypto and begin issuing their fiat money as a crypto.

Xtra_Coin

member

Activity: 140

Merit: 10

Blockchain Identity Verification

Banks will disappear only if bitcoin is the only world currency. But we do not know for sure yet whether this will happen or not. Not exactly in the next decade.

Ardenoss

full member

Activity: 518

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If bitcoin has been finished mined. I might estimate many small banks will switch ownership or maybe acquired by large banks, because their customers are reduced so they can't meet operating costs. Due to effects circulating bitcoin in society. Banks remain exist in future, but their numbers are significantly reduced.

redcable1

member

Activity: 70

Merit: 10

in my opinion, banks have different roles with bitcoin, as reliable storage for public money, moneymaking, and borrowing money in the real world and if the bank does not exist, there may be economic damage

yummydex

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Activity: 118

Merit: 1

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 one knows if bitcoin will affect the banking industry since not many people are in to this kind of business. until many can testify the existence of this industry then many people will be attracted to join and invest in bitcoin

shacc

member

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as it start from nothing bitcoin will stop and disapear, to let the road to other new paiement appear, its just names appear to disapear

wallstone

sr. member

Activity: 532

Merit: 250

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?

The banks are difficult to beat off that I am not even sure if bitcoins and other cryptocurrencies can stand a chance. This banks got their politicians in their backs so having a war against financial institutions will be one-sided because they can easily ban bitcoins. I think we should try to compromise and do our roles in the society and not minding the competition. Both must adapt, I guess.

BitcoinIsAlgebraic

member

Activity: 89

Merit: 10

Quote from: rube08 on October 27, 2017, 12:44:29 PM

When? In the near future, I doubt it. People would have to mass adopt to using bitcoin at merchants and use it for services. The blockchain would have to generate millions of transactions a second if everyone in the world is going to use it. I see bitcoin being used in large transactions but not being used by everyone in the world to replace fiat money.

The point being is that with Bitcoin you can become your own bank you are in charge of your coin of course your not earning interest but thats just a pyramid scheme anyway.

elizabethfund

newbie

Activity: 14

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In my opinion, the Blockchain Technology will revolutionize the financial world and also banks (maybe not BTC itself will do it). It is happening now… And those, who will not introduce blockchain to their own banks, will loose the battle in the next 10 years.

rube08

full member

Activity: 238

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When? In the near future, I doubt it. People would have to mass adopt to using bitcoin at merchants and use it for services. The blockchain would have to generate millions of transactions a second if everyone in the world is going to use it. I see bitcoin being used in large transactions but not being used by everyone in the world to replace fiat money.

phuclzu12

member

Activity: 103

Merit: 10

Quote from: 8Habits on October 23, 2017, 10:46:59 PM

Quote from: dbrandz on October 23, 2017, 10:12:18 PM

Maybe bitcoin banks will overtake fiat banks Shocked

First of all, there is bitcoin bank but we call it bitcoin wallets. And I think bitcoins are really not designed to overtake banks as how you are wording it. Banks will be there and be around for long period of time because it is already an established institution - I believe that bitcoin and banks can work out together without necessarily overtaking one over the other.

Bitcoin wallets can not call is the bitcoin bank, you are mistaken between the wallet to store our Bitcoin or money with the difinition can make money through savings in the bank. You have to know only PoS wallet can be compare to the bank.

dzhan

sr. member

Activity: 743

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No, Bitcoin can't making banks disappear, at least in the near future. Nowadays most people around the world use banking services and deal with fiat currencies and cash a lot more than trading or dealing with crypto currencies. So this people can't easily replace their banking accounts by Bitcoin's wallets.

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