Can Bitcoin make Banks disappear? - page 73.

nelsledma

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Quote from: Finestream on September 25, 2017, 01:06:34 AM

Quote from: peterthegreat on September 24, 2017, 12:11:00 PM

I think Bitcoin can make banks obsolete because it naturally dis-intermediates third because of it's decentralized properties. Other organizations can handle loans, trust barrier, etc

The thing is who would dominate in this world, we cannot replace the current set up which is decentralized and manage by a government.
Bitcoin maybe one of the best invention in this world but without the support of our leaders it will only be limited when it comes to success and massive adoption that we are hoping might not happen.

It is difficult to disappear the banks completely but it is also not to be ignored that bitcoin is the big threat for banks in future and may be bankers convert their business in blockchain if bitcoin overcomes. I think it will be better for banks to adopt the blockchain business because banks are not so able to control bitcoin at any cost due to decentralized feature of bitcoin. I have to come to know that banks are worried about bitcoin.

Xester

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Quote from: jakoylantern on October 20, 2017, 05:45:40 AM

For me bitcoin can’t make banks disappear. Most people are using banks to secure their money, investment and many more. Banks is much popular than bitcoin and much bigger industry than bitcoin. Banks can easily embrace the bitcoin industry maybe know they are creating a bitcoin banks that are connected to you bank accounts.

It could be possible that there would be a bank for bitcoin but do we really needs it? Does they need to create bitcoin banks considering that we can already store our bitcoins and other cryptos in our wallet and also doing the same thing which banks can do. Letting and keeping our bitcoins in our wallet will make its price goes up and goes down. But bitcoin cannot makes bank disappear because those who are not into technology thing will prefer and it is enough for them to have bitcoins.

jakoylantern

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For me bitcoin can’t make banks disappear. Most people are using banks to secure their money, investment and many more. Banks is much popular than bitcoin and much bigger industry than bitcoin. Banks can easily embrace the bitcoin industry maybe know they are creating a bitcoin banks that are connected to you bank accounts.

jaocoincrypto18

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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?

Bank will not disappear because they can easily shift to bitcoin banking in which is in favor to them due to they are already exposed in computers and digital transactions so it will be easy for them to adopt or to shift to bitcoin currency. If you will read the history of the banks they just started as merchants and traders, as the years passing by they adopt gold and silver coins as deposits until it becomes fiat therefore if the fiat will obsolete then banks will shift to bitcoin banking.

Himanshu111

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Quote from: Bakemat on October 17, 2017, 07:25:14 AM

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?

yes its possible that bitcoin makes banks dis appear. if all people have an proper knowledge about the bitcoin and they know about the benefit of the bitcoin im sure that many people can go to the bitcoin and left the banks because we know that the bitcoin cannot collect any interest in us unlike the banks do. everytime you got savings in the banks the more you save the more they get interest if time passes by . so bitcoin is only need password and its on you what you going to do with your money.

Yes bitcoin is a very big competition to the banks.Most of the percentage of people don't know about the advantages of the bitcoin.When they get to know that with bitcoin, their money can be fully operated and controlled by them,and spend it wherever and whenever they want unlike banks which do not give us any control on our money which we have deposited.Banks also frame laws which prevent people from governing their own money.To make banks disappear,people must know about the cryptocurrencies and it's benefits.Bitcoin offers alternatives for conventional banking method.

dewynijhof

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i think will not disappear, because in the future, we still need banks to keep assets, and may be they can change to digital bank to catch up with cryptocurrency.

badakjawa

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I don't think banks will ever go away or dissapear.

nkarm1

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The possibility is quite low, yes bitcoin has the potential to be one of the main guys out there in terms of being a currency. But banks remember, is still the most trusted and most used among them. If you are thinking that the blockchain technology will dominate this world in the future. Are you thinking also that banks won't adopt that technology? They can easily cope up with that and make their own regulated one. So still the possibility of banks disappearing is still low.

Freshmen

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Quote from: pugman on September 25, 2017, 12:55:14 AM

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?

Bitcoin is not regulated, which is one of the main cause here. Banks are regulated but still illegal activities like terrorist funding, drug trafficking and much more take place. Bitcoin being decentralized, it will be even hard to realize which transaction will be a terrorist one, hell drugs have been bought using bitcoin, and terrorist funding has already happened in bitcoin, so it won't be a good option I believe.

If we want banks to disappear, we need to make crypto coins used by everyone and then we will also need to make some rules or standards so that everyone can have common grounds. It is going to take a lot of time. Also, there are some banks that have started accepting bitcoins and ripples are a digital asset that is mainly used by banks. Maybe, they both will work together.

roddy5

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Quote from: Kisanaq on October 17, 2017, 12:49:12 PM

If bitcoin usage continues to increase and later defeat the bank then it is not difficult to make the bank disappear, I'm sure the development of the transaction system more dynamic so that when there is no solution then the best way is to make bitcoin replace fiat money.

That is a possibility in the future but at this point of time Bitcoin is dependent on the banks to convert it back to fiat.

sammiko

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Bitcoin transfers are usually irreversible when there is at least one confirmation. This makes it hard for attackers to reverse without controlling significant percentage of the network or a long block reorganization... If transactions are reversible, the first option will never exist. Unless you are talking about a Paypal/bank approach which allows for chargeback. However, it is a must for a neutral party to meditate the transaction. With Bitcoin being trustless, the only way to do so is, as Amph mentioned, Multisig with escrow or a third party service.

Also, merchants can accept Bitcoin with little to no cost or loss. It wouldn't make sense if the merchant only wants to install a POS with Bitcoin integration when there is a large volume. Transactions are verified instantly by nodes when transactions are sent. If you're talking about confirmations, there isn't a need for confirmations with smaller valued transactions such as buying a coffee due to the difficulty of initiating a double spend as of now.

bryant.coleman

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Banks will not disappear as banks may make their own crypto coins for transaction and profit purpose.

I don't think that the banks will make their own crypto-currencies. Because they have their own mode of online payments. What is the point in replacing an online payment system based on fiat cash, with one based on crypto-currency? And the survival of the banks depends on fiat cash. It will be foolish to assume that they will support crypto all of a sudden.

TraderRay

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No. Banks will not disappear. Even if Bitcoin will be used by everyone, banks will stay but will not be as functional as they are now. A country will still need it's own Fiat currency and there is where Banks will be essential.

Kisanaq

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If bitcoin usage continues to increase and later defeat the bank then it is not difficult to make the bank disappear, I'm sure the development of the transaction system more dynamic so that when there is no solution then the best way is to make bitcoin replace fiat money.

skylark001

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In future, if Bitcoin will be acceptable all over the world in a legalized form then only Banks may disappear.
Bitcoin offers an alternative to the conventional banking system which is state owned or regularised by government policy under one Centralised system. In my view, Its the most fascinating things to have happened in cyberspace since the invention of peer networking that undermined the music business and enabled developments such as Wiki leaks.

finom.io

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Bitcoin won't kill the banks, but they will have to adopt to new situation to survive this situation

barabut

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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?

Nothing will be disappear in the mid-term, in the longer term who know will we appear?

Bakemat

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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?

yes its possible that bitcoin makes banks dis appear. if all people have an proper knowledge about the bitcoin and they know about the benefit of the bitcoin im sure that many people can go to the bitcoin and left the banks because we know that the bitcoin cannot collect any interest in us unlike the banks do. everytime you got savings in the banks the more you save the more they get interest if time passes by . so bitcoin is only need password and its on you what you going to do with your money.

Himanshu111

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Quote from: kiloiko on October 17, 2017, 06:24:17 AM

Quote from: senne on September 24, 2017, 10:44:09 AM

Banks have their importance in the system and we should always remember that at the end we need banks to transfer our money into local currencies till the time bitcoin is not been established as a world wide accepted currency everywhere. Also, Banks become as importance aspect of economic and also provides job to large number of people and the benefits one gets from banks can never be achieved from bitcoin and one need to accept this fact. So no matter how powerful the Bitcoin become banks are going to exist.

In my opinion bitcoins can never make the banks disappear at all. This is because the banks have their own importance in the field of finance and even today, we could not deny the fact that most of the people having some status rely on banks for their money related problems.

Banks are a safer security for keeping your money and have a lot to do with the country’s economy. They add up to the daily indexes of the stock exchanges as well.

Bitcoin cannot make banks disappear. Banks have a very huge amount of fiat money of the people.A large percentage of population have not even heard about bitcoin.This is because of these people that banks are alive.Not everyone likes using the Internet or the technology or do not even have access to such benefits. Some people just don't want to change or have difficulty in accepting the change.The idea of digital currency will not be accepted by them.

posternat

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No i don't really thing about it. Its hard to replace money with bitcoins, Because not everyone aware about the bitcoins. On the other side if it happen the banks maybe start work with bitcoins as wallet. People use banks to store there bitcoins rather than money At this point of time, this change of bitcoins replacing banks or bitcoins really does not seems possible.

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