Can Bitcoin make Banks disappear? - page 75.

Peashooter

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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?

I don't think BTC can make all banks disappear. But if the banks want to maintain the public's attention to them, they need to adapt with bitcoin. Due to the public's demand to crypto currency, the banks and other financial institution must open their system for bitcoinners or else they will lost the chance to gain more profit in this market

cryptoglobal79

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No i dont think bitcoin will really replace banks in the future. People still use banks for taking credit or something like. Real money will continue to be used.

kinzey

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Blockchain with solar energy

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 very rich wont let that happen. Digital currecy is here to stay but banks wont disappear...

Rajat97

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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?

Banks have many purpose other than just currency. Banks maintain account which we hold and the regular transaction will not be possible. To some extent we can say that banks may disappear if the currency is more stable. At the current stage bitcoins are not so stable that they are replace the banks. Maybe in future other cypto currencies can totally eradicate banks.

Xenophoto

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Quote from: raiblock on October 16, 2017, 03:24:22 AM

Crypto (and bitcoin) can and ARE making banks change their ways. At least the smart ones will try and develop a climate that includes services and products from the crypto world.

It would also be interesting to see how other financial institutions (ie Western Union, PayPal) will tackle crypto.

Is tackling crypto necessary for them at all? They are still at the top of things and tackling crypto will just be bad for them because it's as if they are not so confident with their own product or company. The only reason to tackle crypto is to have an idea that it is going to beat you in the future, but people are seeing it as something that's already beating your product so you tackle it. Bitcoin can make banks disappear, it's not totally impossible. But, the government owns the world and the banks are supported by them so it will be a rough road to get bitcoin to the top.

It will be interesting what would the government do in the future once bitcoin has become mainstream. Bitcoin is starting to get attention nowadays and it is no surprise for the current bitcoiners to see bitcoin rise to the top. It is something that the government have a long time to prepare for so I wonder what they have to defense their fiat system against the rise of crypto.

Anies_Sandi

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Quote from: worle1bm on October 16, 2017, 07:22:10 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 it might happen in future but it seems not to early as people prefer fiat money and BTC is not so popular among individuals and due to price instability people fear it and prefer to save in banks.

it's possible that it can happen, because in the future there will be more interesting and more sophisticated than the current bank.
let alone the development of today is increasingly sophisticated and changing

worle1bm

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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 it might happen in future but it seems not to early as people prefer fiat money and BTC is not so popular among individuals and due to price instability people fear it and prefer to save in banks.

Blackwhite69

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Quote from: chidrawarster on October 16, 2017, 06:10:59 AM

From my point of view, its not so easy to replace the banks system instead they can integrate with the banks or change the system & they can be used a w widely used currency only by collaboration.If we still think that banks will disappear , it may be wrong as they are the ones who provide services to most of the sectors and financial institutions as well. What i can see in the near future is the bitcoin will be used widely and banks will be insisting customers to use the bitcoin as a merchant payment option and still they can even earn revenue from that as well. Thats my forecast for now, however, bitcoin is not yet regulated everywhere.

It seems so, doesn't allow banks to easily simply disappear because the bank is where your financial services. Wink

chidrawarster

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From my point of view, its not so easy to replace the banks system instead they can integrate with the banks or change the system & they can be used a w widely used currency only by collaboration.If we still think that banks will disappear , it may be wrong as they are the ones who provide services to most of the sectors and financial institutions as well. What i can see in the near future is the bitcoin will be used widely and banks will be insisting customers to use the bitcoin as a merchant payment option and still they can even earn revenue from that as well. Thats my forecast for now, however, bitcoin is not yet regulated everywhere.

MMostaza

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Quote from: Eternu on October 16, 2017, 05:49:41 AM

Quote from: 8Habits on October 16, 2017, 03:04:39 AM

Quote from: ocid on October 15, 2017, 10:36:25 AM

bitcoin and bank both can be mutually cooperative in order to be mutually beneficial. bitcoin will not be popular without the role of the bank itself. as we know payment transactions using bitcoin can not be inaugurated by all countries. bitcoin is increasingly in demand by its users because this type of digital currency is valuable if it can be redeemed into the local currency they use by way of bank work that facilitates the exchange of bitcoins into local currency in each country.

For me, I don't see any reasons why banks will not going to adopt bitcoins in one of their services. At least in the future, because bitcoin really has very big potential future in the financial and investment industry. However, based on research, people who are holding bitcoins are more into using it to accumulate more bitcoins than using it to pay for some small transactions online.

You are correct and correct. In near future banks will adopt bitcoin in to their services, I mean why wouldn't they. Banks have their bad side and i think we are all aware of that, but I also think that they are necessary evil... at least for now, and probably in future too. It makes me sad to see that most of people that deal with Bitcoin are into it because they can earn easy money. Bitcoin could be much more than that, and I hope that in future it will be. With Bitcoin popularity growing, there will be more and more places where you would be able to spend your Bitcoins, and for that we do not need banks. There is possibility that Bitcoin will be end to the banks, but it is less likely.

Wow! your last point is quite interesting: "With Bitcoin popularity growing, there will be more and more places where you would be able to spend your Bitcoins, and for that we do not need banks". For me it sounds like an unreal future, but I would like to see and experience it Wink

As I know one of the reasons for what banks are not still into Bitcoins is because the transactions are too slow for them. What you guys think about the announcement of Stellar Lumen partnering with IBM and KlickEx? I have read that the main value of this partnering is the easy and fast way transactions will be made. And that makes me think this is not only a good news for Lumen holders, because the value of XLR is growing crazy high since yesterday, I think is also good news for Bitcoin because is marking the path to increase and improve relation with banks. And, while we don't reach that idilic future without banks, the way to bring Bitcoin to the big audience so they start to use on their day to day is improve this coexistence with banks.

coinholic

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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?

Since most of the major banks in the world are owned and controlled by the Rothschilds, it is unlikely that they will be wiped out just because of bitcoin. Im pretty sure they will use their power and influence to make sure that the banking business stays in the system.

Bambinoe

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I dont think that Bitcoin or should i say the use of crypto currency in general will make banks disappear. Because the need for physical cash can't be ruled out completely especially when it comes to petty trading.

Eternu

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Quote from: 8Habits on October 16, 2017, 03:04:39 AM

Quote from: ocid on October 15, 2017, 10:36:25 AM

bitcoin and bank both can be mutually cooperative in order to be mutually beneficial. bitcoin will not be popular without the role of the bank itself. as we know payment transactions using bitcoin can not be inaugurated by all countries. bitcoin is increasingly in demand by its users because this type of digital currency is valuable if it can be redeemed into the local currency they use by way of bank work that facilitates the exchange of bitcoins into local currency in each country.

For me, I don't see any reasons why banks will not going to adopt bitcoins in one of their services. At least in the future, because bitcoin really has very big potential future in the financial and investment industry. However, based on research, people who are holding bitcoins are more into using it to accumulate more bitcoins than using it to pay for some small transactions online.

You are correct and correct. In near future banks will adopt bitcoin in to their services, I mean why wouldn't they. Banks have their bad side and i think we are all aware of that, but I also think that they are necessary evil... at least for now, and probably in future too. It makes me sad to see that most of people that deal with Bitcoin are into it because they can earn easy money. Bitcoin could be much more than that, and I hope that in future it will be. With Bitcoin popularity growing, there will be more and more places where you would be able to spend your Bitcoins, and for that we do not need banks. There is possibility that Bitcoin will be end to the banks, but it is less likely.

AmXProX

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Hope this happen by the time that I have at least a thousand pieces of coins.

raiblock

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Crypto (and bitcoin) can and ARE making banks change their ways. At least the smart ones will try and develop a climate that includes services and products from the crypto world.

It would also be interesting to see how other financial institutions (ie Western Union, PayPal) will tackle crypto.

8Habits

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Activity: 756

Merit: 294

Quote from: ocid on October 15, 2017, 10:36:25 AM

bitcoin and bank both can be mutually cooperative in order to be mutually beneficial. bitcoin will not be popular without the role of the bank itself. as we know payment transactions using bitcoin can not be inaugurated by all countries. bitcoin is increasingly in demand by its users because this type of digital currency is valuable if it can be redeemed into the local currency they use by way of bank work that facilitates the exchange of bitcoins into local currency in each country.

For me, I don't see any reasons why banks will not going to adopt bitcoins in one of their services. At least in the future, because bitcoin really has very big potential future in the financial and investment industry. However, based on research, people who are holding bitcoins are more into using it to accumulate more bitcoins than using it to pay for some small transactions online.

ocid

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Activity: 588

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bitcoin and bank both can be mutually cooperative in order to be mutually beneficial. bitcoin will not be popular without the role of the bank itself. as we know payment transactions using bitcoin can not be inaugurated by all countries. bitcoin is increasingly in demand by its users because this type of digital currency is valuable if it can be redeemed into the local currency they use by way of bank work that facilitates the exchange of bitcoins into local currency in each country.

An0nyMoose

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Bitcoin is already making banks disappear. It's funny how you've seen some companies try and tell banks they're in a good position right now because people need someone they can trust when they use BTC and why not banks, but they'll always show their true nature in the end.

Dilladupak

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I think the bank will not just disappear if I think the bank can be reduced in the transaction because all the bank's users are on the move to bitcoin to do the transaction on it. Most people now use bitcoin from the bank because bitcoin can benefit more than the bank.so they-especially in our country many use bitcoin from the bank

Charot12345

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Quote from: subcypher on January 11, 2016, 09:48:18 PM

Banks will change or go under but they won't go away. They will always find some service to provide that someone else will want to buy.

I think so too, banks will never disappear. Even though bitcoin is popular and most country use it, it cannot make bank disappear. I’m sure bank will go with the flow or catch up with the trend. They will improved their system or think something new to catch up with the evolving currency. Maybe they can think in the future on how they can cope up in the popularity of crytocurrency. Or they will invent something that can use so that they can use cyptocurrency or its concept on their advantage.

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