Can Bitcoin make Banks disappear? - page 80.

Apened

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Quote from: LordDisick on October 10, 2017, 09:04:22 PM

Quote from: neochiny on January 12, 2016, 01:58:44 AM

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

Yes I believe it too that banks will never disappear as long as the community are still using fiat on their daily life. Not everyone are using bitcoin these days and I believe fiat and bitcoin can co exist together. Maybe bank will disappear if the government will permanently remove fiats but i don't think its gonna happen anytime soon.

It will not as it only improves their quality and storing of money by using blockchain technology or smart contracts in time when most of the people don't use a banking. The only advantage of a bank is the money you put was safe.

LordDisick

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Quote from: neochiny on January 12, 2016, 01:58:44 AM

I think banks will not disappear.
They can change or can work with bitcoins.
but they will never disappear as fiat will never disappear too.
If fiat comes to the point that has no use already,
then thats the only time that banks can disappear.
But as i have said, its impossible.

Yes I believe it too that banks will never disappear as long as the community are still using fiat on their daily life. Not everyone are using bitcoin these days and I believe fiat and bitcoin can co exist together. Maybe bank will disappear if the government will permanently remove fiats but i don't think its gonna happen anytime soon.

cybersofts

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No. Bitcoin cannot make banks disappear for real. Banks hold the money for offline businesses. In fact there are some offline businesses that never had an idea of coming online and never will - Tell me how those businesses can use bitcoin, huh? Bitcoin has huge potential and have very strong role to play on the future but i don't think bitcoin will ever replace banks completely because government and companies pay salaries, wages, and loans through banks and also banks control fiat which is the currency for people that are not tech savvy. To use bitcoin you should at least know how to operate computer and a lot of people can't... Bitcoin might rather slow banks down or make them less important by the people in the future.

Kat_messy

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Absolutely not. Rather, banks will provide services related to crypto-currencies

webelong

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For now it's no.It is too early to say that it will destroy the images of banks.There are things that banks can do in order that the money that they are holding are safe enough for their costumers.

lenovo16

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For me, bitcoin has a lot of feature and it makes our life easily. It can pay bills with less of time that the banks can't do. It can share money to the other without consuming much time and effort. But even bitcoin has a lot of this advantage with the bank. It still can't make the banks disappear.

BeerPanda

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Quote from: nejibens on March 05, 2016, 08:58:49 AM

I think we need both banks and wallets because till now we need the banking services to promote better the Bitcoin and convince more people to support it as we can convert it into fiat easily

Yeees , you're right . There are some much different advices and opinions. How do you check all these different projects? I just found Omega One and Confideal. Last should be interesting due to usual people orientation. What do you think?

DimaS1574

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I thik it is imposible.
bank it is ancient structure and it will do everything to protect their interests and profits

mysacrifice

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That's where things are going and market makers are in the panic. you can see that clearly when you see graphs.

jak3

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I do not actually feel that bitcoin can make banks disappear because to do that bitcoin has to take 100% or at least 80% of all the money place which people use every day. when people will start using bitcoin instead of cash then we can say that banks are no more. But 95% of people are still using Physical Cash on their everyday life and everyone still believe that it is the best method of payment. So it is far away for banks to disappear.

WorldEG

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banks may adopt the blockchain technology and create private chains, but I don't think they'll be gone until the whole concept of money is gone

Orange Guy

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I dont think so. I took they will collab and make eachother stronger.

Turiettly

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I never think that Bitcoin can make Banking institutions vanish at least in the near futureBut i consider a lot more people will depart banking services as Bitcoin's developing up everyday

8Habits

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Quote from: FaithETH on October 09, 2017, 03:52:35 PM

I don't think so. In the future when cryptocurrencies will become more popular, banks will have rebrand. Maybe what we call a web wallet today will be renamed to a CryptoBank? They would offer storing, interest and legal loans. I can't think of any other functions. No need to use real cash = no need to maintain ATMs.

When cryptocurrencies will go big in the future, there is really no reason why banks will not adopt it. Of course, it will not make banks disappear as banks is fully backed up by the government as a very essential institution with the use of fiat money which by the way issued by the government.

FaithETH

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I don't think so. In the future when cryptocurrencies will become more popular, banks will have rebrand. Maybe what we call a web wallet today will be renamed to a CryptoBank? They would offer storing, interest and legal loans. I can't think of any other functions. No need to use real cash = no need to maintain ATMs.

daserpent

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Banks are gonna disappear just like that. Its a long fight. Govts don't want banks to go away - because they enable the govts to track the flow of money. Whereas, with crypto, its either impossible or too complicated to track the flow. The inability to track money, is what worries all govts.

The one who controls money, controls everything. So, the chances of banks disappearing is highly unlikely. Instead, govts will try to legalise crypto in a way so that its more trackable. Maybe eventually, banks will offer crypto wallet services, loans and everything. Just like they do with fiat.

Cryptomaniac13

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I doubt that, they will coexist and at the end of the day i predict banks to store BTC and give us cash if needed with low fees

Cindy1983

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Maybe it'll happen. When government legalize Bitcoin that mean banks in these country will have a lot of troubles so if they want to survive they will have to find a new way and I think they will have to make an important decision is accept Bitcoin or not cause when Bitcoin is legalized I believe that everyone will prefer to invest their money in Bitcoin to Bank so if they let this case happen without doing anything they will disappear.

xBitHodler

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I partially agree. The idea of Bitcoin is that we are our own banks. I know that not everyone is going to buy a hardware wallets or use a software one but banks won't earn much. They won't be able to earn money on transaction fees and exchanges rates. Their only earnings will be from loans which they will probably offer if Bitcoin would replace fiat.

chichan13

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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 that BTC can make banks disappear. After all, banks have been a very important sector in the society. We still need the fiat money to live and the economic state of a nation would crashed without the banks. Banks can still remain even though they won't expand their operations to crypto currency. This is because the majority of people are still dependent to banks and not everyone are fan of BTC.

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