Can Bitcoin make Banks disappear? - page 86.

mdripon

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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 think, banks will not be disappear. but can change the policy. this currency continue running.

Psalms23

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Bitcoin can never make banks disappear. I think we are just overestimating bitcoin in that sense. Sure the users of bitcoin is already rising, but there are so much for people to learn and trust bitcoin that can never yet replace fiat money. Right now, only people with inclination to computers have interest to invest in bitcoin, so ordinary people and businessmen are not really trusting bitcoin yet. Another reason also is that bitcoin transactions tend to be very slow, thats really bad for business.

DoublerHunter

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Quote from: senne on September 30, 2017, 06:37:58 PM

The first bank was established in 1472 and is still operating in Italy, so few years old currency can replace such an old system is nearly impossible, also there are more than 15k+ bank in the world. So you can clearly estimate that such a large system cannot be shut down overnight by the coming of new currency. Bitcoin, might have an upper hand over the banks but the banks have gained trust of the people from long time.

Banks are already exisiting in this world for a lot of decades and like you said, it already gained the trust of the people for being a place to store there money and to invest to that bank and help them to grow their money. Bitcoin is just getting started to introduce to the public and it will not make banks disappear since it doesn't have a fixed place or even identity of the creator to be a relief for the worries of the investors to put their money in bitcoin.

senne

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The first bank was established in 1472 and is still operating in Italy, so few years old currency can replace such an old system is nearly impossible, also there are more than 15k+ bank in the world. So you can clearly estimate that such a large system cannot be shut down overnight by the coming of new currency. Bitcoin, might have an upper hand over the banks but the banks have gained trust of the people from long time.

dmbragin

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Surely it will not happen anytime shortly, BTC is a currency of the potential but having more than spot of the genuine currency of the entire world that is quite structured at present will not be a short-expression undertaking if BTC could overthrow fiat at whenever proprietor needs.

exeljeksen

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I think that the banks will not disappear. They may be developed further, change the way of the actual existence but I think that will survive. Always will be need for money in big plans or projects, or even in various situations of everyone of us. May be a place when are offered the needed warranties that something can go without problems and take the needed money (or tools which may replace those). Be this the time of the actual us dollar and be the tomorrow one when maybe will be the day of bitcoin or the cryptos. Even in the probably time of only the cryptos will exist such needs. And even with the most sophisticated crypto in existence will exist always a hacker which can be able to steal or break the security of our personal wallets. Or people which will offer crypto but not security. It is another thing a bank. In all the previous problems...

donGeilo

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Banks are afraid of Bitcoin because they think it will reduce their profit and not because it will wipe them out. Banks have their importance in the system like bitcoins, a large number of people are dependent upon banks for various purposes. Also banks provide improvement to large number of people and bank has given us benefits like loans, easy way to store for everyone, keeps the money safe and provides good interest and also help in funding many companies and much more.

Maxcrypto1990

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I think no, Banks will most likely try to set up a privatised blockchain, through which they can remove intermediary banks, allowing for "instant" global transactions between banks without a transfer fee. Thus avoiding the majority of the populus switching to bitcoin or other crypto assets.

THAHIRHAJI

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I don't think so
Banking and using Bitcoin is two different things
Maybe bank will use Bitcoin as one of its currency but can't disappear

mammoniter

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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?

Though it is not impossible I think bitcoin would not be the sole reason why banks would become obsolete, because banks have been a part of society and culture for so long that they don't just process and secure money of individual people. Most of the government employees, projects and such budgets are directed to banks, I think it would be hard for a company to distribute and monitor budgets through only bitcoins and its online wallets.

macartem

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I dont think that can happen. Many people must use their banks. So it can disappear. Some people dont even know what Bitcoin is.

Webetcoins

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Quote from: Zandar on September 28, 2017, 07:09:59 AM

Since all of the BTC and alt coins combined does not even come close to 1% of what the banks activity, moneys worth etc are, it cannot and will not make banks disappear.
You can't make your employer pay your paycheck in BTC, because there would be no tax regulation for it, without taxes no country would be able to exist, so in order to make banks disappear you need to first make countries disappear, hence BTC cannot and will not make banks disappear.

Why not? I am not agreeing with you here because now almost everyone in my country is using bitcoin. It is very easy to pay through bitcoin and the bitcoin currency has become very famous so it is true that no bank is require for the bitcoin paying service it is safe in your bitcoin wallet and it is very easy to pay for everything and anytime you can transact your bitcoin.

xsaints128

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When bitcoin is going to threaten the banking system i'm afraid that the banks will make bitcoin disappear. I really hope it does not happen.

Falgorn

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In the near and relatively distant future, bitcoin will not be able to make the banks disappear. Banks, although not as effective as bitcoin, however they perform a function that is slightly different from crypto currency functions. We are still far from the time when all money transfers will be made when using crypto currency without the participation of banks. In addition, banks also introduce blockchein technology into their work and use digital Ionettes, such as ripple, to speed up the transfer of money.

8Habits

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Quote from: Eternu on September 28, 2017, 09:10:26 AM

Bitcoin is strong, and it is supported by a lot of people all around the world. But to think that bitcoin could be a doom for banks... well i do not know. To be honest banks are very strong too, most of people depend on banks for living, therefor banks will stay in our life for a long long time. What is more possible to happen is that the banks will start dealing with bitcoin and accept bitcoin, that is more possible than bitcoin destroying banks.

Banks are already an institution and well regulated by the government. It would be nearly impossible for banks to disappear because of bitcoin but I can really think that when bitcoin will be more accepted by number of people and investors, I think bank can incorporate bitcoin service for their clientele and not necessarily going to be disappeared.

paolo099

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bank and cash will never disappear, not even with bitcoin.. there are way too many politics things behind

Eternu

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Bitcoin is strong, and it is supported by a lot of people all around the world. But to think that bitcoin could be a doom for banks... well i do not know. To be honest banks are very strong too, most of people depend on banks for living, therefor banks will stay in our life for a long long time. What is more possible to happen is that the banks will start dealing with bitcoin and accept bitcoin, that is more possible than bitcoin destroying banks.

donGeilo

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I dont think that Bitcoin can make banks dissappear. I think they both will rather work hand in hand . Banks provides us with some facilities which Bitcoin donot provides .Banks provides us with saving accounts , they lend money, they provide loans etc but Bitcoin is better investment asset than bank .Both have there own features. So both will work hand in hand.

mysangel

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Quote from: Rude Boy on January 11, 2016, 10:09:46 PM

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

yes i do agree maybe they will only consider things in bitcoin currency to make their operation more successful and they will not be left behind by the new platforms.

krafa

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Hi,
I think that the banks will not disappear.
In near future, Bitcoin and banks will work together like make a transaction, withdraw bitcoins to the banks, Using Banks VISA card for withdrawing Bitcoin digital money etc.
If you still have the question then I would prefer Bitcoin instead of Banks for only reason is for Security and 24/7 service.

Thanks & Have a nice day

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