Can Bitcoin make Banks disappear? - page 87.

bitcoinsocial09

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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?

In my own opinion, I think yes, bitcoin can make banks disappear because banks in general are used by people for them to transfer and receive some money and store money and take loans. Since the introduction of Bitcoin to people, we have already seen some similar services that are going to give people loans in Bitcoin, and also gives loan will gain interest.

Zandar

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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.

8Habits

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Quote from: Fatanut on September 26, 2017, 08:25:53 AM

Quote from: Chyton on September 26, 2017, 08:18:55 AM

Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

I doubt that a lot. What types of collateral will blockchain accept? There are lending sites like BTCJam and I had an interest in investing in sites that are like that. I read, though, that it's not a good idea to do so. People are just using fake IDs. In case someone defaulted on the loan, even though he posted his ID and a picture of him holding the ID, then what? You are not going to fly to another country or do all of the trouble just to chase a couple of bucks, would you? In this forum, there are collateral being accepted but most of the time, it's only the way of the other person to get rid of that collateral. It's like a way to sell that item. And so we ended up in the way loans are given by trust alone. The lender thinks that a hero member wouldn't risk his account getting negged for a couple of bucks but sometimes that is just not the case.

There are even trusted members here that destroyed their trust by getting a loan and not paying.

You have the point there mate. In so far as lending some btc to other people here, no matter what the level of account rank, the risk is there when you are the one offers someone to lend you some btc.

Fatanut

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Quote from: Chyton on September 26, 2017, 08:18:55 AM

Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

I doubt that a lot. What types of collateral will blockchain accept? There are lending sites like BTCJam and I had an interest in investing in sites that are like that. I read, though, that it's not a good idea to do so. People are just using fake IDs. In case someone defaulted on the loan, even though he posted his ID and a picture of him holding the ID, then what? You are not going to fly to another country or do all of the trouble just to chase a couple of bucks, would you? In this forum, there are collateral being accepted but most of the time, it's only the way of the other person to get rid of that collateral. It's like a way to sell that item. And so we ended up in the way loans are given by trust alone. The lender thinks that a hero member wouldn't risk his account getting negged for a couple of bucks but sometimes that is just not the case.

There are even trusted members here that destroyed their trust by getting a loan and not paying.

Chyton

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Yes, I think Bitcoin can make banks disappear, banks in general are used by people to transfer and receive money, store money (and gain interest by indirectly giving loans to other) and taking loans. Since the introduction of Bitcoin, we have seen some similar service that is going to give people loans in Bitcoin, and those who gives loan will gain interest. The flaw in this system is that there is no collateral (there is collateral at some loans, but majority of it doesn't have collateral instead the loan is taken and given by trust).

I think in the future there will be a dedicated feature in the blockchain that will hold the collateral of the lenders. So yes, Bitcoin may make banks disappear.

Sanugarid

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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?

Nope. That would never ever happen because bank is have a good relationship in bitcoin. Eventhough bitcoin are decentralize and didn't control by someone it hs a relation to the bitcoin. And banks serves as the way of cashing out earnings in bitcoin so that uou can use it as a real money.

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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 so because we all know that bitcoin is quite have a relation to banks in a sense that banks are the one who performs to cash out the money we earned in btc. Some people might see that btc is a big threat to banks but I don't think so and I know that banks and btc will help each other and will be good in future.

ubeng07

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Quote from: Restmand on September 26, 2017, 06:34:27 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?

in my opinion, i think its possible that bitcoin makes banks disappear. we know that the bank is you nedd a fee become to you have an account and we know that banks collect interest for ours. bitcoin can't do this things so if people knew about the bitcoin i think people will go to bitcoin and make banks disappear

yes exactly there is a lot of process to be approve by bank for you to have an account unlike here anyone can have an account and can monitor and take it in a safe place you can use any wallet you want you can withdraw you can do everything im agree too that banks someday can dissappear.

Restmand

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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?

in my opinion, i think its possible that bitcoin makes banks disappear. we know that the bank is you nedd a fee become to you have an account and we know that banks collect interest for ours. bitcoin can't do this things so if people knew about the bitcoin i think people will go to bitcoin and make banks disappear

mirakal

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Quote from: salihno71 on September 26, 2017, 05:11:41 AM

I'm quite sure if it comes to this, the banks will adapt to the new situation on the market. Even today there are some banks in Switzerland which are already accepting cryptocoins so i don't believe that banks will dissapear - at least in the next 10-15 years.

Banks can make their own blockchain but they cannot make a bitcoin like because it's operated in a decentralized manner.
I guess we have to be optimistic now because bitcoin is big threat to the banking system and of course big businessmen or bankers will always protect their interest and might say negative words about bitcoin aiming to stop it's success. Imagine if everything will be decentralized, it will limit the profit of bankers but will give great benefit to the people.

JTASSOCIATES

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Bitcoin make Bank to function much better but we cant expect Bitcoin make Banks disappear. It is also impossible to make banks disappear. For sure Bitcoin make a very big impact that's why country like China consider Bitcoin as a serious matter in their financial portfolio and issue the ban notice to screw Bitcoin. Only time will tell the result of disappearing Bank due to Bitcoin.

salihno71

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I'm quite sure if it comes to this, the banks will adapt to the new situation on the market. Even today there are some banks in Switzerland which are already accepting cryptocoins so i don't believe that banks will dissapear - at least in the next 10-15 years.

8Habits

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Quote from: Reid on September 25, 2017, 11:09:41 AM

Quote from: carlerha on September 21, 2017, 02:54:19 PM

Quote from: DimaS1574 on September 21, 2017, 01:38:18 PM

I think bitcoin doesnt have a power to destroy banks and even in future banks will not disappear. Banks are strong financial structures and also are connected with goverment. goverment will protect banks if goverment take a decision to do it))))

i think yes that bitcoin is not here to destroy banks, but i am sure that in future bitcoin and banks will worth together, in fact banks are depending on their governments, if their governments will accept bitcoin as legal currency the surely they will also start accepting bitcoin for depositing in banks, and will surely make a system for it, and i am sure that in future we can expect that banks and bitcoin will work together.

That could one of the main problem actually.
If banks will just have to wait for the government actions then it might take a long time. If only they could do it by their own then it could be a good addition to their services to make everything faster instead of seeing a long line of people doing transaction in their banks.

I am pretty sure that banks will wait for the bitcoin being regulated by the government before they even open a service with bitcoin - they want to play it safe because the number or amount of bitcoins that will be transacted to them will surely be insane amount - and if they make it wrong, they will going to lost a fortune for sure.

Reid

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Quote from: carlerha on September 21, 2017, 02:54:19 PM

Quote from: DimaS1574 on September 21, 2017, 01:38:18 PM

I think bitcoin doesnt have a power to destroy banks and even in future banks will not disappear. Banks are strong financial structures and also are connected with goverment. goverment will protect banks if goverment take a decision to do it))))

i think yes that bitcoin is not here to destroy banks, but i am sure that in future bitcoin and banks will worth together, in fact banks are depending on their governments, if their governments will accept bitcoin as legal currency the surely they will also start accepting bitcoin for depositing in banks, and will surely make a system for it, and i am sure that in future we can expect that banks and bitcoin will work together.

That could one of the main problem actually.
If banks will just have to wait for the government actions then it might take a long time. If only they could do it by their own then it could be a good addition to their services to make everything faster instead of seeing a long line of people doing transaction in their banks.

8Habits

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Quote from: skhurram007 on September 25, 2017, 01:29:26 AM

My guess is that the Banks will get disruptive big time but major banks will not disappear; small ones might.

My guess is that BTC will not only force them to improve their quality of service but also to provide additional /different services and all @ lower cost.

They might turned from Banks to more into Financial /Portfolio Companies.

You have the point that bitcoin in the future may force banks to be more effective, efficient, innovative, and cheaper just to keep up with the popularity of use of bitcoin in the near future. This is actually a good one and not necessarily making banks disappear but making it more to be a more good service to its clientele..

skhurram007

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"People are birds unable to fly."

My guess is that the Banks will get disruptive big time but major banks will not disappear; small ones might.

My guess is that BTC will not only force them to improve their quality of service but also to provide additional /different services and all @ lower cost.

They might turned from Banks to more into Financial /Portfolio Companies.

Finestream

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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.

oegarod

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Quote from: BigBos on September 25, 2017, 12:47:01 AM

for the moment I think not yet. bitcoin is not a legal means of transactions for all countries, with banks, which have been recognized by all countries. well, there are still many things that bitcoin should develop before finally actually making the bank disappear.

Yes, it's been used for small transactions to large volume transactions. The legal authorization is not provided with bitcoin. I believe bitcoin has got certain licensed exchanges which make those transactions through them to be similar to that we make using the banking system.

Here4Trades

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more than just dissapear they will adapt to the blockchain transactions but centralized, bitcoin is the future and they must adapt to the future or they will eventually get pwn by the btc and the major alts.

patz22

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It will not happen but the biggest fear that we can have is that "banks" will make BTC disappear, there is a possibility that it will happen since BTC doesn't have that kind of credibility like a bank (largest banks). If we will compare, there's a lot if difference - all of the people knows banks and there were only few who knows bitcoin right?

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