Can Bitcoin make Banks disappear? - page 88.

pugman

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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?

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.

BigBos

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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.

Soul-Blink

newbie

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For me, it wouldn't because banks are for the people that represents real money or a physical type of money, like paper and coins. This bitcoins are for the users that represents virtual money in terms of codes and binary outputs. This however makes the banks different from others. But the most secure way to save money is from the banks it self, due to the loss od internet or hackers that can manipulate or decrease the value of bitcoins, that's why bitcoins can't replace banks.

peterthegreat

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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

DewiKirana

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It took a long time for the bank to disappear because of bitcoin. It seems that banks will be hard to disappear due to the influence of bitcoin, the community in general, although sometimes there are those who hate the banks but they still need with the services of banks. If bitcoin could replace the duties of banks, maybe the bank will soon disappear.

senne

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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.

Natural Perm

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For me I dont think that banks is going to be disappear. Because not all the people have trust on bitcoin. So some people they use banks to save their money beause they know that every banks have safe and proper security. Actually some bitcoin users need or use banks too. Their savings in bitcoin they put in banks not in bitcoin wallet

8Habits

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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.

I agree that it will precisely will happen - bank and bitcoin can work together and not making either one to disappear over the other.. Banks are there for so long for a reason and that is to maintain integrity of financial transactions as regulated by the government. Hence, it will stay for long and can evolve to serving bitcoin transactions in the future and not going to disappear because of bitcoin.

awilliams

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Banks will put up a fight to stop bitcoins. Just like JP Morgan recently...

cvan

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It would be ideal for banks to disappear, but they're not going down without a fight. They hold a lot of capital and power in the US/world.

carlerha

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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.

ohlawdy

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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))))

Yeah and i think most people like the security a bank gives you.
They don't want to be in charge of their own money.

DimaS1574

full member

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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))))

Rinder

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Banks are taking a fight over crypto on the last years closing exchanges and suspicious accounts with big activity related to crypto transactions, even still providing some support at some exchanges that works with crypto is pretty clear their position against bitcoin and crypto. But as some big companies wich does manages fortunes they had been forced to work over bitcoin due to the big interest from their clients, im pretty sure banks in the future will open some service to work with crypto because if all people start wanting to invest into bitcoin and banks say they havent such service people will find a way to get what they wanna outside those bank or even outside all banks. Banks does follow progress, and a lot online services are being allowed already to be done at home, soo in the short future bitcoin and crypto services might get incorporated as well.

Genosx

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I think so in the near future because we are now in advent of new technology. Exploration of new discoveries via internet.

BlasterS

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Yes because unlikely to traditional banks bitcoin currency are transparent to everyone and nowadays we are in advancement of technologies so maybe in the future bitcoin have the big chances to make the bank disappear

yishak

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Yeah, possibly, Banks might disappear but that won't happen anytime soon it may take ages for that to happen. Until all the people of the world trust bitcoins and also when bitcoin becomes more stable.Then its definitely possible they might disapper.

Viscore

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Quote from: Sullivan456 on September 21, 2017, 01:12:02 AM

It can be happen if eveyone all around the world start to using Bitcoin. For using Bitcoin wallet everyone should have a mobile phone. As we all know now a day mostly peoples have mobile phone and everyone start doing small to big transactions by Bitcoin. So it can be possible that Bitcoin can make banks disappear.

There will still be banks because not all people will adopt with bitcoin, the centralized system which are controlled by the government
will always be powerful but bitcoin is here to stay. Giving people different alternative is will satisfy them.

Sullivan456

newbie

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It can be happen if eveyone all around the world start to using Bitcoin. For using Bitcoin wallet everyone should have a mobile phone. As we all know now a day mostly peoples have mobile phone and everyone start doing small to big transactions by Bitcoin. So it can be possible that Bitcoin can make banks disappear.

Sir Cross

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This day may not come quite soon because the general public trusts banks. Unless there were to be an event that would lead to the mistrust for banks, people will continue to use it. Bitcoin has a lot of advantages and benefits but people find it to be sketchy so I don't think it could replace banks because people value their security especially when it comes to money.

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