Can Bitcoin make Banks disappear? - page 89.

carlerha

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Quote from: Naughtis on September 20, 2017, 10:28:55 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?

If all people know about the bitcoin its true that bitcoin can make the banks disappear. Why? For noe there's more online money wallet and the purpose of bank is to get interests on those who want to save their money if more years you save in the banks the more interests they get on you and thats the reason why people used bitcoin if they know because bitcoin can not get any interest on our money.

i think even then it is not possible that bitcoin will replace banks, i think that it will world with it in coordination but cannot replace it totally. i think that if all the governments will accept bitcoin as legal currency then i am sure that banks will also start accepting bitcoin and will start accepting bitcoin from the people to deposit bitcoin in banks and therefore i think that bitcoin will make banks more stronger.

JasonXG

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Yes !! Definitely !! Look what btc did to China ! So surely the banks fear the same thing. They fear a takeover because they know it will happen

Bitcoin has shown us over and over again it can handle anything thrown at it and it works perfectly well as a payment process and is strong and decentralized and run by the people for the people.

Portia12

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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 come first than bitcoin. Bitcoin cant replace banks because they are more famous than cryptocurrency all peope knows them even a small kid but bitcoin doesnt. Bitcoin is cryptocurrency not all human has a smartphone thats why they dont know what bitcoin is but banks dont need gadget or internet to be recognize by individuals

s31joemhar

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bitcoin will be more successful but as of dis apperance of the bank is greater the zero percent to be!!
banks are still bank that all the currency and money are well documented but if bitcoin will be the same as the bank and not anonymous theres a chance but as we all know bitcoin is everywhere but with no name tags and legal evidence

fisheater

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Bitcoin not really compete with banks. Banks are using blockchain technologies to make their transfer of money easier, especially the international transfers.

ployfit

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Quote from: Naughtis on September 20, 2017, 10:28:55 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?

If all people know about the bitcoin its true that bitcoin can make the banks disappear. Why? For noe there's more online money wallet and the purpose of bank is to get interests on those who want to save their money if more years you save in the banks the more interests they get on you and thats the reason why people used bitcoin if they know because bitcoin can not get any interest on our money.

Bitcoin can't make central and private banks disappear. They never let this happen because they're super power of the world. Capitalists and other share holders of banks, I mean.

Rojectime

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I never feel that Bitcoin can make Financial institutions disappear at least in the around futureBut i feel much more folks will leave banking solutions as Bitcoin's growing up day-to-day

Naughtis

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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?

If all people know about the bitcoin its true that bitcoin can make the banks disappear. Why? For noe there's more online money wallet and the purpose of bank is to get interests on those who want to save their money if more years you save in the banks the more interests they get on you and thats the reason why people used bitcoin if they know because bitcoin can not get any interest on our money.

Siopao

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I dont think bitcoin can make banks disappear. Banks have established and provided people a good handling and money transactions and have been around for a long time. It has gained the trust and confidence of businessmen and even the commoners to be trusted with their money. With the changing world we have right now maybe banks can (in rhe future) adopt and offer services that will cater cryptocurrency transactions but definitely it will not disappear.

w5pn73

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Quote from: MostHigh on September 19, 2017, 03:25:15 AM

Exactly like its been said there, Banks as we know them must adapt or die but the model of banking will stay with us for a long time to come. Just like it existed the moment humans started trading in all forms of currencies, being it gold, cowries, stones etc. Even with the banks any change will not be abrupt but will take sometime probably 10 to 20 years.

Banks do not have to adapt and most certainly will not die, what do you think governments have laws for?

If banks "die", I assume this means the end of fiat currency. Govs will never let this happen.

Mbah Djoko

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I'm not sure, this is because the banks get special protection from the state so the state will continue to guarantee the life of the bank. although the use of bitcoin has already beat the bank but the government will provide subsidies to the bank so it will never disappear.

Lomperd1

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Quote from: Finestream on September 19, 2017, 02:04:37 AM

Quote from: ajmapalo22 on September 18, 2017, 08:11:58 PM

Bitcoin can make banks disappear if the government will allow it because banks are regulated by the government and as far as I know government wants to have control over bitcoin which as of now impossible to happen, so far the wallets we are using today is like a bank which the control is given to all account holder but still it needs the bank to complete most of our transactions.

The big question is will they allow it, bitcoin will reduce tax collections and that is not in favor of the government, remember that the tax is the lifeblood of the government and they won't give up that rights to let bitcoin rule the world. No way, let's just focus on what bitcoin can do with a limitation, we have limited supply and we can grow even having an adoption of less than 50% of the worlds population.

i think it cannot do that because that is very impossible you cannot make the banks disappear it is like you cannot make handicapped disappear that is why i strongly promote the fact that bitcoin is very powerful but not as it looks like.

MostHigh

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Exactly like its been said there, Banks as we know them must adapt or die but the model of banking will stay with us for a long time to come. Just like it existed the moment humans started trading in all forms of currencies, being it gold, cowries, stones etc. Even with the banks any change will not be abrupt but will take sometime probably 10 to 20 years.

A1exander

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Definitely not. The current economic system simply cannot function without financial capital institutions. Banks may change, they may embrace bitcoin or start their own cryptocurrencies, they may be disguised under a new name, but another form of money cannot make them disappear.

kafeelniazi

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Quote from: #K!LL3R on September 13, 2017, 10:16:55 AM

It can because Bitcoin can be stored in online wallets but it will surely take a lot of time as today Bitcoin is popular but it takes time for people to change their mindset and opt for a change.

look bitcoin is in the online wallet that is good, but we store bitcoin to get paper money and we didn't get paper money when the banks are not in rolled, so we better protect banks so that we will continually deposit our bitcoin and get maximum cash.

willmsnow

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I don't think so. Banks have many other functions than saving money, so they won't disappear.

Finestream

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Quote from: ajmapalo22 on September 18, 2017, 08:11:58 PM

Bitcoin can make banks disappear if the government will allow it because banks are regulated by the government and as far as I know government wants to have control over bitcoin which as of now impossible to happen, so far the wallets we are using today is like a bank which the control is given to all account holder but still it needs the bank to complete most of our transactions.

The big question is will they allow it, bitcoin will reduce tax collections and that is not in favor of the government, remember that the tax is the lifeblood of the government and they won't give up that rights to let bitcoin rule the world. No way, let's just focus on what bitcoin can do with a limitation, we have limited supply and we can grow even having an adoption of less than 50% of the worlds population.

poisonivy77

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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 banks would never disappear given that bitcoin is not yet centralize. banks would still be operating since currency is centralized many investors invest in them. it will never disappears but surely they'll make a move on how to handle fiat and cryptocurrency.

ajmapalo22

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Bitcoin can make banks disappear if the government will allow it because banks are regulated by the government and as far as I know government wants to have control over bitcoin which as of now impossible to happen, so far the wallets we are using today is like a bank which the control is given to all account holder but still it needs the bank to complete most of our transactions.

Text

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Bitcoin can't make banks disappear because I don't see any reason that it has the power to make it. Here in our country only few people knows about crypto currency so they will still choose the common way and what they already knew. They store their money on banks because it is well-known, trusted and legally operated.

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