The stakes are too high.
Banks and governments will make sure this will never happen, you can bet your ass on that.
Topic: Can Bitcoin make Banks disappear? - page 92. (Read 427614 times)
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?
"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 am afraid you simply cannot erase banks from the face of the society. They are one of the most powerful and highly in control institutions in our modern era. After all, banks can adapt and evolve along the way to cope with the new demands with the time. Just like what's happening right now with the advent of cryptocurrencies. The banks will have to adjust in order to survive and remain powerful.
Because I think the bank will never disappear, because the bank is still used by someone. but bitcoin can work with banks thus strengthening bitcoin as a means of transaction. something will disappear when it is no longer useful, but the bank will never disappear because it will always be useful.
im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...
but make sure that all people know what is btc...in my country just a less people know bitcoin...
Fiat will dissapear but not the banks because they can easily to shift from FIAT to Bitcoins. Parts of histories about banks they will receive goods and merchant to be use on trade before, silver and gold as well are receivable until it become paper money or a fiat now, so it is also possible from fiat they will shift to bitcoins as long they can gain from collecting of fees and interest specially banks are already use to digital transactions in which bitcoin is a digital.
today banks are earning money from our fiat deposit.
In bitcoin era...bank earning money from our bitcoin deposit.
banks always win..
im sure it can...but it will take a long time to make bank dissapear...
but make sure that all people know what is btc...in my country just a less people know bitcoin...
but make sure that all people know what is btc...in my country just a less people know bitcoin...
Fiat will dissapear but not the banks because they can easily to shift from FIAT to Bitcoins. Parts of histories about banks they will receive goods and merchant to be use on trade before, silver and gold as well are receivable until it become paper money or a fiat now, so it is also possible from fiat they will shift to bitcoins as long they can gain from collecting of fees and interest specially banks are already use to digital transactions in which bitcoin is a digital.
I'm not sure presence of bitcoin can make banks disappear, this is because the bank is the official institution that will always exist as long as it is protected by the Government. and of course the presence of bitcoin can be used by the bank as one service.
Banks are by no means an official institution of the government, yes their are some ran by the government but most of them are only regulated by their own respective central banks per country. And you are right to assume that they can take advantage of the presence of Bitcoin the BIG question is how can they use it to their advatage? Because I don't know how they will use it in their work if they can only accept Fiat currency.
I'm not sure presence of bitcoin can make banks disappear, this is because the bank is the official institution that will always exist as long as it is protected by the Government. and of course the presence of bitcoin can be used by the bank as one service.
No bitcoin cant make banks disappear since people always use credit and take loans to buy house, cars, or travelling, with bitcoin you cant have any similiar thing, even being able to lend bitcoin for a fee i doubt someone would lend those without a proper colateral.
That's right and banks are the most powerful financial institutions that we have which have support from people and Government and people have more faith in banks as they are dealing with it since its inception and have a feeling that their money is safe in banks so I don't see any threat to banks from bitcoin.
No bitcoin cant make banks disappear since people always use credit and take loans to buy house, cars, or travelling, with bitcoin you cant have any similiar thing, even being able to lend bitcoin for a fee i doubt someone would lend those without a proper colateral.
I don't think they will. They will just adapt and like use bitcoin also as their main currency. People will always need a loan or sthng
Even without a bank we can still take a loan because we have platform for that service here in crypto.The only good thing bank can offer us is to give insurance on our deposits and it could be impossible with just saving our bitcoin
in our wallet as the moment we will get hack, we will loss everything we have.
Banks will change. It won't be as we know it today. But we will always have banks. I'm unaware of how bitcoin eliminates those functions. Imagine a world in which we only had bitcoin. There would still be a desire for some people to save and other people to borrow. Consequently something will emerge that provides those services. I suspect it will look a lot different than today's banks, but I'm guessing that most people will still call it a bank because it will provide all of the functions that they typically associated with a bank.
I don't think Banks can be replaced with Bitcoin, it is far to being possible because I believe banks are well established and has been widely used in the world. And also come to think of it, bitcoin should be in coordination with banks for it to be an acceptable medium of exhange which becomes valuable to the people.
I agree with you. Banks are the tools of government and as long as the government still exist, bitcoin can never replace banks or take over it. Government will do their best to protect the bank because bank is the only way for the government to control the nation's economic system.
I don't think they will. They will just adapt and like use bitcoin also as their main currency. People will always need a loan or sthng
I don't think banks will ever be in a place where they can no longer operate due to bitcoin. The key thing we will see will be the adaption and adoption by the banks to incorporate the virtual currency world into their business. Just like we have bitcoin wallets with different providers, banks will also introduce bitcoin wallets where customers can deposit their bitcoins.
I don't think banks will ever go away or dissapear. They can evolve and make it to where you don't need physical money. If everyone do not use the bank, then, yes, it is possible. Other than that, it is impossible to make the bank "vanished". Almost all the people use banks and that won't depends upon educated or uneducated, rich or poor and most of the people trust only the banks so after few years bitcoin will be popular but still banks will be there.
Bitcoin will not make banks disappear. If in the near future, bitcoin becomes widely accepted for transactions, it will only cover one aspect of banking which is processing transactions from consumer to merchants through the use of traditional currency. Banks has other services such as mortgages, loans etc which people will continue to use
Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.
I agree. Bitcoin can co-exist with banks cause there are still so many people who doesn't know about bitcoin and because bitcoin's value is fluctuating, it cannot be considered for now as an option for salary unlike banks that are used by companies to distribute the salary of their employees. The time when banks disappears is when fiat disappear which is far from reality to happen though there is still a slight possibility but then the problem would be the network connections cause if there is no internet then people cannot transact with bitcoin.
Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.
Bitcoins and banks have both advantages over each other and that's why bitcoins can't take fully over banks in terms of liabilities and securedness of funds if ever happens unlik in bitcoins it is an investment and not a bank.best security in banks because your deposit has insurance. The new trend is different, we want our information to be safety and we
do not want to be watched by an organization ordered by the government to monitor.
Not seeing the possibillity, especially for countries that are just developing, they still have isssues with the internet facilities and the level of awareness is still quite low. Lots of developing countries have citizen in develop countries who have no choice than to send fiat home. Bank cannot dissappear because of Bitcoin.
Bitcoins and banks have both advantages over each other and that's why bitcoins can't take fully over banks in terms of liabilities and securedness of funds if ever happens unlik in bitcoins it is an investment and not a bank. Jump to: