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Topic: Can Bitcoin make Banks disappear? - page 94. (Read 427614 times)

legendary
Activity: 2912
Merit: 6403
Blackjack.fun
September 01, 2017, 04:57:35 AM
Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing



Add it up that bitcoin is decentralized. I wonder how governments want a currency which they can't control most especially influential countries like United States and China. But for the benefit of everyone decentralization of monetary system is the best. This should lessen the influence of banks, rich countries and personalities on the world's financial system.

You were right up to a point (I made it blue).
No, bitcoin will improve their influence.

Let's think for a moment where are the major holders of bitcoin. Look at the nodes map.
Probably Africa and South America/ South Asia have less than 2% of the total coins mined.
BTC will just make the ones that can afford to buy now richer, it won't make the poor rich.

Today there is a noticeable trend especially in developed countries to minimize the amount of paper money in use. If this would happen in such extent that everybody would use only some kind of electronic payment (which is highly unlikely since some people don't want to use credit/debit cards for a number of reasons) then it might be possible. But as i already said, not likely.

14 countries in the EU have more virtual /electronic usage than cash transaction.
In 3 of them cash payments have gone below 10%.
It will happen, sooner than you think.
sr. member
Activity: 420
Merit: 250
September 01, 2017, 04:48:52 AM
Today there is a noticeable trend especially in developed countries to minimize the amount of paper money in use. If this would happen in such extent that everybody would use only some kind of electronic payment (which is highly unlikely since some people don't want to use credit/debit cards for a number of reasons) then it might be possible. But as i already said, not likely.
sr. member
Activity: 1022
Merit: 256
September 01, 2017, 04:44:36 AM
Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing



Add it up that bitcoin is decentralized. I wonder how governments want a currency which they can't control most especially influential countries like United States and China. But for the benefit of everyone decentralization of monetary system is the best. This should lessen the influence of banks, rich countries and personalities on the world's financial system.
member
Activity: 66
Merit: 10
September 01, 2017, 04:11:09 AM
Bitcoin may cause banks to disppear but it will take a long time. its possibility will be determined the level of acceptability in the world. And i know that for every country to accept it is not todays thing

full member
Activity: 1232
Merit: 186
September 01, 2017, 03:21:23 AM
Quote from: BTCBinary link=topic=1324thmsg13522710#msg13522710 date=1452566458
It seems tt 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 it's impossible for now because conventional money is the major type of money that we are using today and banks cannot and will not disappear as long as conventional money is existing. Even Bitcoins are now getting popular and now can be used for transactions, it still doesn't have the power and influence to beat the conventional money that we're using today.
Maybe in the future banks will gone IF bitcoins can surpass the conventional money.
member
Activity: 112
Merit: 11
September 01, 2017, 01:38:16 AM
If you look at both, I think Bitcoin is hard to make the bank disappear as Bitcoin is still dependent on the bank and its financial system will not allow Bitcoin to dominate all markets. Instead . They will apply Bitcoin technology to control it

They will interact. But  BTC would never replace a bank.
member
Activity: 92
Merit: 10
September 01, 2017, 01:27:14 AM
Yes and no, yes if the people recommend bitcoins instead of banks or the majority of the people in the world are using bitcoins to transfer and convert money, but given the fact that we are still progressing and evolving to a more technological era. i guess bitcoin can't replace banks, but no one knows what will happen in the future, so let's just hope its for the better for all of us, and just for the bitcoin it self.
sr. member
Activity: 1041
Merit: 273
September 01, 2017, 01:20:57 AM
My personal thinking said that, bank will not disappear.because of that,everyone don't know about bitcoin but they know about bank very well.in this reason, the users of bank is more than the users of bitcoin. so, bitcoin can't make banks disappear.
Do you remember in history, we use coin gold, silver, bronze before use paper money like now? Ok, if you know that, you also understand in someday Bitcoin can pass FIAT and replace paper money if the growth of Bitcoin cannot stop.
But if there won't be fiat that does not imply there won't be any banks around. The banks may shift to bitcoins and digital currencies. It is a possibility. For instance, ripples are connected with bitcoins and it is a digital asset. The central bank of Philippines has also legalized BTCs. I don't find Banks and BTCs rival forever.
full member
Activity: 420
Merit: 102
August 31, 2017, 11:27:33 PM
It's entirely possible that bitcoins will make banks obsolete in future because people could do transactions themselves in a p2p manner
full member
Activity: 123
Merit: 100
August 31, 2017, 08:07:10 PM
i think bitcoin can't make bank dissappear . even if bitcoin is secure and anonymity but fee for sending money is very high. and supported by government
member
Activity: 154
Merit: 10
August 31, 2017, 07:13:29 PM
With the money banks have... they are wonder when to beat down bitcoin and make bitcoin disappear then replace bitcoin by their blockchain.
sr. member
Activity: 1190
Merit: 250
August 31, 2017, 06:48:06 PM
I'm not sure that bitcoin can make a bank disappear, this is because the bank will always be supported and fully protected by the state. if bitcoin is getting popular, of course the bank will receive bitcoin.
full member
Activity: 157
Merit: 100
August 31, 2017, 06:38:00 PM
It cant because old people and big fortunes are stored at banks, soo it wont happen at all, as some people said in the past save your money at the banks and enjoy the fees they pay to you, since they lend your money to others. Even the p2p transactions does requires bank, without them bitcoin would be dead since we need to transfer money between accounts. Bitcoin wont replace anything, it can improve all services as remitances, providing a fair system and not abusive charge due to cambio.
People who put their money to banks just want to be safe with their money, but actually they have a business where they get the money they save.
Bank is just good for saving but not for investing, however there are also some who what to fully hide their real wealth and they can store their money into bitcoins but I think there are only few of them compared to the total number of banks depositors.
Yes people use banks for saving to their business so that they saved money for their future. Banks is the popular saving place in our society but when the others seek bitcoin and spread it maybe the bitcoin become the popular saving place also and investment place for everyone.
legendary
Activity: 3108
Merit: 1290
Leading Crypto Sports Betting & Casino Platform
August 31, 2017, 06:25:36 PM
It cant because old people and big fortunes are stored at banks, soo it wont happen at all, as some people said in the past save your money at the banks and enjoy the fees they pay to you, since they lend your money to others. Even the p2p transactions does requires bank, without them bitcoin would be dead since we need to transfer money between accounts. Bitcoin wont replace anything, it can improve all services as remitances, providing a fair system and not abusive charge due to cambio.
People who put their money to banks just want to be safe with their money, but actually they have a business where they get the money they save.
Bank is just good for saving but not for investing, however there are also some who what to fully hide their real wealth and they can store their money into bitcoins but I think there are only few of them compared to the total number of banks depositors.
sr. member
Activity: 286
Merit: 250
August 31, 2017, 05:46:37 PM
It cant because old people and big fortunes are stored at banks, soo it wont happen at all, as some people said in the past save your money at the banks and enjoy the fees they pay to you, since they lend your money to others. Even the p2p transactions does requires bank, without them bitcoin would be dead since we need to transfer money between accounts. Bitcoin wont replace anything, it can improve all services as remitances, providing a fair system and not abusive charge due to cambio.
full member
Activity: 122
Merit: 100
August 31, 2017, 05:36:41 AM
If you look at both, I think Bitcoin is hard to make the bank disappear as Bitcoin is still dependent on the bank and its financial system will not allow Bitcoin to dominate all markets. Instead . They will apply Bitcoin technology to control it
sr. member
Activity: 258
Merit: 258
August 31, 2017, 05:33:22 AM
The probability is little to enable that to happen, there are numerous people that is so far utilizing their banks a ton and that is to a great degree normal in light of the way that they don't know how to utilize Bitcoin. We as a whole in all comprehend that Bitcoin is ascending in utilizing and that is unfathomable on the grounds that everything is getting additionally created.
member
Activity: 239
Merit: 15
August 31, 2017, 05:26:36 AM
although Bitcoin is like your own bank as it advertised, commercial bank is a different story as it offers other services like Fiat conversions, bills management, lendings etc. what I see is that banks could possibly use Bitcoin as their platform as a part of another technology driven business
full member
Activity: 238
Merit: 100
August 31, 2017, 05:00:31 AM
I dont think so Bitcoin will make bank disppear.They will rather coexist.Banks are not only meant for saving accounts,there are various other services such as lending,mortgage,personal loan etc which is not possible in Bitcoin.Bitcoin is indeed an excellent investment asset but not a replacepent to banks.
full member
Activity: 182
Merit: 100
★Bitvest.io★ Play Plinko or Invest!
August 31, 2017, 04:31:33 AM
Its hard to see bitcoin making the banks disappear. Personally I think bitcoin more as a type of investment, not like banks are not similar on some manners. I use banks to store and save my money because they are more secure in my opinion.
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