Can Bitcoin make Banks disappear? - page 98.

PizzaBTC

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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?

That question is a very tough one tough. But banks can’t close down because of bitcoins. The banking system is more developed than the bitcoin system. The banking system is going to withstand any amount of force.

jatin729

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Not at all,
It is just as new currency why should bank disappear.
bank has different operations and bitcoin has different. I think in future may be Banks can open a different exchanges to accept bitcoin.

cryptothreads

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Quote from: Kisanaq on August 22, 2017, 08:01:54 AM

Anything can happen, the bank plays a very important role in the state and economy, even for financial transactions currently held full by the bank. I think the role of the bank is vital and will not disappear despite the increased use of bitcoin. Maybe one day the bank will adopt the bitcoin system.

I agree with you . Banking is a financial system that is heavily impacted by our daily lives, but not so Bitcoin can make a bank disappear as Bitcoin is not recognized by many countries.

Kisanaq

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Activity: 700

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Anything can happen, the bank plays a very important role in the state and economy, even for financial transactions currently held full by the bank. I think the role of the bank is vital and will not disappear despite the increased use of bitcoin. Maybe one day the bank will adopt the bitcoin system.

warrior333

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Quote from: Faliro on August 22, 2017, 07:20:32 AM

Of course not,

banks will not disappear, well actually bitcoin haven't a power to do that, although the system against the bank system.
And if you go back to basic, bitcoin created as alternative currency, and the value is depends on fiat, BTC/USD.

Besides that, the bank is playing a big role in the society...every business is run by money and people still deposit the earnings to their banks, so banks might not really disappear and might just adjust or adapt a new technology as blockchain

For me, the Bank does not matter. Banks are just hyping inflation and support the government. Why do you need them? The interest on deposits which you will receive does not even cover inflation. Bitcoin is a true currency, but it is necessary to get used to.

Faliro

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Of course not,

banks will not disappear, well actually bitcoin haven't a power to do that, although the system against the bank system.
And if you go back to basic, bitcoin created as alternative currency, and the value is depends on fiat, BTC/USD.

Besides that, the bank is playing a big role in the society...every business is run by money and people still deposit the earnings to their banks, so banks might not really disappear and might just adjust or adapt a new technology as blockchain

Lubang Bawah

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I think this will never happen, we all know that banks are fully supported by the state, the presence of bitcoin will never make the bank disappear because until now there has been no official state using bitcoin.

badungs

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bank is always have attraction to attracted people.
compare with bitcoin that virtual, bank will be the number one of destination people that need instant money. so bank can desappear.

Sanitough

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Quote from: joanshu on August 22, 2017, 12:56:19 AM

I don't think bitcoins can make banks disappear because in a bank there will be lot of people with credit cards and overdrafts as far as I know bitcoin doesn't provide any kind of lending or borrowing services and so it cannot make banks disappear

Bitcoin is not a bank, it cannot provide the service of the bank but we can still take credit in a 3rd party business like lending
business if we want to. The tool to the transaction is still bitcoin, and you are right it will not make banks disappear because it cannot do it.
Banks has the power of the government, and in fact there is a central bank that supervise all banks and it is controlled by the government.

joanshu

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I don't think bitcoins can make banks disappear because in a bank there will be lot of people with credit cards and overdrafts as far as I know bitcoin doesn't provide any kind of lending or borrowing services and so it cannot make banks disappear

tittensor

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Quote from: Goler on August 21, 2017, 11:17:26 PM

I think it's impossible to let banks disappear because many people are also depending on a bank and banks are too strong to lose, but we don't know what happens in the future given bitcoin growth over time more and more people using bitcoin.

If after a century, when the era cryptocurrency and Blockchain technology or digital currency can replace paper money and banking system, I think in that time Bitcoin or other crypto will make banks disappear Grin

giletto

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Quote from: unknown-user on August 21, 2017, 11:23:55 PM

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?

It won't totally be disappeared because it is controlled by difderent governments in differemt countries. Maybe, if the demand in Bitcoin and other cryptocurrency will continue increasing, they will just overpower banks but won't make it disapper or won't replace it. Banks are still important especially to the government .

I totally agree with you. There is no way bitcoin or even the whole cryptocurrency system can make the bank disappear. As you can see, banks are so important not only to the government but also to many people around the world. Not all of the people on the world know how to use the computer properly

bangjoe

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If bitcoin takes the attitude to form a physical bank into a competitor of a conventional bank, it is the same as a declaration of war. Right now bitcoin is true because it only uses virtual bank accounts, I also hope that peer to peer system technology is applied to the bank, at least it only needs to be accepted as a valid currency. Bitcoin is not a threat because it is an innovation that's not controlled by anyone.

Dudeperfect

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Quote from: Bigmacduck on August 21, 2017, 02:33:15 PM

Short answer: NO

Long answer: complete your master in economics.

Probably banks won't accept Bitcoin anytime near the future but since Bitcoin will emerge as a cost effective, fast and easy to use option for the fund transfer, banks will have to adopt blockchain technology for their transactions and provide service in comparatively lower cost in order to survive in the market. Adoption of change would help banks to sustain and cope up with the newer technologies and thus I don't see Bitcoin or alt-coin will be a threat to the banking system if it is willing to change over the period of time.

unknown-user

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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?

It won't totally be disappeared because it is controlled by difderent governments in differemt countries. Maybe, if the demand in Bitcoin and other cryptocurrency will continue increasing, they will just overpower banks but won't make it disapper or won't replace it. Banks are still important especially to the government .

Goler

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I think it's impossible to let banks disappear because many people are also depending on a bank and banks are too strong to lose, but we don't know what happens in the future given bitcoin growth over time more and more people using bitcoin.

Kiweikoo

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Quote from: bitcoinVPSD on August 17, 2017, 04:38:21 AM

I think the banks will not go away. If it goes away, a large amount of traditional money will go to where. So the government will never let the banks disappear and instead the banks will accept bitcoin. People can send and withdraw bitcoin in the bank. So I think bitcoin can not make the bank disappear that it will together develop

Bitcoins cannot wipe out banks from the face of this planet because banks have started to accept bitcoins. For instance, the Central Bank of Philippines has legalized BTC. This would affect other banks of all the countries and they might like to give it a thought. Sorry, but I am not aware of BTC limits. BTC cannot be defeated or replaced.

Yaramrd

newbie

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I think in future banks will start accepting bitcoins with some regulation or fees. Bitcoin is the future and banks will also try to take some benefit from bitcoin. Bitcoin is a reality and they have no choice except to start dealing in bitcoins along with fiat currencies.

Bigmacduck

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Short answer: NO

Long answer: complete your master in economics.

MostHigh

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No, i dont believe banks will disappear because of bitcoins. first of all we need to remember the wit of the bankers and they will do anything to sustain their market by adapting and providing other services which i believe will be good. Providing healthy competition and always giving the investor good options on where to put his money

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