Topic: Can blockchain replace bank? - page 2. (Read 4209 times)
Blockchain cannot replace bank. These two are different from each other. Bank is a financial organization regulated by the national government or central bank with a physical place of venue. Blockchain on the other hand is just a list of transactions or blocks that are linked using cryptography and not an institution.
Blockchain has very good capacity and everyone can use Blockchain easily. But I am not sure that this Blockchain can replace the Bank. The bank has security guarantees and there are third parties who provide guarantees and you sign on paper. So that makes many people save money in a safer bank.
Blockchain in its current state cannot replace banks. Banks currently have the Monopoly on the financial sector and control the way way money can be spent and given. Blockchain is to volatile in pricing to be used as an everyday payment method without a long term vision.
Behind the scenes banks are creating/using blockchain solutions to improve servicing however until crypto embraces the old system instead of trying to replace the existing system the two will continue to clash.
If you look at this simply what good is the value of a blockchain if we cant get buy into it or sell out of it without the use of Fiat money.
To use Fiat Money you need banks, and therefore we are simply not in a place to just replace.
If you look at the companies that are integrating with banks to bring solutions to the crypto space they are moving a lot quicker than traditional companies. Vendors such as Bitpay, Bitgo, banking solutions such as Wirex, Revolut, and even exchanges such as www.XCH4NGE.com and Coinbase,
All are seeing an uplift due to the fact they have worked with banks to allow people to enter and leave the space. In my opinion it will not take long before banks just starting buying these establishments out once they see blockchain is affecting them.
Behind the scenes banks are creating/using blockchain solutions to improve servicing however until crypto embraces the old system instead of trying to replace the existing system the two will continue to clash.
If you look at this simply what good is the value of a blockchain if we cant get buy into it or sell out of it without the use of Fiat money.
To use Fiat Money you need banks, and therefore we are simply not in a place to just replace.
If you look at the companies that are integrating with banks to bring solutions to the crypto space they are moving a lot quicker than traditional companies. Vendors such as Bitpay, Bitgo, banking solutions such as Wirex, Revolut, and even exchanges such as www.XCH4NGE.com and Coinbase,
All are seeing an uplift due to the fact they have worked with banks to allow people to enter and leave the space. In my opinion it will not take long before banks just starting buying these establishments out once they see blockchain is affecting them.
Banks should apply blockchain technology. This makes transaction costs become lower and transnational transactions safer place 
If the bank does not change their conventional banking system, the bank will soon die and be replaced by the blockchain. Banks must also use the blockchain system and adapt to renewable technology. Because financial users want a fast and inexpensive payment system. Therefore, banks must use blockchain technology
I think this is a difficult thing for blockchain to be able to replace banks because each of them has different functions, banks are certainly more commonly known and legally enforceable, whereas blockchain if it doesn't jump in the crypto world people don't understand
I think the system will not be like that. the Bank will remain and not be replaced. blockchain role is as a complement to the system of the bank. the Bank will adopt the blockchain to strengthen their security systems are getting better and not quite succeeding.
That's won't ever happen, industry is a very huge industry, moreover blockchain is just a technology which bankers can make use of to improve their banking services and some banks have already started looking into it
Bank can be never replaced, but in the future, applied blockchain technology in the banking system is a very good idea
From the start banks is very strong so this is not easy to replace and blockchain is the new update or new technology that everyone need to adopt even what business you have so as I think blockchain didn't need to replace banks because banks adopting and accepting blockchain to update their system for them not to in bankruptcy so need to update and adopt the new one.
its hard to replacing bank, not all people know about crypto, but almost all people know about bank. people, mostly will choice bank because they dont know about crypto, and dont know how to use it.
bank have strong foundation, so its hard to replace bank as a basic financial intermediary
Moreover, banks have strong legality. I think banks and blockchain can be combined to improve the work function of banks. So that the conventional system can be improved. bank have strong foundation, so its hard to replace bank as a basic financial intermediary
NO. They will never replace banks as blockchain is designed to coexist with it. I don't see a point where they need to replace banks as they are still functional and blockchain is far from developing the same way as bank does. I think those people just fantasizing things instead of facing the reality. Also, just want to mention that ICO's offering the same services as banks are the ones who were failing because we already have those services offered on crypto. REDUNDANT COIN.
in my opinion it did not replace the bank, more precisely the banks began to implement a blockchain system for the future in conducting customer transactions. because the blockchain system is faster in carrying out a transaction process.
Yes, it can replace the bank but just when people are ready. Now we see that it is now enough for us
In my opinion, the blockchain system will not be able to replace the bank system. Indeed the blockchain is more sophisticated than the bank system but this system is already in a different domain. The blockchain uses a decentralized system while the bank uses a centralized system. To move from the bank to the blockchain requires a long and exact analysis in which there is opposition between the pro groups and the contra group. I myself analyze that banks should not be replaced by blockchain even though it is actually very likely to be replaced. If properly replaced, it will make a big adjustment. Indeed it should not be replaced but it functions complementary. Banks and blockchain move on different systems so we can combine this function to make our work easier. We can do blockchain transactions when we have limited transactions with banks and we will use banks when we cannot do blockchain transactions.
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
I think the bank is still functioning well in conducting local transactions, because if we exchange crypto with conventional money, we need a bank. Blockchain helps to conduct international level transactions at low cost.
Replace? I do not think so. Blockchain technology can be applied in various fields, not to replace but increase the utility of the field. Included in the bank, there are many parts that can adopt the blockchain to simplify and speed up performance, for example in data storage and security systems.
In my opinion it is possible but not in the very near future. Many people do not know or aware of Bitcoin and much more how to use it in a transaction but as I see in this new era of computerization and the high technology innovations with blockchain, people will realized the benefits of cryptocurrency and will eventually adopt it. Little by little people will learn its ways and applied it in their everyday life because it is easier and convenient. It is much easier for younger generation to learn and adopt it because of their awareness at the young age on how to use computer and internet. Eventually before we knew it, it will be used world wide.
I think that the blockchain can replace banks, but I do not think that this is possible in the near future. In the near future, banks will implement the blockchain.
its hard to replacing bank, not all people know about crypto, but almost all people know about bank. people, mostly will choice bank because they dont know about crypto, and dont know how to use it.
bank have strong foundation, so its hard to replace bank as a basic financial intermediary
If it comes to convenience and we can make the cryptocurrency world for new participants more comfortable, I think that banks simply will not be necessary, today there are standard procedures to which we are accustomed, but it was not always.bank have strong foundation, so its hard to replace bank as a basic financial intermediary
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