Can Blockchain Replace Banks? - page 6.

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Quote from: bitbunnny on November 07, 2019, 09:31:02 AM

How could blockchain replace banks? Blockchain is technology that is applicable in many industries, including banking and financial but it can't replace bank as an institution and services it offers. So, banks could only implement blockchain into their business. I think we have problem here with basic understanding of some facts.

People are expecting the blockchain system to somehow make the bank collapse due to people using crypto currency and leave the bank because the decentralization but as expected the bank is now using the block chain technology which more likely to eliminate that scenario.
It is undeniable that blockchain is beneficial but people are too optimistic thinking it could replace bank anytime soon wherr on reality it just become tool for bank to achieve greater efficiency.

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Quote from: bitbunnny on November 07, 2019, 09:31:02 AM

How could blockchain replace banks? Blockchain is technology that is applicable in many industries, including banking and financial but it can't replace bank as an institution and services it offers. So, banks could only implement blockchain into their business. I think we have problem here with basic understanding of some facts.

And even if the blockchain could replace banks in a technical level it does not mean that this will actually happen, banks and governments are the two most powerful entities in our world and whether we like it or not this is not going to change, and they are working together to slow the adoption of cryptocurrencies and now with the announcement by the Chinese government that they will develop their own blockchain we are seeing another tactic to slow down adoption even more.

Governments are realizing that if things continue on the same direction they will lose so they will create their own blockchain and their own coins, this will create the illusion of freedom for the average person when in fact they will be using a more restrictive form of fiat.

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How could blockchain replace banks? Blockchain is technology that is applicable in many industries, including banking and financial but it can't replace bank as an institution and services it offers. So, banks could only implement blockchain into their business. I think we have problem here with basic understanding of some facts.

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Quote from: Fappanu on November 07, 2019, 05:54:10 AM

Not anytime soon! Because it's not instant, you need to look at the advantage of Blockchain to replace banks and I don't think it's going to happen now. Because you can see on the blockchain who has huge sums of money on it and this could be the reason for the lives of these people to be risk.

Need time for blockchain replace bank because not instant can get access to listed crypto with bank institution, need allowed from government want to adopt bitcoin or not and we are waiting procedure with bank how to adoption bitcoin and respond from member with blockchain, maybe if want to replace blockchain with bank now maybe memebr not ready to move their assets with bitcoin and altcoin.

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Not anytime soon! Because it's not instant, you need to look at the advantage of Blockchain to replace banks and I don't think it's going to happen now. Because you can see on the blockchain who has huge sums of money on it and this could be the reason for the lives of these people to be risk.

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It would be hard for the blockchain to replace banks because as we can see, banks are the one that many people are trusting for so they will definitely follow banks till in the future. There are some case or properties that the blockchain will replace into the banks but not all of the concept of the banks, maybe they will be added some concept and information to the banks in order to be more efficient to the users.
It will takes a lot of time before the blockchain replace the banks although we can say that blockchain can process multiple transaction and larger transaction than banks faster, we cannot predict on what would happen on this soon.
So the main point is, the blockchain cannot replace the banks right now but maybe in the future there is a possibility that it may occur.

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Quote from: FaMouS8828 on November 06, 2019, 05:00:50 PM

Quote from: makolz26 on November 06, 2019, 11:51:07 AM

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions.

Maybe we should consider asking a question something like "what can bring blockchain that will replace banks?". if we associate answer with decentralized system and possibility to get rid of the intermediary agent - it's not so simple because banks are businesses and their owners definitely don't want to reduce their income and money, so it will be really hard to replace banks despite presence better technologies.

Replace bank by blockchain is not easy because many participant bank never hear with blockchain technology and adopt for bitcoin and altcoin transaction, how ever for participant have older year very hard how to use bank if adopt with blockchain bitcoin and altcoin, how to sent and how to receive money if using bitcoin and altcoin, now keep bank at the same place and give space for blockchain become legal currency payment.

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Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Certainly no since fiat to Cryptocurrency conversion vice versa still needs bank. Without banks people can't buy crypto with their fiat, the same way crypto holders wouldn't be able to sell their crypto to fiat. Banks are considering using Blockchain for their transaction process, in fact there is already one bank from the Philippines which uses Blockchain already which you may find more details here: https://www.google.com/amp/s/www.coindesk.com/philippines-unionbank-launches-stablecoin-conducts-first-blockchain-transaction-by-bank%3famp

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Quote from: makolz26 on November 06, 2019, 11:51:07 AM

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions.

Maybe we should consider asking a question something like "what can bring blockchain that will replace banks?". if we associate answer with decentralized system and possibility to get rid of the intermediary agent - it's not so simple because banks are businesses and their owners definitely don't want to reduce their income and money, so it will be really hard to replace banks despite presence better technologies.

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For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions.

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Quote from: btc_angela on November 05, 2019, 05:19:04 PM

This has been a ongoing debates for many years now, bitcoin or at least blockchain has existed for 10 years and I think it was only in the last 3-5 years that organisations really look at blockchain as an options.

So I would say that blockchain technology won't make banks obsolete in the future. And I think banking system also sees some advantages of blockchain that they can implement within their system and improved by not necessary replacing them. How can blockchain replace one of the pillars of a governmental system around the globe? Think about that.

That is right. The banks will not replace their system completely with blockchain because it will be difficult for them to start again from scratch. They will just implement it to their system with some of modification that will suit to their needs as a bank. Blockchain has a lot of benefits depending on how you will use it. I hope that the banks will adapt blockchain as soon as possible so we can see more efficient banks in our world.

Sure, blockchain can bring a lot of great points for banks to manage but it is not entirely appropriate, even banks do not lack the more appropriate technologies, therefore, the presence of blockchain for banks now and in the future is not encouraged by banks. And in addition, banks are operating based on needs and wants, providing what is needed for customers while blockchain is only working on what has been programmed, with no flexibility, a user will understand which product is trustworthy for them

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Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

I read at neironix. io that this is real, even the very cryptocurrency from facebook and telegrams competes with banks, but the banks themselves will not let themselves be displaced and are already introducing blockchain technologies into their systems.

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This has been a ongoing debates for many years now, bitcoin or at least blockchain has existed for 10 years and I think it was only in the last 3-5 years that organisations really look at blockchain as an options.

So I would say that blockchain technology won't make banks obsolete in the future. And I think banking system also sees some advantages of blockchain that they can implement within their system and improved by not necessary replacing them. How can blockchain replace one of the pillars of a governmental system around the globe? Think about that.

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Quote from: Kevondo on November 05, 2019, 12:22:56 PM

Quote from: GideonGono on November 04, 2019, 10:58:47 AM

Quote from: aysg76 on November 04, 2019, 09:52:29 AM

Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

~snip~

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty. Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

Never is a word that is used when something cannot happen in the real of forever. Digital currencies are still too young and you must have seen that the number of people has increased over the last few years. So these coins have already started to grab fame and become a hot topic for top governments of the world too. It is just a matter of time before bitcoin will go mainstream and fiat will be wiped out.

You are mistaking the question here. The question was not if Cryptocurrencies are success or failure. But the question was Can Blockchain based currencies replace banks and the answer to that question is NEVER! Cryptocurrencies and Banks are not even closely related. It is like comparing apple with strawberry jam. Bank is the institution that provide services like loan processing by accepting collateral which are standalone not at all possible with cryptocurrencies.

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Quote from: GideonGono on November 04, 2019, 10:58:47 AM

Quote from: aysg76 on November 04, 2019, 09:52:29 AM

Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty. Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

Never is a word that is used when something cannot happen in the real of forever. Digital currencies are still too young and you must have seen that the number of people has increased over the last few years. So these coins have already started to grab fame and become a hot topic for top governments of the world too. It is just a matter of time before bitcoin will go mainstream and fiat will be wiped out.

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Quote from: tinyteapot on November 05, 2019, 04:28:14 AM

Blockchain can naturally replaces traditional banks but it shall never be implemented by the politicians/governments because blockchain shall bring a lot of transparencies, government money laundry shall be diminished entirely.

On the other hand, i will not support that blockchain should replaces the traditional banks because it shall make a lot of bank staffs worldwide to loose their job, my suggestion is that banks should implement the blockchain system and make their services to be faster.

Blockchain also requires some levels of education, some third countries still have more than 50% citizens as illiterates.

You have a point, Blockchain can definitely obliterate banks for some some reason however at the same time this will increase the unemployment rate of a certain country especially for third world countries. Besides, some of third world countries have no enough such technologies to access this thing. Implementation of Blockchain system might be better solution.

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Blockchain can naturally replaces traditional banks but it shall never be implemented by the politicians/governments because blockchain shall bring a lot of transparencies, government money laundry shall be diminished entirely.

On the other hand, i will not support that blockchain should replaces the traditional banks because it shall make a lot of bank staffs worldwide to loose their job, my suggestion is that banks should implement the blockchain system and make their services to be faster.

Blockchain also requires some levels of education, some third countries still have more than 50% citizens as illiterates.

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Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Blockcahain can replace bank maybe many people do not have to go bank if want deposit their money, they can transfer or deposit money with using bitcoin to save in bank, we only have dreaming with blockchain can replace bank next time. After bank have adopt with blockchain investor only use bitcoin and altcoin for saving their money in the bank.

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Quote from: aysg76 on November 04, 2019, 09:52:29 AM

Quote from: Unblock_news on July 10, 2019, 09:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

Bank have been pass fifty years ago and never can replace by bitcoin and blockchain technology, as adopting bitcoin is the bank is possible depend with how regulated bitcoin by government, to see bitcoin replace of bank impossible thing because bank become source of government running their activities.

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No it will not be replace the bank may be you will be find the Bitcoin as another alternative from the bank itself bro. There areany banks already shared the news about blockchain adoption.

If Satoshi comes may be he may try to give the best banking experience with the patent policies and make bitcoin as the banking vfor everyone.

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