Can Blockchain Replace Banks? - page 9.

SummerBliss

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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

My answer is that crypto or blockchain can replace partialy banks but not in overall because replacing fiat completely with digital coins is not at all easy task and it will take time say many years.Banks provide various services which btc cannot provide such as advisory sevices,loans,custodian services are integral part of financial system of banks.So we can say banks are here to stay for a long period of time.

Lucas*

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Blockchain is a technology that works with peer to peer, banks can adopt blockchain technology in their system to replace the classic system. But blockchain can't replace banks ! Now blockchain became popular and many people use it in their transactions with BITCOIN and other cryptocurrency so it's a big opportunity for banks to adopt it in their system and earn from it.

Murat

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It will not happen in the near future at least I don't believe it, The currency monetary system partially depends on the banking system and the banking system is playing a vital role in this system, People have a strong belief in the banking system because they have gained it for providing a lot service as well as they are assuring our money keeping safe in their hand, It's large business platform so they will not allow entering any new competitor in this platform, most important thing is that people will not leave the conventional system because they have a security as well as they claim more thing to this authority, but in the blockchain system there is nothing to claim and no one would be responsible in case of losing people's money. so it will not possible.

pinggoki

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I admit that blockchain technology became popular on the people because of its format and centralized way of running it. But blockchain can really replace our banks in the near future? I think it's impossible because banks are very complicated system of money loaning and etc. but if this happens blockchain may have a banks but it will still depends on the natural banking system.
It is impossible for the blockchain to be the main banks because they will always depends on the real world currency which is giving by the natural banks.

meliodas

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Blockchain should not replace the banks. They should get implemented in the banks so the banks and financial institutions will get better. We should not think about replacing the old systems that we have and we should improve them instead so they can get close to the modern technology like the blockchain technology. When the blockchain is implemented to the banks, it will provide smoother and more secured system that the consumers will surely love.

qwertyup23

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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

The creation of the blockchain technology has the the potential to replace banks in a way that it eliminates the need for a third-party in handling all of our transactions.
Think of it in this way: all of our transactions will be reflected in a public ledger which cannot be changed or altered by any person making it absolute. This prevents people from committing fraud and dishonesty in every transaction as it is protected. Although it this aspect answers one part of the bank, it cannot answer the portion where it helps the economy and the people by providing interests to investments.

Fiat will always be preset in the market no matter what the situation may be. To shift from a digitlized form of medium would require tremendous effort from all countries which needs to adapt to the change.

Lizzylove1

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Christ The King

Some project are already building cryptocurrency banks with multiple functionality ranging from market place, exchange, loan and many others. What more does bank offer that a good crypto banks can't offer? Traditional banks can conveniently be replaced.

TrevorS

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You are right, the blockchain essentially removes intermediaries in the form of banks, we absolutely do not need them.
However, for the system to work, all people should switch to it, so that they do it they should trust and believe in the blockchain, but this will not happen until the idea that Bitcoin and other cryptocurrencies are provided with nothing and their price is taken from air. People need more knowledge about the blockchain in order to start trusting this wonderful technology.

beej

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I think not, block chain is completely a separate entity compared to banks.
Block chain is vigorously compelling as well as innovative but banks are
a staple system that have thrived and we depend on. It however would be
a good and admissible thing if blockchain/cryptocurrency would work togther
even a little bit at some point. It would be productive and an improvement to
bear witness of the growing entente between blockchain and banks. That
I believe could be the next big think for both.

doomistake

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"From security, to management of the money supply (per blockchain technology’s embedded capabilities to support tokens, aka cryptocurrencies, aka digital currencies, aka (possibly in the future) currencies), to lower transaction and administrative costs, to all other benefits of the blockchain-cryptocurrency technology combination being embedded within, and therefore, inherent to, a given central bank and its financial ecosystem (including the given money supply, currency specifics, commerce, and so on) - a blockchain-based central bank can essentially run circles around its partially-technology-based counterparts.'"

source: https://www.quora.com/Can-blockchain-replace-the-role-of-a-central-bank

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Based on my understanding about this debate, blockchain could support replace banks if the Government will allowed it to function as a central banks. Blockchain could surpass the expectation of the Government when it comes on processing transactions and securing funds of the nation, hacking is possible but for me it is more better to use than what central banks could offered to the government from day 1 up to now.

All of the cryptocurrency uses blockchain as their skeletal framework that supports the data of every ledger that is being stored and process in it, replacing the central bank by this means a very wide chance that the Government could have to change the economy's future all over the world.

negancoin

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Well, it's possible but it's not gonna happen. instead banks will start using the blockchain technology to provide a modern service to their customers. The same with governments, at some point they start using this technology by creating national cryptocurrency and most of the current coins will die and get replaced. Giant companies will also launch their blockchain. For bitcoin, it will be like gold and it will be used a reserve and international currency. This is the realistic scenario in my opinion.

bkbirge

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Quote from: djselery on October 08, 2019, 10:33:53 AM

Blockchain technology can't replace banks actually, in my opinion, because most people around the world are using mainly fiat currencies and banking systems to complete their financial transactions. It is obvious that the crypto community is growing up with time, but it is still small compared to people who use only banks and fiat.

Most people don't understand how valuable decentralization is. To them bitcoin etc are just new ways to make money and they will continue their old habits of thinking with these new assets. You see it even with many here that keep all their coins on a centralized exchange. Unless that thinking goes away then banks will always have a big part of the financial world.

djselery

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Blockchain technology can't replace banks actually, in my opinion, because most people around the world are using mainly fiat currencies and banking systems to complete their financial transactions. It is obvious that the crypto community is growing up with time, but it is still small compared to people who use only banks and fiat.

Silberman

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Quote from: akar87 on October 07, 2019, 11:17:40 AM

Maybe yes maybe not bank blockchain could replace bank depend with how government give regulation for bitcoin or altcoin, if no space any more with bitcoin and altcoin impossible blockchain could replace bank, when government want to allow bitcoin maybe could replace bank with blockchain.

No it wont happen, I know that people are enthusiastic about the blockchain technology but banks are probably to most powerful institutions around the world and they will not let their power to evaporate like that so the blockchain will probably never replace them, however we need to ask ourselves can the banks kill the blockchain? And no is the answer to that, if banks could kill the blockchain they would have done it already, so right now we are in a stalemate.

nasipadang

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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

Indeed in terms of blockchain technology is superior to the system used by banks, why until now the blockchain is still unable to replace the bank even though the blockchain system is superior? that is because the benefits obtained by the government, the bank is managed by the government, then if the bank is replaced the government authority will not be able to reach the blockchain. That is my opinion, even though blockchain still has weaknesses it is also still unfamiliar among the general public, where the community knows bitcoin better than blockchain technology

TaliskerDarkStorm

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I would hope so. I want Blockchain and cryptocurrencies to destroy every goddamn Bank one day.

If we don't want this, what are we really doing here? Since I've been in the world of Blockchain, if I had done my transactions at the bank, I would have paid banks 1,000 times more commissions I'm paying nearly zero at this moment. But thanks to blockchain, i'm not using by the banks. I'm getting rid of them selling my personal data, my phone number to third party companies.

Any blockchain project doesn't call me and force me to see if I want to use credit or not. If I have money, I spend it, if I don't i save it.
One day, man, I hope one day, blockchain technology will eliminate all banks, at least destroy the way banks exploit people.

I live every day with the dream that this thought will come true and I will continue to live like this!

Colt81

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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

In my own personal opinion, it is impossible for blockchain technology to replace banks because blockchain is not supported by the government and a lot of countries do not yet legalize or accept blockchain technology and cryptocurrency, that is why banks will remain it's existence for a long time. Even, a lot of people are now investing their money in cryptocurrency, there will be a lot of people who will store their money in banks.

ecnalubma

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Blockchain not meant to replace banks but this technology could help banks improve their services and more efficient. In my opinion blockchain and cryptocurrency are not anti banks or anti government whatsoever these ecosystems should work together to help build the new model financial system.

ropyu1978

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difficult to replace the system as a whole and must be done step by step but it's possible in the future there will be a better system that can be universally adopted
a few years will come a short time, it's time to think better and do the best

bileq

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in real world there are too many conditions on banking. stocks, funds, printed money, digital money, cuts, expenses, transfering money indoor/outdoor, blaa blaa.
of course blockchain should be integrated. but in the end if we talk about any bank, it needs own controlled system.
if we think a blockchain for global banking system, any bank member of this ecosystem need out-chain solution for its own operations.
just think blockchain integrated casino systems, i did not see anyone fully integrated blockchain. they already need out-chain scripts or dapps for operational process.

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