Topic: Can we totally eliminate all the banks in this world? (Read 6105 times)
Its possible but it will really take a longer period of time. In some country the use of cryptocurrencies is not yet legalized. As a matter of fact some people are not aware about the use of cryptocurrencies. So if bank will be eliminated everybody must known about cryptocurency
What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?
https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
I believe not. It would be really hard for the whole world to totally eliminate banks since it is being used by most of people nowadays. A huge number of people don't have enough knowledge about what bitcoin is so I believe that they would still bank because they might think that crypto is risky. Lack of crypto education is the only problem.
It seems to be difficult and impossible. Eliminate the bank system or all the banks in this world. After all, banks are the benchmark and the center for managing the financial and storage of assets and savings in a country. If we try to remove it it will take good planning to replace the bank with something else. In order not to have a negative impact for many people or countries.
In every country nowadays exists national banks protected by government. That means we have no chance to eliminate all banks in this world even with bitcoin.
Agreed, the banking system is always guaranteed by the government, wanting to completely eliminate it is almost impossible, the number of people using the bank is still very large, if removed, many problems will come. Simply put, the government has built a strong foundation in the banking system and they have done it for many years, if now want to switch to something new, they will need a lot of time to finalize a new system, in addition, processing of the information of the old users is too complicated, so they will protect the bank, not let it disappear
Good question. My opinion, I think that now is not the time. When people will believe in cryptography, then this moment will be
There is no way we can eliminate the bank because bank is government approved.
The world is developing rapidly. Do not stand still, but ... I think it's too early to think about it. Not all people believe electronic money. Not everyone is ready morally.
i dont think it is possible in short term because people will keep trusting in traditional systems for a while. but in next generation they will understand that current banking system is only robbing people. but crypto currencies that use blockchain technology provide much more transparency with better solutions for everybody.
In every country nowadays exists national banks protected by government. That means we have no chance to eliminate all banks in this world even with bitcoin.
What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?
https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
We can't eliminate the bank in this world because aside from different owner was they have an employee that really want a job.And if we eliminate that many people are jobless. https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
Banks will be eliminated only when human beings will find another way (more efficient and/or more effective) to the job they do. For now I don't see anything that can replace them in a credible way.
That's not possible and if that could be done means all our currency is useless.
In my opinion, removing the banking model from the national economic system is very unlikely. Banking is a government-level priority management tool that balances, operates and maintains for each country's own currency. In addition, the bank is truly close to the people and promotes the development of businesses and plays an important part in bringing about reforms for the economy and society.
i dont think we can totally eliminate the banks in all over the world. it would be very good but it is very uthopic. but we should try to reduce the dominance of traditional banks as the first step. blockchain based currencies are a good way to reduce this dominance.
No, We wont be able to and we dont need to as well. Because of bitcoin and other digital currencies we will see bank busimess model change totally. Bank's custodian and loan business will reduce to some extent but wont be eliminated completely. The use of blockchain technology in the bank will reduce the cost of the bank and improve the efficiency of the bank. Banks will survive but with range of services.
Well said. I suppose that the development of such events may well be. I also think that the standard banking system will be changed, and not completely disappear. But paper money can be replaced with digital currencies. What is the future of cryptocurrencies when all the government need to do is to close the bank accounts of businesses or exchange?
https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
https://www.coindesk.com/bitcoin-businesses-face-bank-account-closures-in-singapore/
Yes there is a huge chance for banks to get eliminated in the future because there are a lot of people who are interested on cryptocurrency and if the growth of bitcoins will continue to grow then there is a huge chance for banks to be removed in the future.
No, We wont be able to and we dont need to as well. Because of bitcoin and other digital currencies we will see bank busimess model change totally. Bank's custodian and loan business will reduce to some extent but wont be eliminated completely. The use of blockchain technology in the bank will reduce the cost of the bank and improve the efficiency of the bank. Banks will survive but with range of services.
I don't think this is possible, I know that Bitcoin is awesome and all but I don't think there will ever be a time that banks will be totally eliminated, remember, these banks are backed by governments and big corporations which are the pillars of every nation, I don't think they will allow anything to replace it more so a decentralized one like Bitcoin.
I think it can be possible it will took time,Because the popularity of Bitcoin and crypoto increasing and the day is not far when it will commonly used and took place in every financial activities.Bitcoin is pioneer and grooming quickly over all the globe.
Traditional banks took time to done transactions and having limited service,while Crypto have no boundaries and without any hurdle you can make transactions globally.
Traditional banks took time to done transactions and having limited service,while Crypto have no boundaries and without any hurdle you can make transactions globally.
In future perhaps, but it is not possible right now. Banks still control everything in the our communities there is no way to exclude them in our businesses.
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