Can we totally eliminate all the banks in this world? - page 11.

zhelis74

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Quote from: andrei214 on February 20, 2018, 08:08:53 AM

Quote from: bytethecoin on September 26, 2017, 12:06:13 PM

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/

It wont happen unless there was no people who are interested with saving money will be left.But as we can see nowadays, there were still many people who love and still continues to save money on banks.

Yes, there is a possibility to eliminate all banks if bitcoin will be the universal money and all establishment accept crypto currency and bitcoin as the main medium for exchange for purchasing any kinds of goods and services that is vital for every peoples life. But it cannot be realize on this days since internet connection is not yet stabilize on all corners of the world and we are not yet ready to be a world of cashless society, maybe in the near future or the next generation.

andrei214

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Quote from: bytethecoin on September 26, 2017, 12:06:13 PM

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/

It wont happen unless there was no people who are interested with saving money will be left.But as we can see nowadays, there were still many people who love and still continues to save money on banks.

@matthew17

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I am sure that banks won't be totally eliminated in this world .Banks are useful for people who wants to save their money for their children's future .for the people who don't know crypto banks are the first choice for them to save their money .

david_019

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Quote from: bytethecoin on September 26, 2017, 12:06:13 PM

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/

Yes but not for now. Cryptocurrency really did a continuous success from the time it was launched up to now and surely the great established position is already waiting in the future. So this will surely eliminate the bank but not annihilated. What I mean Is although bank will disappear, the only thing that will gone is the traditional system which are witnessing now in this current world. And the change that brought by cryptocurrency is a great change that will be happened in the history.

Sir Paijoe

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Quote from: kokobaba880 on February 20, 2018, 05:26:53 AM

I don't think so that the banking industry will be finished from the surface of the earth and the important thing for bitcoin is the bitcoin usage and the bitcoin investment will make you successful the banking industry is playing a vital role and if the cash become useless in the future then the people will start deposit bitcoin and the banks will also be able to accept bitcoin.

I'm sure that banks will never disappear as long as the state still makes fiat as official money, bitcoin use will only reduce the transaction system but in the end everyone will trade for fiat to meet daily needs.

Angna27

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CRYPTOBLADES Octoblades 10.10

Not sure, we cannot totally eliminate all the banks in the world, we know how important bank is and we get used to them, but bank also been aware of the crypto currency and they are thinking of how adapt it, we never what will happen in the future if they will going to have fusion or elimination in the coming years, let't wait what will happen next.

kokobaba880

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I don't think so that the banking industry will be finished from the surface of the earth and the important thing for bitcoin is the bitcoin usage and the bitcoin investment will make you successful the banking industry is playing a vital role and if the cash become useless in the future then the people will start deposit bitcoin and the banks will also be able to accept bitcoin.

virasisog

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Quote from: arrmia11 on February 20, 2018, 05:01:28 AM

Banks are established institution in this world therefore you cannot simpy eliminate it by use of cryptocurrency. Although the idea of crypto is not to include banks in transactions but it doesn't mean that you will not be needing it anymore. They also contribute in certain country's development, so I think there is no harm on keeping banks.

Well yes, banks will not be eliminated as they will have no choice in the future to make the dunds more secure in this case they will going to adopt blockchain technology for every transactions that will be made by people. Cryptocurrency will going to remain internally used for online using internet perhaps in the outside of it is fiat. We are long way for cryptocurrency world and to be adopted by any country.

arrmia11

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Banks are established institution in this world therefore you cannot simpy eliminate it by use of cryptocurrency. Although the idea of crypto is not to include banks in transactions but it doesn't mean that you will not be needing it anymore. They also contribute in certain country's development, so I think there is no harm on keeping banks.

Lyne01

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Quote from: bytethecoin on September 26, 2017, 12:06:13 PM

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/

No, there is no chance that we can eliminate Banks in the world. Banks have been existing since the adage. They are essential part of the country's economy and even the government officials. Banks are also necessary because they are responsible in easy money sending and receiving transactions, accessing your accounts nationwide and even exchanging of money. Without banks, governments will be problematic.

Emin90

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I do not think that the banking system will disappear and as noted above, the banks are more popular than bitcoin. Just over time they adapt and will work with cryptocoins, because they know that it is profitable just now considering options to interact with cryptocoins coins!

trauchot

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Unfortunately this will never happen.The only thing that can contribute to this is introduction of passport data or some other data that will certify our identity in all cryptocurrency world, for without it most governments will not even think about legalizing bitcoins and other cryptocurrencies. Banks have already been proven for centuries and people trust them, so there is only one decision and it`s introduction of identification data.

Joshapat

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I do not think, forever we still need bank services to support all financial transactions, even many countries that make banks as state companies so as to protect by law regulations.

nightways

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Quote from: Grayy on January 10, 2018, 10:08:41 PM

Banks don't have to necessarily close down. Banks may incorporate bitcoin transactions into their usual services. The banking system will surely grow with the moving world.

Our regular transactions can be made online these days. Even we do not need to go to the bank for our regular transactions and eliminating banks and turning them into bitcoin banks can really help the globe to go much more digital as each individual will than be forced to use internet banking which will surely lead everyone to go more digital and also it can help each individual to save his/her time as well as money.

Sengoko

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Quote from: congresowoman on January 10, 2018, 10:30:07 PM

Quote from: Beerwizzard on September 26, 2017, 12:37:25 PM

Not sure that banks will be totaly eliminated (too much money and too many smart minds are staying behind the bank system) but I'm sure that banks will have to change the way they work. It seem like P2P transactions are pushing banks to make those changes and blockchain is bringing innovations to this sphere.

But it seems like for me, banks will be in extinction since people prefer to transact with using crytos nowadays. Cryptocurrencies is the trend in this digita lera and nothing is going to stop it from rolling.
You are right when you say that banks should make changes. Banks should make amendments on certain policies like so many requirements and verifications just to make a transaction. I get that it is for the security of it, but it gets tedious especially when you are transacting frequently. They should change this so that their tenure will be secured as well.

You are actually correct. Banks and bitcoins can both work completely together and also it would be much more efficient for us to buy/sell bitcoins into our fiat currency than. Bitcoins does not need any special place or special attention and also can be managed along with regular bank works. Regulating bitcoins into the bank systems can also make the bank go much more profitable as bitcoins will take the bank to a another level. Hope it might soon be adapted by each bank.

neonshium

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Quote from: Qartersa on January 11, 2018, 01:10:41 AM

I guess it is possible if governments can take measures against their central banks. But you have to keep in mind that there are private banks, and being private enterprises, that means you have the right to exist so long as your business follows the laws of the land you are in.

On the contrary, why have you thought about eliminating banks? They are not the problem here. They just 'seem' to be primarily because they deal with traditional fiat currencies.

To say the least, you have to worry about governments more than banks because they are the real threats behind the proliferation of cryptocurrencies.

Actually replacing fiat banks with bitcoin banks can be much profitable but the government can never happen this to do as bitcoins are completely decentralized and the government would always first prefer centralized national currencies rather than decentralized crypto currencies.

But anyhow if it does happen, we all bitcoiners will have a good profit and also we can then accept bitcoins legally to our business, market, etc as a mean of payment. Then bitcoins will be completely called as successful.

elpsycongree

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Eliminating the banks in the world is an impossible task, I must say. Banks are ruled by the richest people in the world and I think it'll be easy for them to manipulate the market if they wish so. If we're going to think about it, the market is affected by the news. Those news "misunderstood" by the people.

mstfprcn

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we cannot absolutely eradicate banks in the world, even if bitcoin's price reaches $100,000 this will never be enough to gold deposit of our planet which means if bitcoin's price increases and so the gold too! the fiat money will also increase and the need for that is much important than cryptocurrency.

jostorres

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Quote from: fleda on February 18, 2018, 10:53:13 AM

Quote from: bytethecoin on September 26, 2017, 12:06:13 PM

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/

Definitely no. Crypto currency cannot shutdown all the banks that holds our money. Without these banks, digital crypto currency is also useless / priceless. In order for us to gain money is to convert our coins into fiat. We all know that all the money we have was came from the banks because they are the one who created it.

You are right to some extent but mate according to me it has changed the thinking of people about keeping money in banks, as we can see now mode of people prefer to put their money in bitcoin instead of bank, as growth of money in bank is much faster than in bank we will not have to go to bank for making cash out.

People can use bitcoin anytime as they will have in their PC and mobile phone, along with saving bitcoin is source of payment for them and it grows faster now.

pauuui

newbie

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It's impossible to eliminate all the banks in the world. Even though we could see a bright future with the cryptocurrencies, it will only be limited to markets that will accept cryptocurrencies and the cryptomarket. But we will not know what will happen to the future so just hope for the best.

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