Can we totally eliminate all the banks in this world? - page 14.

deppil

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Quote from: carlisle1 on February 13, 2018, 04:49:28 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/

whats your problem with the banks?and why need to eliminate them?they are the medium of the people from online wallets and stocks to physical.i dont think banks will be gone since not all people have an access to Internet or dont know how to use gadgets.frankly speaking

actually this bank system has long existed since hundreds of years ago. so even I'm a bitcoin user though I do not think the there is no bank in the world is a good idea either. banks are not just a place to save money dude but many other benefits to society. the central bank is also responsible for state finances such as printing local currency and so on. so eliminated bank is not a good thing

Farhan786

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I do not think it will be. Because the government will not give us any chance to do this. Because the tax is not payable by the exchange of bitcoin

allohha

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Quote from: Ianbadz2000 on February 13, 2018, 05:19:48 AM

Quote from: tOKENCITY on September 26, 2017, 12:46:08 PM

Here's an idea: banks will maybe catch on to the cryptocurrency trend, but would charge a fee for transactions & stuff.

Meaning, transfers within blockchain are not very expensive generally, but they would charge their percent on top.

I think that might be entirely possible, as there's a lot of folk who are too intidimated by the technology & can't get the hang of it.

The people to use it would be those who just can't figure the way to send payments themselves (e.g older people & like).

I think bank will not eliminated even if the rise of bitcoin is so fast, bank had lot of depositors they get the interest to invest more business for the creditors and they had lot of intelligent persons who behind them, maybe in future the banks will adopt the cryptocurrency to gain their profits by paying the banks...

Bitcoin should not be used at all as a means of payment. Bitcoin has a very low threshold of stability and this is already a specific problem for the introduction of this coin into use instead of paper money.

Ianbadz2000

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Quote from: tOKENCITY on September 26, 2017, 12:46:08 PM

Here's an idea: banks will maybe catch on to the cryptocurrency trend, but would charge a fee for transactions & stuff.

Meaning, transfers within blockchain are not very expensive generally, but they would charge their percent on top.

I think that might be entirely possible, as there's a lot of folk who are too intidimated by the technology & can't get the hang of it.

The people to use it would be those who just can't figure the way to send payments themselves (e.g older people & like).

I think bank will not eliminated even if the rise of bitcoin is so fast, bank had lot of depositors they get the interest to invest more business for the creditors and they had lot of intelligent persons who behind them, maybe in future the banks will adopt the cryptocurrency to gain their profits by paying the banks...

carlisle1

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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/

whats your problem with the banks?and why need to eliminate them?they are the medium of the people from online wallets and stocks to physical.i dont think banks will be gone since not all people have an access to Internet or dont know how to use gadgets.frankly speaking

DPrillio

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Quote from: swordling143 on February 13, 2018, 04:19:31 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/

Well, if banks will not learn how to innovate their companies on how we are able to adapt the cryptocurrency, then there is a high chance that they would be irrelevant to society. Which is why, it is imperative for them to learn and adapt the changes caused by cryptocurrencies. That way, they will still function as they are and earn as well.

No, it is hard to eliminate all bank because crypto currency is not yet fully implemented and there are still many people and investors that are afraid in crypto and others have no knowledge about it, therefore they prefer to use the current banking system. Maybe in the next generations that crypto will be the main medium of exchange and the system will fully change then bank will will be useless then they will slowly gone if no more people adopt their system.

boksoon

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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/

I think all of these can't be happen to eliminate all the bank and exchange provider because this is only the way to make fastest transaction let say bank is in the third option if the Exchanges machine is limited but there is another option which is bank itself not totally the bank third party but here is the way to make transaction directly processing without any operator only digital machine in bank can operate here if all transaction is totally CRYPTOCURRENCY uses.

swordling143

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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/

Well, if banks will not learn how to innovate their companies on how we are able to adapt the cryptocurrency, then there is a high chance that they would be irrelevant to society. Which is why, it is imperative for them to learn and adapt the changes caused by cryptocurrencies. That way, they will still function as they are and earn as well.

Hopeful2017

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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/

The world without banks will be a disaster. People would just keep on spending and there will be no balance and checks on money. Money will be hoard and people would be fighting for money. Banks are important to regulate the money that are coming in and out of the country. Totally eliminating these banks in replace for cryptocurrency would be impossible. Banks and governments are partners.

WannaCry

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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/

I think, we can't eliminate banks in the world for banks are still banks no matter what. They are trusted by most of the people around the world. Though some of the banks around us fails, we can't deny the fact that people still rely their earnings in banks. Crypto currency is better than banks in so many reasons but most bankers don't have any idea about crypto.

nidacoinlove

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Quote from: PatronRH on February 12, 2018, 04:31:28 PM

We cannot eliminate banks. It's harder then we think. Banks control the money, investments, big companies and even governments so even if bitcoin becomes the world's currency banks Will find a way to be back in the game. I dont really know how they will do it. They may enforce governments to make new laws or restrictions in order for them to control BTC and transactions using it.

I think the concept of eliminating banks is old one now. With excuse but it’s a truth that the utility of crypto by itself is around zero, no matter if you are a crypto billionaire but if you can’t convert it to fiat all your Bitcoin, Ethereum and many more leading cryptocurrencies are of no worth. Due to this reason people use dollar cost average when they trade crypto. The notorious trend of crypto has forced banks to adopt the blockchain technology. Instead of thinking about eliminating banks cryptonians should struggle for the banks and crypto to work jointly go side by side so, to provide improved quality services. Banks can’t be eliminated because they have a strong foundation to support the macro and micro economic activities of the countries and no country will risk their economy to switch to crypto because of its low strength and vulnerable security conditions.

Savemore

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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/

Bank is one of the financial institutions in our society. Banks have many purposes and many benefits to our society. Banks will never disappear even the bitcoin become more popular.

lvincent

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I don't think it's possible we all know that banks are really powerful, banks are the one that will eliminate those threats that are against them although crypto right now is getting stronger i think it is still impossible to eliminate all banks in the world.

Watashi Yamashita

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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/

For me, I don't think it's possible considering the fact that bitcoin and banks are somehow doing good as of today. It would definitely make a big change if ever banks would get eliminated by bitcoin but it can also give us positive outcomes like convenience on how you hold your money and transact it. We should both patronize the two since it has helped a lot specially in dealing our financial matters.

lovesybitz

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Bitcoin in our generation time now was very trending and gave more attraction to many people nowadays. Because by using bitcoin they discovered that it is much more better than bank, but it doesn't mean bitcoin can eliminate all banks in the entire world. Of course not, instead some of the banks will adopt the system of digital currency which is happening little by little in some other countries.

CherRic

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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/

Totally eliminating banks will be impossible. Governments and banks are two strong allies in terms of money, funding and lending, gaining and profitting. Banks are important in every government because they can control them. In terms of cryptocurrency, they should be separate as long as we can because they have different ideas in terms of investment, assets and even trading.

UzumakiSakuragi

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Quote from: kram31 on September 26, 2017, 02:33:18 PM

NO NEVER for NOW but we can competewith them .. the stock market are very affected now but as the bank are ! will not yet .. as long as not every citizen of earth know the bitcoin and alts !! but in reverse thay can never dump bitcoin !! NEVER!

Yes its true totally be elinminated no! banking is supported by the government and it will survive.or maybe they may consider on collaborating with the cryptocurrency world..

pallang

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Banks will stay just because people are already using it even in the early century and people are accustomed of using it especially to people who have businesses they do their transactions and even pay their employees salary thru banks.

PatronRH

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We cannot eliminate banks. It's harder then we think. Banks control the money, investments, big companies and even governments so even if bitcoin becomes the world's currency banks Will find a way to be back in the game. I dont really know how they will do it. They may enforce governments to make new laws or restrictions in order for them to control BTC and transactions using it.

oxidoreductase

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Quote from: netil on February 12, 2018, 09:32:55 AM

In the very distant future - perhaps yes. The idea of banks is becoming obsolete and sooner or later it will finally cease to be necessary for society.

I dont really think that we can eliminate all the banks in this world because banks has a big role in this world and all people in this world was trusting banks and all people in this world is knows banks unlike on bitcoin not all people are know and trusting bitcoin.

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