Can we totally eliminate all the banks in this world? - page 21.

jaysabi

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Quote from: Tenderino on January 07, 2018, 06:32:49 PM

What is the future of online gambling when all the government need to do is to close the bank accounts of casinos?

The answer is simple, the governments can not close all bank accounts of all businesses and exchanges, because there will be always countries that will allow it for their own financial benefit. Despite of this, you have still the option to mine coins or buy them from other people directly.

Why would the government want to close the bank accounts of casinos since they make so much money off of casinos? Unless you're talking about illegal casinos that operate outside of government regulations and that might have their assets seized for operating illegally. Can't say I worry too terribly about those scenarios since they're operating outside of the law. It's not as if the government wouldn't grant a license if applied for, the more they grant the more tax revenue they rake in. The reason a casino wouldn't want to abide by such laws is most likely tax evasion, and unregulated casinos are also money laundering havens, so I'm not gonna lose any sleep over those rackets getting shut down.

Cryptoforus Columbus

newbie

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NO way. Even with large acceptance of bitcoin, you will need entities to offer financial services (loans, leasing,...).

aeternus

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Quote from: bytethecoin on September 26, 2017, 11:06:13 AM

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 future of cryptocurrencies is simple we need that bitcoin gets accepted to the point where you do not need to exchange your bitcoin for fiat anymore, at that point it will not matter if banks accept exchanges or you trading bitcoin, you will be able to buy everything you need with your bitcoin, this process can happen a lot faster than many people think since business are very competitive, if an owner sees that other business is getting more success by accepting bitcoin users he is going to adopt bitcoin as well.

Edraket31

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Quote from: Nhobita on January 15, 2018, 10:55:13 AM

Quote from: bytethecoin on September 26, 2017, 11:06:13 AM

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/

Why do we need to do such thing as eliminating banks all over the world if we can just make it stay on what situation as it is since there is no problem if they will still continue operating for those people who still tend to use real money than virtual money. Added by the fact that despite of the massive usage of cryptocurrencies, we still need banks to turn our virtual moneys into physical money because admit it or not, there will be still instances that we need physical money and that was the role of banks to turn these virtual moneys into real money for real use in the real world.

Same thing here why we should do such thing right? We should not eliminate bank for sure after few months or years the central bank or the international bank will order to accept bitcoin in a bank as a transaction, so far some of our banks now were accepting conversion of bitcoin to local currency but disallowing us to open a bank account when you tell them that bitcoin was your source of income.

Nhobita

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Quote from: bytethecoin on September 26, 2017, 11:06:13 AM

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/

Why do we need to do such thing as eliminating banks all over the world if we can just make it stay on what situation as it is since there is no problem if they will still continue operating for those people who still tend to use real money than virtual money. Added by the fact that despite of the massive usage of cryptocurrencies, we still need banks to turn our virtual moneys into physical money because admit it or not, there will be still instances that we need physical money and that was the role of banks to turn these virtual moneys into real money for real use in the real world.

Rufsilf

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We can't, we don't have the rights to eliminate all the banks in this world because all the banks have their own responsibilities so as the cryptocurrencies so i think that there is nothing wrong with the banks unless they robbed money from us or they scammed us but as long as they are doing their own thing, there is no reason for them to get eliminated by us.

b1k4ng

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it is very difficult for someone to leave the bank because the bank has an important role to the needs of someone so I think it is very difficult to eliminate the bank.
and the bank has a role for an economy in every country

thecoder2017

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No we can't eliminate banks in this world because banks have their own functions and clients as we all know that businessman and women use banks in their transactions.

readygoaw

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Quote from: Raufjoze on January 12, 2018, 04:10:09 AM

Quote from: bytethecoin on September 26, 2017, 11:06:13 AM

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/

banks have functions as currency exchange since ancient times, at that time banks only received one currency, and technology advanced with the existence of digital money, so banks can not be transferred function

Banks have a lot of money, and it's very difficult to fight against big money. But perhaps in the future, banks will change their role and move aside.

bosimpson54

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Quote from: Beerwizzard on September 26, 2017, 11:37:25 AM

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.

There may be banks that will be eliminated in the future, but to eliminate all banks is very difficult, because banks now hold many of the benefits of the currency so to remove it is very difficult.

Future3000

newbie

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I think they will transform into different style banks, like I know the project FreeZone which offers to make a special Crypto Invest bank and Fiat Crypto Bank. It will be like a connection between cryptos and fiats

boyshx

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Why to eliminate bank? Currently no currency or institution has potential to substitute banking industry. Banks are the backbone of economy. Banks carries out many important activities in day to day life. Bnaks accepts deposits, grant loans to common man and also to big industries. Banks plays an important role in international transactions. Banks works as guarantor in many trades. Distribution and regulation of fiat currencies is done by banks. Banks are here from hundreds of years they cannot get eliminated completely they will remain here in one way or another.

Himanshu111

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Quote from: bytethecoin on September 26, 2017, 11:06:13 AM

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 is true that bitcoin has come a long way since it has begun. And in this process it has gained an immense amount of popularity from the people which has lead to increased usage of bitcoin. But still I don’t think that bitcoin will be able to replace banks because firstly, banks are very more popular than bitcoin and has way more users than bitcoin. Secondly, banks controll and regulate the money which makes it stable where as bitcoin is not regulated and is less stable.

Chingchangfu

jr. member

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Nope I don't think that we could do that I think people would still need fiat and would still use the bank .

Gargo

sr. member

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I don't think it's possible. And certainly not in the near future. For now, cryptocurrencies used for trade between people. The banking system is still needed to exchange cryptocurrencies for money.

Morjana17

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In my own we can'tbeasily eliminate the banks that we have in our country because they invested toobjust like us. The process they have is very different, they have a lot of functions that business man rely in terms of capital or financial loss. Bans are not stable also because we might don't know what will happen but atleast banks helps other people in needs just like loans for their homesband other necessities they have in life. For that reason it cannot eliminate easily.

hydeevanz

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In my opinion, eliminating all the banks in this world might happen but really hard thing to eliminate because banks will not let bitcoin ruin what they have started and most of the people put their money in some banks which means that banking system is a huge volume of business. As the matter of fact, most of the employees wages are in the bank and it is daily use in transactions whether it is online or not.

djablom1

full member

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Yes i think we can if bitcoin becomes so big that people want to use it as a payment for anything then we would have not any need of cash and without cash there would be no point to have banks around.

Freddyclose

member

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I am not especially for banks, but must admit that they have a role in our society, which would be perfect is to reduce their roles while leaving them exist

Lubang Bawah

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This is certainly not possible, it is natural that the dependence on the banks today is very high, if there is no banks then the financial system will be problematic and it will make many people difficult and suffering. banks help a lot, so the government will protect the banks.

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