Can we totally eliminate all the banks in this world? - page 24.

aardvark15

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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/

I think what we’re seeing in some governments don’t know how to handle cryptocurrencies because it is coming too fast and they can’t catch up to the technology. Regulations and tax laws are being done in a reactive way rather than proactive.

On the other hand, governments are not banning cryptocurrencies either. So I think in time governments will have more reasonable laws and tax policies with regard to Bitcoin and other cryptocurrencies.

safarabela

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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/

That is unlikely, banks will always exist and may not disappear. Although later the physical money will disappear the bank will still exist and make system changes and connect in crypto.

devil jin

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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 would government will do such thing of closing the banks just to tolerate cryptocurrency usages worldwide? We all know that the people are relying and keeping their money into banks so it will be against the people's will to have their saving into banks if the government will close the banks. Also, the worldwide abduction or elimination is impossible for me to happen because a large part of the population still rely and trust banks than cryptocurrency wallets.

chrmn27

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Of course not! Banks have been existing for a very long long time now and are part of most of people’s lives. We can not eliminate banks coz they are one of the ‘regulators of money’.

dharnamonitor

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So the title says can we eliminate all the banks in the world but you posted what is the future of cryptos if the banks are closing accounts connected with cryptos? Wth 😂. First of all you need to reset this world in order to eliminate the banks or it might be impossible. Second, it wouldn't be mean that the future of bitcoins would be harmed just because the banks are not accepting those things, we could still find any other ways or methods alternative for this if our account in the banks have been closed due to this reason

supermam

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It's impossible to eliminate all banks in the world just because of Bitcoin because there are still businesses who's using bank for their transactions and also some people bank their money to avoid over spending.

CHENIEN

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Decentralized Ascending Auctions on Blockchain

It is hard to eliminate banks. The existence of banks in different countries are passed many decades. For me the existence of banks is link also to cryptocurrencies, there is a lot of banks accepted transactions from bitcoin. So for me there is no need to eliminate banks without any qualified reasons.

CryptoRyuzaki

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In an ideal world, it would be good if both co-exists. There are some good things about a bank which are not present in a cryptocurrency like

1. Banks have a reserve (like gold) as an equivalent for the money that they are printing. If the currency collapses, they will be able to use the gold as a back up.
2. Money trails will be present in banks. If someone hacks your bank account, there will be a money trail and there is a chance of recovering the money. But I dont think there is such an option in cryptocurrency.

Qartersa

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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.

kimmali

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I dont think we can. The government wont let that happen for sure. However, it still depends on what will happen in the future. Technologies nowadays are hit in the market, there are many inventions are in in the market. Sice bitcoinis operated by internet, it is not impossible that bitcoin can replace banks because people nowadays are into convenient goods and services.

congresowoman

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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.

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.

Grayy

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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.

tuliobrothers

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No, we cannot eliminate all banks because we needed it with our other transaction.

Fbo62

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its impossible for banks to be gone, where will we keep our money? In our homes a person can take our money, aswell if you have crypto like who will put every single dollar they have in crypto? that is just a dangerous move.

mx667

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Quote from: Zabrielle on January 10, 2018, 06:02:18 PM

I guess not. Banks have been there for how many centuries. Maybe crytocurrency can be part of the currrency but im bot sure it will demolish the bank. People still need a paper money because not all countries i mean people in a certain countries know about this cryptocurrency thingy. People will keep coming back from the bank to deposit or withdraw their earning or savings. Most people are doing the regular job so this is way too far to happen.

I think that would be almost impossible. Why ? Because people need a place to keep their money safe and big. We certainly can not keep all our money in physical form. When you were a child you must also be taught in school, if saving money through the piggy bank is risky and dangerous if for example a fire in your house. If the bank happens fire, the money we have can still be replaced. But do not get me wrong first. I read some comments on the person above, that in the long term maybe the bank may disappear. I need to point out that the bank will never disappear. Maybe the shape of the bank and its system will change, but it will never disappear.

Papaczed

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Quote from: thugpi on January 10, 2018, 09:01:34 AM

I don't think bitcoin can eliminate bank because bitcoin is used through gadget and not all can afford yo buy one so that we can't eliminate money and bank

For me yes we can totally eliminate all the banks in this world but for me it will take many years before it will happen, i think bitcoin is need 40 years before the banks will eliminate in this world and i am sure that all people in this world is we will support the bitcoin.

Zabrielle

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I guess not. Banks have been there for how many centuries. Maybe crytocurrency can be part of the currrency but im bot sure it will demolish the bank. People still need a paper money because not all countries i mean people in a certain countries know about this cryptocurrency thingy. People will keep coming back from the bank to deposit or withdraw their earning or savings. Most people are doing the regular job so this is way too far to happen.

wxxyrqa

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Quote from: robustctrl on January 10, 2018, 03:23:02 PM

In long term, Yes. The smart economy can do everything bank does but cheaper. In a frictionless world (the one we are moving to), economic efficiency dictates social organizations.

In short term, No. Why would anyone want to eliminate all the banks in this world? There are huge number of ordinary people all over the world employed in the banking sector doing honest works to make a living.

This transition process will be and should be a gradual one.

in order to completely eradicate the banking system and remove financial problems for the people, it is necessary to completely change societies. Do you think that our billionaires and oligarchs will allow this? Just see who is in power today in each country, and you think that they will want to destroy the banking system, so that people can live more easily and cheaper? I do not believe in this.

robustctrl

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In long term, Yes. The smart economy can do everything bank does but cheaper. In a frictionless world (the one we are moving to), economic efficiency dictates social organizations.

In short term, No. Why would anyone want to eliminate all the banks in this world? There are huge number of ordinary people all over the world employed in the banking sector doing honest works to make a living.

This transition process will be and should be a gradual one.

ChrishAi28

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No, we can not eliminate all banks in the world. We, all of us need a place (bank) to save our earnings (money) to be secure in times of calamities. For example if our money is only at home, we can not protect it in stealing, fire and flood.

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