Can we totally eliminate all the banks in this world? - page 33.

notyours

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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/

This may happen. But I think it's a long time to happen and if this happens we're probably already adults. Before this happens I think it is necessary to fully adopt the crypto that is used in simple transactions such as buying groceries, shopping. And in other words it's easy for everyone to use.

pendekar cinta

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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/

if I think the incident happened will certainly make a lot of bad impact later because Bank is one of the great assets that are needed by the community in taking every transaction every time. if the state of Singapore really prohibits the bank seriously there will be tension between the government and its people on an ongoing basis.

lemonscentedbreeze

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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/

Something has to replace banks functions to a better service that would be more efficient for cryptocurrencies if that will happen. But I think it is impossible because banks also play major factors in the society not just storing money for people.

sparveenat

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Instead of totally eliminating all banks in this world (which is not possible only also it is impossible) we can let all banks let use Bitcoin also one of the currency for people benefit which is confidently possible and practically it can be done.

I opinion is instead of killing enemy let them join with us and give the chance to live with good things.

Sahyadri

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First of all banks are not shit but are central authority managing the economy of a country and no country will go all in cryptocurrencies which are international and can be manipulated internationally. They need a local central financial manager. Unless countries launch their own centralized cryptocurrency, banks are not going anywhere for sure. Rather cryptos and banks will coexist.

canaveralnonie

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Eliminate banks? It never gonna happen because of a lot of reason. Specially on saving and protecting a lot of money of those rich people.Add also the aspect of lending activities who can be performed either directly or indirectly through capital markets. Bitcoin can't do this in this days, maybe someday but still, who gonna convert bitcoin to currency of specific country.

D1n4R

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Eliminating all the world's banks is very difficult because the bank has several initiatives to attract someone to continue to be used by everyone with some convenience offered by the bank of course someone can not leave it.

criz2fer

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Quote from: Jenskie on October 23, 2017, 10:50:17 PM

I don't think that banks will be elliminated, there are still services that only banks can offer to their clients. I think that banks will only adopt what bitcoins are doing but elliminating them is i think not possible.

To think that they are copying all the ideas just like the blockchain. Bank transactions also have their online service which I think is more reliable because of the histories of withdrawals unlike with blockchain which make people anonymous in their transactions. Banks securities are i think are more reliable because there's a small risk on it unlike the cryptocurrency.

neonshium

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Quote from: Bitcoin1216 on October 20, 2017, 10:20:55 PM

the role of the bank is very important especially support the economy, we can not eliminate the bank because the level of dependence with the bank is very high and of course the bank is fully protected by the state.

Banks are the basic necessity of any society and all the governments are very much dependent on the banks for keeping their money and the money of their citizens safe. I don’t think so that the survival of the society is possible without existence of banks. Banks will remain there no matter what the conditions will be. There is no way that you can see a society without banks.

Creepings

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Quote from: Jenskie on October 23, 2017, 10:50:17 PM

I don't think that banks will be elliminated, there are still services that only banks can offer to their clients. I think that banks will only adopt what bitcoins are doing but elliminating them is i think not possible.

Well said. Saving your money is one of the main goals of banks, bitcoin can't do that since you yourself are taking care of your money. Yes, you are taking care of it but sometimes, there are someone who can't do that by their selves. I think too that they will be coping up bitcoin and maybe there will come a time where bitcoins are being accepted in banks without it being converted to fiat.

paul00

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This is a scary thing to happen. Yes I am a fun of bitcoin but I don’t think it will be a good thing for the bank to be removed in the industry. it is still part all the financial instruments that we have and gives options to us on how can we manage our money, even those what we earn in bitcoin. Also for me crypto currencies has still a lot to go through for it to be fully developed and I am hoping that one of these days it will fully bloom itself for it will benefit is all

pathapoddo

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I think it's not totally possible. Banks are the financially attached with the economy of any country.So it's not totally eliminate bank.

Blamsud

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Quote from: szpalata on October 23, 2017, 11:54:56 PM

Quote from: Theb on October 23, 2017, 11:41:55 PM

Well its not that hard to receive the payments from other means other than bank accounts. But you can see in these kinds of situation how banks are powerful and useful even to people who use it as a mode of treceiving payment. But I can see that the future of transactions with Bitcoin if their bank accounts are blocked they will try to exchange their Bitcoin or any cryptocurrency directly to Fiat currency via independent buyer of cryptos.

i don't think so either that we can totally eliminate the banks from the world but we can reduce their dominance in the financial sector by presenting options like bitcoin among other cryptocurrencies .

Governments may not allow banks to eliminate, evwn bitcoin will be legal or not, more will still choose to use banks for they believe on it and they're scared to put some risk on online currencies.

szpalata

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Quote from: Theb on October 23, 2017, 11:41:55 PM

Well its not that hard to receive the payments from other means other than bank accounts. But you can see in these kinds of situation how banks are powerful and useful even to people who use it as a mode of treceiving payment. But I can see that the future of transactions with Bitcoin if their bank accounts are blocked they will try to exchange their Bitcoin or any cryptocurrency directly to Fiat currency via independent buyer of cryptos.

i don't think so either that we can totally eliminate the banks from the world but we can reduce their dominance in the financial sector by presenting options like bitcoin among other cryptocurrencies .

Theb

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Well its not that hard to receive the payments from other means other than bank accounts. But you can see in these kinds of situation how banks are powerful and useful even to people who use it as a mode of treceiving payment. But I can see that the future of transactions with Bitcoin if their bank accounts are blocked they will try to exchange their Bitcoin or any cryptocurrency directly to Fiat currency via independent buyer of cryptos.

Jenskie

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I don't think that banks will be elliminated, there are still services that only banks can offer to their clients. I think that banks will only adopt what bitcoins are doing but elliminating them is i think not possible.

Dmitry.Vastov

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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 I don’t think that bitcoin can eliminate all the banks from the world because firstly banks are more efficient than bitcoin. Then banks are way more popular than bitcoin among the people and because of which they have more users too. Then banks are available everywhere and easily accessible. And lastly banks do not need internet to run which is a big limitation of bitcoin. So because of all these reasons I don’t think bitcoin will be able to eliminate banks from the world.

bacardibacani

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The banking system was created with the ability to adapt to the environment.

Here's a quick history lesson:
The first recorded banking system was during the crusades when the Knights Templar provided travelers documents written in a unique cipher to allow them to travel without having to bring with them their treasures. They can deposit their gold in another land, and withdraw them in a different one, so as long as there is a Knights Templar base nearby.

Now, compare how far the banking system has changed from that.

It will be most likely that the bankers will simply improve their system to fit in directly with how people will transact through digital currency.

harizen

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Quote from: lichnikkk on October 23, 2017, 12:05:27 PM

Banks is just a mediator between to two people or companies. Someday people will realize that it is not profitable and banks will disappear

Banks are not just made to give people's profit. There are lots of services that banks offered in order to give convenience to the people. It's not all about saving the money thing and make interest when we saved money to them. You guys need some more education about what banks can really do.

It's fine to become a hardcore crypto enthusiast fanatic but make it to the point that you really understand what's your saying.

Harlot

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Quote from: lichnikkk on October 23, 2017, 12:05:27 PM

Banks is just a mediator between to two people or companies. Someday people will realize that it is not profitable and banks will disappear

From what I know people up to this day know that Banks are not made for profiting from it but for other purposes. People now put their money in banks just to save it and hold their money there for security purposes. Unfortunately it won't stop people from using banks as holding other peoples' money is not their only way to earn money but also loaning out their money, as you can see many people including businesses needs the money of the bank in order to fund their businesses and other daily needs.

Topic: Can we totally eliminate all the banks in this world? - page 33. (Read 6083 times)