Can we totally eliminate all the banks in this world? - page 36.

susuberuang

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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/

banks will be eliminated if they do not keep up with developments for digital currencies, they will be very hard to keep the bank productive and not eliminated. banks must cooperate with digital currencies such as bitcoin in order to always grow.

Gotottack

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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.

Definitely! The rise of cryptocurrencies pushes banks to perform better in terms of handling its depositors' accounts. Banks have been quite lax about its system because they know they are in control of almost everything concerning money save for some regulations that were put into effect by governments. I am hoping they perform better, and not just block the proliferation of cryptocurrencies. Crossing my fingers for more value of money this time around.

traderethereum

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i am not sure we can totally eliminate all the banks in this world because people still trust the banks and they keep saving their money in the banks. unless there is a chaos situations in each of country that forces banks to close their services then it won't happen in short of time. we know the banks is still the best places for every people to saving their money and beside that, they are still depend with the banks in any situations like if they really needs money, they will go to the banks and they are trust with the bank system.

musharaf

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No we can’t eliminate the banking industry from the surface of the earth because there are so many big companies which operating due to the loan provided by banks. Banking industry is growing in the world and many activities and many transaction are performed through banks. The importance of banks can’t be ignored easily there be hundreds of years required to change the activities of banks and to proper eliminate the banks.

mia khalifa

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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/

this could happen if the bank does not want to cooperate or receive bitcoin as a valuable digital currency because the banks have to work together with bitcoin so as not to be eliminated.

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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/

To be honest even though a lot of people hate banks, they now play an essential role in the world economy and it is almost next to impossible to remove the banking system from the world. Banks are the ones that are sought after when you need to do a quick cash transaction. It would be better on how things are right now, banks and cryptos coexisting and just one thing needs to be done is to create welfare amongst people.

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Quote from: hase0278 on September 28, 2017, 04:44:06 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/

Whether you like it or not, Banks would not be eliminated that is in the near future at least. Before they were to be deemed as useless, there would be a lot of work needed to do in order for cryptocurrencies to be mainly used with people disregarding the banks. That itself I think would take a long time, and there are still some of the few who will be willing to use their services by that time maybe so banks will not cease to exist in the next 20-30 years at least.

May be in the near future. It does not depend on bitcoin. It totally depends upon the people in all over the world. if all the people withdraw their money from the banks and invest in bitcoin orother digital currencies banks will earn no more money and by this way banks can be eliminated. But it is not possible in near future because the people trust in bitcoin is not fully buildup. They need more time.

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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 can be, but its verry hard and verry long time

putrisa

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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 seems that bank elimination is very difficult because it will make banks very loss, the banks will cooperate with bitcoin to keep the bank running and profitable.

Kava

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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/

All banks can not be removed, first banks need the state, for laundering the same money from the budget. Yes, and the entire population is sitting on the salary cards of the bank, then dependently, you imagine such a system to collapse, what must be done.

kimpena

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I think we can't eliminate banks in our lives just because of bitcoin. Because I can see that if bitcoin become worlds digital currency, banks will find they way not to get out on the track. They will make a way where people will always stick to them, i mean trust them, or they will built a bitcoin bank. I do not have any idea on how they will do it, but I know that they will not let things ruin the industry they'd entered to. They will always find ways.

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Quote from: skorupi17 on October 19, 2017, 08:58:35 PM

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 doubt this. There is a direct collaboration and partnership between the government and the banks so we cannot eliminate banks in this world. The government will not let this to happen even though cryptocurrencies goes mainstream. There might just be some compromise but no elimination will happen.

Another reason why it wont happen is that there are bank services that does not bitcoin have. In the news it is only bank accounts that were closed but the banks have still asset beside form that account such as loans and card services. I think people invested their money to bitcoin because they see that it is a good portfolio but if there is bitcoin crush most of these people would go panic selling and go to bank services again.

skorupi17

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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 doubt this. There is a direct collaboration and partnership between the government and the banks so we cannot eliminate banks in this world. The government will not let this to happen even though cryptocurrencies goes mainstream. There might just be some compromise but no elimination will happen.

stayeduptolate

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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/

Well day to day prices of bitcoin are increasing and since bitcoin had started, it has come a long way. But I don’t think that we can totally eliminate all the banks in the world and bitcoin will take over them because firstly, banks are much more popular than bitcoin and is used more for money, taking loans, transactions and storing money. Secondly bitcoin needs internet to function whereas banks do not need internet to function. Thirdly banks regulate and control the money, hence decrease fluctuations in price of cash and increases its stability. On the other hand bitcoin is not regulated by any government or bank.

Sale_man

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I think it will never be accomplished. To replace cash with bitcoin or any other crypto currency all over the world is fantasy. There are people around the world who do not even know what the word crypto currency means. Not mentioning people who never used internet before. I think eliminating banks is a fantasy and not possible in real life.

majdoso

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Eliminating all the banks in this world totally is something very hard to not say impossible because changing the system suddenly needs a lot of studies and strategies.

mornabo

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Quote from: jiamileshuai on October 19, 2017, 06:24:16 PM

If the state has applied the rules with reason that is rational and acceptable to society, why not. Including by applying money or digital transactions. But if you have to remove all the banks in the world, this will be very difficult. It's like a massacre for a banker. There will be many problems that occur due to bank deletion.

i think the state and the government will not be able to do that, bank functions not only save money from customers but also manage the finances of a country, if the bank is removed then who will manage the finances of a country? I think this idea is a stupid idea, because they think that digital currency will master the entire financial system?

Rinder

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If the countries consider ban exchanges accounts in the banks we will start a war, because the traders will go into the banks and withdraw all the money, and well they will trade bitcoin with another way, p2p will lead the trasanctions, exposing the people at a bigger risk then nowadays. And why would a countrie ban something that is paying the legal fees to the country, soo the exchanges is providing revenue as any other company... anyway i dont believe this will happen at all.

Bohxz M4p4gm4h4l25

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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 we cannot eliminate bank due to the fact this the only way for us to get our profit from bitcoin, That's the case here in my country in which you are about to have an account where you store your own profit and with the help of bank you can be able to convert it in your local money . Governments will never let banks be extinct due to the fact that this is the only way for them to handle money and bank are all centralized system.

jiamileshuai

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If the state has applied the rules with reason that is rational and acceptable to society, why not. Including by applying money or digital transactions. But if you have to remove all the banks in the world, this will be very difficult. It's like a massacre for a banker. There will be many problems that occur due to bank deletion.

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