Can we totally eliminate all the banks in this world? - page 38.

KingdomHearts

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Quote from: taiwww on October 14, 2017, 09:36:56 AM

no, banks never get eliminated totally.
Banks do many functions required by persons in their day to day life.
Banks help people by paying them interests by keeping their deposits.
They not only give loans to general people but also to the industrialists who run industries by charging them interest.
Banks works as a mediator between those who have surplus and who are in need.
Currently no substitute institutes or agency is there which can replace banks.
Banking business may get affected by cryptocurrencies like bitcoin etc. but they will definately overcome them by making adequate changes in banks technology or by reducing the bank charges.

Banks have importance because it also gives a lot to the people as well as government and still there is no digital currency system out there elimination is not possible because banks have everything that’s are the common need of people and governments are also on the back of banks, as bitcoin popularity is going to every corner of the world now there would be a chance.

dynospytan

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I think no, we all know that digital cryptocurrencies are new and its starting to become more popular. But, even its becoming more popular it doesn't mean that it can eliminate our real money and we all know that real currencies are made by banks. So for me there is no other way that crypto can eliminate the banks.

spazzdla

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In short, no.

senne

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Quote from: squatz1 on October 10, 2017, 08:37:29 PM

Trying to think about this in a close minded situation, yes, we could shut down all the banks if everyone were to use Bitcoin and the banks took this laying down. But the thing is, in the real world, the banks would never allow something like this to happen. They're the ones with the gross amount of money and power to control the economies of the countries which they are in.

Governments also aren't going to allow this to happen, as their power lies with being able to control the treasury. So, no it will never happen.

The word Bank and its usage are not easily to eliminate and it is for sure that Banks are going to exist in the world in one form or another. If somehow Bitcoin overpowers Bank, it is that Banks might need to shut down due to lack of funds or other reasons but then there will be emergence of Bitcoin Banks for various purposes. But above all this is not likely to happen soon, banks have created a large infrastructure over the globe and there are many intelligent CEO’s and adviser which will try every possible method to save Banks from elimination.

Siopao

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Banks have been in financial industry for a long time, it have gained the trust and confidence of the people around the world. So I think banks will stay to financially serve the people in terms of saving, deposits, cash transfer/ remittance, investment, loans and others. But considering the fast phasing technology nowadays other form of currency have been circulating like bitcoin. For now, it is not that popular, but in time I'm quite confident that people will eventually use it once they become familiar with it. And banks in response would adjust with the technologies and trend that will happen in the future.

miltonpogi

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I do believe that banks could not be eliminated completely maybe someday cryptocurrency become more powerful than banks, but banks will never eliminated, and I do believe too that banks know this problems so they well probably planning for a better transaction and I think they will also change their system to become more acceptable in the near future and for all their investors to continuing invest in their banks and to become more powerful investing company that many coins like BTC become the best enemy someday.

nl247

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Quote from: gunungkembar on October 17, 2017, 07:21:48 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/

if bitcoin gets better and more fame in the future even bitcoin can beat fiat money then banks will tersendirinya participate in bitcoin world, and it seems the bank will not be eliminated.

That might not be a dream come true. Even if there is a chance of the banks adopting bitcoin or the government adopting bitcoin as the primary currency, then it is going to be tiny. We cannot say yet though, probably some third world countries or countries with hyper inflation may want to consider it but so many countries will not want to give it a try for anything knowing it cannot be controlled. This does not mean banks will be eliminated, as we will always still have them around at least in this generation.

cryptojac17

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Quote from: Bitcoinjheta on October 17, 2017, 07:29:09 AM

Quote from: gunungkembar on October 17, 2017, 07:21:48 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/

if bitcoin gets better and more fame in the future even bitcoin can beat fiat money then banks will tersendirinya participate in bitcoin world, and it seems the bank will not be eliminated.

Even if we are highly modernized nowadays and even we are in the verge of success in terms of digital currencies, I don't think it would be enough to eliminate all the banks in the world. Every country has its own needs in terms of its economic growth requirement.Maybe bank can change their policies and might include digital currencies in their list but not to the point that they will be eliminated anytime in the future.

Yeah banking system is economic foundation of a government without banking system we don't have control over the market value of money and the economy of the nation is being measured in the banking system. In the introduction of BTC may be, bank will change their policies to aligned Crypto currencies flat form.

Bitcoinjheta

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Quote from: gunungkembar on October 17, 2017, 07:21:48 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/

if bitcoin gets better and more fame in the future even bitcoin can beat fiat money then banks will tersendirinya participate in bitcoin world, and it seems the bank will not be eliminated.

Even if we are highly modernized nowadays and even we are in the verge of success in terms of digital currencies, I don't think it would be enough to eliminate all the banks in the world. Every country has its own needs in terms of its economic growth requirement.Maybe bank can change their policies and might include digital currencies in their list but not to the point that they will be eliminated anytime in the future.

gunungkembar

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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 bitcoin gets better and more fame in the future even bitcoin can beat fiat money then banks will tersendirinya participate in bitcoin world, and it seems the bank will not be eliminated.

AimHigh

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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/

It is possible that someday or in future we can eliminate banks or we called say also our country money it just because of cryptocurrency like this bitcoin that we didn't need banks, in the other country bitcoin was legalized of their government so that they didn't need money for shopping or for grocery so that what we think in the future.

Lancusters

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People often do not see the difference between the real economy and the circulation of cryptocurrency. Banks is part of the real economy and without them it is impossible to develop production. How businesses can take out loans in bitcoin for production development? If not the company will operate then you will not have money to buy cryptocurrency.

BlueStackz

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Quote from: Fulmand on October 14, 2017, 03:23:34 AM

Quote from: Anthonyxx on October 14, 2017, 02:09:44 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/

And who exactly is the government,who do they represent?Us,everyday people of course.
So the only thing to do is to start worldwide protests.When your freedom is taken away by banksters' and rich people interests,
so is your freedom and there's nothing else you can do.
World would anyway be so much better place without this prosperity sucking leeches.

I think we can not eliminate totally all the banks in the world because banks plays a big role in this world, especially in financing, loan, savings and many others. They have a full support to the government and it is inherent in already in our society. In long run the banks will adopt accepting digital currency soon if fiat will disappear.

Banks are the basic necessity of any state and the people living in that state. There is no way that we can live in a society which is not having banks. This is not at all possible to eliminate the banks from this world, as it is the banks which play a very vital role whenever money is concerned. They are used by so many people for so many purposes. We can’t simply live without banks.

cioloxl

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No, and I really liked Antonopoulos' comparison as to why. The car has been around for ~100 years. Before that we had the carriage. If you go to Central Park and take a ride in a carriage with your girlfriend, you still can. Same thing with banks. They will probably stay around as tools for a niche market. The problem isn't really your local banks that give out high interest loans. The really big problems come from central banks, which are pretty much above the law right now and the ones who make or break economies.

Napole0n

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certainly not, this is because some functions of the bank can not or can not be replaced with anything, I'm sure even though bitcoin is used majority of the world population but banks will continue to exist.

Fatunad

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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 we do talk in the situation on where all governments will unite and decide to close any bitcoin or crypto related services then for sure it would really give big impact on bitcoins adoption and development because it would really limit the transactions made by its users since it being already banned and would possibly die easily on those times for sure.

joinfree

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I agree guys, there is no way to eliminate them all because banks are what provides money to our countries and most nations and states of all over the world, and they are controlling everything, not just money.
Without banks there will probably not be any government on this world, because they are financing them.
it is a weird question, because you all know that this is impossible to happen at this moment, or at least for now.

jokowi

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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/

That is very unlikely. No matter how common a bitcoin is, it can not completely replace the bank. Although bitcoin deals smoothly and quickly. People are used to using cash everyday and depositing savings. Change not one day two.

theunbeatable

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I could either watch it happen or be a part of it

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/

As the current state we are living, that would be hard to imagine. Banks are here for hundreds of years, if some technological discovery like the blockchain can burst the bubble of the banking system then this will going to be a hard fought battle because as we can see banks and governments won't let us do that. Banks will do a blockchain based currency but I think they wont closed down in any moment, this will be a long haul and Im waiting for the outcome when the blockchain and the banking system collide.

californiaquail

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Jesus... Of course we can, and quickly.

Consider the VC industry : it got rekt by ICO's in a matter of months. Numbers talked, money talked. It's over for the big guys.

Who the hell in their right mind would consider giving away 40% equity in their startup to some fat lazy shark like Mark Cuban in exchange for a grotesque 100k investment in their company when they can raise that money through an ICO in a matter of hours without any paperwork while keeping 100% equity ?

http://www.wired.co.uk/article/initial-coin-offerings-on-the-blockchain-are-disrupting-venture-capital

We're about to witness a tsunami of massive disruptions in the financial system, banks will be the first victims : even if they survive, they will be disrupted beyond recognition in a matter of years.

Another financial crisis like the one we saw in 2008 and you kiss the banks goodbye and say hello to a $500k Bitcoin global gold standard.

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