Topic: Does bitcoin pose a threat to banks? - page 19. (Read 1914 times)
I think bitcoin is a threat to banks, because there is an outflow of banking services, such as depositing or transferring, banks should be interested in working with crypto to do business
Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?
Kodak and disc are still in existence and in use, though, the above mentioned areas where quite affected as a result of those innovations, which in turn had minimized the usage of those items. The bank may not likely be affected in such a way, as the sector could adopt the system.
I don't think the bank will disappear . it's going to exist with bitcoin . they all have their own strengths and weaknesses . put your money in the bank , it's safe . you don't have to worry about the private key being stolen . let banks and encryption compete fiercely , and they'll all get better
I don't think Bitcoin or any crypto is by then yet. Possibly in a couple of decades, yet excessively few individuals acknowledge it and just a couple of individuals are utilizing it in contrast with the total populace. I am certain that digital money, in the event that it gets huge enough,would have the capacity to convey some harm to banks on the grounds that the profits could wind up being more grounded than what banks can offer. Likewise, banks offer centralization. On the off chance that decentralization is the future, at that point it bodes well that banks are would be frightful.
Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?
Yes you are right bitcoin could make some banks went bankrupt because it was certainly in the future as the growing age of the bitcoin will rule the world economic conditions if the bank could not follow and accept the use of the bitcoin or cryptocurrency in the bank then it surely will be many clients who left the bank.
Blockchain technology as a backbone of bitcoin poses a threat to banks in many areas, e.g transactions: transfer of funds with bitcoin is swift and fast without banking interference usually western union money transfer, moneygram are used by banks for transfer of funds.
More so, bitcoin can be save or hodl in a wallet rather saving as a fiat in a bank isn't that a threat to banks?
Lost of banking charges which serves as sources of revenues to the banks is fast dwindling courtesy of bitcoin.
More so, bitcoin can be save or hodl in a wallet rather saving as a fiat in a bank isn't that a threat to banks?
Lost of banking charges which serves as sources of revenues to the banks is fast dwindling courtesy of bitcoin.
These decentralized currencies are surely a big threat to the current banking industry. Kodak and other companies before went bankrupt because they were not able to successfully raced with change. But these banks are the most powerful and influential groups in the world for hundreds of years already so they will not be easily beaten.
I believe bitcoin poses a strong threat to the bank because first and foremost the banking industry and it's system are faulty. There is something wrong with the banking system which crypto currency is correcting.
in the short term , bitcoin will exist with banks . the demand for money is diversification . some people prefer the central currency of government endorsement . but decentralised currency is a trend . and banks are struggling ,it will disappear in the future .
Personally I believe bitcoin(or other coins) will threat "traditional" bank.
The original purpose of bitcoin is "decentralization", its target is current financial system and institution of the world. So of course it will be a threat to banks.
The original purpose of bitcoin is "decentralization", its target is current financial system and institution of the world. So of course it will be a threat to banks.
I think banks are not afraid of this news because banks had already establish their status iin the field.of investing and people got used to it and people used banks in their transactions and other ways of paying bills and others.
Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?
I think banks will never disappear if the bank could follow the changing times because it is currently in the presence of such digital currency bitcoin honestly people don't need to use the bank to store the assets owned, save assets can be proven more bitcoin wallet gives you many advantages and without any monthly fees.
However, I don't think Bitcoin or any crypto is at that point yet. Maybe in a few decades, but too few people accept it and only a few people are using it in comparison to the world population.
I am sure that crypto currency, if it gets big enough,would be able to bring some damage to banks because the returns could end up being stronger than what banks can offer. Also, banks offer centralization. If decentralization is the future, then it makes sense that banks are would be fearful.
I am sure that crypto currency, if it gets big enough,would be able to bring some damage to banks because the returns could end up being stronger than what banks can offer. Also, banks offer centralization. If decentralization is the future, then it makes sense that banks are would be fearful.
Just as the digital era, the photographic industry witnessed the bankruptcy of Kodak, the rise of online music, the disc has also been quickly eliminated, after the advent of bitcoin, the financial industry may also need to carry out major rectification. Will the bank disappear?
rather than a threat, it is a challenge for bank. cryptocurrency technology will replace bank transactions in the future.
but for now, it is still not replacing bank system until the crypto is fully secure from hacker, phisher, etc.
bitcoin as a decentralized structure is a big threat to the banking system worldwide. bitcoin has come with lot of flexibility and transparency, there is no limit to how much you can hold in your account and not VAT or maintenance fee charged on your money
It is going to be replacing cash as soon as the countries has fully adopted the blockchain technology.It is indeed going to be threat to most of the banks who didnt adopt the technology as soon as possible.Cryptocurrencies especially bitcoin would be much threat as soon as its price surged up and we are hoping that these projects wont be wasted.
thats a tough question to answer. obviously with btc a bank isn't need however i think there will be some type of co-existence between the 2. i doubt the banks will allow themselves to lose as much as i believe in btc.
Not that much because Bitcoin and banks are different. Even if there's a huge possibility that bitcoin would be more used in the future than fiat because of the advancement of technology,surely, fiat will still exist since it is centralized and/or supported by the governments including banks so as such, it is not that realky a threat to banks.
This is the reason the bank always carried out attacks on bitcoin and the crypto currency entirely due to the fact that the bank sees digital currency as the future of all financial transactions but if you study the statistics carefully you will understand that digital currency plays a different role to the bank but may be the banks are so lazy to notice that.
I think this is only a small part. Because when you transfer money or trade from one country to another, you just convert to bitcoin then you sell it in your own country. This will take less time and money for banks. But I think it does not affect much.
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