Does bitcoin pose a threat to banks? - page 23.

Nexmesh Team

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

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 don't think banks will completely disappear but their impact and the way we rely on banks will decrease significantly. Once cryptocurrencies are more widely adopted and the prices become less volatile, they will be able to be used as a convenient trading currency.
Banks serve two main purposes; holding our money and lending us money. In time, holding our money in secure wallets will become safer and more user friendly - we are not there yet but the day will come. Furthermore, there are projects like SALT that are working towards a peer-to-peer lending platform which will reduce the need to loan money from the banks.

jayco25

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Many new digital currencies have been launched because they aim to replace the old bank system. Modern technology wants faster and bigger transactions. So it's a big threat to the bank why they are not supporting digital currencies and they are agianst.

#Taklimakan

CryptoJedi1

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Yes, banks posses a major threat due to Crypto currency. Banks like to have a control over the public. Crypto is a boon, that gives power and control to the people, and boy, banks and governments hate that. That is why they are trying to defame Crypto with some silly reasons, like protecting the people, saving the economy and other BS.

Sinecoin

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

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 dont think bitcoin itself poses a threat to the banks because people will always look towards centralized currencies and well known financial institutions because they believe there is protections in them. What i do think poses a threat to the banks is blockchain technology. Blockchain can decentralize any financial service which guarantees trustworthyness and complete decentralization's. It will be a while until this gets adopted among the masses but i do believe it will happen in the future.

TheClownSong

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

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?

Cryptocurrency can disrupting bussiness bank. With lower fee transaction and instant transfer, bitcoin or cryptocurrency is more advance than bank technology. But I am still believe that bank will still exist around us because many people still dont know about cryptocurrency

Janation

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Quote from: jherenz on April 08, 2018, 08:24:05 PM

Yes! imagine you dont need the bank to transact your money.

That is the reason why the banks who regulate Bitcoin wants to know more about it. Some Banks do not look at Bitcoin as a threat but something that needs to be developed since it is a technology that will be a great help to people.

dangwapo311

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Yes bitcoin is a big threat to banks. Bitcoin is decentralized meaning no banks or anything is needed when making transactions or transferring money. Just the idea of bitcoin being used by many people is enough to make banks panic and do actions against bitcoin and other cryptocurrencies.

jherenz

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Yes! imagine you dont need the bank to transact your money.

mackenzie5

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Whenever the bitcoin is flourished like this definitely it will be a threat to the banks.Its processing charges and the processing time also high for the business people concerned.Since bitcoin is the De centralized one no third party interference is required over there. So the business deal can be performed with out the Banks interference .In such a circumstance the global business community will be doing their business transactions directly and normally bank will be a loser in this aspect and hence bitcoin is a threat to the banks.

Gastotade

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Quote from: altercreed on April 08, 2018, 06:56:30 PM

Bitcoin surely poses threats to banks because when people will be utilizing bitcoin and cryptocurrencies as payment here and abroad, then banks can no longer have a charge for that transaction.

Too many bitcoin vs banks thread, there's no way they will fight, there are still people who needs bank since they don't trust crypto for now, and bitcoin still don't have full equipped to use physically like banks did. We still need them.

altercreed

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Bitcoin surely poses threats to banks because when people will be utilizing bitcoin and cryptocurrencies as payment here and abroad, then banks can no longer have a charge for that transaction.

Nick Abimanyu

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Actually No, it all depends on the ability of their government way of thinking. In fact, if they can think further ahead they can facilitate bitcoin with their bank and the bank will benefit from the transaction fees incurred.

shaadsufi

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Yes because slowly people around the world are adopting bitcoin and keeping their money in bitcoin instead of banks because the amount of profits they are making here is much more then they are making in banks so they keep it in bitcoin or other cryptocurrency and because of this banks are getting affected with bitcoins.

muyizz

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Bitcoin as the origin of a fundamental transformation of the financial system toward a more decentralized structure. As a medium of exchange, bitcoin is still small compared with traditional channels, and it is held largely for speculation rather than transactions. As long as central banks continue to pursue stability-oriented monetary policies, they will have little reason to fear that the bitcoin system will replace them.

AlexsanderGusev15

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I think there is no bitcoin live by themselves and threats do not provide But this is my personal opinion and what do you think.

GwSoJ

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Quote from: otandelapaz on February 01, 2018, 04:06:13 PM

Quote from: tlkchain on January 26, 2018, 10:22:53 PM

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 don't think so. Not going to happen. The question is like "Will cryptocurrency replace fiat?".
First, Bitcoin in nature is limited
no internet connection, no bitcoin
no electric power, no bitcoin
no electronic device, no bitcoin
etc...etc
In fact it will do just the opposite. Bitcoin or cryptocurrency in general will boost the financial/banking industry. People will have/earn more money because of bitcoin. And where do you think people put there money for safety? To the bank. Where do business put their money where they earned from bitcoin earners who purchases or ask services from them? To the bank.
"Bitcoin'ers" will and always will transfer there digitals to fiat no matter what. Because bitcoin is being used as an investment/asset rather than as a currency.

What a lot of nonsense. You argument holds true for fiat too

no internet, no fiat
no electricity, no fiat
no electronic device, no fiat.

If you think the current financial system survives without electricity or the internet then you are a fool. The only reason we need to transfer bitcoin to fiat right now is because the technology is still in early adopter phase. It will, over the next few years become possible to never have to transfer bitcoin to fiat. Why do you think the governments and banksters are spreading all the FUD about it. They require you to use fiat so they can take most of it off you as taxes and fees.

I really wish people would think before posting.

kashwin663

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Quote from: tlkchain on January 26, 2018, 10:22:53 PM

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.transaction person to person will by online mode there is no use of banks.so i think it is threat to banks.

severaldetails

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Banks don't fear cryptocurrencies. The market for cryptocurrencies is gettinge more and more regulated. And the decrease of the price is something that scares possible new crypto users away. I think that we are back at a level where the people see banks as more trustworthy as crypto currencies again. It will take a long time until the popularity of the crypto industry will increase again.

JoshMart

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The Experience Layer of the Decentralized Internet

I say yes to this. That's because bank (and most governments) don't have ways and means to regulate BTC, yet. On top of that, BTC gave birth to new electronic markets that these banks and governments cannot control. Ultimately, the control belongs to the people of Cyberspace.

Kumic

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They won't disappear. They will exist in some form. Maybe we will see fiats on a blockchain, who knows.
The government needs the control always.

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