Does bitcoin pose a threat to banks? - page 25.

gabmen

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Quote from: Voidlocke on January 30, 2018, 10:15:35 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, while banks still are the ones who hold the most people money, there's still people unware of the advantages of taking the savings outs and put into the blockchain.

And banks will evolve. It doesn't mean that banks can't go digital. At the current state of btc, with the fees hiking way up since december, i don't see any reasons for banks to be threatened. Though in the future, blockchain technology may also be used by banks to upgrade transactions

acell101

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Yes it is, because if bitcoin continue to grow it may become a major component of the global finance sector and a competitor to both government-issued fiat currencies and central banks. The nature of bitcoin completely eliminates the necessity of central entities and authorities within the network to settle transactions between two parties. Banks Fears bitcoin because they see its potential but bitcoins cannot take over fiat currency because there were so many people around the world who are not aware that bitcoin exist but if the acceptance of Bitcoin or similar virtual currencies increased significantly on a global level, it could affect the behavior of consumers and producers and as a consequence change the relevance of monetary policy and the bank will be affected.

Voidlocke

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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 so, while banks still are the ones who hold the most people money, there's still people unware of the advantages of taking the savings outs and put into the blockchain.

Buttercup123

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Quote from: erickkyut on January 30, 2018, 09:52:09 PM

This is one of the main reasons why banks are very much against Bitcoin. It is a main threat to them. If people will accept and use Bitcoin, banks might lose their clients. No one will deposit or invest in the banks because of the taxes they get on their clients. Aside from that, they offer a very little interest rate for the money being invested on them while Bitcoin is non taxable, more convenient to use and has potential of much higher returns compared to banks.

I agree with you that bitcoin is a major treat to banks worldwide. As of now bank is refusing to accept crypto currencies with the the help of the government. For which if bitcoin is accepted then the bank might loose profit because many would be investing into bitcoin. If a bank shutdowns, the government looses one major source of funds. This is why the government is also against bitcoin even though they find it really usefull and profitable. Regulation is the only thing they can do right now because bitcoin is use by most of us. But still they discourages everyone by advertising that if you invested in bitcoin, and bitcoin suddenly drops because of volatility, you will loose all your money.

erickkyut

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This is one of the main reasons why banks are very much against Bitcoin. It is a main threat to them. If people will accept and use Bitcoin, banks might lose their clients. No one will deposit or invest in the banks because of the taxes they get on their clients. Aside from that, they offer a very little interest rate for the money being invested on them while Bitcoin is non taxable, more convenient to use and has potential of much higher returns compared to banks.

Altero

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Quote from: Plixs on January 27, 2018, 06:53:15 AM

I dont think so it will not happen. It is impossible that bank maybe disappear. Lots off people use's banks for there money.
Banks are still playing a major role in the daily activities of traders and I don't see this changing any time soon.

I know banks will be affected in some aspects. As digital system of currency may widely used, of course banks not to be important. But it doesn't mean that it will help banks to disappear, instead it could lead them to adopt and create a system which could correlate these new system of currency.

boksoon

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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?

Maybe it will but not to the extent that it can make banks disappear. There are more people who truly believes to the security of banks given the fact that Bitcoin is risky especially when you know just a little about it. First of all it is not regulated by the government and don't have papers if unexpected things happen. If you lost your money in Bitcoin, you cannot able to recover it whatever you do.

lunaalthea

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Of course! Why else would government of different countries ban bitcoin?? They are threatened by bitcoin's potential. It is used anonymously, no tax is imposed and a lot of people earn money in this cryptocurrency and yet they are not declared. It is a threat because it can be used illegaly and be used in money laundering

arteezyy

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Yes. That is the reason why bitcoin is banned to several countries. Because it poses as a threat to banks, bitcoin is decentralized. No intermediaries, no government, no companies and no banks can meddle with its transactions. People are now learning that instead of resting your money into banks, it should be invested and traded.

SiDtHeBeSt

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Yes, I think it actually does. As alot of people came to know about bitcoins and other cryptocurrencies, they started to invest in these instead of investing their money in banks, as the profit in these was far more than the banks' interests. I think that would be the reason many banks and the media are trying to spread negativity about bitcoins.

zhanyiguai261315

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Bitcoin is a threat to central Banks and authorities because it is the first value storage and monetary system to separate money from the state. It would probably eliminate the most powerful government tools to monopolize the global monetary system.

But bitcoin is not a threat to the central bank because it is unstable.

finaleshot2016

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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?

Banks will not disappear because there is a huge difference between online wallet and banks. Benefits that we get from bank can't give us by the digital money.
For me, It is a loss of the bank if they don't accept digital money as payment because this era now will become more advance and after many years there will be more users of digital money. Still, marketing department will discuss this kind of situation and they will be more creative to be accepted and can stay for a long term business. Especially for Central Banks, they can't disappear because we always use our national money in our daily lives, we rely on this things too.

EnaksiS

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A threat? I think this is the end of regular banks if they do not accept the cryptocurrency. Because, i truly believe in that the bitcoin or altcoins will be the bill of future in the world even -if there is a life- in the space.

Plixs

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I dont think so it will not happen. It is impossible that bank maybe disappear. Lots off people use's banks for there money.
Banks are still playing a major role in the daily activities of traders and I don't see this changing any time soon.

Nisharawal

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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 there are full chances that bitcoin poses some high threat to the banks because it is the bitcoin's popularity and their uses that has shaken the banks and also it will soon demolish the currency value if bitcoin and other crypto's come into existence all over the world or if all the countries try to make them legal all over the world. The generation is moving and we should be moving along with the generation and i can see with my naked eyes that bitcoin will soon be dominating the major fiat currencies like USD, CHF, GBP, EUR and other currencies. Banks cannot disappear this much soon as it will take some time to disappear as it is strictly connected to the government and all the major transactions, reforms and contracts are done with Banks and I think it will take few years to disappear and that too if the cryptos dominate them on big scale.

ibininja

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In many cases it is the simplest threat is the people taking their money off the banks to crypto. Don't forget banks use your money to make more money now those numbers are decreasing not as threatening but possible.

bitgoldpanther1978

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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?

Definitely it does, that's other banks in some country are now adopting the system of crypto currency, instead closing their bank they will ride on the trend we had it now. In fact,there are some bank in the other country are creating their own ico token.

samcun

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Does bitcoin pose a threat to banks? My opinion will not affect the bank nor the threat to the bank.

usability of the Bank:
1. Institutions under the auspices of the government.
2. lend money to customers
3. invest money.
4. means of payment
5. the existence of the customer

while Bitcoin:
1. virtual money
2. not taxable.
3. can not provide loans
4. have no customers
5. not an institution under the auspices of the government.

Meysa_richa

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Bitcoin will not be able to eliminate the bank, although bitcoin as a popular currency today, but we can not leave the bank, Because banks become an intermediary for our deposits into bitcoin, it would be nice all work together and mutually beneficial.

yudhistira

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Perhaps they are not yet, because many people do not believe the crypto currencies.
But even if it start to be a threat, I think the banks will find a way to take advantage of the crypto currencies as well.

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