Topic: How Bitcoin Makes Banks Obsolete (Read 3332 times)

Bitcoin will provide all the banking facility to us at the free of cost. We can hold money and or receive. Other than paying interest we can enjoy all the benefits of banking with bitcoin technology. Now a days in many developed countries negative interest is practice already.

I don't know in which country you live but to run a bank needed to many licenses and capitals. It will be wonderful if it will be a bitcoin bank. By first of all bitcoin must be accepted and regulated by the Central Bank of the country (your country). Hope that this thing is ok in your case.

with Bitcoin I run my own bitcoin bank... that's one of the points and advantages of using bitcoin after all.

I think the banks will like cryptocurrency eventually. They are already in this monetary system, gaining advantage of fiat, by printing it.

But when it collapses, the banks have to switch, to save their own businesses, and then it can come quite handy for a bank to be the first one to adopt bitcoin.

And politicians? They will love to get campaign donations via bitcoin, because it will be easier for them to raise money.

So its all set and done, its only a question of time until it becomes mainstream.

The best thing to do. It it will be the ideal choice if banks will adopt bitcoin as a currency with all the best it has. But I'm fear that this will fight the other currencies and it will not be possible. Only if the bankers find other incentives for the other currencies that can compete in some ways bitcoin.

In an ideal world (a world where banks aren't this powerful and people are willing to take responsability) banks will become obsolete for the citizenship and small bussinesses, only useful for companies in need of big amounts of liquid assets. The reason behind this statement is that not very long ago most of the tasks that banks do today were solved in contracts among individuals.

For example the payment conditions for mortgages were stipulated in a contract between the interested parties (usually an individual owner and the buyer) and was in rare ocassions where a bank was involved. The contract was as valid as any other legal document and the law protected the owner in case of dues being unpaid or the buyer in case any of the contract conditions weren't met by the owner. Another example are personal loans which were done among individuals as well and all the conditions and interest rate arranged via a notary contract. Nowadays this would be a very valid way for people and small bussiness with some saving to have a good return for an investment with small risks since, again law protected the loaners against unpayment and loanees against not stipulated in the contract.

Right now I don't recollect the link but there are law firm websites which promotes and try to educate the population about the laws that were valid in the past can still be applied today for doing these kinds of bussiness arragements without a bank being part of the equation. A bank gives more security to the transactions and makes all the work for you but if the parties take the time to prepare the contract and hire a notary and educate themselves a bit about contract law both will benefit more since they won't have a middleman who asks for its share.

I`d be happy with that. It's better to have the banks as your ally than your enemy.

I have no problems absolutely with the banks, and this would be the best thing that could happen, to resolve this conflict in a civil way.

Banks and bankers are ultimately too big to fail,
and governments will do anything they need to
in order to stay in business.
If the financial system starts moving to bitcoin,
then the banks will just buy out bitcoin
companies.

Sorry but have serious problems. Two rows above your citation from my post is written: "Because a debit card can be used with bitcoin in the same way like will fiat money." This does it mean that I know that have bitcoin debit card. Who told that don't have bitcoin debit card?

Or your post was to clarify mine?

I think that people would not care about FRB in the case of bitcoins as well. They'll continue to act in a way they are accustomed to i.e. trusting a bank as a safe place for their assets regardless of the fact what does the bank do with their money which is definitely unfortunate. If they don't care for FRB right now, why would they care in case of bitcoins then?

You could as well say "there's no need for war if only people learn to live in peace..."
People will always need loans and they will always need institutions that provide them, be it banks or Bitcoin companies made by whales that will serve the same purpose in case of a global Bitcoin adoption.

There are already a few bitcoin debit cards available which you can use at anywhere that takes Visa
https://in.xapo.com/campaign/debit/
https://cryptopay.me/bitcoin-debit-card

But since these run on Visa network, similar fees do apply
I think a new bitcoin card specific network would have to be created in order to get lower fees

I believe that bitcoin will risk the banks with the use of money. Because a debit card can be used with bitcoin in the same way like will fiat money. Always if the owner who release the debit card will not use high fees (hard to believe this). But I don't understand when it will be found the money for various credits which today can be taken only from the banks. Will be bank with bitcoin? But how I will use that bitcoin when they are not physic form? And it will not be the same with the fiat money because the credits will have the same fees to pay?

The only thing Banks are still useful for is safety deposit boxes and loans. If people stop wanting to borrow and start living within their means and saving then yes banks could be pretty obsolete and almost useless but as long as people want to live beyond their means then yes as banks lend money and governments keep printing it, they will still be around to haunt us. 

yes, they need the block chain technology, not bitcoin. So if noobs think that banks will invest in bitcoin and soon price of btc will be 1000000000$ then boo hoo, that isn't happening. Bitcoin can and shall never be centralized, something which banks will do the day they can actually do it. And if people still expect a bitcoin bank where they'd get funds back to keep their btc there, lol. never happening. Rather go to btc lend for that

Almost everything a bank does has to do with accounting. Keeping accounting the same across many branches using the blockchain is exactly what they need.

I don't think we'll ever need them at all unless they can take the deposit to find some ways to generate profit and give us back something in return. Banks need a way to manipulate the orderbook and since they can't change the blockchain, i don't think bitcoin will be if any interest to them.

When bitcoin first came out, it was advertised how people will take charge and stand up for themselves, creating an economic evolution and becoming their own banks. Now, you're back to the same mentality you were conditioned for. You are talking that if we stand up to something which is right, we will be arrested. The government doesn't run the country, the people run the country. Talking about India, if 125 million people want something, that would be democracy speaking. The 60 something appointed people won't be defined as the govt

as long as their is the fiat form..

i dont think any bank will ever dissappear, since they profit us using their currency they keep pumping out..

Bitcoin is still years behind making banks absolute. Go to your local grocery store and try to pay with bitcoin, they simply don't know what bitcoin is and reject it. Bitcoin is still to new and unknown in order to make banks obsolete.