Topic: Is banking still important in the bitcoin era? - page 32. (Read 2285 times)
Yes of course, Banks are the one who will keep our cash and savings. Even though we already have cryptocurrencies. People are still comfortable to use debit and credit cards. Banks also serves those people who want to lend money from them in exchange with their real state or jewelry.
Yes, banking is still important. I think we are not yet in the bitcoin era yet, we are still in the early stage. Banking is necessary, there are transactions that only a bank does. Someday there will be a time that banking is not that necessary.
There are different things physical banks still offer aside of lending, deposits, withdrawals etc. For example safe deposit boxes for physical / tangible assets. Until tech reaches the stage where physical stuff can be teleported or decimated into code and stored in cloud, physical banks will be needed for stuff like these.
well maybe that is important because some of crypto trader uses bank to cash out the funds.
The banks are still one of the most important institutions on the planet because they have millions of people whp use it and they get brig pne of the biggest quantity on monry to the economy of a country. Bitcoin or other coins are not even close to defeat banks and take control of the economy world, even though they also have millions of users. With a credit card from a bank you can pay everywhere and anytime for anything while with bitcoin you cant buy almost anything offline because there are no shops that accept it.
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
Banks played a vital role in the improvement of our economy. There are lots of essential activities that banks do for us to prosper like, facilitates the process of production, exchange and distribution of wealth. So banks will never be gone even if a new technology will arise. Bitcoin won't replace banks, they can work together in building a more productive and prosperous nation.
Here are some reasons why bank is important even if we are already in bitcoin era.
http://www.businessstudynotes.com/others/banking-finance/discuss-importance-banks-detail/
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
yeah, it is more important because it is where all the fiat come and go, It plays an important role in financial and economy. Without bamk, where would our money go?
For now is such, but block chain is likely to overturn the traditional banking industry, because the blockchain can make all the loans and different transparent, so you can use the distributed system to implement, so this is the reason why most Banks began to alert.
until recently people have deposited bitcoin or to withdraw money from bitcoin wallet using Bank. so how can Banks be abolished? because if without a bank we can not do both. unless bitcoin establishes its own bank that does not require the role of other traditional banks. of course, traditional banks are no longer needed bitcoin users. however, I think for now it is unlikely for bitcoin to set up banks especially in countries that still have not legalized bitcoin.
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
There is certainly a need for banks to exist. Bitcoin certainly needs to be cushioned in the process of replacing French coins. Banks are the role. Without a bank, Bitcoin can hardly be the mainstream currency in the world or even replace all currencies. 
Financial system is running through banks and other financial institutions so bitcoin er a is good but the banks will start working through bitcoin so banks will be deal in a most advance way and this is the real one that bitcoin will grow more in the near future and for the future the bitcoin is very important and the banks will still important in the bitcoin era.
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
yes, we cannot put banks aside, one country's economy still needs banking especially today, although bitcoin is starting to conquer our lives financially, still it has a lot of things to improve, one is the buying power of fiats, still, bitcoin has limited buying power due to lack of institutions that accept it as payments, in terms of services like day jobs and peer to peer services that is paid in fiats, groceries, hospitals and so much more, maybe if bitcoin will further develop in coping with these financial aspects, then there will come a time that banks will close due to its inefficiency and irrelevance.
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
Of course banks will still be important even Bitcoin become more popular and widely used as a currency, and it doesn't mean that if one is more used the other one should be replaced. Remember that in any country there are lots of less fortunate people that can't use Bitcoin, so if banks and fiat will disappear how will they be able to buy their needs. Also those financial institution helps government to collect tax, which will be hard to do if Bitcoin and other cryptocurrency will be used as the main currency. But cryptocurrency will always be a threat to existing financial system as it doesn't need any banks for them to work as a currency.
Financial institutions are not going to disappear, crypto or not. The are an essential, integral part of the current economic system. Retail banking is just a small part of it, financial institutions providing capitals for corporations are much more important, and crypto is of no danger for them.
of course, the bank has its own role in a country, its small example as a container for lending capital, other credits and as its, even though the development of crypto world is very rapid, but the bank has its own role, and they will not close the company, maybe later them will follow also the current development of the crypto world
Yes, banks has a big role in the community and in the financial markets. Even though bitcoin is widely adopted, it doesn't mean that banks will lose their worth. I believe that banks and cryptocurrencies can co-exist and will work just fine with existing banks in the future,
yes, banks are still very important for some people. but I think every bank if wants to survive in the digital age, they must to use some crypto platform that support to do transaction.
because slowly, the public has begun aware the world of crypto and digital. so in the end if the bank does not innovate, then the public will leave the bank.
because slowly, the public has begun aware the world of crypto and digital. so in the end if the bank does not innovate, then the public will leave the bank.
banks will only not matter once cryptos stop doing this:
1, stop being measured against fiat
2. stop being traded against fiat
but that would require people to stop buying food, clothing and paying tax in fiat.
as for 'banks' not mattering to society in a crypto utopia..
well if you look at the direction bitcoin is going.. LN hubs become bank2.0 where retailers start being the bank... oh wait in the UK we already have virgin bank, tesco bank, sainsburys bank moving fiat around.. so not much of a step to move crypto around where they control CLTV (1-3 business day fund maturity) and CSV(chargeback/wire reversal)..
and altcoins will have masternodes as bank 2.0
1, stop being measured against fiat
2. stop being traded against fiat
but that would require people to stop buying food, clothing and paying tax in fiat.
as for 'banks' not mattering to society in a crypto utopia..
well if you look at the direction bitcoin is going.. LN hubs become bank2.0 where retailers start being the bank... oh wait in the UK we already have virgin bank, tesco bank, sainsburys bank moving fiat around.. so not much of a step to move crypto around where they control CLTV (1-3 business day fund maturity) and CSV(chargeback/wire reversal)..
and altcoins will have masternodes as bank 2.0
Financial technologies such as bitcoin, P2P lending and crowdfunding are just beginning to take off, and businesses involved in the industry pose little immediate threat to traditional commercial banks. Banks, after all, the country's economic lifeline, so I think the bank is still very important, do you think?
Actually the cryotocurrency system can not fully replace our fiat system because it was well established for so many centuries so we can't expect that to be replaced by a new technology which is just found before 10 years.But banking system is not that much important of cryotocurrency was accepted worldwide as a payment because we all have our own bank we can transact our money to anywhere so there is no need for banks. There is a market share for everyone. Banks will be the preferred network for much older people who are not capable to handle their own financial affairs. The people who still need face-to-face interaction with people, to solve their problems. The younger generation wants a much faster network that suits their fast paced online life and Bitcoin is filling that need.
Bitcoin also gives younger people independence from authority. You might be too young to handle your financial matters when you use Banks, but Bitcoin makes no distinction with age.
Bitcoin also gives younger people independence from authority. You might be too young to handle your financial matters when you use Banks, but Bitcoin makes no distinction with age.
I agree with you, there is a market share for everyone. Banking still play an important role in the financial system even in the advent of bitcoin. Some senior citizens preferred the traditional bank accounts because they avoid technology, they don't understand it or it makes them uncomfortable. My mom is one of that non-tech people and preferred eye to eye with person counting her money. We, the millennial generation preferred investing our hard-earned money in the leading digital currency bitcoin instead of opening traditional bank accounts because we can earn more from bitcoin.
In 1994, Bill Gates had said banking is necessary, banks are not. Although Bitcoin/Blockchain technology does give us the choice to be our own bank, the technology hasn't evolved to the point of offering a whole new level of decentralized banking services ecosystem, for that banks are undeniably necessary/important. A few traditional banks are already working on moving to private banking on Blockchain. Bitcoin/cryptos are an alternative banking solution and as far as I would like to believe it would make banks obsolete, guess it wouldn't happen, but most probably banks would be forced to bring changes in their fundamental business model to provide better services.
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