Topic: is it true that bitcoin is a disaster for local banks - page 3. (Read 1198 times)
This a real scenario happening now with me and with my friends. So I am really into investing on banks and stock market same as my friends. Then we discovered cryptocurrency we read articles about it and did some research and we learned that gaining money here is faster compare to investing on local banks. So now I am using banks for savings only.
bitcoin has blockchain, the technology that powers Bitcoin and other cryptocurrencies, is that it can “create trust”, or allow two parties to make a transaction “without relying on trust this means we could create a world without a trusted “man in the middle”. We could have financial services without a bank verifying transactions and we could transfer ownership with all this unique features of bitcoin most banks believed its a disaster to them
Maybe, because as we all know, right now most people have computers and everyone starts making small to large transactions with Bitcoin. So, it can be possible that Bitcoin can make the bank disappear. But, the Bank has its own place in the economy, I think banks will adjust to starting accepting bitcoin.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Banks don't like the way bitcoin is created by being a decentralized currency but they are not afraid of it. Major banks are also planning to integrate cryptocurrency in their system by either adopting an existing coin or creating their own coin. Ripple is one example which is adopted by some banks and payment networks. In the future, many banks will also create some sevices that involves with the use of cryptocurrencies.
well,It used to be the case few years back. Now a lot of banks worldwide are seeing the need to incorporate bitcoins in their operations. Do not be surprised to see banks offering bitcoin transactions.
The main time I figure it will be a fiasco for banks will be if government will permit bitcoin exchanges to run uninhibitedly. Individuals who can securely store their own particular finances in an advanced wallet will do that as opposed to squandering hours at the banks enrolling, lining up, paying expenses previously they can money out their cash
IMO, bitcoin/cryptocurrencies and banks can be pictured out as what happened to e-mail and postal services. If bitcoin/cryptocurrencies will be fully utilized as an alternative to fiat money, then bitcoin can surely be a disaster for banks locally or internationally.
You are dreaming of bitcoin's power too much, I do not even see it as the catastrophe of the bank, I just see it starting to show weakness with the bank, the value of bitcoin is almost a slap for everyone, dream and hope, want to replace cash and bank. And the end result is still a loser, banks are always high and high mountains while bitcoins are in recession and many people doubt that it will end, disaster for the bank, it really is a joke I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
Actually, one of the benefits of bitcoin is easy the experience users struggle with international and local banking transfers. It’s more about the blockchain technology, not bitcoin. Banks have started adopting blockchain and they will highly benefit from it. Furthermore, the mainstream bank clients don’t trust bitcoin so I would not expect a major shift in this regard.
Nevertheless, my personal conviction is that blockchain and bitcoin are always about opportunities, not limitations!
At present, the situation depends on the ruling bodies of states and banks and it will be very difficult to destroy the banking system, because it has more power. The only thing banks can do is work with crypto-currencies.
Banks do not take bitcoin seriously. Because no one uses bitcoin as an everyday means of calculation.
The purest truth. In a world in which the crypto currencies will win, banks simply will not be needed by people. No, but seriously, for what purpose will people continue to use them?
The possibility exists but if the government remains in its stance to impose limits on the use of bitcoin and still provide fiat or local currency as the main currency, of course the bank will continue to exist, or the second choice is the bank to cooperate with crypto so that no one must beat each other
A lot of things will happen with the Bank if Bitcoin starts a lot in interest of a country from the Bank because you will invest your money in Bitcoin again not to the Bank.
IMO, bitcoin/cryptocurrencies and banks can be pictured out as what happened to e-mail and postal services. If bitcoin/cryptocurrencies will be fully utilized as an alternative to fiat money, then bitcoin can surely be a disaster for banks locally or internationally.
No. For the reason that bitcoin is not at the moment universally accepted and secondly the banks don't need bitcoin to cause them disasters they do a fantastic job of that themselves-just look at the scandals surrounding the banking industry anywhere in the world.
Whatever you do, you still need your fiat currency to spend your cash. And, this will require the services of your local bank. Because bitcoin use is not widespread and bitcoin is not widely accepted, compared to normal banks, it cannot be a disaster for banks
I guess not, cryto is good and can be alternative for banking/saving money but the fact is not all people have knowledge about bitcoin. Even the time passes by, we cant ignore the fact that there will be people who against and choice to live like what they are now. Also, people who not totally in on new world
Yes,if bitcoin adopted by more people then it is a true disaster to the banks and do you know all the local banks were controlled by some central authority so don't worry if local bank or the central bank all are making money out of thin air so we no need banks anymore just move to decentralized system.
Bitcoin is not a disaster, it is a cryptocurrency that threatens the existence of the local and international banks due to its decentralization. With the use of Bitcoin, no need for a third-party intermediary to make any financial transactions, the sending and receiving of funds will be very easy thru P2P process and it would only take some seconds to complete the process.
If bitcoin threatens the existence of banking sector, in future bitcoin can be potential disaster for that banking sector. It`s not that bitcoin is a disaster, but it can be for the banks, in future crypto can fully replace banking system, what will happen with banks in that case? You misunderstood what op wanted to say, but in same time you elaborated his headline. I strongly believe in that outcome, but who knows what future is bringing, we can`t be sure in anything 100% this days, many things can happen, people work on both sides, you can say it`s a war out there, but crypto is slowly growing and pushing out banks, it`s happening on a small scale, ordinary people are doing that, what will happen when governments and companies start to massively adopt crypto, banks will be crushed.
Bitcoin is not a disaster, it is a cryptocurrency that threatens the existence of the local and international banks due to its decentralization. With the use of Bitcoin, no need for a third-party intermediary to make any financial transactions, the sending and receiving of funds will be very easy thru P2P process and it would only take some seconds to complete the process.
I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
The major fact is that Centralised currencies have nothing to do with the decentralised currencies. There are several threads similar to this and this question has been already answered several times. Bitcoins will never take over the fiat currencies because they are been nationalised and also it is impossible because of the national governments. Government can never make this happen because the centrakised currencies gives them the ease to track and manage the supply of which compared to the decentralised currencies is not possible. Jump to: