The end of the banks due to bitcoin - page 2.

Cinemo

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

No its not possible. Banks will not end because of bitcoin. As long as there is fiat money, bank will exist. As many people using bitcoin they will find ways and solution to adopt to the new trend and to the situation. Why bank will end bitcoin? Do they hate bitcoin? Don't we know that some of them are using bitcoin.

Akash1243

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Nah I don't think so that bitcoins or crypto currencies can put an end to banks whereas it think that in few years banks can adopt the idea of blockchain technology and crypto currencies.Banks are important part of the society as they provide banking services and many types of loan which bitcoins can't provide to the people.Banks will adapt to the changes it won't go against them unless bitcoins are made illegal in that country.

mayidid

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I think banks will survive for a long time to come. They have a lot of political power and cryptocurrencies are just starting to get mainstream attention. It will be a while before Bitcoin and other cryptocurrencies can disrupt the banking industry. Only a small percentage of the population has Bitcoins right now and many of us still rely heavily on banks for mortgages, loans, and general banking services.

Invest.Ort

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This is quite possible, but probably in 100 years or more. As long as the old generation of people who have only a need for Fiat live, then they do not need any blockage. If the blockade and the truth becomes very popular, the banks will adjust to it, but they will have more power.

alyssa85

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Quote from: idgaf007 on March 02, 2018, 05:51:15 AM

It will be a tough battle between banks and cryptocurrencies but I think the banks will eventually need to adopt for them to survive. In our country it is starting to happen banks having blockchain technology. Hopefully whatever happens in the end is good for everyone.

This. Banks will simply allow you to have an online wallet with the bank, connected to your current account. Some banks are already offering this, especially in Switzerland.

And in the other direction, Bitwala has applied for a banking licence in order to set up current accounts connected to their existing online wallets.

Banking will just adapt and become more efficient.

galkina

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

This is not going to happen in my opinion. There are a lot of people who still prefer banks because:

1) They consider bank more safe for depositing their money. When you are investing money in bitcoins, there are chances that the exchange where you have purchased the money may get hacked. It has happened in past to some exchanges and thus some people fear in investing in bitcoins. They are satisfied with bank deposits even if it gives less returns.

2) Another advantage of banks is that if some fraud happens, you can appeal to police. But in case of bitcoins, it is hard to track such incidents.

Dudeperfect

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It's not due to the Bitcoin but the stand of not changing and optimising the traditional working process. Bitcoin is based on blockchain technology which relies on the decentralization principles so it not only saves the time but also the cost of making the transaction, whereas banks rely on the centralisation principle which takes time to process the transaction, if banks are not transforming themselves in order to provide better User experience then but obviously people will prefer using the faster methods of doing the transactions. That's the reason why many banks are trying to implement blockchain technology in order to increase efficiency in their work pattern.

Cocojam0610

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FILIPINO TRANSLATOR

It will end the uses of the banks and increase the uses of remittances. But if banks will issue their own crpto currencies then that's a different future i can forsee.

coinbitw

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few of us would think that it can be somehow regulate bitcoins in bank, it have chances to be that since it is a good opportunity to everyone for easier and faster transaction but risky security system (must be well implemented and take higher measures)

Herressy

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Quote from: ?? on ??

Quote from: sirkings0003 on March 02, 2018, 04:18:23 AM

Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

I do not think, bitcoin or cryptocurrency will end normal fiat banking. They will still be necessary and essential in the society because it has its own unique benefits that is almost indispensable. The uneducated elderly ones can not participate in cryptocurrency but they can bank in their local areas.

For now, the bank will still prevail since crypto adoption were not that wide yet to eliminate them, blockchain is too good to be true that can replace bank soon, but it needs more regulations, adoptions, and preparation before it happens and it will take more years before it can be acceptable.

so definitely bank are may not end for bitcoin and bank will always to be as being to be one or joined for making as what they wanted to be for a change and as what the technology can be for.

Ms Nuha

newbie

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of course not. not all countries want to accept bitcoin as the payment instrument. so with this currency or bank is still useful and necessary and required to process payment anywhere. currently, the only even number of countries reject bitcoin so of course this makes it not all developing bitcoin in all countries and prefer cash and bank transactions and place saving money.

setialovers

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I think banker always evolve their self. as we know, recently big investment bank which is Goldman Sach just buying one big crypto exchanger and I am believe they have plan to evolve and take benefits from cryptocurrency

idgaf007

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It will be a tough battle between banks and cryptocurrencies but I think the banks will eventually need to adopt for them to survive. In our country it is starting to happen banks having blockchain technology. Hopefully whatever happens in the end is good for everyone.

TorbiK

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Diagon

I think Bitcoin will not soon replace the banks. Rather, banks will adopt the technology of blockchain. And they will try to keep control over people's finances.

Destroyeroff98

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

Bitcoin can not do away with the banks. Rather, in the future, banks will start to trade cryptocurrency and manage it.

Maryverycool

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

I don't think Banks are going to die because of bitcoin. Banks are still more widely used than bitcoin. There are Banks all over the world. The legitimacy of Banks is recognised by everyone around the world, and with the backing of the state, it will not end.

Semaj123

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Quote from: sirkings0003 on March 02, 2018, 04:18:23 AM

Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

I do not think, bitcoin or cryptocurrency will end normal fiat banking. They will still be necessary and essential in the society because it has its own unique benefits that is almost indispensable. The uneducated elderly ones can not participate in cryptocurrency but they can bank in their local areas.

Definitely right, bank will still remain because people will still used fiat and also our crypto assets will also be converted into fiat. Banks has still a big rule in the society due to its services which holds golds and other assets that needs to be keep in safe. So, I think banks will still remain and will never be erased in the community.

sirkings0003

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

I do not think, bitcoin or cryptocurrency will end normal fiat banking. They will still be necessary and essential in the society because it has its own unique benefits that is almost indispensable. The uneducated elderly ones can not participate in cryptocurrency but they can bank in their local areas.

sicnarfkswiss

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Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

[/quote
Bank will always be here no matter what because fiat need bank and the government doesnt want bank to end. The percentage of bank depositors is high compared to btc. Bitcoin and bank is different.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Raja_Salman on March 01, 2018, 10:19:48 PM

Banks will not die even if there are bitcoins but some sector bank functions may be replaced by bitcoin or cryptocurrency. live later the community itself who judge and will use the bank or not

I can tell you one thing that several banks and financial institutions are in discussion about accepting blockchain technology as a service or so. That will help the adoption of blockchain and not crypto. It will make crypto popular but the adoption of crypto is still doubtful.

Quote from: 1nvestments on March 01, 2018, 11:19:53 PM

Quote from: Jackypot on March 01, 2018, 03:05:46 PM

It can be a possibility Roll Eyes

Is it more probable for the BTC to disspear as for the banks then the otherwise.

No. Learn more about the bitcoin network and nodes before speaking of things you cant hope to comprehend with your shitposter brain.

Quote from: smhome354 on March 01, 2018, 11:33:53 PM

I don't think banks will end due to bitcoin. Banks have several ways of getting their income. Banks and bitcoin may have some similarities in getting their earnings but established banks have more ways to do it. Banks may have lesser income now because of the bitcoin advent but I don't think they will close.

Actually banks are essential to common people as well. Not everybody is a cyberpunk bitcoin user even people of this forum for that matter. For daily necessities people will need to use the bank services. Both will survive for now but lets see what happens in future.

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