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    Author Topic: Can Bitcoin make Banks disappear?  (Read 427679 times)
    Invulner
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    November 25, 2016, 05:43:14 AM
     #3161

    It seems that experts say that Bitcoin 'Here to Stay,' But Banks Could Disappear.


    "TheStreet: How do you think FinTech will impact the way banks operate?

    Frank Schwab: Banks either react on, or they will disappear. Anyway, the consolidation of the banking industry accelerates as the behaviour of people changes. Some banks will benefit from [FinTech], some will be pushed to the back end, and some will disappear."
    http://www.thestreet.com/story/13419089/1/bitcoin-here-to-stay-but-banks-could-disappear-says-fintech-expert.html

    What's your read on that?



    Banks are not needed anymore when you have bitcoin. The job of transacting money can be done already with cryptocurrencies such as bitcoin, without a middleman. And that middleman currently in society are banks.

    Banks also run on a sketchy fractional reserve system - bitcoin evidently doesn't.
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