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    Author Topic: Can Bitcoin make Banks disappear?  (Read 427679 times)

    • atc1-REAL
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    July 02, 2017, 06:05:16 PM
     #4581
    Plus one of the fundamental ingredients of the state economics-taxation, depends on banks and the banking system. This alone would be more than enough of a reason for bitcoins to never be able to overtake banks without inherent value.

  • 8Habits
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    July 03, 2017, 04:42:08 AM
     #4582
    Quote from: atc1-REAL on July 02, 2017, 06:05:16 PM
    Plus one of the fundamental ingredients of the state economics-taxation, depends on banks and the banking system. This alone would be more than enough of a reason for bitcoins to never be able to overtake banks without inherent value.

    Correct. When the government and a country is still functioning well, there is no reason that bitcoin can replace banks because banks are already an institution and has been established with the government. When the country is in chaos, no order, and anarchy, maybe that is the time that bitcoin can overtake banks - but really, what is it for when that happens?

  • Vohoanghiep
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    July 03, 2017, 04:58:23 AM
     #4583
    Quote from: BTCBinary on January 12, 2016, 02:40:58 AM
    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?




    I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear

  • OrangeII
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    July 03, 2017, 05:08:23 AM
     #4584
    Quote from: Vohoanghiep on July 03, 2017, 04:58:23 AM
    Quote from: BTCBinary on January 12, 2016, 02:40:58 AM
    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?




    I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear
    Basically the bank was formed from the government, and it is really in need of a country. Well, I think the bank is something that will be a harvester in a country. Aya do not think that it will be replaced by bitcoin or other altcoin.
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  • 8Habits
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    July 03, 2017, 06:01:22 AM
     #4585
    Quote from: OrangeII on July 03, 2017, 05:08:23 AM
    Quote from: Vohoanghiep on July 03, 2017, 04:58:23 AM
    Quote from: BTCBinary on January 12, 2016, 02:40:58 AM
    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?




    I think Bitcoin will not make the banks disappear but also make it even more development. Because, the value of Bitcoin will also be converted into money, where money exists, it is certain that banks will also survive. I believe the banks will change rather than disappear. They will change to be able to work with Bitcoin. In addition, banks are inevitable needs of each person when they want to borrow money, save money, change money, transfer money, ... nothing can change it. Therefore, the bank will not disappear
    Basically the bank was formed from the government, and it is really in need of a country. Well, I think the bank is something that will be a harvester in a country. Aya do not think that it will be replaced by bitcoin or other altcoin.

    That is correct. So, what is sure thing to happen and is currently happening right now is that banks and bitcoin co exist each other.. People have opportunity to choose which alternative they want to use on their online financial transactions.

  • rjbtc2017
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    July 04, 2017, 01:03:22 AM
     #4586
    It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
    but i think if bitcoin will grow the banks will also grow

  • Dontme
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    July 04, 2017, 01:52:42 AM
     #4587
    That was hard or difficult to be done. Why? Because banks are commonly used by people and it makes them comfortable with it as well as they already trusted it. Banks have the strong foundation that people can really trust their money on their. Since it is proven and tested by all. Government are one who connected with it. So, it is impossible that bitcoin can make banks disappear maybe bitcoin will be more valuable to anyone but banks can never replaced.

  • Yanisumin
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    July 04, 2017, 04:06:39 AM
     #4588
    Quote from: 8Habits on June 26, 2017, 12:55:24 AM
    Quote from: Yanisumin on June 26, 2017, 12:37:00 AM
    Quote from: Flodemaga on June 05, 2017, 09:26:58 PM
    No, banks are already thinking into some way to use bitcoin technology to save them a lot money over their inside transactions. Bitcoin isnt a real problem for banks, they provide a usefull thing the loans for over 2 years up to 50 years, the max period you will lend your coins will be for maybe 2 weeks with colateral. Besides those the world economy does use banks, and they wont change it at all, soo bitcoin isnt a problem to banks at all, even with some people using it, the money will return to banks in the end.
    What you're saying is true because people will also exchange btc to fiat in order to buy things that can only be bought by means of fiat money. But what everyone saying here is what if many countries began accepting btc as a payment ( as we all see they began regulating btc ), and what if many people are using btc let's say 60% btc 40% fiat currency, I wonder if the banks will accept the fact that btc is the new age and they will bought a lot of btc in order to replace their money into digital currency which I think if they don't do some companies will begin launching other cryptocurrencies banks and the older banks will fade, which I think this will have a lot of contradictions regarding fiat to cryptocurrencies to Central banks and to online banks and to government and it's people who use cryptocurrencies. This will be a long haul of hearings and New laws will be implemented in the payment system of cryptocurrencies.

    Your assumptions are valid but it is far from happening anytime soon because our financial industry, which banks are in, are regulated by the government and they can control and implement policies for the thriving of these banks.

    Yup Ive heard some central banks are regulating btc but they are still finding some ways on how to implement tax on it. That means we are still not free from taxes.
    Hmmm If they are making ( little by little ) to be used in the microeconomic system and soon in the macroeconomics, then it is a good sign but too much taxes are ruining it. I still dont imagine a central bank using btc that easily because as far as I know, there are too much people and things involve, not mentioning the personal interests.

  • 1.btcwonder
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    July 04, 2017, 07:03:14 AM
     #4589
    Bitcoin is a system that objects to simplify transactions without the necessity for a bank.
    People have a tendency to overlook the statistics that anywhere one manages the value in different systems inevitably forms an economy. There shall be tools and factors that affect this economy to promote it. Banks are among the factors that affect the economy. Banks proceed within another kind of economy. Banks are considered to safeguard people’s money, offer the same money to people that essential to collect interest and eventually have the money replaced within to generate maximum price per rotation.

  • Sahara2007
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    July 04, 2017, 07:09:42 AM
     #4590
    Banks are a fundamental and critical part of the financial system and is very important, I don't think bitcoin can make these disappear in a day or two and it would be a process of years if it ever happened.
    Banking system would change with the blockchain system IMO, but not banks themselves disappearing, and it would still be the same (people open accounts, deposit, bank lend to merchants, pay interest).

  • btcwonder1
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    July 04, 2017, 07:24:24 AM
     #4591
    Bitcoin will never make banks disappear. Why? Because the quantity of bitcoin is not enough to be used worldwide replacing fiat in all countries.  Tongue
    There is always more to learn about Bitcoin at www.btcwonder.com

  • Warry
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    July 04, 2017, 02:36:52 PM
     #4592
    Quote from: rjbtc2017 on July 04, 2017, 01:03:22 AM
    It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
    but i think if bitcoin will grow the banks will also grow
    Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.

  • rjbtc2017
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    July 05, 2017, 01:49:01 AM
     #4593
    Quote from: Warry on July 04, 2017, 02:36:52 PM
    Quote from: rjbtc2017 on July 04, 2017, 01:03:22 AM
    It cannot be easily happened, the possibility is still low, since banks are connected to each country's government
    but i think if bitcoin will grow the banks will also grow
    Yeah banks are basically controlled by the governments so that they won't let that happens which makes their controlable source of taxes. On the other hand, Bitcoin is not yet optimized for daily payments so that it can not replace real money, banks are still needed.

    I agree, Bitcoin is not yet in its full capability, but replacing real money is somehow impossible for me, even to think that in the near future bitcoin might be the popular currency doesn't change the fact that we still need real money.

  • itsallpc
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    July 05, 2017, 06:28:06 AM
     #4594
    Bitcoin is the main rival of bankers.Banks mainly depends on two things for its income.First by lending loans for interests and second from transaction fees.They have started to suffer a huge loss in income got from transaction fee due to bitcoin.But,they are still gaining income by lending loans which has not been affected by bitcoin.So banks would continue to exist.

  • Smarty14392
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    July 05, 2017, 06:58:08 AM
     #4595
    Bitcoin has a unstable price. It cant replace bank according to me. Bitcoin is not a  paper copy of currency. Untill now, Bitcoin banks are also not established. Bitcoin price can anytime grow or decrease. If its price becomes stable then banks can be established of bitcoin, but its highly impossible. Bitcoin's price can never be stable. Its a cryptocurrency. Bitcoin will grow a lot.
    Bitcoin ATM are available in some countries but banks are not yet established so its not possible for banks to replace with bitcoins.

  • coerdy
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    July 05, 2017, 10:04:58 AM
     #4596
    Bitcoin is the new payment technology but, it will don't make banks disappear. In the coming days, banks will understand the usage, advantages and technology of Bitcoin and implement in various payment methods.

  • DoublerHunter
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    July 05, 2017, 10:31:22 AM
     #4597
    Quote from: coerdy on July 05, 2017, 10:04:58 AM
    Bitcoin is the new payment technology but, it will don't make banks disappear. In the coming days, banks will understand the usage, advantages and technology of Bitcoin and implement in various payment methods.
    I agree with you, that will be the possible scenario for bitcoin and also the banks because if the banks will realized that bitcoin is worth it then there is no reason to not adopt it as a good payment method for their banks deposit and also for withdrawals and acting as an exchange for bitcoin to fiat or vice versa. Banks will adjust because they can't stop bitcoin because it is decentralized currency.

  • Manuj
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    July 05, 2017, 10:46:15 AM
     #4598
    I think both are existing quite solidly for now. So I think they will still exist side by side.

    You can take advantage of both for now. We will have to just do with it for now.

  • 8Habits
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    July 05, 2017, 10:58:36 AM
     #4599
    Quote from: DoublerHunter on July 05, 2017, 10:31:22 AM
    Quote from: coerdy on July 05, 2017, 10:04:58 AM
    Bitcoin is the new payment technology but, it will don't make banks disappear. In the coming days, banks will understand the usage, advantages and technology of Bitcoin and implement in various payment methods.
    I agree with you, that will be the possible scenario for bitcoin and also the banks because if the banks will realized that bitcoin is worth it then there is no reason to not adopt it as a good payment method for their banks deposit and also for withdrawals and acting as an exchange for bitcoin to fiat or vice versa. Banks will adjust because they can't stop bitcoin because it is decentralized currency.

    Whether we like it or not, banks are there for profit. And if there are more additional profits they can get from incorporating bitcoin services into their business, then there is really no reason for stopping that. I believe that they are just keenly watching and observing how this new bitcoin phenomenon and it is just a matter of time that they will soon adopt it.

  • zeta1
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    July 05, 2017, 11:29:16 AM
     #4600
    No. Both, Banks and Bitcoin will work together in the upcoming days for secure and safe transactions. Both have their own identities in the financial segment, so don't think in negative way and understand the benefits of bitcoin.
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