Can Bitcoin make Banks disappear?

[BillyBobZorton]

As long as there is demand for banks and its services, there is no reason for banks to disappear, just like any other business. Just one thing to add, without banks, fiat cannot exist, because banks are the only ones who creating money out of nothing when lending money (thats fiat main function) - if anybody else create new money out of nothing, it is considered counterfeit instead - so fiat, as most love it, can not exist without banks.

Yeah I don't get why people are saying that banks will all collapse because of Bitcoin. Banks will adapt and start offering Bitcoin related services to stay relevant (otherwise they may actually go extinct but I doubt it.)

[Kprawn]

The current banking system as we used to know it are dissapearing any way... not because of primarily Bitcoin... but due to online banking services becoming more common. You

can do almost anything online these days, and the physical bank and all their employees are not really necessary anymore. Yes, there are some storage facilities that cannot be

replaced with online options, but the rest can be replaced. Bitcoin will just speed up this process, because it replace the necessity of a intermediary.  

[jt byte]

The power of bitcoin is big, but not big. I think in the end banks will develop their own bitcoin and force it onto their customers.
Problem is they must make it way cheaper else people will still go with bitcoin.

[johnyj]

I think average people's intelligence has not reached a level that they can live without banks

[pondjohn]

I actually explored this exact topic in a recent blog post you should find interesting.

Bitcoin alone will not be the end of the banks, but the end of the banks may well be coming.

Check it out: http://pondpolitics.com/2015/12/should-banks-fear-bitcoin/

[countryfree]

Banks will stay forever because of regulations and normal business practices. In most of Europe, it is impossible to get a phone line without a bank account. The phone company will tell you that it doesn't want to do business with you. No phone, so no Internet and no BTC. Same for utilities.

[relq]

I think bitcoin don't make banks disappear, bitcoin also need online bank though. like blockchain.info is a wallet also like a bank for bitcoin. maybe banks can try accept bitcoin to save in real life bank.

[avw1982]

I think bitcoin don't make banks disappear, bitcoin also need online bank though. like blockchain.info is a wallet also like a bank for bitcoin. maybe banks can try accept bitcoin to save in real life bank.

If real life banks accepts bitcoin as depositing value. They will put a charge for that as well. Better I feel in future also bitcoin should work alone without includation of bank. If bitcoin can do some big changes in international market. Sure Siemens change will come.

[robelneo]

In my opinion I don't want to happen and I guess it will not happen banks has been here thousands of years ago we should not be all to dependent on crypto currency they can co- exist and they will do good with each other,banks has a lot of function beside governing the fiat or monetary system of the worlld

[stromma44]

In my opinion I don't want to happen and I guess it will not happen banks has been here thousands of years ago we should not be all to dependent on crypto currency they can co- exist and they will do good with each other,banks has a lot of function beside governing the fiat or monetary system of the worlld

Yes and banks will never disappear as people have more faith in the banking system, and honestly speaking we need banks for certain reasons say for fixed deposits or investing in life insurance policies, bitcoin is a good alternative option when it comes to online transfers but banks are important too.

[darkstarzz69]

I wouldn't be surprised if one day there will be Bitcoin banks. It is a possibility with encryption techniques always changing.

[d5000]

In the long run, I have expectations that the importance of banks will be much lower than today because of the influence of cryptocurrencies.

At a first glance, it seems we still need banks, above all because of the lending / credit business. But Smart Contracts (e.g. Ethereum / Counterparty), digital assets (e.g. Nxt Assets) and other technologies are already making possible financing without a bank's intervention.

There is still a difference: Banks have still better evaluation mechanisms to determine a debtor's risk. For example, at this moment for the average Joe it would be difficult to finance a house via a NXT asset or something similar, because nobody would trust him. But for sure there will be enterprises that will explore this niche.

[~Bitcoin~]

I think average people's intelligence has not reached a level that they can live without banks

Even people in some part of the world are out of reach to bank or aren't intellegent enough to make bank transactions. Bitcoin to replace bank is out of imagination.

[whizz94]

I reckon that banks will continue doing what they presently do, whilst genuinely productives will increase our ability to trade with other genuinely productives through our own cryptocoin networks, all bitcoin backed.  In the far future, giving money to a bank might be seen as being like giving money to a junk bond salesman.  I wouldn't do that, but there continue to be some years when unproductives need to issue junk bonds if they are to carry on as usual and there will be some years when unproductives need high interest from a junk bond.  Just so long as that nonsense does not get bailed out by the taxpayer, I'm ok with it.  I just stay away from all that.

[dhimasnk]

I think, banks will not be disappear. Instead, they'll start using bitcoins instead of fiat currency with some regulations like in fiat.

Yes I agree with you, it is very difficult for a bank to disappear

[wikenpp]

I reckon that banks will continue doing what they presently do, whilst genuinely productives will increase our ability to trade with other genuinely productives through our own cryptocoin networks, all bitcoin backed.  In the far future, giving money to a bank might be seen as being like giving money to a junk bond salesman.  I wouldn't do that, but there continue to be some years when unproductives need to issue junk bonds if they are to carry on as usual and there will be some years when unproductives need high interest from a junk bond.  Just so long as that nonsense does not get bailed out by the taxpayer, I'm ok with it.  I just stay away from all that.

Let's hope banks will not be needed for using/saving money. They are far from fair motivated to making bigger profits every yaer.
Consumers & companies these day depend on them which is odd, since they are just a (replaceble) money service provider

[jacktheking]

I do not think that Bitcoin will make Banks disappear. Instead, like what the person said, they will react on.  The world of business is very competitive. They will do their best to get the most profit. They will overcome the problem and find ways to attract Bitcoin user.

[Jeremycoin]

I think yes, because there might be in the future that Bitcoin will replace Bank. That time when anyone in the world acknowledge that Bitcoin is the World's Money.

[yoona]

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?

this is too much speculate,i dont think bitcoin can make banks dissapear,i just think more eligible stetment is "bitcoin will make bank afraid,and consider to accept bitcoin"its not mean bank will disapear,i also think this is too early to predict about disapearing bank because bitcoin.

[shawnhcorey]

No, just no, this is just not going to happen
Like someone said on the first page, the world is ruled by bankers
Can you imagine what will happen to the stock market? To wall street?

Yup. Banks and the financial markets will no longer be able to counterfeit money. Too bad, so sad. Not.

BTW, stay away from blockchains controlled by a bank. Blockchains are distributed ledgers. If a blockchain does not have a lot of miners, it is not distributed. And the ones who control the blockchain controls the transactions. In other words, they can create a transaction that gives them a lot of money whenever they want. So don't fall for their hype.