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[salvi]

I have such question for a long time as bitcoin price sharply rise and fall which actually more complex for me.

 

[KarthikP]

Not at all. Not all the countries have made Bitcoin legal. It can never replace banks. Banks are universal in nature and will always be present even if crypto goes to moon.

 

[Monetizeit]

In the long run it may be actually possible but only if the technology is developed which makes the transaction of bitcoin possible through the satellite without any Internet service connection

 

[Yuanbdz]

Banks will not disappear even the nations will become a cashless country because there are a lot of people who already invested on banks when bitcoins does not exist before at the first place.

 

[Yuanbdz]

And also, everyone needs a bank, even though there is already a bitcoin but we also need cash for certain moments to take the money we have to go to atm bank. Hopefully they can work together.

 

[microunit]

In the long run it may be actually possible but only if the technology is developed which makes the transaction of bitcoin possible through the satellite without any Internet service connection

I don't think it's possible unless all the countries make bitcoin legal and make it an official currency in that way all the banks will be replace with digital wallets, but there's no way of that happening

 

[Yuanbdz]

I don't think it's possible unless all the countries make bitcoin legal and make it an official currency in that way all the banks will be replace with digital wallets, but there's no way of that happening

Exactly. I agree to your opinion.

 

[microunit]

I definitely dont think bitcoin could make banks vanish. Banks offer loans which I dont think blockchain technology could ever be able to do so. There are many other services that banks offer that I dont think crypto will never be able to offer

Actually there are some crypto website that are starting to make loans now though i don't really know how that works and how the collateral is taken care of, i think the freedogeon one is the one with loan

 

[microunit]

Bitcoins can never make banks to vanish as banks are legal entities all over the world for sending and receiving money but bitcoin hasn't really been made legal in some countries. Banks offer financial advice to their customers while the blockchain technology can not do such

actually there is already a handful of countries that have already made bitcoin legal for use, I forgot which country it is though

 

[Masakodi]

I have such question for a long time as bitcoin price sharply rise and fall which actually more complex for me.

No way. Look at the figure and judge yourself. How many people use bitcoin wallet ? How many people use bank for money deal? Compared to bank users bitcoin users are very very few. Also even if bitcoin cross 1 million dollar price still people may use bank to keep money there after selling bitcoin )).

 

[mirenavz]

Bitcoin and bank are 2 different things. Bitcoin cant stop banks. It is ridiculous idea that people put money on bitcoin rather than banks. Bitcoin may be more popular in future but banks wil be there.

 

[microunit]

Bitcoin and bank are 2 different things. Bitcoin cant stop banks. It is ridiculous idea that people put money on bitcoin rather than banks. Bitcoin may be more popular in future but banks wil be there.

there's a possibility that banks might be replace by digital wallets and hardware wallets though if cryptocurrency became legal on majority of countries

 

[Balint098]

Bank institutions all over the world will try their hardest to hinder bitcoin or any other crypto from bankrupting them. That's why they lobby the governments from legalizing crypto.

 

[microunit]

Bank institutions all over the world will try their hardest to hinder bitcoin or any other crypto from bankrupting them. That's why they lobby the governments from legalizing crypto.

yep agree, legalizing cryptocurrencies will just means that they will lose their business one way or another, though bitcoin still has those flaws that can't defeat the traditional banks

 

[brent_abella]

Until and unless governments recognize Bitcoin as a legitimate currency, it has little hope of killing off central banks any time soon. That noted, central banks across the globe are watching and studying Bitcoin.

 

[microunit]

i dont think bitcoin can make banks vanish because of the services banks render to their customers which I think bitcoin will never be able to render such especially as it is automated. Banks offer advice to customers and also loans which I think bitcoin will never be able to offer such

well the banks are the one feeding you with information with giving you advices while in bitcoin you have to do researches yourself and have to think for your own money

 

[mirenavz]

well the banks are the one feeding you with information with giving you advices while in bitcoin you have to do researches yourself and have to think for your own money

Purpose of this thread probably to get an idea wherher bitcoin will end banking tradition and people will be used to with putting money on bitcoin thinking its safe. Not at all. Your money can be decreased. considering all characteristics, bitcoin is not going to be a bank alternate.

 

[microunit]

Purpose of this thread probably to get an idea wherher bitcoin will end banking tradition and people will be used to with putting money on bitcoin thinking its safe. Not at all. Your money can be decreased. considering all characteristics, bitcoin is not going to be a bank alternate.

well yes depending on the price of bitcoin your actual money might decrease but there are already digital wallets out there that have direct exchange from bitcoin to fiat

 

[SCAMEXPOSER]

Bank institutions all over the world will try their hardest to hinder bitcoin or any other crypto from bankrupting them. That's why they lobby the governments from legalizing crypto.

This is the fact , so it is either banking institution uses use all their tools to kill bitcoin or both bitcoin and banks exist independently. Banks already have better structures to sustain them while bitcoin is struggling to survive and be sustained.

 

[Balint098]

both bitcoin and banks exist independently

I don't think this is possible no. If everyone are using bitcoin to send money internationally for example, banks institution will definitely suffer.