Can bitcoin trigger the banks' collapse?

[emmybd]

The Banks are controlled by central authorities. Every transaction is recorded in banks. A bank is a trustworthy place for most people around the world. On the other hand, a lot of people haven't heard about bitcoin as yet. As it is not regulated, so many people don't feel confident in dealing with this system. The Banking industry is much bigger than the cryptocurrency industry. The largest cryptocurrency is bitcoin. Still, bitcoin is a very small industry if we compare it with banks. The entire cryptocurrency market can't be compared with banks as it is too small. So, it is not possible for bitcoin to trigger the banks' collapse.

[TROXIE]

When you are talking about the bank collapse here, I want to believe you are talking about the banking functions, the transactional effects, trading etc. Cryptocurrency can collapse the banking effect overtime, the only thing that may be left needed may be the ATM functions, by this time a lot of bank transactions has been made digital (online) and bankers has been reduced. When cryptocurrency gain more ground you may not have much deal with the bank again.

[gotbounty]

No. Bitcoin may make or influence people to focus on crypto, not on fiat. However it doesn't mean that going to make banks collapse, This is too early to ake it collapse because the market is just beginning. SO, better to choose and wait for the future of Bitcoin itself.

[Casual]

It is never possible for Bitcoin to destroy the banks. There are still many people around the world who do not know about Bitcoin. So how do they transact with bitcoin. There are many who are not interested in trading with bitcoin because there is some risk involved. Bank transactions will last as long as they last in the world.

[TomPluz]

That is a very far-pitched dream and for now it remains to be an illusion. Bitcoin is not yet even a functioning money accepted by many people everywhere. There are big countries that do not recognize Bitcoin and the only way for them to accept it is to melt the government away. Will that be possible? Yes, but I am not sure if that can happen in our lifetime. Just because Bitcoin is increasing in value does not mean that banks will be collapsing soon. Inf act, soon banks will be doing business with Bitcoin and who knows what can happen when more and more institutions are adopting it. I am even thinking that there can be a time when banks will be joining the Bitcoin party and stake some amount of control on it. Remember that if you have the money to buy Bitcoin then you can have it as we are an open market.

[Jaya60]

Cryptocurrency but now has not diminished in popularity. The way transactions are done through cryptocurrency especially through bitcoin.  Even then most of the transactions are done through banks so it is never possible. So I think the need for bitcoin is more than the need of the bank.  The current situation is that everyone accepts most of the bank transactions.

[Shahinaz]

I think it is impossible, do you buy bitcoins without using money , and where do you pay it   banks and bitcoin even though they need each other and benefit from each other in my opinion, and also bitcoun is virtual money that is only used for the digital world, while the bank is the main point of economic turnaround

[Proton]

Bitcoin does not have such an impact on the banking system to provoke its collapse. Banks are protected by the state, since they serve the economy of each state. The task of Bitcoin and other decentralized cryptocurrency is not to destroy the current system of financial payments, but to be a worthy alternative to them. Cryptocurrency and traditional currency must coexist. Only then will the possibilities of cryptocurrency fully manifest themselves.

[Magepai]

Bitcoin will never be able to bring down the bank. I am describing my own words when I first invested in Bitcoin but saved dollars with payment through bank. All over the world but any payment is accepted through banks. It is seen that there is no circulation of dollar in the country but of course they need money. So it can be said that Bitcoin will never be able to destroy the bank.

[Gubre]

Maybe you are right but only if we are talking to a world bank vs bitcoin. But when it comes to a national bank vs  bitcoin I believe bank is losing and so this is the very reason why bank is trying to keep on spreading negative things against crypto specially to bitcoin because aside from their personal interest to invest in bitcoin they don't want the community to learn bitcoin as much as possible to avoid the collapse of the bank investors. Why because heir money has no profit in the bank compare to bitcoin which is the very thing that will attract the investors.

[mlawson71]

I really doubt such an event will occur anytime soon. Cryptos, however, could drop down to zero at any given point.

[vegasus]

I don't think so because the bank is a big institution backed by the government. That is why government may not be able to stop the bank system and operation so easily. However they can make different rules and changes depending on the condition at that time

[I-Bit]

No, I don't thin so. Although Bitcoin has improved significantly, banks still have crucial functions to help Bitcoin holders get fiats from bank accounts. So, there is no reasons to be afraid with thw improvement of Bitcoin. Instead, banks can get another income from transfer fees of Bitcoin holders.

[Cryptoz]

No, of course not. Bitcoin is a very worthy cryptocurrency, but this doesn't have that enough power to fight against the government moreover certain government. The banking industries have been here for long years. And many problems there but it doesn't mean to be collapse because of BTC

[IyemRoker]

No, Bitcoin cannot pass or trigger a bank collapse because Bitcoin and the Bank have different paths to life.
Bitcoin is on the cryptocurrency pathway and it certainly has a good time to live because many investors are scattered about owning Bitcoin.
Then now the Bank is compared to Bitcoin, it is clearly different and both of them also have their own way of looking for profit.