Year 12s: what will be the first way you research your future options? >>

Cryptocurrency will end banks

It's been said that cryptocurrencies, such as Bitcoin, will lead to the end of the criminal organization banks. And that banks seem terrified. Agree or disagree?

(edited 6 years ago)

Yep. Down with brexit pounds.

Reply 3

Dheorl

Do you have any reasonable basis for this claim?

Reply 4

Underscore__

Which bank seems terrified? Why would a bank be terrified? They can trade bitcoin too

Reply 5

Reloa6

Original post by Underscore__

Which bank seems terrified? Why would a bank be terrified? They can trade bitcoin too

A cryptocurrency wallet means there's no need for traditional banks anymore, meaning banks and governments can no longer control your money.

(edited 6 years ago)

Reply 6

PredictableParadigmShift

i think banks already knew that this was coming and i dont think it will end them

Reply 7

PEFLAME

Long way to go till that happens but I know of people who have closed their bank accounts and use crypto to get by and some even get paid btc

Reply 8

Dheorl

Original post by Reloa6

A cryptocurrency wallet means there's no need for traditional banks anymore, meaning banks and governments can no longer control your money.

In what way does this mean there's no need for traditional banks? People will still need to borrow money, shops will still need the guarantee of a secure payment system.

Reply 9

username1799249

Original post by Reloa6

A cryptocurrency wallet means there's no need for traditional banks anymore

Which is fine - until that time when all your money is in the form of a crypto currency and either gets hacked or stolen or loses its value over night and you have no recourse because crypto coins are unregulated.

Money is just a proxy for trust and right now, there is little or no trust in crypto currencies because they are unregulated. They are only used by people who want to gamble or criminals who want to deal illegally. But even the criminals are at risk of losing out due to those who are gambling with it.

Reply 10

Underscore__

Original post by Reloa6

A cryptocurrency wallet means there's no need for traditional banks anymore, meaning banks and governments can no longer control your money.

1. Banks would just trade cryptocurrencies and make money
2. If they were they worried they’d use their tremendously deep pockets to push for tighter regulation on cryptocurrencies.

What you seem to be missing is that if cryptocurrencies take off you’re just moving power from banks to completely unknown and unregulated people who’ve made what are essentially computer programs