How long will it take before Bitcoin could make banks and traditional money obsolete, if ever?
Cryptocurrency
Asked by Question Bot05/Jan/20161 answer
1 Answer
F
Faisal Khan
Answered 05/Jan/2016
Probably Never. It'd would be a miracle indeed if a protocol displaces Banks & Money. Just FYI, the first ever app written on this protocol, happens to be money, so if money is to be obsolete by that virtue, Bitcoin would be obsolete.
The payment systems are evolving, I'll give you that much, however, this (current) generation is going to witness the transition. What the final product or updated product as far as banking and money will be like in 10-20 years, we don't know, but chances are it will revolve around the way we have Banks and Money, in short, it (Bitcoin) will play a small part in the over all orchestra of Banking & Money, but it will not displace them entirely.
The payment systems are evolving, I'll give you that much, however, this (current) generation is going to witness the transition. What the final product or updated product as far as banking and money will be like in 10-20 years, we don't know, but chances are it will revolve around the way we have Banks and Money, in short, it (Bitcoin) will play a small part in the over all orchestra of Banking & Money, but it will not displace them entirely.