Topic: Bank vs Crypto: Are they opposites? - page 3. (Read 782 times)

It is true that the purpose of Bitcoin is precisely to eliminate the intermediary or the bank.  You say that cryptocurrencies cannot be used without the use of a bank but it doesn't seem like that to me, there are some p2p methods or you can always pay in bitcoin and you will only have money for your wallet

Well, Satoshi's idea was to create


This eliminates the idea of central banks, and all other banks, as they are third parties. Another thing is that with the development of the bitcoin industry, mainly centralised exchanges, which is where most retail investors buy their bitcoins, this idea seems like a nice utopia today, but we cannot see it as feasible.

So, to answer the question of the thread, yes and no. Bitcoin was conceived as the opposite, but this is not necessarily the case, as is unfortunately the case.

Bitcoin and cryptocurrency won't defeat or kill central banks, commercial banks and fiat currencies or CBDCs. Bitcoin can outperform fiat currencies, CBDCs in purchasing power over time but by beating, killing I meant Bitcoin will get rid of fiat currencies and CBDCs. It simply won't happen in future and it is kind of over fear.

If a Bitcoin maximalist, investor hope it will happen, it is unrealistic hope. If globally, there are governments, it will not happen.

It was a concern that many have thought that crypto will certainly be able to defeat the banks. But we're getting the picture blurry these days as these banks are also adopting to changes.

They're just doing the innovation through digital payments and currencies that they govern.

But they don't talk about plain cash being used by those activities. 

Let's not talk about Satoshi's purpose and we should look at what is happening. Not only you and me but everyone knows that the purpose of creating bitcoin is to become a peer-to-peer payment method. But the problem is what do you, I and everyone consider bitcoin? If you don't consider bitcoin a profitable investment, then what is your purpose in accumulating bitcoin? Don't make assumptions about whether the government will accept it or not, because only we ourselves know best what we want.

I really don't understand why so many people invest in bitcoin and want to make a lot of money from it, but they use the excuse that because the government doesn't accept it as a currency so they turn it into an investment? That's like them making profits from bitcoin like the government is forcing them. We should live realistically.

True, because not all cryptocurrenci do the same way in decentralisation but indeed if the discussion is about decentralisation maybe we have to narrow down to one of them such as bitcoin but in this case the concept becomes different because the context has narrowed down to a subset of cryptocurrenci namely bitcoin
But when referring to banks and crypto even though some in crypto have little in common of course more differences are opposite. Currently the problem is that many think that this will be a competition but in the end when we think further the function is not to compete with each other and it could be better if they coexist even though this is difficult due to regulation.

Yeah, cryptocurrency is different from banks because banks store their information on a different database, while cryptocurrency information is stored on the blockchain. But it's not correct to think that all cryptocurrencies are decentralized because some cryptocurrencies are fully centralized and have offices where they operate. I know of a project that is registered and licensed under the UK government, and the project has offices in the UK and employees working every day. That is to say that not every cryptocurrency is decentralized; quite a lot of them are very centralized.

I agree, banks are more regulated and I think in this country there is only 1 physical bank that accepts crypto. Some banks doesn't accept crypto too, if you will going to say that you will need bank for crypto purposes or investment they will surely not allow you to open account I know this thing when my uncle try to open a savings acc in a bank. In crypto all are accepted worldwide it just that there are some limitations in country.

I don't see anything like opposite here since bank had been in existence before Bitcoin and Bitcoin does not have anything to do with Bitcoin that affect it. The bank houses the traditional way of using money which encompasses monetary regulations. The government has more active force on the bank and controlling it in a way that she like which can be full of corruption. Bitcoin is decentralized which the bank is centralized and can not stand alone without the government policies biding it in the way it ought to be.

Banks joining cryptocurrency have been increasing with time. Centralized exchanges nowadays does the banking functionality in the cryptomarket. Even the financial authorities have begun to be positive, which were earlier against the cryptocurrency usage. Banks feared of cryptocurrency and quite often statements say that bitcoin usage have eaten the revenue of banks. Beyond some point the banks understood the need of technology. One country have adopted bitcoin as legal tender amidst hard opposition. More countries watching the move of the country so that they can further use bitcoin legally.

Banks joining crypto doesnt mean they're abandoning their controlled systems. Its more like they're covering all bases. You're right that banks are dipping their toes in the cryptocurrency pool Both centralized and decentralized approaches have pros and cons. Avoid black-and-white stories. Centralized systems monitor behavior, protect customers, and simplify policy changes. However, cryptocurrency decentralization appeals to financial authority and privacy advocates, but it also fosters fraud. Change or die is the game. As bitcoin gains popularity, banks want a piece of the digital pie. However, they're adding it as a service, not to replace their prior methods. Its unclear if crypto will kill banks.

If I read your post, my enthusiasm immediately flares up and I want to say that evil people have ruled the world for 70 years through banks and paper money. As you have said, banks use customer savings, they use customer money to spin money to make a profit, so they don't like bitcoin technology that cannot be controlled. However, God Almighty has come to help by giving birth to intelligent people like Satoshi Nakamoto who created blockchain. Maybe it's time for the world to look for a better solution than the current traditional financial system.

If I look at why Bitcoin was created, I am more confident that one day this dream will be achieved. Bitcoin will remain Bitcoin. Will be used for massive buying and selling. But it's different with Fiat.
So what happens in the future?
Physical Money (FIAT) will no longer be used because it is troublesome. The same story as the disappearance of the Barter system in ancient times.

Again, bitcoin(satoshi) didn't need investors from the start, it needs Hal as a adopters/contributors/users. In conclusion, bitcoin needs more people like Hal Finney.
And that's what I said that users can't migrate completely from conventional systems because one of the reasons is long-standing dependency. Fiat is only a standard for assessing all entities and activities that have unconsciously become common practice.
Bitcoin can actually also value goods and work relatively, a simple example in a small scope (points for @n00ber also how to invest in bitcoin without fiat without a bank): Almost all campaigns run by @icopress in the service section give a standard flat value for each post is B0. 00008 ~ B0.0001 (ignoring fluctuations). Anyone who doesn't mind can take it. If all managers, sellers of goods and services on this forum implemented the same thing, then slowly the reference standard value on this forum specifically would become only bitcoin.


I accumulated my own bitcoins from the signature campaign and some past jobs. I didn't ever invest into bitcoin with even a cent), if regulations doesn't prohibit me from buying all my necessities with bitcoins and local shops accepted bitcoins, I'd do it as needed.

Bitcoin and crypto don't need banks but you, me and everyone needs banks. How do you invest in bitcoin if you don't have a bank account? Bitcoin is not free and we need money to own it and how do you use bitcoins for everyday payments if you don't convert them to fiat? Banking is necessary and it existed thousands of years before bitcoin was born. How will banks need crypto in the future if governments do not legalize crypto?

Cryptocurrency is just a financial market and to exist it needs investors and investors need fiat to invest to drive the market, so cryptocurrency really needs banks. Bitcoin can operate without banks or fiat currency, but the value of bitcoin is measured in fiat currency, hence the connection between banks and cryptocurrencies.

Banks are considered the government's backyard to manage fiat money and the economy so it cannot be said that as cryptocurrencies become more popular, banks will depend on cryptocurrencies. Does that mean the government will depend on what it approves to operate?

I think it's the opposite, bitcoin/crypto doesn't need a bank, users need a bank role simply because they can't immediately migrate the financial system for some reason.
Banks need crypto if global adoption rates gradually increase, or they will lose their business to competitors in the industry.

Only bitcoin is decentralized, the remaining cryptocurrencies are not decentralized at all and are also under government management, no assets can escape government control except bitcoin. Another thing, other than bitcoin, there are no projects with technology worth using. Crypto is just a speculative market so it is also greatly influenced by the economy. Evidence is that inflation, rising interest rates and economic crises all have negative impacts on the cryptocurrency market, including bitcoin.
In general, I use both banks and crypto, I don't take sides, no one forces me to choose one of the two.

There are some differences between banks and crypto people keep money in banks to secure their future by investing in crypto for the long term. While regulated banks offer stability and security cryptocurrencies offer the possibility of decentralized transactions and financial freedom. Bank's activities are accepted as legal tender by government regulation based on economics. Hence, it may lose its value or become worthless in case of hyperinflation. Cryptocurrencies are decentralized in nature and hence there is no government intervention. It depends on the blockchain technology and has no impact on the economy individuals invest independently.

What you describe sounds like cryptocurrencies are completely superior to banks and they appear to be risk-free. Don't forget, the higher the return, the higher the risk, and if you say holding cryptocurrencies can bring high returns, don't forget to emphasize that their risk is also higher than that of banks.

Many people are comparing the two because they only look at the returns and think crypto is better. But banks are not only a place to save money, but also a place to provide insurance services, custody, mortgage loans... many services that cryptocurrencies do not have. Each field has different use cases, comparing the two seems unfair.

For sure there are a lot of differences between banks and cryptocurrency, we can already see crypto as decentralized and banks are centralized platforms, the technology is different since cryptocurrency operates on the blockchain and they do transactions differently with the banks, where everything is just centralized which is actually not something that I would definitely recommend. I mean for sure back in the day these two were just completely different and there are some saying that cryptocurrency is going to kill banks in the future because there is just no one that would actually want a centralized platform or just put your money in savings where you dont really have complete control about it right.

But right now I can already see how the cryptocurrency adapt to a lot of countries even here in my countries cryptocurrency already adapted to the point where it is already available to a lot of platforms or banks, some of the banks here in my country already allowed users to buy cryptocurrency using there platform, I mean for sure this banks or companies already realize that they cant really stop Bitcoin so they probably just need to adapt on it because its probably one of there competitors if they didn't do something a lot of money is going to be put on cryptocurrency,