Banking system and BTC - page 2. | Bitcointalksearch.org

blockman

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Yes it is true, even though bitcoin and bank are different things we should never force one thing to die, the two can complement each other maybe like sugar and salt, two different things and their function for different things.

Well, it's already been happening and we're enjoying the functions and bitcoin's feature because it's really giving us the kind of help that we need. With the decentralization that it has, we're the ones that hold it and there's no central power needed for it just to be safe.
We're the ones that display the power of it and use it because unlike the banks, there's the bank and the central bank that control them.

DOH!

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I believe the decentralized voluntary economy surrounded by bitcoin will make career-seeking bankers fail in the next 10 years. A new cycle is revolving around problems arising from the main loopholes of banks and governments. The increasing rate of hyperinflation due to additional problems has created a serious degree of broken links. Who will be satisfied with banks today? no and it is clearly used to demonstrate the value and growth of bitcoin.

no-ice-please

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Quote from: Pamadar on November 29, 2019, 12:37:46 AM

Quote from: Tylev on November 28, 2019, 11:54:23 PM

The banking system will exist almost as long as the state exists. After all, the banking system serves the economy of any state and is actually part of it.
Bitcoin or cryptocurrency is generally not capable of destroying the banking system either in theory or in practice. A decentralized cryptocurrency should not conflict with the banking system, otherwise it may lose this confrontation. A decentralized cryptocurrency can and should develop in parallel with the current payment systems.

Banking system serves as the main financial institutions of one nation, it represent the strength of the country. There's no need to compete if there's a chance to use the same system such as blockchain. Both currencies will be able to co-exist without any problem if they will allow both sides to transact and adopt both system. it will be difficult for BTC to break the financial institute so there's no need to try doing it, but instead embrace things as part of its existence and future success.

This is not necessarily true that it only represents the strength of a nation as you call it. Banks are well known to be functioning as rent-seeking institutions that slow down innovation tremendously and hinder change on purpose. Their business is the easiest you can have in the world. You just take a straw and out it in the streams of financial transactions, and then you start sipping step by step. For every single transaction that goes through your system you just take a sip. Sounds good? Doesn't really sound like a good system to me.

Sayeds56

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

It is possible that Bitcoin kills Banking system in the long run as payment system as well as it can replace Fixed deposit of Banks as returns on Bitcoin investment has been much much better. since past 14 years since launching of Bitcoin as crypto currency. In the meanwhile I think both system will continue working in parallel as we still need fiat to convert our bitcoins into it and buy goods and services for our daily needs. Inflation in not bad in totality because it has good side as well . It stimulate economy and create jobs when money supply is increased by Central Banks.

Azar138

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

I don't think that governments will let Bitcoin replace traditional bank system. The thing is that authorities are used to control finances, but Bitcoin is uncontrolled, so they can't put up with it. If people use it without control from their side, they are likely to ban crypto so that people will not be able to withdraw money and as a result to buy anything.

ChiBitCTy

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

I don't think that bitcoin will likely ever kill the banking system. There may be countries like Venezuela who are moving to bitcoin as their primary currency, but other countries like the United States , China, Russia etc for example are no where even remotely close to doing something like this nor will they ever. I personally think bitcoin will work in conjunction with fiat currencies. Just my 2.

andriarto

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Quote from: Tigerheart3026 on November 03, 2021, 08:41:42 AM

Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system?

i don't think even in the near future bitcoin will kill banking system, cause of how many peoples are using bitcoin even government still not convinced to accept it, due to it's high volatility and it's have not any regulatory body. still a large number of people have no knowledge about btc and they don't believe this system.

it seems that it has not happened in the near future, where bitcoin is still difficult to be accepted by the government. the basic thing apart from volatility is because of its decentralized nature, so the government cannot control it, therefore I think bitcoin can be used as an alternative payment tool to accompany fiat is already a good thing

carrigan

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Banks cannot be killed by Bitcoin because it is protected by laws that have been set by the government. Even when Bitcoin inflation is an option, the Bank will not be left alone. Banks have become financial centers that people have relied on. While Bitcoin still sounds foreign to some people. Even though Bitcoin can actually be an anti-inflation tool, many still doubt it. However, the most important foundation is trust.

Tigerheart3026

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system?

i don't think even in the near future bitcoin will kill banking system, cause of how many peoples are using bitcoin even government still not convinced to accept it, due to it's high volatility and it's have not any regulatory body. still a large number of people have no knowledge about btc and they don't believe this system.

deadmousehat

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The bank system has no reason to kill bitcoin and I don't think it can kill it even if they want to. both have different purposes and have their own advantages and disadvantages. not everyone can adapt to bitcoin and stick with banks. after all we still need a bank to buy bitcoins.

Hippocrypto

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

In my opinion, Bitcoin and Bank will never be combined because bank always banned bitcoin as payment currency. Bank also disagrees when government want to adopt and accept bitcoin as legal currency payment. But, I think no need for bitcoin to adopt bank since bitcoin has this strong security system to avoid anything harm to all of the people who used it. In fact, bank will be the one needed the security system of Bitcoin because of those things happened to their customers. Bitcoin is the key for freedom. If both of them will combine, it might be interesting but its too impossible.

Argoo

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

How can Bitcoin kill the banking system? He is simply not capable of this. For it to be used as a national means of payment, a decision of the state, that is, the highest officials and the legislative body of the country, is needed, as happened in El Salvador. By the way, it is very interesting in what state the banking system is there? I don't think the banks in El Salvador are dead, as they carry out many useful functions, especially for the state.
The fact that bitcoin has a limited supply for supply is indifferent to the states, and inflation plays both a negative role for fiat and a positive one.
States really cannot control bitcoin, so they will use blockchain technology and issue their own digitalized currencies.

Daltonik

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Commonwealth Bank has announced that it will be the first bank in the country to offer customers the opportunity to buy, sell and store cryptocurrency through its own CommBank app. CBA will support ten cryptocurrencies, including BTC, ETH, BCH and LTC. The pilot project will begin in the coming weeks, and CBA intends to gradually introduce new features to more customers in 2022.

https://www.commbank.com.au/articles/newsroom/2021/11/CBA-to-offer-crypto-services.html

namcunguyen

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

The problem you give. I think many people probably know. Those are two completely different forms of how it works. Bitcoin cannot kill banks. Because banks are protected by the government, whereas the Crypto market is still growing but is constrained by the degree of government influence on Bitcoin. Bitcoin is not stable thus government cannot use it as the governing currency of the nation.

kuldipgajjar

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These are among the major worries of banks when implementing these new technologies. Their vulnerability is usually high, but especially so, in the presence of dignitaries and high risk clients. Thus the reluctance to change their tried and trusted methods, but bitcoin may have the best chance of lasting solutions to the international banking domain.

fishbonez11

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People who use traditional banking is a lot bigger community than those who use bitcoin. It will take a lot of years to be able this state be reached by Bitcoin. There is no need to kill the banking system, Bitcoin and Traditional banking system can go along side. Centralised system is needed in some essential application, but with decentralised application, Bitcoin best fits this function.

MCobian

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I really believe Bitcoin cannot kill the banking system, because the government always provides support to banks,
and also Bitcoin still has some weaknesses that are unlikely to replace the current role of banks. It makes more sense
if the bank system and Bitcoin go hand in hand and complement each other. After all, humans have been using the bank
system for a long time, so it's not that easy to replace the bank system with Bitcoin.

patroncito

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LONG BITCOIN, SHORT BANKS, DUMP FIAT FOR BITCOIN

Quote from: Firecold4 on November 29, 2019, 12:31:17 AM

In my opinion, BTC cannot kill banks because BTC shortages are
1. High transaction delivery fees
2. BTC does not have a fixed exchange rate like other currencies
3. If saving money in the form of BTC we are not certain of getting profits while banks have interest rates

Fiat is about to disappear.

There wont be such thing like a 'exchange rate' anymore because everything will be priced in Bitcoin.

Interest rates are going negative and people will have to take their money out of the banks and store it somewhere, and

the best option will be Bitcoin.

Pamadar

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Quote from: Tylev on November 28, 2019, 11:54:23 PM

The banking system will exist almost as long as the state exists. After all, the banking system serves the economy of any state and is actually part of it.
Bitcoin or cryptocurrency is generally not capable of destroying the banking system either in theory or in practice. A decentralized cryptocurrency should not conflict with the banking system, otherwise it may lose this confrontation. A decentralized cryptocurrency can and should develop in parallel with the current payment systems.

Banking system serves as the main financial institutions of one nation, it represent the strength of the country. There's no need to compete if there's a chance to use the same system such as blockchain. Both currencies will be able to co-exist without any problem if they will allow both sides to transact and adopt both system. it will be difficult for BTC to break the financial institute so there's no need to try doing it, but instead embrace things as part of its existence and future success.

Firecold4

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In my opinion, BTC cannot kill banks because BTC shortages are
1. High transaction delivery fees
2. BTC does not have a fixed exchange rate like other currencies
3. If saving money in the form of BTC we are not certain of getting profits while banks have interest rates

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