Topic: Banking system and BTC - page 8. (Read 5138 times)

Completly agreed on your statement, Both of them will never be perfect especially some are not believing in cryptocurrency some doesn't believe in banks. As a user, we all have the opportunity to choose what is more suitable in our current lives. Depending on the situation we can have banks and crypto on our side, we aren't forced to pick just one.

Its just both cryptocurrency believer and bank believer will keep the fire going, Just know the advantage and disadvantage of both and you can freely pick on which side to go.

Others have stated their opinion already regarding about this topic that is been on fire when people started wondering if this two could unite as one, but for me, this debate about banks vs. bitcoin should be stop because we are just gonna keep on clashing, there are people who's going for bitcoin and of course there are also people who would go for bank. Old people use banks, what I mean by old people are your parents or maybe your Government, they use it because banks have been there for them before bitcoin, you know there is a saying that "I was born like this and I will die like this" concept which is kind a one sided and narrow minded for me.

For them new inventions are scary, like bitcoins, no wonder why the majority are againts it, I mean they don't trust cryptocurrencies. People's mind feed from what the majority says, let's say if the Government told them that bitcoin is just a scam, they would believe it real quick, and that is what they are going believe forever.


In short, even banks and bitcoin could not be combined, they could still both exist without eliminating either of them.

Bitcoin and  Banking system,  in my view  bitcoin has  a strong  power to defeat banking system.  But this war  is war  of patient.  gradually  bitcoin will take over  when depositor  finally  come to realize how banking system  is stealing and cheating them.  bitcoin has a solution to our  challenges in banking sector but this battle  has  to fighting with patient  strategy.     

I don't think that bitcoin will kill banking system. Blockchain technology will indeed transform it. I believe it will supplement traditional financial infrastructure, making it more efficient, secure and to improve customer satisfaction. In terms of cost savings, alone, banks are expecting blockchain to help reduce infrastructure costs by $15-20 billion by 2022.

The banking system was made for transparency and also I am sure the government wants a flow of money that can be tracked to prevent financial crimes such as money laundry. fraudulent money and others. and we know that crypto especially bitcoin is based on anonymous systems. nobody knows who has the wallet address, and that is not in line with the wishes of the government that wants transparency, unless the wallet is managed by the government. but does someone want to use the old way on the new system?

In my view bitcoin does not break the bankruptcy system, but it does provide options to make money in their business even better. Then if Bitcoin destroys the bankruptcy system, why other banks are adopting bitcoin's system, because other banks think bitcoin is a threat, if only they could see Bitcoin's design in blockchain technology I'm sure the bankruptcy system will improve.

The way the banks move are completely different on bitcoin, making them rivals. They are competting to win the position on who should remain standing as the technology and society keeps evolving. Fiat are trash and slow, it could be easily taken away from you, branks are trash as well, but bitcoin is the future. It have the technology that banks doesn't have, it moves wtihout commands and that is the advantage of being decentralized.

The world will not evolve without a great revolution, without accepting each other's idea, without unity. The world will remain crumbling because of us, because of our greediness, because the Governemnts worship money and money at all times.

In my opinion, banks are actually not afraid of Bitcoin, even banks might benefit from the growing development of Bitcoin transactions. It is difficult for Bitcoin to disrupt the monetary system unless the Government regulates Bitcoin as a substitute for legal tender. Banks already have hundreds of years of experience in the monetary field and are experienced in dealing with various economic crisis models so that it may be that banks try to take advantage of the existence of the bitcoin or cryptocurrency market

I dont think that bitcoin will kill banking system. I think head of the banks are already aware what bitcoin is, how blockchain works and many other stuffs. Our local wallet has an option that you may withdraw your bitcoin thru bank, but it has a fee, banks will used this one they can raise the fee for every transactions in this way they can also gain profit, they can also make their own crytocurrency wallet , if banks will use this idea they will never be die but instead they need to go with the flow of our technology in order to survive to our fast paced world.

Bitcoin I think will never ever kill our traditional banking system and would never be close enough on ending banking system.Banking system is on different level compared to bitcoin system,banking system is more reliable and trusted compared to bitcoin plus the fact that their uses are very different from one another so they will never cross path to fight for who is best

Banking only give save money without have increase but saving money in bitcoin you can increase 10% until 100% based on how much bitcoin will growing up, you will save your money with bitcoin.

I don't think so, I think Bank and cryptocurrency both should have stayed altogether, without Conventional Banking system you can't continue your economic activity, not only that but also cryptocurrency system also a little bit depend on the conventional monetary system. so I think Bitcoin is going to kill the Banking system anymore and it will not happen because the Banking system has been an established system and people have been used to it. For me, both Bitcoin and Banking system will run parallelly,  another thing is, Inflation is not harmful to your economy until, in a controlled way, Inflation usually helps to grow and broaden your economic system and transaction, but uncontrolled Inflation is not healthy for the economy, on the other hand, Bitcoin is free from Inflation and Controlled by any authority so Bitcoin is better than Banking system.

Bank's aren't quite afraid of BTC until now because governments have no policies regarding advocacy of bitcoin in the financial system any sooner. However, inflation as you said isn't that bad if we see in a broader sense. Inflation marks as a parameter for economic development which we would never be able to achieve with the help of BTC. I am not saying BTC is bad but it's a deflationary currency which means the prices of goods tomorrow would become cheaper from what they are today. This would create an all new deflationary economy in which you would only want to loan your money to someone at a rate lower than deflation which means when you give him $100 you would want him to return $98 after an year considering deflation rate is 4%. I don't think is can be perfect setup for any economy in the world as static currencies with limited supply were eradicated out of the system due to this problem only. We had times of gold, silver etc. but they were eradicated not because of their transfer-ability but because of the fact that they were impossible to inflate therefore rendered a decline in the Economy.

I hope bitcoin kills banking systems. I have hated them for so long they have made buying especially importing things very hard for me. Trying to get a paypal account verified is like trying to raise hell. It is my money I should be a able to spend it how I want with ease and not have to go through all these "verifications" and others. For me, bitcoin solves these problems and I have no reason to use the bank. I only use the bank to get some fiat when I must have cash when I am out or for other things I cannot yet use bitcoin. When I can use bitcoin for everything I will never touch a bank again.

This is a fragile subject, but in my opinion banks can definitely find ways to integrate BTC/crypto and the blockchain technology in their infrastructure. They will surely be able to provide services around it for people. They will still be able to provide deposits, credits and access to different financial systems and services. Also I'm sure there will be numerous people who don't want to deal with the intricacies of cryptocurrency and just deposit them in a bank crypto account and use a card.

So I can't see any reason why banks would disappear with the adoption of bitcoin.

I agree But Bank system is made especially to control and manipulate the economy as it's controlled by centralized authority, which gives more power to governance, but at the same time BTC is offering global economical revolution which offers borderless, trusted, secure and scalable platform by offering own P2P network.

Now the world is changing and entering into a new era. Every government must take it seriously while approaching the future.

Banks are important because this is the only way trade by exchanging fiat currency for good and services. But at the same time, we must have to think about the upcoming future.

Like many governments, corporates, and even individuals are testing possibilities of blockchain technology for offering better living of human being.

The Banks and Bitcoin are like two conflicting systems which work on different but opposing principles, thus centralization and decentralization respectively. The Banks want to always be in control over the finance of the people whereas Bitcoin takes this power and gives it back to the people.

I completely agree with you. Bitcoin and all other cryptocurrencies will not be able to exert a significant influence on banks, especially not a negative one. In the near future, ordinary money and cryptocurrency should work together and complement each other with their capabilities. People will appreciate the decentralization and anonymity of cryptocurrencies, which will give them a greater degree of financial freedom, but they will also appreciate the convenience when sharing these two types of currencies. However, it must be borne in mind that a decentralized cryptocurrency cannot fully exist without an ordinary currency.

I don't think bitcoin can make too much impact on fiat money and the banking system because both are active and serving people in two independent areas, there is no conquest or dominion here, we can see that every investor who will choose bitcoin and want to use in life will use fiat money and banking. Bitcoin never takes part in our real life, although the technology may be developing but instability and manipulation are always limited to connecting bitcoin with the community, even the banking system and other services

The current state of the cryptos vs banks is not going in cryptos favor, at least not in Europe.

If you were alive in 2000's when internet was gaining traction then you know that a lot of industries were against it as they knew the internet would make them obsolete.

Like printed newspapers, traditional mail and postal service, cable television, video stores, etc - all killed/crippled by internet.

Blockchain is removing the need for 3rd party, Banks in this case.

While there might be a lot of new blockchain technology developed, it seems banks are trying their best to halt the blockchain progress because they see it as a threat and direct competition.

One example is funding of startups which EU funds provide. The funds come from EU banks to stimulate the economy by funding startups, but the only industry they avoid is Blockchain. They even explicitly say that they cannot provide funding for blockchain projects, a direct order from banks.

I'm sure there are exceptions which are rare, but banks are doing their best to cripple the funding of blockchain projects along with regulations they impose which makes it nearly impossible to start a blockchain business.

I'm sure this will likely change in the future but the reality is that banks are not going to just allow blockchain and cryptos to take over.