Bitcoin banking system | Bitcointalksearch.org

MicroGuy

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Quote from: QueenVera on May 03, 2020, 02:56:54 AM

Quote from: camito on May 02, 2020, 08:23:13 AM

Bitcoin doesn't need to kill banks but instead can help the growth. Bitcoin can provide easy transactions and help in the some crucial emergencies of people.

Very true, let take some trip down memory lane, did drone kill the camera man using an helicopter to broadcast news event happening? No. Did Uber kill the local taxi driver driving everyday in the street to get his daily bread? No. Did email kill, sending and recieving of letter through the post office? No. Sure this new innovations did reduce the rate at which people use the formal but they're still operating fine. That's what will happen with bitcoin and banks. Non is replacing the other instead both with operate just fine and it's left for you to decide on which to give the upper hand.

This is correct. There will always be demand for private-key custodial institutions.

Most people would be better off keeping their coins on Gemini or Coinbase rather than stored locally. This is due to the technical incompetence of the vast majority.

QueenVera

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Quote from: camito on May 02, 2020, 08:23:13 AM

Bitcoin doesn't need to kill banks but instead can help the growth. Bitcoin can provide easy transactions and help in the some crucial emergencies of people.

Very true, let take some trip down memory lane, did drone kill the camera man using an helicopter to broadcast news event happening? No. Did Uber kill the local taxi driver driving everyday in the street to get his daily bread? No. Did email kill, sending and recieving of letter through the post office? No. Sure this new innovations did reduce the rate at which people use the formal but they're still operating fine. That's what will happen with bitcoin and banks. Non is replacing the other instead both with operate just fine and it's left for you to decide on which to give the upper hand.

Moeda

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Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

I think the obstacle to Bitcoin is price fluctuations, while Fiat is inflation. I think both of them have risks. Investors are more inclined to the real value. Bitcoin is here, but world stock investment in Fiat is still high. Countries cannot take advantage of the value that is in Bitcoin, so they will never agree with Bitcoin. Moreover, America makes other countries dependent on the USD exchange rate. A concrete example with the Corona outbreak that is happening today. All other countries' currencies are low, while the USD is increasing. Even though America was also affected by the Corona pandemic.

camito

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Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

Banking system mustn't be killed, that is a fact. Let's say most people use Bitcoin and it did killed the banking system. I think marginalized people and marginalized countries would have a huge problem. Not all people have the resources to have Bitcoin, and are not educated enough. Some relies on leases and loans in banks to aid their farms or for their children'a future. Bitcoin doesn't need to kill banks but instead can help the growth. Bitcoin can provide easy transactions and help in the some crucial emergencies of people.

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Quote from: MicroGuy on April 30, 2020, 06:10:54 PM

Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

The coinbase's of the world will become the new banks offering key custodial services. Banks won't go away, they will adapt.

Only if they go fully under regulations imo. Too much money laundering and shitty defi making only whales and criminals rich will lead to a Liberty Reserve like lock down of crypto quite quickly

MicroGuy

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Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

The coinbase's of the world will become the new banks offering key custodial services. Banks won't go away, they will adapt.

dunfida

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Quote from: BitcoinsGreat on April 30, 2020, 08:38:29 AM

Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

Yes, bitcoin is far better than fiat based system but unfortunately not many people or institutions realize this.
By the way, why should anyone denote you ? This is not a right way to beg for help or donation. I hope you understand it.

I dont know on what he do smoke on asking for out some donation after he do talk about Bitcoin and banking system. Grin

Well setting that non-sense aside,
people here on this place or community does know that basic thing when it comes to decentralization aspect of btc and thats why adoption is on the move
but i dont really believe into the thing that it can surpass fiat system anytime soon.We can rather have an option but not totally replacing a system that had been
hardly established and supported by government itself.

MCobian

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It is true that bitcoin can kill the banking system, but the government will not allow that to happen. That's why fiat will
still exist, even though bitcoin has managed to defeat fiat. Because the government needs tax revenues obtained from fiat,
while from bitcoin can't get tax. Therefore most likely bitcoin and fiat are running side by side and supporting each other.
That's the best way that might become reality in the future.

simonkn0wsbest

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The Banks are aware, that's why they discourage the use of BTC, but they still support BTC at the back end because they don't want to go out of business, why would we need Bank if flat will be a thing of the past. It is so early to say, I am just stating that it is not impossible. Flat started somehow in the history, why not BTC.

abel1337

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Both Bitcoin and bank have advantages and disadvantages, Everyone knows that banks are centralized and there are people who hates it because of their own reasoning about centralization. On the other hand, for us bitcoin users, a decentralized system is the system that we want to use. Knowing that we have full control with our assets, has a quality of transparency. Even if we have bitcoin on us, We can't really deny that banks are still useful in terms of cashing-out cryptocurrency into fiat.

BitcoinsGreat

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Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

Yes, bitcoin is far better than fiat based system but unfortunately not many people or institutions realize this.
By the way, why should anyone denote you ? This is not a right way to beg for help or donation. I hope you understand it.

K4C

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Actually bitcoin banking system is too much good system in crypto market. Bitcoin is a cryptocurrency that utilizes the peer to peer protocol to function with no mediator like the Banking system. According to many crypto enthusiasts, Bitcoin has the potential to destroy the banking system. Bitcoin's primary function is not store of value that's a result of its primary function. Its bank would reduce the amount of deposits in the consumer's account by the value of the credit card bill, thus destroying all of the newly created money so its fully decentralized crypto market syatem.

TheGreatPython

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I don't really know about this. But I'm thinking that Bitcoin might overtake Fiat in becoming a research currency. I have already seen a lot of countries that are talking about using Bitcoin as their reserve and these are mostly countries that were sanctioned by the US.

But in the case of replacing fiat completely, I don't really think that's going to happen, because we are all not going to be using the same currency. Every country will always have their own currency. So I am guessing that the government will create their own crypto version of fiat, and then Bitcoin will still be at the top as a reserve currency or something.

princesspoppy

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Banks do know now the advantage of bitcoin because of the blockchain technology it uses. Sooner or later, these banks will surely adjust and adopt this kind of technology but that doesn't mean that bitcoin will destroy the whole banking system itself. Traditional currencies like fiat will also be there, people will still use those currencies as well as cryptos cause that will be there best option to do. If you can't destroy something, why don't you just ride along with it and use it for your own benefit as well, right?

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Quote from: coupable on April 28, 2020, 01:27:16 PM

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I think, this funny picture will give my opinion without additional words.
https://i.imgur.com/mXjCvkE.png

In fact, this picture represent how the bitcoin system is integrated within the banking system. Bitcoin as an additional element to the banking system provides much more anonymity to fiat transactions, and fiat transactions also provides a stable price to the btc at the exact time of transaction. There is no other options to take unless one of them leave his place forever to the other .

they are both interrelated, we want the bitcoin system but the bank system will never disappear
so they will continue to be like that until both systems are destroyed by the destruction of this world

I don't really like your pessimist opinion. If both systems coexist in interrelation, then its too late to banks to ignore bitcoin and bitcoin succeeded to take place in the real world and may replace fiat in a long term (maybe many decades). Bitcoin adds more anonymity to classic transactions, this doesn't mean it will replace the old system by any sort. Some banks even try to go with the crypto wave and try to adopt with it as a solution for many needs and as a method of paiement that is used by custmers.

coupable

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I think, this funny picture will give my opinion without additional words.
https://i.imgur.com/mXjCvkE.png

In fact, this picture represent how the bitcoin system is integrated within the banking system. Bitcoin as an additional element to the banking system provides much more anonymity to fiat transactions, and fiat transactions also provides a stable price to the btc at the exact time of transaction. There is no other options to take unless one of them leave his place forever to the other .

ampere

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Quote from: btcpepa04 on February 07, 2020, 07:43:58 PM

Hello! 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.

.If u like donate to my address : 19fCVjYVuppjhSvZc4fYimLSjTv63SyoYD

I do not think bitcoin can kill the banking system. One of the core features of fiat is that it can be used locally in the local markets, There are several unlearned peeps in the local market who will always request for fiat as payment mode. There are some stuffs we buy that will always require fiats in cash no matter what.

Banks can indeed control bitcoin, by regulating the amount your credit / debit card can spend on crypto currency if need be.
Let us stop with the comparisons, both the bank and bitcoin will thrive together in the crypto sphere.

online73

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Hello everybody. The modern banking structure has evolved for a very long time. Bitcoin is just beginning its journey. I would very much like cryptocurrency to force banking and government circles to change their vector of protection and service not of the interests of the people, but of the interests of the ruling class. But, unfortunately, the situation is more prone to the fact that if the ruling circles do not figure out how to bite off a huge tidbit from a cryptocurrency pie, they will try to drive even any mention of cryptocurrency deeper into the underground. Time will tell.

imstillthebest

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I do not think BTC can kill the banking system because there are still millions of people making use of traditional fiat currencies that is being controlled and regulated by the government through banks. The fear must be because the government cannot control it and probably it will be very difficult to trace users in case of Money laundering

and for what they have implemented the kyc ? kyc on btc/cryptos can prevent money laundering but of course a good criminal can still escape no matter what .

banking isnt about using fiat but banking means your storing money and your applying for credit/debit card stuffs like that but i think btc and btc related service or business can also do it too so there is a potential that btc can kill the banking system in the long run .

BitcoinsGreat

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Quote from: wozzek23 on April 24, 2020, 11:13:07 AM

Bitcoin is very strong , but another question we have to be asking ourselves is whether our government is going to let Bitcoin prevail?
Bitcoin gives us freedom, and to the government it is out of reach and cannot be controlled by them. So, do you think that they are going to allow people to go fully on Bitcoin? If they notice that majority of the people are starting to move away from fiat and moving into Bitcoin, they might start putting up a fight against it.

Some of them are now talking about creating their own cryptocurrency, and I saw news recently that China is close to releasing theirs, even saw someone that posted the Chinese cryptocurrency wallet, what it looks like in this forum.

This trend has already been started and china officially launched their first cryptocurrency. You can read more about it https://fortune.com/2019/10/29/china-digital-currency-facebook-libra-languishes/

If this trends continues, we will see every country developing its own digital currency and that currency will be managed by that respective state so it will be a centralized currency.

Topic: Bitcoin banking system (Read 794 times)