Topic: Bitcoin banking system - page 3. (Read 809 times)

Bitcoin is killing it already, I guess banks are the biggest scam run by the government, Imagine 1 - 2% interest of your deposit per year? Maybe they are using our money to invest in stocks and maybe cryptocurrency and gain big profits from it. Maybe banks are one of the cryptocurrency whales? Just a hunch but it is possible. Bitcoin already beating it in terms of fees, etc. and it is more convenient.

if people starts to believe in Bitcoins capabilities and power?government cannot doi nothing but to accept it unless they will deny the freedom and willingness of their people,because this is for their own welfare and benefits.
this is the feature of Bitcoin that will be loved by people,same like ours right?we fell inlove in this market because of the volatility that brings us profit but also make us fail if we dont know how to deal with Cryptocurrency Market.

Before we can do this thing, we need to support every BTC developments and stay positive whatever bad result we see in the market because we know the price will rise again somehow. We also need to support BTC in the way that we can positively invite others to invest in it. I hope with the current situation in the market will make some other big companies invest some of their money in BTC.

Early on, the scene was probably like a direct challenge of Bitcoin to the deeply-entrenched banking system. However, it evolved over the few years that the banks and Bitcoin are existing at the same time. Right now, I can see some parallel movements although not totally since the banks are strictly bound to follow certain rules. Or perhaps the banks are merely playing the game very well so as not to get dislodged from its juicy position?

Volatility has some pros and cons. But I surmise that when the central banks of different countries will issue their own digital currencies, they will gain a much faster adoption among their citizens. Not least because it is stable and sanctioned by the state.

Bitcoin can challenge the banks. But at this moment we face one problem: the banking system is controlled by the government. And the government won't let it happen.   Another thing is that Bitcoin is more volatile, and some people can't stand it.

deleting post is normal in this forum no one can skip from that so accept that reality mate.
i don't also know whats behind needs for banks when we cans tore our bitcoin on our own wallet and keep it safe.
i have been reading some ,post way back about this banking that demands by someone while the main reason that is why we are all here as we are looking for privacy and more security.

Some fuck banned me for 7 days on here. Bitcoiners can not run a bank. They are to defensive. And as you can see on the advertising. Endorsing crime.

PS. Same shitbag deleted a lot of my posts.

As long as the existence of fiat is there, the banks will not be disappear even if bitcoin is doing well today. Traditional money is hard to beat and so the banks. People wanted their money to be secured by centralized organzations. And to think that bitcoin is a decentralized thing, there are still people who are afraid of using it. Anyway, there are banks who are bitcoin friendly and joined the blockchain already where in we can purchase bitcoin to them.

On the other hand, we all know that bitcoin is fully unregulated and banks were not. One should be ready for any risks losing investments with btc.

In my opinion, not a single cryptocurrency is capable of completely replacing the whole fiat in general in the foreseeable future.
Most likely, there will be some part of the market where they will dominate, but certainly not the entire financial system.

I don't think BTC can kill the banking system, exempted from inflation, free from government control and high transaction fees. If it's fully decentralized we won't be having lots of discussions in having BTC as one of the money in the world even if its a virtual thing. I just hope that Bitcoin will work hand in hand with other fiats but I guess if that happens Bitcoin will be centralized which isn't its purpose.

It won't happen, BTC might get more demand, scale, and have a higher value, but it won't replace anything that is fiat based. There are lots of things that cannot fullfil of BTC but cash/fiat would do.
Fiat will remain and so the banking system, BTC will exist along with it.

Bitcoin is a digital currency that, in the expressions of its backers, "utilizes shared innovation to work with no focal power or banks." By its very definition Bitcoin appears to be all around situated to slaughter off national banks.
National banks are as of now the prevailing structure countries use to deal with their economies.
Until and except if governments perceive Bitcoin as a real money, it has little any desire for killing off national banks at any point in the near future.

I doubt that. First is, the bank is everywhere and the government is regulating them. So do you think that the government will let  that happen? Bitcoin cannot easily kill the banking system since people are still dependent on them and fiat. When you ask random people, majority of them still trust the bank. The government as well as banks might end up adopting digital currency, but that doesn't mean it will kill banking system.

We cannot really conclude that banks are afraid of btc because it's too early and we're still far from massive crypto adoption. You're right about Bitcoin having an advantage over fiat, and so does fiat. Both of them has an advantage that's why they can really work together in the future.  And I never really see Bitcoin killing banking system because both of them has their own function.

Banks may survive if they join the exchange and crypto financing business, AND switch to full reserve practices when dealing with Bitcoin, etc.

That said banks will have to shrink. They have to, so they can remain alive. There is simply no need for so much banking once people become aware of Bitcoin.

I have the feeling that Bitcoin can trigger the world to a move to the Austrian school of economy, this is what current banks need to face reality about. Most of their existence is due to the fractional reserve legalized Ponzi scheme, and this is going to go.

Before Bitcoin, they could have continued with the Chicago school practices, stimulating people and nations to get in debt and live paying their debt with a permanent inflation as the way they believe economy growths, and fractional reserve money, money that doesn't exist anyway amounts to 90% of that which is the cause of bubbles in the first place.

When they become aware that money won't lose value anymore, and that in fact may even gain some, they enter in panic. They neglected the Austrians and now they see no future or are very scared. The genie is out of the bottle though.

Yes the economy growth has to slow down, but its better to have steady growth than the permanent roller-coasters of bubbles and crashes. Austrian economy growths from the savings of people, not debt and its credit expansion (euphemism for: "more money that doesn't exist anywhere").

You have to study fractional reserve banking to understand the implications of this, and preferably the Austrian school of economy, to get a picture of the future.

Banks are no longer needed, they are optional now. Know your place.

Can Bitcoin challenge the banks? Can it show that their monopoly is not necessary? Yes, and it already did that. Furthermore, it can continue to become an alternative to a bank account with fiat to more and more people. However, at this point, I don't think the banks are about to die. For one, 97% of the population still uses fiat and nothing else as money, so Bitcoin is far too unknown for now. Another thing is that Bitcoin is more volatile, and some people can't stand it. Apart from that, it's always easier to give your money to the bank and then blame it is anything happens to your money. Bitcoin requires to take one's own responsibility and agree to a case with no guarantees, so many people won't opt for it simply because it would seem too unreliable to them.

You have to understand one fact, bitcoin is not built to attack the good old banking system. Even though bitcoin has so many features which can potentially decrease the need of a banking system. But bitcoin is not certainly attacking the banking system. If banking system can't cope up with the changed need of the economy, it will itself go extinct! But fortunately or unfortunately, this is not the case happening now! If they remain unresponsive to the change, they will slowly loose their need of existence. But if they are open in accepting changes, they will grow even bigger!

Just to add, Germany has decided to allow banks to store and manage cryptocurrency on their customer's behalf. That's what is needed worldwide,

https://news.bitcoin.com/german-banks-authorized-to-store-and-sell-cryptocurrency-in-2020/

There's nothing for anyone to afraid about other. It's just survival of the fittest!

If banks shift to blockchain and Bitcoin, that would be a good scenario. But I don't think banks are still needed with Bitcoin as far as its role as a safe storage of money is concerned. Bitcoin is like a package of things, all in one. It is a currency, a payment system, a bank, and even a banking system. However, if banks will stick on keeping the savings of people with matching insurance and interest in terms of Bitcoin, that sounds nice to me.


The traditional banking system has already evolved. It does not depend on physical money alone. In fact, it has brought the system a notch higher in terms of modernity with its use of cards and online transactions. And now they are already entering the age of blockchain with a flexible approach.

Bitcoin won't kill the banking system, it has been there ever since so the trust of the people and its sympathy will be on the banks. It's regulated by the government so we can't think about its death for now.

There are just afraid of bitcoin because it will pull their customers out of their service. The money from their customers is where they're getting their capitals for loans so if most of their customers understands bitcoin correctly, they fear that time to happen.

Banks dont want cryptocurrency due to the fact that they can replace them if the blockchain tech improved a lot. Transactions of btc is getting higher and this is due to lots of usage, imagine what will happen if the bank is legally replaced by blockchain now? Dont say that why transaction fee so high now. Cause as the users of certain blockchain increases more fees will incurred as the network is been used a lot and a lot means frequent usage can also affect many things in blockchain which other projects trying to improve.

Banks can used blockchain and that will be a good innovative approach to client but totally replacing it will eb a big mistake on the part of banks if they do.

Bitcoin in some countries are decentralized stable because there are some country that's against cryptocurrency. Those countries don't know the advantages of blockchain technology for their economy because they are lacking of technology or maybe they think that it will be useless and increase the number of crimes will due to scammers. Bitcoin have a high transaction fees and that's how the government earn some profit and part in the exchanges. Some countries also free from government control because they don't care about the people who use cryptocurrency. Highly recommended for some countries to use digital currency for faster and easy transaction so that the movement in the market are good because of the number of bitcoin holders.