Bitcoin banking system - page 4. | Bitcointalksearch.org

sheenshane

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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?

IMO, just because of devaluation.
Yes, you heard it right. Investing in Bitcoin while you're using your own crypto-wallet as your bank account nobody can devalue on it. No organization and no central authorities involved and as a holder, there's nothing to worry about. Unlike, the traditional banking system was obviously to act in favor of those with have a huge of money and good financial knowledge. The reason why there are some people that have poor knowledge with it comes to the traditional banking system they prefer to store cash at home than banking on it.

Bitcoin or cryptocurrency, in general, has a cheaper transaction and no chargeback will happen because it is irreversible not like cash. No doubt that this cryptocurrency will harm the traditional banking system and that is the reason why the government always afraid of it. It might their big competitor when it comes to the financial banking business. The fact that Bitcoin doesn't need the banking system because it has a limited stock. But it is impossible to replace fiat to Bitcoin, it is always good that cryptocurrency is an alternative way when it comes to transactions and other payment methods.

Debonaire217

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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.

Bitcoin killing/stopping banking system to operate is merely impossible to happen. Limited supply of bitcoin as the reason to why it couldn't have the power to stop banks is not enough, as people is still widely using fiat system to transact. Basically, compared to bitcoin transactions, the percentage of bitcoin users compared to people who uses fiats is too slow. Most of the time, even bitcoin users think of bitcoin as an alternative way of transacting..

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

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.

Inflation could possibly be affected not just by the monetary policies that countries have. Moreover, there are some instances that calamities directly affects price inflation as goods and services supply not promising. In terms of bitcoin, the right term is price inflation, wherein, bitcoin price decreases because the value of it decreases based from the demand of the people to the exchanges. I could say, bitcoin is not free from inflation.

For more information, you might want to read here:

The Cryptovator

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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?

If physical money exist then bitcoin couldn't kill traditional banking system. And I believe it's not possible to exclude physical money from our life. I don't know what will happen after hundred years, but it's not possible in short period of time. Bank doesn't like bitcoin, but it doesn't mean they don't like blockchain technology. Perhaps once upon a time banks will start using blockchain ecosystem. Banks are worrying about decentralized system of bitcoin and they are more worried about volatility. That's why they are discourage to accept bitcoin as a payment methods.

GreatArkansas

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Quote from: Darker45 on February 07, 2020, 09:00:45 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.

It might kill the old banking system if it does not bend to suit the call of the times. However, it seems that the banks are fully aware that the technology brought by Bitcoin is the future and they are now making adjustments.
(.....)

This is also on my thoughts.
Although we all know that Bitcoin has something that banks don't have and has more advantages compare on using banks.
What I am worried about sooner or later is what if banks will start to use some cryptocurrency or some blockchain technology to rework or change their banking system or even they will use Bitcoins. I don't think if that is good or bad for Bitcoin. But even if that will happen, Bitcoin will go nowhere and will stay forever.

Darker45

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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.

It might kill the old banking system if it does not bend to suit the call of the times. However, it seems that the banks are fully aware that the technology brought by Bitcoin is the future and they are now making adjustments. Gone are the days when the banks remain adamant in their old system and put up a resistance to the growing popularity of Bitcoin. Today, even a local bank in my developing country is installing Bitcoin ATM.

Bitcoin does not lose its purchasing power in a similar fashion to fiat but its value could plunge anytime worse than fiat. Bitcoin's price fluctuates. But the good thing is that it could suddenly decrease as much as it could also increase very quickly.

btcpepa04

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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.

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Topic: Bitcoin banking system - page 4. (Read 794 times)