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Topic: Bitcoin can / cannot replace the banks ? (Read 1501 times)

full member
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June 12, 2021, 08:59:29 AM



They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  Huh

The idea of BTC replacing banks doesn't seem right to me and BTC is not originally created as a replacement for banks but rather as an alternative way of making transactions with other people digitally without any third party. Moreover, the government won't even allow it at the very beginning since they don't have the authority over BTC.
sr. member
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Probably it's true if the economy can't survive alone for enough time for bitcoin to replace banks and their deeply rooted institutions. I do think that bitcoin can replace banks but what the article worries is that we might not survive without banks.
member
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I don't think Bitcoin can replace banks. Bitcoin and banks have their own advantages and disadvantages, and each has its own value. They always play different roles in our lives, so we can't say who can replace who. As a centralized financial institution, banks have many advantages that Bitcoin cannot provide. Take the information advantage of banks, for example. Banks can solve the problem of information imbalance between the supply and demand of funds through the information advantages accumulated over the years, and greatly reduce transaction risks. At the same time, if you keep your money in the bank, if your money is lost for various reasons, the bank will help you find it. But if your Bitcoin wallet is lost, you will never get back your assets.
jr. member
Activity: 99
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While Bitcoin as well as other digital currencies would have generated significant interest, their adoption rates might be minuscule as well as the government might support them which is virtually nonexistent. Until and unless governments would be recognizing the Bitcoin as a legitimate currency, it would be having little hope of killing off central banks any time soon.
hero member
Activity: 1260
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bitcoin cannot replace banks, because crypto is not a legal payment, where crypto has not been legalized by every country, Bitcoin comes only as an alternative.
and of course everyone can be their own bank in the crypto space not fiat bank
hero member
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because basically banks and bitcoin are two different things and cannot be equated with one another.
Of course I really agree with the post because basically banks will still be like that and will still survive (not replaceable with bitcoin) I prefer to use fiat as a rival to bitcoin, because this is more suitable than banks and bitcoin.
because from the very beginning bitcoin was devoted to providing alternative decentralized payment methods and this is only an option. remember options not core
Bitcoin is not really created to compete with fiat but a good option for people who prefer cashless payment instead. But since bitcoin right now is still not totally adopted as a currency, it's even more used right now as an investment.

Banks will always be here no matter what. Even if cashless payments are more encourage right now especially with this pandemic, people are still trusting banks because they are used to it already particularly for those senior citizens who are much inclined with the new techonology right now.
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because basically banks and bitcoin are two different things and cannot be equated with one another.
Of course I really agree with the post because basically banks will still be like that and will still survive (not replaceable with bitcoin) I prefer to use fiat as a rival to bitcoin, because this is more suitable than banks and bitcoin.
because from the very beginning bitcoin was devoted to providing alternative decentralized payment methods and this is only an option. remember options not core
member
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In terms of investment, Bitcoin is indeed superior to banks compared to banks.

Holding fiat in banks for investment purposes went out the window decades ago.
member
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Bitcoin cannot replace the banks, but DeFi can. Bitcoin is only a coin and a payment system. The banks offer a lot of financial services as investments. Probably, banks will not allow it happens and will adopt blockchain and other digital technologies as a way to follow this inovation.

DeFi hardly will end with banks, but it can force them to be more efficient because the free competition.
jr. member
Activity: 75
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In fact, to be precise, it is the underlying technology of Bitcoin. Blockchain may have a revolutionary impact on banks. Bitcoin's "safety" and "traceability" have become practical scenarios and are used in banks. However, I think there are still some problems with Bitcoin's desire to completely replace banks. Maybe it will improve the technology to solve the problem in the future.
hero member
Activity: 1288
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Since we have to convert to FIAT somehow, it can not eradicate the bank but will reduce their excesses. Any bank that does not plan to adopt blockchain technology in the future might like fail.
The place of banks in the world bitcoin that bitcoin plans to bring is to function as an escrow. The difference exists in there actual handling of cash (fiat) and other valuables while, modern day escrow is more about the crypto commodities.

So, it would feel so wrong should it be possible that bitcoin would replace fiat but this in reality is impossible. Banks can never go out of existence for fiat, its like a nation denying itself of a needed culture, a part that puts them in existence.

What then would be of the foreign exchange market?

A collaboration of the two is the best we can hope for as one betters the other in one aspect or the other.
full member
Activity: 854
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I don't think bitcoin can replace the banks because theres a lot of strong people behind it. I think bank will join the gank to support bitcoin in the future, thats what i thought.
jr. member
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Since we have to convert to FIAT somehow, it can not eradicate the bank but will reduce their excesses. Any bank that does not plan to adopt blockchain technology in the future might like fail.
full member
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(Bitcoin cannot replace the Bank) Bitcoin is truly amazing but the Bank is a product that has been created for a long time.  moreover, Bitcoin is a currency or investment asset, not an institution.  in the future (i guess) the Bank will adopt and become one of the places where Bitcoin flows, many ordinary people will save and borrow crypto assets at the bank.

Bitcoin replacing banks is impossible. All banks might adopt blockchain tech or create their very own altcoin but it won't be replaced by bitcoin. Bitcoin was created as an alternative not replacement to banks.
thing that sure to happen in the future.
copper member
Activity: 2142
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Limited in number. Limitless in potential.
That bitcoin can, or cannot replace banks is a thing of 50:50 chances.
I cannot see it will happen in 50:50 ratio or even 60:40.

Bitcoin replacing banks is impossible. All banks might adopt blockchain tech or create their very own altcoin but it won't be replaced by bitcoin. Bitcoin was created as an alternative not replacement to banks.
full member
Activity: 644
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Ecowatt.io
Hello everybody. Banks have existed for a long time and have taken root in the mind of a person almost as the main state financial institution. And a person with great difficulty switches to a new one. Although, in my opinion, banks are like fleas that gnaw on the body of the state - these parasites can easily penetrate the "body" of Bitcoin. Banks only manage assets, and Bitcoin is an asset that pays huge dividends. My answer is no, Bitcoin will not replace banks. But the bank will have to master Bitcoin, if only in order to survive.
jr. member
Activity: 43
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That bitcoin can, or cannot replace banks is a thing of 50:50 chances. Where banking activities are better improved to the impressive height that people expect and appreciate, then it is unlikely that bitcoin can replace banks. However, the perspective that bitcoin is considered by most people as the best store of wealth and means of secure exchange, greater transactions with bitcoin over Fiat can easily send banks folding.
hero member
Activity: 2730
Merit: 632
I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.
co-exist? I like this word...
Bitcoin is decentralized while banks are centralized and currently transactions and circulation of world money are still dominated by banks. co-exist in the future is the best prediction.
They would surely both exist no matter what but there are really people whom that really too optimistic when it comes to these kind of things where they do end up some
presumptions or hopes that wont surely be happening no matter what progress or success where cryptocurrency would made but going into this situation is really impossible.
Government is there and they wont really letting things to end up like this.Banks would surely exist no matter what because they had been here since from the beginning
and we know the benefits and the relevance of its existence.We cant just imagine on a world on having no these kind of services or institutions.Everything would be messed up.
sr. member
Activity: 2338
Merit: 365
I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.
co-exist? I like this word...
Bitcoin is decentralized while banks are centralized and currently transactions and circulation of world money are still dominated by banks. co-exist in the future is the best prediction.
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Activity: 728
Merit: 63
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More possibilities of cannot replace the bank because BTC is a cryptocurrency and online money that's can't deal all the needs safely as bank. BTC is a first row cryptocurrency and it's making its position strongly in market but peoples have dependency on banks and they manage all of their works in bank that crypto hasn't capacity yet.   
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