Bitcoin can / cannot replace the banks ? - page 10.

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Quote from: Haunebu on February 28, 2021, 02:58:16 AM

They are obviously right. How on earth do you expect BTC to completely replace banks? .

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

2- If people start keeping wealth in bitcoin and less money in banks. Banks uses the people money in investments and this keep the circle of the bank running. If banks are short of fiat, this will bring their operation to halt. (a more likely scenario to happen soon)

aoluain

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In time the banks in general will offer certain Bitcoin services for everyone to avail of.
The vast majority of the population will be slow to adopt Bitcoin so the need for FIAT will
remain until Bitcoin becomes a viable currency rival of FIAT. When that happens the banks
will have already integrated Bitcoin into its business model offering people an EASY way
to store and transact in it.

Charles-Tim

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Cryptocurrencies are not banks, only fiat can be compared to cryptocurrencies, and we know how bitcoin and some other cryptocurrencies are better as an appropriative asset if compared to fiat that are inflationary and subjected to devaluation, especially in third world country. Banks are organisations where fiat are saved, but remember that you can save your gold, silver and jewelries in banks, which means a possibility for banks to also accept crypto as an asset to be saved with them and provide a custody service for it. Banks are only afraid of cryptocurrencies but they should not because they can also embrace it and gain from it by providing crypto services to their customers. It is not surprising anymore that some banks are even now providing crypto services.

Haunebu

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They are obviously right. How on earth do you expect BTC to completely replace banks? That makes no sense whatsoever. Satoshi developed BTC and the blockchain technology to provide an alternate decentralized payment method to the masses.

Banks will always survive though they will change over time in different aspects. People will always trust centralized banks the most due to the reliability factor and this has been the case ever since banks were introduced.

On the other hand, BTC adoption continues to rise over time since more and more people are treating as an investment asset.

FIFA worldcup

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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

Topic: Bitcoin can / cannot replace the banks ? - page 10. (Read 1513 times)