Topic: Bitcoin can / cannot replace the banks ? - page 3. (Read 1501 times)
Since both the centralized system and the decentralized system operate differently and has their modes of operation both can still co-exist. We still have larger number of the world populace who are yet to embrace the era of digitalization. Accepting new concepts has always been the struggle of the aged because letting go of what the have known over the years irrespective of its state of factual existence. Even if crypto currency succeeds in overthrowing our fiats it might take longer decades to sell this innovation to everyone
I don’t think it’ll ever replace banks however Bitcoin can replace the fiat money deposited in banks; instead of going to banks for people to save their money or whatnot, people in the future might not need to go to the bank physically but just deposit them in their wallets and etc. That I do believe might happen in the distant future though.
as we know banks have long been known by the public and Bitcoin is still relatively new in the eyes of the public and many people already know about bitcoin but they are hesitant to try it, so I think bitcoin will not be able to replace a bank that has been embedded in people's daily lives and bank security is already very guaranteed while bitcoin there are still many cases of fraud or hacking and others.
There's no point in compare Bitcoin and the banks because they have different concepts but you cant practically blame Bitcoin for the hack and fraud situation that happened to people because and if we check the history of fraud that happened in the Bitcoin and Banks system, Banks fraud issue surpassed Bitcoin. 
as we know banks have long been known by the public and Bitcoin is still relatively new in the eyes of the public and many people already know about bitcoin but they are hesitant to try it, so I think bitcoin will not be able to replace a bank that has been embedded in people's daily lives and bank security is already very guaranteed while bitcoin there are still many cases of fraud or hacking and others.
Taking about bitcoin maybe only have about ten year old age right now and bank have been place for transaction more than thousand year and look impossible bitcoin can replace with bank on function and feature of bank. But bitcoin have greatest value right now and become investment is the best way than hold money in bank, just one advantage why saving money on bitcoin better than bank. 
Who should that bitcoin should replace banks?
Banks have tons of responsibilities, bitcoin cant oversea by no means. For example, they are giving out loans for new homes owners, they have to evaluate tons of factors before they can give out those loans. You just cant do that with naked bitcoin.
Btc can replace payments which is a big piece of bank business but cant overtake all of the banks services.
Banks have tons of responsibilities, bitcoin cant oversea by no means. For example, they are giving out loans for new homes owners, they have to evaluate tons of factors before they can give out those loans. You just cant do that with naked bitcoin.
Btc can replace payments which is a big piece of bank business but cant overtake all of the banks services.
Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
Bitcoin and banks are completely different universes.
Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system. if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.
Cryptocurrency and banks have to co-exist, it's impossible for one to replace the other. Banks are offering a service for the public, such as individual banking (Checking & Savings accounts, loans, debit and credit cards), Business Banking and much more (Even investment services). Those services cannot be replaced by any cryptocurrency.
Moreover, the value of cryptocurrency's isn't stable, thus, their usage isn't for the general public.
Moreover, the value of cryptocurrency's isn't stable, thus, their usage isn't for the general public.
Bank without bitcoin running well but not happening for bitcoin without bank could be more exist, how many trader can withdraw and cash out bitcoin without any bank, almost exchange market of bitcoin need bank to support withdraw and deposit so never have any debate about bitcoin can replace bank position,
In my opinion, bitcoin to replace banks is clearly not possible. Bitcoin can be called a digital asset, but if it is a statement whether bitcoin can replace conventional money? So the answer is still no, Bitcoin also has several problems including not having an underlying and not being centralized. In addition, bitcoin does not have a deposit and credit mechanism like conventional currencies. Bitcoin is currently present as an alternative currency, especially digital currency. In terms of function, bitcoin is considered to be able to fulfill only part of the currency's function, namely as a means of payment. Bitcoin is like a medium of exchange and means of payment, for example gold, diamonds, banknotes, stocks, commodities whose value is a general consensus as a result of public acceptance and trust.
In my opinion Bitcoin is for new generation and who are technically experts but if financial institutions adopt the Bitcoin common people can get benefit from Bitcoin.Actually Bitcoin and Fiat have huge difference and no doubt fiat is best for emergencyt but still Bitcoin is for those who have patience due to legalization issues.This has presently getting into standard utilization as more individuals in expansive scale begun utilizing it.Bitcoin is future global currency and obviously it will need for every one so i think if central bank and financial institutions should plan for future of Bitcoin to make easy access for their people.
In fact, it is meaningless to discuss whether Bitcoin could replace banks. For modern society, banks are important part of government to control and management of citizens, and they are irreplaceable. Even if one day Bitcoin has a global consensus, due to its decentralized nature, it will never be able to replace the function of a bank. I think what can be expected is that the Bitcoin financial system can coexist with the banking financial system, banks still help the government manage citizens, and BTC can help people protect assets.
One way banks can assist the bitcoin community is in the issue of private key storage. The issue of private keys have been menace for most users as to issues of theft, lost private keys or seed phrase, users forgetting details of their wallet and all that. So banks can step in at that point though, very risky in cases of an insider theft job on the private key, it would be very unnoticed except, the person in charge is sort after as it should be.
So, banks could help insecure users in ensuring the safety of this key and seed phrase and collect a percentage based on what ever ratio agreed upon time of retrieval for there services.
So, banks could help insecure users in ensuring the safety of this key and seed phrase and collect a percentage based on what ever ratio agreed upon time of retrieval for there services.
Banks are for commerce of fiat and making loans. Bitcoin will never replace banks Just like Gold didn't replace banks.
It came to a start that banks will start adopting bitcoin soon. They'll probably add those typical commerce services that they offer through a fiat-like loan.But for them to do that, they have to accept bitcoin deposits and that seems to be an odd service if they start doing that. Because the essence of bitcoin is for you to have your own deposits onto your own wallets.
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Actually Bank and Bitcoin has their own beneficiary uses, People invested in Bitcoin and take profit, we can use Bitcoin as investment asset or as a payment method to complete our daily transactions quickly without help of any third party service provider. But we must have to use traditional Bank cause we are so much Accustomed to use Bank or paper money in our daily life. You can not ignore one of them cause Both of these are important to make a successful project. we have to use bank or fiat money to buy Bitcoin or sell Bitcoin.
Bitcoin will not replace banks because its a different system, it does not operate by a centralized authority and follow regulations from Governments. Its alternative decentralized system for people who wants to be their own bank and runs from concensus of networks of computers.
I agree that Bitcoin is different from what a bank looks like today. However, it could in theory resemble, in the future what banks are now, but it will of course take the form of decentralisation lending/borrowing and account holding. If you think in terms of crypto there are already places like this that do all of the above, and not just with BTC but any crypto too. One such platform is Nexo.
So, yh, crypto could replace banks but it will take some time and a different form of 'today's banks'!
I think also bitcoin will not replace the banks because it is the way to save money of the people, while the bitcoin is help of us to grow our money that we have. The more bitcoin that you have the more that you can save in the bank this two have different advatanges and disadvatanges but this two are very important right now and I think their journey will not end and they can live long to the world for the different purposes.
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