Topic: Bitcoin can / cannot replace the banks ? - page 5. (Read 1501 times)

Banks cannot replace bitcoin because it is not controlled by anyone decentralized although it will increase in the future it will take a long time to support it everywhere if the government wants to establish it will not be able to control it. Everyone uses fiat currency for transactions for the banking system its bank officials need to become proficient in using bitcoin currency.

Bitcoin can not replace banks because this is decentralized, maybe banks may offer services about bitcoin in the future. Most of us the perspective about bitcoin is to invest and gain profit that is totally different in how banking system works or there functions. Maybe they can use each other as a tool in giving services like for transaction.

There is an assumption that when the capitalization of Bitcoin increases 10 or 20 times, then when bitcoins can be fully used as a means of payment, and Bitcoin will also be a reliable store for savings, because its volatility has significantly decreased. I believe that this is when the competition between bitcoin and the bank will increase, but the banking system will begin to lose its monopoly and relevance.

I don't even think that this time will come that most of us will prefer bitcoin over bank.

Let's be realistic, people are not adopting bitcoin to benefit its payment system but to invest and hope that they will gain significant profit. Bank does print money and safeguard our deposits, it's too different from what bitcoin has offered to us, we should understand that, and in the first place, bitcoin is created as an alternative currency, not a currency to replace our fiat system.

In general, there are two options for development:
1) The goal of the same banks is to exclude cash payment from circulation, for this banks will use BITCOIN in the future, because even now BITCOIN provides banks with a service that people eliminate cash in favor of bitcoin. The main reason here is that BITCOIN is more manageable than cash, because BITCOIN always leaves its mark on the network, while cash is more difficult to track.
2) The use of BITCOIN by banks in order to withdraw money from a person, according to the principle of a financial bubble.

Moreover, it is more possible to develop these two scenarios together.

The Bitcoin network is able to process more transactions every second than today.  This condition, however, is not yet fully equipped to handle a transaction size as large as the credit card network.  Development is being made to overcome existing limitations and what will be needed for them in the future.  Since its inception, every aspect of the Bitcoin network is in the process of continuing to grow in maturity, optimization and specialization and these conditions are expected to continue over the next few years.  As traffic grows, more and more Bitcoin users are using light capacity clients and full network nodes can become increasingly specialized services.

Dude, why do we need to know whether Bitcoin can/cannot replace banks? I think Bitcoin doesn't need to replace banks to survive in the world. I also believe that Satoshi didn't create Bitcoin to replace the banks. So, it is already quite good to see Bitcoin available to use as a payment tool in some countries. It is already a good achievement, isn't it?

I don't think bitcoin can replace the banks, at least not yet. Why? No country would like to replace its sovereignty by adopting a currency that cannot be centrally controlled. So there goes

It can say that Cryptocurrencies are not banks, as it were fiat can be compared to cryptocurrencies, and we know how bitcoin and a few other cryptocurrencies are way better as an appropriative resource in the event that compared to fiat that are inflationary and subjected to depreciation, particularly in third world nation. Banks are associations where fiat are spared, but keep in mind that you simply can spare your gold, silver and jewelries in banks, which implies a plausibility for banks to moreover acknowledge crypto as an resource to be spared with them and give a care benefit for it

For now, Bitcoin cannot replace banks. USD is still the world's reserve currency and no way these banks are going anywhere. Whether you like it or not, even if most of us are preferring Bitcoin over bank, these banks are going to stay for a very long time. No way that Bitcoin is going to replace fiat as our main currency.

I saw this topic a week ago and was just about saying something and before i knew it, procrastination got the better part of me!

When i saw the topic, i just knew it's a mirage, a common misconception most of we crypto enthusiast often have because, we've become so sucked into the tech field that we don't seem to see the relevance of other means of doing things that isn't tech based or related. As much as we enjoy having things done by clicking a few buttons, the real life isn't online, its right around you!!!

First, i'll like to ask this;
Is bitcoin a currency or structure? Same goes to the bank.
Are the banks a currency or structure?

I know bitcoin to be a currency while the bank is a structure comprising of a network of persons that manage affairs of currency and valuables. That's just my simple interpretation of them both and there is a lot of difference if you could look at it from this view point.

Being your own bank with regards to bitcoin and altcoins alike simply means being in charge of your own currency affairs, it doesn't necessarily mean your a bank or makes bitcoin a bank. Your wallet could have better assumed that position with you as it's staff (sorry, i just have to put it that way).
But then, fiat is still very necessary and banks will still be printing that which makes the existence of banks inevitable coupled with the fact that, a country's note as per currency is a symbol to that country so, it not being in circulation is a wiped identity for such nation and we all know that isn't going to happen.

Bitcoin and fiat is here to work together and nothing is replacing the banks. Banks adopting cryptocurrency is the best we can expect to happen and not the other way round.

Centralized institutions like government will always hold on to their own which is Fiat. Moreover, Satoshi never said Bitcoin is going to replace fiat. But gradually, it is running simultaneously with fiat now. Many institutions are accepting it as means of payment.

As far as I know Bitcoin wasn't made to replace the banks. It was actually made to remove the limitations that banks provide. And yes bitcoin has a lot of advantages over bank but that doesn't mean it can replace the banks in time. And after all, our respected government won't allow it to happen due to the fact that it will be out of their control. So it is way far impossible.

- Indeed, many members of bitcoin do not accept this fact, they always think that the technology of bitcoin brings a lot of benefits and uses it to delete traditional banking but the essence of this story is just attention, at a time when bitcoin was not so popular, bitcoin needed such information to get more attention, the results were very successful but in return, many people are still blind to this information. From the very beginning, the scope and use of the bank and bitcoin were different, both in charge of independent matters, substitution only creates instability in the community

At first place, Bitcoin isn't created to eradicate those banks because lets be honest Banks will never be replaced by anything.

There is no way for a coin that isn't being used by all of the people, a coin that isn't accessible for all, a coin that only those who have smartphones can use, a coin that only a few people around the world will replace those banks. I see Bitcoin as an alternative way of transferring funds rather than it replacing banks.

One thing more is that, Bitcoin and banks have many differences. We see Bitcoin as an investment while we see banks as a storage of funds whether it is an emergency or wedding or anything (at least that is what I see with banks). Another is that, why are we debating about this even though we know the fact that it can't.

In my opinion, there is no way for any cryptocurrency, even Bitcoin, to replace the banking system. There are too many factors in this direction that prevent this.

Still, we see increased interest from big banks in Bitcoin, and many of them have already acquired a lot of coins in their assets.

That's why I think it's more likely that something in the middle will happen. Banks should start developing their blockchain-based systems and improve current banking systems.

What are you saying? who told you that United States prohibiting their people to Invest and use bitcoin ? you are an obvious shitposter that  only post without any sense at all. 

Do you know PayPal? the most  popular Virtual payment method in the US is now having partnership with Bitcoin.

and many more companies and institution that is now investor of Bitcoin.

Many people do not have access to log in and use bitcoin because less internet speed, not any device using for log in to bitcoin wallet and many problem faced right now why government not support using bitcoin as legal payment, maybe this reason make bitcoin never have chance to replace with bank, how ever bank give loan and have the same value when payment coming, but if using bitcoin and replace bank function I think many people will pay more if bitcoin as loan.

They wont, which is why there will always be banks and there will always be fiat currencies, governments even if bitcoin grows exponentially from now on are never going to let go of whatever power they can get with those institutions, however that is not a problem at least to me, as long as we can use our bitcoin freely almost everywhere then I will be satisfied, and that is slowly becoming a reality as people are realizing the potential that bitcoin has not only as an investment but also as a currency.

You are right, both bitcoin and banks cannot replace each other because they have different functions and ways to be a member in it and how to use it. Bitcoin simply created as hassle-free in digital processes such as payments, investment, sending money and other thing while banks needs documents in order to process everything where your money keep safely in there.