Topic: Bitcoin can / cannot replace the banks ? - page 6. (Read 1501 times)
Many institution and countries scare if bitcoin become legal payment currency and replace bank function, they try every time how to make bad news with bitcoin, we know United State country become most hater for bitcoin and scare if bitcoin most payment used there, so they have not allowed United State for using and investing in bitcoin or altcoin.
Bitcoin cannot be replace bank. Bitcoin is a digital currency that is not control by the government or government agent of the country. Based on what we are seeing around the world concerning cryptocurrencies, where some country see bitcoin as a currency that came to destroy fiat money in their country. Many country never still allow bitcoin in their communities because they think is a scam currency that will not bring any development to the country. It will hard for bitcoin to replace bank because many government will not allow currency that they cannot control to take over their bank which they control.
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Simply put it as well as why do people still pay in fiat money even if there are bank cards that would conveniently pay bills and almost anything from a store. Even though banks put fees on those and Bitcoin doesn't, it still does almost the same thing. Even the government would still choose banks most of the time, even though some legalized Bitcoin in their own respective countries.
All these kind of arguments don’t make sense to me anymore because I feel that these are things that we should allow to flow naturally. If you can make use of Bitcoin and you like it, that’s what you prefer then make use of it, and if banks are what works for you, go for it and if you like to make use of the both of them, then stick to that. Both of them are good, there are ways that Bitcoin can be better than banks and there are also ways that banks can as well be better than Bitcoin.
I have used banks for international transactions and I wouldn’t say that I’m going to make use of it again, because since Bitcoin and so many other payment methods came out , they are far much better than banks and charges less. Then as for Bitcoin , there are times that the fees can be high when you’re making a small amount transaction.
I have used banks for international transactions and I wouldn’t say that I’m going to make use of it again, because since Bitcoin and so many other payment methods came out , they are far much better than banks and charges less. Then as for Bitcoin , there are times that the fees can be high when you’re making a small amount transaction.
It is true that Bitcoin will never fully replace the banking system. It is true that Bitcoin will never fully replace the banking system. Moreover, due to its dependence on technology, the necessary sections of its use are not understood by all, which is a major obstacle to its universalization. Moreover, due to the volatile price of Bitcoin, it has become a popular medium of trade for traders and as a stable currency user, users dislike it a lot. So even if Bitcoin becomes very popular in the future, it will not be able to completely change the conventional banking system.
I don't believe the bank will go away because not everyone is aware of or uses bitcoin. Many people still use banks as a result of bitcoin, so I don't believe it will make banks obsolete.
Banks are designed to provide safe protection for people's money and to lend to those in need at a certain amount of interest or dividends. Bitcoin, on the other hand, is an investment system that is controlled by a decentralized authority and consensus. So, as Bitcoin has a different ecosystem than normal banks, the two cannot completely substitute for each other.
It is very clear that Bitcoin will never replace banks at any time, because Bitcoin still has many shortcomings to replace banks. After all,
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.
I agree. Bitcoin will never replaced the banks because it has many shortcomings and downside. One of it is being a decentralized volatile cryptocurrency. But ofcourse, this idea is also a good thing because your savings might go up and earn depends on how long you will hold. And I think bitcoin is one of the mode of payment today because of the recent pandemic that we still experiencing. Mode of Payment shift to contactless or digital payments. Bank are good and useful though many people preferred to use now the online because of the safety risks. Crypto might grow as the year passed by and for me banks will remain what it is and stay and will not be replaced.
It is very clear that Bitcoin will never replace banks at any time, because Bitcoin still has many shortcomings to replace banks. After all,
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.
My question is "why Bitcoin should replace the banks"?
Bitcoin has no reason to replace the banks, it is created not to replace banks or fiats. Satoshi even just stated to make an alternative payment tool on Bitcoin Whitepaper, not saying for replacing banks or fiats. We know that banks have important roles in the world, it will be hard to live without banks because people already rely on them. What we do with Bitcoin now is to make us not 100% rely on the banks!
Bitcoin has no reason to replace the banks, it is created not to replace banks or fiats. Satoshi even just stated to make an alternative payment tool on Bitcoin Whitepaper, not saying for replacing banks or fiats. We know that banks have important roles in the world, it will be hard to live without banks because people already rely on them. What we do with Bitcoin now is to make us not 100% rely on the banks!
People be more scared about hacking in crypto which doesn't happen that often anymore than bank frauds which happens everyday. In my experience working for a bank, the system is not adequate to support the amount of money and trust their customers give them, which often reflects to customers being scammed out of their money and/or fraudulent activities, people who are just scared of crypto wallets are those who are not confident of their own ability to take care of their own money, that's why they will save it in the banks instead so whatever happens, they have someone or something to blame.
They are obviously right. How on earth do you expect BTC to completely replace banks? .
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)
save wealth in crypto? I believe more in storing wealth in the bank because what security is guaranteed if I keep my wealth in crypto I will always be worried about the name of hacking, because hackers have many ways to take people's wealth
so for me the bank cannot be replaced by bitcoin or other crypto
possible frauds or stolen funds or does even have some insurance for you to get ease with these kind of situations which you cant really able to see in crypto but we know that there are
con's to that which do crypto really patching up it aside.So simply shows that they do work on different manner but there is really no way for crypto to take over with fiat
no matter how its widely accepted and recognized but wont really be going into that certain extent.
They are obviously right. How on earth do you expect BTC to completely replace banks? .
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)
save wealth in crypto? I believe more in storing wealth in the bank because what security is guaranteed if I keep my wealth in crypto I will always be worried about the name of hacking, because hackers have many ways to take people's wealth
so for me the bank cannot be replaced by bitcoin or other crypto
I think it is not possible for bitcoin to replace banks. In daily life, we need the help from banks. Bitcoin is not a centralized platform, so it can't replace banks.
I think never compare between bitcoin and a bank. Because bitcoin is totally different from bank. Bank is not only saving money but also many facilities. Both has different features. Bitcoin is always intengible . So I think bitcoin cannot replace bank .
That affirmation is total truth, bitcoin cannot replace the banks' but is important to understand the bitcoin goal. It isn't to replace the banks, bitcoin wasn't created with that goal.
Can we replace the banks with gold? No, but we can take out our money from the bank and buy gold. At any moment we can sell the gold and put our money in the bank. And it's the same with bitcoin. That's why Bitcoin isn't considered money, it is a digital active.
Can we replace the banks with gold? No, but we can take out our money from the bank and buy gold. At any moment we can sell the gold and put our money in the bank. And it's the same with bitcoin. That's why Bitcoin isn't considered money, it is a digital active.
Bitcoin can't replace with bank as function and many businessman take loan from the bank, how come if loan using bitcoin and payment for two years later and you can imagine how much money have pay by people if using bitcoin, exactly when bitcoin raise to higher price and they need much money more than 10x from loan first, just have each function between bank and bitcoin.
Bitcoin and banks are two different worlds, why compare them?
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
The thought of Bitcoin replacing banks is not even something that can be done because they exist in two different worlds. Bitcoin is a Cryptocurrency or Digital Currency while Banks exist in the Physical World with Digital Interfaces. Bitcoin can somehow replace banks IF its recognized Internationally. Bitcoin can create its own bank but I still do not think that it can replace the banks that we have now, maybe if we give it time and the effort to research and be knowledgeable about Cryptocurrencies, we can create a physical bank for them.
Only through banks can the government supervise and control the money supply in the country. After all, banks are the first legally registered financial institutions, how will the government let them out of the way?
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