Topic: Bitcoin can / cannot replace the banks ? - page 7. (Read 1501 times)

Goverments take a big role in this, if they keep doing higher and higher taxes it's gonna be problematic, but its only delaying the inevitable but worst case scenario it will be equals. You could shop your daily goods etc.

Eliminating the current centralized system means that we will have to start from scratch. Bitcoin might gain enough traction but it won't be enough that it becomes the centerpiece, bitcoin should also be able to replicate the cashflow in the economy like how the current system is doing well enough despite its value being inflated every year.

It is a temporary statement, the aim of  bitcoin is to eliminate cetralized systemm and this is the major function of the bank as it is being run by the government which is in turn a centralised agency. Gradually, Bitcoin has gained traction and still will gain more until it will then be used as a means of daily transaction amongst people as it already has the enablement for peer to peer systems.

Experts agreed that digital money will gradually replace traditional ones. However, it is too early to talk about the complete replacement of paper currency within 10-15 years, most likely this will affect only large, developed cities and countries. At the same time, the digitalization of the payment system may occur in the developing countries of Africa, suffering from inflation. Moreover, now bitcoin is in great demand in them.
Despite the fact that many people know almost nothing about cryptocurrencies, there are also those who not only know about all the advantages of cryptocurrencies but also actively use them — in particular, for storing funds.

A cryptocurrency wallet is increasingly becoming an alternative to an offshore savings account. Funds are transferred to such a wallet, but are not withdrawn, and are stored there until the right moment. Such actions allow you to achieve several goals at once:
- complete anonymity — funds are not accessible, including to the tax authorities, who can only obtain information if the owner is voluntarily recognized;
- over the past few years, cryptocurrencies, especially bitcoin, have grown significantly in price and continue to grow, which makes it possible to earn money on the growth of the exchange rate;
- the ability to avoid tax liabilities.
Gradually, the cryptocurrency space is turning into a tax super-haven, which allows you to store funds with 100% anonymity.

Many representatives of the offshore industry are concerned that cryptocurrencies can completely replace offshore banks. And these concerns are not unfounded.

Time also works in favor of cryptocurrencies. If offshore banks have long been "under the gun" of governments and fighters against tax evasion, then the world of cryptocurrencies is still not fully understood and studied in space. And those who become pioneers in this space are likely to get the most benefit.

As I would see it bitcoin can't override bank in light of the fact that not all individuals in this world can utilize bitcoin, so on the off chance that bitcoin supplant bank altogether country in this world, the little individual will endure the results of this matter.

We need to consider different circumstances, not just our capacity to endure. As of now, I can't perceive any substantial motivation to supplant saves money with any digital currency or even bitcoin.

Yes bitcoin can never be replaced by banks because bitcoin is not in circulation in most countries of the world it has not yet become legal in many countries and people in many countries are ignorant about its use bank can't use it even if it replaces it. Central banks can raise or lower interest rates and create or destroy money every action has a response decreasing the amount of conventional money can lead to lower prices, making it more difficult for businesses to borrow money central banks may also be involved in additional efforts to manipulate the economy it is not possible for bitcoin to be stolen and there will be no government intervention.

In my own opinion bitcoin cannot supplant bank because not all people in this world can use bitcoin, so if bitcoin replace banb in all country in this world then the little individual will suffer the consequences of this matter.

We need to think other situation, not only our capability to survive. As of now I can't see any valid reason to replace bank by any crypto currency or even bitcoin.

Have been thinking about thesame questions for the past few months bitcoin started pumping and have been asking myself if bitcoin or other cryptocurrency can replace the function of bank but from my own research I think that will not be possible the only thing that I believe that will happen is that the bank can work with bitcoin but I believe the government will never allow bitcoin to replace bank or other cryptocurrency to replace bank. And even individual problem can also cause it not everyone knows much about cryptocurrency or bitcoin some people believe bitcoin is all a scam and they don't really believe in it so people like this will definitely prefer to make use of bank than bitcoin.

Bitcoin and other crypto currency not only bitcoin can't replace the bank function, that is the point. Many people wanted that crypto currency can be used like a bank in their real life but it would never happen since we still have a government that can disturb all the thing to make it happen.

But, we still have a chance to make it crypto currency as our alternative as our bank. Yeah, we still have a way to store our money in the form of crypto currency and this thing can have two function, one function as our alternative against bank and as our investment place that can give us a lot of money.

Of course, bitcoin and other decentralized cryptocurrencies cannot and cannot replace the banking system. Banks perform more diverse functions than cryptocurrencies. In addition, banks are protected by the state, and they will not allow banks to disappear for any reason.

Never ever this thing come to my thought that Bitcoin could replace banks no matter how hard I do look at it, not to degrade or underestimate about potentials but there's
no way that decentralized stuff could really take over on things that people have been get used to and as long do government exist then would really be existing no matter what.
Centralization as its finest and decentralized things would really be remaining as an option.They wouldn't really allow for those things to happen for sure.
Why people do still continue on presuming on things which aren't really that possible to happen?

In my opinion, the global financial system is so structured and managed that it cannot be replaced. Banks and the people / governments behind them simply cannot afford to give the power and control they have by running banking institutions to freely and transparently managed systems such as cryptocurrencies.

Of course it would be great to see some day mass crypto adoption by lots of services and organizations, but you should remember that it will not be possible completely because of the list of different nuances. And Bitcoin can not replace banks not only because bankers will not allow this, but of course because our society is not ready for this, and crypto will be not the same in this case like we know it nowadays. 

I agree with you. While cryptos do make banks unnecessary, they can still be useful and very important for many people and for some specific purposes. For instance, some people just don't feel comfortable being responsible for keeping their funds safe. They want the banks to be responsible and to store the money for them. So cryptos are not going to be attractive for such people, and even if cryptos go mainstream, these people would probably want crypto banks to manage and store their cryptos as well. Apart from storing, there's also this feeling of legitimacy which having money on a bank account does, and having cryptos or just storing cash under the bed to not.

Before bitcoin replace banks, banks are going to adopt bitcoin to not be replaced.

I believe at this point no one denies crypto currency is the future of finances and it's inevitable bitcoin will lead this adoption, as btc is the first and the original source of all crypto currencies.

We have already some crypto sites which replace banks with efficiency: they offer loans, they pay interest over saving accounts, they offer debit/credit cards. Traditional banks will have to follow this adoption to stay competitive in the market.

Yes bitcoin can replace banks,but  in my opinion not nearly it will take some time,and yes not long time, because Bitcoin creating hype day by day,and bitcoin popularity growing, rapidly,and may be Bitcoin can lead evan dollar,yes but again i say it will take time,and because regarding Bitcoin are many news are comming day by day.and world famous and biggest companies are taking interest in bitcoin.so ofcource Bitcoin can replace the banks and bitcoin can .

Bitcoin can make payment sending more efficient than using bank because we know with billion value bank not support and working for sending money, but by using bitcoin you can sent unlimited value with your money and have faster transaction, but just with sending or receiving transaction only and many side weakness from bitcoin and not any chance to replace bank.

To be honest, Bitcoin cannot replace banks, why? Because Bitcoin is a currency destined to be mainstream of payment while banks is an institution. However, the banks can work with crypto if they choose to but I believe the independent level of crypto making people to be their own bank is the reason why some people compare Bitcoin with banks.

@Financialtimes that compare Bitcoin and banks don't understand the concept of Bitcoin they are just aware of the traffic Bitcoin gained lately.

I think for now it cants totally replace banks, but it's a great alternative to banks, I mean it can really replace bank I think it the government would choose bitcoin other than the banks which will never happen.

Because bitcoin is decentralized, and it's not really the goal of bitcoin to replace banks so I assume it will not really happen, but If I'm going to choose personally I would choose to put my funds in bitcoin other than banks.

Most of the investors would choose a bitcoin wallet other than a centralized system like banks, It was like choosing fiat over cryptocurrency.

We can easily gauge the support by checking how many laws that are there to protect banks compared to cryptocurrency that was made within 10 years to make the fight fair. I once believed that bitcoin will be able to replace the banks because there were a lot of people that associates bitcoin with being your own bank but right now, I have doubts that it can be possible. One example is when fiat is lost in any way, banks can just replace the missing notes by printing but in the case of lost bitcoins, there is no possibility of reprint or reproduction.