Topic: Bitcoin can / cannot replace the banks ? - page 8. (Read 1501 times)

That's not the main issue here and we cannot bring that argumentation to the public since our time right now is not yet come up to the point that we compare bitcoin to the banks. There are lots of steps before that happened and one of them is the whole world will finally recognize bitcoin as a currency where you won't need to worry if you will the authority to convert your bitcoins from any of the countries around the world. Therefore, right now is not the right time to talk about this, and in fact, it's irrelevant since we are still in the middle of processing the main issue about Bitcoin.

Bitcoin is a currency/asset.The banks are financial institutions/companies.
We all know the "be your own bank" slogan,but Bitcoin isn't supposed to "replace" the banks.
The banks can only be replaced by other financial institutions/companies.
The correct statements would have been "Crypto exchanges cannot replace banks" or "Crypto wallet companies cannot replace banks".

Bitcoin could act as a personal bank for those who doesn't really trust or want to use banks.
But it could never replace the bank they have law and centralized unlike Bitcoin if give us freedom and it is decentralized so why would we even want it to replace Bank if it is already being great the way it is?
Do you want to see it being centralized and controlled by the government?

Obviously bitcoin will never replace the banks even though it may takes some years or decades, the bitcoin will not replace banks no matter what happen. Bitcoin will be forever an alternative and second to the banks because at the end of the day, the government and the people will still support banks not bitcoin though there may be some people who will support bitcoin but still the majority will be on banks. Bitcoin is an alternative way of money but doesn't means has the chance to replace the bank.

Did someone remember any historical event, when one person changed buying value of any fiat currency? Like Elon Musk tweets about dogecoin or mentions bitcoin, can some, for example Trump, say "Asians are my best friends now" increase JPY/USD exchange rate?

I would love to see how banks are being replaced by bitcoin, but after seen how someone easily manipulate the price, I start to realize that total replacement are still far, far away. One tweet and lots of banks go bankrupt and people loosing livelihood.

Love to see banks eliminated? Then it would take for BTC to be centralized if that's what you're wanting for.
We love Bitcoin from its decentralized nature, right?
This questions was brought up multiple times back in 2018, and some people still think that it is gonna be good thing.
We're already fine to how Bitcoin can be used.

For several hours on Wednesday, digital services used by the US Federal Reserve to handle transfers between banks remained unavailable due to an "operational error."

One of the arguments in favor of buying and owning Bitcoin is that cryptocurrencies will eventually replace the banks themselves, as their storage and money transfer services will no longer be needed.

Much of what currently functions as money in the United States and in any developed economy does not come from the government. It comes from commercial banks. Banks don't just keep money, they just transfer it. They create them.

There are many other economic factors that cannot be overcome by Bitcoin and other cryptocurrencies, so I think it is almost impossible for any cryptocurrency to replace the banking system.

Been discussed multiple times that Bitcoin will not replace banks. These two differ from various characteristics such as centralization, stability, and the likes. Also I do believe that replacing banks is the main purpose of cryptocurrencies. Cryptos are meant to be used for transactions which involves digital currencies. Also it would be impossible knowing how strong the support banks are getting from different governments due to regularisation. Let things be. An individual may store his wealth to cryptos but be ready for the risk. An individual may store his wealth to banks but be patient.

Would have been better if you had linked the source. But this is somewhat true. Bitcoin cannot and will never replace the banks. Banks are something that the government uses to control the who economy and the financial aspects of the country. Replacing it will just cause a chaos. Those who think bitcoin will replace fiat currency are also in the stage of ignorance. Even if crypto currencies replaces fiat/bank, its going to be a centralized coin that is under the total control of the government.

Most of the time I would not agree with them but I think they are right on this one, bitcoin allows you to be your own bank, this may make it seem as if banks can be replaced if everyone can become their own bank right? No, there are too many people that simply do not have the necessary knowledge and ability to protect their coins, you can give them a detailed guide about how to do this, you could even give them a hardware wallet, they will find a way to lose their coins and people like that have no option but to use banks to protect their money.

Almost everyone gave the correct answer, Bitcoin cannot replace the Banking System. I wanna go a step further and want to say that, We don't want crypto to replace banks. It will be too hard for a democratic country to run the whole economy on crypto that too by replacing banks. We just want the implementation of the crypto where using conventional banking system has disadvantages..

No matter how many people use Bitcoin and other decentralized cryptocurrencies, this will not accelerate the fall of the banking system. It should be borne in mind that the banking system is part of the state and the main mechanism for managing the economy of any state. For the banking system to collapse, states need to take certain actions for this, and they will not do this under any circumstances, since this will be tantamount to their self-destruction. Therefore, even if problems arise with the banking system, the states will always provide it with proper support and the necessary protection.
In addition, fiat is also a product of banks, and without it we still cannot imagine our life.

 Bitcoin will ever remain decentralized currency to fulfill her purpose in the life of the users. Bitcoin cannot be replace bank because who to control the decentralized currency in the world will be an issue to the world, who will be the one to control the price of bitcoin in the world it will be a major challenges.

The reasons why bitcoin cannot be replace bank as follow:
• demand and supply: one of the reason bitcoin cannot be replace bank is demand and supply, they are the people that control the price of bitcoin all of the world. No government can control the price of bitcoin in any of the country.
• Satoshi Nakamoto: the founder of bitcoin created bitcoin for a purpose, so that the purpose must be fulfil in the land of those countries that legalized bitcoin. Bitcoin came to eliminate unsafe transaction in the world but not to replace bank which is centralized currency .

It is not about eliminating anything or replacing it, it is about choosing, having the true option of being able to manage our assets, without restrictions and frictions (tax rates, which exist with the sole purpose of benefiting the owners of the banks and their shareholders)

A bank's premise is to be profitable in the use of the money of its depositors, but over the years the passive rates for different reasons are higher than the active ones, in some cases, so they also diversify in many financial business models, loans, mortgages they are in a certain way a strength of the banks and what have made them so popular and hopelessly necessary, is that there are no other "simple" options.

Bitcoin is used to start Fintech business models, and these models supported by a cryptographic currency can do the same as a bank but with the great advantage for users that the Bitcoin infrastructure gives them and it is here that we are not only depositaries or savers. By giving the money to third parties, you can have control. These platforms must be a means, a bridge to intercept businesses, ideas, and investments.

Bitcoin is the "raw material" of any project, not only financial, as is also FIAT, the difference is its technology that makes it powerful and leads it to the non-literal premise that is what confuses "to be your own bank" is not just one sentence, it's real.

Instead to Fiat if you take it in the same sense "keep it under the mattress".

This have been a long talk since then always having comparison between crypto and fiat, and Bitcoin becoming a replacement for banks. It is just like what we are keep on comparing two different existing things wherein there is no point for arguing into such because both exist on their own unique purpose. Maybe the other thing might be better than the former one but that is exactly the point why we have improvement in nature so that we won't just stick into the usual and to attain greater improvement. Bitcoin cannot certainly replace banks for they differ on existence and do not expect that because of Bitcoin popularity is that it will take over the position of banks.

Yes, it is the reason why I believe this time they'll just go along with the other. Before, maybe a few years ago, we're very much thinking about replacement of the other.
But this time, we're thinking openly that why it has to remove one another if both will benefit from it but mostly, it's bitcoin that will be liked by most people that understands it.

Bitcoin is first cryptocurrency  that made and becames popular because of its price its worth it to invest or trade on bitcoin. Banks are establishment that will secure our money our some place that are money put in. It will never be replaced by bitcoin.

Yes, it is not possible to replace banks by bitcoin. Bitcoin is a decentralized platform and still now banks are not adopting it. The price of Bitcoin is not stable and it is a alternative payment method.

One of the most pointless questions to ask IMHO.

Bitcoin CAN replace banks if everyone in the world has internet, has a mobile phone that can open a wallet, and can easily buy and sell BTC if they need it. But we know they can't.

And if everyone can borrow money and use BTC as collateral with smart contract defi? Possible for a tiny few people who know how to use, but even less possible for most of the socalled out of reach people.

So, sorry, Bitcoin can't. But so what?

The fact is that bitcoin is not created to eliminate banks and fiat currency and it is a perception that many have over the years and if you are well aware of the dream you are holding and the implications you will understand. No one in the right sense will be willing to spend money with every transaction domestically but with international transaction bitcoin is a good alternative.

We have seen these kind of threads for years and still many are not aware what they are talking about when they are waiting for the banking sector replaced by bitcoin  .