Topic: Bitcoin can / cannot replace the banks ? - page 9. (Read 1501 times)
In my opinion, bitcoin cannot and it is not intended to simply and organically replace banks. The central banking system, though, is archaic and outdated. But That is not the purpose of bitcoin. Bitcoin could become the largest cryptocurrency asset partitioned for global payment adoption. Like the ambitions of Elon and Tesla, it is quite possible.
Lol! I don't know how people still think that an internet currency with only 21 million of total circulation can replace an age old system like banks! Those who believe in it, I would request them to wake up and face the reality. Banking system can not be replaced by bitcoin or any other cryptocurrency or even with all cryptocurrencies put together. It's just not possible!
Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!
Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!
Couldn't put it any better. But cryptocurrency is going to greatly benefit if the banking sector declines. With central banks around the world printing banknotes as if there is no tomorrow, the purchasing power of fiat currency is going to drop like a falling rock. On top of that the federal debt is ballooning for almost all the countries. Sooner or later, we will witness events similar to what we had in Cyprus in 2013. But then again, these factors are not sufficient to replace fiat. Fiat will always be there.
Ofcourse not, its understandable that people will still use the banks for most of their money and not bitcoin as we know how volatile bitcoin is and which can make them lose their assets in an instant
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 
Cryptocurrency can't be operated without the bank, and that's the very important factor to consider before something becomes independent, in the past, email did something quite different from post offices and there was no mutual connection email could have with post office that's why post office quickly died off, but in this case of cryptocurrencies, it's quite different. Bitcoin needs to be purchased from Fiat and bank stores fiat or rather transfers are made from Fiat banks either through cards or manual transfer in case of p2p to own bitcoin.So what do I mean, bitcoin could only change that fact of storing fiat money in bank but can't stop bank, banks could only be stopped by the government if they sees no income coming via VAT-Value Added TAX on money stored in banks, so for them to become a laughing point, government would implement cryptocurrency at part of their banking services.
Lol! I don't know how people still think that an internet currency with only 21 million of total circulation can replace an age old system like banks! Those who believe in it, I would request them to wake up and face the reality. Banking system can not be replaced by bitcoin or any other cryptocurrency or even with all cryptocurrencies put together. It's just not possible!
Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!
Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!
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
I agree with the statement saying that "Bitcoin/crypto won't fully replace banks" but to say Bitcoin/crypto "can not" replace banks, that's some next level nonsense and I don't agree with that at all, if you have used crypto only for a few times you should know how easier it is using them instead of traditional banking system, and that's not considering more decentralization and security/privacy that it brings to the table.
In my opinion as more time passes centralized banks will slowly change forms since the expectation of people from them will change, but as for the total removal of banks as a whole I believe that will take more than 100 years at the very least, many people might not use them anymore if crypto gets more popular and easier/cheaper to use, but that does not mean there wouldn't be some maybe older/more traditional people that still prefer to use centralized physical banks to store their money instead of something that they maybe don't fully understand or trust.
It will really take a lot of time before we can see bitcoin used by most of the people in the world because it is having a hard time to reach the mainstream. But I know and I believe that bitcoin will soon replace the banks, although for some people, it is already a store of value just like gold in banks, which is the reason why I trusted bitcoin to become the next bank or alternative for banks. But it is much better if banks will adopt bitcoin in their system so that our crypto community will not have a hard time storing it and utilizing it in many transactions, plus they can somehow get taxes from it but not too high.
Bitcoin cannot and will not ever replace banks, there are so many factors that restrict bitcoin from replacing banks. Crypto is good and there are so many benefits that it can give to us, just like on my part it really helps me with my finances and sending money to my relatives jn othe country, that thing is only available if and only if the sender and the receiver know about cryptocurrency.
I periodically think of both. But the maximum I think is that it will not be replaced because the bank is a conventional, ancient and everyday business agreement. The bank is an effective activity of any country. Moreover, not all countries have yet legalized Bitcoin. A country is very much dependent on the work of banks. So it is impossible to think of anything without a bank. So the question of replacement does not arise. And if Bitcoin ever becomes legal in all countries, then it is not possible to say what will happen. And to tell the truth, 'if' the word is that there is no meaning.
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
Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto reality
Not everyone will want to take custody of their Bitcoin or even have the knowledge to do so.
The banks will offer that to their customers, and they will continue to "TRUST" the banks with
their finances.
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
They will co-exist, no matter what they say and what point they're comparing bitcoin with. Bitcoin will keep going with such use that we're embracing through it. We can hold it as if we're the bank on our own and holding it through our wallets.Just ignore what they say, they can't beat bitcoin while us moving forward, they'll come along in the middle of the road.
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
They will co-exist, no matter what they say and what point they're comparing bitcoin with. Bitcoin will keep going with such use that we're embracing through it. We can hold it as if we're the bank on our own and holding it through our wallets.Just ignore what they say, they can't beat bitcoin while us moving forward, they'll come along in the middle of the road.
They are obviously right. How on earth do you expect BTC to completely replace banks? .
Why not ? Consider two scenarios which will lead to the end of banking system.
1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)
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)
For this to happen, the whole financial system needs to be changed and i don't see it happening within next decade. Also you cannot change the current system with bitcoin which is too much volatile. Bitcoin need to be adopted more and need to be more stable to be more widely used. I see some people on the youtube shared their point of view that fiat will end which is not true. Fiat may loose value but it cannot be completely eliminated.
Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto reality
Bitcoin came into usage to fulfil the requirements of people. When fiat isn't able to do it, the Bitcoin came as an alternate. This has now getting into mainstream usage as more people in large scale started using it. We need to think how the financial system evolved and the banking system started to back any country's economy. In that manner it takes more time for Bitcoin to reach the position. So, now or in the near Bitcoin replacing the banks won't happen as in the tweet.
They are obviously right. How on earth do you expect BTC to completely replace banks? .
Why not ? Consider two scenarios which will lead to the end of banking system.
1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)
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)
Even if bitcoin's popularity grows enough for people to use it for their day to day transactions, the centralized money will still be around and strong.
They are obviously right. How on earth do you expect BTC to completely replace banks? That makes no sense whatsoever. Satoshi developed BTC and the blockchain technology to provide an alternate decentralized payment method to the masses.
I hope that more people share the same view as you because in the bitcoin community, there are a lot of rabid fanatics that thinks that bitcoin is the Holy Grail and it will be the answer to the disease that we call banking system. To be honest, the moment that I have known that there are lost coins and a supply cap, I know that it will not be able to support the world economy unless the value of 1 bitcoin skyrocketed to the point that it the smallest amount is enough for someone to live for a month. 
Why not ? Consider two scenarios which will lead to the end of banking system.
1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)
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)
1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)
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)
A better way to look at it— with Bitcoin, it would significantly decrease our reliance of banks, but not necessarily that Bitcoin would replace banks. There's a significant difference between both statements. Because truth be told, banks still have their own use-cases— for loans and such.
They are obviously right. How on earth do you expect BTC to completely replace banks? .
Why not ? Consider two scenarios which will lead to the end of banking system.
1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)
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)
I have to respectfully disagree with both of your points.
1) The primary role of banks in the economy is to issue debt through the creation of bank deposits. Without banking, you would have next to no debt issuance (think corporate loans, mortgages and the like). Bitcoin doesn't provide for a mechanism of debt issuance, and therefore cannot be used as a replacement for fiat currency in its current role.
2) As the majority of money is created through banks issuing loans, it won't be the fact that if more people use bitcoin, then somehow there would be less money in banks. The amount of money in the banks would remain the same, as someone selling cash for bitcoin would need someone on the other side selling bitcoin for cash. The amount of cashflow in banking transactions could decrease, I'll give you that, but this won't impact on the amount of fiat currency in issue, and bank lending will need to continue all the same.
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