Bitcoin is it the Future of Banking ? - page 59.

AmXProX

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Bitcoin and banking are way too different, using bitcoin for money transfers may be a good option
to reduce the cost of the transfer but banks will really react on this. They are loosing a huge amount
of income because of bitcoin and since government also depends on banks it will be hard for the coin
to replace the banking industry by not being regulated.

onurgozupek

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In #Bitcoin me trust

Quote from: valentin68 on October 31, 2017, 02:55:03 AM

As it is at this moment bitcoin cannot replace the money in the transactions that we make day by day. Bitcoin has some disadvantages, it has high fees, a transaction cannot be reversed, it is diffficult to be obtained by many people, all wallets are anonymous. Some of these disadvantages can be advantages for some people, especially the anonymity and the non-reversal of transactions.
What I can say is that bitcoin is preferable to classical banking, if one has its money in bitcoin it is certain that he can cash out this money, if you place your money in a calssic bank you are not certain that you will have them returned to you easily.

High fees? Try to transfer some money using Wester Union or SWIFT and check the fees... Bitcoin offers you, to be your own bank

valentin68

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As it is at this moment bitcoin cannot replace the money in the transactions that we make day by day. Bitcoin has some disadvantages, it has high fees, a transaction cannot be reversed, it is diffficult to be obtained by many people, all wallets are anonymous. Some of these disadvantages can be advantages for some people, especially the anonymity and the non-reversal of transactions.
What I can say is that bitcoin is preferable to classical banking, if one has its money in bitcoin it is certain that he can cash out this money, if you place your money in a calssic bank you are not certain that you will have them returned to you easily.

Yankeestyle

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Quote from: TrumpD on October 30, 2017, 08:26:10 PM

It is not happening, bitcoin cannot replace FIAT banking system. You are talking about a system that has been in place for many years. Bitcoin is still relatively unknown and its potential is still developing. I don't see governments giving up control over money in favour of something decentralised.

It isn't going on, bitcoin can't supplant FIAT managing an account framework. You are discussing a framework that has been set up for a long time. Bitcoin is still moderately obscure and its potential is as yet creating

Untold

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As others have mentioned, I don't think this is possible in the immediate future.

Bitcoin is too young and unstable to be utilised as a currency, I have always viewed Bitcoin and other cryptocurrencies as more like shares on an exchange, but unfortunately, they are much more easily influenced.

Thanks,

-Untold

Bakemat

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

It is good if the bitcoin was the future of banking because we know that bitcoin cant collect any interest so people might be happier if it happened. Also inghe transaction its have no problem because there's an apps to bitcoin exchanger and ATM in the some area in iur country so its not be a problem the problem is when all country accept the bitcoin

endlasuresh

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No, it will never happen and just remain in the trading platform since it ups and downs will happen all the time like Stock Markets.

The founder is not the media so it cannot accepted as banking since one need to be evidence, how people put money in unknown Bank?

kryptoxchange au

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Bitcoin has a future within the banking sector but its not the future of banking. It has to go a long way before something like this can be even thought of !! It will be really hard for bitcoin to replace the fiat currency as there are so many rules and regulations which stop it from happening !!

cah ndablek

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

may still need to be a very long time to remplace money in the transaction because sometimes there should be considered a very mature to make way also able to run smoothly so that the bitcoiner easier every time want transacting or transfer the amount of money to others that distance is too far.

ZaynDale

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T H E G O L D E N I C O

Indeed, Bitcoin is the future of economy and is capable to replace our local fiat or cash and it's our future bank as well. We don’t need banks to keep our assets because we have already wallets and it's very convenient. We can use Bitcoin anywhere and anytime through our phone or computer laptops.

aoihs00

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

No there are not many chances of happening that in the first place. Why would traditional banking go with bitcoin transaction which will need big implementation of the blockchain technology and also upgrades to their systems. Plus don't forget that there is one character of the bitcoin which will always restrict it from getting involved into financial institution affairs, and thats its decentralised character. You know very this character is the defining factor for the investor base, prices and market cap and everything that gives it the ultimate fate.

Banks will never transit with it as its not even the legal entity thought the globe. The future can't be predicted but my scale is mostly on the no side.

alfstep

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Here I come! Again!

Nope, it currently has no regulation or whatsoever and will never have
People wouldnt want to put their money on a very volatile currency
A stable currency like bank is all they need

gabbie2010

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Bitcoin will have no impart in the future of banking, because for most of the transactions, we still needs to exchanged it to fiat, personally for every bitcoin I earned online is sold to my local exchangers so will deposit the equivalent local currency into my bank account, were I can withdraw my money, this is to reaffirm the role of banking in cryptocurrencies.

ropyu1978

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

I'm not too sure. maybe happen in the future, but if for now it is not possible to be enacted in all countries. because many of the factors that become fierce and different debates on each country. yes I think there will be a lot of innovation about the digital world for the future. including bitcoin therein

wantjokull

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Thats a very broad perspective to look at the bitcoin and if you see it on smaller edge then we have already started up with the transactions of bitcoin and also its kind of banking within its limit and we are the bankers itself.

Like the idea how Satoshi put forth the blockchain in all decentralised way to avoid those limits, pressures on our transaction. On top of that they added the better security and safety features.

So yes I guess it can be called as the new kind banking ready to get implemented in the near future.

Yarsk

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Why are so many people confused on the role of bitcoin and that of bank/faints money, the two are different but yet closely related. Bitcoin is a digital currency that is use to buy good e g software and the rest in online market and is also and asset that has monetary value, but can only be use by those who have the knowledge and it usability is base on mutual understanding. On like money that is generally accepted by all people in the society and it transactions are legal approved by the law of the state.

CryptoBerd

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Quote from: TrumpD on October 30, 2017, 08:26:10 PM

It is not happening, bitcoin cannot replace FIAT banking system. You are talking about a system that has been in place for many years. Bitcoin is still relatively unknown and its potential is still developing. I don't see governments giving up control over money in favour of something decentralised.

I agree with you. Bitcoin is also too volatile at the moment.

From a buyer perspective.
Imagine that you only have Bitcoins and the value drops 20% at the moment you wanted to buy an ITEM. You will either pay more or you will wait another day.

From a seller perspective.
Imagine from a seller perspective, if there was a sudden huge spike in value of Bitcoin, as a seller you might not want to sell your item at that moment, because you will get lesser bitcoins and there will likely be a quick correction.

For Bitcoin or any replacement currency to be mass adopted, it can have gradual price movements, but current volatility do not inspire confidence to be used as a main source of exchange.

TrumpD

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It is not happening, bitcoin cannot replace FIAT banking system. You are talking about a system that has been in place for many years. Bitcoin is still relatively unknown and its potential is still developing. I don't see governments giving up control over money in favour of something decentralised.

roddy5

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Quote from: Lucas* on October 25, 2017, 07:10:25 PM

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Yes it may or it may not, no one can tell if bitcoin will be the future in banking or will it be another
crypto currency that government will create or an alt coin will be used but one thing is for sure.
Crypto currency is the future of banking.

Bitcoin being the future of banking really depends the people who will continue on using it until the end.

selline

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in the banking world in particular currencies krpto or digital eyes indispensable means of payment which did become the attraction of high value high so prices became the main capital first. and in my opinion only a bitcoin has banking in the future of a better future and had a long period of time

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