Topic: Bitcoin is More Popular Than Traditional Banks - page 6. (Read 943 times)
We can say that the popularity of bitcoin has increased in last few years.People started to know about bitcoin and they also speak about it.But to say that bitcoin is more popular than bank is not right.Bitcoin has started to grow but banks are the premier financial institution.Firstly comparing bitcoin and banks is not possible as both are different but if we compare bitcoin with other Fiat than also bitcoin is behind.
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According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
This is why I don't trust any surveys AT ALL.They are just asking 4,852 out of so many people around the world and they will just assume that all of the people are just as the same as to the respondents. I don't need to say anything since this SURVEY is just 4852 respondents and I don't think that the subject title is suitable for this since it really isn't
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According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
I think this is too good to be true. I'm not saying the survey is fake, but I strongly suspect it's not representative of the society. If the worldwide support of Bitcoin were so high, the number of users would be not around 2% of the population but billions of people. It's very easy to manipulate such data or make methodological mistakes due to the lack of knowledge how it's supposed to be done. So what this survey says is that among 5k respondents that happened to be included in the survey, the results were such and such. It's not so much about a number of people but about how these people were chosen. Chances are, these were people that read The Tokenist, and these are not your average people.
I'm not surprised by this especially as, with Bitcoin and other digital currency, you have control over your assets. Banks are outdated and digital currency is here to disrupt the industry.
Being a big fan of Bitcoin myself, I think we will never reach the point when it will be right to say "Bitcoin is More Popular Than Traditional Banks". If 10% of the world population will be using BTC, that will be a great victory(and I'm sure we'll be there in several years), but it will take more than 20 years from now for Bitcoin to become even more popular.
Also, regarding Bitcoin replacing banks completely, it will hardly happen ever. Banks are being used not only for keeping your money there, but also for taking loans. You can't take a loan from Bitcoin.
Also, regarding Bitcoin replacing banks completely, it will hardly happen ever. Banks are being used not only for keeping your money there, but also for taking loans. You can't take a loan from Bitcoin.
4852 in over 17 countries? 4852 people can't even be considered as a 0.1% percent of the population in most country. for me, the survey shows really show how popular but bitcoin is but that the younger generations are more open-minded than the older generation and they are not scared to accept and explore new technologies.
OP are you referring to this site. https://thetokenist.io/news? Can you share the link or source that they did qoute the popularity of BTC over banks.
I searched around and found this https://thetokenist.io/bitcoin-survey-2017-vs-2020/ 
The title is misleading, the survey might be biased.
Millennials would choose Bitcoin over traditional banks, because they knew how this latest financial technology works than those less techy people in the mid 50's.
Anyway, No matter how many times you'll compare Bitcoin to traditional banking system or USD, it can never replace by Bitcoin ( at least for the next 20 years).
Nevertheless, Bitcoin has still a long way to go If we're looking at a competitive perspective with banks.
Millennials would choose Bitcoin over traditional banks, because they knew how this latest financial technology works than those less techy people in the mid 50's.
Anyway, No matter how many times you'll compare Bitcoin to traditional banking system or USD, it can never replace by Bitcoin ( at least for the next 20 years).
Nevertheless, Bitcoin has still a long way to go If we're looking at a competitive perspective with banks.
Younger generation aware of bitcoin, that is a piece of good news to take from this report but we can't say bitcoin is more popular in this world because transaction of fiat is huge compared to daily volume of cryptos and more of the crypto volume comes from trading not from transactions so we are not yet ready to compete with the bank.
Not true, be honest here, can you live without banking system lately? If so it will be too complicated for you. It doesn't mean we don't love bitcoin, still bitcoin popular for us. I don't know if in the future bitcoin will accepted by worldwide and could become more popular than bank but there is lots of prevention to happen that. Probably it was a online survey and likely those peoples participated there most of them are bitcoin lovers. It doesn't mean worldwide population love bitcoin. For me I can say even 2% of total population of my country's don't know about bitcoin but 100% population know about traditional banking system I believe. So I can't say bitcoin is more popular than traditional banking system in my country. And I believe same goes to worldwide population.
4852? That is probably not even 0.1% of the world population. Be realistic op. I am a big fan of BTC and cryptocurrencies, but the truth is that it hasn't gone mainstream yet.
A small percentage of the world population is currently using it and the numbers are slowly growing over time. Currently, BTC is popular primarily as an investment asset when compared to being used as a currency.
We need to try harder to reverse this in the future in order to help it go mainstream. The volatility needs to go down along with the fees and transaction times in order to make it a feasible payment method in the long term.
This is how majority of the world population could prefer cryptocurrencies over FIAT in the future in my opinion.
A small percentage of the world population is currently using it and the numbers are slowly growing over time. Currently, BTC is popular primarily as an investment asset when compared to being used as a currency.
We need to try harder to reverse this in the future in order to help it go mainstream. The volatility needs to go down along with the fees and transaction times in order to make it a feasible payment method in the long term.
This is how majority of the world population could prefer cryptocurrencies over FIAT in the future in my opinion.
But bitcoin ain't a bank.
It is a currency.
The survey made the wrong comparison.
It should be BTC against USD or its own currency and digital currencies.
Bitcoin doesn't give an annual interest like banks. Yes, the price of it is moving now and you could make profits out of it but that means selling your bitcoin with a different currency.
It is a currency.
The survey made the wrong comparison.
It should be BTC against USD or its own currency and digital currencies.
Bitcoin doesn't give an annual interest like banks. Yes, the price of it is moving now and you could make profits out of it but that means selling your bitcoin with a different currency.
I think that's from big countries with open-minded citizens who have the ability to understand/ use the Internet and actually have the right knowledge about Bitcoin. In the smaller countries, where Bitcoin has been going with the scams, people wouldn't believe it. Try some country in the ASIA, there were lots of scam with Bitcoin involved. There was so much that every time they think or hear about Bitcoin, they immediately say no and run away. They are not educated about Bitcoin enough to actually believe it.
According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
I personally still prefer bitcoin over banks. because sending them money at low interest rates is like being dealing with inflation. I prefer to invest in bitcoin even though it is risky but when you win you will win big. Bitcoin is really a form of venture capital and I do not encourage everyone to trade or hold BTC, it will lose a lot of money in the beginning. According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
The word here is "Trust", of course many will because as we have said, if you own bitcoin, you have total control of it. As compare to traditional banks wherein there are cases that you need to wait for 3 business days to be able to clear your money.
But we can't argue that banking system is still needed, even millennials, specially flashing those credit cards, Lol. And then again, this is just a 'survey', margin of error is still present and not to be taken seriously.
Here's the exact survey by the Tokenist which can also be found in the link given by @Maus0728
https://thetokenist.io/bitcoin-survey-2017-vs-2020/
Long read, but pretty much just asks general questions of Bitcoin vs Banks and the results of which is better today and for the future. The survey was done via Google Survey so that's why there was probably a lot more pro on BTC since I believe most of them are in the know of the advancements that are happening in the world.
https://thetokenist.io/bitcoin-survey-2017-vs-2020/
Long read, but pretty much just asks general questions of Bitcoin vs Banks and the results of which is better today and for the future. The survey was done via Google Survey so that's why there was probably a lot more pro on BTC since I believe most of them are in the know of the advancements that are happening in the world.
The title should be "Mllenialls trust bitcoin more than banks".
Popularity is something else, if people would really trust bitcoin more than banks we would have more than 7,639,257 addresses with a balance over 100$ in the chain, that's 3 times below the number of banks accounts in the UK alone.
Second, this is the result :
So 51% of Millenials trust bitcoin more and 49% trust the big banks more. With
Second, as per their methodology,
Seriously? You ask the readers of a crypto news blog and you think the results would be relevant?But it gets better:
And even with that target audience and paying them in BTC they only managed a victory of 51% to 49% over banks?
Popularity is something else, if people would really trust bitcoin more than banks we would have more than 7,639,257 addresses with a balance over 100$ in the chain, that's 3 times below the number of banks accounts in the UK alone.
Second, this is the result :
So 51% of Millenials trust bitcoin more and 49% trust the big banks more. With
Quote
Our margin of error for total respondents is +/- 2-6%.
Second, as per their methodology,
Quote
Surveys were conducted via Google Surveys (results available here) as well as an email campaign sent out to The Tokenist readership. Google Survey results came from 4,111 applicants and The Tokenist represented 741 readers.
Seriously? You ask the readers of a crypto news blog and you think the results would be relevant?But it gets better:
Quote
Survey 2 was taken from The Tokenist’s email list. A total of 741 participants surveyed out of 12,431 replied with only 75.2 % responding to the full questionnaire. Entry participants were entered into a draw to win .3 BTC for completion of said survey.
And even with that target audience and paying them in BTC they only managed a victory of 51% to 49% over banks?
According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
I think bitcoin and banking are completely different things and shouldn't be compared. because banks provide money to the economy and pay interest to savers. that would be passive income but it will be quite a bit. As for bitcoin, it is a high-risk investment that cannot be compared. Besides, the price of bitcoin fluctuates very high and currently there are many people who buy bitcoin at $ 19k and have not yet been sold. 
Interesting! Would you care to attach the link of the said survey result?
I think the answer is just above you mate and here it goes.I think I found an article relating to this: https://www.somagnews.com/trust-bitcoin-passes-trust-big-banks/
I can only speak of my own observation around my own country. And I can tell with almost 100% certainty that even the word Bitcoin has not even reached the ears of 51% of the millennials here.
Maybe the countries mentioned are already adopting crypto or at least more advance compared to countries like yours or even mine.If it did, I guess most of them have no idea of what Bitcoin really is. If they have the slightest idea, they don't know that Bitcoin is primarily created to disrupt the financial or monetary status quo so that they won't be able to answer which between Bitcoin and the traditional banks is worth trusting.
This point we can help them understand mate,we are the one that Crypto needs to spread the use and advantage of Bitcoin to the eyes and mind of the millennials 
I really don't like surveys like these. Who do you think they surveyed? Z generation kids who have Bitcoin and TRX and Doge and gamble in casinos? Or Boomer parents and grandparents who responsibly pay bills with dollars and not bitcoin?
I like Bitcoin but these surveys are terrible in creating more divide. And pointless.
@cryptoaddictchie: totally agree with you.
I like Bitcoin but these surveys are terrible in creating more divide. And pointless.
@cryptoaddictchie: totally agree with you.
According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.
Bitcoin is NOT a bank.Comparing Bitcoin to banks is like comparing apples with bananas.Bitcoin loans aren't very popular and I don't see any cryptocurrency exchange platform offering banking services.
There are sertain rules about properly doing a survey and I don't have any details about how the Tokenist surveys was done.If you own a cryptocurrency website and you ask your visitors(most of them are crypto supporters as well) about their views regarding Bitcoin and cryptocurrencies,most of them are going to be pretty positive about Bitcoin and crypto.It's common sense.
It's pretty normal that millenials and younger generations are more open to new technologies,like Bitcoin.
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