Topic: Bitcoin VS bank - page 14. (Read 1745 times)

I don't think that the Bitcoin itself will replace anything. But the Blockchain technology can replace a lot of things, like donations, money transfers, data storage, elections and so on.

I don't think that Bitcoin can replace banking system.  Although they have a potential to do this. But I rather to choose bank in terms of money insurance and safety features that the bank can offer. Bitcoin is Bitcoin and bank is bank. They have a different feature. The only thing that the bank can do is to adjust to the modern way of banking and go with the trend of technology, they can also collaborate with the works of bitcoin.

That's right, and you also have the complete privacy, but for me I would not only save my money in cryptocurrency
because I know the risk, the wise thing to do is also save in the bank as they will guarantee an insurance of our money.

You can store your BTC on a cold wallet only in order to prevent it from stealing.

It actually can, since bitcoin can prove that it can provide more convenience and profit than bank. Bitcoin is decentralized and you can easily access your funds through the block chain technology. That is why banks are threatened by bitcoin, and soon banks will surely die, or slowly adapt cryptocurrency.

Eventually it will replace the banking system entirely. People just don't know what bitcoin is and how to use it otherwise it would have been the new reserve currency of the world.

But in bitcoin your money will never stole i think its save to keep your money in bitcoin but the main point is that if you invest your money in bitcoin it will very beneficial and you will get you best profit than saving in bank, but i think bitcoin will never replace in bank because banking is just for those people who have physical business but bitcoin is for those people who work in online and specially for those who wants invest their money for best profit.

If you are not afraid that your money will be stolen, you can keep the money in bitcoins. And if you're afraid of it, it's better to keep your savings in the Bank.

Although Bitcoin has a potential of replacing these intermediaries called banks, but this will probably never happen. We are already seeing the attitude of many governments towards cryptocurrencies, which is not positive. Government exercises its power and control on financial system through banks, so they will never let that happen. Bank may adopt the blockchain technology working behind Bitcoin, instead.

Look man, for people who haven't heard yet about bitcoins or any crypto currency can live completely without it happily because it has been enough for the human race for hundreds of years now. But for us crypto people, we will not survive without the banks. That is a given fact. If banks were to disappear, this world would crumble and will be into so much chaos. This is because there isn't a single crypto currency yet that can meet the standards or is good enough to replace the banks and fiat. While banks clearly have a lot of cons, bitcoins have more. So better make the best of having both rather  than making both look like enemies that shouldn't exist together.

I think not. Banks still has a major role in our economy, especially in keeping money and loaning to people. They are accredited and regulated by the government so we can entrust our money to them. In the future, perhaps they will also play a major role in implementing blockchain technology into our financial systems.

Current situation in India would be more opt to this thread now. RBI has announced that its entties should not deal with crypto currencies. Banks have sent mail to their customers that Bank Credit Debit & Prepaid Cards and cross border remittances not permitted for purchase / trade of Bitcoin, Crypto currencies and Viirtual currencies. Really disappointed with the news. Feel bad for the authority as it shows it has not yet upgraded to current trend.

Bitcoin vs Bank .. The most interesting news, about the talk that has been circulating in the news media.

I think the state bank was shocked by the trade in digital assets that were the currency of the crypto, and the value of the crypto money exchange price at that time of about 300 million (IDR) of crypto currency exchange with my country's cash currency equivalent to 22,000 USD it made the Bank cash is anxious with the development of crypto money, because for the sake of progress of the cash bank for the following year.

As the parties are afraid of a decrease in earnings for cash banks, the Bank is looking for ways to trade digital assets so that the government moves in favor of the ban on digital ased developments.

Because all people support the development of crypto money and almost all the world who helped develop the money crypto, which is very helpful for all people who need cash income crypto.

So that's the government does not prohibit the development of money crypto karna very useful for the progress of all people in the world ..

Bitcoin is a decentralized currency. It is not sure that the price will always be same. But bank has the safety of money. If you invest in bitcoin there is a doubt about to loss your money or not get profit. But in bank you can save your money. Without no fear.

None of the countries claiming ownership of the bitcoin. This makes the bitcoin can never replace the banks who are in different countries. the Bank and the bitcoin is something different and it system so banks will remain safe,

There is no competition for me. Like i said for me bitcoin cant replace bank. Its way too far to happen. Bitcoin only exist virtual world. What about those laid back people living in a certain country eho is not aware of thse or doesn't even know how to use computer and all. Bitcoin and bank have different functions so there is nothing to argue about this.

Replacing banks in terms of what ? Banks will be banks and bitcoin is still a currency. Banks will do the same way they do until the future. They can adapt to cryptocurrency but it cant be replaced by bitcoin. They are a different entity and also functions differently from one another. They can just be linked but are not the same.

I do not think so.
Banks will have a role within a country and will remain.
While Bitcoin will still exist also to meet the needs of digital currency that use around the world.

BITCOIN - are Trust less, does not require trust of any one entity or corporation to work. Even the creator himself cannot manipulate it to his own advantage on his own. Cheap to send transactions with no extra charges between countries, money can be sent with ease from one end of the world to another in seconds. Bitcoin debit cards exist to serve as a link between bitcoin and the traditional system, allowing its use even with merchants who do not accept bitcoin directly. Free from the manipulation which plagues the traditional baking system. One easy to use currency that is global. Acceptance gradually increasing. Aside of that bitcoin are not accepted by the majority of merchants currently, although some major ones support it. Blockchain databases are expensive to secure, the power consumption of the entire bitcoin network is enough to power a small country, although this is well distributed.Has legal issues in some countries, such as Ecuador. Provides an easy way for dishonest entities to move money with limited ability to trace them. The inability to reverse transactions in the event of fraud. The risks of a  51% attack, especially in the case where large mining pools hold a large quantity of the networks mining power, this has been somewhat negated with the opening of many more mining pools

BANKS - are already an established system. Bank Cards are accepted nearly everywhere. Ability to charge your money back in the event of fraud (although this feature can also be used for fraud). Use of cash does not require a network connection or electricity. Open to manipulation of figures. Fractional reserve banking makes this a higher risk option. Inflation slowly can erode value of held cash. Lack of transparency about how the system runs. Bank fees can be expensive, especially for businesses. Banks in different countries often work differently and linking them can be tedious, and many use different currencies.

For me bitcoin cannot replace the bank because it is already stablished and commonly used by the people.

Yeah definitely it is hard. This isn’t that much simple as just to say so. Reason is, banks have been established in earlier nineteen century and till now they are just being amazing in their own kind. Every person on this planet earth must know about them and their benefits and demerits. But main issue with bitcoins are they are just ignorant to people. This will take time to overcome banks.