Topic: Bitcoin x banks - page 6. (Read 1984 times)

I am sure that banks will adapt. Banks have many products which give them income I mean that it is not only fee for transactions and plastic cards.

In accordance with your opinion, bitcoin will affect the bank. but so far we do not know any positive or negative effects. we can see whether we invest bitcoin through bank transactions. so I think there is something mutually beneficial between bitcoin and bank.

Yes, Bitcoin poses a great threat to the existence of the banks. The very foundation of Bitcoin is based on concept of decentralization or elimination of intermediaries which are banks. Further banks provide a very low rate of interest on the savings which are eaten up by the inflation. But Bitcoin provide high returns although with high risks. Bitcoin has started showing its effect on the banks which is evident from the unfriendly attitude of banks toward Bitcoin. Indian central bank RBI has decided to flush out cryptocurrency vendors out from the system.

I am not sure of your question. what effect do you mean, I also do not really understand. but I see youtube today is not much different from the television, especially from the side of the ad, although we can just pass after 4 seconds, I started to feel less comfortable with youtube at this time.

different with bitcoin vs banking, these are clearly two very different things, maybe more exactly Bitcoin vs the country's currency. but indeed, the systems and technologies used by bitcoin are the main attraction for the banking world, the blockhain. Many banks are currently starting to study blockchain, in order to be in the application to the banking world. it seems we both need to learn about the history of bitcoin birth.

Yeah, it is interesting but in the reality, it is not really true the way the OP mentioned. YouTube has been sure effective with dishing out a lot in terms of video posts which of course makes it easy for anyone to share anything easily without having to go through the TV, but YouTube has a target market and TV also do. In one word, YouTube did not end up making TV useless as they are both serving their own purposes in their own way and that is how the banks and bitcoin is going to be like.

Well times are changing now. Youtube didn't make tv go instinct but the internet certainly made the use of tv a lot less than it was before. You can download television shows and watch it at your convenience whenever you want through the internet. That's likely how it will be for crypto and banks. Of course banks will not easily be devalued, but as the digital currency market grows, expect more people to jump ship

I understand what you mean, but if you talk about "bank" there isn't term extinction . Banks can order the world and adapt while television is just a medium, just as radio has become extinct.

Bitcoin and banks respectively has its own unique feautures and they have financial benefits in their own ways although one is better than the other when it comes to financial gains and that is bitcoin. Though banks has proven its value over times , bitcoin is still shaking their industry and that is something they have to work for. However, this doesnt mean tha the two can't work together bcause in every business there is always a give and take situations.

Youtube have not make television to go into extinct. Youtube and television are existing together. In My country buying data in order to have access to internet is very expensive so most people do not watch youtube. The bank and bitcoin will always exist together because most people have not embrace bitcoin yet.

As far as YouTube and cable televisions are concerned, both of them do the same thing i.e display content based on viewership.
With cryptocurrencies and banks it is a totally different concept altogether. While most cryptos work on a decentralised consensus, banks are always centralised with a lot less control over doings.

Yet, I can still relate to your words and say that while YouTube is accepted across the globe over cable televisions, the same can't be said for cryptos.

I think that bitcoin will replace the banks. And build a new economy. The main purport is the pump dump

Definitely. I think that Bitcoin actually forced them to improve services significantly, which is a shift that happened just a few years ago, which I don't consider to be coincidence. In terms of usability and convenience, banks are top notch with their services already. If they allow people to transfer money from one place to another instantly as well, at first in-country, then that alone would be a massive game changer. I am however not sure when banks will be offering instant transfers, and I am not even sure if banks legally are allowed to do so if ever.

Unfortunately, what happened previously when banks suffered from their own incompetence and greed, the tax payer was presented with the bill, so I don't think in this scenario things will be any different. It's safe to say that banks, especially those who are considered to be too big to fail, will be kept up with a very large portion of our own money, where if there is a very desperate situation, we might be subject to a fresh haircut as well, which is a damn shame and pure theft. Who helps us when we go bankrupt? No one. It's an unfair system that whatever happens, is against the people. I am glad that a large portion of my wealth sits in Bitcoin. I significantly lowered my exposure to this rotten system.

Lol. I really like that comparison. We are actually getting closer by the day and from the look of things, the banks have been feeling threatened even if they do not want to show it and still want to prove they have the power and they are still in control.
I always love the way it makes them feel anyway. In the long term, bitcoin is going to really expose some of the bullshit the banking system has always been putting us through and that simply shows we are really going to be up for a good ride in the long run.

 in my country, the government never put any law regarding bitcoin and other cryptocurrencies. But our banks refusing bitcoin transaction to transfer into a bank account if they noticed that it is related to cryptocurrency transaction they cut your account in the bank.   Banks are trying to fight crypto currencies because it is a competitor to them,  and bank haven't had competitors from onset.

Many banks are rolling out new *features* to make them more competitive with bitcoin and crypto. Faster transactions, lower fees, better service. Of course in developing nations there are still many banks who refuse to lower fees or implement new measures which make them more competitive. In those cases, they illegalize bitcoin and attempt to repress the technology similar to how oil companies repressed nickel metal hydride batteries to prevent electric cars from being viable in earlier eras.

The big question here could be what happens to banks if either the dollar or euro crash under the collective burden of trillions in debt. A significant portion of bank holdings must be denominated in fiat which could make them vulnerable to a massive crash if things go south for the mad printing presses creating ever increasing amounts of paper out of thin air. I think bitcoin and crypto could be insulated from a crash. Banks may not be so lucky.

It is disrupting but I do not see it eliminating. The analogy OP mentioned if he is trying to refer to what I want to assume he was referring to is not as he implies. TV is still in existence and YouTube is doing its thing and I see this happening.

Banks will also be in existence and even if there’s a need, they will find a way to integrate the blockchain technology or even in a way legalize and regulate bitcoin, so I do not see how this would be a problem for them. I believe bitcoin will keep being a decentralized currency, banks will be a centralized entity and both will still be operational even in the long run.

But is already an unfortunate omen for the banks and their CEOs . It is already happening that I have heard so many people enjoying the transactions of cryptocurrencies either because of its comfortable ways and secret identity. I see with time, the competition will be very clear.

It is because that banks are really afraid how disruptive bitcoin technology it. But if you look closely, they can co-exist, works side-to-side just like the comparison between YouTube and Television today.


Exactly, banks have been with us throughout history and it someone is thinking the crypto will replace and make them obsolete then they are wrong. The only problem I'm seeing with banks is that they really don't want any competition but since crypto offers and its hot on their tail, they have to do everything to eliminate it.

Throughout its history, banks act as intermediaries. If you compare Youtube and television, in this case, such a function is not available.Each performs its function.As for banks, they treat cryptocurrency as a competitor..They are afraid to lose clients and to lose considerable profit.

It is sure that bitcoin is extremely valuable and brings great solution that the banks and our government could not provide us over the years.

However, I see both banks and bitcoin going hand in hand anyway, just the same way Youtube is going hand in hand with TV. The way the OP has portrayed it, it is not like Youtube scrapped the usage of TV, as people still make use of their TV till date, and those who are Internet savvies making use of Youtube as well with nothing changing much.

So, if we are really to compare with that, I still see banks in action even in the long run, except they would have been able to find a way to adapt with the system which most of them are already looking into the blockchain technology anyway.