Can Bitcoin Beat Banks? - page 11. | Bitcointalksearch.org

olumyd

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Quote from: Airbuxf on April 16, 2019, 05:59:04 AM

I think it will not beat it but in future could become a part of banking system where you would pay your
loan installment by bitcoin or other coins/tokens without exchanging it yourself.

Well, the old financial systems are inefficient and will fade out eventually. I'm convinced the Bitcoin network still has more to prove to legacy institutions.

On a lesser note, a recent interview with Bitmex CEO saying Bitcoin may be used to invest in S&P 500 and Nasdaq in the future has me all fired up! Small perceptive victories and all you'd have is a wholesome fiat to crypto transition.

Airbuxf

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I think it will not beat it but in future could become a part of banking system where you would pay your
loan installment by bitcoin or other coins/tokens without exchanging it yourself.

LeGaulois

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Quote from: iamMhew on April 16, 2019, 12:14:01 AM

....

There is because if you're a bitcoiner you're your own bank, so the question is can you beat the banks with Bitcoin?
Currently no because it isn't massively adopted. What about if a day it's adopted everywhere? No, because despite you're your own bank you can't offer or get the same services as you say. It's the reason why BTC could only "co-exist" with the traditional system. To turn in fully to BTC the world would need to fully change its mentality regarding money.

Astvile

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Bitcoin i think isnt matured enough to compete against banks,they are just comparable but cant be contrast.Battle between bitcoin vs government will be literaly people vs government government hates bitcoin so i think bitcoin cant still beat banks unless they are supported by both bank and the people

Kasabus

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Quote from: Kimonoe on April 15, 2019, 11:18:40 PM

Quote from: alonelyorange on April 15, 2019, 10:35:14 PM

Bitcoin never could beat bank because bitcoin needed bank for their member and should support bank to make their bitcoin participants could withdraw and deposit their bitcoin become cash money.

I agree, besides that I think the government will not let that happen. it is very difficult for bitcoin to be able to replace the bank, especially in conditions like today. maybe it can happen to generations after us

There is no point of thinking that bitcoin will beat the bank one day, it'll happen if bank will stop printing money, which is impossible.
Bank will continue to operate with profit, we are even happy that we have banks to accept crypto so things will be easy for us, and that's what I like to happen because I want to be realistic.

iamMhew

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Bitcoin is a digital currency while banks is an entity that offers various financial services.
From that stand point, there is no competition between these two.
Banks offers different types of services and one of those are lending monies, credit card services, consultancy, etc.
Does bitcoin offers that services?
The competition is between banks and existing wallet platforms that accepts payments and remittances of digital currencies.
The banks might adapt the bitcoin and sell or exchange against different currencies.

Kimonoe

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Quote from: alonelyorange on April 15, 2019, 10:35:14 PM

Bitcoin never could beat bank because bitcoin needed bank for their member and should support bank to make their bitcoin participants could withdraw and deposit their bitcoin become cash money.

I agree, besides that I think the government will not let that happen. it is very difficult for bitcoin to be able to replace the bank, especially in conditions like today. maybe it can happen to generations after us

alonelyorange

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Bitcoin never could beat bank because bitcoin needed bank for their member and should support bank to make their bitcoin participants could withdraw and deposit their bitcoin become cash money.

andriarto

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Quote from: crzy on April 15, 2019, 07:55:16 PM

Quote from: IParn on April 13, 2019, 01:57:43 PM

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

Its possible if bitcoin was able to survive in the next 100 years.
I know bitcoin has the potential but I still love banks for convenient reason and since bitcoin was too expensive I can't afford to spend it so its a more on investment side now. Bitcoin will make banks scared but it can never replace their financial system because every country have their own central bank.

right, the question is whether the government will allow that to happen, I don't think so, for now it will certainly damage the country's economy, if the country is not ready. I think the legalization of BTC throughout the country has become a big achievement

crzy

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Quote from: IParn on April 13, 2019, 01:57:43 PM

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

Its possible if bitcoin was able to survive in the next 100 years.
I know bitcoin has the potential but I still love banks for convenient reason and since bitcoin was too expensive I can't afford to spend it so its a more on investment side now. Bitcoin will make banks scared but it can never replace their financial system because every country have their own central bank.

Finestream

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Quote from: Farma on April 15, 2019, 10:25:02 AM

Quote from: IParn on April 13, 2019, 01:57:43 PM

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

I don't want to make you think pessimistically, but look at the fact that today's banks are far superior to Bitcoin. well, even though bitcoin does have several advantages, in reality banks are supported by the government and society.

For me,it would be hard to beat banks with bitcoin because banks are supported by the government and it will forever remain in its position as long as the government permits it.With bitcoin,for now the government has not yet convince to legalize it but i know it will be adopted soon when majority of the people will be educated about bitcoin.

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Quote from: olumyd on April 08, 2019, 01:12:43 PM

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

How can you imagine a situation that cryptocurrency replaces, say, banks? Yes, banks have a lot of their specific functions that are not directly related in order to simply transfer non-cash money from one place to another. Banks, above all, serve the financial side of the country's budget, crediting the economy, financing social programs and much more. How to use a cryptocurrency as a unit of value given its high price volatility? Yes, it will unbalance the economy of any state in a few days.

Farma

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Quote from: IParn on April 13, 2019, 01:57:43 PM

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

I don't want to make you think pessimistically, but look at the fact that today's banks are far superior to Bitcoin. well, even though bitcoin does have several advantages, in reality banks are supported by the government and society.

Ayiranorea

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Quote from: TrevorS on April 13, 2019, 03:03:09 PM

In the future, if Bitcoin can become stable, yes, it is quite possible. But at the moment there is definitely no. People put their savings in banks in the hope that they will retain their value for many years, Bitcoin for them the personification of instability.

If price of bitcoin becomes stable the interest of people towards bitcoin will gradually decrease. This way bitcoin won't beat banks in the long run. As it is getting used as an alternate to the traditional banking system people will find only if they aren't satisfactory with banks. Bitcoin is all about trust, and banks in the name of bitcoin will surely make it centralized which will restrict the growth of bitcoin as well other cryptocurrencies.

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Quote from: BeGoods on April 13, 2019, 12:18:17 AM

Quote from: playboy654 on April 12, 2019, 01:38:01 PM

There are two you possibilities available in this situation Oneness banks will accept the Bitcoin and make it as transaction and payment and the other way is they don't want to take it as a legal payment method definitely one thing will happen in the future.

They will definitely adopt it, there is no other choice for them. ignore bitcoin will make them run on the spot, because innovation must
continue and it can be done by adopting bitcoin, they will definitely do that..

I am glad cryptocurrency runs on a decentralized system that makes it impossible for them to be able to control, as time goes on, what will prompt them into adopting crypto is when they see a massive adoption of crypto beyond control and large decrease in the number of people that uses their traditional system.

I really don’t know why banks are having issue with a system that would even benefit them and make their already existing system a better one, if they can incorporate this system into theirs too, it will make them have more users and there will also be more funds for them, I am sure they have no problem with crypto, they are just being careful since they operate under government, because if they had problem with crypto, how come most of the banks recognizes XRP.

TrevorS

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In the future, if Bitcoin can become stable, yes, it is quite possible. But at the moment there is definitely no. People put their savings in banks in the hope that they will retain their value for many years, Bitcoin for them the personification of instability.

IParn

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I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

lobat999

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Quote from: olumyd on April 13, 2019, 09:17:54 AM

I truly can only think of one scenario where Bitcoin can replace banks. When we value commodities wet satoshis or bitcoin instead of corresponding fiat valuations. Say I want to buy a house, instead of saying 10
$120k USD, I could just say 23.6 BTC... However the sad thing is that people will always ask how much is BTC and will be tempted to value it in terms of fiat - USD, GBP, EURO, YEN or YUAN... And then the banks come into play again.

Since Bitcoin is an emerging technology that has caught the financial world by surprise, I think time will come that many Bitcoin based financial products will be offered by fintech companies for the sole purpose of resolving issues often found in fiat transactions involving banks such as the one mentioned above and we can surmise that groundwork are already being laid out right now in cryptoverse that will act as a threat to bank's existence. Imho.

olumyd

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I truly can only think of one scenario where Bitcoin can replace banks. When we value commodities wet satoshis or bitcoin instead of corresponding fiat valuations. Say I want to buy a house, instead of saying 10
$120k USD, I could just say 23.6 BTC... However the sad thing is that people will always ask how much is BTC and will be tempted to value it in terms of fiat - USD, GBP, EURO, YEN or YUAN... And then the banks come into play again.

BeGoods

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Quote from: playboy654 on April 12, 2019, 01:38:01 PM

There are two you possibilities available in this situation Oneness banks will accept the Bitcoin and make it as transaction and payment and the other way is they don't want to take it as a legal payment method definitely one thing will happen in the future.

They will definitely adopt it, there is no other choice for them. ignore bitcoin will make them run on the spot, because innovation must
continue and it can be done by adopting bitcoin, they will definitely do that..

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