Can Bitcoin Beat Banks? - page 13. | Bitcointalksearch.org

akela04

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Quote from: furenaire123 on April 11, 2019, 11:37:11 AM

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

I totally agree with you! I think it is unlikely that the cryptocurrency will overtake the banks, but the banks can fully cooperate with the cryptocurrency and I am for it. It must be that something new in the banking industry. It would be great!

pushups44

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Bitcoin and banks will be complementary. There's that saying, "If you can't beat them, join them." Since bitcoin is so difficult to suppress as a decentralized technology, banks will eventually find ways to capitalize on it.

andrea1234

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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?

Not sure but also it's possible cryptocurrency can beat ban too I guess one day Bank will closed and only cryptocurrency will be used everywhere...

freedomgo

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Quote from: whirlcoin on April 11, 2019, 08:00:31 PM

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?

yes definitely Bitcoin had huge chance to beat the banks but it needs people support also because when people realise banks are not profitable then only there ready to invest in cryptocurrency especially Bitcoin if increase of demand will be made the value more higher and I will easily be developed a future value.

Would not call it huge at this level of development, if the government shut down the miners in china or ban bitcoin, other countries
can also do that if they feel it's a threat to their interest. Bank is still the biggest financial institution in this world, they are govern by the government
but they might have interest on it especially if they are not serving the country faithfully.

Bonsaiav

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As long as the government is still hostile to bitcoin, bitcoin cannot defeat financial institutions, especially banks which have been given complete freedom by the government in accessing various economic and financial sectors within the country shaded by their masters, which means it's easy for banks to eject bitcoin at any time from the country they live in. But they cannot just kick Bitcoin, because the strength of bitcoin's entirely in the hands of its users (the general public), just the same as banks that only rely on the profits from the money of their customers (the general public).

I think bitcoin will run in parallel with fiat (sorry, I often repeat this statement).

stanlee2018

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Well, we must admit that bitcoin is still an experiment. But I literally hope it will work. This evolution is happening around the world, and now it affects millions of people. Compare to the bank, bitcoin is more easy to use and with high security. Finally, it will be accepted by all the countries in the world.

whirlcoin

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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?

yes definitely Bitcoin had huge chance to beat the banks but it needs people support also because when people realise banks are not profitable then only there ready to invest in cryptocurrency especially Bitcoin if increase of demand will be made the value more higher and I will easily be developed a future value.

Finestream

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Quote from: KlepZ on April 11, 2019, 02:14:23 PM

Impossible. Banks don’t just let you deposit money in it, they loan people in the form of mortgages, lending to companies, etc. The world cannot do without this.

Bitcoin is just a different form of currency, nothing like a bank.

No.Not all establishment that lent money are called bank, that can still be done even without bank.
Do you have know even in this forum there are people who are lending money, that's a simple proof that it's possible to loan or borrow money even without a bank.So,if loan is the only concern, we don't need bank for that, bank is only here to print money or fiat.

lobat999

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I personally think that there is a possibility that Bitcoin, together with several cryptocurrencies that has advanced blockchain technology features and the Fintech companies that will integrate them to different financial solutions could beat banks but I must admit it could take years from now or even decades for it to happen. But once Government sectors and financial institutions starts to use it, there will be high demand for its core features and that will pose as a threat to banking institutions and that is the reason why some of them are slowly adopting the technology right now.

adzino

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This question has been asked several times on this forum. The replies has always been the same and will always be the same for now.
No, crypto currencies will not replace fiat currencies, at least for now. We still need to adopt to the system. I know its hard to say, but yeah there are still numerous flaws in the system which needs to be fixed if you want to be using it as a daily currency. As for now, it will not be able to beat the banking system and will not replace the fiat currency. At best we will be using it side by side with fiat currency in a single harmony.

btccrusher

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Bitcoin has to go a long way in order to create a solid environment to replace the fiat system, but that is not likely to happen anytime soon. One major reason is security. It must be safe and secure for daily use. For mass uses, fiat banking is the only secure way to keep funds safe, but in cryptocurrencies, most people won't feel safe enough. In fact, they wouldn't be able to protect them. Here is an example: If the bank manager has your signature copy, can he steal your funds? No, it's impossible, no matter how small or big is the bank. Now, in Bitcoin system, can you trust any exchange owner to give your private keys where you hold all your funds?

KlepZ

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Impossible. Banks don’t just let you deposit money in it, they loan people in the form of mortgages, lending to companies, etc. The world cannot do without this.

Bitcoin is just a different form of currency, nothing like a bank.

sinta23

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if in my opinion it won't work because the bank is very strong to be defeated in any way because there are already many people using the bank in the world so that the presence of digital currency that is very easy to use will not be able to defeat the bank anytime

popolite11

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Quote from: furenaire123 on April 11, 2019, 11:37:11 AM

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

I guess, the time, when the banks will start using Bitcoins is very close. We just need to wait for it. Certainly, cryptocurrency cannot destroy traditional bank system: no need to worry about it.

Jose Mourinho

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Quote from: furenaire123 on April 11, 2019, 11:37:11 AM

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

Agree, the thing that might happen is the bank accepts bitcoin, the bank will always be protected by the government because of the huge role to help the economy nationally.

furenaire123

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For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

yvesp110

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Quote from: Xampeuu on April 08, 2019, 11:31:27 PM

banks are related to fiat currencies, while bitcoin without a bank, can still run. but the government will not be able to delete banks for now, it is precisely bitcoin that must be able to take the heart of the government

Government are not closing banks because they are getting benefits from it and people are in favor of crypto currency because it is giving them real profit, bitcoin has good ability may be in future government will accept it, as we know when we put our money in banks it does not give benefit but when we put our money in crypto currency it gives us profit for holding

roosbit

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I know we all want to stay clear from the bureaucracy these banks operate under, but let's face it...we need these banks to help in financial regulation and other controls which could help stop fraud and many vices, without these banks people would lose money to hackers, dishonest employees or family members and the list goes on. With all these benefits, banks still have a big role to play unlike crypto which is a one way street which means no charge backs once money leaves your wallet, so I would say bitcoin is still a work in progress and won't replace BANKS!

BitHodler

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Quote from: cryptjh on April 11, 2019, 03:53:23 AM

I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment.

I don't think that's what banks are looking for considering how cross border fees are such an important profit stream for them. Why would they attempt to change anything about this?

If they ever plan to actually utilize the blockchain technology, we will not find out about it because that will allow them to justify the high fees, and people will keep dreaming about the day the fees become lower.

It could even be that the largest banks already utilize the blockchain technology. They privatize the efficiency gains to cut on intermediary fees between banks, while people themselves still pay high legacy fees.

maxreish

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Never will be. Bitcoin is just a cryprocurrency and banks are centralized institutions which covers wide ranges of money under governments. Bitcoin isn't legal yet and there are still people who are not in favor of using bitcoin. When it comes to security, people also prefered banks, too than bitcoin.

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