Can Bitcoin Beat Banks? - page 14. | Bitcointalksearch.org

annango

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Quote from: Slow death on April 11, 2019, 12:49:07 AM

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

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

how would governments pay the wages of their workers? there are many people who will not want to receive their wages in bitcoins because there are many places that because of lack of conditions will not be possible to make payments by bitcoin then people will be forced to use FIAT.

And there are the issues of retirement and pensions. Bticoin has its advantages and banks also have their advantages. What we need are honest people in governments

I don't know whether or not bitcoin can be used officially in the future like the way the banks do. Nothing can say for sure, but at currently the number of people who use banks are more than the one use bitcoin. Most of places in the world have used banks for a very long time before, and till now it's always the main place for people to store, transact money back and forth. Especially state banks or central banks are supported by the government. Hardly do people around the world get rid of the banks; therefore bitcoin or crypto in general can't beat
or replace the banks.

Barbut

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

Banks are still going to be necessary for the years to come, government and central banks, are using banks to lend out money to the general population. I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment. Bitcoins will become a store of wealth with low and falling inflation and a max supply of 21 m, this will lead to an endless price rise for Bitcoins vs fiat.

This transition from banking to digital system last a decade, I`m counting from the time when bitcoin was born. We are in transition since than, crypto community is growing bigger each year, people starting to realize that this is the future of money. Decentralization is not just a word anymore, now people can choose between decentralized system and centralized banking system.
Bitcoin will beat banks in the future. Banks will have to adapt to digital future, paper will be a history very soon.

cryptjh

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Banks are still going to be necessary for the years to come, government and central banks, are using banks to lend out money to the general population. I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment. Bitcoins will become a store of wealth with low and falling inflation and a max supply of 21 m, this will lead to an endless price rise for Bitcoins vs fiat.

entebah

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Quote from: pishite on April 11, 2019, 12:15:42 AM

It is unlikely that the btc replace the usual currency. But become an investment like gold can. As for the means of payment on the internet, it is suspected that the coin is weak. Little bandwidth and not a cheap transaction.

That's right, because banks have created paper currency, while all over the world have used paper currency as a daily transaction tool, so it is very difficult if BTC can defeat the Bank.

Slow death

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

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

how would governments pay the wages of their workers? there are many people who will not want to receive their wages in bitcoins because there are many places that because of lack of conditions will not be possible to make payments by bitcoin then people will be forced to use FIAT.

And there are the issues of retirement and pensions. Bticoin has its advantages and banks also have their advantages. What we need are honest people in governments

pishite

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It is unlikely that the btc replace the usual currency. But become an investment like gold can. As for the means of payment on the internet, it is suspected that the coin is weak. Little bandwidth and not a cheap transaction.

Sirait

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I think Bitcoin can't beat the Bank, but Bitcoin can change the Bank's system with Blockchain technology. so far we all know that the Bank's system is still not transparent and secure, with the development of the Blockchain technology the Bank's system in the future will be more transparent and safer. currently, there are many ICO Bank projects that use Blockchain and cryptocurrencies.

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Quote from: ogini on April 10, 2019, 05:57:48 PM

Am not seeing bitcoin outdistance with the bank,cause they both need each other. Bitcoin is a digital currency wish can be only be spent digitally and in most countries were bitcoin is yet to gain it popularity and legalization,bitcoin holders needs to trade their bitcoin into fiat currency this make fiat currency also valuable.And if bitcoin is to beat fiat this may take time and legalization's will be needed.

I think it is really hard to replace banks with bitcoin knowing that they have the full support from the government.Even when time comes that bitcoin will be fully legalized by the government,banks will not be easily gone because still majority of the people are used to it already and would still prefer banking transactions than digital currency transactions.

shoreno

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First of all , bitcoin is not here for the competition . bitcoin is built for a good cause and not for destroying someone else business .

secondly . banks are already superior and will be superior no matter what new technology or payment methods will be invented out there .

thirdly .we must not compare banks with bitcoin because bitcoin is online and bitcoin is only a currency while banks are insitutions and they exist in real world ( offline ) .

justspare

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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?

The objective of Bitcoin is far from competing with banks; it is just to create an alternative means of making payment without the involvement of third party as it is done in centralized market system.

They both need each other, I believe you need fiat to be able to get cryptocurrency and without bank, you may not succeed in having fiat or changing fiat to crypto, so Bitcoinmight not necessarily replace banking system completely but will gain more relevance as regards payment system and investment. Many people storing their funds in banks will no longer do so because they earn better profits when store in Bitcoin to bank.

ogini

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Am not seeing bitcoin outdistance with the bank,cause they both need each other. Bitcoin is a digital currency wish can be only be spent digitally and in most countries were bitcoin is yet to gain it popularity and legalization,bitcoin holders needs to trade their bitcoin into fiat currency this make fiat currency also valuable.And if bitcoin is to beat fiat this may take time and legalization's will be needed.

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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

My question exactly is who are the people that are saying that Bitcoin is going to replace fiat? What’s makes you think that is ever going to happen? Government is not even interested in cryptocurrency, even if it’s declared legal in that country. Banks are very important, and fiat has so many advantages. Okay, I do know cryptocurrency itself also has its own advantages, but those advantages can’t beat what the other has to offer and the disadvantages are too much.

Sorry OP, not everyone believes that. There are people who think such, but it is not everyone that thinks that such a thing is going to happen. I usually see Bitcoin enthusiasts say that, they are the ones who are fond of saying it. But they never make use of Bitcoin,, when the price starts to fall they will be the first ones to sell their coins and convert to fiat immediately. Bitcoin/cryptocurrencies has reasons why they can never replace fiat – long story.

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Quote from: Bdstar on April 10, 2019, 01:43:47 PM

Bank is open for only If you are adult or minimum a studen who will abide by all the laws and system of Bank.OTOH, Bitcoin is open for all, untraceable, doesn’t believe in legal or illegal.I think bank is known by everyone but bitcoin Isn't.There are many reasons for this but bank is legal in every country where bitcoin is banned in some.I Don't think bitcoin will be able to beat bitcoin nowhere.

You guys are missing something or missing things up here because Bitcoin was not created to Bitcoin banks or fiat currency but to correct the errors and the mistake made by banks, governments and to provide the true symbol of democracy. However, this is what the institutions misunderstand either which make them detest Bitcoin.

boyptc

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No. Bitcoin is decentralized while the banks are centralized and monitored by the gov't.

They can't let it all pass the burden to bitcoin and let the market itself plays the whole economy of a country. Yes, banks do have big roles in a country, although we've been saying that it will replace banks because the motto we have read before was from blockchain.com 'Be your own bank'. We can find a replacement for the banks but it won't replace it to the point of closing the banks, they might even adopt it to attract more depositors.

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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?

Bitcoin already has a future development when compared to the other normal currency so in this time the banks needs to support cryptocurrency instead of opposing that because it will be the future changing and developing option for available every country in the world so everyone needs to use this.

StarofBTC

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Quote from: creeps on April 10, 2019, 06:50:43 AM

I support bitcoin much and i know its real potential but we have to accept the fact that bitcoin will never beat the bank, maybe bitcoin has a better system but still investors will use banks because they needed it. There will be great combination of bitcoin and banks, the future is good for both market you just have to use banks and bitcoin properly. Banks will defeat their own competitor but they will never be defeated by cryptocurrency.

Is Bitcoin the real threat? I don’t really think so. I think the main threat is Blockchain, which is the technology behind Bitcoin and other cryptocurrencies. Blockchain seems to be a threat to the existence of major financial firms. They are not doing anything against it yet, but a time might come when they may decide that it is over with the blockchain or they might even adopt the technology and use it for their own use.

Bitcoin is a solid alternative to fiat since you can make use of it in doing transactions, same as there are other alternatives. Bitcoin is not the only alternative to fiat that we have, there are lots of other ways you can carry out a transaction and a lot of them are more safe. As for which one of them is better, bank is better and that’s why we are still making use of it till today.

Reid

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Be wise.
Why do you think one of the biggest company in financial industry is making a coin which is based on the blockchain where bitcoin birth is?

Simple. They know they will be left there using a technology which will just slow them down. They need faster technology and they saw bitcoin is doing that. It is one of its best feature. The fast and reliable transaction where privacy is still intact.

They want that. They need that.
Fiat will stay of course. Rural places needs it for trades to happen.
It will be a slow change for the financial industry but it will happen. Bitcoin will still be used as number one currency. Specially now where online merchants are getting larger.

wuvdoll

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I think the question should be can bitcoin affect the banks? I mean in the end the play here is not to destroy banks but to show them what we really need and what we can really do with blockchain technology. If they could use the same system that bitcoin uses we could surpass many of the problems we have with our current banking system.

Just recently our country changed laws in a way that it would affect the working class but help the companies (mainly banks because it helps super rich companies and not small business and lets be honest most super rich companies are banks) which would mean what helps the banks also destroys the people which is in a way considering how laws and politicians works the banks can't sustain this forever and blockchain will eventually stop them and change the way they work.

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Bank is open for only If you are adult or minimum a studen who will abide by all the laws and system of Bank.OTOH, Bitcoin is open for all, untraceable, doesn’t believe in legal or illegal.I think bank is known by everyone but bitcoin Isn't.There are many reasons for this but bank is legal in every country where bitcoin is banned in some.I Don't think bitcoin will be able to beat bitcoin nowhere.

jakelyson

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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?

As you said OP, cryptocurrency is an alternative, not a replacement. It is hard to beat something that is backed by the government. They would definitely not let go of the control.

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