Topic: Can Bitcoin Beat Banks? - page 16. (Read 2006 times)
Bitcoin and other cryptocurrency will not affect the existence and functions of existing financial institutions. Banks and other financial institutions will continue to exist in a regular mode. The adoption of cryptocurrency states will not significantly affect their activities. Cryptocurrency can never replace the national money of the states, it is simply not capable of it.
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 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?
We still need banks especially those on third world country, there are services that Bitcoin features cannot deliver, they can still co-exist and complement each other, they don't have to vanish one another, I would like to have them served the financial institutions.
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?
I think crypto can only affect banks and they cannot make banks close. because the bank's capital is quite large and they can buy blockchain technology and continue to provide the best service to customers. In the future, we will see this perfect combination.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?
Then how come digital cameras affected polaroid? How come DVD movies destroyed VHS?
By the same logic polaroid could've bought all digital cameras and VHS tape makers could buy DVD co's.
There are disruptive techs which simply revolutionize the space. If every bank tried to buy Bitcoin to protect themselves Bitcoin would shoot up to $ 1 million in months and banks wouldn't be able to buy BTC anymore.
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?
I think crypto can only affect banks and they cannot make banks close. because the bank's capital is quite large and they can buy blockchain technology and continue to provide the best service to customers. In the future, we will see this perfect combination. 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?
We know banks is supported by the government and we know government is of the strongest in every country. We know also the banks is older than the bitcoin and banks still here and alive and many people still keeping their money and me too banks is very useful because it can also secure our future for helping to save our money but bitcoin can help us to grow our money both is important.
... 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?
This can be tricky if JP Morgan is said to have been rumoured to develop its coin. If one of the leading banks is found to be thinking in that direction, who knows what is running in such minds.
But really, banks would be here to stay for a longtime more because there are other little human business interactions that are taken care of by banks.
Bitcoin won't able to beat bank, and the government won't allowed bitcoin to take over banking system, the main idea of bitcoin creation is to create a better payment system not to overrule some institutions, and the economic of the country could be disrupted if it's using decentralised currency
Which banks (functions)?
If it is about money transfer, then bitcoin already better than banks, especially for international payment. However, banks also have many different functions, for example, lending, mortgage, and investment in the form of securities. Yes, bitcoin with smart contracts could streamline these functions, but it might take a long time to become a reality.
If it is about money transfer, then bitcoin already better than banks, especially for international payment. However, banks also have many different functions, for example, lending, mortgage, and investment in the form of securities. Yes, bitcoin with smart contracts could streamline these functions, but it might take a long time to become a reality.
Large and small amounts of bitcoins can be sent at a fraction of the fees, than what is possible with Banks, so it is even cheaper to use Bitcoin transfers. 
In terms of cross border payments that may be true, but locally I can send and receive money instantly at no cost with a service people from different banks can transact with each other.It started out as a tipping service, but after the max amounts have been lifted significantly people can now send and receive thousands per transaction. It's centralized but incredibly convenient, which is something that crypto doesn't offer.
The best part is that it works every single day, so you're not tied to business days anymore. Banks are catching up fast, people shouldn't underestimate them or think that Bitcoin will wipe them out.
I think bitcoin doesn't have to beat the banks, but bitcoin can integrate with their system so the banks can work better than before. Bitcoin can reduce the corruption level by recording the report in the blockchain. But it will need help from the government so bitcoin can cooperate with the banks and makes the banks will better.
I think this is not impossible, even though if you look at the current situation, people do not fully know & understand what bitcoin is and how it works, I think to replace the bank system that is now used will be very difficult because banking itself has strong trust from the community , I even prefer that crypto currencies and conventional banks run harmoniously without interfering with each other.
Why is everyone keep saying that Bitcoin will beat the banks? Bitcoin isn't in some kind of war with banks and its purpose is not to replace them. Bitcoin has numerous advantages compared to traditional banking and financial system but the whole idea of it is not to replace the bank and because of the way how Bitcoin is designed and how it's functioning this is not even possible.
To be honest, Bitcoin already beat some aspects of the Banks, but it depends on what the users require from their financial institution and the technology behind that. Bitcoin grants users of this technology, financial privacy and also financial freedom that Banks cannot offer, because they have to adhere to strict KYC/AML regulations.
Bitcoin is also borderless, so people can shift wealth across borders without restrictions and also a lot quicker than what can be accomplished by Banks.
Large and small amounts of bitcoins can be sent at a fraction of the fees, than what is possible with Banks, so it is even cheaper to use Bitcoin transfers.
Bitcoin is also borderless, so people can shift wealth across borders without restrictions and also a lot quicker than what can be accomplished by Banks.
Large and small amounts of bitcoins
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
I don't think Bitcoin will be competing against banks, they aren't the same purpose. And besides, bitcoin never holds others funds unlike of banks and banking system. Though we consider that Bitcoin is a stored value of money but looking it it's platform it is a big different from banks. Banks will still remain at its zone and it may happens that to consider themselves as a third party in connections with crypto.
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
Bitcoin never could beat bank because between bitcoin and bank need each other, bitcoin could be stronger without bank and how come investor for selling and buying their asset become cash money without bank?
From the technical point of view, Bitcoin with Lightning Network still wouldn't be able to process all transactions that banks process, and it will be like that for a long-long time. From political point of view, governments won't let Bitcoin overtake the financial world, and if you believe in revolutions, than I'll have to disappoint you - most revolutions actually fail, and currently Bitcoin has very little support in the population.
But I personally don't see a problem here, Bitcoin already helps individuals get some freedom and safety right now, so it's not a binary choice that either Bitcoin succeeds or fails.
But I personally don't see a problem here, Bitcoin already helps individuals get some freedom and safety right now, so it's not a binary choice that either Bitcoin succeeds or fails.
This question get asked everyday here and many people still feel there is a huge possibility of this in the future.
I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.
Bitcoin is purely an alternate payment as well a transaction source to the banking system. Upon the same there will be banks forever, maybe banks will adopt the technology behind bitcoin. Same as we have altcoins as a alternate to bitcoin, fiat has got bitcoin as the alternate. I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.
This question get asked everyday here and many people still feel there is a huge possibility of this in the future.
I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.
I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.
Yes, I agree. Right now, bitcoin and banks still go hand in hand. If you need fiat, you still need to convert your crypto in some other ways like using the bank terminals. Banks will stay and most likely will use blockchain technology within their system to catch up the changing market.
Bitcoin is "super money" as Eric Vooheyes once said,it has some qualities that are absent in fiats or other forms of money, In a world that is increasingly in favor of all things being programmable,it is not hard to see bitcoin being used to replace fiats in ever increasing capacity. The future will be more of Cryptos and less of fiats.
Jump to: