Can Bitcoin Beat Banks? - page 8. | Bitcointalksearch.org

Hardtolife

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Quote from: olumyd on April 08, 2019, 12:12:43 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?

I think it can beat the bank because we can know that BTC has become a world scale not just one country especially if more people work in the field of bitcoin, then the more that saves money in bitcoin but banks with bitcoin are also different, bitcoin in real digital bank so we can use both at once.

Godday

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Quote from: Kalm on April 21, 2019, 08:16:48 AM

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

it's not that easy crypto replaces the bank. because the development of crypto still depends on market conditions and situations. so it's hard to believe that the bank was replaced by crypto. yes maybe just slowly but surely. we'll see, because sometimes that estimate is not something that happens in reality.

Asmonist

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I think its a long process. Adaptation is somehow the big issue. We know that bank is a financial institution that mediates the exchange of physical money may adapt btc in there business. So probably it cannot beat banks directly but somehow influence to add or use it in there business.

Kalm

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https://i.imgur.com/ya7OkAV.png

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

Polar91

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Quote from: S4VV4S on April 21, 2019, 03:49:32 AM

Quote from: green547 on April 21, 2019, 01:26:36 AM

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can. You can't just create bitcoins out of thin air, doesn't work like that.

Yeah I agree with you bro, Bitcoin and Bank can coexist both, we are also need the Bank to withdraw
our fiat money from result we get from Bitcoin. I think Bitcoin always need the Bank, but the Bank cannot to controlling the Bitcoin.

I don't think so. Withdrawing and buying Bitcoin is possible without banks. There are money transfer companies and other outletd that provide that service. For example in my country, we can withdraw Bitcoin by converting it to our currency which is Philippine Peso by local exchange here (coins.ph) and we are able to withdraw it through Palawan Express, Villarica, and etc.

S4VV4S

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Quote from: green547 on April 21, 2019, 01:26:36 AM

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can. You can't just create bitcoins out of thin air, doesn't work like that.

Yeah I agree with you bro, Bitcoin and Bank can coexist both, we are also need the Bank to withdraw
our fiat money from result we get from Bitcoin. I think Bitcoin always need the Bank, but the Bank cannot to controlling the Bitcoin.

guoyu78

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Quote from: Leoeco on April 18, 2019, 08:36:42 PM

I think It won't happen if the government doesn't go bankrupt. In other words, cryptocurrency can be used in under developed countries instead of a bank.

There is no way government can go bankrupt and even if they don’t go bankrupt, the percentage of crypto usage to cash will be higher which will make bank relevance to be less but not completely wiped.

Crypto is both useful in both developed country and under developed country and to me, I think it is even more useful in developed countries, under developed countries are not much exposed to technology and for crypto to function very well, it requires technologies to be put in place, and I think banks will even be more useful in under developed countries than the developed ones.

Zooplus

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Quote from: green547 on April 21, 2019, 01:26:36 AM

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can. You can't just create bitcoins out of thin air, doesn't work like that.

I agree, bitcoin has a very limited function, bank is more trustworthy as they are called a business of trust.
Though bitcoin is more transparent as it's running in a decentralized system, but people still trust banks than bitcoin, we cannot change that reality

mistanama

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If bitcoin can beat the banks then there should be no banks in our world but there are still banks in almost every country and that is a clear sign for us to realize that bitcoin cannot beat the banks and there is no sense for beating the banks because banks are still good place to store some of wealth with a high level of security.

green547

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Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can. You can't just create bitcoins out of thin air, doesn't work like that.

RamBahadur.Gurung

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It is possible for Bitcoin to beat the banks, if we use our brain in an effective way. We must take out awareness campaigns to educate people about the exploitation being done by the banks. It may not be possible for Bitcoin to replace banks, but if it gets popular then the people will be left with more choices and the banks will lose a lot of power.

If we use Bitcoin, we don't need the banks to store our money. We don't need to pay their insane fee, and more importantly there will be more anonymity. And it is getting more necessary nowadays, as the banks are pushing hard to eradicate physical cash. They want us to use credit cards, so that every single movement that we make can be tracked and traced.

If we need to preserve our personal liberty, then it is necessary that the power of the banks should be curbed.

Serco

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Quote from: BeGoods on April 20, 2019, 09:54:17 PM

Quote from: fuathan on April 19, 2019, 06:56:58 PM

Banks are adopting blockchain and will adopt some cryptocurrencies in the near future. Unfortunately, this technology can be easily copied by anyone. Moreover, big institutions have lots of power to build and improve any technology based on blockchain. They are just waiting to see if the market is mature enough. They don't care how decentralized their system. They just care about speed, scalability, and security.

that means there will be many competitors who will arrive? and not only crypto is a threat to banks, but many other competitors. I also think so because technology certainly will always go forward, anything can happen. but in my opinion the bank will continue to be in the top.

bank could replaced or defeated by anything.banking was system in our economic cylce , and they have important roles in economic growth.but bank could take advantages from blockchain developtment.

BeGoods

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Quote from: fuathan on April 19, 2019, 06:56:58 PM

Banks are adopting blockchain and will adopt some cryptocurrencies in the near future. Unfortunately, this technology can be easily copied by anyone. Moreover, big institutions have lots of power to build and improve any technology based on blockchain. They are just waiting to see if the market is mature enough. They don't care how decentralized their system. They just care about speed, scalability, and security.

that means there will be many competitors who will arrive? and not only crypto is a threat to banks, but many other competitors. I also think so because technology certainly will always go forward, anything can happen. but in my opinion the bank will continue to be in the top.

marcelocoin

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hi =D

not directly, but many functions favor bitcoin, rates, transaction speed, volume, something that a bank could never do better

Crypto24hrs

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I see bitcoin and fiat working hand in glove rather than opposing each other, in recent times a lot of projects has been working on blending the two form of currency together, a case at hand is PrimeX which will serve as a platform for the exchange of digital currencies, both crypto and Fiat. No matter what type of currency will participate in the currency pair.

finzyoj

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We don't know what's the right answer for that. It is just like it depends on one's perspective. If you are pro centralizatization (e.g. A bank owner) then for sure you'll disagree that crypto will soon invade our world. On the other hand, if you are a geek and hate the current banking system then you tend to say that it will soon replace fiat.

So as a btc holder, I say and hoping that cryptocurrency soon dominate the world. Who knows? Technology is there and new advancements are always waving to us. Let's just wait and enjoy what happens next.

Oasisman

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Quote from: imstillthebest on April 18, 2019, 05:23:05 PM

Quote from: rika0223 on April 18, 2019, 04:30:58 PM

Quote from: mrdeposit on April 08, 2019, 05:17:56 PM

In my opinion the banks are a wider concept. Question like "can money beat banks?". Banks will most likely be used, but not as it is now. More in accordance with the crypto concept.

defeating I think it is very difficult that it is possible that the bank will adopt a system that uses crypto currencies because we know that the system used by crypto currencies is using time and technology and banks will need

banks ,cryptos and fiats will all co exist together because bitcoin cant work properly or wont work at all without the help of fiat and fiats wont also work without the help of banks because who will produce fiat anyway ? there is no competition on here . bitcoin is not created to beat the banking system or any other payment system out there . bitcoin is just only an alternative curreny .

Appreciate your analysis right there, and its not that Bitcoin wasnt creted to beat the banking system, when infact Bitcoin was created that has distinctive idea from the current banking system. But honestly, Bitcoin wont replace fiat or the banking system.

fuathan

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Aleph.im

Banks are adopting blockchain and will adopt some cryptocurrencies in the near future. Unfortunately, this technology can be easily copied by anyone. Moreover, big institutions have lots of power to build and improve any technology based on blockchain. They are just waiting to see if the market is mature enough. They don't care how decentralized their system. They just care about speed, scalability, and security.

STT

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Quote from: markogive on April 19, 2019, 12:28:05 PM

in my opinion bitcoin will not be able to replace banks because the world's population still uses physical currency, especially in remote areas and in various countries have not legalized crpyto currency as a medium of exchange or buying and selling

Remote areas are not the majority of people. I forget the % but its a high proportion of the world is collected in cities and highly populated areas. True there are billions of people in the world who need better access to online networks but most people in an active economy can get access at some point in a week which is good enough

Quote from: Odessit_ya on April 19, 2019, 09:15:25 AM

I think that most likely banks using blockchain and bitcoin will beat us in the near future by issuing loans in bitcoins and other top cryptocurrencies ...
Ps banks will never die

Banks can go broke due to mis judging leverage and finding it hard to repay debt with hard money. The atmosphere we have at present is very soft money quality with interest rates still at lows of over a decade and all time we have never had interest rates this low and for so long.
I dont think Banks issue crypto loans, they are very biased to this cheap FIAT standard being given by government as subsidy to their continued operation. Governments have alot of debt and dont want harsh currency standard as it would force a repayment and retraction of the easy money. Banks facilitate politics and this excess spending, till that changes banks continue on this plan

FelippeHeinz

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I think so, the cryptocurrencies (I'm not talking specifically about bitcoin) can revolutionize the world economy. All this depends on people's awareness, about the advantages of cryptocurrencies compared to 'Fiat Money', only massive adoption will lead to the cryptographic revolution.

And in this I believe, from there the traditional institutions that do not fit the criptocurrencies will definitely fall into ruins.

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