Topic: Can bitcoin completely erase the Traditional Banking System? (Read 274 times)
This question has been emerge since the earliest day when I first know about Bitcoin, and even until now when Bitcoin has been globally accepted, I still doubt that in my lifetime there will be time when Bitcoin will be replacing the Banking, even in just one country. Government still needs Bank, and government will force people to use Bank if they want to hold their citizenship, Bank is part of government's financial system. If Bitcoin will be fulfilling it's purpose to become a currency I guess Bitcoin will be just an alternative way of payment, but I mean no one knows.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
Bitcoin is a currency. It can't replace banking. Banking is an industry, not a currency. It can replace checking/savings accounts of banks, but banks do a lot more than that. Now, it is possible of course to build a banking system (perhaps a combo of decentralized and centralized services) that work with bitcoin instead of fiat, but if Bitcoin took over from fiat (extremely unlikely) in the future a lot of the fiat banking system would probably just pivot to be the banking system of the Bitcoin system.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
You are completely right, the traditional banking system and bitcoin can actually co-exist together in our society, and this is especially for our older generations who are not well educated enough to understand the importance of bitcoin and how to operate in it, I believe satoshi himself or theirselves never invented bitcoin for it to completely wipe out the traditional banking system, but rather, it should act as a better alternative to people who truly value financial decentralization and privacy, which is what bitcoin is doing today.So, in the nutshell, both bitcoin and the traditional banking system can actually co-exist, and bitcoin acting as an alternative will give people to option of chosing decentralization, privacy over centralization and censorships.
Yeah, I think it is better that way. Let them coexist so that people can have more options and then break the monopoly that the traditional banking system has. This will create competition and further strengthen these institutions.
I don't think it can complete replace the conventional/traditional banking system. It will do very well to serve as an alternative to the traditional banking system but can not completely take it's place.
Although what I see happening is that the Blockchain technology can be adopted by the traditional banking system.
Although what I see happening is that the Blockchain technology can be adopted by the traditional banking system.
Bitcoin won't replace the traditional financial system, which is centralized. Bitcoin could help the traditional financial system with cross-border payments and the digitalization of payment systems. A lot of people in the world are illiterate, and there always will be. So definitely, we need the traditional financial system forever. I don't see any chance to replace it with Bitcoin anyway. A centralised financial system would integrate blockchain technologies to push traditional payment systems to another level.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
The mistake that lots of people make is that they don’t even know the reason why bitcoin was created, bitcoin wasn’t created to erase the traditional banking system, and I am sure the government won’t even allow that to happen, bitcoin was created to serve as an alternative payment method. The government is using banks for money laundering, and they are using banks to track lots of people down; they are monitoring people’s transactions. The government will do everything in its power not to allow the banking sector to die off.We are just fighting for bitcoin to be an alternative currency, and most governments are against it, they are doing everything to kill bitcoin. Then, just imagine that we are fighting for bitcoin to be the main payment method. What will be happening currently?
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For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
You are completely right, the traditional banking system and bitcoin can actually co-exist together in our society, and this is especially for our older generations who are not well educated enough to understand the importance of bitcoin and how to operate in it, I believe satoshi himself or theirselves never invented bitcoin for it to completely wipe out the traditional banking system, but rather, it should act as a better alternative to people who truly value financial decentralization and privacy, which is what bitcoin is doing today.So, in the nutshell, both bitcoin and the traditional banking system can actually co-exist, and bitcoin acting as an alternative will give people to option of chosing decentralization, privacy over centralization and censorships.
What do you think?
I don't think bitcoin will replace traditional financial models such as banks, because by its nature bitcoin is decentralized, while banks are centralized, from here it is no longer connected. why not just go hand in hand, don't overlap each other, maybe more precisely bitcoin is an alternative. I don't know what the future holds, but for now it seems quite impossible to abolish the banking system, because its foundations are really strong. rather than deleting, I think collaboration seems better. I don't know the exact use because this is not my area of expertise, but I'll try to find out a little bit, such as cheap inter-country transfer fees or transaction speeds that take a fraction of a second. 
Not really, I mean it can work as an alternative to what is being used by millions on our planet but it will not be able to overtake and become what traditional banking systems are.
I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.
I totally agree with you. Bitcoin can aspire to become a serious alternative to the bank system, but replace it, no, I don't think so, or at least at the moment I really struggle to see something like that actually happen. Maybe in 50 years the situation will be completely different but, again, it's hard to imagine. Being a reliable alternative is already a great goal.I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.
Actually, It's not that much hard to imagine. The way inflation rate is increasing in every country and the way the government is printing money, people can no longer rely on paper money. I think our generation will be the last to use paper notes, from the next generation people will start using electronic currency completely. And with the way Bitcoin is gaining popularity, it is not impossible for Bitcoin to gain global acceptance like the dollar.
YES, at present the government does not want to accept it because of its high volatility. However, since its supply is limited, its volatility will decrease as the day goes by as the number of customers increases. Then there will be no obstacle for the governments of all countries to accept it.
Not really, I mean it can work as an alternative to what is being used by millions on our planet but it will not be able to overtake and become what traditional banking systems are.
I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.
I totally agree with you. Bitcoin can aspire to become a serious alternative to the bank system, but replace it, no, I don't think so, or at least at the moment I really struggle to see something like that actually happen. Maybe in 50 years the situation will be completely different but, again, it's hard to imagine. Being a reliable alternative is already a great goal. I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
I don’t think so. Bitcoin was not invented to replace the traditional banking system but to serve as an alternative to it. This is what has brought about competition between bitcoin and the government because of some advantages bitcoin has above the traditional banking system. If the government will not have a control over it, they will never allow the use of it legally or adopt it as a legal tender in the future. The bitcoin spot ETF is just a perfect example to me of the government trying to manipulate the market since they can’t beat bitcoin, but luckily enough to their disadvantage, it hasn’t had any major impact to the market since it was approved. They couldn’t beat bitcoin and they tried to join bitcoin but they didn’t know bitcoin is not an asset to be manipulated like others.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
For instance in the second and third world countries, because of the high rate of illiteracy, the elderly ones prefer to perform transactions using the physical fiat, many of them find it difficult to use credit card, mobile banking etc. So how do teach this set of persons how to use, hold or safely store Bitcoin? Even if it was imposed on them, it will have a deliterious effect as most of them will be victims of wallet hack. So we may get to see more Bitcoin adoption in the near future but it certainly cannot replace traditional banking.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry ,
Has it disrupted the financial industry? How? I mean I didn't see any disruption regarding the banking industry. Yes, they might be affected because Bitcoin is slowly getting more popular, but it didn't get disrupted.Now to answer your question, Bitcoin will not completely eradicate the traditional banking system. First, Bitcoin isn't created to do that thing. Second, I don't think that the bank owners will just allow a currency or an asset whatever you want to call like Bitcoin will affect their business. Third, yes we're seeing an increase in Bitcoin users every single year, but the reality is, that there are still many people around the world who prefer to use banks because for them, their money is safer there, and there's nothing wrong with it. If your financial literacy is low, your only option to store your money is in banks.
Overall, enough of this daydreaming. Enough of thinking that Bitcoin will eradicate the traditional banking system. Bitcoin will stay, and at the same time, banks will stay. They will co-exist for a long period of time.
What do you think?
Given that I don't believe bitcoin can completely replace the established banking system, I do believe it has the ability to have a big impact on it. Since bitcoin allows for peer-to-peer transactions without the use of traditional banking infrastructure, it might be able to help those who are underbanked or unbanked by providing financial services to them.
Since the traditional banking system has a well-established infrastructure and is widely used, I believe that a full transition to bitcoin would require significant adjustments, broad adoption, and an intensive learning curve.
In my opinion, traditional banks and cryptocurrencies can coexist for as long as they both serve distinct purposes and preferences within the larger financial ecosystem.
Bitcoin was not built to take control over the traditional banking system, it here to provide aids to those who want to be financially independent and not to take control of the money system it can’t be enough and it can’t stand to serve that purpose.
We can only use bitcoin in the way we are using it institutions which buy and invest on it why we can hold them it have limit to its usage, and the traditional banking system also have a role to play in the society both are here to stay and serve there different purposes even as the banking system are looking for means to dominate and control the bitcoin market which is still completely impossible to some point.
We can only use bitcoin in the way we are using it institutions which buy and invest on it why we can hold them it have limit to its usage, and the traditional banking system also have a role to play in the society both are here to stay and serve there different purposes even as the banking system are looking for means to dominate and control the bitcoin market which is still completely impossible to some point.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry ,
It will be possible to talk about the popularity of bitcoin when every second housewife has it. So far, the popularity of bitcoin remains only within a certain circle of people. Many have heard about it, but not many own and use it.Come on, tell us more about "disrupted the financial industry" by the bitcoin. We will listen to this fairy tale.
it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future.
If this ever happens at all. Firstly, few governments will allow the traditional banking system to be replaced, and secondly, technical changes to the bitcoin will be required. Or have you already forgotten about the high commissions on the BTC-network and the long queues to confirm transactions in the mempool?I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems.
These functions are not included in bitcoin and bitcoin was created as a replacement for traditional money, and not for the entire banking system with all its variety of services.But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
And this alternative option is electronic digital money. But I guess that bitcoin was unable to gain a foothold in this niche and is already challenging the stock market (as an investment instrument) with its crazy profitability compared to stocks and securities. 
Most likely not, but it can coexists as an alternative payment option and can be used by everyone just like internet banking or paying to buy something online and there are lot more use cases for bitcoin even if the traditional banking system exists. So far Bitcoin can't handle the number of transactions that is processed everyday by banking system even the transaction fee became crazy high.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
I don't think that it's very likely for the traditional banking system to disappear, with or without bitcoins there isn't much chance for the government to abandon the banks. The economy, the banks and the government are all connected to each other. Because the banks mainly deal in fiat money the government will always come and bail them out. We have seen that happen in the financial crisis of 2008. The banks are just too big to fail and would take down the whole economy with them. The only option would be a very slow transformation where over time people take money out of banks and fiat. The problem then would probably be the government that is afraid to lose control of the money supply and will try to revert the process.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
While Bitcoin has gained prominence as a decentralized digital currency, the complete eradication of traditional banking systems seems unlikely. Bitcoin operates alongside traditional finance, offering an alternative rather than a replacement. Regulatory challenges, scalability issues, and the need for widespread acceptance pose barriers. However, Bitcoin's potential to reshape financial landscapes, promote financial inclusion, and serve as a store of value continues to spark discussions about its evolving role within the broader financial ecosystem.
For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?
When did Bitcoin disrupt the traditional banking system industry? We still have banks, we still have fiat currencies, and you're still using fiat currencies every day, how can you say that bitcoin has disrupted them? Bitcoin has never and will never have the ability to disrupt the traditional banking system, let alone replace it. Even if bitcoin has the ability to do that, do you think it will be easy for the government to let bitcoin do it? If bitcoin really had the ability to destroy the banking system then I don't think bitcoin could exist and we could use it to this day.
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