I don't think Bitcoin will replace the banking system that has been running for centuries. But it became cool when Bitcoin was accepted by banks as a digital currency which they accepted at a value adjusted to fiat.
Today, more and more people view Bitcoin as an investment asset, rather than a currency. This is an obstacle to adopting Bitcoin as an alternative currency that can be used as a means of payment in a country. and it will not harm the system that has long been built and used by banking.
Topic: Can bitcoin completely erase the Traditional Banking System? - page 2. (Read 274 times)
If the country make Bitcoin become centralized or adopting a stable coin, it's not going to change anything.
I think the current banking system is very difficult to remove or replace with bitcoin. However, there are still many pros and cons regarding Bitcoin. There are still many people who don't know, or haven't accepted it. In addition, banks have guarantees from the government, while bitcoins do not have any guarantees, so if your bitcoins are stolen, there is no way to return them, and there are many other contradictions. So, I think for now bitcoin can only be an alternative and investment tool.
If the reason is just the reversibility, the government can just create their own centralized exchange and force people to use that, then it has no difference with banks. Although the government guarantees to refund the money in case the banks is bankrupt, have you ever get such experience and the government refund the money? 
I think bitcoin will never be able to eliminate the existing banking system, and as we know bitcoin was created for alternative payments and investments, not for banking, so it would be too naive if we hoped that bitcoin could replace traditional banking in general.
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 me it's not gonna erase the traditional banking system because we are living in a world that still needs stable banking system and we are not yet in the stage of a movie like scifi world of cyborgs or humans that uses crypto as a normal currency in everyday life and one thing that also invalidate the aspect of making Bitcoin as the main banking system is it's volatility meaning it is unstable. 
I think the current banking system is very difficult to remove or replace with bitcoin. However, there are still many pros and cons regarding Bitcoin. There are still many people who don't know, or haven't accepted it. In addition, banks have guarantees from the government, while bitcoins do not have any guarantees, so if your bitcoins are stolen, there is no way to return them, and there are many other contradictions. So, I think for now bitcoin can only be an alternative and investment tool.
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 cannot erase the traditional banking system, atleast not for now. There is low acceptance of bitcoin in doing what the traditional finance is doing. I just feel Bitcoin wasn't meant to replace the traditional finance system but to expose how traditional system has been corrupt and manipulated people to his own will and that is the people controlling the traditional finance.
Bitcoin teaches us how to improve privacy that we least café about, bitcoin makes people understand that there is freedom in sending value from one place to another without been disrupt by anyone, this is what Bitcoin censorship to resistance showed people, Bitcoin shoes freedom and how to be independent of the traditional market and you don't have to leak their ass to make them send your own money the time they like.
However, Bitcoin will have been competing with the traditional finance but it is slow speed of transactions comfirmation and transaction fees drawback it's merit, many has tried to push layer2 scaling solution but even the bitcoiners don't use it often because of the complications of node routing and channel opening and closing and more importantly the centralization.
Bitcoin will never end the traditional banking system, it is an alternative to it.
Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.
Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.
people should understand that this cryptocurrency is not here to replace our traditional banking system but an alternative option that we can avail given the circumstances. because for example, if we need to pay something online and there's crypto payment available, and the fees are low, and you have crypto - then of course, you will think of using such route of paying crypto if you believe you have advantage of using such at that given instance.
traditional fiat system won't go away as for one, this financial system is handled by the government, hence, they have control on this monetary system. the main reason why bitcoin or any other crypto is having hard time in terms of government acceptance because of the fact that they can't have the full picture of this digital system. it is like there are holes everywhere.
I think not; is there a possibility? Maybe? If you're sure that bitcoin will stay for a very long time, don't get me wrong. I'm into bitcoin and I want it to stay forever, but as stated, there is only a limited amount of bitcoin that we can mine. Traditional banking runs most of the world's financial systems. Imagine if you replace it. There will be a lot of work to do. I work in a bank, mainly in data migration, and I'll tell you, banking is so complicated that it can't be easily replaced.
It's easy to say that we can replace banking using crypto currency, but there's a lot of things going on inside the bank that you didn't know, so I would say no. Bitcoin or any cryptocurrency can't erase or remove banking systems because if you do so, you strip away the financial system in the world. It's a possible dream, yes, but if you look realistically, it will be hard to migrate banking systems into crypto currency.
It's easy to say that we can replace banking using crypto currency, but there's a lot of things going on inside the bank that you didn't know, so I would say no. Bitcoin or any cryptocurrency can't erase or remove banking systems because if you do so, you strip away the financial system in the world. It's a possible dream, yes, but if you look realistically, it will be hard to migrate banking systems into crypto currency.
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?
That is too far from happening. It won't replace the traditional Banking System or people using this over fiat money but instead, it remains an alternative. In fact, that is the main goal of its creation, not replacement. Even these days, only a few adopted Bitcoin as a currency but the majority see this as a potentially profitable investment. If people are buying Bitcoin today and in the future, that could be for investment purposes. Until the fees never settled down, it was difficult to influence people to use this as a currency instead of an investment. And for some reasons like risk and transaction delays, people never change their minds.
Bitcoin will never end the traditional banking system, it is an alternative to it.
Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.
Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.
It has everything to shake the core of the traditional banking system. And if the banking system doesn't revolutionize their system, then it is bound to be erased by cryptocurrencies. People will move the more affordable and taxfree system eventually and the govt can't stop you from doing that, so either the traditional system upgrades and move on the standards of bitcoin and cryptocurrency or it'll be gone.
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.
Never doubt the ability in change, you could experience something totally different from you what you least expect, one thing am sure about is that the future will tell more of this, but from what we are currently seeing, there's high probability for digital currencies prevailing over time.
As much as I like Bitcoin, I don't think it can replace the traditional banking system. Bitcoin is a good alternative, something that can allow people to bypass banks in many ways. But Bitcoin doesn't come with assurances that the money will be safe, doesn't come with centralized responsibility for funds (and someone people can blame if things go wrong), doesn't come with customer support, loans, insurances, etc. So while it's an alternative, it doesn't cover all the things that banks do. More importantly, banks have established themselves over the years, and a lot of people trust them.
It’s definitely not replacing it. Satoshi had the craziest idea to create this huge project if he with such vision didn’t see it totally overthrowing the bank system then there is a pick there that it can’t. In as much as bitcoin has many advantages that many of us have adores it is will want it to be the main currency for exchanges there are demerits of it that isn’t taking it to that level of total replacement of the traditional currency. A clear example of this; is the ongoing crisis surrounding the congestion on its network making transactions slower except if you wish to pay the erroneous fees to get it confirmed in the next available block.
Also bitcoin might look a bit confusing for old age and less educated people and also works in areas where they are only internet network. All this wouldn’t allow it take the center position someone like me will want but honestly I like it been an alternative and a better one like this to ease my problems that the traditional system couldn’t solve, like easy cross boarder transactions and a very good store of value
I don't think so. Bitcoin is created to be an alternative to ever controlling banking system but it doesn't mean that it will replace it. There are so many reason why banking system/fiat system couldn't be demolished, one reason of it is the laws that currently exists in each of our countries. I also don't think that 100% of humans would want the ever comfortable banking system be demolished by bitcoin which most likely a new thing to them. There is a fear of the unknown, and I believe that most of the humans are still haven't tried or don't have any bitcoin knowledge.
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 isn't going to erase or replace traditional banking system. As far as I can see, banks are actually introducing Bitcoin and crypto assets to their offerered services to customers, so they are bringing crypto to the traditional banking system in a centralized way. It means you won't have total control over your assets, like you would in a decentralized system. You buy Bitcoin, but who controls it are the banksters. You can't even send your BTCs to another wallets and addresses, as they only allow you to sell it for fiat and then use the fiat as you wish.Mortgages, loans and financial services can be offered through Bitcoin currency, but not by autonomous individuals inside a decentralized system. Rather, such BTC services will still be offered by banks. The system adapts itself to the current conditions to remain untouchable and ruling the masses. The idea we, independent citizens, are going to be "free" someday in this world from financial institutions and centralized parties is just an illusion.
Never doubt the ability in change, you could experience something totally different from you what you least expect, one thing am sure about is that the future will tell more of this, but from what we are currently seeing, there's high probability for digital currencies prevailing over time.
This is not so true, there is no probability of BTC replacing fiat or the BTC blockchain replacing the traditional banking system. BTC is a decentralized system, and so i don't think it is possible to have a centralized government in control but with a prevailing decentralized financial system. The government have to be accountable for financial matters, both in decision making and issuing currencies, and they can only do that with a currency and system they control.And who want to remain in debt with these financial banks anymore, when all they could do is to inflict us with high demand on everything they offer us, while cryptocurrency can make us have the opportunity of getting the profitability that can help us clear all our debts.
Debt, loans, insurance, mortgages are all very important and so many people need them in their businesses and personal life. 
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 can't erase the traditional banking system because Bitcoin has nothing to do with it. What is a traditional banking system? Banks give loans, receive repayments and also accept deposits to give away money again with interest. How can Bitcoin replace that? Do you think that loans in such a volatile currency is a good idea? Or do you think that banks will lose their control and influence? Bitcoin can't handle large volume of transactions and how do you think that it will handle massive volume that banks have? Bitcoin was not created to erase the traditional banking system, it was created to offer you P2P payment method but it wasn't meant for widespread acceptance too. Read Bitcoin Whitepaper, understand how Bitcoin works and you'll understand that Bitcoin doesn't have the potential to challenge the aspects of traditional banking system. It's a different thing. 
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?
Nope! Bitcoin cannot replace the traditional banking system in any way. It can provide some alternatives to some small number of people for sure. But Bitcoin doesn't have the capability to handle the scale of a mainstream banking system. So if you are under any such kind of influence please come out of that. Bitcoin cannot handle the volume that that traditional banking system handles in 1 hour. So let's not daydream about the capacity of Bitcoin and use it as a parallel currencies system like it is now.
The main purpose for Bitcoin creation was for people to have alternatives rather than depending on the fiat system alone. Bitcoin and Fiat are in no competition on who will extinguish each other. But for the first time in history people are now presented with opportunity to choose which means they like to interact with their peers aside the traditional banking system of Fiat . So I don't think Bitcoin will erase the traditional banking 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.
Never doubt the ability in change, you could experience something totally different from you what you least expect, one thing am sure about is that the future will tell more of this, but from what we are currently seeing, there's high probability for digital currencies prevailing over time.
I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems.
And who want to remain in debt with these financial banks anymore, when all they could do is to inflict us with high demand on everything they offer us, while cryptocurrency can make us have the opportunity of getting the profitability that can help us clear all our debts.
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