Topic: Can Bitcoin make Banks disappear? - page 260. (Read 427614 times)

i see a lot people dream about bitcoin replacing banks and fiat currencies, but what's the point of that? what's wrong with bitcoin being just an alternative that can perfectly fine exist alongside fiat currencies and all other tools?

Governments will never allow Bitcoin to become bigger at the cost of their own currencies.

Which basically means that if Bitcoin is becoming a problem for the governments they will come up with new policies to make Bitcoin usage very difficult.

It will evolve but to a certain limit, there is absolutely no way it can let other type of currencies dissapear since the use of bitcoin is primary online and not accessible, put to use in any offline environment. That's the limit of bitcoin and thus there it will stop evolving.

Btc can evolve, and change.. I know it's hard to image with it's current state.

Bitcoin can never be more than niche, due to its scaling issues.  Transaction fees will escalate to make it impractical for all transactions less valuable than, say, a week's pay for a professional in a first-world country.

Bankers may use it as a settlement channel, or lend (pieces of paper redeemable for) it at fractional reserve.  But there is absolutely NO way that bankers will not figure out how to profit from it.

Yes bitcoin will not be able to make banks disappear because banks have legal protection.
Very difficult even impossible for bitcoin to make banks disappear.

I think bitcoin can't really make it, banks are protected by goverment of every country and they will not let bitcoin destroy it, also govermnet will try to control bitcoin.

That's never gonna happen, banks will never disappear, and I don't think bitcoin has any valid reason to do that, majority of people depends on banks for their day to day transactions and now they are used to it.

Banks will be around for a long time and fiat currencies will too.  Even if bitcoin becomes more popular, governments will still use their official currency as a fiat for a long time to come.  I can see governments changing to an electronic currency but most major countries will have their own official digital currency rather than bitcoin which will be independent (in my opinion).

You must pay your taxes in fiat - this is principal means through which the monetary system grew, spread, and became entrenched.  I dont see BTC becoming the universal medium of taxation anytime soon.  This is in no way a criticism against Bitcoin, but a caution against losing track of sensible realism.  The state maintains a monopoly on legitimate violence [Weber], it can and will enforce its desired monetary form.  Bitcoin is an excellent alternative which exists concurrently to such, but will not replace such.

Hi,

It's hard since mortar businesses need banks for Loans and also to get payments from clients or companies. Everyone or a significant percentage of people should adopt Bitcoin if we want to replace them for mainstream financial instruments.

The problem is: Non-tech people don't understand how it works, and they have fear. The only way to make Bitcoin mainstream is to have big companies promote them through ATM's. Bitcoin should be like VISA, and It should be accepted anywhere where there is a POS for a credit card.

After some years, it could replace VISA/MASTERCARD, but it needs to be easy to use, safe and legit in many countries. We know governments want money, and they need to avoid Money Laundering and Tax Evasion, and I think Bitcoin makes this point hard.

So basically every business should have a POS for Bitcoin and a way to convert those to Fiat asap like Bitpay.

I don't think Bitcoin can replace USD/GBP/EUR or any currency. It can be an excellent payment method.

Why it can't convert into a major currency?

Becuase it's very volatile right now, and businesses don't want to have this type of issue about knowing how many BTC their USD will be today or tomorrow, they just want a stable currency.

I love Bitcoin and the technology it has behind it. I hope bitcoin converts into a mainstream payment method so we can use it every day, until then...I just stick to USD fiat for my daily expenses.

Another thing we need to be aware is about security: We need safe and easy wallets for people who aren't tech enough to get a hardware wallet or even a cold storage. We need a solution for this, and it should be easy and free to put into practice.

Let me know your thoughts,
Bizster.

Yeah and Government will never allow bitcoin to get on the mainstream, as they will loose the control that hold on the fiat currency at a moment.

Bitcoin is a huge competitor with normal banks because once people know that with btc they can fully control their money and spend it whenever they want unlike banks which one does not have any control over his deposited money and banks may create restrictions and limits that prevent him from using his own money, once more people feel the difference, they will abandon banks.

yes there will probably be many competitors provide many options of the banking system in the future but in every country the bank is under the control of the government. this is the system we can't broke it.

Thinking that Bitcoin can annihilate banks out of existence is waaaay to over enthusiastic.  I'm totally sure that Bitcoin and cryptocurrency will disrupt and alter the financial markets far more in the future than at present, but to assume that Bitcoin can wipe banks off the planet totally ignores that banks are the cornerstone of a global economic architecture backed by the world's strongest and largest military forces.

Considering the current enviroment we cant even imagine a world without bitcoins. But then again nothing is impossible.  Who would have consider a digital currency like bitcoin to be so popular that it is $500 in worth, 5 years ago. So this whole banking system will come to an End and a digital system of bitcoin will replace it one day.

I hope that time pass in our lifetime. But even if bitcoin reach gold level, I doubt it will eradicate the banking system. Too many rich people and government will fight to help banking system live.

thats a good thought banks will never go away not because of the coin that is for sure. But there will be one point in life when the coin is just as big as the normal gold.

It is only possible if you can make Bitcoin used by everyone and that is because you also can see now that the Bitcoin is becoming more popular and more worth so that is nice.
But you dont know what will happen for sure and maybe you should have to promote it more.

I think it cannot let banks disappear its just too much for the bitcoin. The fact is that the banks are to strong to lose and too many people are also depending on a bank.