Is Bitcoin replacing the future banking system ?

De Suga09

full member

Activity: 352

Merit: 125

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Yes it can replace money especially in terms of online transactions. Since bitcoin transactions are cheaper and easier, it would be more convenient to use. If people just know the benefit of having a purchase in bitcoin. Although I do think that it can replace money in the future, I believe that its not in the near future.

asa naka

newbie

Activity: 8

Merit: 0

Quote from: b3llsf1l3s on May 27, 2018, 10:56:09 PM

Im sure the bitcoin will replace any banking system, too much lack in it, and i think right now bitcoin is only great on campaign of decentralized exchange.
all the rest still in the bank system, we need to great at all that already exist in the banking system. anyway, there's still a lot people which more pros on banking system than bitcoin.

Well, having this new innovation in the real world, we may expect that this prediction would somehow come into reality. But it's not that easy to change the recent banking system because they have to be broad in gathering information on how this system works if they are going to adopt this technology.

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

no bitcoin is only disrupting them, bitcoin isnt capable doing that, as promised in the marketing campaign, "bitcoin the a future world currency"

b3llsf1l3s

member

Activity: 616

Merit: 12

Send&Receive Money Instantly, w/ no hidden costs

Im sure the bitcoin will replace any banking system, too much lack in it, and i think right now bitcoin is only great on campaign of decentralized exchange.
all the rest still in the bank system, we need to great at all that already exist in the banking system. anyway, there's still a lot people which more pros on banking system than bitcoin.

shino1412

newbie

Activity: 23

Merit: 0

There are so many advantages if blockchain could be implemented on the our conventional bank system such as lowering cost, cut middleman, acceleration etc. I'm waiting for the firs bank in this world fully adopt it.

bitcoinrunners001

newbie

Activity: 84

Merit: 0

Each country has a central bank that is used as a tool to support economic stability in the country. Another case if the country makes its own crypto currency it could be an alternative to the ease and financial advancement of the system in the future.Bitcoin cannot be accessed easily unless we have internet.

Mcdacillo

member

Activity: 148

Merit: 10

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

There are more rumors about bitcoin will replace the existing money that we used and called as fiat. But I think it will be hard for bitcoin to replace fiat since bitcoin is being banned on other country and many countries until now do not have trust on digital currency. I think bitcoin will not lose because many people uses bitcoin and also it has many investors as well as supporters. Bitcoin can also replace the future banking since bitcoin is used to pay bills and any other.

tylerderden

copper member

Activity: 1162

Merit: 1025

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Yes. I do believe that bitcoin is in a way replacing the future banking system and it also has the right amount of potential of doing so. This is because since bitcoin has started. It has gained a lot of popularity among the people all around the world because of which it has gained a lot of potential investors and potential users who are ready to invest in bitcoin. This signifies that bitcoin’ Demand among the people is increasing a lot. All this is evident from the increasing price of bitcoin daily.

Leyss

member

Activity: 574

Merit: 12

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Bitcoin and the banking system perform completely different tasks and functions. Therefore, bitcoin has no chance to replace the banking system as a whole. Bitcoin is primarily a means of payment, that is, money and, in addition, it is now largely used as a repository of value. In addition to these functions, banks perform many different other functions. First of all, in any state, banks define the credit and financial policy, they credit certain sectors of the economy, help the state fulfill the plans for the country's economic development. Bitcoin of these functions can not perform. Moreover, due to its high volatility, it is capable of completely imbalancing the economy of any strong state.

lucy94

newbie

Activity: 126

Merit: 0

not anytime soon, but does have a potential

krishnaverma

full member

Activity: 1414

Merit: 106

Available for rent

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Certainly not in my country. If you will visit a rural bank in my country , you will find that 90 % of them cannot even fill the bank forms by themselves. I do not expect them to use bitcoins ever in their life. I am not talking about old people only but even the younger generation is not that tech savvy in developing countries.

kidoseagle0312

hero member

Activity: 1092

Merit: 500

Why does anybody think that something needs to be replaced, these two can both work with the presence of the other. We need to get the most out of both therefore let them work best at what they do and use them as is. Bitcoin can be used as your digital currency and store using wallets, and banks can do banking stuff where you store your physical money.

Herressy

full member

Activity: 361

Merit: 106

Quote from: mak2017 on May 26, 2018, 12:25:09 PM

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Bitcoin blockchain could be used for future transactions with money, but not bitcoin itself.
Governments and banks already testing blockchain in their needs, performing test transactions from one country to another using blockchain.
One of reason to do so is, human factor - with usage of blockchain there will be no human mistakes in payment operations.
Highly unlikely that governments will use bitcoin for transactions, as they can't control it, as well as highly volatile price of this asset.

you have a point it can actually be used for but not bitcoin by itself to used in a transaction where we can be able to see and used this as like as a fiat and as just how the internet must have some development this is where bitcoin may does too.

ZirconiumX

full member

Activity: 286

Merit: 100

The most valuable thing about Bitcoin is that he introduced the technology of blockchain to the world. here it is just able to improve the existing banking system. It greatly improves the speed, confidentiality and security of sending money. Blockchain is power. Its potential to change the world can be compared with the potential of the Internet.

mak2017

full member

Activity: 434

Merit: 110

Quote from: Evakotel on March 25, 2018, 02:23:02 PM

I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Bitcoin blockchain could be used for future transactions with money, but not bitcoin itself.
Governments and banks already testing blockchain in their needs, performing test transactions from one country to another using blockchain.
One of reason to do so is, human factor - with usage of blockchain there will be no human mistakes in payment operations.
Highly unlikely that governments will use bitcoin for transactions, as they can't control it, as well as highly volatile price of this asset.

ETHtotheMOON1

jr. member

Activity: 280

Merit: 3

Quote from: Ajeng07 on May 26, 2018, 02:46:00 AM

yes it could, maybe the system will be different from the Bank, because the Bitcoin system is run by Blockchain, and maybe the Bank can cooperate with Bitcoin, by implementing Blockchain technology on the banking transaction system.

I believe it's already replacing the system. Banks are heavily investing in using blockchain technology for their internal needs. They won't get bankrupt because of bitcoin, they're trying to find the ways to apply blockchain, so when bitcoin takes over fiat in some parts of the world, they will still be able to offer derivates and other markets.

Paka1

newbie

Activity: 154

Merit: 0

There is no doubt that bitcoin has a potential to become a banking system. However, there would be alot of things to be considered. Like how would it be able for clients to take out loans and stuff, since bitcoin as of today is known as a mode of payment into digital world, it is still designed to do such thing and it would make a major transition to make it as a banking system considering all the restrictions that the government may imposed.

Ajeng07

newbie

Activity: 29

Merit: 0

yes it could, maybe the system will be different from the Bank, because the Bitcoin system is run by Blockchain, and maybe the Bank can cooperate with Bitcoin, by implementing Blockchain technology on the banking transaction system.

zik123

newbie

Activity: 1

Merit: 0

I don’t think bitcoin will replace the banking industry, I only feel it will reduce the work load for them since we can only use their system when we want to collect fiat.

Ram krish

newbie

Activity: 86

Merit: 0

I think it is not possible now, It may happen in future, customers may drop and withdraw bitcoin, if it is accepted by the bank. But Cryptocurrencies not control by a organization or a individual person, Bitcoin is digital currency. Banking system is totally different form digital currency. so don't confuse both.

Topic: Is Bitcoin replacing the future banking system ? (Read 391 times)