The world at some point would move on front paper money. I don't know when, hell it might be a century or a millennial I don't know but I do know it will stop using paper money at some point. I am very optimistic about bitcoin but I don't believe it would ever replace fiat, I believe they would coexist. For bitcoin to replace fiat globally then the world needs to be at a point digitally where you no longer need to pay for anything with cash. While this may be possible in some countries, it's not even an idea in some countries, especially developing countries.
Assuming governments of the world don't constantly fight bitcoin I would very much prefer bitcoin and fiat to coexist despite the fact that Bitcoin is superior to fiat.
Topic: Why Bitcoin cannot be a Bank? - page 2. (Read 670 times)
I don't actually care about what he says , instead what I care is my Believe in Bitcoin that I considered as my Own Banking system.
I store my Money in Bitcoin(with safe wallet of course) and for me that is what Banking means .
Not allowing us to pay mortgage, rent or anything that he mention cares and affect me nothing because I can convert my Bitcoin to pay all those and I have my own way of gathering money to pay my bills .
I store my Money in Bitcoin(with safe wallet of course) and for me that is what Banking means .
Not allowing us to pay mortgage, rent or anything that he mention cares and affect me nothing because I can convert my Bitcoin to pay all those and I have my own way of gathering money to pay my bills .
If it will stop being so volatile maybe it have chance to become a bank
and that is far from happening lol. 
"Be your own bank" is a nonsense slogan from blockchain.info; you can "be your own bank" with 50 kg of platinum, gold, or silver.
Trolls who haven't even finished primary school are spreading the idea of Bitcoin as a bank on Twitter and other American social networks.
It's just absurd how they got this idea on how to promote crypto. Trolls who haven't even finished primary school are spreading the idea of Bitcoin as a bank on Twitter and other American social networks.
I'll share a little bit of story here; In my country there is this famous online game/casino that is currently being promoted by most of local influencers we have here, but the thing is the site is not 100% trusted at the same time the people behind the project is shady yet influencers try to promote it without a care that there are so many that are now complaining that they couldn't cash-out their money. This is the story I remembered when I first saw this post.
If it will stop being so volatile maybe it have chance to become a bank
Banks is a more elaborate system, at this point. You can't make installments, loans, and more. So bitcoin won't be able to replace banks for a long time to come.
I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.
nothing is impossible if bitcoin exceeds expectations predicted, the proof is now bitcoin can be this big and this popular.- Can you pay your Mortgage with Bitcoin?
- Can you pay your house rent with Bitcoin?
- Can you pay all your bills with Bitcoin?
- Can you pay your medical bills with Bitcoin?
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.
whereas in the past nobody knew bitcoin and was very foreign to people's ears.
but who would have thought that bitcoin has now become very influential and plays an important role for many people.
and the matter of bitcoin can be used for buying and selling transactions such as
• food purchases
• payment of hospital fees
• for transportation costs
it all now has begun to be developed by many parties.
so it is possible that bitcoin will exceed the expectations that have been thought of.
I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.
- Can you pay your Mortgage with Bitcoin?
- Can you pay your house rent with Bitcoin?
- Can you pay all your bills with Bitcoin?
- Can you pay your medical bills with Bitcoin?
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.
The thing is that you're asking if you can pay with Bitcoin for services that are expecting a specific kind of fiat.
The same scenario would be for example if you are in the US and want to pay your mortgage, or rent with Euros. Of course they wont accept that, they are expecting USD for those services.
Now, if you go through a foreign exchange service, then you can pay those services with Euro->USD.
The same can be done with Bitcoin.
In Australia there's LivingRoomOfSatoshi: https://www.livingroomofsatoshi.com
In Canada there's Bylls: https://bylls.com
In the US there's Bitrefill: https://bitcoinmagazine.com/business/bitrefill-now-lets-you-pay-your-bills-taxes-with-bitcoin
Etc...
If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.
Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.
Basically your last point is very correct. Bitcoin is currency, the owner is the boss because he has full control over his bitcoin. They can do anything with their bitcoins because they own them, including paying bills, sending them between countries or many other things. It's just that many people don't realize that having full custody of their bitcoins is like having a bank in their own hands. Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.
Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.
A bank is a place where a person come to deposit money. It's also an institution that enables online transfers of money. At least, these are the functions of banks that people usually use. If you use Bitcoin, you can download a non-custodial wallet, transfer your BTC there and then make Bitcoin transactions to other Bitcoin addresses when you want to do it. So in a way, you are your own bank this way. That being said, it is also true that due to huge limitations set by where Bitcoin actually is accepted as a form of payment, people can't usually pay the rent, the bills or mortgage with it. But that's the problem of acceptance of a currency, not a problem of the idea of Bitcoin replacing a bank.
If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.
Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.
Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.
Currently Bitcoin is only a digital currency. But despite being only a digital currency, this coin has gained huge popularity all over the world. But despite being so popular, you won't get so many facilities like digital banking services in Bitcoin. Because governments of different countries have not yet accepted Bitcoin as a digital currency or as an alternative to digital banking. But I think that slowly different countries will accept this currency. When different countries accept Bitcoin as a digital currency, you can pay electricity bills, current bills, gas bills, net bills, water bills, garbage bills, all through Bitcoin.
By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers.
But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different.
I agree with that statement. The definition of a bank will never fit onto bitcoin, since bitcoin was designed as a currency. Also the USD can never be a bank, but that is also not what the USD should be. What could however work is to create a bitcoin bank, that gives mortgages etc. in bitcoin.
- Can you pay your Mortgage with Bitcoin?
- Can you pay your house rent with Bitcoin?
- Can you pay all your bills with Bitcoin?
- Can you pay your medical bills with Bitcoin?
Quote from: elevates
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long.
Sorry but I don't think anything wrong with the information he shared. He is a Bitcoin maximalist and sometimes such Bitcoin maximalists will over exaggerate Bitcoin achievement but generally they are not wrong. They exaggerate it because they strongly believe in Bitcoin and think that it will grow more in future.If you can use your Bitcoin as collateral on exchanges, you can use it to pay your Mortgage. Condition to pay with Bitcoin will be stricter than with fiat currencies because of its high volatility.
Because It Is A Crypto Currency Platform And All Coin Of Mothers Name Of Bitcoin Some Time Many People’s Create Bank Accounts And Put Their Money In The Bang For Good Profit Like 5 Years DPS 10 Years DPS But When Thire Need Emergency Money Can,t Withdrawal Anytime Anywhere And Face So Many Problems Also Like Bank Robbery, Money Crisis Governments Problems Bla Bla More Many Problems. And Bitcoin Always Is Free Systems Like You Can Deposit Anytime And Withdraw Can Be Done Anytime Anywhere It’s Not Problems Just Your Need To Remembers Your Password 2FA Key And Just A Smartphone With Internet Connection Anywhere Any Country Use Easily.
I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem.
There it is, that's the problem here, to be honest. Why would anyone compare bitcoin to a bank? Does anyone tell us or wrote any guidelines that bitcoin is made so that we can compete with real-world banks? Satoshi's simply stated that you can be your own bank / or chose to have the freedom of transacting anonymously and without any limits. Those were the premium features that he offered through bitcoin. He never claimed that bitcoin should be used against the banks and compared the benefits. THe vision was simple, have your own bank!
We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
There are still many everyday transactions that cannot be completed using Bitcoin, such as paying rent or bills. While it's true that Bitcoin has many positive aspects, it's still not a fully functional replacement for the traditional banking system.- Can you pay your Mortgage with Bitcoin?
- Can you pay your house rent with Bitcoin?
- Can you pay all your bills with Bitcoin?
- Can you pay your medical bills with Bitcoin?
That being said, I do think there is value in Michael Saylor's comparison between Bitcoin and banks. While Bitcoin may not be a direct replacement for banks, it does offer a different kind of financial system that operates on a decentralized network.
This is a key advantage of Bitcoin, as it allows individuals to transact anonymously and without the need for a middleman.
In the future, as the technology and infrastructure surrounding Bitcoin continue to improve, we may start to see more widespread adoption and usage of Bitcoin for everyday transactions.
Until then, it's important to recognize that Bitcoin is still a relatively new technology that is constantly evolving and improving.
What's the point here? No one would use bitcoin for those purposes considering the current drive of holding and earning profits with it! In the future we may start having those offerings through stable pricing or a system that will correct the bitcoin deduction as the prices change and have the stability issues resolved.
But seriously we don't have to pay all those with bitcoins.
Bitcoin is a currency and each currency is digital not something that you can see with your two naked eye but you can feel it but I cannot touch it that is why bitcoin cannot go to the bank it is only the thing that you can feel and touch that can be keep in the bank like Fiat money or Fiat currency so all these can be drop in the bank because it can become or it can be feel but they cannot be she like Bitcoin so bitcoin is a digital figure which you feel body but cannot touch
Comparing Bitcoin and bank to me doesn't align, Bank is a financial institution that manages all financial transaction, whereas Bitcoin is money... However with what you have listed here so far I see no limitations to that if Bitcoin is money in other view, what will stop it from serving all this purposes if Bitcoin is widely accepted as a form money. The technology is still in its early stage and right we cannot category say its limitations or what extent it could be used in the coming future.
Both were completely different and have got different characteristics. Something that makes a connect is the value. Banks process the money whereas bitcoin is the asset that is equal to money. During my initial days the person introduced with the term the Bitcoin wallet serves as one's own bank. Later only I realised how it does the functions of a bank. With time advancements keep playing big roles and the same makes everything user friendly. People who found it difficult to use cards have now used with wallet payments. Same as this technology is making a big change and bitcoin too a part. 
Banks play an important role in every country to support the country's economy, because every country has it and of course with its own currency. the bank adheres to a centralized system where the government can control it, this is inversely proportional to bitcoin, what happens if the government loses control, while money is a vital part in the development of every country, therefore for now the decentralized system is not ready to be used, one day later when the situation and conditions are supportive then bitcoin will be introduced by the government
Bank is control by the government which the president has the power to make the central bank governor to make money in circulation for the citizens to have enough cash to develop their businesses and other things in the country. But BTC is a decentralized currency which is not control by any presidents or governors and it dump when it's time to dump to enable people to buy BTC and hold for a better future. BTC price pump without taking permission from any government or president in the country because it's a digital currency that allow people to have full control over their coins in the wallet.
Bitcoin is a cryptocurrency that does not have the traditional characteristics of a banking system. It is not a legal entity, does not have a banking license, cannot accept deposits, issue loans and issue bank cards.
In addition, bitcoin has no stable value and is a highly volatile asset, making it unsustainable as a foundation for the financial system.
Finally, bitcoin is based on blockchain technology, which is designed to provide decentralization and anonymity, which is contrary to the requirements for transparency and regulation that are placed on the banking system. In general, bitcoin and the banking system are different forms of financial activity that cannot be replaced by each other.
In addition, bitcoin has no stable value and is a highly volatile asset, making it unsustainable as a foundation for the financial system.
Finally, bitcoin is based on blockchain technology, which is designed to provide decentralization and anonymity, which is contrary to the requirements for transparency and regulation that are placed on the banking system. In general, bitcoin and the banking system are different forms of financial activity that cannot be replaced by each other.
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