I think why it's like that for now Bitcoin can't be a bank because it doesn't have the same regulatory framework as traditional banks.
Bitcoin is a decentralized digital currency, meaning it is not backed by any government or central bank. That is, it does not have the same regulatory oversight as traditional banks, making it difficult to use as a banking service. In addition, Bitcoin is not FDIC insured, which means users are not protected against losses due to fraud or other problems.
Bitcoin transactions are irreversible, which makes it difficult to use as a banking service because customers will not be able to get their money back if something goes wrong. I think this point needs to be our main concern.
Topic: Why Bitcoin cannot be a Bank? - page 5. (Read 661 times)
I can only speak of the setup where I'm from.
Do I need a bank to pay my mortgage or to even get a loan to buy a house or a car? No.
Do I pay my house rent through a bank? No.
Do I pay my bills through a bank? No.
Do I pay my medical bills through a bank? No.
On the other hand, can I pay my mortgage with Bitcoin? Why not? Can I pay my house rent and bills with Bitcoin? Why not? As a matter of fact, I've already paid bills with Bitcoin. And if only my landlady would accept Bitcoin, I might also pay my rent in Bitcoin. If hospitals and clinics would accept Bitcoin, I can also pay medical bills with Bitcoin.
Do I need a bank to pay my mortgage or to even get a loan to buy a house or a car? No.
Do I pay my house rent through a bank? No.
Do I pay my bills through a bank? No.
Do I pay my medical bills through a bank? No.
On the other hand, can I pay my mortgage with Bitcoin? Why not? Can I pay my house rent and bills with Bitcoin? Why not? As a matter of fact, I've already paid bills with Bitcoin. And if only my landlady would accept Bitcoin, I might also pay my rent in Bitcoin. If hospitals and clinics would accept Bitcoin, I can also pay medical bills with Bitcoin.
You may not remember the early demand for Bitcoin, when the Bitcoin journey first started, the price of Bitcoin was very low.
Could you have imagined that Bitcoin would reach this stage? Of course not, because if you knew then you would have held onto Bitcoin and you would have been in the top 10 richest people list today.Since you can't know the future, you can't tell whether the next generation will continue to trade with Bitcoin. This little argument of yours will not stop Bitcoin.
Do you look at El Salvador and see that everything can be done with Bitcoin before? Of course not. But now they have turned 'no' into 'yes'.
Such next generation can turn 'no' to 'yes' in all our countries.
Could you have imagined that Bitcoin would reach this stage? Of course not, because if you knew then you would have held onto Bitcoin and you would have been in the top 10 richest people list today.Since you can't know the future, you can't tell whether the next generation will continue to trade with Bitcoin. This little argument of yours will not stop Bitcoin.
Do you look at El Salvador and see that everything can be done with Bitcoin before? Of course not. But now they have turned 'no' into 'yes'.
Such next generation can turn 'no' to 'yes' in all our countries.
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- 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?
Legally, no. On the basis of understanding, it is not a problem and I thought of some tactics (adjusting the legality in my country). Suppose you come to the bill payment counter, offer the cashier an agreement to pay your bill by asking him to pay your bill and then you give him bitcoins in exchange. You don't touch the fiat at all.
Basically, Satoshi's original purpose when creating bitcoin was to become a P2P payment method, not an investment as it is today. So with your questions, it can be seen that bitcoin can be used to pay for the services you mentioned, anything you use fiat to pay for, bitcoin can do. The only current barrier that keeps bitcoin from being used as widely as fiat is the government, since it's a decentralized currency, they don't want to accept it, so it's not widely used yet.
- 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?
As for Bitcoin being a bank, I don't know if I'm dumb, but I can't think on how Bitcoin can be a bank. Yes it's considered as a store of value, but banks have a centralized authority that is operating the bank itself while Bitcoin doesn't have.
Ehh I mean it just depends on how you look at it. Bitcoin technically would only be a "bank" if it was simply an asset, or means of currency that a bank used. At that point, that means that a company of workers is behind the bank, and they will certainly charge fees, be able to freeze accounts etc.
Now I know this is not what he means, but that's what banking is. Banking is lending, accounts etc..and that's not what bitcoin is..it's simply a digital currency/asset.
Now I know this is not what he means, but that's what banking is. Banking is lending, accounts etc..and that's not what bitcoin is..it's simply a digital currency/asset.
Treating BTC as a bank is incorrect. No one would compare a currency to a financial institution, would they? For example, GBP vs Barclays bank. They are incompatible things.
As a means of payment, BTC should be compared to fiat currencies. As a means of investment, it should be compared to gold and stocks.
As a means of payment, BTC should be compared to fiat currencies. As a means of investment, it should be compared to gold and stocks.
I think you made a wrong interpretation of the tweet. Bitcoin can be some type of revolutionary bank that is unique these days. But do not get confused about the difference between a bank and a bitcoin. Bitcoin is a currency, it is not a corporation that is centralized. The best way to compare bitcoin is to fiat. Sooner or later if countries will allow bitcoin to become a legal tender then all the questions you raised OP are possible. Banks and businesses in the future will accept and use bitcoin for their mortgages, house rent, bills, medical bills, and many more.
There is no deceiving in my opinion, Bitcoin was initially design as P2P and as a payment system. However, throughout the years, it become more of a investment, or commodities and even 'sound money' for some.
So to be able to used it as what OP has described, the only thing you can do is convert it to fiat.
But who knows,
- Maybe in the future you can pay your Mortgage with Bitcoin
- Maybe in the future you can pay your house rent with Bitcoin?
- Maybe in the future you can pay all your bills with Bitcoin?
- Maybe in the future you ca pay your medical bills with Bitcoin?
So to be able to used it as what OP has described, the only thing you can do is convert it to fiat.
But who knows,
- Maybe in the future you can pay your Mortgage with Bitcoin
- Maybe in the future you can pay your house rent with Bitcoin?
- Maybe in the future you can pay all your bills with Bitcoin?
- Maybe in the future you ca pay your medical bills with Bitcoin?
Developers are making a lot of development for bitcoin network. And I know that all these bills will be possible with bitcoin. El Salvador already made bitcoin legal tender. I don't know about another country. But I know some other countries are planning to do same. Have u heard about bitcoin lightning network? If you know about that, you will know that a lot is possible with bitcoin.
I think you misunderstood a bit what he meant with that message he put out on Twitter.
Obviously, we can buy anything with Bitcoin as long as the other party is willing to accept satoshis in exchange for whatever he/she is selling.
It is not what you can buy or not. In my opinion, if we want to compare Bitcoin to banks the magic word is: credit.
For obvious reasons, Bitcoin is not a bank because the network cannot seize, invest, limit or move your assets. It is all about debit: money either you have or you don't.
Obviously, we can buy anything with Bitcoin as long as the other party is willing to accept satoshis in exchange for whatever he/she is selling.
It is not what you can buy or not. In my opinion, if we want to compare Bitcoin to banks the magic word is: credit.
For obvious reasons, Bitcoin is not a bank because the network cannot seize, invest, limit or move your assets. It is all about debit: money either you have or you don't.
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.
Op, your topic need to be restructured, bitcoin is not building or a structure that can be bank where coins or currencies will be kept. Or Michael Saylor has a parochial view on bitcoin. Bitcoin is an online currency that can be used for exchange. In the nutshell, bitcoin is money for exchange. And for 4 questions, I capitalize on YES. But all depends on the country's adoption and the awareness of people on bitcoin. If the awareness is very high and the adoption is more then one can use bitcoin to do all the above mentioned, like my country we can't use bitcoin to do all that except bitcoin lovers, which is about 0.0001%. I am just estimating that percentage to let you Know that the adoption is very much few. Which is not even up to 1%. Therefore, if the country adoption is high then you can use bitcoin for all that. - 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.
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.
Yes, in my opinion, all of the above current payments can be made if you convert bitcoin to fiat currency on a monthly basis.
Bitcoin can be compared to a bank in that it is a store of value. Previously, bankers kept gold bars in their cellars, which were tightly locked with a key. This gold allowed bankers to carry out monetary transactions - for example, to issue letters of exchange to clients.
Bitcoin is our personal bank. Its value is analogous to gold, and the private key is analogous to a large metal key from a secure basement - vault.
Whoever owns bitcoin owns wealth and can periodically sell some of their digital gold to cover running costs.
Promoting it in a way that it looks like a scheme only leads bitcoin further away from its original purpose and goals. It is also not called promotion, rather it will be called plain old hyping. This is commonly used by those influencers to attract their target market but, is this really the best method to introduce crypto? Coz as what can I see these kind of method will only be effective temporarily.
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:
- 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?
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, why does it can't be used to pay mortgage, house rent, bills and medical bills? the problem is the country doesn't want to accept Bitcoin as a currency, if they accept it, you can use Bitcoin to pay everything.
Bitcoin can be a bank with the idea where you're given a full control over your money as long as you're holding the key e.g. non custodial wallet, if you use exchange as the media where you hold your money, it kill the idea of be your own bank.
Bitcoin can be a bank with the idea where you're given a full control over your money as long as you're holding the key e.g. non custodial wallet, if you use exchange as the media where you hold your money, it kill the idea of be your own bank.
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.
All this listed payments ways are visible when bitcoin becomes legal tender like the fiats in banks. Almost all this seems payable with bank transfers so I don’t see the reason why it can’t be payed with bitcoin. The only thing is the recipient willingness to accept the payment in bitcoin. Although we aren’t there yet but gradual with the recent increase of business accepting it as mean of payment then one day we would all those listed been payed with bitcoin.
Also social media is a place where everyone say what they believe is the truth, Michael Saylor might be saying something good about bitcoin that doesn’t sit well with some people but they are also some lnfluencers tat say Worse against bitcoin. But no matter what is said no FUD or media stereotypes can tarnish bitcoin image
- Can you pay your Mortgage with Bitcoin?
- Can you pay all your bills with Bitcoin?
- Can you pay your medical bills with Bitcoin?
First we don't need banks. Second, yes to all. Can't do it in your country? Move to El Salvador. Blame your politicians for being fools, not Bitcoin.
Please go through this thread - While Everyone was Talking about El Salvador! We forgot about Guatemala
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Should incase you come across someone telling you all these unrealistic dreams about bitcoin, all you need to do is in giving them a response that "p2p is the solution to them all" because you can easily exchange your bitcoin through p2p in less than a minute and oay for the need you want to settle, and as a matter of fact, some people, businesses and organizations have already been including bitcoin acceptance in making their payment, but i understand location differences may be a barrier but should in cas you have such, don't let anyone decieve you, bitcoin is a digital currency and most of the landlords or petty traders might not have upgraded to this era, so use p2p to exchange your bitcoin to fiat for them.
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