Topic: Without banking bitcoins will be work - page 2. (Read 600 times)
I'm not sure if banking will disappear in the future and replace other intermediaries between Bitcoin and its owners. Currently, banks are the center of the monetary system of the entire world community, they have long depended on banks for the financial system. If banking disappears, I don't know whether the financial system will run stable or it will fall apart because of the absence of regulations or something like that. As a result, the proceeds from Bitcoin are also difficult to distribute to owners due to an unclear financial system. So I prefer that banking will always exist and not disappear.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Not true. You are forgetting the peer to peer transaction system. Which means, I can do business with any other person without the need of a middleman. We can do business with cash, assets or any other way, so banks are not needed. Sure, they make things easier but they are not needed
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People think that Bitcoin will replace banks/fiat currency in the future and it is obvious that it will not happen at all anyway. Some people are comfortable with regulated stuffs and they are okay with some third party looking over with their money.I recall one posted in here that Bitcoin will just coexist with fiat and that is pretty much the closest thing we could get. Nobody is even stopping people to use crypto with their payment method as long as it is not illegalized in their country.
OP:
Your question has a direct answer, they have already given it, but it is questionable in the simple fact of asking it, since bitcoin seeks to replace the scheme you mention, which according to you would not allow bitcoin to work, anyway a banking system was not necessary to start the idea behind bitcoin, it took 2 users...Why should I change the premise?
The reason true adoption has not come and may never come is because we must believe that the old system cannot be replaced. And that "Fiat disease" begins to create illusion that bitcoin needs banks. Think about it is contradictory in the classic idea of bitcoin.
Your question has a direct answer, they have already given it, but it is questionable in the simple fact of asking it, since bitcoin seeks to replace the scheme you mention, which according to you would not allow bitcoin to work, anyway a banking system was not necessary to start the idea behind bitcoin, it took 2 users...Why should I change the premise?
The reason true adoption has not come and may never come is because we must believe that the old system cannot be replaced. And that "Fiat disease" begins to create illusion that bitcoin needs banks. Think about it is contradictory in the classic idea of bitcoin.
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People think that Bitcoin will replace banks/fiat currency in the future and it is obvious that it will not happen at all anyway. Some people are comfortable with regulated stuffs and they are okay with some third party looking over with their money.I recall one posted in here that Bitcoin will just coexist with fiat and that is pretty much the closest thing we could get. Nobody is even stopping people to use crypto with their payment method as long as it is not illegalized in their country.
Literally, it's almost practically impossible right now, beacuse banking involves fiat and Bitcoin in this early stage of adoption needs to work hand in hand with the fiat currency banking system to succeed and operate as an independent entity to work without baking. This I guess would happen when BitcoinBTC has taken full function of the banking today and also have world wide Government adoption and regulation . So in future it could be possible, if there is going be a time when the world is gonna do away with fiat system.
which country Bitcoin take the function or responsibility of banking system, bitcoin just have it operating function and is very different from fiat function, have you think of without fiat currency bitcoin will not function properly, according to you bitcoin work hand to hand with bitcoin because without exchanging bitcoin with fiat currency bitcoin will not be regarded as valid currency, government alone is suppressing the image's of bitcoin not to be adopted
No.
Without fiat, there will be no value for Bitcoin globally. This Means Bank will be always there for Bitcoin.
It will definitely take some time to adopt Bitcoin as a mass payment gateway, but it can cause many issues while using Bitcoin for lower and faster payments.
So for overcoming this issue of delay there are many other faster blockchains that can be used instead of Bitcoin.
But all this is in the future. Bitcoin is always maintained its price among all cryptocurrencies. But at the same time, other cryptocurrencies are also getting traded directly against fiat on many local exchangers with higher volumes.
So considering all Bank must have to be there in the future for making fiat transactions.
And Bitcoin will stay continue as Bitcoin itself has a technology and more users get involved its value will be skyrocket in the coming future.
Without fiat, there will be no value for Bitcoin globally. This Means Bank will be always there for Bitcoin.
It will definitely take some time to adopt Bitcoin as a mass payment gateway, but it can cause many issues while using Bitcoin for lower and faster payments.
So for overcoming this issue of delay there are many other faster blockchains that can be used instead of Bitcoin.
But all this is in the future. Bitcoin is always maintained its price among all cryptocurrencies. But at the same time, other cryptocurrencies are also getting traded directly against fiat on many local exchangers with higher volumes.
So considering all Bank must have to be there in the future for making fiat transactions.
And Bitcoin will stay continue as Bitcoin itself has a technology and more users get involved its value will be skyrocket in the coming future.
You can always use P2P exchanges and thus there is no need for banks to be involved .
This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
This method you are generally exchanging with another person.
Examples of P2P exchanges include -
Paxful - https://paxful.com/
Localbitcoins - https://localbitcoins.com/
As always though - DYOR.
Hope this helps
places like localbitcoins force kyc on you, and if banks would shut down exchanges, they can shut down suspicious activity. I can't see this happening though. Governments will rather regulate everything. The cryptopunk anachist movement won't like this but it's not much they can do if they don't just go back to cash for crypto p2p trades. Even even with that there would be problems with FATF.
Literally, it's almost practically impossible right now, beacuse banking involves fiat and Bitcoin in this early stage of adoption needs to work hand in hand with the fiat currency banking system to succeed and operate as an independent entity to work without baking. This I guess would happen when BitcoinBTC has taken full function of the banking today and also have world wide Government adoption and regulation . So in future it could be possible, if there is going be a time when the world is gonna do away with fiat system.
It would also allow them to let me use my money that way, like I have bitcoin, and I have a debit card, I could allow my debit card to use my bitcoin, whereas the person I am paying could get it in fiat, dollar, euro, whatever they prefer. This should be available in all nations and suddenly we will see crypto reaching to unheard levels.
Bitcoin takes that control away from traditional financial institutions, so that's why it wont work. Your bank ALLOWS YOU to use your money already. They act like they are doing you a favor, but they have all the control. Even though the money is yours. You don't need the bank to allow you to use Bitcoin. But they would love to be that central party that controls it and regulates how and where you send your funds to. They are doing it with fiat, but they are not so lucky with crypto. You don't need banks to be connected with Bitcoin and they aren't. When people think of Bitcoin and banks they are only talking about finding a way to convert their BTC into fiat and depositing that into their bank account. But that's not the complete picture and you don't have to do that. In the past, people traded sea shells, meat, crops, fur, salt and anything that was in demand and had a market. And the system worked. Bitcoin has reached a stage in which there is demand for it, so you don't need banks. You will be able to find plenty of people to give you cash for it (if that's what you want) face-to-face or via decentralized platforms.
You do not "need" them to be connected, but wouldn't it be awesome if they were? I mean assume a world where you do not need binance, coinbase or whatever else anymore, your own bank gives you bitcoin, I can buy dollars or euro using my bank account and with the same idea I could be buying bitcoin as well.It would also allow them to let me use my money that way, like I have bitcoin, and I have a debit card, I could allow my debit card to use my bitcoin, whereas the person I am paying could get it in fiat, dollar, euro, whatever they prefer. This should be available in all nations and suddenly we will see crypto reaching to unheard levels.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Banks are not fully connected to Bitcoin because some countries are yet to legalize bitcoin and cryptocurrency, so I am filling that even without Banks, since bitcoin are decentralized there will be many ways to move our money using P2P even though it's still related banks but banks dose not have any issues with it.
Wrong, Bitcoin will not stand on it's own.. IF the governments of the world does not accept it as a "legal" tender, because you will not be able to buy or pay for something (legally) ..without government approval. Now, most Bitcoiners will say that is blasphemy and Bitcoin does not needs Banks, but I say... Banks will not be replaced, until Bitcoin is legalized.
Yes, people will still pay each other directly for products and services like a bartering agreement, but you will not walk into every shop and just pay directly with Bitcoin. (Businesses pay taxes / issue invoices for bookkeeping etc... so there are a paper trail for the government to follow)
Yes, people will still pay each other directly for products and services like a bartering agreement, but you will not walk into every shop and just pay directly with Bitcoin. (Businesses pay taxes / issue invoices for bookkeeping etc... so there are a paper trail for the government to follow)
The banking system is impossible to disappear as long as electricity and satellites are around, if you imagine this will happen it means we are living back to the stone age. Then Bitcoin will also disappear, only traditional activities will remain without the help of any sophisticated tools, we have to light a fire with dry stone wood.
If banks stopped working (which is unreal at the moment), then bitcoin ideally will loose all its value. There wont be any measure of unit to count the bitcoin value. For example, today we say bitcoin is worth 41,000 USD. What would you say after banks collapse?
In as much as I do agree with you that the banks are not closing down. But saying that bitcoin will be worthless without banks is not true. Bitcoin did not start existing because fiat and banks exist.
If you think that bitcoin value is tied to fiat, you can be wrong. If the banks and fiat does not exist, bitcoin can pair its value to gold or any other assets. So, fiat is not the lifeline of bitcoin.
So without banks bitcoin will work but it will be difficult to many people and also the rate of crime will increase.
If banks stopped working (which is unreal at the moment), then bitcoin ideally will loose all its value. There wont be any measure of unit to count the bitcoin value. For example, today we say bitcoin is worth 41,000 USD. What would you say after banks collapse?
I assume following case:
1) Bitcoin will still exist anyway
2) We will just pay each other in satoshi's. I mean we may start tagging prices like this: one chocolate bar 1.2 Satoshi's, one gallon diesel for 500 Satoshi's something like that.
3) Government will regularise the bitcoin everywhere since they have to have a National Treasury for smooth running.
4) Gold, Silver, Diamonds would be taken into consideration.
This is all hypothetical, because banks wont stop working.
I assume following case:
1) Bitcoin will still exist anyway
2) We will just pay each other in satoshi's. I mean we may start tagging prices like this: one chocolate bar 1.2 Satoshi's, one gallon diesel for 500 Satoshi's something like that.
3) Government will regularise the bitcoin everywhere since they have to have a National Treasury for smooth running.
4) Gold, Silver, Diamonds would be taken into consideration.
This is all hypothetical, because banks wont stop working.
this is just my thoughts, we understand the value of Bitcoin as long as its compared to something which is fiat.
or how else would we comprehend the value of BTC?
It is because people have become so accustomed to the existence of fiat in general, and to the monetary system in its current form in particular, that it is now almost impossible for them to understand how to measure the value of things such as bitcoin without referring to the existing means of measurement coercively imposed by governments or by influential bankers. The answer, however, is quite simple: if we were suddenly deprived of the ability to transact in fiat, humanity would return back to a barter system, in which one type of good is being measured in terms of all other goods simultaneously and which is, therefore, rather very inefficient. But what is interesting about such a system of economic relationships is that it eventually creates the most saleable good - money. But given that people already know that bitcoin can be, and, in fact, already is money, the return to a barter system is highly unlikely. In that case, bitcoin would, from the beginning, be used as a means of exchange, and all the goods and services in existence would measure only in its terms. So, how would we calculate the value of bitcoin if fiat suddenly disappeared? If you can buy five cars with your bitcoin, then the price of bitcoin is five cars. or how else would we comprehend the value of BTC?
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
You probably don't even know how bitcoin or most of the crypto currencies work. You should start googling and learn about the basics of crypto currencies. I haven't heard that bitcoin is being connected with banking process. Even if it is, you don't have to use the currencies centralized way. If you do use "the centralized way", then yes, you won't have access to your coins the their services is unavailable. If you decide to use bitcoin and not store your currencies in centralized exchange or institution, then you will always have access to your coins. You can sell them whenever you want through P2P trading.
Bitcoin can still work without a bank but not having a bank to exchange bitcoin for fiat will cause us some problems. We can use P2P as an alternative to banking but if we are dealing with a large amount P2P will be an obstacle or the area you are in doesn't have many bitcoin investors then using P2P becomes very difficult. But through bank we can make transactions or withdraw money quickly and conveniently.
I don’t think banks will be gone. There might come a time when most banking services are offered by all kinds of crypto platforms like wallets, DeFi apps, and others, but the relevance of a bank won’t simply be erased. It remains.
Safekeeping is not everyone’s business especially when it involves huge amounts of money. Some people will have a better night’s sleep even if they’re not fully in control of their funds for as long they’re in an insured account in a bank.
And, of course, the banking system is dynamic. It could very well adapt to the changes of the times. Its importance is proven by history.
Safekeeping is not everyone’s business especially when it involves huge amounts of money. Some people will have a better night’s sleep even if they’re not fully in control of their funds for as long they’re in an insured account in a bank.
And, of course, the banking system is dynamic. It could very well adapt to the changes of the times. Its importance is proven by history.
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