Topic: Without banking bitcoins will be work (Read 601 times)
It is time for a payment revolution to immediately use cryptocurrencies whose full control lies with the holder, this is what scares and tries to stop cryptocurrencies, and if crypto users increase then banks will slowly decrease.
Human habit is to seek better, more valuable things. it's correct? we prefer bitcoin because it's better than banks printing money, i'm sure assuming no bitcoin the bank will still be the user's choice as they don't have a better choice. Lol, but conversely, banks are not good choice from government tool but they are not interested in better stuff either.
But the thing here now is Bitcoin is getting nearer to the people around the world as it is more profitable and secure , so Why would people stay in banks when there are another options .Bitcoin is spreading fast now in our life , we also have heard how helpful this is when the Pandemic dominates the world so indeed there are so much interest in crypto and losing their trust in banking.
when will be the best timing and that is when we need to buy or sell .
decentralised banking makes sense. bitcoin is a fucking disaster. fuck bitcoin , humans need stable value decentralised banking with direct borrow lend and private key quantum proof encryption.
bitcoin is a massive failure but cryptocurrency is the way forward. bitcoin is dogshit federal reserved controlled kike scum scam. no bank wants to deall with 500000 customer complaints every week cause bitcoin was crashed and used to rob people for the ten thousandth time. look at this forum its all niggers and kikes promoting btc gambling sites. its like bitcoin was made to rob you.
crypto assets are the way. there is no blockchain made by white people yet. surely only jew approved blockchains are ever promoted in the press. clear out the jews make an honest stable blackchain with borrow lend and we dont need banks. bitcoin isnt the answer, its a piece of shit scam, but crypto is good
bitcoin is a massive failure but cryptocurrency is the way forward. bitcoin is dogshit federal reserved controlled kike scum scam. no bank wants to deall with 500000 customer complaints every week cause bitcoin was crashed and used to rob people for the ten thousandth time. look at this forum its all niggers and kikes promoting btc gambling sites. its like bitcoin was made to rob you.
crypto assets are the way. there is no blockchain made by white people yet. surely only jew approved blockchains are ever promoted in the press. clear out the jews make an honest stable blackchain with borrow lend and we dont need banks. bitcoin isnt the answer, its a piece of shit scam, but crypto is good
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.
Bitcoin will only be independent if it will become a legal tender which I don't think it will be declared in the entire world. There are some countries who legalize bitcoin already but they are only few compared to the total. For me, bitcoin will always be related to fiat because when adoption will happen, people will sell and buy bitcoin for fiat as one of the major process.
Banks are getting involved with Bitcoin all because they now recognized it as a good asset along with gold, stocks and other investment vehicles and of course they can smell profits even from afar. We should be happy that banks are coming all because this is making Bitcoin more legitimate in the eyes of the many who may have heard bad things on cryptocurrency as just another scam. Of course, with the coming of banks, the flow of money is a lot more convenient and we know that exchanges especially the centralized ones love to get connected with banks. Personally, am seeing nothing really negative with banks' involvement but then it does not mean that we can't choose not to deal with them...because there are many ways of doing that.
Banks were the primary financial management service providers. Also these banks function under the government control. When we talk about bitcoin getting added as the payment gateway along with banks being the primary payment source. Increase in the direct acceptance of bitcoin will eliminate banks, but the same won't take banks away from its usage.
in my opinion, this will exactly work.
but there are some notes
1. Bitcoin have been accepred as a currency for payment in most countries around the world and have been common using BTC for payment
2. Bitcoin as legal tender
3. most people know and acceot Bitcoin
but if the wolrd is not ready, it is difficult because mostly we are still using fiat for daily transaction and because of regulation relates to crypto from each country. and wr cannot replace bank or fiat with Bitcoin because it is too complicated.
but there are some notes
1. Bitcoin have been accepred as a currency for payment in most countries around the world and have been common using BTC for payment
2. Bitcoin as legal tender
3. most people know and acceot Bitcoin
but if the wolrd is not ready, it is difficult because mostly we are still using fiat for daily transaction and because of regulation relates to crypto from each country. and wr cannot replace bank or fiat with Bitcoin because it is too complicated.
Human habit is to seek better, more valuable things. it's correct? we prefer bitcoin because it's better than banks printing money, i'm sure assuming no bitcoin the bank will still be the user's choice as they don't have a better choice. Lol, but conversely, banks are not good choice from government tool but they are not interested in better stuff either.
But, isn't bitcoin and banks not the same so why we always compare them? Bitcoin is not a bank but it's a currency but bank is the platform where we store our money. Banks are also responsible for fiat creations. Your first sentence is true but only applies to most of the population but for the fewer ones, they are already contented on what they have.Some prefer bitcoins not to the fact that it's more valuable than fiat or a bank but bitcoin offers something different and we can always use a btc even without banks. Only the fiats are the ones that won't work if there will be no banks. If there will be no bitcoins, there are still other digital currencies out there that people can use.
Human habit is to seek better, more valuable things. it's correct? we prefer bitcoin because it's better than banks printing money, i'm sure assuming no bitcoin the bank will still be the user's choice as they don't have a better choice. Lol, but conversely, banks are not good choice from government tool but they are not interested in better stuff either.
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.
When a new system is being put in place, it doesn't eliminate the old one with a swipe. This is no furniture or something that you just pock and replace. It's a system that needs adapting and acquainting to. Now that can't be any sudden because, the world is not prepared for it and as such, it would continue to work with the existing systems to gain a foothold.I admire decentralisation ahead of centralisation but, for decentralisation to be better, we ought to have an atom of centralisation to run our comparison and to provide the most comfort for those that won't blend in with the new system. The future is definitely a crypto future but not without traditional monetary systems in operation.
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 not bad that you understand that Bitcoin represents money, you can easily compare it with fiat money, with such it is to assign a value, but value is different from price, if we take into account that gold also represents money, just like gold. oil, precious stones, among other things, bitcoin can be seen in the same way with the exception that Bitcoin can rise in value in an impressive way, gold and other precious stones can also rise in price at any time but not as much intensity like Bitcoin does, so it's not a bad thing that you can buy it with money, because it also represents money.
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.
IMO, I think in the current settings where the centralized banking services are the dominant financial services giants I believe that Bitcoin won't work without any bank, because fiat was directly deposited in the banks so if the current setup was not changed, Bitcoin will remain dependent on the bank's services as a third-party facilitator between customers and the exchange platform itself, especially in the country that cryptocurrencies are regulated by the centralized authorities such as the central bank, Anyway P2P services is another option but I think the P2P services are just very limited in terms of capacity to absorb large trading volumes.
I don't think there will be any of these in the near future. But, given the changes in the world in the near future, we will not rush to conclusions.
Provided Bitcoin continues to be paired with stable coins to ascertain its monetary value, there will always be a bank somewhere for it. Frankly speaking, as I've continued to maintain that Bitcoin must live alongside fiat to survive and the banks should also be there too. Come to think of it, there are countries with serious electricity and internet issues. So, how will those countries embrace Bitcoin in totality and completely jettison fiat as we know that Bitcoin is virtually dead without the internet.
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.
You merely described an exchange of Bitcoin for another coin. What OP asked was the viability of spending Bitcoin as with the way we spend fiat/paper currency without recourse to the bank. This method you are generally exchanging with another person.
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
I disagree with you, people can still change bitcoin even if there were no banks available.
Think of it this way, if there were no banks available, which means there wouldn't be fiat money available too, if this is the case, then there must be a form through which people can buy and sell/exchange goods and services, people can still buy, sell/exchange their bitcoin through that form or medium as long as there's internet available.
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So coming future it possible for changing this process.
Yes, times are changing, and the future is already here, many businesses around the world are now accepting bitcoin and many other cryptocurrencies as a form of payment for their goods and services, and as time goes on, many other businesses will join, until bitcoin and cryptocurrency payments become a dominant form of payment as fiat currently is today. 
It’s possible for the movement.Because the Swift was cancelled on most of the Russia government bank,but still their was no huge economic losses.This only happened with the help of the crypto currency.The government of Russia itself accepted the flow of crypto currency into their country,the time will change the people mindset.It’s also Chang the country move towards technology.
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
Moreover, middlemen platforms are good to keep the market competitive, what means customers have access to cheaper fees when sending, buying or selling bitcoins. If we had only p2p transactions, I guess some people would get skilled really fast on this field and charge expensive fees from customers, as it would be harder to find verified legit people willing to make business.
Op, before online exchanges became popular, I remember how people brought cash, made a BTC transaction on spot, and that's how things happened. Also, there are ATMs which don't technically require banks (right?). And if the banking system is fully out in a sense that fiat is also out, that would be great for Bitcoin because there wouldn't be a need to exchange it for anything other that goods and services directly. And Bitcoin is actually something people can use without banks, just sending money online directly from one wallet to another. That being said, I don't think banks will disappear any time soon if ever at all, so BTC will continue coexisting with them.
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.
It's only becoming connected when someone has sold his bitcoin in fiat and has to deposit the profit into the bank. Other than that, I don't think that there's other connection from what you've said that banking process has ever a connection to bitcoin.So even there's no bank, bitcoin's network is going to continue and the same goes for the bank. That's why there's really no connection for both of them but bitcoin has became the alternative for the banks.
Bitcoin is created as a counter to banks, so bitcoin will never be connected to a bank. Whenever a country has a problem with bank, bitcoin is actually their savior in order to continue receiving money from other countries. What makes you think that banks can change bitcoin? but even if there are banks or say that there is a connection between the two, bitcoin won't be changed anymore. No one controls bitcoin, that is why.
Every country has its own banks and banks is where the local money came from, they have the right to change it but that's only it, they don't have the ability to change bitcoin or any other digital currencies.
Every country has its own banks and banks is where the local money came from, they have the right to change it but that's only it, they don't have the ability to change bitcoin or any other digital currencies.
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.
I don't get what do you mean and also about the poll it's kind of mixed up since you don't know what you were talking about. Bitcoin is not connected to banks or anything and I think what you meant is the exchange not the Bitcoin itself. Exchanges can switch Bitcoin to different currency depending on what currency they pair are available. And also Bitcoin is a decentralized currency which means no single entity is controlling it just like how the government control fiat in our country just like what the bank does.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
If you mean to exchange Bitcoin for another pair, it doesn't need banks. You only need banks if you want to convert your Bitcoin to fiats and withdraw to your bank accounts. It is a usual process of withdrawal on CEX, sure it is connected with banks. But if you exchange or swap your Bitcoin on DEX, there is no need for any bank for sure. Well, if there is no bank, we still can convert our Bitcoin to fiats through P2P, Mbitr has told you the example above. And I think, there will be more ways to convert it to fiats in the future. This industry is always growing and developing fast, so don't be pessimistic about the Bitcoin future. 
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.
This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.We will always have the fiat system and I am not seeing this to be eradicated in the next decade or so. The bitcoin or crypto adoption will grow but fiat system will remain. And right now, based on the OP's question, which by the way, he needs to revise his poll question as well as the title thread. The choices should be Yes or No. But anyway, as we are seeing today, we can convert our crypto via p2p without the intervention of banks. But if we aim more adoption, participation of banks in this industry will pave the way for more crypto users.
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 need to know that currently, we need banks to change bitcoins to fiat in order for us to use the money as bitcoin is not available everywhere for payments.
However, consider for a moment that the fiat money exists no more and people only deal in bitcoins. In this case, we do not need any banks to change the bitcoins to paper money and vice versa.
In the future I believe there will be a machine to withdraw bitcoin and at that stage, the fiat currencies will give way to Bitcoin. And also Bitcoin Banks will be found everywhere on the Earth. As it is bitcoin chainblock is looking for a way to use the physical currency of bitcoin. As it is now, bitcoin can not be used without the fiat currencies because you must convert the bitcoin to fiat currency before you can spend it but as for the internet bitcoin is much more used than the local currency. In the Online you can pay and sell goods and services with bitcoin but for the offline, bitcoin is an alternative currency for the exchange of goods and services. For now, bitcoin can not work without the fiat currency as hardcopy of the currency.
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.
This your suggestion prompt me to come in conclusion that bitcoin can't take over or eliminate the uses of fiat currency, banking system does not give any support to cryptocurrency but fiat currency gives support to cryptocurrencies... what we should have known, is that Bank is a domain whereby money or fiat is been regulated or saved, the same thing is applicable to bitcoin, which wallet is the domain where Bitcoin is kept for period of time.. actually what you need to understand is that fiat is used for exchange of cryptocurrency which decentralized with a centralized currency been fiat. Both work with cooperation because they are all called currencies.
Trough we are still need cash money I think still need bank and can't working bitcoin depending its self without have bank as third side how to help your deposit and withdrawing to be cash money. I don't see bitcoin as accepted payment on every country and not have reason to reject bank although have option later with bitcoin as legal currency payment transaction. During still need money for transaction this way for getting bank as third part how to convert bitcoin to be cash money or from cash money to buy bitcoin.
It is quite expected that over time the share of this will grow higher and higher. I think everyone understands this very well.
There are now exchange offices in almost every country, in every major city, just as there are on-line exchanges. So exchanging bitcoin for cash or buying bitcoin is easy. The only negative thing in such cases is that most exchangers require verification, which for me personally is not very acceptable. Banks apart, bitcoins apart.
Hi
Your information is not sufficient to provide a valid response but I do think what you are asking is : if we would be able to use Bitcoins without the banking system. Long story short : YES
You can always use P2P transactions but it would depend upon your community and the people who are willing to engage in them therefore you would have to find people who would like exchanging coins. Some people would defiantly prefer doing it in terms of fiat as well. I do think that we should understand that banking system is a very good match for Bitcoins since they are able to instantly withdraw/deposit/trade/find multinational currencies, for me banking system is defiantly not that personal since all the information is collected and you still have to pay taxes on it but it's definitely very usable.
Your information is not sufficient to provide a valid response but I do think what you are asking is : if we would be able to use Bitcoins without the banking system. Long story short : YES
You can always use P2P transactions but it would depend upon your community and the people who are willing to engage in them therefore you would have to find people who would like exchanging coins. Some people would defiantly prefer doing it in terms of fiat as well. I do think that we should understand that banking system is a very good match for Bitcoins since they are able to instantly withdraw/deposit/trade/find multinational currencies, for me banking system is defiantly not that personal since all the information is collected and you still have to pay taxes on it but it's definitely very usable.
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.
To be honest, it will be hard, as long as you are selling btc to fiat bank is required one way or another, even if you go through the p2p (person 2 person meet up) process you will still need bank as the 3rd party, imagine you are to sell $50k worth of btc to fiat and assuming you are from a third world country where the value of the local currency is lower than usd, you will discover the $50k btc will be a lot of cash that can not be handed over from buyer to seller over the counter. in this case, bank is required to complete the transaction.
I don't see how bank will not be involved as long as fiat is involved too, except there is complete adoption of btc for payment worldwide.
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.
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
This is a normal process when a thinking person understands that banks are not very reliable structures. It is clear that a modern person has to interact with the financial system, but this is not mandatory. For me, bitcoin at this stage is only an investment, I buy it and keep it, because I believe that in the future it will be very expensive and then I will use it, but for now, only hold.
Previously, there was an office in my city where you could buy bitcoin for cash, it was very convenient. Now, unfortunately, it has closed and I don’t know if we still have such exchangers.
Agree in general but psst psst, go to Bisq or even Localbitcoins (not nowadays though).
There are some bankless methods to trade (buy/sell) your Bitcoin, like face-to-face cash exchange or even mobile credit, Paypal, Western Union Moneygram etc.
Don't rush into it of course, learn what to trust.
There are some bankless methods to trade (buy/sell) your Bitcoin, like face-to-face cash exchange or even mobile credit, Paypal, Western Union Moneygram etc.
Don't rush into it of course, learn what to trust.
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.
Why would people want to exchange their bitcoin for fiat in the first place? That is the main problem that should be first addressed to answer your question. Instead of building a circular economy based on bitcoin, in which people will never again have a need for fiat on/off ramps, they still are trying to exchange a more reliable currency for a less reliable one. I see no reason for doing that, except for them seeking short-term profits or maybe there is the absence of necessary infrastructure or legislation to spend bitcoin directly on the things they need. Anyway, bitcoin is not battling with banks per se, it is meant to replace a flawed and obsolete system of central banks, which is, by meddling with money, artificially causing inflation, cantillionism, and other terrible things that make the poor poorer and the rich even richer. When this system is finally replaced, and we switch to bitcoin, banks will be more competitive and, therefore, more cautious about giving loans that may end up unproductive and cause bankruptcy.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?
Nowadays bitcoin is connected with banking process.
This may be right to an extent but also be reminded that many countries have shown displeasure in allowing their commercial banks operate in cryptocurrency transaction by placing a ban and we have it same in the opposite whereby some countries put regulation policies and tax in place for the successful run of bitcoin activities, i have two examples to give, In Nigeria and Thailand their government ban the commercial banks from performing any cryptocurrency related transaction while in UAE Dubai, their government provides a suitable regulation to convey the progress of bitcoin in their country.
People can't change Bitcoin. So coming future it possible for changing this process.
People can't exchange bitcoin using the fiat banks and that's not applicable to all countries, some countries permit that and there's a solution to that already, which is P2P. So if your country places embargo on cryptocurrency exchange using the commercial banks just simply make use of P2P
Lot will happen in the future but you don't have to be threaten by Bank, that is why many exchange ( Trading) platform have implemented P2P so if banks does not operate on accept bitcoin anymore you could easily used the p2p service. e.g, my country is being restricted from associating our local account details with bitcoin and cryptocurrencies but with the P2P service we have been able to transact within ourselves who operates with those exchangers that support p2p services today so need panicking.
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.
Why would people want to exchange their bitcoin for fiat in the first place? That is the main problem that should be first addressed to answer your question. Instead of building a circular economy based on bitcoin, in which people will never again have a need for fiat on/off ramps, they still are trying to exchange a more reliable currency for a less reliable one. I see no reason for doing that, except for them seeking short-term profits or maybe there is the absence of necessary infrastructure or legislation to spend bitcoin directly on the things they need. Anyway, bitcoin is not battling with banks per se, it is meant to replace a flawed and obsolete system of central banks, which is, by meddling with money, artificially causing inflation, cantillionism, and other terrible things that make the poor poorer and the rich even richer. When this system is finally replaced, and we switch to bitcoin, banks will be more competitive and, therefore, more cautious about giving loans that may end up unproductive and cause bankruptcy.
Without banking I think bitcoin still not working yet, you can imagine how come deposit and purchase cash money to buy bitcoin and altcoin assets without use bank, maybe you can see how daily activities withdrawing cash money from cryptocurrency trough bank and here as proof cryptocurrency still need bank for deposit and withdrawing funds. I think we can't trade several bitcoin and altcoin assets without have bank, how to make deposit cash money to buy bitcoin and altcoin without help and support deposit from bank to local exchange market.
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
The question raised by OP is, how things will function if there is no banks. This means, what is the possible solution to convert bitcoin to fiat without the involvement of bank. At present there is no possible solution for the same without a banking account. What you've mentioned localbitcoins, paxful and all were platform that connects people who want to buy and sell bitcoin. However if a person sells through localbitcoins the buyer receives the bitcoin and needs to transfer fiat. Here bank account gets 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
In the future we'll get access to pay directly for services and products same as that we use fiat. By that time there is no need for anymore conversion process. Until then banks will have its role.
Now this is a very interesting question
At the end all the money is interconnected and somewhere the dollar is mother of all the currency
Bitcoin itself is a parallel banking system with proof of work ledger system.
I am sceptic if it can exist without banking system . But i see it as an advance banking system, suiting a global governance and a free world
At the end all the money is interconnected and somewhere the dollar is mother of all the currency
Bitcoin itself is a parallel banking system with proof of work ledger system.
I am sceptic if it can exist without banking system . But i see it as an advance banking system, suiting a global governance and a free world
To add to what Mbitr and others have already said, I want you to not think of banks anytime you think of cryptocurrencies or Bitcoin. Though the banks are coexisting with bitcoin, but they are not friends of bitcoin. The bank is more rooted and loyal to the government.
Meanwhile, the bank of cryptocurrencies is exchanges. They can do all the work that banks will do.
Then, talking if Bitcoin can exist when banks are no more; but I doubt that there is a time that banks will be no more.
Your poll question is wrong.
Without banks will bitcoin work in the future?, these should be your possible options
Meanwhile, the bank of cryptocurrencies is exchanges. They can do all the work that banks will do.
Then, talking if Bitcoin can exist when banks are no more; but I doubt that there is a time that banks will be no more.
Your poll question is wrong.
Without banks will bitcoin work in the future?, these should be your possible options
- Yes
- No
- Maybe
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
A lot knew about BTC in our area. They just don't have the means to acquire BTC for even if BTC is meant for the unbanked, we need banks still.
Its where is KYC comes in. Somehow there is no escape to it when you cash out BTC unless you do a transaction with cash on hand. Bitcoin still will not stand on its own without the current banking system. Even the apps like the Strike, they ask KYC and if they intend to ask employment record for the funds source, many of my friends will likely not be able to use this app anymore.
Where I come from (and in other countries in Latin America) you can buy bitcoin directly by joining a Telegram / Whatsapp channel of people who are looking to either sell or buy.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
That's what I do. You bring cash, they send you bitcoin, done deal. This is the only way I have ever purchased bitcoin.
Or, take for example, my friend, who was going on a sort of expensive trip and needed to sell some bitcoin that he was holding because he ran out of cash. I happily bought it from him.
I used that bitcoin to purchase web-hosting related services and a few physical goods in shops that I saw accepted bitcoin. Again, to my surprise many services accept bitcoin, not just shady ones but reputable ones like ProtonMail / ProtonVPN.
Now, I'm not saying this model works for everyone and I know we're nowhere close to mass adoption if it were ever to happen. Bank statements are very important for certain things (applying for loans, visas and residences to different countries) but I for one keep less and less money in the banks. I talk around locally to people and see who is interested in bitcoin, surprisingly more people than I thought know about it, but of course, still not enough.
Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
What are you even talking about?!!Bitcoin is not "connected" to anything, it is a stand alone currency that is working for over a decade. People don't need to exchange their bitcoin either, it is a currency that can be used just like any other currency meaning you get paid in bitcoin (you are in a signature campaign so you should already know it!!!) and you can directly spend bitcoin.
You could buy Bitcoin using gift cards(on Paxful) or by using online payment services like Paypal,Skrill,Neteller,Paxum,Cashapp,Venmo,the list goes on and on.
Is this risky?Of course it is,but at least it's an alternative of buying BTC with money from your bank account.
Like it or not,the banking services are the most convenient and user friendly.I'm talking about the banks in my country.I don't know about the banks in other countries.Perhaps this has something to do with the regulatory frame regarding banking services.
Anyway,OP you should improve your English.I could barely understand what you were trying to say.
Is this risky?Of course it is,but at least it's an alternative of buying BTC with money from your bank account.
Like it or not,the banking services are the most convenient and user friendly.I'm talking about the banks in my country.I don't know about the banks in other countries.Perhaps this has something to do with the regulatory frame regarding banking services.
Anyway,OP you should improve your English.I could barely understand what you were trying to say.
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.
I Don't know in your country but Here in ours? is not only Banks that we can exchange our crypto ,there are many ways where we can have fiat traded in bitcoin.There are p2p system mate when you and your fellow countryman will exchange of His fiat yo your Bitcoin.
We are not able to predict how the development of technology in the future will definitely be more advanced.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
But at least we know what option to use if we are looking for our Bitcoin to be converted in fiat., and those are being mentioned above already.Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
Just like what Mbitr said, you don't need a bank to really operate or exchange Bitcoin. If there is someone that agrees to exchange at a specific rate with you, then you could exchange with that. I think the one thing you are worried about is the transferring of the fiat that's why banks are still involved. If that's the case, there's nothing to be worried about because banking is not going anywhere.
We are not able to predict how the development of technology in the future will definitely be more advanced.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
Of course, it is not impossible or difficult to use bitcoin because every system created in the future will certainly make its performance and regulations even more streamlined or technological tools so that it is easy for us to cash out bitcoins in general.
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.
That is not going to change anytime soon. There are couple of options available though where one can get their bitcoins exchanged against cash without going through banking route. But due to local laws on cash, many people are not able to make use of it. It is also risky to a certain extent because your identity will be revealed through this process. So I don't see the banking process changing anytime soon.
Banking system has been deep rooted within the structure of the society. It is next to impossible to avoid its influence and also the convenience provided by it.
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
I don't know what will happen in the future. But whatever happens, there should be a payment system, so people can use it for their buys and sells.
How will you buy a cup of tea in the unlikely event there is no bank? You will be able to buy and sell bitcoin in the same way.
It's also possible that in the future with mass adoption of bitcoin, you can buy and sell everything with bitcoin and there is no need to change bitcoin to fiat at all.
How will you buy a cup of tea in the unlikely event there is no bank? You will be able to buy and sell bitcoin in the same way.
It's also possible that in the future with mass adoption of bitcoin, you can buy and sell everything with bitcoin and there is no need to change bitcoin to fiat at all.
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.
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