Bitcoin Forum

hey all nowadays everyday bitcoin users are increasing day by day also it's demand also going high.
so in this way whats your opinion on this-can bitcoin replace the bank?

Till now many people dont have access to banks after many years of independence. And bitcoin can replace banks  ???

Even in countries where bitcoin is widely accepted and in use,it hasn't replaced bank.
Bitcoin and banks both serve entirely different purposes.One can nor replace other.
Btw a similar thread exist here https://bitcointalk.org/index.php?topic=1324174.0 you can see a long discussion on this topic there

it will be good for us, if it not replaced bank..

why do you think so?so you don't trust bitcoin.bitcoin is our future currency ita price is going high everyday.
yes i know bank and bitcoin have different work but what did you thought while saying "it will be better if bitcoin don't replace the bank"?

It is not whether we trust in bitcoin or not.Bank serves various purposes also besides keeping our money and facilitating money tranfer.Bank gives loans also that help boost economy.Banking sector offers thousands of jobs directly and indirectly.There are several benefits of Banks that bitcoin can't provide

I think BTC can become the go to currency of the Internet and IoT. Not so sure about the offline economy in a high friction country like India

Yes but I dont think Indian Government would allow this to happen.But if that do happen,it would be a great boost to bitcoin globally also

I am against it.. let leave bitcoin separately..

why?can you elaborate it please?
i am interested to listen your opinion that why you want betcoin let be separated.

'10 years down the line, us bankers will need to find new jobs' ..also, '..eventually we'll figure out new ways to make money, or maybe the government will fund us..'
- Raghuram Rajan
(Governor of RBI)
http://www.ndtv.com/video/business/india-forecasts/indian-stock-markets-not-in-a-bubble-raghuram-rajan-to-ndtv-s-prannoy-roy-349983
(around 20-22 minutes into the video on that page)
 

Don't believe in rumors.

Bitcoin will never replace banks. The main reason is bank is necessary for local currency trading in ever country. But if we consider higher volume or international trade can be done with Altcoins.

Bitcoin is digital currency And it is at very higher level its safe , secure, transparent, and open source but still has limitations as if you dont have internet connectivity you cannot access your wallet so bank is must at the bottom level but major transaction can be done with bitcoin or other altcoin and that is the main loss of banks as bank cannot get exchange charge or commission.

Its global currency with exact value of each and every countries curency so if we are in india we need INR to make trade or even buy something locally.

Bitcoin will replace banks as much as whatsapplike msging apps have replaced sms.
Within 15 years if internet infrastructure continues at current rate in India.

So your prediction will be true but meaningless.

"We are moving towards a cashless society"
- RBI Governor

Your analogy is not correct.Messaging apps replaced sms because both serve the same purpose which is not the case with bitcoin vs bank

Again cashless society doesn't mean bankless society.These two are entirely different.With ATM,Debit credit cards,online banking we have already ushered into world of cashless banking

you have good point but i am not agreed with you 100% because bank have other work ane bitcoin have other.bitcoin is just a part of money but bank is everything.
if you want to withdraw your btc what will you do if bank is closed?
i think bank and bitcoin are right to them own way.let them leave to them own way.

Mate if bitcoin become widespread,we wouldn't need bank to convert them to fiat.
But yes I agree bank serves other purposes as we and we may have Bitcoin banks too in future

if bitcoin replaced bank so you mean labour will get theirs payment by bitcoin?lol
and beggar will seek .00005btc for theirs living.lol i can't stop my laughing now. finally want to say let them leave to their own way. ;D

Yes, the user interface is laughable right now, but paper wallets will see an improvement and can replace notes. The responsibility lies on designers/developers.

You can do anything with bitcoin that you can with bank and much much more.
One thing though, that people can't think about, is loans.
For that the solution is blockchain. How?
Again, you will slowly realize when you see experiments like ICOs and theDAOs being applied to physical infrastructure, with an improved interface for common man.

I am not saying you can do it today. But I can tell you 'how'(modus operandi) you can do it today.

Do Labour get paid through banks?Do we give alms to beggers through bank?
We pay them in cash.right?

no bro in india government required every company to pay theirs labour or employees in bank.because of corruption. i seen many greedy contractor don't pay their labourers for work.so government required must have to pay in bank.and i seen many bank that poor and unskilled person ask me to fill theirs deposit or withdrwa form.

but in this way it will too hard to use bitcoin by just labours group.

Daily wagers dont get paid via bank bro.When you hire a mason for some addition/alteration work at your home,you pay him in cash.Similarly a lot of labourers working in unorganized sector get paid in cash

Bitcoin provides a way of creating your own bank and have very little fees. It has no borders and allows you to transfer money to other countries at a fraction of the costs that traditional banks charge. I think banks should be scared.

Though blockchain is one the best decentralized system we have today,bitcoin is really popular amoung digital geek.but banks can not be replaced even if digital money take control over payment option.

I will say NEVER,
India has population of 120+ Crore in which 10 Lakh users Know about Bitcoins and only 2 Lakh users Trading Daily as per Estimate
Bank is very big network , even poor people can use bank but when point come to use bitcoins You need to be educated to use this service + it requires Internet connection and a Computer or Mobile + Bank to Buy bitcoins

So how Bank will be replaced Just think it
Bitcoins cannot be purchased from local shops

Very well said our literacy rate is low and people are attracted towards wrote learning rather than learning some informative.which is the major cause of our country downfall.

To be honest this is a day dream if any on is thinking about it. Simple thing after 60+ years still many dont have bank account just imagine so how will btc replace banks where many literate are unaware about its uses or want to stay away from this risky btc.

No Bro I Don't think that Bitcoin Will Replace Banks...
There are Two Reasons Behind it:-
1) First of All Bitcoin is A digital Currency and Some People think that It is Risky to Involved in Bitcoin.....
2) Second Is Bank is a Big Network and Trusted By Crores of People and Bitcoin is a Network Not Owned By Any Government or Organization So People Have Fear of Getting their Money Stolen.......

Absolutely, it'll not happen. Because, our country peoples are lack in resources and knowledge to use Bitcoin. And yes, as above said, still there are many peoples who don't even have a bank account even after 6+ decades of independence!