Bitcoin Forum

Bitcoin is going to ‘Amazon’ the banks. Bitcoin is is a way to remove the third party from financial services. Just like Amazon to retail. Amazon comes in and they go direct to consumers. [This is going to be] the ‘bitcoining’ of the banks, said Brain Kelly.

This is new level of popularity of Bitcoin.

for sure its possible, even more

The banking sector or to put it on a much bigger context the whole financial sector can be partly or wholly disrupted by Bitcoin and the blockchain technology and what is happening right now is just the tip of the iceberg...meaning we have just started. However, to get there, Bitcoin has to fixed itself first as there remains so many issues that the whole Bitcoin has to address head-on first before we can finally see Bitcoin going mainstream. I know that eventually we will get there that is why it should have been better if all decision makers in the case of Bitcoin can really sit down and link arms and override their personal and business interest below that of the urgent interest and challenges faced by Bitcoin.

Amazon doesn't remove the third party.  They have a lot of third parties - the additional sellers, the payments, and pretty much every aspect of their service.  There's less third parties to go into a shop and buy a product.
No one is focusing on that because they're too busy focusing on the price and getting caught up in the bubble.  They all convince themselves that it's different this time, when it's very much the same.

The price isn't the only indicator of adoption.  Adoption isn't going too well, whereas the price and the speculation is.

How can they disrupt it? Bitcoin becomes stronger every day don't you think if they wanted to or could they would attempt to destroy it now?

What Amazon did to brick-&-mortar bookstores = What email did to the post office = What Skype/messaging did to long-distance phone calling = What bitcoin will be doing to the banking sector and related industries. But as noted, bitcoin still has a lot of issues to be fixed; the same way it was with Paypal and Amazon during their 'infant' years.

Yes, everything is looking good. We just have to do our part in making bitcoin an essential part of our lives to effectively educate the public about it.

Amazon was only the logistics part of the business, and bitcoin is the payment part. The logistic chain is always longer than the payment one, so when Amazon helped to reduce the long chain from the factory to the customer, it was a huge result. To achieve such a huge result is simply not possible, because in the payment chain there's usually only one third party, the bank, while in the logistic chain there are several 3rd parties.

Reaching the market cap of 1 trillion will be posssible within 5-6 years and most of us will miss the chance. It keeps growing each day and it's normal if it gets even higher prices with new adoptions by global companies.

I think it may reach 1 trillion dollars cap sooner than we think

I can just see that 1 trillion market cap post on reddit in the future comin.  Probably the 2020 halving should do it unless we go totally crazy now.  Gold is 7 trillion so i think is reasonable to think 1 trillion is attainable.

What kind of market cap do you guys see Ethereum having? I mean 90% of the top ICOs are built on the Ethereum blockchain, and some of them are definitely going to the moon, so do you think ETH will eventually have a higher market cap than BTC?

BTC has the big head start that every crypto wished it had, but with new technologies coming out, it is easy to see how BTC could be replaced. Especially if you consider how ICOs like AppCoins and Nucleus Vision are going to affect the ETH market once they tie up with the big league retail players. I foresee ETH rising big time on the basis of their smart contracts, especially when powered by intelligently created DApps.

Sure it is possible to remove the middleman from any transaction. But the current network congestion and fees are the reasons to worry. Recently I tried to send around 167 USD to my Localbitcoins account and blockchain was asking for 21 USD regular fees and 42 USD priority fees to confirm that transaction. If this is the case, then bitcoin will never be used as a transaction provider, instead it will be used as an investment only.

If the transaction fee remains the same, we are not going to achieve the goal of removing the middleman from a transaction. Instead people will prefer other coins like ETH or ripple for transactions.

Bitcoin will eventually be replaced IMO with something with better technology behind it but it will become huge before that happens.

Nucleus Vision is the one to watch out for. It's being backed by both Tim Draper AND Ian Balina, two of the biggest names in crypto right now. Plus they've got the technology to back their promises. What remains to be seen is if they can roll the project out with the deadlines mentioned in their roadmap - https://nucleus.vision/roadmap

this is an interesting thought but also there are a couple of things that currently are preventing this from happening.
first and foremost is the fact that bitcoin can not handle that many transactions. it is capped around 300K per day and you can see how expensive it is to do it these days. it can not compete like this.

second is that price of it is pretty volatile, we need a lot more growth and adoption before price becomes stable first then people feel more like spending their coins rather than holding on to them tight because they will be 10 times richer in a couple of months.

and finally there will always be third parties involved. you can see how BitPay is working. it is not necessarily a bad thing in my opinion. they are services that are providing needed services!