Bitcoin Forum

Saturday morning post about Software, Banking, Innovation, Disruption.

”Real use and adaptation need to come from making things cheaper, more accessible, and convenient.
Cryptocurrency has all the potential of doing all three of those,
cheaper, as can scale internationally without any of the inherent costs of fiat, accessibility...”


https://quantum1net.com/software-will-eat-banking/ (https://quantum1net.com/software-will-eat-banking/)

Right now bitcoin is not strong enough to overcome banks and i dont think thats going to happen anytime in the near future. Thats because banks are everywhere in the world and millions of people use them everyday.That gives them power that will be very hard to break since you would have to convice everyuser of banks that what you offer is better

Bitcoin is not here to over take banking system i don't think that was satoshi's idea in the first place
Bitcoin and the banking system has different technology and bitcoin will surely develop into a global phenomenon and still also the banking system will exist

Obviously simply crypto wallet can make everything possible, but surely no one will allow to replace the banking system. There is big politics behind the banking system. So may be after 20 years we can expect it to be happen.
To capture the decentralized market they are launching centralized cryptos but people does not understand that and invest to that too with the big trust.

Bitcoin will not succeed Banks because the two are meant to compliment each other and not to work in detriment to another. Digital currency were made in order to compliment the traditional system, so, the two will work in parallel to each other. Just my view.

it's true that bitcoin has it all, and bitcoin is very simple in transferring and doesn't require a lot of time and money, and I think bitcoin is very good for international transactions.

A software is a program used on a computer to execute tasks. In the same vain, a bank is an institute that carries out financial activities. Cryptocurrency being a new initiative, certainly proposes a new kind of system that is different from the norm. However, i am still not of the opinion that it will eradicate the banking system, because as far as fiat currency exist, the banks will always be there.

With the deletion of fiat everyone is going to be fat. ;D

Software. Everything will just be a click away or a scan away.
No need to walk for minutes or queue in a bank just to wait for your turn.
Have been doing this for quite a while now and I can say I am getting fat.
Just need my internet and my computer or smartphone.

Banks will stay though. It cannot be just taken away in just a manner of time. Also, they are upgrading their own technology and even adopting the blockchain technology.
Just one problem though, they are centralized. It is their own and not for the people or freedom unlike BTC.

Of course,its impossible for bitcoin to replace banks because are two different things and each one has advantages and disadvantages. But i think the idea was that eventually bitcoin will have more users than banks since i think bitcoin was created to survive for a very long time.

Anyone who is knowledgeable about crypto knows this, therefore we call it as future. Although, unnecessary things are told about, the fact that positive sides make it unnecessary. "Unnecessary" is the game that people play against themselves, and BTC has nothing to do with it. People want it to be decentralized, but they want to keep bad things away.  ???

I did not get your heading, Do you want to say that crypto will eat banking?
I will say no. There are various activities like loan and mortgages for which you need to go to bank apart from your usual daily stuff. Only change I see that bank may start dealing in cryptos but they will definitely stay.

Anyone who feels that cryptocurrency will take over banks,really doesn't understand what the system is all about.
It's totally impossible,banks perform different functions from what cryptocurrency and the blockchain technology offers, we're talking about two forms of currencies: Fiat and digital currencies.
Both of them will always coexist right into the future.
Just that the future could hold a higher demand for cryptocurrency.

I think software will help the bank to grows more than today and the banks will upgrade their system with the right methods. Although we get a convenience from the software, agree or not, the banks will still exist and will always help people especially ordinary people which is not familiar with the technology.
Maybe that is happening with the people are older than us, and they don't understand with the software, and they only know with the banks. But they did not realize that the new era will come and if they don't want to learn, then they will not get benefits from the technology.
But somehow, I don't agree with the word "Software will eat Banking" because until now, many people still depend on the banks although in around them, there is much new software and it really helps their life.

Whether banks like it or not, Bitcoins are here. Compared with the long history of banking development, Bitcoins are still young, but they are developing rapidly. Active response, not just curse, is the way for banks to deal with it. Nowadays, more banks are cooperating to build alliances and develop related block chain technology, which is a positive measure. In the future, Bitcoin may not be a universally accepted currency in the world, but it may also force banks to make more changes and enjoy better services as customers of banks.

You are absolutely right. Bitcoin does have the potential to disrupt the traditional banking system and other financial payment services but the mere fact that it is not completely legalized in many countries and the fact that it also involves illegal activities make people not to use it. We can say that these are the obstacles that Bitcoin has to tackle before moving in to wide adoption through out the world.

I actually doubt if this can happen even into the future. Why? Because banks right now especially consortium of big banks are now also planning to take advantage of the blockchain technology and soon they can also be issuing their own versions of cryptocurrency...so what I am envisioning is that the market will be teeming with choices for better services and this at the bottom line can be good for all millions or even billions of consumers globally. What is good thing here is that there will no more be monopoly and hopefully it would be consumers that will be the king.

Even the bank and the government who control the traditional banking system knows about the efficacy and the flexibility of the cryptocurrency and that is the more reason their are always against the adoption of cryptocurrency because it will over take the banking system.

I dont trust the link you posted but going to the topic. Banks will remain and they have no option but to adopt the technology, its either bitcoin (which happened already in some banks worldwide) or blockchain. They are starting to consider adopting it and thats why regulations will come.

They can compete with cryptos because they are gov't backed but as long as they can see market, money and people interested on it, they will adopt gradually.

i like your good "sentiment" over the use of crypto. but for those who really have no time for queue or any sort of waiting, this is like godsend to them. but i don't think that banks will become extinct so to speak. we have benefits of using both sides and not gonna happening anytime soon about the replacement of banks by crypto.

Software is eating the world thanks to its improved utility over traditional means of business. But to eat banking you don't just need to be better than banks, you need strong lobby, tons of sacrifices and a long long fight.

Wrong, most people are clueless about technology or they live in countries with poor internet access. <Some even without electricity> The Banks gives "clueless" people a crutch to lean on and they are fed like a little baby, whilst Banks charge them huge fees for that service.  ::)

Yes, software can make things more convenient for "smart" people and a lot faster than most banking systems, but some people cannot walk alone anymore. <They became to dependant on that crutch>  >:(

and indeed I think it is very necessary to use it like that, and we hope that way for the cheaper costs in the transaction.

Lol the author didn't even discuss his headline, which he apparently took from a 2011 piece. For anyone who's curious, here it is:

https://www.wsj.com/articles/SB10001424053111903480904576512250915629460

Spoiler alert: it doesn't mention Bitcoin or crypto anywhere.

Software has major benefits just like robotics over humans. However, it is still controlled by humans and bitcoin trades are open to manipulation as we just saw in the recent dump just yesterday

What do you expect on modern news and editorial sites anyways? ::)

Anyway, I think the original article is still worthy of a discussion nonetheless. Day by day, software is getting better and better, and with the way some banks are still stuck to the stone age for their systems and security, I think one day it will come at them and knock in front of their doorsteps. Security and reliability should be the things that matter for the banking industry, and they have seen it with the blockchain being applied to bitcoin, and so the rise for blockchain developers working for private sectors begin, particularly big banks looking to improve their systems.

I am not sure whether you are right or wrong about Internet vs banking access, so let's find out the answer here. 55% of people have access to the Internet, according to INTERNET USAGE STATISTICS (https://www.internetworldstats.com/stats.htm) with penetration rate being highest in North America (95%) and Europe (85%) and lowest in Africa (36%). This amounts to 4.2 billion users. Now let's turn to banking statistics. 1.7 billion adults don't have bank accounts according to the World Bank's data (http://www.worldbank.org/en/news/immersive-story/2018/05/18/gains-in-financial-inclusion-gains-for-a-sustainable-world?cid=ECR_TT_worldbank_EN_EXT). I could not find precise data on how many children or adults there are in the world, but from what I saw around 30% of the population is below 18 years old, so we should cross them out here. Okay, let's say there're around 5.27 billion adults. This means that around a third of them don't have bank accounts. Okay, you win, it's less than roughly almost a half not having the internet access, but the gap is not that big, so there are still pretty serious chances of many adults (especially from the African continent) going for crypto over banking.

It is established that cryptocurrency is better than the traditional bank in many different ways. But, not everyone can adapt it right now. The technology is still young and the society still need the bank whether we like it or not. In the future, crypto will surely take over but for the mean time, enjoy and use both wisely.

LOL. Banks ain't gonna disappear any time soon, they're in cahoots with the government after all. But yeah, every bit of money invested into bitcoin is money the bankers can't get their dirty paws on so it is chipping away at them. More like ant bites though.

They will adapt to make their operations faster and more efficient. They'd still be around, perhaps as sources of loans but after the multiple crashes they've caused, people now know they can't keep everything in it. Now they have an option they didn't had in 2008.

yup, it's true that crypto takes over the position of the bank takes a very long time maybe 30 years or more. As with the development of laptops, it takes 25 years to develop, like now, and I think bitcoin will be the same for the next 30 years

It's a real thing... It makes us do things in more cheaper, accessible and convenient way. But I still don't think that cryptos can take over banks. Most people uses traditional system and even in the future, people will still use it.
In conclusion, they have their roles and will both exist and used by the people.

In my opinion. one day banks will adopt the crypto currency system or have crypto currencies so that the banking system will not be out of date and will not be left behind by loyal customers. now banks are starting to adopt financial technology. each bank has a system or software to support all transactions involving their finances. so they will continue to keep up with technology.

banking system or banks are not out of date  and they arent left behind . they also improve thier system and up date it with the latest technology that we see today  .  also , most of banks nowadays are already teaming up with cryptos and blockchain because they knew how useful it was but they are not threatened up because majority of the people are always loyal to banks becuase banks are more trusted and safer compare to crypto's

I don't think so software or cryptocurrency eat banking, banking system & cryptocurrency totally different. Software is not competitor to Banking moreover software helpful to banking. These two things are most important to economics. I think software can't eat Banking moreover it's helpful to banking. ;)

Banking system may be modified to a market which bitcoin is widely used. They have time to do that. Of course,  there some of  banks will be disappeared. l think, it is not reasonable to say that all banking system affected adversely and will be history.

Have you ever heard of Stellar? https://www.stellar.org/

It works as a middle man between crypto world and your bank fiat.

You will no longer need to pay for fees and money will travel way more faster than any bank transaction as well for crypto transactions within wallets and bank accounts.

but, I think fiat also has an interest in cryptocurrency, fiat had a good exchange rate if cryptocurrency not working with fiat certainly cryptocurrency don't have Exchange rates at all.

If anyone read the full article, posted by the OP in the last paragraph,

https://quantum1net.com/software-will-eat-banking/


I'll just give one example how the insurance industry have been disrupted by new technology, in this case, blockchain, IBM's openIDL (open Insurance Data Link). What does it do?


https://aaisonline.com/web/openidl

So there is the disruption that the author is asking for, it's already been implemented and I think it's re-shaping how people look at Insurance industry now.

I actually don't have bank account, I only have Crypto wallet. I find it more convenient than bank. If this applies to me, then it is possible for everyone to get into crypto and doesn't see the need for bank. Crypto actually give us the freedom from third trusted party, this way it gives us the full control over our assets with any having any interest for it.

we know that bitcoin and cryptocurrency is better tan bitcoin right now, but we dont know about the reality right? we dont know about the bitcoin that will work in bitcoin, we dont know that bitcoin and cryptocurrency can change the banking system.

It will be just matter of time for bitcoin and crypto to get into the mainstream, it is evolving and won't stop evolving. There are some projects developing the technological infrastructure for this to happen, one of them is pundix, which will provide blockchain-based point-of-sales, which means that you'll be able to pay at stores without the need of having internet or even making the transaction manually  ::)

Once big tech like Apple/Samsung begin incorperating crypto-key-wallet privacy features in the fancy handheld devices the game is over for big bankster cartels.
It is just a matter of time.
Ten years from now phony fiat paper will be totally obsolete.
One btc will be 100 million and will be the foundation for all crypto. 8)

To be honest on what happening today? Bitcoin cannot eat or beat banks right now. First is in the issue of regularization and legalization. People will still choose bank rather than bitcoin because they think about security and bank is more secured than cryptocurrency. I think the only thing or the only way to eat bank by the bitcoin is legalization.