Bitcoin Forum

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

I don't think will happen, the bank will still be, because also governments wants banks, is the way how they control money and they know faster how much money are on market and how much money are in a bank. Only if governments will want that banks to dissappear and adopt crypto then crypto will replace banks, but this will not happen in my opinion.

This is laughable to be even asked again. Sending/Receiving money isn't even the main income source for this financial institutions. It's just only their way to squeeze a little more out from their clients. These big banks you are talking about are making more through the loans they give to the people, and not until that their main business is threatened I don't think that banks will fall because one of their side business is affected. We also need to consider the fact that their main business (lending money) is a lucrative business as almost anyone at the right age will have a point in their life that they will need the assistance from this banks.

I'm sure this topic has been discussed many times before. Can you please lock the thread and try to find the other thread to read other's opinion about it?
In short there are some people who believe that bitcoin will replace fiat but some others believe the opposite and I'm one of those who thinks that bitcoin will never replace fiat.

If you able to hear it all the time then proceed on that discussions on whatever sources you encountered it. You will learn from those discussions believed me. Even articles will somehow feed your mind about the possible outcome.

Different people have different perspectives on this issue. It was also discussed before. Just give it a search and you can consider locking this thread.

Or if you really want to "dig something", find a specific point to discussed for this thread to make sense.

What might happen is, banks might start adapting blockchain technology and apply it to their system to cope-up with the latest trend in technology. This is also good since this could ease all the transactions that banks do, this would be convenient for both users and banks.

It won't be able to achieve that because the bank is something very strong in various countries because everything has been controlled by the bank so Bitcoin is the second choice to be the same as the bank, Fiat is still needed for most people and everyone is not too active to pay attention to Bitcoin because the problem of popularity is still limited at the moment, I really think that banks will continue to exist at any time and indeed there are banks that adopt the blockchain as the development of future quality.

Maybe but people are still under in the government institution and we can't do anything yet to make something that is against on them that's why the majority votes always win. At least they did agree to accept Bitcoin as a source of payment online since they can't really stop the evolving and adaptation of Bitcoin in every country.

An alternative does not necessarily mean a replacement. Because there will always be people who prefer to use this or that currency. A cryptocurrency can be a crypto/altcoin ( a currency using cryptographic protocol) but not decentralized.

Banks cannot adopt cryptos, they must deal with state currencies because that is what has legal value. Even if they decide to create their own cryptographic currency it will certainly not be a decentralized one, simply because they have no interest in it.

The problem with bitcoin is that it is too complicated for technophobes. They prefer to visit a bank and do things over the counter. What bitcoin needs is a counter service from a trustworthy bitcoin bank - no one mention mt gox!

Regular banks: Probably yes.

Central banks: Not yet.

The central banks have the power to print unlimited FIAT which makes them a lot more powerful than regular shitty banks. I don't think Bitcoin can overpower CB's yet because we still value things with Dollar not BTC which gives advantages to the FED.

Regular banks come and go all the time and to many btc holders they already don't mean shit anymore. Personally I treat my btc address as I treat my personal savings account in a bank. I see no difference, in fact, I trust Bitcoin more.

Only 2 things i can say:

Crypto cant beat up Banks no matter what,
&
Banks wont able to shutdown Crypto

These two are different things they might have the chance to collaborate but on the sense that they
are built up differently but i doesnt mean that Crypto can took over the traditional Banking system.Its an impossible
thing to happen.

Adaptation, recognition, education and time... today we need these four factors ....

If we want to think about the fact that cryptocurrencies replace the currency, their popularity must increase so that they have a chance to be a global means of payment. Have you ever wondered how many people use crypto currency in the world? According to a recent study in 2018 or 5 years after the first transaction using Bitcoin in the world, there were about 25 million Bitcoin users. Of this number, less than 10% - about 2.3 million people in the world used it to make payments (the rest are hodlers, speculators, etc.). By comparison, paypal has around 235 million active users, Mastercard nearly 650 million and VISA 1.070 million.

source: https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/

So - I am a big fan of bitcoin and other cryptocurrencies, and I believe that in the future they will surely overpower the popularity of paypal and maybe even payment cards and thus also become more powerfull than classical banks, but it still requires a lot of time and work on the development and popularization of this technology....

In my opinion the banks are a wider concept. Question like "can money beat banks?". Banks will most likely be used, but not as it is now. More in accordance with the crypto concept.

We need to understand that bitcoin is not a currency but a digital asset
Which means bitcoin cannot be bank

Decentralization means freedom, banking is legally bonded on all axis
Another reasons why bitcoin cannot beat banks

But bitcoin with a faster payment transaction time, and easy to use for all; can help banks as a payment alternative for faster business or faster money transfers

Bitcoin is "super money" as Eric Vooheyes once said,it has some qualities that are absent in fiats or other forms of money, In a world that is increasingly in favor of all things being programmable,it is not hard to see bitcoin being used to replace fiats in ever increasing capacity. The future will be more of Cryptos and less of fiats.

Yes, I agree. Right now, bitcoin and banks still go hand in hand. If you need fiat, you still need to convert your crypto in some other ways like using the bank terminals. Banks will stay and most likely will use blockchain technology within their system to catch up the changing market.

Bitcoin is purely an alternate payment as well a transaction source to the banking system. Upon the same there will be banks forever, maybe banks will adopt the technology behind bitcoin. Same as we have altcoins as a alternate to bitcoin, fiat has got bitcoin as the alternate.

From the technical point of view, Bitcoin with Lightning Network still wouldn't be able to process all transactions that banks process, and it will be like that for a long-long time. From political point of view, governments won't let Bitcoin overtake the financial world, and if you believe in revolutions, than I'll have to disappoint you - most revolutions actually fail, and currently Bitcoin has very little support in the population.

But I personally don't see a problem here, Bitcoin already helps individuals get some freedom and safety right now, so it's not a binary choice that either Bitcoin succeeds or fails.

Bitcoin never could beat bank because between bitcoin and bank need each other, bitcoin could be stronger without bank and how come investor for selling and buying their asset become cash money without bank?

banks are related to fiat currencies, while bitcoin without a bank, can still run. but the government will not be able to delete banks for now, it is precisely bitcoin that must be able to take the heart of the government

I don't think Bitcoin will be competing against banks,  they aren't the same purpose. And besides, bitcoin never holds others funds unlike of banks and banking system. Though we consider that Bitcoin is a stored value of money but looking it it's platform it is a big different from banks.
Banks will still remain at its zone and it may happens that to consider themselves as a third party in connections with crypto.

To be honest, Bitcoin already beat some aspects of the Banks, but it depends on what the users require from their financial institution and the technology behind that. Bitcoin grants users of this technology, financial privacy and also financial freedom that Banks cannot offer, because they have to adhere to strict KYC/AML regulations.

Bitcoin is also borderless, so people can shift wealth across borders without restrictions and also a lot quicker than what can be accomplished by Banks.  ;)

Large and small amounts of bitcoins <money> can be sent at a fraction of the fees, than what is possible with Banks, so it is even cheaper to use Bitcoin transfers.  ;)

Why is everyone keep saying that Bitcoin will beat the banks? Bitcoin isn't in some kind of war with banks and its purpose is not to replace them. Bitcoin has numerous advantages compared to traditional banking and financial system but the whole idea of it is not to replace the bank and because of the way how Bitcoin is designed and how it's functioning this is not even possible.

I think this is not impossible, even though if you look at the current situation, people do not fully know & understand what bitcoin is and how it works, I think to replace the bank system that is now used will be very difficult because banking itself has strong trust from the community , I even prefer that crypto currencies and conventional banks run harmoniously without interfering with each other.

I think bitcoin doesn't have to beat the banks, but bitcoin can integrate with their system so the banks can work better than before. Bitcoin can reduce the corruption level by recording the report in the blockchain. But it will need help from the government so bitcoin can cooperate with the banks and makes the banks will better.

In terms of cross border payments that may be true, but locally I can send and receive money instantly at no cost with a service people from different banks can transact with each other.

It started out as a tipping service, but after the max amounts have been lifted significantly people can now send and receive thousands per transaction. It's centralized but incredibly convenient, which is something that crypto doesn't offer.

The best part is that it works every single day, so you're not tied to business days anymore. Banks are catching up fast, people shouldn't underestimate them or think that Bitcoin will wipe them out.

Which banks (functions)?
If it is about money transfer, then bitcoin already better than banks, especially for international payment. However, banks also have many different functions, for example, lending, mortgage, and investment in the form of securities. Yes, bitcoin with smart contracts could streamline these functions, but it might take a long time to become a reality.

Bitcoin won't able to beat bank, and the government won't allowed bitcoin to take over banking system, the main idea of bitcoin creation is to create a better payment system not to overrule some institutions, and the economic of the country could be disrupted if it's using decentralised currency

This can be tricky if JP Morgan is said to have been rumoured to develop its coin. If one of the leading banks is found to be thinking in that direction, who knows what is running in such minds.

But really, banks would be here to stay for a longtime more because there are other little human business interactions that are taken care of by banks.

We know banks is supported by the government and we know government is of the strongest in every country. We know also the banks is  older than the bitcoin and banks still here and alive and many people still keeping their money and me too banks is very useful because it can also secure our future for helping to save our money but bitcoin can help us to grow our money both is important.

I think crypto can only affect banks and they cannot make banks close. because the bank's capital is quite large and they can buy blockchain technology and continue to provide the best service to customers. In the future, we will see this perfect combination.

Then how come digital cameras affected polaroid? How come DVD movies destroyed VHS?

By the same logic polaroid could've bought all digital cameras and VHS tape makers could buy DVD co's.

There are disruptive techs which simply revolutionize the space. If every bank tried to buy Bitcoin to protect themselves Bitcoin would shoot up to $ 1 million in months and banks wouldn't be able to buy BTC anymore.

We still need banks especially those on third world country, there are services that Bitcoin features cannot deliver, they can still co-exist and complement each other, they don't have to vanish one another, I would like to have them served the financial institutions.

Bitcoin and other cryptocurrency will not affect the existence and functions of existing financial institutions. Banks and other financial institutions will continue to exist in a regular mode. The adoption of cryptocurrency states will not significantly affect their activities. Cryptocurrency can never replace the national money of the states, it is simply not capable of it.

banks and bitcoin need each other. for example, how do you know how much your country's currency is? after knowing that. You can determine how much a coin is worth right ? without money issued by the bank you will not know how much the economic value of a coin is.

Not quite yet. Remember banks are more than just places for storing money, they give out loans to individuals and the government. Sure someone can always make a bank that uses only bitcoins but since people can store their bitcoins in their wallets anyway, there's less incentive in letting others handle one's bitcoin unless the interest is high enough.

That is why and it seems unlikely that cryptocurrency can replace old financial institutions, banks continue to innovate and banks continue to keep abreast of developments in the era that make them continue to be strong. Nothing can replace the currency in every country because it is part of the history of the country itself. Cryptocurrency does have advantages in this digital era, but replacing old financial institutions is not enough to only have high value.

@hahay

Not to be strong but to not fall the profits lower than that.

The banking sector market has to deal with a new type of banks for about ten years, the neobanks. While they weren't taken seriously in the early days they took a serious percentage of the market now. Banks started losing million and to face competition they had no choice but to adapt. By doing what the neobanks do(most banks have their own neobank as a subsidiary) and by looking for new ways to innovate so that the remaining customers do not leave.

Banks we're so much to give than of Bitcoin, in terms of services and the securities. Bitcoin still to be considered as a store value but banks have doing it well. Its a price that bitcoin could ever surpass, even for gold and other precious thing around us. And with that, there is no reason why or in any aspects that Bitcoin wanting or could beat banks.

In fact, the transition to a more decentralized society in all fields is already happening, despite the interests of those affected by this gradual process, who have no choice but to try to join this movement before disappearing completely, that is why I see the banks very interested in adhering to the issues related to the blockchain, giving greater facilities and freedoms to their users, so it is likely that the current banking system will stay with us a few more years before becoming obsolete and end up disappearing.

Do you think that the government would just let it happen?
Would they agree or accept crypto as a main currency even if they couldn't control it?
The answer is too obvious even if we want it so much it is really impossible to happen.
Crypto and Fiat would always exist .

- Indeed, fiat and the bank, all products from the government, the government provides this product to everyone with the aim of controlling and managing all activities in society easily, and society is working very well with these products, but if crypto and bitcoin appear and replace the role of fiat and the bank, everything will be very out of control, the government will not be able to manage, people will have the underground activities and evade the rules of the law. Therefore, the government will not allow the story as bitcoin to defeat banks or fiat, if bitcoin still tries to get into the real world, the government will take measures to eliminate it immediately.

So what do you intend spending in cryptocurrency then if you feel cryptocurrency can still run without bank, let us logically think of this, starting from your first point, How do you get Bitcoin? You get bitcoin converting your Fiat currency to BTC, how do you then get Fiat, through bank. So, if there are no banks, how will you get the FIAT you want to use to purchase Bitcoin ?

Bitcoin will only displace Banks in some areas like anonymity, fast transaction and co and not completely displace the banking system entirely, we can only hope that bank will adopt the crypto system so they don’t get limited to just providing fiat alone.

Bitcoin never could beat and destroy bank system, many investor always use bank for deposit and withdrawal their money in bitcoin, keep hold and save your bitcoin and always connected bank and bitcoin account.

Good valid point bro. Not all people earn bitcoin and even those that do earn btcs don't earn enough to keep the circulation flowing. Too farfetched to even consider it for now though there may one day be some innovation to bridge this deficit for btc. You don't expect everyone to convert their cash and fiat to crypto right? 😁 that's the only way banks can be beaten for now.

Sure, but you mentioned something very important there, which is centralization. The Banks and some of these services are very centralized, so it is prone to centralization flaws like "abuse of power" and/or "exploitation of power" .... So, they might start this service with zero or low fees to hook people and then suddenly start to charge higher fees, once they hooked these new customers or even not allowing people to send money to specific countries.  ::)

Bitcoin has no such problems, because the basic protocol has not changed, since it was released in 2009.  ;)  We are still moving millions of dollars and even a few dollars at a fraction of a cent, to anyone in the world.  ;)

right, moreover the government's role in banks is very large, of course the government will prefer currency that can be controlled, on the grounds that a country's economic stability can be maintained

Running a bank is very expensive. You must have a big fancy building with nice furniture, you must pay employees lots of money to wear nice suits.

I would think in the future a physical location isn't necessary for a bank, the operations would be cheaper, and the fees lower.

Like blockbuster versus redbox. Blockbuster just couldn't compete.

Good point, the government will continue supporting banks as they can control and facilitate the transactions, it simple as that, the government bodies will used banking system still and will stay that way, space for crypto might grow but not enough to beat the old system.

Adoptions will be there and potential are wide for Bitcoin, but reality needs to be accepted, that as long as government still patronizing the old financial system Bitcoin will be far from beating banking industry.

if in my opinion, at any time, bitcoin cannot defeat the bank because the bank is very strong and there are still many people in the world using the services of the bank. but if to compete with bitcoin banks indeed

The painful reality is that people don't give a damn about decentralization and care more about money and time
I can send any payment to my relatives all over the country in a matter of seconds and with zero atm withdraw fees. Can I do the same with bitcoin?
Two weeks ago I was stuck at the computer for one half hour cause coingate decided to have 6 confirmations when you pay via their system....

And moving money internationally...let's be honest, how many of us do send international payments?
Are you going to buy something from an unknown seller in China via BTC and forfeit the safety of refunding via a cc?
And even if we say BTC is better for payments..
How are going to replace the lending done via banks with bitcoin?

A currency can't replace a business, we should really stop with this BTC vs banks/paypal/visa and so on.

I support bitcoin much and i know its real potential but we have to accept the fact that bitcoin will never beat the bank, maybe bitcoin has a better system but still investors will use banks because they needed it. There will be great combination of bitcoin and banks, the future is good for both market you just have to use banks and bitcoin properly. Banks will defeat their own competitor but they will never be defeated by cryptocurrency.

it will be in the middle of the position there is no connection between Bitcoin and the normal currency so if Bitcoin was also developed it will not affect the development of banks but the value of Bitcoin is definitely more higher than any normal currency that's why it can be possible to beat anything in the future.

Do you think there's a way for bitcoin to compete with some bank services? I use a credit card but I know the only reason the bank has anything to "lend" me was because someone stored his/her money for safe-keeping for close to no interest.

Government needs a bank not a the use of digital currencies but maybe 10 years from now it will be happening through the influence of technology. The banks has a lot of uses like us here on our country we use banks to withdraw or cash out our bitcoin. Bitcoin or the digital currency will beat banks after many user on every community accepts it and also the help of technology.

As you said OP, cryptocurrency is an alternative, not a replacement. It is hard to beat something that is backed by the government. They would definitely not let go of the control.

Bank is open for only If you are adult or minimum a studen who will abide by all the laws and system of Bank.OTOH, Bitcoin is open for all, untraceable, doesn’t believe in legal or illegal.I think bank is known by everyone but bitcoin Isn't.There are many reasons for this but bank is legal in every country where bitcoin is banned in some.I Don't think bitcoin will be able to beat bitcoin nowhere.           

I think the question should be can bitcoin affect the banks? I mean in the end the play here is not to destroy banks but to show them what we really need and what we can really do with blockchain technology. If they could use the same system that bitcoin uses we could surpass many of the problems we have with our current banking system.

Just recently our country changed laws in a way that it would affect the working class but help the companies (mainly banks because it helps super rich companies and not small business and lets be honest most super rich companies are banks) which would mean what helps the banks also destroys the people which is in a way considering how laws and politicians works the banks can't sustain this forever and blockchain will eventually stop them and change the way they work.

Be wise.
Why do you think one of the biggest company in financial industry is making a coin which is based on the blockchain where bitcoin birth is?

Simple. They know they will be left there using a technology which will just slow them down. They need faster technology and they saw bitcoin is doing that. It is one of its best feature. The fast and reliable transaction where privacy is still intact.

They want that. They need that.
Fiat will stay of course. Rural places needs it for trades to happen.
It will be a slow change for the financial industry but it will happen. Bitcoin will still be used as number one currency. Specially now where online merchants are getting larger.

Is Bitcoin the real threat? I don’t really think so. I think the main threat is Blockchain, which is the technology behind Bitcoin and other cryptocurrencies. Blockchain seems to be a threat to the existence of major financial firms. They are not doing anything against it yet, but a time might come when they may decide that it is over with the blockchain or they might even adopt the technology and use it for their own use.

Bitcoin is a solid alternative to fiat since you can make use of it in doing transactions, same as there are other alternatives. Bitcoin is not the only alternative to fiat that we have, there are lots of other ways you can carry out a transaction and a lot of them are more safe. As for which one of them is better, bank is better and that’s why we are still making use of it till today.

Bitcoin already has a future development when compared to the other normal currency so in this time the banks needs to support cryptocurrency instead of opposing that because it will be the future changing and developing option for available every country in the world so everyone needs to use this.

No. Bitcoin is decentralized while the banks are centralized and monitored by the gov't.

They can't let it all pass the burden to bitcoin and let the market itself plays the whole economy of a country. Yes, banks do have big roles in a country, although we've been saying that it will replace banks because the motto we have read before was from blockchain.com 'Be your own bank'. We can find a replacement for the banks but it won't replace it to the point of closing the banks, they might even adopt it to attract more depositors.

You guys are missing something or missing things up here because Bitcoin was not created to Bitcoin banks or fiat currency but to correct the errors and the mistake made by banks, governments and to provide the true symbol of democracy. However, this is what the institutions misunderstand either which make them detest Bitcoin.
 

My question exactly is who are the people that are saying that Bitcoin is going to replace fiat? What’s makes you think that is ever going to happen? Government is not even interested in cryptocurrency, even if it’s declared legal in that country. Banks are very important, and fiat has so many advantages. Okay, I do know cryptocurrency itself also has its own advantages, but those advantages can’t beat what the other has to offer and the disadvantages are too much.

Sorry OP, not everyone believes that. There are people who think such, but it is not everyone that thinks that such a thing is going to happen. I usually see Bitcoin enthusiasts say that, they are the ones who are fond of saying it. But they never make use of Bitcoin,, when the price starts to fall they will be the first ones to sell their coins and convert to fiat immediately. Bitcoin/cryptocurrencies has reasons why they can never replace fiat – long story.

Am not seeing bitcoin outdistance with the bank,cause they both need each other. Bitcoin is a digital currency wish can be only be spent digitally and in most countries were bitcoin is yet to gain it popularity and legalization,bitcoin holders needs to trade their bitcoin into fiat currency this make fiat currency also valuable.And if bitcoin is to beat fiat this may take time and legalization's will be needed.  

The objective of Bitcoin is far from competing with banks; it is just to create an alternative means of making payment without the involvement of third party as it is done in centralized market system.

They both need each other, I believe you need fiat to be able to get cryptocurrency and without bank, you may not succeed in having fiat or changing fiat to crypto, so Bitcoinmight not necessarily replace banking system completely but will gain more relevance as regards payment system and investment. Many people storing their funds in banks will no longer do so because they earn better profits when store in Bitcoin to bank.

First of all , bitcoin is not here for the competition . bitcoin is built for a good cause and not for destroying someone else business .

 secondly  .  banks are already superior and will be superior no matter what new technology or payment methods will be invented out there  .

 thirdly  .we must not compare banks with bitcoin because bitcoin is online and bitcoin is only a currency while banks are insitutions and they exist in real world  ( offline )  .

I think it is really hard to replace banks with bitcoin knowing that they have the full support from the government.Even when time comes that bitcoin will be fully legalized by the government,banks will not be easily gone because still majority of the people are used to it already and would still prefer banking transactions than digital currency transactions.

I think Bitcoin can't beat the Bank, but Bitcoin can change the Bank's system with Blockchain technology. so far we all know that the Bank's system is still not transparent and secure, with the development of the Blockchain technology the Bank's system in the future will be more transparent and safer.  currently, there are many ICO Bank projects that use Blockchain and cryptocurrencies.

It is unlikely that the btc replace the usual currency. But become an investment like gold can. As for the means of payment on the internet, it is suspected that the coin is weak. Little bandwidth and not a cheap transaction.

how would governments pay the wages of their workers? there are many people who will not want to receive their wages in bitcoins because there are many places that because of lack of conditions will not be possible to make payments by bitcoin then people will be forced to use FIAT.

And there are the issues of retirement and pensions. Bticoin has its advantages and banks also have their advantages. What we need are honest people in governments

That's right, because banks have created paper currency, while all over the world have used paper currency as a daily transaction tool, so it is very difficult if BTC can defeat the Bank.

Banks are still going to be necessary for the years to come, government and central banks, are using banks to lend out money to the general population. I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment. Bitcoins will become a store of wealth with low and falling inflation and a max supply of 21 m, this will lead to an endless price rise for Bitcoins vs fiat.

This transition from banking to digital system last a decade, I`m counting from the time when bitcoin was born. We are in transition since than, crypto community is growing bigger each year, people starting to realize that this is the future of money. Decentralization is not just a word anymore, now people can choose between decentralized system and centralized banking system.
Bitcoin will beat banks in the future. Banks will have to adapt to digital future, paper will be a history very soon.

I don't know whether or not bitcoin can be used officially in the future like the way the banks do. Nothing can say for sure, but at currently the number of people who use banks are more than the one use bitcoin. Most of places in the world have used banks for a very long time before, and till now it's always the main place for people to store, transact money back and forth. Especially state banks or central banks are supported by the government. Hardly do people around the world get rid of the banks; therefore bitcoin or crypto in general can't beat
or replace the banks.

Never will be. Bitcoin is just a cryprocurrency and banks are centralized institutions which covers wide ranges of money under governments. Bitcoin isn't legal yet and there are still people who are not in favor of using bitcoin. When it comes to security, people also prefered banks, too than bitcoin.

I don't think that's what banks are looking for considering how cross border fees are such an important profit stream for them. Why would they attempt to change anything about this?

If they ever plan to actually utilize the blockchain technology, we will not find out about it because that will allow them to justify the high fees, and people will keep dreaming about the day the fees become lower.

It could even be that the largest banks already utilize the blockchain technology. They privatize the efficiency gains to cut on intermediary fees between banks, while people themselves still pay high legacy fees.

I know we all want to stay clear from the bureaucracy these banks operate under, but let's face it...we need these banks to help in financial regulation and other controls which could help stop fraud and many vices, without these banks people would lose money to hackers, dishonest employees or family members and the list goes on. With all these benefits, banks still have a big role to play unlike crypto which is a one way street which means no charge backs once money leaves your wallet, so I would say bitcoin is still a work in progress and won't replace BANKS!

Government are not closing banks because they are getting benefits from it and people are in favor of crypto currency because it is giving them real profit, bitcoin has good ability may be in future government will accept it, as we know when we put our money in banks it does not give benefit but when we put our money in crypto currency it gives us profit for holding

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

Agree, the thing that might happen is the bank accepts bitcoin, the bank will always be protected by the government because of the huge role to help the economy nationally.

I guess, the time, when the banks will start using Bitcoins is very close. We just need to wait for it. Certainly, cryptocurrency cannot destroy traditional bank system: no need to worry about it.

if in my opinion it won't work because the bank is very strong to be defeated in any way because there are already many people using the bank in the world so that the presence of digital currency that is very easy to use will not be able to defeat the bank anytime

Impossible. Banks don’t just let you deposit money in it, they loan people in the form of mortgages, lending to companies, etc. The world cannot do without this.

Bitcoin is just a different form of currency, nothing like a bank.

Bitcoin has to go a long way in order to create a solid environment to replace the fiat system, but that is not likely to happen anytime soon. One major reason is security. It must be safe and secure for daily use. For mass uses, fiat banking is the only secure way to keep funds safe, but in cryptocurrencies, most people won't feel safe enough. In fact, they wouldn't be able to protect them. Here is an example: If the bank manager has your signature copy, can he steal your funds? No, it's impossible, no matter how small or big is the bank. Now, in Bitcoin system, can you trust any exchange owner to give your private keys where you hold all your funds?

This question has been asked several times on this forum. The replies has always been the same and will always be the same for now.
No, crypto currencies will not replace fiat currencies, at least for now. We still need to adopt to the system. I know its hard to say, but yeah there are still numerous flaws in the system which needs to be fixed if you want to be using it as a daily currency. As for now, it will not be able to beat the banking system and will not replace the fiat currency. At best we will be using it side by side with fiat currency in a single harmony.

I personally think that there is a possibility that Bitcoin, together with several cryptocurrencies that has advanced blockchain technology features and the Fintech companies that will integrate them to different financial solutions could beat banks but I must admit it could take years from now or even decades for it to happen. But once Government sectors and financial institutions starts to use it, there will be high demand for its core features and that will pose as a threat to banking institutions and that is the reason why some of them are slowly adopting the technology right now.

No.Not all establishment that lent money are called bank, that can still be done even without bank.
Do you have know even in this forum there are people who are lending money, that's a simple proof that it's possible to loan or borrow money even without a bank.So,if loan is the only concern, we don't need bank for that, bank is only here to print money or fiat.

  yes definitely Bitcoin had huge chance to beat the banks but it needs people support also because when people realise banks are not profitable then only there ready to invest in cryptocurrency especially Bitcoin if increase of demand will be made the value more higher and I will easily be developed a future value.

Well, we must admit that bitcoin is still an experiment. But I literally hope it will work.  This evolution is happening around the world, and now it affects millions of people. Compare to the bank, bitcoin is more easy to use and with high security. Finally, it will be accepted by all the countries in the world.

As long as the government is still hostile to bitcoin, bitcoin cannot defeat financial institutions, especially banks which have been given complete freedom by the government in accessing various economic and financial sectors within the country shaded by their masters, which means it's easy for banks to eject bitcoin at any time from the country they live in. But they cannot just kick Bitcoin, because the strength of bitcoin's entirely in the hands of its users (the general public), just the same as banks that only rely on the profits from the money of their customers (the general public).

I think bitcoin will run in parallel with fiat (sorry, I often repeat this statement).

Would not call it huge at this level of development, if the government shut down the miners in china or ban bitcoin, other countries
can also do that if they feel it's a threat to their interest. Bank is still the biggest financial institution in this world, they are govern by the government
but they might have interest on it especially if they are not serving the country faithfully.

Not sure but also it's possible cryptocurrency can beat ban too I guess one day Bank will closed and only cryptocurrency will be used everywhere...

Bitcoin and banks will be complementary. There's that saying, "If you can't beat them, join them." Since bitcoin is so difficult to suppress as a decentralized technology, banks will eventually find ways to capitalize on it.

I totally agree with you! I think it is unlikely that the cryptocurrency will overtake the banks, but the banks can fully cooperate with the cryptocurrency and I am for it. It must be that something new in the banking industry. It would be great!

There are two you possibilities available in this situation Oneness banks will accept the Bitcoin and make it as transaction and payment and the other way is they don't want to take it as a legal payment method definitely one thing will happen in the future.

We must tell ourselve the truth and that is cryptocurrencies and blockchain technology has the best financial system and the system is far more better than the legacy financial institutions and system we have now.  I think in future blockchain technology is going to makes banks obsolete and even if there are going to be in existence there are going to be of no used. We are still at the early stages of cryptocurrencies development and it is few of us that has some understanding of what is going to happen in future and how the decentralized cryptocurrencies system is far better than the current financial Institutions we have.

I'd rephrase the question: Can Banks beat Bitcoin? And the answer is, no. The genie is out of the bottle, the world history changed on Jan 3 2009; there is no turning back. The best they can do is embrace it, the worse is fight it, but disappear it? Never, they just can't. They'll have to adapt to a new reality, a technology often comes that makes centuries old business practices obsolete. I'm sure they will find a different role to fill, rather than moving (non existent) money around. It is good that Crypto came to finally put an end to Fractional Reserve Banking. The Austrian economists have been warning for a century but few listened. Perhaps because they proposed going back to gold directly as currency. But now there is a digital gold, which some of them don't like, but some do, and things will and are changing, for the better.

Eyeing for banks to accept reality that it's time for them to move forward and adopt this payments method, it is a big help for them knowing the system is much faster than those that they are using currently, we will see the future if this two industry will work out together along side with each other.

   There are many possible outcomes, not just two. Here I will agree with Pamdar! Banks will need to accept the reality
and if they want to move forward they will need to adopt crypto-currencies. Will they adopt some existing one, they
can try to create their own, or they will transfer their business on something else is up to them.
   I think Bitcoin and crypto-currencies are already beating banks. Cheaper transactions, you have your own wallet,
without any interests.

It will really be difficult for BTC to defeat something that affects the entire world, before paper currency was even approved as means of payment against the popular trade by barter then, it took many international bodies to comes together to agree on using it to replace trader by better, so for Bitcoin to defeat banks which we are automatically saying will defeat fiat.

It means it has to be in paper form too and agreed as a uniform means of payment by so many international bodies which I really don’t see happening and bitcoin didn’t even come to do that, bitcoin came to personally assist out financial transactions in running smoothly and void of interference.

if barter was replaced by fiats , there was also a possiblity that fiats can be replaced by bitcoins or cryptos in general if ever all people on the world will agree to use bitcoin as a standard currency  but like what said , it takes alot of time and it take alot of process before it could succesfully happen  . besides bitcoin is also kinda bit new so there is no reason to force it or to force anyone to join and use this kind of currency  . anyway , bitcoin is already proven itself that it can beat the banks and fiat system .

No, a cryptocurrency is simply not capable of replacing existing financial institutions of various countries with time.
First, the cryptocurrency itself is incapable of it. The functions of banks and other financial institutions are much broader than the functions of cryptocurrency.
Secondly, banks and other financial institutions are part of the state and no state will stand aside if the existence of these institutions is in danger. The state will destroy anyone who will encroach on their financial institutions.

I agree!. With advances in technology including blockchain technology almost within everybody's reach, I think Bitcoin could  layout the foundation of a revolution in how we conduct seamless and efficient payment transactions we've never imagined of. Those entities that resist change will falter just like "Nokia's epic fail when it didn't adopt Android and hang on to its own Symbian OS in the early years of mobile phone revolution". Imho.

A topic discussed from the day crypto came into the market. Its truly a business and yes banks do have their own opinion to close down crypto in the market. As Bitcoin is well received among nations, the banks have started thinking on its development in the market. Bitcoin's market is becoming so strong and we see huge number of investors into crypto.

BTC doesnt beat banks, I think the point or the danger might be the banks beat the banks which if society has no alternative at that point is going to send us backwards.

I was pleasantly surprised government was not especially negative towards crypto though arguably not that positive either, I think at least part of the reason was there was some scenario where BTC could be of use of benefit to a society and also in liberating suppressed and captive markets that are not democratic or capitalist.  Hence BTC was 'allowed'


JPM doesnt get it especially.   They make some token that is nothing more then paypal is.   Paypal was originally started to be a kind of online currency, instead it just became a payment system but in theory it was intended to be revolutionary.   JPM or whoever lack the imagination and innovation to really be revolutionary it seems, they will copy and try capture some of the success but I doubt they manage to improve or really give any benefit to users of their system.   If this is the case, its not likely to last more then the publicity is beneficial

I do not think BTC replaces banks, it really is something new and not leveraged hence quite far from whats considered normal banking now.   I dont think they conflict really, different paths

If they don’t adopt, some banks will do and it will be a great development for those banks who adopts already. Bitcoin can’t beat the bank, they have to support each other for the future. We encountered a lot of system failure with our local banks right now and if they continue to be like this, then investors will look for other place to put money then bitcoin might be one of their option.

I think cryptocurrency will not be able to beat the bank. because the bank has been around for a long time and has become a government tool to control the transfer of fiat money. the government will not replace banks with a currency that cannot be controlled and also until now people still need banks as financial institutions that can lend money. so the bank will always be there until the end.

Even banks tries to destroy the reputation of cryptocurrency they will not succeed on that. Bitcoin will not beat banks but it will become better. We know the capacity of a blockchain technology, banks will adopt but they can’t stop bitcoin. Investors knows the importance of bitcoin and they will continue buy.

I don't think banks will be accepting them but the government do. The governments are the one making the decision for the regulations and not the banks. Obviously, these two are happening all over the world right now,  Bitcoin being banned and being regulated. I banks will be using it but not the currency directly, it is the technology. Block chain is a great technology and I know they will be developing a system the same as that.

For bitcoin to overcome banks there will have to be what we call transformation or revolution. Reason because governmental bodies in most countries are not ready to accept the utilization of bitcoin locally while most people are scared of diverting their funds into bitcoin because of the bad label some governmental authority has given bitcoin. For me, i prefer both working on it's own ground. The intreseted ones should go for what they feel comfortable with.

Perhaps, bank will never be disappear. Though as of the moment, most bank nowadays are not ready to crypto or bitcoin to their system.
But possible in the near future they would probably accept the concept of bitcoin for sure, because there are some of the banks now are already accepted the blockchain technology to their system.

Do you have proof about this?

Banks taking down the reputation of the cryptocurrencies? I heard this before but I don't think banks or their associates are actually doing it. Bitcoin will never beat the banks, it is trusted by a lot of people already and it is not affiliated with any scams or black market transactions, unlike Bitcoin. Banks might even use Bitcoin to develop in the future.

I am of the opinion that to defeat the bitcoin bank takes a very long time, there is even a possibility it cannot because the use of the bank has been very entrenched and lasts hundreds of years. While bitcoin is only a decade old and more used by educated people and in developed countries.
So, bitcoin is better placed in a parallel position with fiat money where its use does not use bank services, so bitcoin has more room to develop, but not to beat the bank because its users have different characters.

I don't think that bitcoin can beat banks, actually bitcoin don't have to do it. In economical system there is important segment called investment which drive industries to produce more product and increase world economy, and the most fair and safe legacy financial institutions for this is banks although there are many weaknesses when we use this type of funding. I know a method which is better than bank funding system, it is called "muamalah" it is one of Islamic way of investment which let investors get profit as much as profit that the company made based on the agreement. If we use this method then I think bank will be dissapear and bitcoin will be the number one choice for online transactions.

They will definitely adopt it, there is no other choice for them. ignore bitcoin will make them run on the spot, because innovation must
continue and it can be done by adopting bitcoin, they will definitely do that..

I truly can only think of one scenario where Bitcoin can replace banks. When we value commodities wet satoshis or bitcoin instead of corresponding fiat valuations. Say I want to buy a house, instead of saying 10
$120k USD, I could just say 23.6 BTC... However the sad thing is that people will always ask how much is BTC and will be tempted to value it in terms of fiat - USD, GBP, EURO, YEN or YUAN... And then the banks come into play again.

Since Bitcoin is an emerging technology that has caught the financial world by surprise, I think time will come that many Bitcoin based financial products will be offered by fintech companies for the sole purpose of resolving issues often found in fiat transactions involving banks such as the one mentioned above and we can surmise that groundwork are already being laid out right now in cryptoverse that will act as a threat to bank's existence. Imho.

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.

In the future, if Bitcoin can become stable, yes, it is quite possible. But at the moment there is definitely no. People put their savings in banks in the hope that they will retain their value for many years, Bitcoin for them the personification of instability.

I am glad cryptocurrency runs on a decentralized system that makes it impossible for them to be able to control, as time goes on, what will prompt them into adopting crypto is when they see a massive adoption of crypto beyond control and large decrease in the number of people that uses their traditional system.

I really don’t know why banks are having issue with a system that would even benefit them and make their already existing system a better one, if they can incorporate this system into theirs too, it will make them have more users and there will also be more funds for them, I am sure they have no problem with crypto, they are just being careful since they operate under government, because if they had problem with crypto, how come most of the banks recognizes XRP.

If price of bitcoin becomes stable the interest of people towards bitcoin will gradually decrease. This way bitcoin won't beat banks in the long run. As it is getting used as an alternate to the traditional banking system people will find only if they aren't satisfactory with banks. Bitcoin is all about trust, and banks in the name of bitcoin will surely make it centralized which will restrict the growth of bitcoin as well other cryptocurrencies.

I don't want to make you think pessimistically, but look at the fact that today's banks are far superior to Bitcoin. well, even though bitcoin does have several advantages, in reality banks are supported by the government and society.

How can you imagine a situation that cryptocurrency replaces, say, banks? Yes, banks have a lot of their specific functions that are not directly related in order to simply transfer non-cash money from one place to another. Banks, above all, serve the financial side of the country's budget, crediting the economy, financing social programs and much more. How to use a cryptocurrency as a unit of value given its high price volatility? Yes, it will unbalance the economy of any state in a few days.

For me,it would be hard to beat banks with bitcoin because banks are supported by the government and it will forever remain in its position as long as the government permits it.With bitcoin,for now the government has not yet convince to legalize it but i know it will be adopted soon when majority of the people will be educated about bitcoin.

Its possible if bitcoin was able to survive in the next 100 years.
I know bitcoin has the potential but I still love banks for convenient reason and since bitcoin was too expensive I can't afford to spend it so its a more on investment side now. Bitcoin will make banks scared but it can never replace their financial system because every country have their own central bank.  :)

right, the question is whether the government will allow that to happen, I don't think so, for now it will certainly damage the country's economy, if the country is not ready. I think the legalization of BTC throughout the country has become a big achievement

Bitcoin never could beat bank because bitcoin needed bank for their member and should support bank to make their bitcoin participants could withdraw and deposit their bitcoin become cash money.

I agree, besides that I think the government will not let that happen. it is very difficult for bitcoin to be able to replace the bank, especially in conditions like today. maybe it can happen to generations after us

Bitcoin is a digital currency while banks is an entity that offers various financial services.
From that stand point, there is no competition between these two.
Banks offers different types of services and one of those are lending monies, credit card services, consultancy, etc.
Does bitcoin offers that services?
The competition is between banks and existing wallet platforms that accepts payments and remittances of digital currencies.
The banks might adapt the bitcoin and sell or exchange against different currencies.

There is no point of thinking that bitcoin will beat the bank one day, it'll happen if bank will stop printing money, which is impossible.
Bank will continue to operate with profit, we are even happy that we have banks to accept crypto so things will be easy for us, and that's what I like to happen because I want to be realistic.

Bitcoin i think isnt matured enough to compete against banks,they are just comparable but cant be contrast.Battle between bitcoin vs government will be literaly people vs government government hates bitcoin so i think bitcoin cant still beat banks unless they are supported by both bank and the people

There is because if you're a bitcoiner you're your own bank, so the question is can you beat the banks with Bitcoin?
Currently no because it isn't massively adopted. What about if a day it's adopted everywhere? No, because despite you're your own bank you can't offer or get the same services as you say. It's the reason why BTC could only "co-exist" with the traditional system. To turn in fully to BTC the world would need to fully change its mentality regarding money.

I think it will not beat it but in future could become a part of banking system where you would pay your
loan installment by bitcoin or other coins/tokens without exchanging it yourself.

Well, the old financial systems are inefficient and will fade out eventually. I'm convinced the Bitcoin network still has more to prove to legacy institutions.

On a lesser note, a recent interview with Bitmex CEO saying Bitcoin may be used to invest in S&P 500 and Nasdaq in the future has me all fired up! Small perceptive victories and all you'd have is a wholesome fiat to crypto transition.

I dont think of any reasons why we are comparing banks to crypto since they are both have diffrrent functions. Bitcoin is a cryptocurrency and banks are institutions that manages a currency. They are both different and can be used at the same time. No one should ever left behind.

You can't beat security and support that bank provides, as well as some form of assurance of your funds safety, bitcoin is more useful with seamless, secure and anonymous transactions, yet hardly irreversible for those not careful about it. Bitcoin and banks are meant to co-exist, crypto act as a medium worldwide, or not necessary with banks ecosystems

Maybe bitcoin can beat the banks if all people don't trust the banks as a place to make a transaction and to saving the money. People will use bitcoin only and leave the banks. But I hope that the banks upgrade their system with the blockchain technology inside so people can use both bitcoin and the banks in their real life. I think that it could be possible to happen in the future and if that really happens, then I imagine to see bitcoin will become globally.

Crypto replacing faints I don't think that will happen and even if it will is going to take a very long time to achieve that, since the bitcoin/ crypto currency is still at it early stage. The banking system is well supported by the government and at that enjoy the support of central government of they country they operate within.

In my humble opinion Bitcoin already beat banks because of the fact that we have the full control of our funds just by using Bitcoin wallets, we can even pay faster transactions anywhere in the world in just a couple of minutes, we can buy goods and pay services offered online without hassle and lastly people are now replacing their investments from fiat money into Bitcoin due to high potential.

Even if the cryptocurrency will continue to develop, banks will continue to exist vseravno and there will be no threat to their existence. Individuals and legal entities will still need bank services. This is especially true of business structures. For the preparation of tax reports, enterprises of various forms of ownership need documents from banks, where they serve the conduct of business.
It is especially necessary to highlight the fact that the state itself is interested in the existence of banks, because banks actually serve the country's budget and credit its economy.

any technology that exists today, for example bitcoin with blockchain technology that they have will not be able to replace banks as a whole because I am sure there are still those who trust banks, and not all people believe in cryptocurrencies and their technology.

Banks are subsidised by the state they operate in via a variety of means.   I dont think we can really say Bitcoin came out on top until its beaten that unequal footing that is enabled by the overall taxation and ownership of money, given by a state to certain entities that support it reciprocally.

In the end I expect banks to beat themselves, to fail their original purpose and only then be replaced

The blockchain technology has already shown a lot what it can do and it is already much better than banks.  Banks it seems to me that over time will depart.  Unless of course they will not be interdependent with cryptocurrency.

that is absolutely true and it would be impossible for bitcoin and the blockchain system to replace the bank because the bank is still trusted and used by anyone in this world anytime

For now, it's too early to say that bitcoin can beat banks knowing that banks are supported by the government while bitcoin is not yet even legalized by most of the countries. I think only time can tell if bitcoin will dominate over banks and that time they will be replace with bitcoin. Let's just be contented for now seeing bitcoin another option for payment system next to fiat currency.

Those comparing both of them are deviating from the main objective and creating unnecessary argument that is not worth it because someone who is educationally sound would fully understand that it is not possible and satoshi himself never saw the possibility.

We have to strictly focus on what crypto can do which is to serve as an alternative payment  easier which uses blockchain technology that makes it easier to transact compared to banking system, but we still need banks for the transactions to be successfully carried out since there can’t be crypto without fiat. Let us avoid paying attention to those that are just carrying information that we surely know it is impossible.

It is always hard to replace the physical money that we have with a digital coin, so in connection it would be so hard to replace or beat the banking system with the use of cryptocurrency. Banks are regulated by the government and every financial institutions to make the economy stable and when necessary controls it to avoid affecting the national economy. Cryptocurrency is decentralized and unregulated that depends on the volume of usage thus it becomes volatile. Nobody wants to loose investments due to volatility therefore people would move out back to money if they feel they might be losing. So this makes it really hard to replace money and in the same way hard to beat banks because cryptocurrency cannot store money just like banks do. Maybe in the future if all will be stable for cryptocurrency.

I don't think so, Bitcoin is a supplement to what banks has. Crypto are created to be an alternative to Fiat and not in competition would what current really is. So for me, Fiat and cryptocurrency share the same perspective and that is to serve as the means of doing transactions online and in traditional ways.

No, a bank provide a service to customers involving currencies. It can easly be can be compared with a crypto loan/lending platform.

Well, there is a reason why it is compared. You see, the first time I met a guy that knew about Bitcoin he told me that you can achieve transaction freedom with it since you can use it wherever you want as long as you that person accepts Bitcoin. It is a decentralized crypto currency and no government will track your transactions. Also, Bitcoin can be stored by yourself without the help of the bank. So I think that is the reason why people compare these two. I am not on the side of any of them since they are both useful.

Impossible is not the correct word to use. The advent of bitcoin came because of the corruption of the banks to making national debts and rising inflation rates of fiat currencies all over the world. People accepted it because of its advantages over fiat on these aspects. Banks are definitely trusted by people because they wont trust a currency that you cannot see or something that commonly people refer to a criminal money - you cant expect every human to accept the ideology behind cryptocurrencies.

So its better to accept it like this that bitcoin and banking system are two different things and you are free to use both and banks are definitely going to be used everyday for needs while bitcoin is used for specific purposes that need deviation from fiat payments.

it will never be able to defeat the bank because the bank is still widely used by many people and the bank will also be used whenever there is a digital currency and a blockchain system that is easy to use

Yes no doubt banks are being use in some place but we are talking about the future that in futures banks will be no more because time is being change now people are more active and they like to use new technologies., people are found of technical goods, they are accepting new era where banks is not suitable to store money for long term.

In some instances, Bitcoin can be considered as a competitor to the banks. And even the banks consider Bitcoin as a threat for their survival. So my opinion is that there is nothing wrong in comparing Bitcoin with banks. There is plenty of overlap between the two.

Banks dont seriously consider Bitcoin a competitor, its more a transmission service then what a bank does which is offer leverage, lending and some other services.   Bitcoin doesnt offer any leverage within its protocol, only operators who then use BTC can do that service and its fairly select for that occur and not much a threat to an established industry like banking

defeating I think it is very difficult that it is possible that the bank will adopt a system that uses crypto currencies because we know that the system used by crypto currencies is using time and technology and banks will need

banks ,cryptos and fiats will all co exist together  because bitcoin cant work properly or wont work at all without the help of fiat and fiats wont also work without the help of banks because who will produce fiat anyway ?   there is no competition on here  . bitcoin is not created to beat the banking system or any other payment system out there  .  bitcoin is just only an alternative curreny  .

yes the bank really can't be matched because of this
because all payments have been around for a long time and have become the fundamentals of developed countries
and it is not possible for something new to directly defeat the old one
because our society also doesn't understand how crypto works
and people trust banks more because we can come to the bank and transact safely

I think It won't happen if the government doesn't go bankrupt. In other words, cryptocurrency can be used in under developed countries instead of a bank.

In my opinion, it will not be able to beat the bank because banks have many functions, such as money transfers, giving credit, savings and time deposits, safety boxes for safekeeping of valuables, etc. that are not all owned by bitcoin.
But for financial transactions I believe that bitcoin can be an alternative to simplify and accelerate because of peer to peer, and more and more user.

Yes, both of them are very important to our society, we need both to have a smooth and successful transaction, just that the benefit of one outweighs the other, the benefit cryptocurrency brings in its operation will make people have more attention on using it as a payment system to that of cash.

Cash still has a little role to play and as long as cash is in existence, bank will always function, provided it is still the legal means of making paper payment, no matter what, even till decades time, there are so many people that will not be technology inclined, so they will still have issues in using BTC as means of payment leaving it to those that are technology inclined. So I see a balance between the 2 of them.

Possible but it is all in the hands of us,when we are using cryptos for payment then it will make revolution on the payment system which could destroy the old centralized system but with the current intention of crypto investors it will never replace traditional banking because at some stage we need banks for cashing out our cryptos as fiat.

Bitcoin used for peer to peer transaction and as store of value or digital asset. Hard for bitcoin to beat banks because banks already have good infrastructure on our current economic system. Without banks right now, there is no growth on our economic and our economic system will back to barter system

Do not think too much negatively, the bank does not take bitcoin seriously as a competitor, they let bitcoin grow.
and banks also believe that the growth of bitcoin will not bring down and eliminate banks in the world

Agree, banks that really don't care and don't consider bitcoin are a threat to them in the future because of what bitcoin provides, the services and features of bitcoin, it is still not comparable or better than the services provided by the bank. Although many people are starting to participate in bitcoin, the number is still increasing every year but all just a place to invest, they don't think bitcoin can do something better, and we should remember that the banking system is always a place to get government protection, if bitcoin wants to replace the bank, it should be careful with the government.

I think that most likely banks using blockchain and bitcoin will beat us in the near future by issuing loans in bitcoins and other top cryptocurrencies ...
Ps banks will never die

If the goverment go bankrupt and you wouldn't even live now. It's the worst that shouldn't happen. Ironically, you need bank to maintain the economy of certain countries. If Banks become irrelevant, then the economy condition would be so bad.

Unless we make a new country to do it, just awkward thing when you say cryptocurrency is possible to defeat bank's function in the future and nay that all in the hand of us. How we can do for cryptocurrency can be accepted well by government? everything has been done by us maybe but government still make a limit for cryptocurrency especially bitcoin grow up. Moreover, bitcoin has been known by plenty people in my country as negative thing. So, although the government accept cryptocurrency maybe just a little possibilities they will choose it.

in my opinion bitcoin will not be able to replace banks because the world's population still uses physical currency, especially in remote areas and in various countries have not legalized crpyto currency as a medium of exchange or buying and selling

Simply always thinking of advantage that they can possibly get from this system, they are not treating this chain as a serious competitors since they are still profiting from transactions converting crypto to Fiat and vice versa as it's still most traders still using banking system after investing inside crypto market.

Banks are still unbeatable this day by bitcoin because banks are stable and they have a lot of good offer for the potential consumers that might trick them into using the bank instead of the other option like bitcoin. Banks are offering insurance and also almost assured investments for their customers while bitcoin is still volatile and a lot of people are giving negative thoughts toward bitcoin that result into discouragement for the other investors.

This is very unlikely when most populous countries always issue a ban to separate it from their country. We need big countries like India and China to accept Crypto because these are the two countries with the most investors.

indeed, crypto replaces the bank is not possible. because in general the bank has been used by everyone and has become a human habit in using the bank. because until now the bank is very much needed by humans in any transaction. so indeed the longer the transaction gets tighter.

I think so, the cryptocurrencies (I'm not talking specifically about bitcoin) can revolutionize the world economy. All this depends on people's awareness, about the advantages of cryptocurrencies compared to 'Fiat Money', only massive adoption will lead to the cryptographic revolution.

And in this I believe, from there the traditional institutions that do not fit the criptocurrencies will definitely fall into ruins.

Remote areas are not the majority of people.   I forget the % but its a high proportion of the world is collected in cities and highly populated areas.     True there are billions of people in the world who need better access to online networks but most people in an active economy can get access at some point in a week which is good enough

Banks can go broke due to mis judging leverage and finding it hard to repay debt with hard money.   The atmosphere we have at present is very soft money quality with interest rates still at lows of over a decade and all time we have never had interest rates this low and for so long.   
I dont think Banks issue crypto loans, they are very biased to this cheap FIAT standard being given by government as subsidy to their continued operation.   Governments have alot of debt and dont want harsh currency standard as it would force a repayment and retraction of the easy money.    Banks facilitate politics and this excess spending, till that changes banks continue on this plan

Banks are adopting blockchain and will adopt some cryptocurrencies in the near future. Unfortunately, this technology can be easily copied by anyone. Moreover, big institutions have lots of power to build and improve any technology based on blockchain. They are just waiting to see if the market is mature enough. They don't care how decentralized their system. They just care about speed, scalability, and security.

Appreciate your analysis right there, and its not that Bitcoin wasnt creted to beat the banking system, when infact Bitcoin was created that has distinctive idea from the current banking system. But honestly, Bitcoin wont replace fiat or the banking system.

We don't know what's the right answer for that. It is just like it depends on one's perspective. If you are pro centralizatization (e.g. A bank owner) then for sure you'll disagree that crypto will soon invade our world. On the other hand, if you are a geek and hate the current banking system then you tend to say that it will soon replace fiat.

So as a btc holder, I say and hoping that cryptocurrency soon dominate the world. Who knows? Technology is there and new advancements are always waving to us. Let's just wait and enjoy what happens next. 

I see bitcoin and fiat working hand in glove rather than opposing each other, in recent times a lot of projects has been working on blending the two form of currency together, a case at hand is PrimeX which will serve as a platform for the exchange of digital currencies, both crypto and Fiat. No matter what type of currency will participate in the currency pair.

not directly, but many functions favor bitcoin, rates, transaction speed, volume, something that a bank could never do better

that means there will be many competitors who will arrive? and not only crypto is a threat to banks, but many other competitors. I also think so because technology certainly will always go forward, anything can happen. but in my opinion the bank will continue to be in the top.

bank could replaced or defeated by anything.banking was system in our economic cylce , and they have important roles in economic growth.but bank could take advantages from blockchain developtment.

It is possible for Bitcoin to beat the banks, if we use our brain in an effective way. We must take out awareness campaigns to educate people about the exploitation being done by the banks. It may not be possible for Bitcoin to replace banks, but if it gets popular then the people will be left with more choices and the banks will lose a lot of power.

If we use Bitcoin, we don't need the banks to store our money. We don't need to pay their insane fee, and more importantly there will be more anonymity. And it is getting more necessary nowadays, as the banks are pushing hard to eradicate physical cash. They want us to use credit cards, so that every single movement that we make can be tracked and traced.

If we need to preserve our personal liberty, then it is necessary that the power of the banks should be curbed.

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can.  You can't just create bitcoins out of thin air, doesn't work like that.

If bitcoin can beat the banks then there should be no banks in our world but there are still banks in almost every country and that is a clear sign for us to realize that bitcoin cannot beat the banks and there is no sense for beating the banks because banks are still good place to store some of wealth with a high level of security.

I agree, bitcoin has a very limited function, bank is more trustworthy as they are called a business of trust.
Though bitcoin is more transparent as it's running in a decentralized system, but people still trust banks than bitcoin, we cannot change that reality

There is no way government can go bankrupt and even if they don’t go bankrupt, the percentage of crypto usage to cash will be higher which will make bank relevance to be less but not completely wiped.

Crypto is both useful in both developed country and under developed country and to me, I think it is even more useful in developed countries, under developed countries are not much exposed to technology and for crypto to function very well, it requires technologies to be put in place, and I think banks will even be more useful in under developed countries than the developed ones.

Yeah I agree with you bro, Bitcoin and Bank can coexist both, we are also need the Bank to withdraw
our fiat money from result we get from Bitcoin. I think Bitcoin always need the Bank, but the Bank cannot to controlling the Bitcoin.

I don't think so. Withdrawing and buying Bitcoin is possible without banks. There are money transfer companies and other outletd that provide that service. For example in my country, we can withdraw Bitcoin by converting it to our currency which is Philippine Peso by local exchange here (coins.ph) and we are able to withdraw it through Palawan Express, Villarica, and etc.

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

I think its a long process. Adaptation is somehow the big issue. We know that bank is a financial institution that mediates the exchange of physical money may adapt btc in there business. So probably it cannot beat banks directly but somehow influence to add or use it in there business.

it's not that easy crypto replaces the bank. because the development of crypto still depends on market conditions and situations. so it's hard to believe that the bank was replaced by crypto. yes maybe just slowly but surely. we'll see, because sometimes that estimate is not something that happens in reality.

I think it can beat the bank because we can know that BTC has become a world scale not just one country especially if more people work in the field of bitcoin, then the more that saves money in bitcoin but banks with bitcoin are also different, bitcoin in real digital bank so we can use both at once.

I think we need go over and look past into competition. Instead of Bitcoin beating banks, we should aim for Bitcoin to co-exist with banks. This way we can gain the benefit from both. Banks are also one of the foundations of countries, we don't need to beat banks, we need to be able to cooperate with them to realize the benefit of Bitcoin so we can use cryptocurrency to the fullest.

Until whenever the bank will continue to survive, this is because the state protects in full, if someday bitcoin is more dominant than banks it certainly will not make banks disappear.

Not only Bitcoin, bank businesses in the crypto market will gradually serve and reach potential customers. They will certainly rob many of the banks' classic customers because of their low utility and transaction fees.
In the future, we will see banks changing or more advanced money transfer tools to fight the blockchain. We will see a fierce struggle! ;D

And how can Bitcoin beat banks? How will we compare these two so we can say that Banks lost to BTC? It is true that in the future, it will all be a digital currency transaction being used but I don't think that will be Bitcoin or any other crypto currencies in circulation these days. It might be that certain country's fiat.

I think bitcoin can replace some of the functions of banks. But not all. There are services like lending, mortgage, etc etc which isn't replaceable by btc. Banks control the money supply. That is the thing which bitcoin is here for to replace. A p2p decentralized network of nodes is an amazing technology. A far better system than fiat.

Bitcoin can beat and overcome banks provide you have the following things ready.

1- Whole world is connected with Internet and there will be no place with Internet.
2- Every one has basic tech knowledge of how to operate the PC / Mobile
3- All the people should be aware of the security measure which are required when using Bitcoins, else their bitcoin are at risk of stolen/hacked.

Banks are now accepting the technology of the blockchain because in some banks I have seen some using blockchain technology, but another reality it after investing in bitcoin I think there is no need to put your money in banks as crypto currency investment is safer and easy investment, banks will only hold your money for long term but there will be almost 10 percent profit.

Only third point is missing,we already have most places with internet connectivity even if we don't have any vegetation there. :D

Bitcoins cannot be hacked but the wallets we are storing can be hacked if it is an online wallet or you exposed your private key to the scammer.

Banks will never disappear. After all, they provice some services that are really needed by the people or entrepreneurs. I'm actually OK with that, as long as you have the chance to opt-out peacefully of this system and change to a better alternative.

Just give it a few more years and some more robustness on layer 2 solutations a some sidechains taking a big chunk of transactions from the mainchain.

Of course not. Bitcoin or other decentralized cryptocurrency will not be able to affect banks or other financial institutions so as to be the reason for the termination of their activities. Banks, especially state-owned, are under the direct protection of the state. Their activities will always be in demand by the state, as well as legal entities for servicing businesses and individuals for lending, depositing and receiving other types of services.
Yes, Bitcoin and can not damage the banks. In the future, after the legalization of cryptocurrency, they will exist together and complement the capabilities of each other.

That's why i don't believe cryptocurrency will going to beat the banks but i do believe also that fiat and cryptocurrency will collaborate in the future as one. Acting both as a payment in real life but the difference with these two is that one is physically real and the other one is digitally recorded with the blockchain technology.

If bitcoin will issue and give loan to the costumers I am sure then there is be no one who will be agree to save money in bank, mostly people use banks because they want some loan and they are getting this opportunity with crypto so no one will be interested in banks and gradually banks will disappear from our life.

Banks will never use blockchain technology for transactions if they do then there is no point on doing that when we can do that by ourselves.

We are not using banks to get loans it is for making transactions from one place to another without much effort but it is our money we are giving all control to someone called banks.

You do not get the sense of using blockchain technology for the banks. If banks will use blockchain technology they will get a more secured system and they will have less errors and downtime to their server since blockchain is fully based on cloud and there is low to no chance to fail in terms of using blockchain technology because it is supported by a lot of computers around the world.

Yes and no. Bitcoin could beat banks only  if there could be a massive adoption. What is massive adoption? It is the term in which there would be so many people that will use cryptocurrency or bitcoin. And by the mass adoption it is guaranteed that bitcoin will be known in the world and the price of it will go high. And gaining price could mean that it will make many investors to come in the market. 

But do we need that anymore?

Why need to pay extra fee and lot of expenses which will be go from our hand so just trash the banking network then we can save lot of resources and our money as well.

   Probably bitcoin can beat fiat currencies.But about banks themselves I really doubt.
Banking system and banks perform big and old organizations which brings a lot of money to the government and it's owners.
  Add to everything I've already said, banks realize such functions as money storage, credits, exchangings, pay bills and many others.
Bitcoin simply cannot replace all of them and remove banks at all.
   I do not say that it is ok to be used by government and banks in such position that conditions of life in our countries makes us to go in bank and take a loan or store our extra money there. But this circle is so old already that we drowned in all of that to ears already and I do not see any escape from that.
Even with crypto's help.

I can copy the mona lisa but it doesn't make me Leonardo da Vinci.     The big banks will copy the open source of crypto but they will also likely ruin the main premise of the network being distributed around the world and not controlled by any particular entity unilaterally.
Of course a capitalist company wants absolute control of their asset for their own benefit and not so much their customers or anyone.    That flaw they implement puts an end to the project likely expanding beyond just a plain token which was possible since the 90's

We had internet token schemes before and they dont last, banks will just do that some more

It's always cheaper to have someone else do R&D for you and you just steal the concept once it's been proven. Usually, governments have to dump a fair amount of money into R&D grants for universities or other scientific institutions because there will be a very limited investment from companies otherwise. Just look at the original space race, for example.

Banks will try to adopt the best products that new technology introduces, but if it simply isn't economically viable for them, or there are cheaper alternatives that offer the same result, then I'm pretty sure that they won't be interested in trying to apply any "new" tech. I don't think that there's a lot offered by Bitcoin for banks that would make them consider implementing some of the tech.

I think that in the foreseeable future, the bitcoins will not be able to replace Fiat money, in my opinion, this is obvious. Many people are still financially illiterate, and cryptocurrency is an empty sound for them. Banks in their usual form will not disappear, but I think they will try to introduce cryptocurrency technologies and adapt them for their development. This should lead to a symbiosis of Fiat and the crypt or their parallel existence in banks.

Bitcoin and other cryptocurrencies will surely beat Banks at the log run. We are not there yet, crypto is still at an infant stage. With JP Morgan Coin, XRP and hosts of others that are providing alternatives to fiat in crypto space, it is just a matter of time before the revolutionary takes place.

Definitely no.Bank is like walls and bitcoin is just like flys theres no way bitcoin would ever beat banks.Im saying this to be realistic not going against bitcoin im a bitcoin fan too

One of the advantages or sources of state tax is in the bank, moreover the governments of several countries do not talk about cryptocurrency in detail and there is no interest and profit for the government itself, inversely proportional to the bank. In my opinion crypto will not be able to replace the role of banks all this time, maybe if there is a relationship between the two, they will oppose each other against regulation and the function of crypto itself.

well, nowadays banks are far bigger than bitcoin, even when banks are connected to each other it can make a great distance from bitcoin. however, banks and bitcoins are indeed difficult to separate, because after all, bitcoin is also valuable because of the money and regulations that the bank has made

I doubt that bank can defeat by Bitcoin or crypto, because digital currency was always connected into fiat and through bank in some other way We can able to convert it into a real money. Probably in the end, bank can adopt the concept system of Bitcoin and crypto through blockchain technology.

I don't think bitcoin will annihilate banks. It may just beat the banking system in terms of transactions, but to annihilate it completely, I think, that's another story. We are living in a material world, though life here is so fast-paced. Still, we, as material and physical people need physical financial institutions. And the feasibility of bitcoin in ethnic lands is too low. As long as there are fiat, there would still be banks to regulate and circulate it. Worse comes to worst for banks, it might adopt bitcoin also.

There is really no need for any bad blood between crypto-users and bankers. It is possible for Banks and crypto to co-exist and under such a scenario, both the sides are going to benefit. Look at the stock market. The banks are closely involved and this in turn has proved beneficial for both of them. Same strategy can be adopted for crypto.

Yes it is not good but the reality is that banks and bitcoin are not the same, people like now bitcoin more than bank because they know banks can give safe future than that of bank when you store your money in banks it will remain the same but when you invest in bitcoin it remain safe at the same time it rise higher in price.

Agree with that, though both can be considered as storage of value but they are totally different. Banks never have a way to compete with crypto but they might be adopting into blockchain technology just to make their services faster and more efficient. They couldn't hold crypto coins just like they'll do for fiat money.
Yes, we can justify that banks will be the safest place to keep our money rather than of online wallets.

This will be very difficult to achieve. Banks have been deeply rooted in the center of the world's economy. Moreover, I don't think everyone one can handle Bitcoin since it has to do with some level of literacy. Those that are not learned will find it really difficult to handle Bitcoin . This will still give bank an age over every other traditional financial

Bitcoin is a new thing for the world economy, how can bitcoin beat a bank that has been used by people for a long time. New things are not created to replace the old things but the new system is expected to improve the old system in this case the world economic system including bitcoin and banks

The technology is to make the things that were impossible to be possible. Some seems to be really a hard task to achieve, but with technology it'll made better. With banking for large volume transactions it is a must to go with various processes and the same is made simple with bitcoin. This way it enhances the usage in a simple way and doesn't tend to replace banking.

As per my opinion, it is not possible in near future that Bitcoin beat Banks because banks are more trusted for people to put their money but Bitcoin is a digital currency and still its access is not available everywhere.

Yeah, Bitcoin is just a new character, it just appeared recently and with such a short time, bitcoin really can't get too much trust from people, even if it is very good and potential, replacement and beating the bank is still impossible because the bank has been used by everyone for a long time, its system has been improved to suit everyone, especially when banks are always associated with government, a good service and guarantee, there is no reason for people to choose bitcoin, instead of banks.

If banks did not had the power of fractional reserve banking I will be fine with their existence and their business model but since they can print as much money as they like and then make you pay interests on those loans then their business model is dishonest and this needs to change, bitcoin offers a solution to that problem since they cannot print bitcoin at will like what they can do with fiat but I am sure they are planning already a way around this if bitcoin becomes as popular as we think it will.

Bitcoin is a decentralized system and I do believe that this is the only system that is going to resolve most of the financial issues the whole world is facing right now.  Bank make money from people and paid them little or no interest but crypto or bitcoin makes us to become bank ourself.

Most likely it will be so.State-owned banks may not disappear,but private banks may disappear as unnecessary.When this happens it is difficult for me to predict,but it is likely that it will happen soon.(from 1 to 3 years)

I beg to dis-agree. I don't think that private banks will disappear as well. They are obviously funded big time by lots of investors with deep pockets so I doubt that they will allow it.

With that said, bitcoin can't and will not beat banks that's for sure. These institutions is already established, and has the backing off a lot of investors from behind so it's going to be difficult. Unless those investors liquidate all their funds and move to bitcoin but that is unheard of.

This will not happen, crypto and fiat complement each other. banks are actually happy if there are new technologies such as blockchain and crypto/bitcoin appearing and just look at now, how many banking institutions are starting to research and want to implement blockchain on their systems. On the one hand, we will also need both fiat and crypto in our lives.
"crypto and banks will complement each other rather than defeat each other"

Yeah there may be an innovation where both can help each other, in a bank there are several foreign currency deposit facilities, and I think bitcoin or others crypto will be included in the list when legality has occurred. both dont need to be pitted for this

And the goverment will trust more and choose to stick with banks because they are regulated.

Bitcoin can't be regulated if its for the supply but for transactions in a certain place, they can do something about that. There will be bitcoin banks that can be adopted by the bank itself and we will see on how it will change the banking industry gradually.

Why not? Bitcoin already beated bank since it was just invented. By saving Bitcoin instead of centralized currency, it means that bank's money is lower than before. They lose their cutomers because people decide to use BItcoin and other cryptocurrencies to store their money. About crypto replacing financial institution, it's on progress though. I do believe in the future bank system will switch from centralized to the decentralized. But, I dont suggest you to store any of your money on banks no matter it's centralized or decentralized because there must be always something bad on bank system, the bankers.

Neither state nor commercial banks will disappear. For them, there is always work. It is unlikely that commercial structures will refuse to service in banks and will switch to the use of calculations in cryptocurrency. Banks issue the necessary documents for tax authorities and auditing. Cryptocurrency in this regard can not replace them. Also, banks perform a lot of specific functions for which cryptocurrency is not capable by nature.
Therefore, banks will continue to exist in its normal mode.

Yes, it's true,
Collaboration or new innovations from banks and crypto blockchain will probably emerge in the future given the interests of the banking consortium that has now emerged and conducted various studies. This is also intended to facilitate all fiat cross-border transaction activities and crypto/bitcoin transactions themselves, and in the end we will enjoy them. Actually, this is a complementary package to each other in my opinion towards a system perfection.

Depends on the situation. For savings, it will. Cryptocurrencies like Bitcoin is a superior store of value when the market stabilizes enough.  But for day to day transactions, the future is hazy since crypto will always play catch-up to newer centralized financial innovations. But of course blockchains have other uses than money.

In my view it cannot
Because it is a great idea , it is a great currency but it lacks stability and it's made in such a way that it doesn't revolve around anyone but the people who have huge sum of Bitcoin in their wallets thus it can be used in a bad way by rich countries and can be used as a form of suppressing them, therefore what's bank doing is something that is essential for a stable economy and maintains a countries different value , unaffected by any other therefore I strongly think that Bitcoin won't be able to tackle banks.

Quick question then, why couldn't the banks prevent the last economic crisis if they've got the 'stable economy' super power? Don't forget that centralized entities like the bank constitute a huge problem for economic fluidity and balance, and this is core to decentralization.

The only reason why bitcoin or other crypto are seemingly unstable is due to FUD spurred by name tagging such as 'unregulated assets'.

There is one area where cryptocurrency is coming close to beating the banks, and that is the remittance industry.

Here is a survey done by Clovr in Dec 2018 about remittence methods from the USA to the rest of the world:

https://www.clovr.com/page/sending-money-back-home

The survey participants were asked to choose all the sending options they had tried in the previous year:

https://cdn.buttercms.com/VQJYE02qQPmhhhuUqt5b

As you can see, Cryptocurrency is in fourth place at 15.8%

I reckon within a year or two it should overtake traditional wire transfers by banks.

Notice paypal at the top though. It's pretty entrenched and only reducing crypto fees will knock it off it's perch.

For me this is possible because the more we are getting in developed era the more bitcoin is being famous and banks are reducing the value, banks are not fair with investors because they give small earning with time, but if you have so many crypto currency you will be able to get maximum profit, this is good time for us to invest in bitcoin because price is low, holding money in banks will only get rusted.

I do not see bitcoin as a competitor of fiat currency. The two currencies can coexist. One can use it as an alternative to each other according to the users need. I think proactive banks will look into Bitcoin and at least find a way that they can provide the two financial services to its consumers

Cryptocurrency will not be able to destroy the banks. Cryptocurrency will be able to bite off a large bite of users who use the services of the bank. Because crypto provides much more freedom.

I think nowadays banks are still bigger than bitcoin, or cryptocurrency. well, this is because bank trust has been embedded in the community. other than that, banks are official things that come from the government. I just feel that the bank will hold cryptocurrency to expand its function.

It seems very unlikely that this bitcoin can defeat the bank, because a bank has been strongly trusted by the community to save their assets and invest in the bank and the bank already has enormous trust from the public even though the bank is not one hundred percent safe

This has been in discussion since Bitcoin captured the market. Obviously, the crowd towards crypto focusing on bitcoin has really increased in the market. Investors have become too huge when compared to few years back and now. Yes, number of crypto currencies and the services its providing is largely accepted vastly. This really covered Banks' crowd into crypto  i would say.

The trust isse is going to be there unless a method to transact is discovered which allows transparency. Bitcoin is close to that theoretically though practically there are a lot of things to speculate on. People trust banks because they know the ones running the bank and have been using their services at length. These are some bad points for bitcoin being more popular in the tech-inclined crew and not being trusted by a certain group of people.

Nevertheless, we expect a sort of balance between the two and thus in future we might see bitcoin taking over.

If cryptocurrency is able to poach off a large number of the bank users, then that can lead to the destruction of the banks. If the banks think wisely, then they can find some middle-path, where both the banks and cryptocurrency can co-exist. For example, they can offer exchange services or cold storage (provided the services are legal within the jurisdiction).

I think so, that it will definitely happen. moreover the world has become more sophisticated with the many online wallets with their various promotions, of course the world has become more digital than before, that is proof that the future will be friendly to cryptocurrency. Cryptocurrency is a new innovation and banks will work together to keep their customers comfortable.
the idea of bitcoin defeating bank, it will never happen

Banks will still remain even Bitcoin or crypto will become popular in all countries. They may able to adopt or accept it but not in terms of defeat.
In fact, there are some banks now are joining or riding on the trend about in bitcoin and Crypto. Though, it is already a lot of bank clients are becoming open minded about in Bitcoin.

Bitcoin is decentralized and it's not tied to any financial authority. Also, the goal of Bitcoin is not to fight banks. IT gives the new ways of finances but still it's not threat to banks. Banks will continue to exist and run their business but with time I'm sure they will include Bitcoin and other cryptocurrencies into their services.

I also agree and hoping that someday in the near future, banks will make its way to really appreciate how bitcoin works and how it can help the system, if this two venues will not compete but instead embrace each other for the benefits of the end users for sure it will succeed.

Yeah for sure in future bitcoin and other crypto currency will gain more value, bitcoin is already being use by so many people will use it to save their money for long term, it gives profit to store, now some banks are using the technology of bitcoin as it gives more than double profit, crypto currency specially bitcoin will is our future bank and crypto banks will go disappear from market.

I dont know if bitcoin can beat banks but i trust that bitcoin is a serious alternative to the financiaș services offered by banks and everybody fears of such competitivity.

I believe that banks are already a little worried about their reputation.  Because bitcoin is much functional banks.  Because it is easier for them to cooperate with him than to contradict.

Not sure they are as worried as you might think, tho I do believe the existence of decentralized currencies pose a threat to financial systems, however, the reverse is also true. But there's a growing interest to use blockchain in streamlining banking processes, and I do believe that's not without studying the profound success of the blockchain - Bitcoin.

Any institution will always be worried about its reputation and thus attempt to do things to increase it. Traditonal banks are no exception. They detest bitcoin but in reality that will always be a supporter or bitcoin in the dark. They know the potential in bitcoin and they dont want that price rise to go to waste. Even if it might seem conflicting still its what is is.

Why people stould be worried is that these banks can and are currently doing mass collection of crypto at low price. The competition is rising.

To defeat the bank I think it will be difficult, because the bank is an institution that is regulated by the government, but bitcoin can be an alternative payment method.

Bitcoin won't be able to beat a bank, never will.
the blockchain might be able to but not replace the bank, only replace the system, the speed and accuracy of the blockchain system which is now being developed in various banks in the world and will be implemented.
Bitcoin is only an alternative for fiat (we claim that but not everyone agrees) but is not official as a payment service in every country in the world.

The existence of banks, especially state-owned, is not in danger. Banks are in fact part of the state, since they serve the financing of the economy of each state and therefore are under reliable state protection. Cryptocurrency does not threaten the existence of banks, but even if threatened, the state would quickly eliminate such a threat. The state has plenty of leverage for this, many people do not underestimate it and are confident that the cryptocurrency will do whatever it pleases with the financial system of the states. Far from it. Cryptocurrency will always exist only as one of the types of cashless payments and will go only in parallel with the national currencies of the states.

The only leverage banks have over Bitcoin is the fact that they are state-owned, or private with strong political ties. As long as Bitcoin's decentralized community expands it might one day achieve the reputation of the incumbent banking system, without inheriting its corruption.

Does Bitcoin have banks though, it has exchanges and gambling establishments which are the two main sources of BTC on demand.   The main people demanding seem to be hackers trying to break in and force a withdrawal due to the immediate and virtual nature of the establishment its very enticing to do so.

Im not sure BTC otherwise offers services in the same way a bank might with that cliche image of a vault and so on.   Even while banks have modernised somewhat in recent years and innovated its still going to be that BTC is something else.   Closest idea I come to saying quickly would be along the lines of crowd funding I guess, thats distributed but a united funding effort

I believe the two in comparison are different operations

I don't think there will be anyway related to this issue but if any happen then it will be legendary. I mean bitcoin and banks both possess the greatest concepts of money making and controlling and they are responsible for balancing an economy (bitcoin helped many third world countries to balance their economy). none the government will accept bitcoin of course but still, I support bitcoin and hate banks.

If you need a loan to borrow money to buy a house, Bitcoin won't help
If you need to open a saving account/wallet, even with a low %, Bitcoin won't help.
If you need to buy stock options, Bitcoin won't help
If you need to invest in managed funds, Bitcoin won't help.

These are just a few cases Bitcoin won't be able to help and we will always need a bank. Better to consider BTC as an alternative and not a pure replacement. Unless banks add BTC to their system

I did not think until there but it is likely that it will never happen that crypto will replace a financial institution even though crypto itself has the potential for that, but crypto and future banks will be able to walk side by side to help each other, there are already many banks that have used blockchain technology as we know that the technology is very attached to cryptocurrency.

Not all banks after run by governments though. There are privately owned banks as well, whether the politicians influence them is another topic. Bitcoin was created to be an alternative so you are correct there.

Although people see bitcoin as something that will disrupt banks that wont happen so easily. The thing is that banks would also find alternative methods to counter a bitcoin economy by themselves taking up a pro-bitcoin attitude and stance and then the tables would turn. This is still random thinking but who knows how it is going to happen. Hence it better to not think about it but stock up on bitcoin while prices are still low.

Bank is there I think more century because this is very helpful to the all of people in the world to keep their money safe . I don't think bitcoin beats banks in the future. I really like both because bitcoin can gives me profit and once I convert my money into fiat I will transfer to the bank to keep it safe for my future so better to be partnership with banks and bitcoin and I hope that happen

So far it is, we can see that what the government can offer are the things that the people accepted, but as we can see, Bitcoin is not just for some random stuffs such as investment, it is for a lifetime, a new form of transaction, just like in vegas casino we can do betting with the use of bitcoin without even minding going to casino. This is how the Bitcoin works, how it can help us in the future.

Bitcoin and other cryptocurrencies have generated significant interest, their adoption rates are minuscule and government support for them is virtually nonexistent. Until governments recognize Bitcoin as a legitimate currency, it has little hope of killing off banks any time soon. Banks across the globe are watching and studying Bitcoin. It is more likely than not that banks will one day issue digital currencies of their own.

Definitely, Bitcoin aren't against the banks nor banks are also against with bitcoin. It is just a misunderstanding of the people around, I know some banks are supporting ICO before and even successful with their project. May this market integration will help both parties to grow and makes them become successful of their targets and goals.

Never. BItcoin and banks are two different subject that you can't compare same as oil and water. Even though Banks really hate Bitcoin but they can use its feature and technology such as Blockchain to make their security become safer that being use with lots of banks nowadays.

It seems very unlikely for this bitcoin to replace the bank in terms of storing assets that we have because the bank of an official institution that has security is quite strict and already has considerable trust from the community, the bank is a pretty good place of investment or investment for our society  this

in my opinion it will not happen because the bank is the regulator of all of the government and indirectly the bank will slowly use or adopt the economic system used by the crypto currency

If we think with the real situation then we can see Bank and Cryptocurrency going to mixing. I mean, Banks are going to accept cryptocurrency because they are understanding the value of the Cryptocurrency.
So, those will work together in the near future everywhere soon.

Theoretically, bitcoin can beat fiats as it is technologically superior- the evolution of money is very dynamic.But on a practical ground, it is difficult to see bitcoin completely replacing fiats since fiats is based based on a model where government and banks control the flow of money and use it as a means to achieve government economic objectives.In that regard, fiats will always be in use because of government influence.

Bank is not considered as an investment. It meant for storing your money(regardless of the interest, because that's bad)

But, most of the time they are doing the opposite :^) They hate Bitcoin because it could make economy in certain country become worse.

Why would cryptocurrency have to beat banks in the first place? It seems that many people are playing the game that cryptocurrency and fiat systems are having that competition on which will stand on top that was not supposedly be happening because it is up to us to adapt into the innovative way of making transactions through the blockchain technology. We cannot set aside the dependency of many people around the globe to still rely on banks because not all people can do afford and can be able to use cryptos in the first place. Fiat and cryptocurrencies should be helping out each other to give services based on the demands of the people and not to create competition in between. Actually everyone can do use both fiat and crypto at the same time which depends upon the situation so I guess there is no such issue to rise up fiat beating crypto and vise versa. Because those two do have their own unique features that we people use for good so maintaining both is a better thing to do not to argue anymore which is best and which is not.

Governments have the ability to create instant demand for anything, they got genuine power to force that.   Ultimately I believe in market forces and every nation is a servant of change that will occur with or without them, obviously its alot better to be ahead of that wave of change not caught up in the turbulence that follows.

Its possible crypto is part of that change but I agree nothing is going to replace FIAT completely.   Just like FIAT has never actually beaten the old system of gold completely, sure its done a large part of that but even now we might see gold return.   We can see the return of many alternate standards besides the current dollar reserve system, we can see a variety of FIAT alternates, commodity based exchanges and also crypto can be some part of that

But it will take a long time to happen even if what you imagine might happen in the future. in recent years it will not happen easily and quickly. Believe me.

for rightnow , its still hard for bitcoin to beat banks , bank rightnow are too strong and everywhere , need much people to addapt the bitcoin and time by time try to beat banks

There is no way that Bitcoin will be able to beat Banks, they are very much essential to the backbone of the country, it is of no wonder that most governments tend to bail out the major banks during the financial crisis else it would be catastrophic for the economy  if those banks which were bailed out were allowed to fail.

yes you are right becoming the partner with the development of Bitcoin and banks will connected together is bright idea because if each and everyone facing problems with the development then people will affect the changes so if they are connected together only we can made the future to be a successful way.

Indeed, banking is always a product that represents the development and sustainability of a country, it seems to be a symbol for the government, so under any revolution or attack, the government always ensures the bank's existence and stability, and bitcoin will be unable to find a position to compete and beat banks when the government is always behind to ensure. In addition, I always think that if bitcoin wants to develop, what it should do is try to create relationships and cooperation with the bank, they will lead it to become popular and be legalized with goverment, beating the bank is not conducive to bitcoin

banks will continue to be used because they manage FIAT currencies that are recognized throughout the world, this will never die as long as human civilization still exists. therefore I am not sure if bitcoin can defeat the bank

Nothing is going to replace the fiat currency, the only thing is we can use both these currencies in tandem and it is the best solution in certain aspects, all the governments around the world needs to have a control over their currency and they will do their best to avoid a decentralized set up as it will take the power away from them, so there is no point in thinking about a future without fiat currency, but we will have a mix of the both worlds.

Totally agree, Bitcoin has to become less exclusive and elitist even.   To really be an everyday product for anyone then the onus is on the developers of various apps to interface with the blockchain to make it as simple as reading a newspaper, on a phone.     Almost nobody who watches TV really has a good idea how its working so well or even the remote control, it just does work.   They are on the next level of just operating it and knowing how to do that much is considered well learnt, same for any tool it just has to do its task without help or specialist operation I think.   When BTC is at that level we'll see far more growth occurring

My argument for Bitcoin to replace banks comes from the fact that people still want to liquidate to fiat currency, and that all the more stretches the point that we can't do without banks. I mean, it gives critics the edge to call bitcoin all sorts of names - gambling device, or even garbage (https://ethereumworldnews.com/shark-tanks-kevin-oleary-calls-bitcoin-btc-garbage/), simply because there's no actual mainstream independent use of bitcoin as an exchange without the end product resulting into fiat.

Bitcoin is invented not to replace fiat anyway, it's an option where everyone can transfer their money without third-party. However it is possible for Bitcoin to replace fiat, if people simply stop using fiat without an intention. But it's something that can't happen in just 10 years after its invention. Bitcoin will surely need time to be adopted and let people choose their ways (to use or not to use Bitcoin).

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I love this reply anyaway.

that is true, to any time and however it will not replace and defeat fiat money. yes indeed if bitcoin is told to defeat the bank it is not possible. but if bitcoin influences the bank to use it maybe it still can. and we will see it with the technological sophistication of whether bitcoin will or vice versa.

And why do you think Bitcoin can beat banks?

The only one in control of the fiat system is the government. I am saying this because there is no way that Bitcoin will ever beat Banks since a lot of countries owe banks a lot of money, well that is what they say. Fiats run on the centralization while Bitcoin is not the same. The technology of Bitcoin might be implemented in banks but I don't think it will ever beat banks.

In my opinion it is not a friend, because there are still many people in remote areas who still use physical money to exchange and in some stores and countries have not legalized cryptocurrency.  ;)

Bitcoin can't beat bank. Bank is an important tool to control country economy although the way that it use is really bad. Bank control the number of money that spread in the citizens by set the bank interest rate. High interest rate can make people save their money in bank so the inflation of money will be reduced. The money that saved there will be borrowed by industries to increase GDP. It is not a simple thing. But bitcoin price will rise because that system is no longer appropriate for this century. Bitcoin can be the best investment in this century. So bitcoin don't need to beat bank.

I don't think it's possible for bitcoin to become money or defeat real money,
Because bitcoin is currently still using as money exchange.
Everyone knows that every country has legitimate real money per country.

I think it's hard for bitcoin to hit the bank. in fact, later the bank will have a role in bitcoin. we know banks are in government protection, while bitcoin regulation is in the hands of the government. hence the government will make policies, so that the country's economy is not chaotic

In my opinion, Bitcoin cannot possibly beat a bank, because banks have taken root in all aspects of human life, from paying for school, home installments, or traveling to remote places where people use banking services.
However, bitcoin can be an alternative in the financial system that applies in countries that have legalized it as a means of payment, where people do not use banking services but direct transactions are peer to peer.

I think it would be easier if bitcoin banks were introduced to the public. A friendly bank to btc and fiat, accepting both currencies, and maybe some other altcoins too. Bitcoin doesn't need to defeat banks, btc just needs to put some pression on the banks to make them improve their services;
For an example: to decrease the taxes and general costs, to raise the interest paid to customers and decrease the interest charged from them. And of course, governments need to weak the regulations and open the market for more banks.

Bitcoin is simply not capable of replacing banks and other financial institutions. Therefore, it will never happen. Moreover, I do not think that cryptocurrency will have any significant effect on them at all. Banks will continue to operate in their normal modes and will switch to the use of blockchein technology and provide services in cryptocurrency only to the extent that it will be beneficial for the banks themselves.
Banks are actually part of the state and therefore will always be under their protection.

to realize it all, I think the role of the government is needed, because with the hands of the government can provide policies between banks and bitcoin, so it is not necessary for btc to hit the bank

Of course, because it's the politicians who dictate how everything works. The government plays a big role, but also the congress or the parliament. What have to be done will depend from country to country, as some countries are more restricted (centralized) than others.
But one of the policies should be to approve a soft regulation towards bitcoin, which accepts it as an investment and a currency and allows banks of the country to deal with this currency.

I do not think that Bitcoin have to beat banks in near future, or even in longer term, for example in next 10 years. Banks have their usefulness in our lives, Bitcoin and other cryptos could have better usefulness than right now, that is for sure.
With cryptos we have an option, we have a choice, we have a freedom, but that is not an argument that we do not need banks anymore. We actually need banks right now, but they went too deep into economy in my opinion.
I want to have choice what I want to do with my own money, so I choose to own some cryptos.

Maybe those who believe in cryptocurrency will assume that the bank will be defeated by the cryptocurrency, but with the support of the government, the bank has a strong foundation to survive.

Its not so easy that bitcoin beat banks, because its based only for the government that if they really allow to enter in their country, and the banks holds the government, so in that way it cannot defeat banks, but its possible because btc is much more stronger as times goes and until many years will come.

Well i believe in future we will use this technology for every transactions that we do in our live. But dont ever think bitcoin could replace the fiat money, its absurd and i dont think bitcoin even a currency cause it so volatile even though i do agree that bitcoin could be use to do transactions and also has a value, but still i dont think i would use bitcoin to buy something.

 I don't think bitcoin will replace banks. it is just a type of asset and can be traded in crypto market or pay for some services. At the bank, they still have their own functions and the world still needs banks to be able to safely store money.

It wont have to beat banks because banks will destroy themselves as a satellite of central banking its likely the reserves of most banks will be wiped out and fail as a secure centre of capital because of that bias to government.

Bitcoin doesnt have to replace banks because its more a currency then the organisation to replace anything else, its a means to an end.

I wanted to post this where it could be seen, a fund manager in charge of billions points out the total debt oweable is 600% of GDP and it is not likely possible to ever repay this debt properly.   It makes it far more likely the whole system will revolve to something that works better rather then change slightly in terms we might currently recognise -

https://youtu.be/I-BE8JQwCS0?t=783

Crypto such as bitcoin is more than that  . Bitcoin is not just an asset or a currency but it can also be a way to make your dreams come true since bitcoin can provide career to some people with or without an educational background  . There are still many ways to use bitcoin amd that is why i believe that bitcoin can beat banks soon .

People does not necesary need banks just because they want to secure thier money because you can still secure your money on your own  .  Banks arent also safe because they can be hi jacked by criminals while bitcoin and cryptos on the other hand are also a bit safer

Banks serve as a backbone to the economic scenario prevailing within the country, we can say that they are corrupt, they don't get to do the work in time, they charge high. The reality is that without them we couldn't have got such an access to technology development. Banks are a must and this will get used forever, but analyzing the need of common people surely they'll make changes within the sector.

beating the banks will definitely possible for the cryptocurrency but there is no use available for that that's why I think the connection between them will be needed for the situation to improve the development of both the normal currency and the cryptocurrency also..

Why not. As at the time of just paper mails, no one could have ever imagined that one day the electronic mail system would push away almost all the paper postal services. So, the cryptocurrency evolution can also do it.

Bitcoin can surely beat banks and convince the financial industry to adopt the use of cryptocurrencies as another payment method. What we need to do is to educate the masses out there how to make transactions with the use of bitcoin, ethereum, litecoin etc.

If that's just easy than said it, the financial institutions already form the the system adopting the blockchain to work with their businesses, but since there's a lots of discussions in regards to stability and securities until now the banking system still have  a larger support from any govern bodies all
over the world, the possibilities can happen if majorities of people will start pushing the usage of this currency, the entire effect will push the government
to start adopting the system as people speak for themselves.

that's what we expect as a bitcoiner. but I think the government will find it difficult to leave the bank, and lose their own fiat currency. but at least there are no policies that can regulate both of them can support each other

Bitcoin is a currency and can't act or perform like a bank so it is impossible for bitcoin to beat a bank. But the banks can use the technology that created bitcoin to build a better banking sevice or product in the future and that is blockchain. Government and big businesses always need the banks to support their business and economy respectively.  But bitcoin can also can also play a major role in helping the economy once the government decides to adopt it.

I can compare your question to 'Can H2O beat the oil industry' and the answer will be 'no' as big companies that's related to oil will not let it happen and they will do everything to hinder their competitions. Bitcoin is one of the greatest invention when it comes in an online payment but I don't think that its sole purpose is to beat Banking, as of now they are both have use cases in our world and there's no point in beating each other but who knows what'll happen in the future.

That's correct, bitcoin was never invented to be the main currency and to replace fiat as it's almost impossible given the fact that we are all controlled by the government. Just look at the trade war happening between the US and China, they both have power but one has to win in this war.

Bitcoin has no government and if it will be regulated we will be in full control by the government, we can utilize the decentralized system but we cannot do away the KYC when it's required.

I'm not a religious type of individuals, but I read some verse in the Bible through the books of Revelation that in the last day, fiat currency will no  longer be useful at all, since I believed that the Bible is the word of truth, well time will come that bank will also no longer be useful anymore. But I don't know if bitcoin is the one can beat all banks in the entire world.

All that is correct but your title is wrong. Since banks will still exist. They will have to reorganize but will keep on operating. What Bitcoin will do is just replace current fiat.

I think there is nothing impossible for Crypto to replace old finance. but it will seem very difficult because people already use fiat

Bitcoin will not beat banks, but we can expect the banks to adopt the blockchain technology through which each and everything is getting more efficient functioning than the traditional system. Even now with the use of bitcoin now banks have faced a huge loss and the same has made banking community to oppose cryptocurrency and some has begun to adopt blockchain technology into banking services.

No, cryptocurrency can not significantly affect the work of the banking system, especially so as to make them disappear. Besides the fact that a cryptocurrency can not have such an impact on banks, no state will ever allow any external factor to destabilize the work of banks. Banks, especially state-owned, are part of the state and it will destroy anyone who encroaches on their normal work.

The point I have to give everyone as a heads up is Trump or the head of China or even the governments and all the various agencies they sit as head of right this moment, these are not the most powerful thing in the galaxy not even the planet or even within each nation.

The most powerful force in any economy is the people, the means of production and the ultimate resource is human beings and we have billions of them which does not make them worthless as indivuals but its often forgotten when we talk about an economy we are talking about these incredible people and each one unique and massively productive.    Trump does not matter, he is an old man and will be gone soon enough maybe even in a couple years.    His ideas just like anyone else must reflect reality of the situation both USA and China find them selves in.

The simple point I want to make is when asked giant questions like this is the power to move economies is a natural phenomena not  politics or tariffs or false accounting and FIAT debt.   If Bitcoin succeeds it will be because it reflects the economy and assists and signals commerce better then normal paper debt manages.    

I have seen this question many time in the past .However the question raised many times by media or banker . The government mostly thought about this will it replace the financial institutions like bank .However if the technology is better than the bank obviously people will depend on that .So that i think the replacement will not possible within recent moment cause there are lots of thing are coming in the future and people are depending on crypto gradually .So that the we can see the replacement in the future .

although this is possible, but I think the bank will later collaborate with cryptocurrency. I think it's difficult to replace the bank and eliminate it. at this time the bank is a milestone in a country's economy

The money you dont want to risk in the market should be converted to fiat and must be kept in a bank. The two actually has their own function, a stable storage of money for bank and the investment for bitcoin.

Many think that bitcoin has the potential to become the future currency but bitcoin will not be able to eliminate the function of the bank, the bank will survive and will not disappear.

Yes, and not Bitcoin but possibly another much more scalable crypto that can handle all the transactions with ease and with lower cost. It is a hard process for the financial world to shift to completely paperless transactions, because of the government. Banks cannot match the efficiency of cryptocurrencies, and of course, banks want more profit and control over the funds, which is impossible with crypto.

Maybe later what will replace is the adoption of a blockchain system that can be implemented in the banking system today which seems to be wrong. all in the blockchain can be accessed by anyone and become transparent. can not be changed or deleted by a system

Actually this answers are long brief here. Bank is  centralized system policy taker and on the other hand crypto is a decentralized policy taker. So there are two different system here. Government must think about centralized system that they can track money of  people so that inflation is also a big factor here. If govt could not track exchange total economy system will collapse. So i think banking system can not abolish ever.

You cannot think for a market situation where you do not need the banking sector, you need both banking sector and the crypto market in tandem if you are to have the perfect solution when it comes to investment as well as mode of transaction, either you have to be a miner to earn the coins, if not you need the help of the banking sector to purchase the coins, either in the form of credit card or bank transfer  :P.

I think it is not possible if bitcoin replaces legacy financial institutions, chances are that the transaction system in bitcoin can replace it. some of the most dominant cases in the Bank that occur continuously are the wiping out of funds by bank employees with their customers and this is what they must pay attention to in order to compete in the future

We'll always have loans made, even now people make some loans with interest in BTC even.   In countries where debt is banned for religious reasons, they lend metal but with a set contract price for the buy and sell and effectively the value (represented by pallidum sometimes) is set into the future.      Since loans also have a set cost quite I think its quite similar but always there will be capital lent to those that which to employ it actively.

Also I never imagine just Bitcoin or even bitcoin and gold, I think always we shall see a variety of alternatives to the current system if it really were to change.    We are with one single country bias at present but my take is it becomes more diverse and that is the new age to finance, nothing too extreme.

I dont think bitcoin would defeat banks that easily. Moreover, they exist in two different worlds. They also have different functions and benefits that are relevant to the platform that they run onto. Bitcoin is decentralized and circulates around the net. We solely are the ones who control that kind of currency, whilst banks do the complete opposite. They regulate fiat money and govern whatever happens to it. It is true that bitcoin has gained popularity ever since it was launched, and it has proven to be successful all throughout the years. But people still rely on banks.