Bitcoin Forum

https://i.imgflip.com/6re0vo.jpg

Bitcoin (Right) and Banks (Left) works.

This image is a very simple illustration of how Bitcoin and Banks differ from each other, this is showing how Bitcoin and banks work.
If you take a look at how banks work, it is clearly showing that they rely on one centralized entity which for sure it's a centralized database where all the information.
But Bitcoin, it's decentralized, no centralized entity that can become only one source of truth.

What are your thoughts about this?

Decentralization makes difference between fiat and cryptocurrency. Yea, a picture describes the whole story of decentralization. Traditional fiat won't work without centralization, otherwise, the government can't control everything as they want. We can see one more thing on the picture, it's a borderless transaction on the Bitcoin picture, and fiat has a border where it has to be through a pass.

Probably one of the most common(and effective) Bitcoin-related illustrations I've seen. Surprisingly I haven't seen a version for central banks vs bitcoin (supply cap vs no supply cap, static inflation vs dynamic inflation, etc).

• Centralized and decentralized
• Censorship and non-censorship
• Rely on banks or Be your own bank (with your keys)[/i]
  

Above are very basic differences between Banks and Bitcoin. Also remember some centralized platforms even don't actually give you services with which you actually buy and hold Bitcoin but many people think they spend money to buy real Bitcoin.

Don't compare the Bitcoin Core blockchain to banks.
Compare the cryptocurrency exchange platforms to the banks. The crypto exchanges are as centralized as banks and they are following the same KYC procedures as banks. The majority of the crypto users are using crypto exchange platforms, not cold wallets.
The banks are winning the battle against crypto trading platforms, because the governments are supporting them. If the bank gets bankrupt, your funds are guaranteed by the central bank/government up to 100K USD/EUR. If a crypto exchange platform gets bankrupt, you won't get anything in most cases.

Bitcoin is using blockchain to record every transactions, similar like fiat is using banks to record every transactions, so there's a correlation between Bitcoin core blockchain and banks.

Anyway which person did suggest to use centralized exchanges in the first place? not me, I always suggest to use Bisq as long as you're not a regular trader. It's their risk to use centralized exchanges that they think SAFU will always back up every coins if a sudden hack happen.

You wouldn't lose your coins as long as you're using decentralized exchanges and hold your coins on hardware wallet.

I am not sure what you mean. Are you afraid of the security risk that banks are centralised and have one big server where they store all the information? This might seem risky based on your graphic, but there are backups for all information. It's not like one hacker attack could wipe out all the information and your bank balance is 0. The centralisation of banks comes from the aspect that it has a different ownership structure than crypto currencies. The bank is being owned by it's shareholders, who are liable for their capital they put into the bank. They need to follow laws based on the country they operate in and demand dividends to compensate for the risk they take. This form of ownership also means that there is one person in charge at the top of the hierachy. Whereas in the crypto world the decentralisation aspect means that we will not have one boss who can control everything. Banks and centralisation seem to be a thing from the past where one person held all the power. The future will look different where the power is shared and more people can participate.

It’s really great to see that Bitcoins are way ahead of Banks.
Thanks to Satoshi for which we are enjoying these awesome features and are having full access to our money.
Earlier also I used to hate banks, due to taxes and ample of laws. Banks are always abided by the government and follows it’s order like a dog, on the other hand due to the decentralised nature of Bitcoins, no government can ever find out how much BTC I have.
BTC will always be ahead of banks and also after a later period of time, the comparison won’t exist.

If I look at the illustration on the right side, it is very much like a mesh topology and its benefit is that users are free from any central control, similarly in the case of Bitcoin, these people can do their financial transactions without any control from the bank. And that's why bitcoin is gaining popularity day by day . I am also think that there is more safety on bitcoin but I also think some time we faces problem with the volatilities of bitcoin

I saw that picture a few days ago in WO and I don't think it has any importance in the sense that someone will understand Bitcoin better if you show them that banks are centralized and Bitcoin is decentralized. The fact that according to some research 99% of people in the world who have access to banks still prefer a centralized system over Bitcoin speaks for itself.

Some of these people certainly don't understand Bitcoin or haven't heard that it even exists, but most are not ready to be their own bank. Put a Bitcoin wallet with $100 on one side and a bank card with the same amount on the other and offer it to the average person on the street, what do you think they will choose?

No wonder, all bank owners and politicians discourage users from investing in cryptocurrencies, citing the same findings as evidence. But the truth is that they are afraid of losing customers and total control, which will lead to losses for banks.
 The beauty of bitcoin is to make transactions between people, they do not need to leave their homes, go to the bank, present documents, and experience other difficulties, without denying that the bank can also prohibit the transfer of money. All this a person can do on their own, without wasting time, without the participation of a third party. And of course, the third party today called the bank will eventually be moved away from involvement in people's lives.

Definitely, because banks and the government knows about this, and in other to continue generating the revenue gotten from transaction fees and to have total control over the funds of the masses, discourage cryptocurrency/Bitcoin. But all thanks to decentralized exchanges such as "bisq" which makes crypto to Fiat transactions easily accessible

This is the main reason why banks hates Bitcoin decentralized idea because it cuts a huge fee from being the middleman between party. Besides they will not have access to a huge unused money of user on decentralized way because people can use non custodial wallet to save there money unlike fiat that needs to be deposit on bank account just to make the digitalized and safe.

In reality, Banks will never win to Bitcoin but since there’s a huge people behind banking industry, They will not allow to destroy there business for something decentralized which Government is not in favor too due to tax purposes.

Bitcoin is too perfect for its own good. Humans are definitely far from being perfect. We lie, we get jealous, we don't want to get punished for our mistakes.

That's why bitcoin will never be as big as banks because humans will always prefer corruption&lies over perfection&honesty.

I am sorry but banks will win this one.

at the end of the day, for the person to buy bitcoin, they need to have a bank account (in the same centralized bank, annoying, and the person will still need to go through KYC to have a bank account. in my country to have documents to open a bank account Is a very stressful process, first the person needs to go to the head of the neighborhood, then the person takes the document from the head of the neighborhood and goes to the head of the block where they give you the declaration of residence and then the person has to take ID + the declaration of residency + money and copy of ID to bank. these are the requirements to open an account in my country's bank) and after the person has opened a bank account, the person needs to create an account in a centralized exchange where KYC: ID " passport , honestly, dealing with passport in many countries is not so fast and has costs " + declaration of residence, which is also another headache, the person needs to have their own house to be able to have a water and electricity bill in the name of the person or have internet service on behalf of the person.

after all this headache, the person is ready to buy bitcoin using the bank and when withdrawing we also need the bank. Today we are moving towards the centralization of everything, so bitcoin itself can be decentralized, but to be able to buy and withdraw it? we need everything centralized, even to use casinos we need to be willing to do KYC. at the end of the day centralization wins

Banks may be struggling to some extent with Bitcoin, but is Bitcoin fighting the banks? Although there is some opinion that Bitcoin was created to be a single world currency, and that the banks should be defeated in some imaginary war, I would not agree that those who think so are right. In most cases, banks only act as intermediaries between investors in Bitcoin and crypto exchanges, which means that they actually help as many people as possible come into possession of the same.

Banks will not win in anything because there is no war that some imagine, but Bitcoin on the other hand wins every time someone understands the difference between fiat and Bitcoin and decides to accept the alternative.

I really don't see it as an US vs THEM.
I see it as an US+THEM = BETTER FOR BOTH
Banks and banking services and similar things will always be needed for some things in today's world.
However, BTC and crypto in general, for lack of better wording will keep them 'more honest'.

Perfect example is foreign exchange fees have been slowly decreasing over the last few years. Do you think that banks want to lower fees or is it beacuse there are now so many ways of sending funds all over the planet that they had to adapt?

-Dave

One of the great way on illustrating how decentralization and centralisation differ from one another which is also why most banks are against cryptocurrencies especially bitcoin.

On the illustration you've shown is just an example for 9 users, imagine if it were to be the amount of the population of bank users and crypto users.

There are several main factors on each side of the two things above, and each of them certainly has very different virtues, and one of them is that Decentralization makes the difference between cryptocurrency and fiat, according to the picture above there are differences in terms of transactions, and Bitcoin transactions here. unlimited, while transactions with fiat have borders that must be passed.

The picture shows the very basic difference between Bitcoin and Bank, and it is also seen that the illustration is very superior to Bitcoin in front of the Bank. I can see that Bitcoin is perfect for the good of people, especially I have really felt the perfection of Bitcoin.

It seems as though in reality, Bitcoin will remain at the forefront, and banks will never win from a Bitcoin standpoint.

Bitcoin, people, Satoshi and Central Bank, let's give it a closer look

https://i.imgur.com/Z6FMZf5.jpg
https://twitter.com/TheBitcoinConf/status/1562847352448118785?t=rSf2d2GnbPr8O6On-P7VNQ&s=19

Over several years, many has been battling with various challenges from central banks, their system and mode of operations which is a steping stone on human rights to financial freedom, not until Satoshi stand out and raise an alternative which is bitcoin that now gives people confidence and boldness to make it all through in regaining back their taken confidence and boldness regarding their finances from the government centralized system, now the adoption has increases and the confidence is good and convincing enough about future privileges ahead with bitcoin adoption.

Decentralized is the key to BTC success. Bank can't provide that. And one of my worst personal experience from bank is waiting at the line. But BTC is the king in this business. We don't need centralized banks. We need BTC

Decentralization is one of the most misunderstood things in the crypto world. Like I remember very clearly when Elon talked about crypto and increased the price or decreased the price, people kept on saying "bitcoin is not centralized, one person can control it as you can see" and people never truly understood that the price is not what we are talking about when we say decentralization.

To make it short, if no government can print more bitcoin whenever they want to, then it is a fair currency. Sure, people may lose money in bitcoin and can even be in poverty so it is ruthless and fully liberal, but it doesn't give anyone extra unfair advantage neither and that is the point.

Sadly, this is the truth. Despite having knowledge of the freedom bitcoin offers, there are still folks who would rather die than see bitcoin progress because the banks and corporations have always been a medium to perpetrate and cover up a lot of the nefarious activities of corrupt politicians. Bitcoin puts power in the people's hands unlike the banks. I am not saying that banks should become non-existent but then they must find a way to coexist with bitcoin.

They are such simple concepts that one could imagine that such an infographic is not necessary but that without a doubt some people and very well prepared and academic but even showing an image like the OP, It's not that they don't understand it, it's that they see the second as the first, haha, it's incomprehensible how such a simple explanation doesn't have an effect, at least on the idea of ​​being a supporter of the DeX concept.

But in a certain way it has the ironic aspect because bitcoin have the unequivocal condition of being decentralized, but its existence is allowed at both ends, a situation that in any case is not equally useful for those who they oppose him or that for doubts they do not finish at least beginning to have a balance between the use of banks and bitcoin.
In other words, it is inconceivable that people have their money depending 100% on banks, after explaining what DeX is.

I would say "Simple and deep". Banks are obviously centralized but the reason why I hate banks is because they make us suffer to access our own money.
They lay unfair charges on us to use our own money. For example if we make too many withdrawals then they levy charges on us.
While bitcoin on the other hand is peer to peer which is the best thing I like about it.
It doesn't levy any extra charges on us and to be honest the pros are way too much when compared to banks.
Yet the banks and the governments hate bitcoin and stick up to issues like more power consumption for mining while they don't consider the disaster done while mining gold and also the industrial hazards.
I guess things will take time to be in favor of bitcoin.

Looking at this simple representative image, you can see that the financial hold the government formerly had on us their citizens was too much and unchallenged, one could simply just have an idea of what Satoshi must have seen that prompted the thought of how to not necessarily eliminate, but challenge the centralized system where every transaction had to be run through the banks. There would have been an absence of option had Satoshi not made the bold move.

The average person will choose what is familiar to him, which means it will be a bank card. This is the choice of most ordinary people. I am sure you would also choose a bank card if you didn't know about the features of bitcoin and the benefits received. So, the choice between a bank card and bitcoin is actually a choice between a well-known, understandable system and a system that frightens and repels in view of its obscurity and incomprehensibility (the view of the average person).

The situation is completely different if a person is familiar with both bank card and bitcoin wallet. In this case, the choice will be in favor of what is more profitable in terms of advantages, and which is more trustworthy. I think you already understand what will be chosen this time. But for this it is necessary that the average person be well informed and have sufficient knowledge of the alternatives, which is bitcoin. 

I believe, in our lifetime, banks will remain the main financial institution that will take care of our money.
We can't avoid them, unless, you have other options that can stick to cash or crypto, which is actually hard these days.
At some point, we need the services from our bank. So even if the advantages between bitcoin vs banks are clear,
still we can't disregard the role of banks in our financial aspect of life. Just enjoy the benefits of knowing bitcoin or crypto.
As banking industry is seeing the role of crypto in today's generation, they may soon innovate their services and improve on how they treat their customers.

Bitcoin is a decentralized financial system in a centralized world and its real value is not know yet. Bitcoin differs from current banking system because it brings too many new things which were not known to us before like inflation resistant financial system, a system that's censorship proof, removal of middlemen etc.

There is no opinion more phenomenal than saying bitcoin is the best choice for anyone who no longer believes in banks. Rising inflation can help you move to another country with a lower cost of living if your home country strictly prohibits bitcoin ^{[payments - trades - investments].} Bitcoin fulfills the dream of many people to no longer need to queue at the cashier or atm just to send some money at domestically or abroad. El Salvador adopted it to reduce remittances, also useful for overseas workers looking to save on remittances fees.

Bank are needed, that's right. But as long as bitcoin was introduced then everyone who believes in bitcoin has an alternative option to use it as a means of payment or something else. Bitcoin is not centralized, it stands alone which is a stark difference compared to banks.

What do you mean?

1 bitcoin = 1 bitcoin. But if you want the exchange rate in fiat, then make sure you understand the fluctuations.

Your pictorial representation of Bitcoin and Bank was looking good bro.The explanation is Bitcoin was the decentralized technology, where Bank system is the centralized one.This was the only reason for the huge pump and dump in the Bitcoin.Their won't be risk in banking system because of centralized one. But the profit percentage of the Bitcoin is 10 times greater than Bank in long run.

This difference have created the success, if bitcoin have been innovated in the same way as the banks there won't be any difference. Such pictorial representation needs to be shared often, even now many people doesn't know how the traditional system different from the bitcoin. Majority get into the market looking upon the growth and the profit it can through its volatility and the long term growth. But they fail to understand how this growth is happening and why banks weren't able to deliver it.

I had to quote the picture so that I will have it in my wall, it needs to be in my profile. Though I know very well how bitcoin works and how banks work, but the picture is very very clear and self-explanatory. Every newbies and established members need to see this picture every time, maybe they will begin to make decisions where to save their money, whether in one central server or where nobody controls it but everybody controls it.

I believe that the power of Bitcoin is underestimated, the world will one day realise how powerful bitcoin is.

It is very clear and simple to understand everything in the picture, which might be a bit confusing for someone who is not familiar with decentralized systems, and to put it simply, these days people are becoming more and more interested in decentralized systems, and in the same way, the economy is experiencing similar concerns regarding third-party monitoring as well, despite the fact that they do not really have full access to their funds in centralized systems like banks because banks can suspend transactions or even do anything with people's funds, whereas a decentralized system does not.

Do you still remember about the freeze of customer funds by Chinese banks that occurred around April to May? That is the consequence when people choose banks as a safe place to save money rather than choosing other investment assets such as gold or bitcoin.

Banks can freeze their customers' funds for any reason because they are centralized and cooperate with the government. While bitcoin is decentralized where we deserve to be called our own bank without any authority. It is not easy to get everyone to believe in bitcoin which is just over a decade old, but time will answer all those doubts for them.

Very common misconception: Bitcoin is not "inflation resistant", bitcoin literally has inflation today. It's just the fact that it's inflation schedule is set in stone, not something like the USD where the inflation rate can go haywire.

In fact we think buying Bitcoin with money will cost you. But no if we invest in bitcoin then definitely huge success will come from here which we can't even imagine. Because of Bitcoin Now is the best time to invest as prices are dumping the most. Of course, the price of Bitcoin will be pumping, so if you invest, it is possible to get a lot of benefits from here.

Definitely decentralised nature brings more protection against our transaction and its data integrity. Look at the image, everyone holds the chunk of info for the transaction we made and the record is kept at multiple places encrypted and forever available. In case of banks, that central server holds the key to everything. It’s human controlled, it’s manipulative and could turn out to be disaster in case of emergency situation in the country. For example, heavy national debts, deprivation of national reserve funds and what not, then this centralised system holds the power to hold your accounts and you beg for your own money. That’s why bitcoin is asset where it’s always available to you.

To know that Bitcoins true motive of its existence is really about pertaining about its utility aspect but on the other hand it did really give out some opportunity into those people who do get a hold of it

on where they do able to have those chances on making profits on via simply holding it which it did turn out to be a store of value but it wasnt really the intent on the first place.
It is really just an another benefits which bitcoin could give but of course we should know that accompanied risk with it.Back into that image then yet it is really something that you could
directly able to understand about into being centralized and being decentralized and this is where people do love.

To be honest, the only advantage of having banks is that it is widespread around the country and this enables us to make the payments easily.
But this is something that can be done with crypto too but the fact that governments restrict it is the only reason why global adoption of crypto is still lacking.
If crypto becomes widespread just like the banks then most of the people will prefer making transactions in crypto than banking platforms.

I think that the question is far more complex than simply choosing A or B, because the vast majority of people simply do not want an alternative in the sense that they experience Bitcoin as a currency - because there is no well-known bank or well-known person behind everything. We live in a world where the average person believes more what some spoiled rich person says because he says what they want to hear, and such people have never been in favor of any real changes because the current financial system is what made them rich.


I can partially agree with that, because I personally know people who have somewhat understood the advantages that Bitcoin has, but still gave up on supporting the idea. The reasons are of course different from person to person, but people in some natural way usually do not go against the system, no matter how bad it is in its essence.

I like the illustration, and I think it can be used as a gateway into the topic of centralization versus decentralization. I also fear that it's an oversimplification that can lead to unwanted consequences. For example, while Bitcoin is decentralized, people very often use centralized exchanges to buy, sell, or (unfortunately) even store their funds. Or, some use custodial wallets, where again, there's an authority. At that point, there is a center, there is an intermediary, so it's important for people to remember that Bitcoin can be used differently and it decentralized when one truly doesn't use centralized services, which might not be that often.

It's because bitcoin is created to get way ahead of the banks and its sole purpose is to give the people other options to avoid inflation as fiats aren't reliable to avoid such events. Now the government is trying to control it but they can't because it's decentralized, they cannot possibly control all our phones to gain control of bitcoin on their own terms.

This is the reason why the government can't do much when it comes to banning btc or exercising absolute control over it because there is no central control like what you have in banks from the diagram above. With btc you have a truly decentralized asset that is beyond the control of anybody, you can either get onboard or be left out.
Even if they try with centralized exchanges and other platforms of such it is still not the same as having central control.

From that image, I see that Banks being centralized, will require some data of operation from the main source whereas for Bitcoin  being decentralized will not require any form of don't and do. Bitcoin goes from one hand to another without have to pass through human verification and any form of third party and that's what is going to make Bitcoin live on.

Satoshi knows the sentiments of the people and so he invented bitcoin because this will be the answer to all people’s complaints about banks taking advantage of our money and yet, the depositors only receive low compensation. With the existence of bitcoin, there is no need to trust banks anymore because our own wallet can turned into our most reliable bank. Also, we can fully control and manage our finances without banks and governments interrupting in it.

Some people want having a decentralized because they went no one controls heir money at the same time is they can handle all the thing with their wallet like no additional fees but the thing is we have the seed phrase needed to make sure safe before we called those as our own Bitcoin unlike on bank because of being centralized they can easily manage the account but the user does not have a control at the full potential itself.also there's a lot of process needed to make your money get wt the same time.

Yet, there are people that cannot control their money or wealth, they feel that they are careless or they have other pressing issues to deal with. They prefer to dump their money in the bank and they don't care if it depreciates or not, since they can see it anytime they need it. People that will value this post are people that are ready to try new things or people who are ready to handle their money by themselves and takes responsibility of it even if they have to lose it.
I don't blame the. Uch because before bitcoin came, almost everything around us was centralized, even the bitcoin has been mutilated and some version of it centralized.

People do really get stick on those things which they have been using through ages and trusted up government and other centralized platforms on the services that it do offers and give into its clients/users.

Even myself do still store up money on banks yet even though we are dealing with crypto which is totally opposing centralization but cant really be that denied that we are still converting those coins into fiat later on.Am i right?
Use things according into your needs.Make out some research if what are the thing you are intend to do so.

I think banks have long since been a broken, unnecessary system. "Pay me to hold your money and don't expect an apology if we randomly decide to withhold or lose your funds".

I mean seriously. Wtf.

Bitcoin solves the banker middleman problem once and for all. No more worrying about having to trust someone else to hold onto your money.

Transparent, incorruptible, democratic and verified. That's Bitcoin. (Yes to decentralization)

Because this is what causes bitcoin to grow so fast, banks are controlled directly by certain parties who have authority, while bitcoin is not, bitcoin decentralization makes people more confident, that in the future the system used can increase trust in the investments made, without worrying about fraud and controlled by any party.

Because we work according to our own desires and abilities, not involving other people in our decisions

Banks charge individual customers for their transactions banks ensured their control on international finances and they monopolized financial system in collaboration with governments. Infact the inflation is always controlled in a way that majority of population remain always in pursuit of resources and thus ensuring cheap labour. However Bitcoin is based on a different premise and if someone can work he can earn to live his life with dignity on his own earnings... Thus Bitcoin is  basically bringing a paradigm shift in our approach to work.

Yeah, bitcoin does look so much better and more decentralized than banks, but to be honest only in those pictures. How many people are actually using it a truly decentralized way? Most of the people move their coins or store their coins in a centralized exchange or a custodial wallet. Hence, Bitcoin no longer remains as decentralized as it looks like. And then, those who are saying people no longer need a middle man, how do you think most of the people are selling their bitcoins for fiat? Using a third party platform.

Just from a security perspective, decentralized networks are more secure than the traditional centralized systems. Satoshi Nakamoto knew that if this disruptive technology were developed as a centralized system, it would quickly be targeted and taken down.

Satoshi Nakamoto also knew that a centralized authority would also not work, because centralized authorities can be corrupted and intimidated and also targeted by governments.  ;)

The genius behind this technology is the decentralization ..... and the distribution of the full nodes.  ;)

Bitcoin vs banks
Opening a bank account a lot of pepper work and  and consuming a lot of time.
Centralization and control your money.bank are supervised by government.So any decision of the government directly affects your capital.on the other hand BTC is decentralized  and not controlled by any government.btc is completely free from third party.you have full control over your own money.btc have very fast transaction.anyone with internet connection can send their money to any one any time and any where in the world.Whereas in the banking system, when you send money from one country to another, the process is very long and painful.

This picture really explain it very well, with time Cryptocurrency will unseat our traditional backing system, that the reason most Banking institution I'm not happy with the cryptocurrency emergence.

The picture from this illustration does look very clearly the difference. Even though they are both called "currencies" but the two have very clear differences, it can even be said to be contradictory. The emergence of bitcoin as a cryptocurrency pioneer to escape the control of an entity in this case is the central bank. Another difference, bitcoin is now proven to be used globally (cross boarder). For example, in sending money from one country to another, it can be done in a short time without low costs because it does not involve third parties.

Not just that, but you gave them the right to do with your money as they please thanks to the agreement you signed with them when you opened your account. Oh, you need your money? I am sorry, we don't have it. We lent it out a long time ago. Come back on Monday and we will sort something out.

It does on a protocol level but bitcoin is not being used right. We have replaced traditional middlemen by even more dangerous and corrupted centralized exchanges and service providers. They are even worse than the banking cartels. The world is simply not yet ready for Bitcoin. 

The picture is simple and shows how strong a chain can be if everyone uses it properly. The chain is only so strong as the weakest part, that i mean exit scams or illegal exchanges. This also exists in the "normal world, look at the financial crisis in america and the big names like JPMorgan Case, Morgan Stanley and many more. Today they still have a lot of trust from people, which I don't understand all. But it's happening in crypto as well. Maybe i say it in Terra... high loss and stillthey bought the Coins.

Bitcoin is a decentralized financial sector where no body have control over it, while Bank is a centralized finance in banking sector, where it control over a group of person or  institute of financial department, that have everyone Data Base for a Trace of funds transaction with the person details. While Bitcoin can only shows wallet transaction history, without names, accept customized wallets. Therefore cryptocurrency has come to play his part as a future financial sector without stress.

BITCOIN IS THE FUTURE

Unseat? Sorry but do you mean that crypto will take over from the traditional fiat system, i don't feel that can possibly happen, another mistake you are making is with the use of the general term 'crypto', do you know how many cryptos are in the market, there are many of them, and most of them are even worse than fiat. When i talk about crypto, i like to be specific, so here i am talking about bitcoin now, it is an alternative to fiat, it is not fighting with it, or trying to 'unseat' it, it is only a great alternative that people who want to control their money by themselves will use. Most banking institutions do not like bitcoin because they like centralization to decentralization, but not because they are afraid that bitcoin will 'unseat' them.

You can already say that Bitcoin is the present. 5 years ago or more, this structure did not exist and was only dreamed of. Normally you can buy everything with Bitcoin, there are only small detours. You can buy airline tickets, buy a house, buy cars and much more with Bitcoin. 

Forecasts have always seen a rate of 1,000,000 USD for the future over the last few years, crazy and it was probably more advertising. It can be more or less, we will see. The acceptance is a big factor and it is so much bigger, but compared to the world, less like 1% of all people have bitcoin. The future and bitcoin will hopefully play together for a long time and even when we are no longer alive.

That is one of the characteristics of human. Human will stick to what he knows, what he trusts and what has been working for him. The tendency to introduce new things to an already existing system is one of the reason for conflicts and wars among humans. Even if we got cheated by the system, but provided that we understand how the system is formed we will like to remain in it. Which is a clear description of the adage "The devil you know is better than the Angel you don't know". So, I don't blame most people who are comfortable and doesn't want to hear about Bitcoin.

For your question, I still use fiat for day to day transactions but I don't save in fiat because I already know that it's not worth it. The value of your money goes down when you save in fiat.

We don't want anyone to control us, so the bank is centralized and bitcoin is decentralized, so we want to be always anonymous also we want to not disclose our identity to anyone and on bitcoin, we don't need to disclose our identity.

Yes i agree with you

Although the movement of Bitcoin is considered to have high volatility, but Bitcoin can be a very promising future investment instrument.
There are not many countries that legally legalize Bitcoin, but people are currently trying to compete to get it and make Bitcoin more famous like a dollar.

This makes the monetary authority, namely the bank in a country increasingly threatened due to the prestige of digital currencies such as Bitcoin which is increasingly exploding, so that inevitably the central bank must be active and join the 'flow' of currency trends and launch their digital currency.

Currently and nowadays, it`s safer to invest with a bank. But you have more freedom if you do invest in crypto
Today's role of financial intermediaries is try to comply with the regulations and also make everything as safe as possible. Bitcoin is required to comply with KYC's anti money laundering principles . There is some form of regulation already going on with crypto exchanges. Even though there is a high level of security on Bitcoin itself since it's in the block chain, a lot of these other protocols have succumbed to a lot of different hacks, attacks, breaches which makes people's trust in crypto not really kept at that high of a standard.
Sometimes, one of the risks of regulated banks is making less money than you could in crypto . That could be seen as a risk, an opportunity could be seen in the crypto market. Banks should do and what they are doing is invest in technology into the future, which is why I believe block chains will have a large role in technology in the future in the banking sector. The top 100 banks have invested in crypto companies . Around 23 of them have made at least one investment in crop block chain or crypto.

Impressed amd satisfied by all the replies here but i would like to add something i have already Posted in WO still its a relevant topic i would like to add this one here as well so check out what European Central Bank Spokesperson says listen and enjoy her words about money and inflation that how Banks are interested in stoping inflation. Well said.


One important point is too many banks here but we cant open an account due to their requirements and our maximum locals are unbanked about BTC use and feel easy to any Transection
https://twitter.com/knutsvanholm/status/1566597870668713985?t=jGCdz-Xaf72zNcp9wMrvQQ&s=19

I only know something, banks will never be able to overcome the power of Bitcoin, no matter how much they want to be the best, banks will always have their limitations, such as requiring permissions from people to withdraw their money, with bitcoin it is not like that, banks Transactions are very slow when going to other countries, with bitcoin this is reduced to a short time based on the fee that the person wants to pay, the more fees the faster it will arrive.

People are waking up from the mirage that bankers and government systems have, wars have raised many consciences just like the pandemic, they have realized that bitcoin is their best option.

bitcoin meme bitcoin hodl in wallet and bitcoin with CEX

https://i.imgur.com/IYaHGR8.jpg
https://twitter.com/bestbitcoinmeme/status/1566503474405249033?t=NZHq0PQR0CVvmvEB53QQLg&s=19

When you take a look at the above meme very well, you will discover that difference between the two images, the first one been the real one while the second just a cartoon play and this enough gives more clearer explanation about our asset in a decentralized exchange which is your real form of asset that is yours because of the keys in your disposal, while the ones on centralized exchanges were just synonymous to having them with banks, they got nothing to offer than a zombie mode restriction on your asset with them, banks and centralized exchanges were like brothers of thesame family related in blood but having different physical look.

but from all these pictures can Bitcoin go against the Bank? actually for now Bitcoin has not been able to fight back, government controlled banks and people who have been sitting with paper money for a long time, need time to fight them, they are trying to stop Bitcoin from continuing to grow,
it takes a long time for Bitcoin to align with the Bank.

There  is alot of mixup in your writeup. I noticed you are a newbie, it would be fine if you can locate this thread again and read.

Firstly, cryptocurrency is a general name for all the coins, so when you say cryptocurrency, you are not being specific. In this thread, there is a nice degree of specifity and what we discuss here is bitcoin.
If there is anyone to fight bitcoin, it is the government and not banks. Banks are like exchanges, they don't have the power to fight bitcoin.

Finally, for bitcoin to unseat our traditional banking system, that is neither the goal nor objective of bitcoin. Bitcoin is an alternative to fiat. Which means it is giving you the liberty and right to choice.

What if the bank's terms and services prohibit users from connecting with cryptocurrencies, For example every bank user whose account is connected to buy crypto and receive profits from crypto trading and investment is blocked, I have never heard of it happening, but anyway it is one of the bank's strengths to fight bitcoin or crypto.

Bitcoin is not a competitor to the fiat system, it is not its main goal. But bitcoin is a different alternative to a fully centralized fiat payment system. It's true that everyone has the right to choose what they like regardless of fiat, altcoin or bitcoin. The positive thing we have is that we have alternative options instead of just fiat.

Actually Bitcoin will remain at the forefront, but it's just a little difficult for Bitcoin to fight because banks are driven in a system under government, but predictions for the future are likely to be superior to Banks.

In this context, the most important role is the government. without legalization from the government, no matter how good the system used by bitcoin is, it cannot run according to its main purpose. Therefore, until now, there are still a few countries that ratify bitcoin as a currency, and even then, it is a country that has difficulties in the economy. maybe it will be a different story if developed countries announce the legalization of bitcoin as an alternative currency, of course bitcoin will be quickly adopted by the public

bitcoin and bank (conventional or fiat money) both have similarities and both can be used as a means of payment, but the inherent value between crypto (bitcoin) and banks (conventional money) is very different, the most prominent difference is issuance and decentralized operations with blockchain technology while bank (conventional money) is centralized.

you are right, the advantage of a bank is that it already has a permit from a legitimate government and has been used for a long time where all people still need a bank. but technological developments are inevitable that bitcoin must clearly be accepted as progress that is indeed happening. but still it will not be possible to replace banks in future developments, they will always need each other, even though in development it will make bitcoin appear more promising.

Bitcoin and banks will always be connected, every time we exchange bitcoin to currency, of course we need a bank to receive the money we get. So those who feel like being a bitcoin fanatic or vice versa, I think it's just a waste of time.

I also agree that we need banks to spend bitcoin in the real world, because unfortunately there is this problem of lack of legalization of bitcoin in countries like my country for example, but if in the future there could be clear and good laws for bitcoin that would facilitate the people to be able to pay all bills with bitcoin, to have a Bitcoin ATM where the person could buy bitcoin, the person could withdraw bitcoin, also if it were possible for bitcoin debit cards to be sent again to any corner of the world and not just in countries of I so someone who lives in my country would not need a bank that only gives headaches, on that day I would say that bitcoin would be being adopted in mass in my country. I still dream that this day will come

If your looking at it the way you are now "exchanging bitcoin for fiat's" then we can say bitcoin is indeed having some affiliations with the banks but that too could be zeroed out if there were to be legalisation with has remained an issue for the bitcoin  development around the world.

Bitcoi have got no networking system that has to do with traditional banks with regards to how its credit and debit facilities works except in cases of the p2p package where we in fact buy/sell the other for the desired. If we are to look at a system where a merchant accepts bitcoin, then banks are completely out of the picture.
Unfortunately, that would be the end of fiat and government can't let that happen.

Inserted, we can have both of them in existence. The governments of our world have been looking towards a unicurrency and a cashless policy both of which bitcoin offers and to key in on this, they came up with CBDC but, it remains a second and centralized hence, it doenst fit as bitcoin which reduces its prioritisation in contrast to bitcoin.

What if you do the exchange OTC and it's not from a bank? It's just like a store where there's no bank entity is present?

It's okay, the discussion is just a discussion about the system on how things work for the banks and for bitcoin.
There's not that much of fanatism on it. The banks are even more not liking bitcoin because they know that it's the people's money and we can hold it on our own.

Governments learn from communities. They learn from Bitcoin and stable coins to create their CBDCs. However, it does not change intrinsic inflation of currencies launched by governments. Governments create inflation and fiat currencies or CBDCs are only tools for them to launch more money supply to societies.

CBDCs will help governments to launch new money supply more quickly, more convenient and with less budget for factories, maintenance ...

CBDCs are more environmental friendly because less resources needed for them and last wastes are by-products.

As you said, some changes to the centralized financial system could be made possible with the presence of a CBDC, but I believe it will not change the public's view of this financial system much.

CBDC is just a financial product that is being prepared for users who want to have various conveniences in this digital era, but when it is controlled by the government then I really believe people will consider many things. I think it's only feasible for alternative solutions especially to save on transaction fees for government centralized financial systems such as saving on cross-international money transfer fees.

Bitcoin have got varied backing system against banks that follow the traditional system. Now things have been digitised, which makes banking more user-friendly and anywhere accessible. The limitations of limited fund transfer and other intermediary service costs make people move towards bitcoin. Now banks too have started to develop their own CBDC running on cryptographic network, but these are centralised. So, there is nothing different from traditional currency and CBDC.

The problem is that they return to their respective countries, they are still reluctant to provide definite laws and only want to profit from taxes in every exchange in the country. It's hard to accept but that's the reality.

They do learn from the stablecoins, but I wouldn't say that it's a bad thing, it's clear that they are doing something that would benefit them in the long run. It's going to be good because in the end we are talking about a situation where you would be buying the stablecoin of the governments, instead of buying the stablecoins of companies so there is no downside.

I still think that you should stay away from both of them, bitcoin is where it's at and you should always buy that instead, but you may want to wait for a better time to buy and think it will go down, during those times it's not a bad investment at all and feel like it would make sense for sure.

People do still end up on touching up traditional banks or other those centralized or common services which could really make those conversions do possible because in the end of the day,
where people would be always finding up the way on how to make their bitcoins into fiat which basically means that you would really be still touching up those services or institutions basing
up on what you do need. Why people do always put emphasis on making both bitcoin and banks to be complete enemy? Why cant just have that mutual benefit and switching up
on whatever a certain individual do needs?

Decentralization has given us a better payment option, where as no middleman will scrutinize your transactions

That's why it's a major advantage when some disaster happens like in Afghanistan where banks are closed due to certain reasons but when you put your money into bitcoins and keep it in your personal wallet, you could move on anywhere you want without worrying about your money from the banks because you can actually bring it to any country you want and convert it there whenever you like. They failed to understand this until they are put in the same situation and undoubtedly they will hope they had bitcoins instead of money from their banks.

You have a point because the fundamental concept of Bitcoin was to be an alternative solution to the shortcomings created by the government through their monetary policy that literally lead to the world economic meltdown.
Bitcoin is an alternative mean we need both sides to achieve great potential and this is the reason why the IMF boss advise the institution that crypto is inevitable but crypto enthusiast will always have fanatic expression due to their optimism about crypto and the same thing goes for Jamie Dimon when he said Bitcoin is "Decentralized Ponzi Schemes".

Unfortunately, it is contrary to the principles of government in many countries. The state can't control and they are worried. They didn't know the flow of money and it was a bit detrimental to them. So far many countries have legalized it as a commodity asset but not for payments. That's a step forward and I think later it's going to continue to evolve. Even if you know some Countries have started projects to create CBDCs and that is different from the principle of Decentralization. I think they're making innovations to match. Because they want to keep control on the grounds that inflation does not occur.  They have full control over the flow of CBDC.

Banks have now made themselves advanced in services. Over the last two years the number of bank branches that have been closed have increased. This is due to different reasons, and few banks have begun to operate only through internet. These have been taking place as a result of following bitcoin and the cryptomarket.

Yes, there are some banks that give the options of making investments in cryptocurrencies, including Bitcoin and other currencies, also the stablecoin like usdt, this is something that banks have to adopt, whether they want it or not, bitcoin has dominated through Over the years, people are adapting it more to their lives and banks cannot go against a movement of technology, trends and everything related to money, a bank can be raised only by having bitcoin, it does not seem bad to me and I think that in a few years there will no longer be that of leaving the banks against bitcoin, it would be something very stupid.

Banks have moved most of the services online and I have read on the news where some banks announced the closure of some of the branches and laying off some staff, this act triggered some forms of questions surrounding banks closing down branches and moving fully online, and of the questions that come to my mind is of truly the banks close down the branch because of online outlets being able to do their transaction, what then happens to the staffs of those bank branches are they going to. lose the job or they are moved to another branch of the bank.

Bitcoin versus bank, the way banks and bitcoin work is definitely different but the two cannot be separated because we need both, even though we know banks are clearly censored while bitcoin is not censored at all, cryptocurrency is a form of virtual currency in electronic digital that it is not limited by banks and is a database that cannot be manipulated, but in my opinion for now the bank is still ahead if we compare it with crypto currencies, the reason is because banks are fully supported by the government, so it is certain that if something happens the government will help them, in contrast to cryptocurrencies, if we experience losses, the government will certainly not intervene.

Yes, very simple illustration of how Bitcoin and Banks work and easy to understand. My view, Maybe at first banks and other financial institutions were skeptical at first but if they realized how profitable this could be, the perception would be different. Bitcoin offers blockchain as a service. This is the main advantage of Bitcoin and why even though it has not yet achieved mass adoption it is still better than how banks work.

I myself like to observe developments and see if the government or financial institutions will join hands in terms of implementing blockchain technology in other sectors such as the financial system in the future.