Bitcoin Forum

As we all know that Bitcoin is firstly introduced to us for it's convenience and numerous benefits. Being banked or underbanked, we can still enjoy the benefits and the accessibility of transactions as long as we have access to internet. Another benefit also is the anonimity it gives to people(although some would probably say not totally). By this, it is only right to say that Bitcoin has the potential to completely transform the way we think about money and finance. Compared to what we traditionally knew about finance, cryptocurrencies and bitcoin allows an individual to participate on the global economy without much requirement that otherwise it would be impossible. Although this is beneficial for developing countries, where traditional banking services may not be available or accessible, we couldn't deny the fact that it is slowly changing or disrupting the financial structure that we knew.

what do you guys think?

We understand Bitcoin was established and structure to better lives in the global societies but facts will never be erase in as much bitcoin has influence global economy finance that's required no special qualification to be part of the community. People have benefits from the structure and many have incurs losses from the project.

But one thing is stricken, the local banking system or services are as well very important to societies weather developed, developing and underdeveloped countries. Bitcoin only makes it easy for transactions, it's introduced global technology mechanism for exchange of goods and services.

Bitcoin is not actually slowing any financial structures because it was made to understand from the beginning that it's involved ups and downs movement threads. Is just experiencing the bearing phase which we should expects from the onset. Though the bearing has affect the financial status of many because is been long the price keeps going down.

And what is your Financial landscape? Change is constant, and we can see other sectors change especially with the evolving of technology why should the financial system be different.

Bitcoin and Crypto-currency at large is a technological driven system of finance although the banking system has also seen improvements in there technology but the fact that the power is not given completely to the owner of the finance(decentralization) differentiates it from Crypto-currency.

I totally agree that we fail at some things. Where there was no access to banking services, we should have seen an avalanche of interest in Bitcoin, but we did not see such interest in Bitcoin there. Of course, the mass adoption of Bitcoin will be completed one day, but for a while I thought that the strongest environmental conditions would be people who could not access banking services. I think I was wrong at the point we have reached today...

I will not use the word "disrupting", but I will say rather that it has given us another way to view our financial Landscape, another perspective to it. The word "Disrupting" gives the impression that something is hindering and causing a problem to another thing, but bitcoins are not a problem and it also does not stop you from using the normal financial channels. What bitcoin has done is that is has provided an option and a better alternative to what we know. Bitcoin has made the financial landscape better looking to me.

^ You did not understand yet what is BTC.
BTC transactions can be made directly between individuals without the need for intermediaries like banks or credit card companies, this decentralized and transparent nature of BTC has the potential to disrupt traditional financial systems in several ways, but I don't like the word disrupt here, it could be an alternative to fiat.
Several ways as I mentioned could be because of lower transaction costs, faster transactions in online payment, and last global accessibility which can be across any borders. So for me, probably there is a small chance that has the potential to disrupt our financial landscape by providing a decentralized and transparent alternative to traditional financial systems.

I think Bitcoin is created to disrupt the traditional system of money transfer where it needs a third-party financial institution to process the transaction.  Bitcoin offers a boundless transaction removing third-party financial institution and making international transaction fees cheaper.  So basically from that point of view, it already disrupted the financial landscape.



I think disrupt is the best term  as given by this definition:

Yep, the ability to participate in the global economy without the need for traditional banking services has the potential to greatly benefit those in developing countries or those who may be underbanked. Also, the anonymity offered by Bitcoin can also be seen as a benefit for those who value privacy in their financial transactions no matter how some may argue that this anonymity is not total and there are still ways to trace transactions.

Though Bitcoin and other cryptocurrencies have the potential to disrupt traditional financial structures, it is still a relatively new technology and there are still many challenges that need to be addressed such as scalability, regulation, and security.

Still, I believe that the benefits of Bitcoin and other cryptocurrencies outweigh the challenges, and they have the potential to greatly benefit individuals and communities around the world. With any new technology, it is important for individuals and institutions to approach it with caution, but also with an open mind to its potential benefits.

Please do take note that I'm not questioning your belief towards crypto and bitcoin, either you guys believe that bitcoin will bring a huge change or not. I'm doing this to provoke conversation and to know what your thoughts regarding changes towards our traditional financial structure, and the involvement of bitcoin, it's effects on your lives and or your financial decisions/approach.

In my opinion for now is No. But in the future, it might change or disrupt some Financial Landscape. for the short term, we might see a change in the financial industry and keep changing since the problem keeps existing. and in my theory, the traditional finance system keeps exist and along with crypto industry since crypto gaining more people. but yeah it will change in here and there

No reasonable economist will ignore the fact that Bitcoin is changing the financial system, it has come as an advanced system in the finance stream, and the world has no choice but to embrace it. Although I advocate a workaround it in terms of regulation, which is the only way it could stick to a more merit side than the negative side.

With regulations, economies would be recorded for the due countries and illicit transactions would reduce unlike what is happening now.

The problem lies in how to buy bitcoin in those countries, there is a difference between that these countries do not have a banking system and that in these countries there are economic systems that are not recognized and here lies the problem.
Bitcoin is a good tool for transfers between these countries and preserving the monetary value of money.

If answering from a user perspective, I don't think bitcoin is distrupting at all. It fixes at some point, the nature of bitcoin fulfills a need some people can't find in fiat. The increase in scalability is widely recognized by hundreds of companies in the financial industry because bitcoin allows them to reach customers without limits.

Supposedly, all government financial services regard bitcoin as an opportunity instead of disruption, otherwise they will be overtaken by private services.

As an individual I don't think that bitcoin will be considered as what is disrupting the financial landscape because it is helpful to serve as an option to people to make transaction against the traditional protocols of using cash but in the government side, we can say that loudly as evident in some countries trying to restrict crypto usage and introducing different hardways that an individual can have access to trading bitcoin. If it was not disrupting the control of government on monitoring finance then they won't try to stop it.

I think Bitcoin has definitely had a few kinds of disruptive effects, but maybe not as many as some people here would like to think. The best one is potentially the ability for people who cannot get a bank account to store or receive funds. There are some countries where the cost to use banking facilities is extortionate and others where it can be physically difficult to be in range of a bank. For others it allows money to be repatriated from overseas while again avoiding very high fees that are not warranted but are milked by the banking institutions or currency exchangers. If anything, hopefully it has nudged some banks to reduce their unnecessary fees.

Definitely it has brought mega changes to the financial system. If there wasn’t stepping in of the bigger authorities like SEC, CBDC, and overall government then we would have said that bitcoin had no impact on the global system.

But it did move all of them. Bitcoin made everyone to think about it and change the rules and regulations for every country. There are agendas about bitcoin in the Intenrational meet ups so definitely it has become something different.

As far as developing countries are concerned there are only few who are really trying to squeeze it in. For example, Nigeria, Thailand, and some part of Asia. But yes, it’s making that inevitable change which is needed in the banking system.

Bitcoin indeed has multiple benefits. But when it comes to provide banking to unbanked community, I don't think bitcoin can help in a big way. It can definitely help to some certain extent where internet is available and bitcoin related financial education is available. Which is not usually the case for unbanked community.

Also cryptocurrency is a grey area for many governments, still. Unless and until we see a legal push from the government regarding inclusion into the economy, might remain as a bottleneck.

The presence of Bitcoin has actually brought another option in the world of finance or in the world of payment transactions and has become an alternative way for those who don't like a centralized system.

Bitcoin also brings transparency in transactions and still protects the personal information of the transaction perpetrators. and this is what makes Bitcoin even more popular.
But Bitcoin cannot be controlled by one party because it is decentralized. and maybe for a group that is accustomed to controlling the financial system, bitcoin it makes them uncomfortable. So that a lot of fud is spread to vilify Bitcoin. despite all that Bitcoin is just a currency in the digital world. so that bitcoin itself cannot be blamed if someone uses it for crime. because criminals also use regular fiat in their crime transactions. the one to blame is the one who did the evil himself. But somehow Bitcoin is always more cornered or blamed by a certain party.
even though the presence of bitcoin actually makes us move forward into a world that is more sophisticated and practical. but the pros and cons have become commonplace. and these two things are natural if there are always. and the presence of bitcoin for me has given a fuller color to the financial system.

Yes, slowly but steadily it's doing just that.. but, a real change will come when banks will start closing or moving to BTC, countries will start embracing Bitcoin en masse, Bitcoin adoption by retail users will reach 90-95%. Only then we'll start to enjoy all features Bitcoin has to offer, all it was designed for. But yes, I agree Bitcoin is changing finance for good.  8)

In regards to Bitcoin being anonymity-friendly, that is one of its most important feature. It's actually how a good financial system should operate in a trustless/public space. It uses the anonymity for the protection of its users who do transactions with people they don't know or trust.
I have notice how vulnerable people could be in traditional financial system when it come to preserving people privacy/anonymity. Imagine giving people you don't know really well your bank details which typically includes full names. It's actually an evil system. And Bitcoin is part of the solution to this lack of protection for users.

All right, listen up. Bitcoin is undeniably the currency of tomorrow. The fact that it removes so many barriers to entry into the global market is nothing short of revolutionary. It's hardly shocking that the popularity of cryptocurrency has made some individuals wary of traditional banking.

Consider that with Bitcoin, you can forget about excessively high fees and lengthy processing times. It's also great for folks who value privacy because of the safeguards it provides. No one would turn down such a simple convenience.

Concerns regarding Bitcoin's potential impact on the monetary system are warranted. However, I believe that Bitcoin's benefits greatly exceed its drawbacks. The future is now, so let's start spending Bitcoins today. The timing couldn't be better.

I don't believe Bitcoin is disrupting the financial structure as we know it. The main change I've seen with bitcoin is that you can send money internationally without much stress. I don't think bitcoin or crypto has significantly reduced how people in developing countries use banks. In fact, I don't believe not having access to the banks is part of why people in some parts of developing countries use bitcoin. If that's the reason, they could easily use online banks because they have access to the internet.
In my country people that use bitcoin still make use of the banks as they did before bitcoin because many places don't accept bitcoin so you have no choice but to operate in fiat

Really we comprehend your area of concentration in your statement, actually i will say based on my environmental observation towards my domain, Bitcoin doesn't affect our financial structure in our different localities, so my point is that, in a given country not all the people living in the country know about Bitcoin, so since everyone knows about Bitcoin it doesn't affect our fiat financial structure. Shall we shall respond or react to this question base on our understanding and our experience.

in my observation, i believe that's true. most crypto users here are still using the traditional banking services. they may be into crypto but there are other financial services that you need and you can't avoid using the traditional banks. just like for example, your salary. most companies are sending it to your respective bank accounts. very few up until now chose the option of sending btc to their employees to be their salaries. though you can read from time to time some are doing the hybrid route, where a certain percentage is converted for btc payment.

Not totally disruptive but there would be some key areas which would really be mainly affected but it wont really be totally make it been destroyed but rather Bitcoins existence would really be just an alternative.

It is really just that these traditional firms and institutions cant really be able to bare up in regarding into its existence and this is why they would really be criticizing it as much as they could and making it look bad.
We arent that dumb not to see into its benefits and on being alternative when it comes to various functions.Also, no matter how it would progress or would be known out which it is impossible that the
traditional monetary system would be replaced by it which is really that impossible.

I believe Bitcoin big impact is mostly in those places you mentioned: where the control of a reckless and corrupt state has led to the poverty and virtual lack of banking of their people.

Bitcoin is a Disrupting force in Argentina, Venezuela, Nigeria, in those places where the volume in BTC is "important" in comparison to their national income, because they needed some freedom and they got it through satoshi's invention.

On the other hand, there is still a lot of adoption to work for in developed countries, where centralized alternatives are more popular.

I for one would be curious to know the results of a "is bitcoin disrupting the financial landscape" poll.

My guess is that older generations 50 years of age and older might answer yes. Older age demographics are the largest viewing demographic of television news. They're also the largest supporters of precious metals, gold standards and gold and silver.

The youth demographic, millennials and generation Z lean in the opposite direction. More than 80% get their news primarily from the internet. They tend to not consume television content. And in many cases, no longer watch movies the way that older generations do. Their content demographic is aligned more strongly with youtube, tiktok and similar internet platforms. Which shows by them typically looking at their phones. Which are connected to the internet.

Youth demographic being the biggest supporting demographic of cryptocurrencies, it is possible that they would answer no to a poll asking if bitcoin were disrupting the financial landscape.

Many of generation Z and youth demographics have little hope for the future. They believe social security will fail before they have a chance to collect. Their job options are not good. Many of them viewed bitcoin and crypto as their savior and best chance of someday becoming wealthy. It would be interesting to know what their opinions on this topic are, to say the least.

Have we considered the fact that maybe our financial landscape should be disrupted to begin with?
I mean it is not looking all that nice as of right now to begin with, and there are a ton of people who are starving, homeless, sick and can't get healthcare and many other terrible situations.

Do you think that we want to live this way? Is the world okay? I am not saying that bitcoin is the way to get everyone rich, but the fact is that it makes everyone equally richer, how?

Well, there are more than 21 million millionaires in the world, so that means even with everyone getting at least 1 bitcoins, there won't be enough bitcoin per millionaire, it will bring everyone closer eventually.

I think we should think of Bitcoin causing a financial evolution, rather than it disrupting our financial landscape.
What's there to disrupt? I mean, the best fiat money has offered is CBDC,  no value still. Poverty and food prices keep going up and never coming down. I don't even want to talk about gas or the rate at which unemployment and godfatherism has tarnished the prospect of an ordinary person getting a  good white collar job with good pay.
Bitcoin for those who have seen its benefit knows how efficient it can be as per reaping gains from trades or other services in which they earn in this currency. It has enabled the financial sector instead and a haven for the unemployed.

If a country is corrupt, there is a chance that government will not legalize Bitcoin but if let say they aren't, I still think the adoption of Bitcoin is crucial due to their limited knowledge. They will only think that Bitcoin is a scam and it will make their situation more worse but a well-developed county usually has an intelligent leader. They know that Bitcoin is beneficial to them.

The volume of BTC is important because more volume means more price hike and people that invest in Bitcoin can also earn more profit. I think the freedom that you mean is for people to earn extra income but I think it's different from the freedom that satoshi wants which is to have a currency which is not regulated by the traditional banking system.

Hm, I don't know if I would say it the same way that intelligent leaders know that Bitcoin is beneficial to them. I would rephrase it into "they know that banning Bitcoin can turn out to be not beneficial to them".

It also depends on what countries we are talking about. If you take China as an example, they do have an intelligent leader. Xi Jinping is not a dumb person. But they have a political system that is threatened by any form of individualism and freedom. So for him it could turn out to be more intelligent if he slows adoption down. By now he also understood that banning cannot be done effectively, but at the same time he doesn't want Bitcoin to spread like a wildfire and give everyone the chance to park some of their national currency in the Bitcoin network where the government has no control over. Bitcoin doesn't fit into their social control system as transactions are part of their surveillance strategy.

Those who rely very much on bitcoin are certainly very disturbed when the price of bitcoin falls, since 2018 when the price of bitcoin drops significantly from $ 19k to below $ 4000 makes me make Bitcoin as a distraction or not an investment priority, and the temptation for investment bitcoin is certainly very large because moreover When the current price is cheap and has the potential to skyrocket again.

It is a financial disruptor when it is looked upon as a form of money, but as it stands today people see bitcoin and any cryptocurrency for that matter, sometimes even stablecoins as a form of investment that will give them more money. Great examples for this is the fact that most people out there don't and can't use bitcoin as a payment method for products and service that they avail on a daily basis. There's also the fact that it's only ever used a way to get away with paying large fees for overseas transactions and remittances.

Until we see bitcoin as a form of money, and not just a financial steppingstone, it is only going to be financially disrupting in a sense that if you invest in it, it's either you win or you lose all your holdings.

Bitcoin helped a lot of people in these developing countries to have a presence and earn money online. If you watch the analysis that shows the number of crypto currency users around the world, you will find that some developing countries have more crypto users than many European countries. That is because crypto currencies came as a way for the people in these countries to get paid and transfer their earned money without revealing their location, which will get them banned by Paypal or Visa or other centralized services. I highly appreciate the role crypto currencies have been playing regarding this matter, because people have no guilt in actions of some governments that led to USA sanctions.

You forgot about "without the third party financial institution".  that is one major disruption done by Bitcoin on the financial landscape.  Aside from that, Bitcoin enable citizen that were rejected by banks to have a transaction online.  Before Bitcoin, online transactions are done through online banking and application that has access on the bank account of a person.  But now, Bitcoin enable the unbanked to participate on the online economy.  So why do you think that Bitcoin is not disrupting the financial structure?

1.The way I think about money and finance hasn't been changed. I have financial education and my views about finance cannot be changed by Bitcoin or the cryptocurrencies.
2.I don't really think that Bitcoin is disrupting anything. The global financial fiat system is still strong and will continue to dominate the world in the next several decades. Bitcoin/crypto is an alternative. Do you really believe that Bitcoin will dethrone fiat money? I don't think so.
3.Having access to the internet isn't enough for "enjoying the benefits of Bitcoin". You need to have some money to buy Bitcoins first(or at least a way to earn Bitcoins with your skills and work). ;D
4.What do you mean by "participating in the global economy without much requirement"? Buying stocks and bonds?

I think it is not really about age, or not even about disrupting at all, it is about do we need it? I mean if bitcoin is capable of disrupting the current financial landscape and there are millions, even tens of millions of people in the crypto world, does that say anything about fiat world? I think that should be what we should be focusing at the moment.

If the fiat world is bad enough that people are moving towards bitcoin then maybe the problem is not with bitcoin but the problem is with the financial landscape itself? We should try to fix that before we try to attack bitcoin to be fair, that should be a lot more valid and a lot more important to all of us.

There is an important message after a significant drop in bitcoin, namely saving bitcoin in an amount that we can consider lost, of course this is a good strategy so that we should never store large amounts of assets in bitcoin let alone sell vehicles, houses, gold or others to invest in bitcoin , it's better to invest with a nominal value, if we lose, we won't regret it.