Bitcoin Forum

We're watching the banking system of the United States collapse on itself in real-time

The Federal Reserve may have broken the US banking system and tarnished its credibility

Are we entering a new era for US banking? 
Government needs to make bitcoin a legitimate legal tender for digital marketing. We are no longer on analog age where everything has to be done with counter banking, we can improve our systems by allowing bitcoin to do most of the human jobs. Buying and selling of stuffs by easily ease stress.

Will the world now truly appreciate Satoshi and #Bitcoin?

- Jack Mallers

https://twitter.com/jackmallers/status/1635111543116529665

As far as I know just some mid-size crypto related banks collapsed. The major US banks are still there and running. So...

Has Bitcoin the potential to replace the banking system? Yes, of course. That's what Bitcoin was invented for.

But will it happen (in near future)? I really doubt that.


No, we're still early.

Bitcoin is not some sort of AI that can do human jobs, Bitcoin itself is a currency, and i don't see a way it can help develop the traditional banking system as they both operate in a different way. Having said that, in traditional banking these days everything isn't done over the counter, there is of course mobile/internet banking and a lot of digital stuffs that makes banking quite easy.
I'm afraid Bitcoin does not have the potential to replace the traditional banking system, neither was it created by Satoshi for that purpose. Bitcoin was created to be an alternative peer to peer currency that would function/work without any third party, it can definitely co-exist with FIAT and the banking system.

I have a feeling they have a functional framework already to replace the current Banking system at any time.  They have worked on it for long enough to have a decently working system.  In the worst case, a pandemic kind of scenario happens and they direct all possible funds to the creation of such a system and they get it up and running in an year or less.

Bitcoin will not be let to rule the financial sector.  They will not hand out their power to nobody.

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Regards,
PrivacyG

USA will not be going to appreciate Satoshi now, no matter how their banking system is collapsed, they will find a way to continue doing what they doing.
I don't think US will replace banks with bitcoin, they surely do not want to lose control over the financial activities of their citizens. No government is ready to make that kind of bold decision now.

We dont need the government to appreciate Satoshi creation. Probably they are just way off threaten what crypto can do financially thats why they make some news or noise about financial restriction, or fud about it.

Maybe its hard to accept that banks are being overthrown in terms of a systematic system and transparency made by blockchain. Well on the other note. Most stablecoins arent gonna crack down by feds or issues so let them buy bitcoin.

According to Jack Mallers' tweet, he believes the US financial system is failing as a result of the Federal Reserve's actions, and that this might herald the start of a new era in American finance. Mallers contends that Bitcoin should be recognized as legal money for digital marketing in order to increase the efficiency of financial institutions and facilitate buying and selling.

It's worth mentioning that perspectives on the present health of the US financial system and Bitcoin's position in it are mixed. Some regard Bitcoin and other cryptocurrencies as a potential answer to existing banking system problems, while others see them as a hazardous and unproven alternative. As with any complicated situation, it's important to consider multiple perspectives and gather information from a variety of sources before making a judgement.

Just same like the other have said that current banking system or financial system still will be there.

I recently watch Johhny Harris youtube the tittle is "Your Bank Account is Lie " - https://www.youtube.com/watch?v=E_VKZ6dzauo

after watched the video you might will understand. From economic crisis 2008 that major bank is collapse gov will bailout the bank, the circulation is like that.

The government had known since that the counter banking will be effective in this digital era because of the hitches brings. Legalization of bitcoin will have been better but the government lack of control of it will always be a big problem for them to think. That is why we have the CBDC been introduced by the government. Will bitcoin replace banks now? No, because of its volatility the fiat is still much needed for daily transactions

Do you think countries which accept Bitcoin as legal tender e.g. El Salvador and Central African Republic already abandon their traditional banks and not use fiat money anymore? you're wrong because majority of the citizens are tend to use fiat money, because they just don't want to use Bitcoin with their personal reason. Bitcoin can replace banking system when majority of people tend to use it as a currency, but currently it's not.

It's not the first time and history repeats its rhythm like 2009 bailout.

I don't think Bitcoin will be able to replace the bank system. They can interact with each other but none of them will kill the another and they will continue to exist together to serve people.

Bitcoin has its advantage to serve people with enthusiasm on privacy and freedom. You have keys and you have coins or in other words you have your own bank. You can broadcast your transaction anytime without need to wait for bank system to check AML, KYC to proceed your bank transfer. When your bitcoin transaction is confirmed, it won't be charged back. With bank transfer, charge back, account seize is possible.

Yes bitcoin can replace banks digitally but I don’t think the government will allow that to ever happen because they cannot control bitcoin, instead we will have CBDC. Most of us don’t even realize the world is shifting and can only react to the change, we now have AI for almost everything while we are focused on that marvelous invention, CBDC may just take us by surprise.
  
Long-awaited Fed digital payment system to launch in July (https://www.cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html)