Bitcoin Forum

Bitcoin indeed challenge the option of centralized banking, but the idea of it total replacement of banks in 15 years time seems really unlikely. Governments, the regulation system, and the need for stability will make replacement difficult.

What's more true is that Bitcoin and other digital assets may operate side by side traditional banking, while in some countries with less currencies or insufficient banking infrastructure, crypto may have a huge part to play. Though banks are now adapting with digital currencies and blockchain combination.

Replacement of the traditional system is not something that is going to happen. If we are being honest to ourselves, how many bitcoiners truly care about decentralization? They preach decentralization but on the contrary won't stop using the centralised exchanges which make Bitcoin somehow centralised. People are so stuck with the traditional banking system; in the next 15 years, not much will change.

Countries with less infrastructures (poor countries) will see Bitcoin more as an investment they can make money from. I doubt anyone is going to treat it as a means of payment as hodling would be the main goal for many. The traditional banking system will still be available for most of the payments and receipts transactions.

It's so interesting that we see many people are now getting to understand the more about bitcoin unlike when it first started, just that some opportunities have already been missed for not been an early bird to have arrived earlier in bitcoin adoption.

Just give it more time, you will see how the world financial economy will completely transformed into digital currency and bitcoin precisely, because it goes against inflation and we can see how it's value increases with time, which are all benefits we never got in using fiat over the years.

I think we have a lot of topic  similar to this.

• Fiat currency VS Bitcoin (https://bitcointalk.org/index.php?topic=5554681.0)
• Will bitcoin be able to replace traditional banking in the next 15 years (https://bitcointalk.org/index.php?topic=5559202.0)
• Can BTC exist without Fiat? (https://bitcointalk.org/index.php?topic=5345100.0)
• Do you see Bitcoin overshadowing the relevance of dollar in the future? (https://bitcointalk.org/index.php?topic=5558886.0)

It's true that the fiat system has not been able to meet up with the standard of the country by some people but we shoot learn to understand same simulations. Fiah system doesn't recognize  haws some things work until you are there but fear system is going to be very difficult to know. Sometimes, it's way better than putting earning into a woman. If Bitcoin is been used as a help that you eneded up messing things up, you will have to find another means of money because Bitcoin will not stay.

However, Bitcoin can still exist to wok together with fiat and not fight the market. You also said it, the government deals with regulations and if they allow less strict in Bitcoin, maybe Bitcoin will even grow larger than the way it's now instead of this reoccurring situationabout  Bitcoin some people don't understand. The fight for Bitcoin to replace fiat is something you rarely see around, people are doing what they weren't told in the beginning. This is for all believers or Bitcoin.

Banking is flexible. So, it's not really a problem for them to make adjustments with the rise of Bitcoin. Unless people stick to the very essence of Bitcoin, traditional banks won't find it hard to integrate it into their operation. Right now, a number of banks are already offering Bitcoin custodial services especially to institutional clients. In other words, they're not losing relevance. So, I don't see any replacement happening not just in the next 15 years but also in the next decades.

Yes financial systems are deeply set in our world and are supported by governments and rules. Complete change in just 15 years is not possible. It is more realistic to think that Bitcoin and banks will work together. We already see banks using blockchain technology and they are creating their own digital money too. In some countries with weak currencies Bitcoin might become very important tool for regular people while in other places it will likely be used more like special investment. Future of money maybe be mix of both old and new systems because one can not replace other one.

What about the bank acting as a bank for crypto, just offering service for crypto custody to offload complexity with self custody and add insurance on top of that for people who don't really understand bitcoin?

I could see it going that way to be honest. Some banks allow holding digital gold, foreign currency, and so on. Why shouldn't they enable the same thing for crypto?

Moving forward, bank will just evolve and not being replaced because unfortunately great deal of people like custodial wallet too much nowadays.

Yes, the blunt truth that not many people dare to admit is that they are still preaching about the decentralization of bitcoin and its original purpose. But they themselves see bitcoin as an investment to get rich, use centralized services as well as support centralized organizations to deeply intervene in the market.
I believe less than 1% of bitcoin investors actually care about its decentralization.


The goal of poor people is to make money and escape poverty. They do not seek decentralization because it does not help them escape poverty.

You are right, the poorer the countries the more they will turn to bitcoin, but with the intention of getting rich.

Yes, I prefer to see Bitcoin and other digital assets operate side by side with traditional banking. Rather than changing the traditional banking because , which means I have two options of payment and I also have a chance to invest besides the other investments.

The government will not like it if their product is replaced by something that they cannot control. I think the bank will upgrade their infrastructure using blockchain combination so their security will be safer. That will be better for the government because they can monitor the financial happenings in their country and also they can have Bitcoin to be their reserve.

Whatever it is, we could just follow the regulations from the government. We are happy if the government allows us to use Bitcoin, no matter if that is as a commodity.

Rather than viewing this issue from a competitive perspective, it's far better for both to coexist as infrastructure within both traditional and digital currency models, allowing growth for both to proceed as usual. Even though some countries still view crypto as a threat to weaken fiat currencies, crypto can play a distinct role in its development process, allowing these systems to adapt to each other and ultimately strengthen each other through their respective needs.

We're talking about the needs of humanity in general, and the sources of sophistication that are beginning to be created should be able to coexist, not threaten each other. Bitcoin has transformed many people's perspectives on finance, transforming it into a potential asset that can be utilized by anyone. This should be good for humanity's journey.

This could only happen when 80% of people on earth knows how to store their own bitcoin in their own wallet and not on behalf of them in some CEX.
But why not just let the traditional finance big players integrate bitcoin to their institutions? Isn't it better to pursue flow of traditional finance capital into the decentralized finance?

Knowing the fact that most of wealth is owned by old people who don't really familiar with bitcoin let alone using bitcoin.

Bitcoin would not replace traditional banking because traditional banks is the governments tool of controlling monetary involvement in the country and I don't think any country is willing to give up that control over a decentralized, censorship resistant Bitcoin. However they can coexist and banks are already drifting towards incorporating cryptocurrency in their transactions and offering custodial services for crypto assets in a bid to move with the trend.

The more Bitcoin and other crypto assets gain wide adoption by users, the more government of countries enact strict rules to regulate them and ensure they don't displace it's traditional monetary system.

Yes, banks and Bitcoin are completely different things. Those who want the security of their Fiat money will always prefer banks. But for those who want to make a good investment with some risk to their money, Bitcoin is the best. Bitcoin is not a bank, if you keep money here, your money will not be stable, which is why you must use the bank as some security money where your Fiat money will be for daily use. When you keep everything in Bitcoin, you will often use your Bitcoin at a loss. Because you are forced to do so. So Bitcoin can never replace traditional banks. However, it can reduce the use of banks to some extent.

Bitcoin is a decentralized community led project that opens new gates for people who are unbanked or underbanked as they no longer have difficulty with register a bank account and use bank servives, whereas they can easily use Bitcoin blockchain for transactions and deals with the other people. Moreover, with Bitcoin blockchain and open-source, non-custodial wallets, they have full control of their fund in bitcoins that they never have with bank system.

Bitcoin is a great technological alternative solution for many people, not only the unbanked, the underbanked, but it's unrealistic that Bitcoin will completely replace banks and bank system in the future. Banks are related to governments and they will not allow Bitcoin to replace bank system as they can not control a decentralized blockchain and network like Bitcoin.

The chance is zero in our lifetime.

For starters bitcoin was not created to replace the traditional banking system, but only to offer an alternative option for people to use alongside it. It is also a new concept with some shortcomings (eg. the scaling issue) that makes sure it remains that option and not a replacement.

On top of that in your own post you are using the term "asset" for bitcoin which is indicating a common view among many bitcoiners that bitcoin is an investment (not money) and they "invest" in it to make profit. You can't replace the banking system while many still think bitcoin is for profit making.

Even if 100% of the world's population knew how to use non custodial wallets and stored bitcoin themselves, the likelihood of bitcoin replacing banks would still be 0.

After all, bitcoin is not a major currency and cannot replace other roles of banks in the economy.
It is no coincidence that banks are considered the backbone of the economy. Banks are very flexible, play an important role and provide many services to balance and promote the economy. Things that bitcoin can't do and wasn't designed to do. Therefore, bitcoin will never be able to replace banks.

I don't think its possible for bitcoin to replace all the banks. Even if we fixed Bitcoins issues with scaling by using L2 or L3 solutions, I dont think we will live in a world where there are no banks but its been replaced by the blockchain.

Bitcoin is like Gold but unlike Gold, it has a blockchain and you can send it freely. And its treated as an asset such as a commodity so people buy it to invest in it. People say you shouldn't invest in a currency because its not an asset like a stock like Apple but its a currency with utility so it gives it value. However the end game wont be that it will replace banks.

In addition to the banking system, Bitcoin can also play an important role in financial transactions. We should not see Bitcoin as a competitor. It is beneficial to consider the advantages of both without seeing them as competitors. The convenience of using Bitcoin is not available in the banking system, and the convenience that the banking system can provide is not available in Bitcoin. In countries where the banking system cannot provide good services as expected, Bitcoin can also provide convenience like banking, although not all services are capable of providing it.

Since its inception, bitcoin has not been intended as a replacement, despite its increasing adoption and continued progress. However, it is clear that it will not replace the existing system because, after all, bitcoin was created as an alternative from the outset.

Furthermore, it will certainly not replace the role of banks, which have existed since ancient times. as we know that the banking system and the crypto system, especially Bitcoin, are different. The government will not do anything that could harm them because if Bitcoin replaces the banking system, the government will indirectly make decisions that contradict their power system, considering that they cannot fully control Bitcoin (although there are still some things they can do with taxes). Complete control such as with fiat currency today is clearly impossible.

Not in 15 years, but likely in 100 years. Every fiat currency eventually fails , all fiat currencies ultimately collapse through hyperinflation, because they can be printed endlessly . People who experience hyperinflation and bank failures will understand Bitcoin more easily and be motivated to use it.

We are moving into a digital age, and most fiat money today is already digital , about 90%, while only around 10% exists in paper form. Over time, paper  will almost completely disappear. This means ordinary people will find it much easier to understand Bitcoin and start using it. This process may take two or three generations, but eventually, everyone will use Bitcoin, and it will become the only form of money because it is the best form of money that exists

There is something that we are supposed to understand in cryptocurrency and banking system, I want us to know that the purpose of creating Bitcoin it's not for bitcoin to replace a traditional currency, satoshi nakamoto created bitcoin with his team because of international transactions that might be delayed and bitcoin can be a means of doing such transactions without a delay

So His purpose is not to make a Bitcoin a dominant of traditional currency but also make a bitcoin to be it own currency that will be used in the countries, but we do all misunderstand the purpose why bitcoin is being created some of us today who think that bitcoin may take over the world the next 20 years coming I think that is a fallacy from my own perspective

Just assume that if bitcoin is accepted worldwide as a currency can it be used to purchase something on the street with the minimum amount they answer is no because there's a limit that you can transfer to bitcoin wallet which that is not up to the minimum that we transfer in Bitcoin transaction wallet, so in summary bitcoin cannot be used as a a traditional currency but it will be used as a means of transaction and the exchange of goods and services.

I have heard this theory for years, but we need to accept the fact that fiat money and the banking system will never go away. Maybe at some point we will abandon fiat money and adopt a new currency, but it will eventually be an upgraded or improved version of fiat. They will be issued and controlled by the government. Decentralized currencies like bitcoin will never have a chance to become the main and only currency in the world.



It is only a matter of time before paper money disappears and our world enters a completely digital age. But that doesn't mean bitcoin can replace fiat or banks and become the only currency even if it is the best currency at that time. Because when paper money disappears, the government will replace it with another currency and it could be CBDC or stable coins like USDT.
More importantly, as long as the government and banks exist, they will never let a currency they do not control dominate this economy.

I really cannot see it happening. FIAT is very convenient for central banks
because it allows them to manipulate the system, how could they do that with
Bitcoin?

Bitcoin was invested to side step the banks

In order for banks to replace FIAT every current  economic system would have
to change from street sellers, office workers, big tech companies etc. ditching
FIAT and adopting Bitcoin - I just cannot imagine it.

Bitcoin will not replace traditional banks, not now, not in the near future because that was not the purpose for the creation of Bitcoin. As we know, even banks built on the basis of cryptocurrency failed, maybe because their function will make Bitcoin centralized which by design was not possible. Therefore, anyone comparing Bitcoin to bank is not doing a solid work because both are different things, serving different purposes and are never in any competition.

In my own view, Bitcoin is mainly a digital asset and a means of peer-to-peer transactions, but it doesn’t provide all the services that traditional banks offer. It’s more likely that both Bitcoin and traditional banking systems will coexist, each catering to different needs in the financial ecosystem.

Furthermore, Bitcoin has made impressive progress in the financial world. Bitcoin advantages, like faster transactions and greater financial inclusion, are undeniable.
Because the future of Bitcoin and its role in the financial world is still unfolding, and much depends on future technological developments.

Of course it will not, although this is a discussion but at some point I think people are taking things too far, may be i have said what I want to say now or I have forgotten but I will have to say it again if I have said before, Bitcoin was created to serve as alternative to to our will known traditional currency, it was as never created to replace it, both currency will continue to exist since the have different functions, sometimes people make things look as if Bitcoin and fiat is fighting, they too currency are not in any dispute is just that individuals has come to understand that it will be useless if they don't make what they have to have value, thats why most people choose Bitcoin over fiat.

I believe replacing the traditional banking system with Bitcoin will be difficult because in practice, bitcoin functions more as an asset than as a true medium of exchange.
Let's be honest most people involved in Bitcoin today hold it for profit, not for everyday use, bitcoin is more of a speculation and investment than a payment utility. Rather than envisioning a future where one replaces the other, it's much more realistic to see Bitcoin and traditional banking coexisting, covering each other's shortcomings.

In some places, people have no bank access and mostly everything is already on digital apps (if they are luck - similar to banks).
Bitcoin will provide the freedom to access anywhere antyime freely to a global payment network p2p that rely just on code.

Probably, countries or communities that have no options for using bank accounts will find it more convenient to use btc or (sigh :( ) some strange crypto freak alternative .
People of Western countries could choose the advantages of both crypto and traditional banks since it's really easy to access to many different options.

These threads pop up every now and then. I remember a megathread which lasted for years, "Can Bitcoin make banks disappear" ;)

But they are based on a big misunderstanding. The main purpose of banks is not "to custody our fiat", even if many use banks for this purpose. Their main function, instead is to mediate between people who need money, and people who want to invest money.

The part "people who need money" is usually done via lending (traditional loans or things like bonds). And lending in a P2P or decentralized fashion is a problem that has not been solved in the Bitcoin/crypto world. For sure, you have DeFi lending. But for that to work, you must deposit one crypto-asset (cryptocurrency or token) as a collateral. So it doesn't help at all if you need money, e.g. to build your house.

You could of course start a private ICO if you need money. But I don't think you would have that much success if you need the money for a private endeavour, such as building your house.

There may be decentralized concepts which could work, but they would still need experts who can evaluate your credit risk. And while you need these experts, banks will still excel in that business.

Banks could hypothetically shrink a bit in the mid to long term if the need to "deposit fiat" without a real "investment" purpose decreases because people use crypto as a currency (currently that's a niche). But probably they would be using first stablecoins while Bitcoin stays volatile, and stablecoin issuers are also very similar to banks, or they are even issued by traditional banks (e.g. Societé Generale's stablecoins).

Is this the one you are talking about?

Can Bitcoin make Banks disappear? (https://bitcointalk.org/index.php?topic=1324174.0)

Anyway, it always has been a comparison, but it's not going to be a replacement. It's just going to be side by side, as everyone has said. It's likely realistic to consider gold a preservation of value asset. See the world where everyone is using BTC. I don't think it's like a bank. Imagine the legal frameworks being established as well.

Let's be realistic here and stop saying things all because we are all bitcoin enthusiast's, and  truth be told I don't see bitcoin replacing our traditional banking system. Bitcoin was created to act as alternative currency to the fiat and not to replace it. And reasons why bitcoin can't replace fiat are too many but few to be mentioned:
1, Bitcoin is still narrow in acceptance as payment method.
2, a lot of people out there are still afraid of holding bitcoin, because of risks of hacking, scammers and misplacing of seed phrase.
3, since bitcoin is volatile in nature it price can fluctuate dramatically, so therefore it volatility can make our everyday transactions very difficult.
4, we all who are bitcoin enthusiast's are not really using for our everything transactions, rather we buy and hold bitcoin's in our wallets, because we see bitcoin as a safe heaven for storing wealth.

I think the chance is zero.

If Bitcoin replace the traditional banking, then it will affect the whole thing. Using Bitcoin doesn't make people will be rich/live in comfortable because the poor will have very tiny share of Bitcoin.

The government might not able to aid poor people because Bitcoin can't generate new coins, if the government stake their coins, they could lost the whole coins they have.

So, it's a big problem for the country to survive.

It took us about 15 years to see Bitcoin reach its current status, and I think it will take another 10 years for Bitcoin to be accepted globally, but I don't expect it to replace traditional banks.

Unfortunately, few people view Bitcoin as a means of payment. Instead, they mostly view it as a profitable investment or a strategic reserve. Most continue to use central banks, so don't expect change.

What you are forgeting is that people often avoid responsibility and choose comfort over freedom. True freedom means risk, discipline, and accountability, but most prefer the illusion of safety that comes from relying on authorities or systems that promise stability.

Bitcoin’s philosophy (taking control of your own money and decisions) requires exactly that responsibility. But many people are not willing to give up the security of banks and governments, even if it means losing personal freedom. With that in mind, I don't think that your scenario is likely to happen.

None. There is zero chance that we are going to see traditional banking be replaced anytime soon, it's just the best we have. Sure we have a ton of issues with it, nobody says it's perfect, in fact I hate banking system as much as any human can and I try to avoid them as much as possible.

But even I acknowledge the fact that humanity needs a system like this in the modern world to keep it going, without banks, we are going to be stuck a lot and everything will be harder. If you think banking is just moving money around, then yeah you could be naive enough to think that we could simply use bitcoin, because it moves money around and you have an account, but banking does far more than just that, and we all know it, so we are stuck with it.

Yep, the countries where wars and other economic or inflationary factors have made life worse for the citizens, they really can't rely on fiat or banking systems anymore. For them, crypto becomes the only way to get money and also send it abroad. Cryptocurrency has surely made things a lot easier for everyone haha.

Although Bitcoin is never going to replace traditional banking anytime soon, because banking systems are still functional in most countries. Only in some where the conditions are really severe, crypto takes over as the main option, but in every other place the traditional banking is still used.

I’m certainly optimistic with the future of bitcoin. But I also make sure that won’t lead me to unrealistic expectations. My point is, let’s just accept the reality that traditional banking won’t never be replaced at the present, or even in the future. The government is powerful, and it won’t allow bitcoin to take the position of centralized banks.

Also, bitcoin isn’t created to replace traditional banking, but it can co-exist with banks. That’s why we have seen some banks now that are open on bitcoin and future bitcoin transactions that would happen inside the banks.

They are over expecting on something that won't gonna happen. Bank business is would possibly be there and won't get replace by any revolutionary financial things. This institutions knows how to adopt and if they could able to see that Bitcoin is already hitting hard on the mainstream for sure there's a good chance that they open to accept it in their institution.

JP Morgan and other banking institution is slowly adopting BTC by allowing their clients to transact Bitcoin there.

People are over exaggerating and maybe its better for them to stay in real time so that they can avoid believing on things that hard to happen.

We prefer to be centralized even though we have decentralized facilities near us. In fact, we have become integrated with the banking system and have become accustomed to its rule. There are not many Bitcoiners who are very concerned about decentralization and try to remain decentralized. Bitcoin has not yet fully become a decentralized financial system, rather, Bitcoin is currently more known as an investment asset that is processed through centralized exchanges.

I do not see the emergence of a banking system very soon, maybe I will never see it. Yes, once there was no banking system, goods were bought and sold in exchange for goods, which was known as a barter system. Then people got acquainted with a monetary system and started buying and selling goods through metal coins. Since then, people have lost their independence and have become familiar with a centralized financial system. After the gold standard financial system, people have been ruled by the banking system. That is, people have been governed by a centralized financial system for about 350-400 years. We are in the early stages of getting back to a decentralized financial system, I don't see it being completely replaced anytime soon, it will take a long time.

Wow, this is quite cool and I am very convinced that people will stop being misleaded by ideology that banks will be outdated soon because of the Bitcoin adoption and the digital era we are entering that will make fiat currencies to be thing of the past. Very soon each country could have their own digital currency and dump the fiat system that requires you to make transactions using paper money.

The primary responsibility of the bank is to protect customers funds keeping them as safe as possible. If a bank is robbed, the customers of such bank will bear no responsibility for the lose incurred by the bank because it is seen as a safe house for finance.

The bank act as a mediator between the government and it's customers. The bank collect taxes on behave of the government, enforce KYC compliance through the government mandate and confirm transactions for customers. If we assume that the bank will not be in existence as a result of Bitcoin adoption replacing the local banks, who will do the job of the bank for the government. I think the bank is self sufficient and can switch to any mode at anytime.

The bank is a very important aspect of any country and their is no way Bitcoin is going to replace banks because of the digital era the world is switching into. Banks have more roles to play for the growth of a country than what we might think.

Do you think it is possible to actually eliminate the use of paper money? For me I think it is still very early to see this happening because the advancement of technology although has grown this far is still very not that deep to that extent because there places that still lacks this technology ability and using digital currency is still a thing. Even banks are yet to get it right on digital currency, the government had CBDC introduced and so far of looks like a total failure.


It is even a wrong assumption that bitcoin wants to replaces banks because even the founder(s) specifically said that the invention is here to provide an alternative for bitcoin, which is what it will be, bitcoin has many advantages and use cases but definitely cannot fully replace banks but its adoption growth will definitely reduces reliance on the use of banks. For local transactions banks will still be greatly use in fact government will fight it out to have banks replaced totally because the freedom it will present to people is something they wouldn’t like them to have, that’s why they are even looking for ways to actually regulate some part of it

Unlikely to fully replace banks soon  but Bitcoin can and will disrupt many banking functions (payments, settlement, custody). Expect coexistence: BTC/Layer‑2s to erode fees and settlement roles, while banks keep handling credit, fiat rails, and regulated services.

Usually people turn to other casinos because of a successive defeat, based on the rationale that +maybe in other places we are more fortunate "there is always logic like and I think it does not only happen to me who is upset with defeat and defeat without any hope of winning, or on the other hand there is a problem with the casino so that it makes us switch to other casinos.

I only suggest that keep gambling responsible, whatever your goals, whatever your motives come then the solution is to gamble responsibly, whether you switch casinos or not.

It already does, there's a disruption that has been happening already and many still don't realize that it's there all of the time.

This is actually what will happen, banks and bitcoin will co-exist.

Before, we thought of it that the banks will be eliminated by bitcoin but it seems that's not the route that likely to come in reality.

It is very impossible for Bitcoin to replace our traditional banks because it is a decentralized currency and a digital investment and a lot of people need physical currency to operate their daily life and Bitcoin isn't a physical currency, the only way that Bitcoin is likely to replace fiat currency is only if the old generation that doesn't understand Bitcoin are all wiped out from the earth and the government we have now replaced by the new generation then Bitcoin will be given the space it needs to replace fiat currency without any interruptions or complain from anyone. Even in the next 20years I don't see Bitcoin replacing Fiat currency.

Bitcoin is decentralized while traditional banking is purely centralized, so how can bitcoin be allowed replacing traditional banking in the future? If ever there’s chances for replacing traditional banking, that would be digital currency that is centralized in nature as well, that is obviously created by the centralized government and not by any decentralized in nature.

So there’s no any possibility for bitcoin to take the position of traditional banking. But if bitcoin will gradually turn centralized, maybe there could be a chance for it.

Something we fail to take note of or give much concerns is the various functions for which traditional banking systems do provide to a working economy. It’s not simply the dispensing and saving of fiat for sure, it goes to provide several services that continue to prove useful in our world, services that we are most likely not going to have with Bitcoin.

The banking system and the Bitcoin innovation is complementary and would be of great advantage to have both of them working at it’s optimum.

No chance for replacing banks, but there’ll be high chances that both will co-exist. Not because it’s the right thing to do, but because that’s what the people deserved to have, to choose on what service they’ll be more comfortable and convenient of.

Let’s stop thinking that bitcoin is here to compete with fiat and banks. That’s not the original goal of bitcoin. Yes, it offers us financial independence away from banks and government, but let’s also look at a more positive and productive side, that may happen once bitcoin and banks co-exist and serve the people.

Are we still having this debate in the forum?

We (Bitcoin enthusiast) have seen and tried every possible means to replace the traditional system which has not been possible. It is proving that both need one another. The traditional banking system can still operate without Bitcoin but without the traditional system, it is difficult to purchase Bitcoin. We all need FIAT to buy Bitcoin. Which means, the traditional system cannot be replaced.

If Bitcoin gradually becomes centralized or shifts toward centralization, it will become useless and no one will need it anymore. Because creating a centralized currency or a centralized system is not that difficult, and with the potential of the government. If they wanted to, they could do it in the blink of an eye, there's no reason they should have to use a centralized system created by someone else.

The core element that has given bitcoin its value so far is its decentralized nature. So if it loses that core element, Bitcoin will become useless and trash like many altcoins.

Bitcoin was developed as a payment alternative to centralized banking. It doesn't directly replace the traditional banking system, but rather provides a more open, transparent, and intermediary-free financial option, allowing people to conduct cross-border transactions without relying on a central authority and allowing them to manage their assets with full control. And it seems likely that Bitcoin and banking will co-exist, as governments are unable to completely stop them.

This relates directly to people who run businesses, and to this day they still need banking as a medium to support their businesses in cross-border transactions. I prefer it if people say the two can coexist so there's no competition in terms of implementation. We know that the banking system still has many problems, and some may see it as unsustainable, but if we're honest, banking is still quite necessary for some people today.

I agree with your argument, as the banking system and the innovations generated by Bitcoin can complement each other, allowing their benefits to function optimally and be used by those who need them. If not we will likely see one of the two being abandoned in the future as people start to see the more profitable side.

Yes, it is no coincidence that banks are considered the lifeblood of the economy. You are right, banks are more than just places to distribute and store fiat money. They provide core services such as financial intermediation to facilitate business growth and regulate cash flow to balance and stabilize the economy. From there, create a favorable environment for people like us to work, develop and achieve our financial goals.
Without banks, the economy would stagnate, even collapse, and what would we do if we had no jobs, no income, no goods to consume?
Can Bitcoin help us do these things? Obviously bitcoin can't do any of the above, so it would be naive and ignorant to think that bitcoin can replace banks.

Bitcoin was not created to replace the fiat system; rather, it exists to serve as a viable alternative. There are so many benefits of using or investing in Bitcoin, but I also think that fiat will always have a place in the global financial system. Bitcoin adoption has increased because many people now see it as a means to avoid the effects of inflation and a viable means of payment in transnational trade. But its volatility might be one reason why it might not be used as a currency. But it seems the coin is gradually getting stable, and it might achieve that in the future.  

Poverty, poor infrastructure, and a high rate of illiteracy are some of the reasons that will reduce the quick use of Bitcoin as a currency. Many people in developing nations can't use online banking because they don't have access to phones, the internet or can't read. 

"Chancellor on brink of second bailout for banks"

I'm afraid that the philosophy behind this phrase engraved in the genesis block by Satoshi has lost a lot of strength in recent years, and the possibility of Bitcoin replacing traditional banking fades away as new hybrid ways of doing things are devised. Banks aren't only embracing the blockchain technology as a convenient system without a single point of failure, but also Bitcoin as a new product to offer in their portfolio.

In the future, the banks and Bitcoin will still be operating side by side but it'll be happening more often than how it's happening now because the Banks isn't going into extinct and neither is Bitcoin because the both of them will find a way to function together. I think the banks will soon adopt the technology of Bitcoin because it's going to benefit them more. Banks are old school and need newer technology for them to be able to continue operating. We shouldn't be bothered about the banks not existing again or Bitcoin failing to overthrown the banks because that wasn't the Idea behind Bitcoin creation.

Banks that recognize Bitcoin as a superior asset that can operate on par with other valuable assets will certainly seek to create combinations aimed at leveraging blockchain. However, they will also be unwilling to abandon their legacy systems, which are known to lack transparency, so the combinations banks will use will be hybrids aimed at their own benefit. Bitcoin itself is not actually challenging any bank in the world; it simply introduces a transparent system so that everyone is aware that the banking system is very different from Bitcoin.

I don't even remember how many threads like this I've been on, but it's amazing how many people still think bitcoin can replace banks.


This happened because bitcoin has deviated from its original purpose. Instead of using it as a currency, we turned it into an investment. And like other assets, to own them we need to depend on banks to buy them.

But this is not the main reason why bitcoin cannot replace banks, as some others point out, banks provide many important financial services that bitcoin cannot. Bitcoin cannot replace banks even if it is used for its original purpose.

It's there.
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks[1]"

Bitcoin Genesis Block. (https://en.bitcoin.it/wiki/Genesis_block) It's a kickoff of Bitcoin blockchain and it opens a new era in human history with success of blockchain technology that motivates more developments, applications of blockchain to human civilization in many countries since 2009.

The Times 03 Jan 2009 (https://www.thetimes03jan2009.com/gallery/)

Well, I think it's very utopian to think that bitcoin was going to replace the entire financial system. It's okay to be idealistic, but you also have to be realistic when you see how things are developing. If the financial system adopts the bitcoin standard, considering bitcoin as a premium asset, I don't see it as such a negative thing. And in a world that is turning to digital, we have the P2P option open to us, even if banks and many people are not going to use it. It would have been much worse if bitcoin had been banned worldwide, in which case you could have used it to buy things on the Deep Web and little else, and the price would have been much lower.

It is too idealistic but it's unrealistic in my opinion.

Bitcoin is very good and has already changed the world by triggering a new technological trend since 2009. Blockchain since then has been developed, adopted and applied more in many nations but together with Bitcoin, there are altcoins. Like or dislike altcoins, they are parts of cryptocurrency ecosystem, and let's say something similar, like or dislike bank, it's a piece of financial system which Bitcoin can not eliminate from financial system.

Bitcoin only can invade more into traditional financial system and it's enough for Bitcoin adoption. It does not have any mission to replace the financial system, bank system entirely, I don't think it's unrealistic mission for Bitcoin.

Yes bitcoin is unlikely to replace traditional Banks, and to some extent it is even unrealistic, the coin has a lot more to achieve in order for that to be possible.
Bitcoin as for now is highly volatile and it's not stable at the moment , and as a matter of fact it has never been stable, so what are the probability is that in future the coin will be stable,
And in order for successful business and other transactions the coil will have to be stable as it will be the new form of transactions.

Apart from the aspect of stability if Bitcoin successfully replaces traditional Banks they will be a spike increase of hackers and people will be robbed off their money,
 in my own perspective it is going to cause a lot of harm, or now let us be satisfied with our traditional Banks and less keep investing in Bitcoin

Bitcoin no doubt has many advantages over fiat system but it is not designed to replace the existing financial system based on fiat currency. One more thing is that the decentralised Bitcoin is not welcomed by majority of governments so far because they can't control or tax it. Accepting decentralised Bitcoin as financial system of the country means surrendering your financial control, which no government will like. Bitcoin and fiat system both will exist side by side. It's good to be a bitcoin enthusiastic but at the same time we need to think rationally.

In addition to this, Bitcoin with its decentralized, borderless, and censorship-resistant nature. Bitcoin presents the possibility of disrupting or even replacing aspects of traditional banking. While banks rely on intermediaries and trust, Bitcoin offers a peer-to-peer system where individuals can securely store and transfer value without central control. However, regulatory, scalability, and adoption challenges remain key hurdles before it can fully rival traditional banking.

That's the point. Bitcoin is not going to replace the banking system; it's only there to serve a purpose, which is to give those who need freedom without limits on their money an option for what they will run to.

The banking system is also there for tax purposes and fulfils all regulatory settlements, which can't be done with crypto. Both have a purpose and are not going to replace each other; it's just the banking sector that's bringing the comparison where there should be none.

Rather than replacing banks,Bitcoin might transform how banks operate and how people think about money using their borderless and seamless transaction methods.Bitcoin is unlikely to replace traditional banking,but it may reshape because of its transparency.

I also don't think Bitcoin can replace banks. We know banks can be controlled, but Bitcoin can't. Their nature and characteristics are vastly different. So it's highly unlikely that Bitcoin could replace banks, but making Bitcoin a global transaction tool is possible if banks truly lose their trust in the dollar.

Or as you said banks will emulate Bitcoin's system with its transparency and fast transactions. But for now, it's undeniable that Bitcoin and banks need each other as each plays a distinct role in the global financial system.

Crypto currency no doubt has become a revolution in this twenty first century.but in as much as Bitcoin has brought in a shift in the traditional ways that the financial system was known, the possibility of crypto currency taking over or replacing the banking system in the next few years is unlikely. Because the fact the current banking system will exists side by side with crypto currency.

We should just stop  thinking bitcoin is going to replace banks, in 15 years or more, we not going to achieve that, and if we want to focus on fighting for bitcoin to replace banks, then we going to start creating more problems. Right from Beginning, bitcoin wasn’t  created to compete with banks, or to silent banks, bitcoin was created to serve as alternative currency, so let’s just allow bitcoin to serve its purpose.

We already having problem with the government already, so just imagine that people starts pushing for bitcoin to replace banks, then we going to start having serious problem which different countries, because the government is in control of banks, and they can’t control bitcoin, they can wake up any day, and print more fiat into circulation, but when it comes to bitcoin, it’s not possible. There are just lots of reasons why the government won’t want anything that will tamper with the banks.