Bitcoin Forum

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Inflation in a broader sense is actually a good thing for the economy if controlled, and if growth is maintained as well. It pushes the people to spend more and more of their money resulting into a faster economic growth (again, if maintained.) In a deflationary setup, everyone would be just hoarding their money since the incentive is there: their assets would continue appreciating in value even if they just hid it and not spend a single penny of it. Banks work in our current world since it is designed to do so. Economic policies etc. are also designed to work with fiat in a complementary manner, however for bitcoin, it is not.

No.
The banking system existed with the gold standard, continued with fiat and even if we all switch to bitcoins banks will still exist and it won't kill anything.


No, they are not and they really don't give a damn about.
Is the usual over-exaggeration bitcoin cultist like to believe is true but is too far away from reality.


There are not just central banks that make the banking system, there are also normal banks with no saying in inflation or government policies and those don't care about how money is called or if it's digital or physical.

Why would those banks be afraid of bitcoin?
Currently, there are 823,344 addresses with more than 1 BTC worth inside.
Compared to that around half of Millenials in the US have more than 10k in their bank account. That alone is 10 times more.

Of course, there are some users who don't hold their coins in their own wallets but on an exchange...which acts like...a bank!
So..how is bitcoin going to kills banks when people want to keep bitcoins in banks?
Who are you going to ask for a loan with no banks around? Satoshi, Gotti or Salvatore Riina ?

When it comes to inflation in financial terms, it has a broader meaning thus mentioning it  in the OP was confusing. The reason why majority of  stakeholders in the traditional banking sector are not in support of bitcoin is mainly because the banking sector wants to enjoy the continuous manipulation of the financial sector.

How can banks be afraid of Bitcoin if it processes ~11 transactions per second at max, while fiat payment systems process thousands of transactions per second on average? Bitcoin can't replace fiat even if all people in the world wanted it to happen. And with how common centralized platforms are in Bitcoin's ecosystem, it's very likely that in the future banks will just offer options for holding Bitcoin and will profit off it, instead of trying to fight it.

Nope. If anything, banks will start accepting bitcoin deposits and they'll apply fractional reserve banking to them.

Unfortunately, the "be your own bank" idea is only gaining so much ground. Like Hal Finney once predicted, I expect bitcoin banks to operate just like traditional banks today.


Commercial banks have no problem with Bitcoin. They can just integrate it into their current operations like any other asset or currency. They can take deposits, issue loans, collect commissions for brokerage services, provide underlying custodial services for financial products, etc. Banks can make a lot of money off Bitcoin.

Firsty banking is strong establishedment over bitcoin as of now
Secondly thie current relationship bank and bitcoin is in good why I tell these because th proof is I can transfer and convert my bitcoin via online into fiat money.
I think no need to worry about that threat banking system now realize the important or bitcoin and how bitcoin can help to them.

Hard to say, its possible in far future. They should be afraid a little, but i doubt they are yet.
I know for sure one thing, future is bright for Bitcoin.

Banks gave the financial infrastructure to an economy, following this we've travelled till date. Based on different monetary policies the functionalities differ between banks operating on different countries. If banking system haven't existed surely we all would've lacked growth.

Everytime everything can't be perfect. This way banking system too has got flaws. This can be rectified with the advancing technology. Some has got used to it while some are in the early days of adopting the new technology. So banking system overcoming by bitcoin isn't gonna happen.

Simple thing, bitcoin gave the base for Cryptocurrency. There were more advancing technology used on different altcoins and some even promote themselves as competence to bitcoin. Will this get the altcoin the place of bitcoin. Same is the scenario with banks and bitcoin.

Banks do not fear Bitcoin but fear the technology that runs it.

Bitcoin is supposed to work like a payment system but is too slow to compete with the Banking payment system. It is now considered more as an asset/commodity than a payment system. Assets/commodities are controlled and owned by Banks, If regulation comes into existence than the Banks will be able to control and own Bitcoin as they did for Gold.

So my friend, Banks never feared Bitcoin but, we as a community do fear Banks.
 

If only you knew how slow and expensive the settlement layer of banks is.

Banks can only regulate the ownership of bitcoin, but they definitely won't be able to control it. If banks will be able to control bitcoin, they probably would've done it in the past already, and that would automatically make bitcoin a failure. As time goes, it only gets harder and harder for them.

Banks don't afraid of bitcoin, and from the technology at all.
They will use the technology to make their services cheaper (I mean to run the bank on lower cost, not cheaper to the customers). Customers won't have a clue about the back end system, so they don't know the costs of running a bank, even if the cost has decreased over the time. So if banks will start to use the blockchain to cut their costs, if won't make banks fear of bitcoin/blockchain, but to enjoy the benefits of it...

Even if bitcoin is able to kill the banking system, for what? If there will be fiat money and cryptocurrency, what's wrong with that?

inflation can mean a lot, inflation below 10% is stimulating transactions, stimulating growth, it is inflation that the government can control, and over 10% is the government losing control of  Paper money printing, for Bitcoin, does not have inflation, but when the demand increases, it will cause a scarcity of bitcoin, and may also be manipulated by a rich country.

It would kill the current traditional system the banking has. Because they will see bitcoin as a threat or they really are looking into it right now and on how they can join and adopt it as their product or something that they can take care of while without sacrificing their customers that do like it and those that it didn't.

They might even attract more bitcoins users to try out their service if ever they have come up something that would benefit them out of bitcoin.

Banks are not afraid of Bitcoin my friend, they are currently working on technology to compete with Bitcoin. The R3 consortium started on September 15, 2015 with nine financial companies: Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan,[citation needed] Royal Bank of Scotland, State Street, and UBS.  - Source : https://en.wikipedia.org/wiki/R3_(company)

Mike Hearn (Previously a Bitcoin Developer) are working on this project called, Corda that would be used by financial services, insurance, healthcare, trade finance, and digital assets.

So, they are not going down without a fight. They simply used one of the best features of Bitcoin, namely the Blockchain principle and they are building a new system that would compete with that.  :P

There is a lot of misconceptions here:

[1] Bitcoin could not kill a system that has been in existing for many years.
[2] Banks doesn't think that bitcoin is competition, in fact they are can make money out of crypto
[3] Banking system loves Blockchain technology, I would say that they are going to be the beneficiary of this technology.

So in the beginning there are a lot of flaw in the argument.

It's just the media who blow this out of proportion and picture as if bitcoin is trying to take over or Banking system seeing crypto as a threat to their very existence.

All Bitcoin can do is is to force the banking system get out from the comfort zone and provide better services at lower fees.
Bitcoin will not kill the banking system. The banking system is not afraid, they are working against Bitcoin because:
* Bitcoin system can get a slice of their share/revenues in certain operations like money transfer.
* the way the businesses can operate with Bitcoin is not properly regulated (usually not regulated at all) and the Banking system will always go on the safe side (for them) in certain subjects, most known being AML.

I think it has already been said but the banking system will never ever dissapear even if BTC becomes mainstream and accepted. The control factor that you mentioned is one of those reasons.

In my opinion, these two things absolutely can not be combined. Therefore, only one must win

This topic has been discussed many times here. I think the general view is that the banking system will either disappear in the future or expand to include cryptos. In addition, as the use of Bitcoin and other similar crypto assets increases, many functions of banks will become unnecessary. However, for this, we should not consider the USD value of Bitcoin.

Nope, not in the next 2 years I think. Because of people aren't much aware about using BTC. They usually depends on bank for any kind of transaction and receiving money. But people started using exchange website to convert their crypto coins. It's free without hassle exchange.all-stocks.net . Some of the exchange website offer free coupon code for the new users.

Inflation is produced by the leading school of economy, the Chicago school, which is afraid, VERY afraid (and teaches the fear) of deflation. The only school of economy that embraced deflation is the Austrian school, read no further than this web site full of library explaining how it works: https://www.mises.org

Everything is linked. Current banks don't keep the money, in fact most of the money doesn't exist anywhere, it is called fractional reserve banking, too long a subject to explain here, but because of it a bank of banks (which also uses fractional reserve) exists called the "central bank". To summarize, it's not too different to a "ponzi" scheme. People just can't withdraw all their money at once, because it doesn't exist.

The real "Bank killer" is people learning this truth. If you read the Austrians, you will get familiar to another type of bank, which existed until a century ago, called a "full reserve bank". This is the only type of bank that can exist in a deflationary economy, so its not like banks have to die, buy they will shrink, because, banking becomes optional.

Banking is a service, and you should pay for it, not the other way around. The fact that a bank pays you for you to to give them money, should alert you of the real fishiness involved. Modern banking is pretty much a legalized ponzi scheme.

There are long bitcointalk experienced users here completely unfamiliar to deflationary economy, some even panicking over the fact that a bank would actually ask you fees for keeping (ALL) your money safe. That is in fact how it should be, any lending should be at the discretion of the account owner, AND that money must become unavailable until the lending ends and is returned, otherwise its the fractional reserve scheme again.

Note: A full reserve bank cannot go bankrupt by account owners simply withdrawing all their funds. They might need to close doors if no new clients come, but nobody will be left without their money. A typical fractional reserve bank cannot withstand a mere 10% of funds withdrawn, often less. But they get leveraged by the central bank, so in that country a mere 10% cannot do the same, but they get leveraged by the world bank, so in that planet...

Believe it, (fractional reserve) banks have something far more important than Bitcoin to fear: knowledge.

With the banking system, nothing will happen either in the near or in the distant future. Regardless of the spread of cryptocurrency in our world, cryptocurrency is not threatened by banks, they will continue to work in their usual mode and no functions will disappear in them. The state needs banks and therefore they will maintain their efficiency and protect their existence from any external threats. Banks will provide those cryptocurrency services that will be beneficial to them.

Bitcoin won't replace banking systems, banking system running more than 5 decade and help peoples. Banking system more easy to use, tracking, and more secure for some peoples, and i think your grandma also can use bank more easyly than crypto. There're many complex system integrated between banking and business, or even between country to country.

All the terms are say the single world that is education. Because it is new system and little hard to understand everyone so banking system is easier handle on day to day life. Bitcoin is the most trusted cryptocurrency so it is better option for future environment. I hope it will reach entire world on future.

Bitcoin will not kill the banking system, I'm sure, but it can make bankers do something for better services
I'm not fan of any conspiration theory, but you know and it's obvious that bankers rules the world and this is almost impossible to break
To invest in BTC for example, look, we need banks to transfer to exchange and buy BTC
To convert in fiat money, we need banks again  ;D

I don't see any reason to kill the banking system especially with Bitcoin. It will be better if they will be use at the same time for me. Bitcoin is not intended to kill banking system but the main purpose of it is to have a peer to peer transaction without the use of the third party (in this case banks) but it is not stated that it will kill the banking system. Banks will still be there and that is not a problem I think.

Why do you say so? Why are crypto and banking system cannot co exist?

Crypto could be an option for payment system but still we need banks to exchange our crypto to fiat. With that said, I don't think that bitcoin will make banking system obsolete in the future. Even countries who are gearing towards a cashless society still needs the banking system to help them out facilitate everything. So that could also be the same for crypto-currency.

I don't see that bitcoin will affect the development of banking. because it is a separate difference that exists in both systems. not to mention the government's influence over the policies applied to bitcoin, obviously very different from the banking that has been managed by the government.
let it be the best that has been running now.

It can't be said that BTC will completely replace the banking system. Bitcoin has a long way to go in terms of its faith in investor due to volatile nature. Tradition banking has wide range of products which BTC may not offer but yes good percentage of traditional banking business may be taken over by BTC like making paying through crypto at retail points, money transfer nationally and internationally or as an investment. If taken in a positive way banking system has much more the learn and develop from BTC.

With 30 payment procceing time btc cant beat anything. Its store of value and nothing more

It cannot kill banking system because fiat cannot die, if you ever think that fiat will die, it is a lie, fiat has eaten so deep into the financial system that it will take so much decades to take it off people’s mind and government that would have enforced cryptocurrency would not do it because they understand that it is an internet based money and not everyone would be able to have access to it.

For as long as fiat still exists, banks will always exist, but because bitcoin is gaining so much attention of the internet base people, they might lose their relevance over the internet while they continue to gain their solid ground on the physical world where you have so many illiterates that are also using bank. Bitcoin too came not as a replacement, but as an alternative.

It seems to me that they can be perfectly combined in the way that the Ripple team wants to work with the XRP token.

maybe you're right that bitcoin is free from inflation
BUT you must remember that bitcoin is not suitable for store of value
imagine if bitcoin is used as a store of value, you can get very rich instantly but you can also be poor right away
only because of the WHALE game

so let both co exist
bitcoin as an investment and a bank as a store of value (fiat)

It’s something impossible to destroy paper money banking system by crypto-currencie,  because it’s not yet acceptable all over, and also paper money demnded more then crypto-currencies yet! so wait for long time future!   

btc is investment,and i think the biggest application of Bitcoin is to exchange money.example:jpy->usd,usd->jpy, so btc base legal money.
bank system is legal money,so btc cann't kill bank system.

If we look at the current conditions it will be difficult because someone will say how BTC is killing the banking system that is used in all countries in the world, but anything can happen because of rapid technological developments.

The most difficult thing is if that happens then there could be 50% of the world's population who will not use BTC as a substitute for the banking system because there are still many people in the world who do not have internet access and know about BTC and blockchain technology.

In my opinion, it's too far to say that bitcoin will kill the bank system. The bank has a system of hundreds of years with experience of various crises and still survive and grow. In my opinion, with some statements that bitcoin is a digital asset, the bank system will remain a part of our monetary system

We see that now international financial organizations conclude that cryptocurrency does not pose any threat to global financial stability. This clearly indicates that banks should not be afraid of cryptocurrency. Anyway, in the near future. However, even if such a danger arises for banks, the state will necessarily protect the normal functioning of banks, since now the state cannot exist without banks.

As for me they are not a competitors, nobody speculate with gold and make % depositing in crypto, these thinks must be separate.

In addition, the government of the state will put up mechanism to protect Banks from any unforseen circumstances that may arise in the nearest future. Don't forget that the said Bitcoin which is the mainstream manifestation of the Blockchain has been discussed in the Senate and some have said, bitcoin is a store of value which should be embrace.

Bank system being embrace eversince can't be easily change by bitcoin or blockchain it's been a long most used by institutional society, government will always be at the side where they have most control, with this principle it will not be easy for them to adopt and will not allow changes where they will lose the control of monetary inside their jurisdictions, banking system will adjust if ever chances that blockchain will be used but will never be remove, end users will still prefer to have banks to deal with their financial business.

No, BTC won't kill banking system, it will complement the ones that choose to incorporate bitcoin in their services. However should the banking system refuse to see the opportunities in bitcoin technology and exploit them, they will just be losing huge revenue and more and more persons discover how to send more across borders at a faster rate and almost at no-fee as compared to the brutal traditional banking system.

It is not yet known exactly, because there are many pros and cons. Some corruption countries live off banks, and there Bitcoin will not be able to overpower the centralized system. In democratic countries, Bitcoin will easily defeat banks in 5-7 years.

This is the main reason why the state does not want to recognize cryptocurrencies as a means of payment - corruption.

I doubt that ever bitcoin and the banking system will be able to "become friends"

I think that banks in the near future will accept the Bitcoin payment system

Banking will remain together with Crypto mate and just like all of them said that there’s no chance of Bitcoin killing banks because of gold standards that they have

And I also think that banks is alternative of people when time comes of crypto mass adoption because surely not all people in the world can manage to use crypto and they may stay as banking users

Bitcoin is not and will not kill the banking system. The worst that would happen is the two of them co-existing. Bitcoin will be in use while the banks will implement blockchain in their process couple with government coming with their own digital currency to be regualted by the banks. The moment bitcoin replaces banks, then there is no reason for government to exist which will not happen at least in this generation. Its high time we began to move discussion away with one replacing the other rather its how they can coexist in ensuring that the consumer gets the best of both.

Honestly this isn't an easy money system to get rid of because fiat has stood a good taste of time, and despite not been the best we today it's still a functional option.

So is money suppose to be gaining value based on availability and be treated as an asset??

Bitcoin free from inflation isn't entirely true, because volatility is very much one factor that exposes BTC to inflation and we all know this!

High tx fees well today we can say this because of safe guards such as segwit and more miners joining this business.

Banks don't need to be in the forefront to have control and be vocal about it, but with the fact that they have easy access to finance makes them advantaged players of the crypto economy and we should be worried, these guys are the sharks hiding in the shadows of the sea.

The main question is if banks only mode to earn money is to handle payments from their clients? Because the last time I check it's not even their main mode to earn money from you. Banks are not like wallets where its only purpose is to send and receive money the biggest chunk of their income are coming from lending money out froms people and businesses which Bitcoin doesn't have. Lets stop thinking that BTC is here in order to kill the banking sustem because from what I see banks are already acvepting the change, some even have their own versions of blockchain already.

That is to be clear that Bitcoin/cryptocurrency is not against banks nor the banks banned crypto at all. It is all about technology adoption and it is time to see what it makes us easier and to change our lifestyle. I understand how banks look after bitcoin but there is something that stops them and that is market assurance. And if it is only the same with gold that the price is always going up, there are no doubts to accept instantly but it came into high volatility risk which is really hard for them.

Bitcoin will not kill any banks, banks feels the threat right now and that’s why they are supporting it slowly but surely. Bitcoin is indeed a good technology because its decentralized and a lot more faster but as far as money is concern, we still need the banks and we should still support the banking system.

Government has no control on BTC, looks like it's impossible, if that will happen, we will see bitcoin declared as illegal and it will be ban in many countries. The word government itself means to govern people, and there is no exception with bitcoin as it could be decentralized but people who are using it needs to adopt with the rules and regulation created by the government in a decentralized manner.

Thing is, bitcoin will not grow without the government intervention, that is by regulating the market because in the mentality of the people is that, they only trust what is approved by the government and approval means regulating it.

Things are not just black and white. Banks suffer from inflation (they are beneficiary of it, mainly) but crypto suffers from volatility.

Now, each one of you needs to think for yourself: is it better to have an asset that loses value through inflation or an asset more volatile,  where price can grow several times, but it can go to near zero, also?

Bitcoin provides a unique opportunity for a person to own it without the use of centralized platforms like banking systems and at any time at its discretion can easily send them anywhere in the world

If the government is corrupt, we won't be able to replace the old system.
This world would be better if those who are governing us are transparent but the tools they are using now are not transparent which why they prefer to do it in a centralized way, so they can hide their lies. 

Bitcoin is good tool for transparency, but they won't allow that to happen, bitcoin might become popular and will be supported by the government but we won't be able to enjoy its fullest use case with the control of the government.

It's really corrupt but some  times people makes financial revolutions by themselves.  That's really cool. I hope i will see it in future.

I don't get it why they need to accept it. They wouldn't even be left out if they didn't since they still have fiat currencies and credit/debit card payments to handle. As long as they don't block off crypto related transactions to their banks I'm good with it since that is the only thing what we are really asking for them a smooth non-biased way of accepting transactions into our own accounts, where unlike other countries such as India who are blocking deposits from crypto exchanges I don't like that to happen in one of my bank accounts.

We still need bank when buying BTC because we can't acquire it by directly putting our money in trading platform, usual procedure is we transfer money to exchange and we buy BTC. Well, if you just earn BTC, that would be good for you as you don't need bank in this matter, provided also that there are already a lot of business establishment that will accept bitcoin, if not, we have to choice to cash out our btc to fiat and with that procedure we then need the involvement of bank.

To make it short, as long as we need fiat to spend, bank will always remain, bitcoin killing bank, that's not happening for now.

It is pretty not easy to change, we know their market influence, they have the law and once they say never, they will make it unless they turn their heads down and change their greediness.

Banks is a big business institutions which the government collected a lot of money from their tax.  Now,  it looks different and absolutely nothing they've got if we all using crypto. This is a thing that makes them bothered.

Do not even dream. Bitcoin or other cryptocurrency cannot cause any significant harm to the banking system. Banks are protected by the state, state banks are part of the state itself, so they will exist as long as the state itself exists.
Banks will always have their own functions, which radically differ from the functions of cryptocurrency, therefore, even if cryptocurrency is widely used in society, banks and cryptocurrency will exist in parallel with each other.

The banking system and Bitcoins are completely incompatible with each other things with different goals and ideologies

The point that we should talk about is Can BTC kill banks? not the banking system. For answer, I can say yes banks can be killed by BTC or something else which is better than BTC  may appear in the future. Time scale is another thing that needs to be discussed because if we are talking about near future, I don`t think BTC can actually kill the banks for now. We never know what future can bring there is still too much uncertainty. BTC has some major advantages when it compared to banks but the question is are the financial environment and people ready for it?  Because, we are interested in BTC and we know its capabilities but most of the people still unaware of BTC and very sceptical about it. Banks still have a very strong position and it seems that they still will be in power for the near future. BTC is still very young and I think It has still time complete its own process or something else better will just replace the BTC.

What can you say about ripple? Is this company going to use tokens in the banking system or is it all fiction?

It is true that Bitcoin is an antagonist of banking structures. The only obstacle is the ban of some countries on the use of crypto, in other cases, crypto is a solution to the banking problem

I feel bitcoin is depended on banking system yes when I understand the logic, To purchase/sell bitcoin or any crypto currency we need to make a transaction through banking FIAT system ultimately even to proceed converting to our local currency there is a dependency so both banking system and crypto bitcoin rely on each other.

That has a certain connection and couldn't make it if there are the absences of banks support. But some people negatively think that banks are against crypto and also crypto are dragging banks to collapse which I believe that they are totally wrong without knowing that some crypto is tied up with banks.

Will it have to open up the minds of others and stop saying that banks and crypto are in the war cause that it really doesn't make sense.

In more simple terms, Banking systems are centralized whereas Bitcoin is decentralized. This is what creates the major rivalry between these two systems because Bitcoin takes the power back to the people to own total control over the financial transactions and with this, there is transparency in transaction as the Blockchain digital ledger keeps records of all verified transactions and make them available to all.

There is no war becouse those people who had a lot of fiat, also have a lot of crypto.

I am also same opinion too that bitcoin never came to damage anyone’s system, but to eliminate all the faults in it. Bitcoin is meant to actually assist this banks to create their system with blockchain and make it a decentralized one, but this is what banks hate most, because running a decentralized system will surely make them loose money which is the main purpose for which the bank is even established in the first instance, so if they can no longer make money since individuals will have full control over their own money, they will try to fight the system, but then, there is still room for a centralized blockchain, they can still use the blockchain generally to help their system attain the best and be able to serve their clients to the fullest through the use of blockchain.

Part of things you said here is true, but you seem to misunderstand the concept of inflation. Inflation is not only caused because of monetary policies or money supply. There are various reason because of which inflation can take place. Inflation is not just always about the money circulation. If a countries aggregate demand (total demand of all goods inside the country) increases at a very fast pace, inflation can take place. Try google demand pull and cost push effect (some primary cause of inflation). Again, remember, having a zero inflation is actually a very bad thing and is a sign a country struggling to grow economically.

Guys, I don’t know what the situation is in your countries, but let's say in the country where I live, the banks just do not care about the existence of bitcoin.The integration method You described is unlikely.Because banks need guarantees of return and profit.Bitcoin offers no guarantees.

did banks actually said that they are afraid of btc ? i guess no because i never heard any. 

cryptocurrencies are only currencies and banks are not currencies but its a foundation that offers service related to currencies. 

banks never feel threatened if they are only conceren is the competition between thier business to cryptos.

 banks are only afraid with thier co bank mates since both of thier  advocacy are the same .

They will not say it, but the government has been already did it buy totally regulated countries.

The banking system is also evolving with new ideas to satisfy their customers. Rather than Bitcoin rendering banking system useless, it would be incorporated into their payment oftion as well as blockchain technology, thus the banking will always be in operation.

Not sure what you are trying to say, but it is true that the banking system is often the mouthpiece of the government and how they want to keep the economy. Of course private banks run on their own accord but government banks exist and they have to follow the norms.

The problem with crypto is that it being unregulated is often a source of illegal earning from many sources and this is what they government is trying to control. They are right in their process, but they also end up hunting those who are innocent. I hope one day this can get sorted although it does not seem it will and then maybe one day governments would become pro-crypto.

in my opinion, you overestimate banks to be afraid of bitcoin. it's true that bitcoin has decentralized advantages, but this is not one reason banks are afraid of bitcoin. after all, for now, I'm sure there are still many people who are not familiar with bitcoin, they still trust banks for savings or investment as well as other transactions.

A significant part of the society will always, regardless of the success of the cryptocurrency, use the services of banks. The main indicator in this matter will be the possibility of the transition of business structures to the use of settlements in cryptocurrency. Now I do not see such an opportunity. And not only because of the high price volatility of the cryptocurrency. Business entities need to report to tax authorities. They do this with the help of documents that are taken from serviced banks. This is a well-established practice. When making payments in cryptocurrency, it is very difficult to prove the relationship between financial partners, especially in cases where there are many transactions and they are small. Therefore, I do not see threats to the existence and normal operation of banks.

On the one hand, cryptocurrency should be decentralized, but on the other hand, it shoul be regulated over manipulators and scammers, control over ICOs is required.

In general I used to take a stand against regulation, but the condition of the ICO market is so bad that we don't have any other option. Last year, a single ICO scam (Pincoin) resulted in a loss of more than $660 million for the investors. Arisebank was another major scam, which resulted in a loss of around $600 million. And the current year is not any better. So far the exit scams have caused a loss in excess of $3 billion.

How can you say that?

Any proofs that the government are not really saying or admitting it but they are really afraid of it?

We are thinking that Bitcoin and other cryptocurrencies will be replacing fiats, will be used in the everyday transactions of the whole world but we are still so far from that. Government still thinks cryptos are something that is made so people on the internet can have the profit they had right now through thin air, they don't like Bitcoin and the idea of it since we all know they want to control the fiat circulating their country.

bitcoin is killing the bank system i really want that to happen
I really hate the bank system, because a family-controlled bank that I won't mention, they can very easily create a country of inflation in a few hours or even minutes
in addition to being controlled by the family, money is also controlled by the government
with a decentralized system, it might destroy the bank system now

it could but its not intended  . people nowadays slowly realize that btc can work just like a bank and many people are now switching thru it   . btc has advantage but it also have disadvantage so we cant really say that its more better than fiat  .and yes btc if free from inflation but btc is not free from price changes  .  price change or volatility is i think worst than inflation because it occurs more oftenly   .  banks cant control btc but i dont think they are scared with it  . btc is only a crypto and cant really do much at all than compare to banks that existed on real life  .

Banks are involved in storing money and processing payments, but their main task is to monitor the implementation of the rules that states have established. It turns out that banks have a monopoly on the disposal of money. In fact, they use our money with you for their own purposes and force us to pay for these services. And there is no alternative to this order of things, or rather, was not, until the advent of cryptocurrencies.

Of course, bankers did not like this, because they do not want to lose the right to dispose of other people's money.

It could but that doesn't mean it will. Banking system if too powerful, so it will be difficult.

Everyone's talking that banks are afraid btc. They aren't. They're afraid blockchain e-commerce projects like Revolut.

Ooops! I think you are construing inflation as a negative phenomenon in economics. Over the years, people have been viewing inflation as something that should be avoided at all cost. In contrary, inflation is actually beneficial to the economics GIVEN that it falls on the control level set by the government. What makes it destructive if it reaches a certain level wherein the community cannot quickly adapt to the general increase in the prices due to hyperinflation.

Bitcoin, in general, is neither inflationary or deflationary as what may be construed by most people. Also, the transaction fees depend on the price of bitcoin in the market. If its price increases due to volatility, then expect transaction fees to increase as well. Although banks cannot control the transactions involve in bitcoin, its decentralization eliminates the need for a third-party trust to handle our resources.

We have other things to worry about besides inflation. That would be volatility. Yes, the technology is perfect for us but our fiat currencies have been around a  very long time and took time to develop into the values they have today. When fiat first started it wasn't stable like it is today. AS more people adopt it will become more stable, especially if people are using it. Fiat works because the whole country uses it instead of small clusters of people. If only people who had bitcoin all lived in their own country then I think the price would be stable as everyone will be using it and place prices based on what you can buy since everyone will be using it within that country.

Bitcoin has many advantages over FIAT, but it is very difficult to control the identity of the owner because of the anonymous feature. With this feature, I believe it is difficult for Bitcoin to accept as FIAT, but if it is accepted and approved. I believe that it will defeat and change the trend of all banks.

It's not anonymous anymore when they control, they don't need to control everyone's wallet as that is not impossible but they can always monitor the exchanges and businesses at any nature that would accept BTC because they can regulate it. I even think it would be easier for them to monitor due to the blockchain where there's always a trail they can find every time they will conduct an investigation, and this will also increase their tax collection since the blockchain is online 24 hours, faster, and cheaper, therefore more transactions means more taxes generated.

I agree with you that the technology is actually meant to strengthen the existing operation of bitcoin if only they can apply it in the right way but the problem is that even the banks are blind to see this, and the only thing they are focusing on is the threat that they feel the development of cryptocurrency has brought to them and they are not looking at the blockchain as a whole and how they can use it to build a system that will have a string wall against threat and at the same time make their services to their users more effective.

Some banks have already seen it though and they are working on it already to make sure that the application of the technology is well utilized. Overtime, we will start seeing the effect of the application of the chain system on those that has adopted it.

Very true, I think btc or other coins will be the currency used in the future. Imagine you go out to buy fruit, and the price is only a few usdt for example haha

in theory, cryptocurrency or bitcoin transactions are far superior to banks. but there are things that cryptocurrency transactions cannot provide,
that is customer support. I once read a crypto user complaint that made a transaction mistake , and no one can help. the transaction cannot be canceled and returned. both the bank and cryptocurrency systems still have advantages and disadvantages, it all depends on the users in using it.

Banking system won't change but they could improve by using the blockchain as it will make their transaction for faster and more transparent as well.
Bitcoin is decentralized while banking is centralized regulated by a Central Bank, however, we can expect that sooner this whole market will be regulated by the government if the popularity of bitcoin will continue to increase.

With regulation, it will open the doors for more opportunity for the institutional money to get in the market, so this market will grow but slowly we will loss the essence of anonymity as when the government is in control, that is not possible.

- Indeed, the banking system has been developed and operating for many years, it has entered stable stages, so it will not seek a change, what it looks for is similar to what you said, a development that can make the system perfect and more powerful than ever, and the direction here is the blockchain system and the application of bitcoin storage at the bank. But this story still has a lot of problems when the government and the rules, Bitcoin systems are hard to exploit and control transparently, perhaps we will need more time to see the banking system, bitcoin and crypto have a link

I think that in a few years, Bitcoin and other cryptocurrencies will be integrated into the international banking system. Some people will understand what I'm talking about.

At the beginning of the money was created, there was a gold guarantee that backed up the value of the money, but after 1970, the central bank could print money to pump economic growth. Bitcoin can be a guarantee of money because of its small supply and can also be said as a digital asset, but it requires approval from many countries and in my opinion this is difficult to do.

I think it is difficult for Bitcoin to disrupt the current banking system because banks already have a very broad infrastructure and influence on economic growth, so that Bitcoin should not interfere with the existing monetary system

I don't really think Bitcoin can kill the banking system. The question should ask yourself is that, how many people really know about Bitcoin compared to Bitcoin?? Comparing this ratio of people who use bitcoin and the bank, there  is no way bitcoin can kill the banking system. 

Everything may be, in the past people did not perceive and did not like credit cards, now they hardly use cash.

*BTC vs Bank
First of all, there are no rivalry between this two financial bodies and only the society wants to have only one of these two existing on earth. BTC is a form of money and Bank is a system of managing it so either they work together or they exist separately.


*Bitcoin vs. Fiat
I agree on you with this one. Bitcoin has the edge over fiat when it comes into long term storage because of inflation. This is why we prefer Bitcoin that any physical form of money. Inflation free and more secured.


*Bank Control
There ano no entites that can contron BTC either banks and even government and i dont think its an edge if you want it to become an international currency.

For what you are trying to say is that in the near future, bank companies possible to adopt the system of Bitcoin and crypto currency.
If they had no choice but to accept the fact right? Because none of the bank can able to control bitcoin, this is the truth that we need to accept
here in crypto world.

Yes, but that's what the banks don't want.Can you imagine what will happen to them if everything is transparent?They will simply close, or simply will not make all the data in the blockchain.Bitcoin, blockchain and banks are incompatible things.

With Bitcoin banks are optional. You can keep using them if you want, if you are unable to secure your own money yourself, and you want to pay others to do it for you. This is what the original banks were made for, full reserve banking, not unlike online wallets.

Indeed fiat is manipulated by governments and private institutions, because they can. With bitcoin, they can't. Fiat is purposely devalued every year following school of Chicago economy dogma that deflation is evil. Actually, deflation is good, but that school is not. You need to study the Austrian school to learn, rather than fear deflationary economy.

Unfortunately challenging the dominant school of economy will turn the universe of many people upside down. Even in this forum, there are many who don't know exactly why, but fear deflation. Its the school of Chicago dogma they have received all their lives from different sources.

Why are banks giving you money in exchange of you giving money to them? Scam? YES! Its called fractional reserve banking.

Austrian school promotes the return to full reserve banking where YOU give money to the banks so they keep your valuables safe. Yes YOU, not THEM. Remember, banks are optional, not the other way around...

If you want to pierce the lies, read: https://mises.org/

Once you understand and embrace deflation, you will see how bitcoin fits perfectly. Bye to debt (Chicago) based economy; Hello to (Austrian) savings based economy...

I think there will come a time. People will no longer receive banking services. Because the service charge on the banking system goes up and there are many complications in the transaction. The biggest thing is that it's too late.

I came across a survey by ING that was released yesterday, called “From cash to crypto: the money revolution” (see https://think.ing.com/uploads/reports/IIS_New_Tech_Cryptocurrencies_report_18092019.pdf).

Without going into details of the survey, one particular chart startled me:


The first thing was the question itself: "Do you agree or disagree with the following statement: Banks should offer current accounts in cryptocurrency such as Bitcoin". Why would one want a bank account in Bitcoins (as if it were in USD, EUR, and so forth)? From the bank’s perspective, they’d obviously find some ludicrous commissions to skim, but they would need to be custodians, which is not what one really wants generally.

Then there’s the second part to it, which is the number of people that agree (dark blue), and how that sways savagely from some countries to others. Turkey is very particular throughout the survey, and perhaps the survey’s question was not fully understood due to translation factors. Even so, 27% of Europeans and 27% in USA believe that banks should offer this sort of product according to the survey.

I don’t know, perhaps the interpretation is that of an investment account in BTCs, being bank custodial, and as such, subject to providing the customer with (limited) guarantees in case of bank default (European guarantee fund and such), and giving the subject a sense of having a sort of safety net vs being responsible for their own private keys. On the other hand, this interpretation would be based on the premise than the survey applicants knew enough about BTC to ponder this idea properly.

Santander last weeks started some investements into ETH system... maybe some one respond on it and make some adoption via BTC  ::)

The only fear of the banks is to lose the control that they have through their credit systems, the banks live on the debt that their users obtain, technically when they generate cash tickets it is claimed that some inflation is generated, and this clearly makes that the economy is inflationary, while Bitcoin, since it has a limited number of Bitcoin, automatically converts it into a deflationary technology, is volatile but offers more opportunities not to generate debt or slavery, which the banking system achieves.

However, banks have been entering Bitcoin and Blockchain technology taking advantage of their technology, what bothers them in some way is that they cannot control it, just like with governments, they cannot have control, this causes them to generate bad News for Bitcoin and technology in general, but considering that these efforts will be in vain, they have no choice but to accept and try to join, they cannot fight the flow.

This survey is difficult to interpret because when asked about banking and bitcoin average people see banks as safe and bitcoin as unsafe hackable. They don't understand that you can hack a private site holding bitcoins but you can't hack into your private key held on a desktop wallet. People who lose money have infected computers and weak passwords and this is not a vulnerability of bitcoin but their private machines.

They probably thought that banks offering bitcoin were banks offering custodial services and taking responsibility for their coins and it was supposed to mean banks offering exchange services.

And yet that "custodial" thing you mention, is exactly what every single type of "Online" wallet out there does, be it from exchanges, gambling sites or anything. You send bitcoin to it, and you expect the exact same amount of bitcoin to remain there afterwards, minus possibly a "custodial" fee, which would be acceptable given you were unable to do it yourself and wanted to rely in others by your own will.

Hello? Are you even reading? A bank with full reserve cannot go bankrupt, period. When you say "default" you are assuming things that stop being so, especially with deflationary money. A bank with full reserve and proper money handling (ie offline wallets) will not go "default" now matter how many people withdraw. This is in direct contradiction to the typical fractional reserve bank of today which is far more close to a legalized ponzi scheme.

Unless that is, you DO want your money to be used in investment. But if you lend your money, it should not be available to you anymore during this term, and you must be fully aware of why this is important, so that they don't play casino roulette with it. Same reason you should demand your bank to ask you money for keeping your money in custody, be it in commission, transaction, time based, whatever. The bank should never give you money for you storing money into it, unless you are ready to lose it.

We know that Bitcoin comes as an alternative payment solution other than banks. Bitcoin provides space for people to trade in large numbers wherever and whenever.

While the Bank is an old economic system that appears and prints money. And the value of the money is backed up by the same gold value as the amount of money printed. It can be said that the Bank is ingrained and cannot be killed just like that.

Majority of the community members in this industry, they've heard a lot of humors about the banking system.
Some says that there are other banks are against with the system of Bitcoin has. But some bank adopted the concept of blockchain technology
just like what the Unionbank did now, this is what I saw here in my country actually.

For me, that is another reason why banks/ the government don't allow bitcoin and another cryptocurrency. Bitcoin can't kill the banking system as in never like you said it has a policy of our central banks that the government allowed. Fiat money is legal and created by each government and have different inflation rates, but bitcoin is not that legalized by the government. Also, there are some nation prohibited BTC and another cryptocurrency so banks will never be afraid to BTC. :)

But that is the issue since inflation is out of control, governments are printing too much money and people are starting to notice and it is very easy to do it when the price of everything is always going up, so people are slowly realizing that saving fiat is a mistake and they are spending it as fast as they can and while this may seem good for the economy if money begins to change hands too fast and no one wants to hold it then there is going to be a loss of confidence in fiat currencies and without that confidence the current system cannot work.

Banks probalby allready control Blockstream, which has a huge influence on the decisions in the bitcoin core team.
They allready managed to not raise the blocksize, and make bitcoin therefor no longer usable as peer to peer money. Segwit changes nothing as far as transaction speed is concerned and the lightning network is over 80% written by blockstream probably again to make it possible to enrich large bag holders who can charge fees for transactions( just like banks do) I think they have done a pretty good job so far with making bitcoin a failure.

And even if bitcoin will be totally legalized by the government, it won't really happen that banks will be replaced by bitcoin. Majority of the people will still favor banks transactions because it's highly regulated even if it means more transaction fees. For me, it would be good for now if bitcoin will just stay as a virtual currency and people would still benefit from it if they chose to do online transactions. We may say that crypto is the future but still there's no other currency that can beat our local fiat.

Bitcoin at this point of time cannot kill the banking system. There are still many flaws on bitcoin such as the transactions speed the miners fee. Aside from that the presence of scammers hackers and everything illegal in nature that uses bitcoin made people allergic to bitcoin. Though the number of people who are into bitcoin is now increasing but it is still too early to say that bitcoin will replace the banking system. One fact is that not all areas in the world have internet access and electricity and majority of the people in the world are poor and majority of the poor does not even have access to computers and android phones. If we can break these limitation and flaws in bitcoin soon we will see how bitcoin flourish and possibly replace the banking system.

We do not really need that bitcoin replaces the current banking system, what we need is that bitcoin offers to us an option to be part of a new system, those that want to participate in the rigged system that banks have created in which they have all the control and it is impossible for them to lose are free to do it if they please, but if the people want to participate in a fair system where banks and governments cannot simply print money to get out of their problems must be free to do so as well, and that is what governments do not want to allow.

The current state of the cryptos vs banks is not going in cryptos favor, at least not in Europe.

If you were alive in 2000's when internet was gaining traction then you know that a lot of industries were against it as they knew the internet would make them obsolete.

Like printed newspapers, traditional mail and postal service, cable television, video stores, etc - all killed/crippled by internet.

Blockchain is removing the need for 3rd party, Banks in this case.

While there might be a lot of new blockchain technology developed, it seems banks are trying their best to halt the blockchain progress because they see it as a threat and direct competition.

One example is funding of startups which EU funds provide. The funds come from EU banks to stimulate the economy by funding startups, but the only industry they avoid is Blockchain. They even explicitly say that they cannot provide funding for blockchain projects, a direct order from banks.

I'm sure there are exceptions which are rare, but banks are doing their best to cripple the funding of blockchain projects along with regulations they impose which makes it nearly impossible to start a blockchain business.

I'm sure this will likely change in the future but the reality is that banks are not going to just allow blockchain and cryptos to take over.

I don't think bitcoin can make too much impact on fiat money and the banking system because both are active and serving people in two independent areas, there is no conquest or dominion here, we can see that every investor who will choose bitcoin and want to use in life will use fiat money and banking. Bitcoin never takes part in our real life, although the technology may be developing but instability and manipulation are always limited to connecting bitcoin with the community, even the banking system and other services

I completely agree with you. Bitcoin and all other cryptocurrencies will not be able to exert a significant influence on banks, especially not a negative one. In the near future, ordinary money and cryptocurrency should work together and complement each other with their capabilities. People will appreciate the decentralization and anonymity of cryptocurrencies, which will give them a greater degree of financial freedom, but they will also appreciate the convenience when sharing these two types of currencies. However, it must be borne in mind that a decentralized cryptocurrency cannot fully exist without an ordinary currency.

The Banks and Bitcoin are like two conflicting systems which work on different but opposing principles, thus centralization and decentralization respectively. The Banks want to always be in control over the finance of the people whereas Bitcoin takes this power and gives it back to the people.

I agree But Bank system is made especially to control and manipulate the economy as it's controlled by centralized authority, which gives more power to governance, but at the same time BTC is offering global economical revolution which offers borderless, trusted, secure and scalable platform by offering own P2P network.

Now the world is changing and entering into a new era. Every government must take it seriously while approaching the future.

Banks are important because this is the only way trade by exchanging fiat currency for good and services. But at the same time, we must have to think about the upcoming future.

Like many governments, corporates, and even individuals are testing possibilities of blockchain technology for offering better living of human being.

This is a fragile subject, but in my opinion banks can definitely find ways to integrate BTC/crypto and the blockchain technology in their infrastructure. They will surely be able to provide services around it for people. They will still be able to provide deposits, credits and access to different financial systems and services. Also I'm sure there will be numerous people who don't want to deal with the intricacies of cryptocurrency and just deposit them in a bank crypto account and use a card.

So I can't see any reason why banks would disappear with the adoption of bitcoin.

I hope bitcoin kills banking systems. I have hated them for so long they have made buying especially importing things very hard for me. Trying to get a paypal account verified is like trying to raise hell. It is my money I should be a able to spend it how I want with ease and not have to go through all these "verifications" and others. For me, bitcoin solves these problems and I have no reason to use the bank. I only use the bank to get some fiat when I must have cash when I am out or for other things I cannot yet use bitcoin. When I can use bitcoin for everything I will never touch a bank again.

Bank's aren't quite afraid of BTC until now because governments have no policies regarding advocacy of bitcoin in the financial system any sooner. However, inflation as you said isn't that bad if we see in a broader sense. Inflation marks as a parameter for economic development which we would never be able to achieve with the help of BTC. I am not saying BTC is bad but it's a deflationary currency which means the prices of goods tomorrow would become cheaper from what they are today. This would create an all new deflationary economy in which you would only want to loan your money to someone at a rate lower than deflation which means when you give him $100 you would want him to return $98 after an year considering deflation rate is 4%. I don't think is can be perfect setup for any economy in the world as static currencies with limited supply were eradicated out of the system due to this problem only. We had times of gold, silver etc. but they were eradicated not because of their transfer-ability but because of the fact that they were impossible to inflate therefore rendered a decline in the Economy.

I don't think so, I think Bank and cryptocurrency both should have stayed altogether, without Conventional Banking system you can't continue your economic activity, not only that but also cryptocurrency system also a little bit depend on the conventional monetary system. so I think Bitcoin is going to kill the Banking system anymore and it will not happen because the Banking system has been an established system and people have been used to it. For me, both Bitcoin and Banking system will run parallelly,  another thing is, Inflation is not harmful to your economy until, in a controlled way, Inflation usually helps to grow and broaden your economic system and transaction, but uncontrolled Inflation is not healthy for the economy, on the other hand, Bitcoin is free from Inflation and Controlled by any authority so Bitcoin is better than Banking system.

Banking only give save money without have increase but saving money in bitcoin you can increase 10% until 100% based on how much bitcoin will growing up, you will save your money with bitcoin.

Bitcoin I think will never ever kill our traditional banking system and would never be close enough on ending banking system.Banking system is on different level compared to bitcoin system,banking system is more reliable and trusted compared to bitcoin plus the fact that their uses are very different from one another so they will never cross path to fight for who is best

I dont think that bitcoin will kill banking system. I think head of the banks are already aware what bitcoin is, how blockchain works and many other stuffs. Our local wallet has an option that you may withdraw your bitcoin thru bank, but it has a fee, banks will used this one they can raise the fee for every transactions in this way they can also gain profit, they can also make their own crytocurrency wallet , if banks will use this idea they will never be die but instead they need to go with the flow of our technology in order to survive to our fast paced world.

In my opinion, banks are actually not afraid of Bitcoin, even banks might benefit from the growing development of Bitcoin transactions. It is difficult for Bitcoin to disrupt the monetary system unless the Government regulates Bitcoin as a substitute for legal tender. Banks already have hundreds of years of experience in the monetary field and are experienced in dealing with various economic crisis models so that it may be that banks try to take advantage of the existence of the bitcoin or cryptocurrency market

The way the banks move are completely different on bitcoin, making them rivals. They are competting to win the position on who should remain standing as the technology and society keeps evolving. Fiat are trash and slow, it could be easily taken away from you, branks are trash as well, but bitcoin is the future. It have the technology that banks doesn't have, it moves wtihout commands and that is the advantage of being decentralized.

The world will not evolve without a great revolution, without accepting each other's idea, without unity. The world will remain crumbling because of us, because of our greediness, because the Governemnts worship money and money at all times.

In my view bitcoin does not break the bankruptcy system, but it does provide options to make money in their business even better. Then if Bitcoin destroys the bankruptcy system, why other banks are adopting bitcoin's system, because other banks think bitcoin is a threat, if only they could see Bitcoin's design in blockchain technology I'm sure the bankruptcy system will improve.

The banking system was made for transparency and also I am sure the government wants a flow of money that can be tracked to prevent financial crimes such as money laundry. fraudulent money and others. and we know that crypto especially bitcoin is based on anonymous systems. nobody knows who has the wallet address, and that is not in line with the wishes of the government that wants transparency, unless the wallet is managed by the government. but does someone want to use the old way on the new system?

I don't think that bitcoin will kill banking system. Blockchain technology will indeed transform it. I believe it will supplement traditional financial infrastructure, making it more efficient, secure and to improve customer satisfaction. In terms of cost savings, alone, banks are expecting blockchain to help reduce infrastructure costs by $15-20 billion by 2022.

Bitcoin and  Banking system,  in my view  bitcoin has  a strong  power to defeat banking system.  But this war  is war  of patient.  gradually  bitcoin will take over  when depositor  finally  come to realize how banking system  is stealing and cheating them.  bitcoin has a solution to our  challenges in banking sector but this battle  has  to fighting with patient  strategy.     

Others have stated their opinion already regarding about this topic that is been on fire when people started wondering if this two could unite as one, but for me, this debate about banks vs. bitcoin should be stop because we are just gonna keep on clashing, there are people who's going for bitcoin and of course there are also people who would go for bank. Old people use banks, what I mean by old people are your parents or maybe your Government, they use it because banks have been there for them before bitcoin, you know there is a saying that "I was born like this and I will die like this" concept which is kind a one sided and narrow minded for me.

For them new inventions are scary, like bitcoins, no wonder why the majority are againts it, I mean they don't trust cryptocurrencies. People's mind feed from what the majority says, let's say if the Government told them that bitcoin is just a scam, they would believe it real quick, and that is what they are going believe forever.


In short, even banks and bitcoin could not be combined, they could still both exist without eliminating either of them.

Completly agreed on your statement, Both of them will never be perfect especially some are not believing in cryptocurrency some doesn't believe in banks. As a user, we all have the opportunity to choose what is more suitable in our current lives. Depending on the situation we can have banks and crypto on our side, we aren't forced to pick just one.

Its just both cryptocurrency believer and bank believer will keep the fire going, Just know the advantage and disadvantage of both and you can freely pick on which side to go.

This was to be expected, banks are not going to become active players in their own demise, but what it really bothers them is that despite their lack of support and everything that they do to block people the market is still growing, they are not going to stop a new technology that gives the very same service for a fraction of the cost and that gives to the individual unparalleled liberties, but despite all of this it is very likely that they will adapt and that banks will keep existing for a very long time.

Bitcoin achieves the fastest transaction speeds in the industry with the lightning network which was recently declared as secure as Bitcoin, and it is far faster than fiat central banks, it settles about every 10 mins while the central banks do so every 24 hours. Bitcoin is its own central bank and payment system,and it's monetary policy is publicly known. I think that the endless creation of money by central and private banks will continue to devalue the dollar and weaken confidence in it, where Bitcoin differs to fiat is the fixed supply.
But I think 95% of the world population thinks Bitcoin is useless and a bubble. this is really just a matter of time as fiat currencies become less and less attractive due to their significant problems, and Bitcoin becomes easier and easier through the advancement of its technology. after mass adoption, it's enough for the bank's customers to withdraw 10% of their savings in a single month. One bank will close its doors and ask for a bailout, customers of other banks will seek to withdraw their money and buy bitcoin, and the chain reaction will continue.

Well, our world first adopt the banking system before the cryptocurrency enter and make the banking system out of the scene. This Bitcoin gain a lot of opportunities because of its transaction speed and faster earnings than banking. There are some comparison with regards to the security of the two. Bitcoin has a digital wallet while banking has a banks to save and hide the money. With digital wallet the treat here is the scammers and hackers tht trying to get and steal your money while in banking it is a huge establishment and it not easily to steal.

I do not think that BTC can kill the banking system. If the world's financial system evolves into the crypto market, the banking system will keep pace with it. I have listened the CEO of HSBC's speech. He said they were fully prepared for Blockchain technology.

It's not going to be bitcoin that kills banking. It's the cryptography that bankers actually want to implement into their infrastructure.

Blythe Masters, former CEO of Digital Asset Holdings, said it herself, that bankers she consulted with regarding blockchain technology is what is desirable when it reaches a point where they would not incur a performance decrease when switching to a blockchain infrastructure; which is what you can see happening in fintech attempts at implementing blockchain.

An anonymous entrepreneur in the fintech field told Forbes that “they tried blockchain for a day and it was 3x slower, so we stopped”. The plan would be to “ditch the coins and the trading" according to Masters regarding central banks utilizing blockchain technology.

Central Banks don't even fear cryptography. It's something they want to use as well to separate and alleviate control by federal/government institutions. Banks are under heavy pressure from serious fines (into the millions) when it comes to regulations and fees they would incur from breaking a current infrastructure contract. I had a discussion with Alex, he was a Bulgarian and worked as a Risk Management executive and we had a nice chat for a few days at the bitcoin superconference. So that's about all I have to share on that specific subject.

You also have people like Blythe Masters who I mentioned previously in this thread, she was a former JPMorgan exec and went on to become CEO of Digital Asset Holdings which you can easily gather some quick information on to get an idea of what they're about.

Essentially, banks want to implement blockchain technology into the infrastructure, the technology isn't up to speed at the moment. I correlate a contributing factor being too much focus is on the coins and trading (mainly bitcoin) but basically all of them are an issue. Additionally the block size being an issue, and algorithms used. Central banks are needing hundreds of thousands of trust contracts per second to compete with the current digital banking infrastructure.

I trust bitcoin 100% because it's not controlled by the banks, government, corporation or individual. Bitcoin is a purely decentralized currency controlled by no one. With bitcoin, you have freedom and privacy. If you trust banks you have no freedom and privacy at all. Bitcoin gives you total control over your privacy.   

Say again? Do you think no corporation or individual has control over Bitcoin? So you mean the unrealistic pumps/dumps that happen or the trading volume of BTC/USDT, everything is real and natural?
Pff! Bitcoin price and market is mostly controlled whales and big corporations. When I say big corporations, it means Exchanges obviously. They have huge reserves of Bitcoins like 250K-500K. Whenever, they wish to manipulate market, they easily do so. They can buy or sell off just 5% of their reserves and it can easily trigger BTC price by 20-30%.

maybe now bitcoin is better known than other central banks and bitcoin can also be called a digital currency which is now very popular in the technological era and now if we see a lot of investors who want to invest with bitcoin, but we can't say bitcoin will turn off the banking system because it's still too many people like the banking system because those who work in their government will prefer banking then if they want to withdraw the salary provided by the government through banks.

I wanna give solution for banking system today how if the bank use bitcoin or altcoin platform as their investing or saving money way, I think if bank support saving money with bitcoin or altcoin I believe many people want to save and hold their bitcoin and altcoin assets with bitcoin, bank can take profit when member save bitcoin with lower price and bank sell it when price higher.

Banks will be banks despite the existence of cryptocurrency. There are things that cryptocurrency aren't capable of. Most people still trust banks especially those who aren't aware of cryptocurrency. As long as fiat is existing, banks will always play a vital role in every country. There are lots of people who trust banks because of the security that it could provide.

Central banks will fight hard for many years, but they cannot ban an algorithm. They will adapt eventually. Commercial banks will take advantage of Bitcoin at some point when it becomes unstoppable, big enough and stable. Will become mainstream after two decades.

There is an alternative for the first time ever. They can coexist for years but history tells people simply will choose the hardest money there is, over time. And that ain't no easy to print fiat money, and those in the broader financial services, who will adapt will survive. Decentralized Finance is here to stay and bloom. This gives a lot of opportunities for old and new. Time will tell. My bet is definitely on bitcoin, and for i will shed no tear for a bank going bankrupt, or the centralized banking system to die. With bitcoin I've my own private bank in my pocket, and so could all the people around the globe.

Knowing the disadvantages and advantages of each side will never be a qualified reason for us to pick one, picking one means we are also tightening our capabilities to safeguard our profits by cashing it out whenever we wanted. My problem about banks and fiat is that they are not that worthy of the attention of the Government, I mean they are focusing too much on developing the bank system even though we have new innovation which is bitcoin that is more advanced.

What we want is fair treatment, not a biased treatment, the Government is blinded in a way that they are neglecting important things that should be worthy of their attention to bring success.

Nope banking don’t cheat nor steal to their costumer ,what they do is giving unfair interest while in crypto it can be x100 if lucky

But banks are sure interest and you have no chance of losing while in crypto investments is like gambling when you can earn bigger but the chance of losing is also higher

So either of the two it is our comfortably is what important,think of what you’re intention to keep safe or to earn more

Tell this to the people of Cyprus, who where deprived of their money just to bail out falling banking system.
Payouts where denied or limited to couple euro per day. What is that, if not stealing?
They have a private income but when it comes to losses... those get socialized. Looks like a robbery to me.
Tell this to the people across the world, who where manipulated in to depth denominated to some fancy currency and now they loosing houses and money they already paid. Banks are nothing else than usual, private business. They will do virtually anything to grab as much cash from people as possible. Uncontrolled they will go further and further, to a point of physical harm to millions.

Bitcoin wouldnt and couldnt kill banking system. Yes in some aspects bitcoin has really an advantage but that wouldnt make it kill banks per se. Many people still trust banks and it is almost close to impossible for bitcoin to kill banks for that. I just hope someday they can coexist, like?

I think you are right and that they will coexist. Some will not go off the old ways and stay with fiat. The people who like technology will stay go with crypto.


Your money shouldn't be sitting in the bank it should be out there working for you. I see your point though.

I don't think BTC is killing the banking system becasue BTC and banks are both have advantages and disadvantages as a individual platform. BTC is a freedom platform instead of banking system. On the other hand bank is authorized institution and every single people believe that system. Actually that is the fear of government because they will never control the decentralized system. So,that government strongly go against BTC and they think it’s affected in the banking system.  

Banks still have the interest of many people as centralize system with full jurisdictions of government is far safer inside ordinary people's mindsets.
While for people who understand the benefits of decentralization, where freedom can be acquired without any limitations will choose bitcoin/blockchain system. Separate opinions from different types of people, it will be decided according to how a person understand and how end users will participate but as of now banking system still dominating inside financial matters.

If Banking want to adopt bitcoin I think many people want to save and move their money from their house saving to the bank with using as bitcoin for saving, many people save many now in their house with USD peer but if bitcoin have adoption by bank I think many people want to move USD money become bitcoin assets and save it with the bank, but bank look not ready for adopting bitcoin and altcoin become their saving investment way.

Bitcoin represents the beginning of a new era in which banks would become unnecessary. Banks can’t control BTC because it has no representative and is fully decentralized, so they cannot influence the price of Bitcoin. People see that crypto transactions are much better in almost every aspect that the transactions made from banks. The bank is an institute which main purpose is to take your money. While Bitcoin payments are independant. But we should ask ourselves what will happen if banks disappear? Could it be another financial crisis?

BITCOIN can't kill the banking system, because there isn't any relation between BITCOIN and banks, the central bank control banks and fiat currency and gold. And any inflation it causes by Central banks either BITCOIN is a decentralized cryptocurrency in blockchain technology and it can't be controlled by any one .

yes, when bitcoin began to be used for financial transactions. the bank has concerns about that. where there is no centralized control. so banks and the government cannot regulate it. therefore, a lot of rejection by the state. because it can't control it, and has no responsibility to anyone. Bank and government regulations will usually make it difficult for asset owners to make temporary transactions with Bitcoin, we are free to make large transactions anywhere.

It's not so much that BTC is killing the banking system, as the banking system is not looking to change and being slowly outdated and BTC and other crypto-currrencies are looking like the best option outside of it.

Fiat is getting boring, there's nothing new that's being done - while we constantly see more adoption towards crypto-currencies so far and it's looking more likely that it's going to be the predecessor to fiat.

How do you expect Bitcoin to kill the banking system when less than 1% of the total number of people living on earth know about Bitcoin and the remaining 99% have no idea what Bitcoin is and the purpose of it in the financial ecosystem. There is no way Bitcoin can kill the banking system. It is a silly idea to even think about this.. 

That's right, you say, even now when only 1% of the world's population uses cryptocurrency, already foreign currency assets are of great importance for the banking system. We will wait 3-5 years and see how everything will change in the cryptocurrency market for the better.

Inflation isn't the criteria on which you can compare banking system to BTC. For the economy to work effectively, inflation is preferred over deflationary currency with high volatile which would be preferred more as a store of value. For such a mass adoption of BTC globally has many shortcomings. The infrastructure is not big enough for btc to overtake the global banking system.

Possibilities for this to happen is high.
If there will be no complications to happen in the future, crypto can use banks and vice versa. Banks can be used as a third party to change fiat to cryptocurrency, banks can create and manage bitcoin atm that can be accessed anywhere if this will be implemented. Banks are not afraid of crypto, they do believe that crypto cant kill fiat as long as we are in need of physical money.

I think it's difficult, there are already laws abouy Anti Money Laundering (AML) or Know-Your-Customer (KYC).
It's so difficult to transact in the bank without giving some of your personal information, that's why Bitcoin is here.
Maybe only what only you want to mean is buying bitcoins using your bank account (with has your fiat currency balance).

The whole problem is in the state. If a country acts according to the law and is completely democratic, then I would love to use banks there. But in my country there is too much corruption that`s why I choose bitcoin, I do not want to be a victim of banking fraud

Banking system and BTC have a difference when it terms to the capability to increase the money of individuals. When you invest in BTC and the price rises, it will double your investment unlike in Bank, just 3% will increase annually.

Bitcoin is way different from the old banking system since the banks are controlled by the government while the bitcoin is not. I don't think bitcoin will kill the banking system because the government uses banks for awarding contracts to companies and paying salaries as well.

If the bankers themselves believe that cryptocurrency is not a threat to global financial stability, this is clear evidence that the banking system does not feel any threat from the cryptocurrency. Why be afraid of the banking system, because it is fully protected by the state. Banks will have enough work even if people use banking services less. Banks and cryptocurrencies will exist in parallel and complement each other. There are no other options.

Yes, Mostly in undeveloped countries people are really undeveloped even uneducated. Due to illiteracy, governments are seeing one side of Bitcoin. As we know everything has two sides, If we keep stuck on negative points then no one will help to get up. Because Cryptocurrencies are a global subject, along with the decentralized platform. So governments must have to take it seriously and have to plan for solutions which they consider as problem or overcome. The government has a big responsibility to make awareness, and have no right to ban it or make law on it.

In my country, there are banks that is accepting bitcoin, and they are giving less tax. I think it is a start of making our world easier in terms of transaction because we all know the features of bitcoin, it has faster and safer transaction since it is secured by an application or website that we are using. Banking system and bitcoin is a innovated kind of transaction in which you don't have physical money but virtual money instead. Maybe in the future cryptocurrency dominates fiat, maybe we are using one currency in the future and that is bitcoin instead of fiat.

For now the banking system cannot be replaced by bitcoin, as we know applying bitcoin as a substitute for fiat takes a long time.
Because most people in the world do not yet know cryptocurrency ,so socialization is needed related to this. After all public opinion
regarding bitcoin is notoriously negative like money laundering, terrorists and money games. Therefore The banking system is still
trusted by most of the world community, such as the banking system having a superior product, namely credit loans. And throughout
the world there are still many places that have not been covered by the internet network, so the role of the banking system is still needed.
So the conclusion is that Bitcoin still cannot kill the banking system even though it is legal in worldwide.

I am more of the opinion that crypto will supplement the economy than posing a threat to banking system. It is a common notion to think that bitcoin is anti-banking but truly that is a biased way of thinking and the proper way to see is that there would be a balance in usage of both such that the advantages of both are put into use.

We like the anonymity and decentralization of bitcoin. Maybe in future banking system can allow crypto to be traded freely and that would be helpful for the country's economy.

Bitcoin won't kill the banking industry and I really don't think I'd want it to, personally.

For one thing, bitcoin hasn't really been adopted as an alternative currency, ie, very few people actually use it to purchase goods and services.  Those things continue to be bought with fiat and it doesn't matter if there's a bank involved or not in the exchange (although a bank is involved *somewhere* in pretty much every business transaction).  So bitcoin isn't going to force itself on the world, else it would have done this already.

Second, banks are no shrinking violets.  They wield a *lot* of power in the world.  They aren't going to let something like bitcoin kill them off, even if it could.  I have no doubt whatsoever that they would first find a way to exploit bitcoin to their own advantage if they thought it was any kind of threat to them.  And why haven't they done this?  Because bitcoin isn't a threat to banks.

As much as I'd love to see those CEO's that caused the 2008 banking crisis out of work, it isn't going to be bitcoin that does it.

the bank system is not limited to the method of exchange, indeed applying it is a solution, but it does not yet have the right standard to adopt it.

For transaction control it is still possible to develop, but they cannot approve extreme fluctuations in bitcoin prices to guarantee their users, except to position bitcoin only as an asset, because with the currency system it will damage the fiat / btc exchange system in general.

I don’t really think that fiat would come to a point where it had been taken over by cryptocurrencies especially Bitcoin. I believe that there are certain uses that may be much more convenient to use than the former. For example is buying products abroad then I would prefer to use crypto but if I would just buy locally then I tend to use fiat.

I think banks will look the same superficially, but the underlying infrastructure will be very very different. they will just be leaner. a better understanding of Banking will help you know that cryptocurrency doesn’t change anything for the majority of their business. For example, cryptocurrency does not replace loans for uses like mortgage or business loans. Cryptocurrency could one day viably replace debit cards with USB wallets, but cryptocurrency can’t replace credit cards. Even if cryptocurrency does replace traditional currency, that doesn’t change the role of the bank, they still can perform their services just using cryptocurrency wallets instead of money.

They are not afraid of Bitcoin but Blockchain Tech in general. But I don't see any of them leaving each other because they need each other no matter what.
 It's not everyone what that is internet literate to the extent of operating or owning a wallet.

I think they can do business both. There maybe changes that banking system will do to involve btc in there business. They can revise there products that suits both btc and banking system. That is why some banks or mostly of the banks are very particular now in online banking. There are changes happening in financial market thus banking system are slowly adopting to it. It cannot be avoided. Change is constant. BTC is the change that carries the crypto world.

There's several big banks around the world have made research about blockchain technology to be applied in their  next banking system upgrade, Japan is well known with its frontal innovation are the one who do.

The banking system and bitcoin wouldn't kill each other at least for now ... both is currently (at some point) working side by side yeah even though at some places there's plenty rejection and some fears about the bitcoin invasion could be so destructive not only on their financial situation . They are just overthinking though.

I even know some bank staffs that own one or two crypto assets in my country but they can't show themselves in the public because of government rules.

Exactly! They knew cryptocurrency is the future ... i mean the current banking system is sucks they as bank staff much more understand about it that's why they choose some crypto to invest in and to follow its project.

Even I heard that numerous bank staff moving to start their own cryptocurrency project which it's just shows how they losing interest in the banking system that mostly is boring and sometimes there too much dirty work , a transaction that supposed to be free in crypto, bank would always ask for the fee and the amount they ask is not a joke , a very high one!

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

But the adoption will certainly grow and that will force the government to regulate crypto.
We might not be able the present financial system but with crypto I adoption I am pretty sure there's a major changes that will benefit the people, not only in a certain county but from country to country as its easier to transact worldwide with crypto.

Although the comparison is a good one, I think 'Cryptocurrency and Banking systems' would be a better comparison. If Bitcoin could have scale infinitely then the comparison would be appropriate.  The advantages of Bitcoin and cryptocurrency does threaten to completely render obsolete traditional banking systems.  There would be no need for banks as cryptocurency would be the acceptable means of payment,  international financial transactions which take hours to process require only minutes with cryptocurrency. That's not mentioning the benefits of anonymity and others.

It will not be killed but atleast we have already an option now to stay away from banks that feels that we are so entitled to please and wait for our turn to give their service to us. We're so done now in long ques and many times of lag and maintenance of their mobile banking. I'm trying not to use banks every now and then in sending payments or paying bills but there is still need for ATM Machines for some cash. Soon if bitcoin ATM will be present in many area I can say that many will be curious and might switch into it than banking.

At this stage, it is difficult to overcome the banking system, I would say that it is impossible to do this. However, I agree with the view that the increase in Bitcoin ATMs will be a great way to popularize a coin and attract new people to this area, and maybe someday centralization starts to lose this confrontation

For now, it will be impossible. Bitcoin is still a lot more ways to overcome the banking system.
Our vision for Bitcoin ATM to spread worldwide will happen if mass adoption will happen. And I think, it's possible for the government to combine the power of the banking system to the use of bitcoin atm.

We posted on our FB profile a piece of news about the negative interest rate on savings accounts in Germany (Deutsche Bank).

In a time of very low inflation rate/states printing money in enormous amounts, you will see that the interest rates at banks are a huge discouragement for investing. Therefore if you store money at the savings account, you either see no profits or even as in the case of Deutsche bank a literal loss when storing your money (bank fees+negative interest rates).
This can lead many (especially younger ones) to take money out of the bank and look for alternatives - like BTC.
If thousands of people do that at the same time this undermines the stability of a single bank, or even for the whole industry is about to lose its fluidity. And like in Cyprus or Greece a couple of years ago - banks will impose very low daily payout limits in order to survive or even bankrupt without making enormous panic.
In 2010 this was a crucial problem, right now (if you are not too late), this is a chance for BTC.

And this is as well why with all these FATF rules and Anti Money laundering directives BTC environment is becoming closer to the banking sector, to increase the possible scope of control over it, like there is one related to the banking system.

I never thought bitcoin would kill a bank. because the bank has been around for a long time and is protected by the government and also has a large number of customer members. I always thought that banks and bitcoin could run together without having to eliminate one of them. banks can adopt a blockchain system and make transaction processes more efficient, transparent and fast. while bitcoin can also be used for daily transactions, investment and trade.

Additionally bitcoin is completly anonymous so no one knows who holds large volumes of bitcoin. Unless they know the owner of the address, that's why they prefer bitcoin.

But these are not the reasons why bitcoin can kill banks. Because banks will not disappear and maybe this could be the number one contender of bitcoin in the future.

The emergence of bitcoin laid the foundation for long-term global and inevitable changes in the financial world. Maybe now this is not felt at all, but 10-20 years will pass and we will forget what fiat and centralization are.

Bitcoin and banking system doing well side by side all this time, bitcoin can't replace the banking system the same as bitcoin can't replace cash and vice versa.
Not in 10-20 years, even in 100 years, the central bank and banking system will always remain backed by the country.
Bitcoin meant to be an alternative, cannot be compared to cash in terms of daily usage, unless there is a hard fork to change the fundamentals of bitcoin to accommodate massive adoption.

Banking will never be forgotten because not everyone loves crypto and vice versa.
There's a freedom for what ever we do our funds and there's also regulations guiding how we store our funds.

Banking system with bitcoin is very good for investor, they can keep safety bitcoin assets in the bank without worry with hacker, for bank maybe get risk with bitcoin price speculative with higher and lower, how when bank giving loan for investor with bitcoin on lower price and get payment after bitcoin have raise up, make investor very risk with bitcoin not stable price.

No, it is not, already we had a number of cases where scammers and rings of paedophiles were tracked thanks to the records of transactions on blockchain and wallet addresses. The more transaction the wallet makes, the easier it is to detect it.

Bitcoin need banks to survive because people buy bitcoin using bank accounts and also people cash out their bitcoin investment through banks. The banks might be old and slow, but they survive for more than 500 years. Maybe in the future some cryptocurrency will show up and slow down the banks because they are very strong right now, the banks are even stronger than bitcoin at the moment.    

In my opinion, Bitcoin won't kill the banking system. Instead, banks will find a new way for preventing their extinction. They will start to accept digital money and they will maintain their existence by working together with digital currencies.

why you can issue an opinion like that, your reasons are unclear, and in my opinion it is only your opinion, where there are banks afraid of BTC, the proof is that without any BTC the bank will continue as it should, you should seek clear information first before leaving opinion..

indeed, many banks are afraid that the presence of bitcoin will make their customers leave the bank and will not keep their money in the bank anymore because they can save their assets in a cryptocurrency wallet or exchange place that can be used for trading capital so banks have such fears, for now the bank is trying hard to get its customers back and use the bank again to save money.

I think that cryptocurrencies will not be able to overthrow the banking system, but will be able to make it a strong competition. Maybe banks will make better proposals for people to keep their customers. I think cryptocurrencies like Bitcoin will be used more as a means of accumulation than money for everyday payments.

Any opinion may be expressed and left to be followed up and given a solution if needed. but I agree with you that banks cannot be afraid of bitcoin. because obviously the share is different in every way.
Bitcoin and the Bank will run on their own just maybe there will be a synergy to need each other if indeed with the development of time.

About our current banking system in which it was controlled by the government and also has an tax and the banking system provides us a very high transactional fees for everytime that we are making a transaction with other people, while in bitcoin or cryptocurrency we can do a very faster and efficient transaction just like for example we just need an mobile phones and internet connection, then we can already make a transaction without hassle and without high transaction fees, and also away from the government taxes.
Maybe in the near future, bitcoin or cryptocurrency will be our new banking system.

i think bank its not afraid about bitcoin, we dont know if some big place like that maybe store many bitcoin.
bank system will be exist because people still use this method, and people can move on from this one. we know if bank imitate some of bitcoin system and its good if every place apply it because ita very useful

Is it possible that bitcoin can replace fiat? these are also questions that need to be examined carefully. we must recognize and believe in the development of bitcoin which has begun to develop rapidly.
but there are still many countries that have not recognized and accepted bitcoin as a legal payment tool.
as you say that maybe 10 - 20 years from now there will be that change. but I don't believe this will happen because there are many different perceptions about countries about bitcoin.

You cannot completely take that out, central bank might one day give up to that after they have been pushed to wall, because cryptocurrency is what they cannot cancel, and since they cannot cancel it, it will gradually spread and go beyond their control, you might see the adoption as little now which is nothing compared to what the adoption rate of bitcoin would be in the future.

If you doubt this, why do you think that Zimbabwe came out with their own cryptocurrency, because when you look at central bank, you are already looking at government, and for them to have released their Petro coin, they must have all discussed about it, look at china also coming up with their own DCEP coin too, china who happens to be the largest country, so talking of central bank not supporting cryptocurrency in future is what I doubt.

too many things are feared from bitcoin, so too do banks think. they always give a lot of reasons about bitcoin, to the point of bitcoin. but now that it is reversing direction, almost all technologies and bitcoin are starting to be copied by banks. the banks say this is their digital innovation. they forget, they have imitated the steps of bitcoin. it's a fact, even people in the digital age are able to judge it. that bitcoin with blockchain is the latest innovation in economics.

On a real note, I don't really think Bitcoin will be able to kill the banking system. This is because, 80% of the financial ecosystem is ran by the banking systems all over the world and these systems have been around for ages and transformed from time to time. Personally, I will love that the bitcoin blockchain system is combined with the banking system to introduce diversity into the financial ecosystem. With this kinda combination, people can easily use and make transactions where ever they find themselves. This will help improve the economy of the entire world.

Exactly, bitcoin is not stable like money so it should not replace our current system.

The government may upgrade but they can't eliminate the paper money as there are still a lot of people in the world who have no access to infrastructure and we all know that crypto means online transaction and it requires knowledge to everyone who wants to use the blokchain in their transaction.

bitcoin will remain as an alternative but fiat will be the main money.

I agree, I am unhappy that due to some external political differences, my country is blocking the receipt and sending of funds from Russia where my parents are. I am always infuriated that politicians use their ambitions and interests and circle us around the finger, not even allowing banks to work normally. Fortunately, they told me about crypto, now I know that if necessary I can always use them

I still don't see sources that confirm banks feel threatened, even I only see banks want to legalize bitcoin, want to turn bitcoin into a field of banking, and this means they're dealing normally with bitcoin and looking for opportunities to collaborate from it but they're needing more time to control issues in bitcoin. Anonymity and cloaking of participants is really an annoying problem that bitcoin can create but it is not a feature big enough to compete and threaten the bank, the banking system is stronger than we thought

I love this topic. There is no way that central banks and banks could survive to Bitcoin. By the time people will only use Bitcoin and the current system will disappear like blockbuster.

Bitcoin has already provided the fact that it can provide a percentage higher than the bank. So the bank is afraid of bitcoin because once people are fully aware of the nature of bitcoin and how they can make big profit here I'm sure banks are now losing customers especially now that they are tightening funds that thru form crypto. Maybe the only savior of downside to their existence now is their acceptance to bitcoin, because they also can't take steps to control bitcoin as it is a decentralized platform that provides profit to people who want to invest in it.

Oh yea,btc is already doing just that,banking system is so slow and irritating,BTC is so  much better

Well this one I will not agree, bitcoin does not guarantee that your money will grow, the value will always depends on the market situation, it could pump or dump anytime while bank provide you interest income consistently based on terms, however its very low.

let us not consider bank as an investment, instead its just an institution that allows us to safeguard out assets under their control.

We need them for this because we can't pull all our money at risk into bitcoin or crypto only.

Bitcoin isn't free from inflation since you are the one that makes it by buying / selling it.
The more people buy the more inflation there will be as buy price will get bigger.

About banks Bitcoins are the same as banks in everything except for humanitarian interventions.
You can make a transaction without the need for humans to intervein, they do not need to discuss to government, tax u on particular value, make a contract or anything that a bank requirement request.

Those things are all made inside the network automatically.
Except for the miners and people that code such systems ofc.

The world consists of many countries. Someone supports Bitcoin, someone rejects. Therefore, Bitcoin is not able to break through the centralized world system due to small adoption, however, as a tool, Bitcoin has the features to do this.

We can't expect all the county will adopt, poor countries which has no access on internet connection cannot adopt with crypto.
If we have big countries to adopt, that is already very positive for the crypto market as smaller countries are looking at them and they might follow them.

I would rather invest in real estate and Bitcoin than give the savings to the bank at a meager interest rate. Such an institution scares me because if a crisis occurs in a country, the bank ceases to protect your assets, using them for the good of the state without your consent. Then you got nothing, you lose everything

Bank has responsibility for the user's currency assets with a more stable network wheel, a system like this will always be used as an economic reference. banks are not afraid of anything, because their position is always flexible to any changes.

BTC has good deflation, but can experience inflation at the same time, this risk makes it vulnerable to debate because the only benchmark so far is only manipulation and trust.

Yes, as you might think, banks always consider bitcoin in particular and the world of cryptocurrencies in general as things that need to be eliminated for banks to exist, but I am confident that they cannot do that, bitcoin will development is the law of nature, the best will always go up no matter how it is restrained

I know the odds are not in the favours of the banking system, but the have been in existence long ago.
 I don't think Bitcoin will eliminate the banking system, rather it will help make it better

There is a lot of crypto lending platform but to launch it on Banking System we have to go a long way. Till Now use of cryptocurrency doesn't take any serious effect on our daily life. when cryptocurrencies have an daily effect on people around the whole world then people will be realized the needed of banking system to control it.

Finally. I'm marking it all. We can't expect some 3d countries w/ no stability and laws bring crypto any success

Banks will just disappear as Bitcoin strength grows.

People create earn value in their companies, services and jobs. Therefore, they will store that value in the best store of

value available which is Bitcoin.

The people who are not dumping fiat for bitcoin yet, is because they don't understand it yet.

It is just a matter of time before Bitcoin becomes the most valuable asset in the earth surface.

Even though bitcoin in terms of regulation is more free from the bank system, not but bitcoin will easily kill the character of the banking system. I think now we can see that banking is still needed today, despite the increasing use of bitcoin. banking remains the main system for transactions

No, I don't think bitcoin can kill banks and why should the banks affect the potential of bitcoin? Banks have their own potential and have different offers from our community that can also help us in a way we want and banks and bitcoin/cryptocurrencies are different. We can loan in the bank but we cannot loan from cryptocurrencies. LOL.

Euro in its type can be called a token. It is a single coin for many countries. Therefore, a blockchain-based euro will also be easy to achieve popularity in business circles, and not only because it simplifies transactions many times over and the European Union has its own common market where all technologies can be tested.

They have a strong trump card is Switzerland where there are already cryptocurrency banks with an official vocation. All that remains is to adapt the blockchain for the banking sector. Because the business begins to use cryptocurrencies actively, and thanks to the work of platforms such as taklimakan, everyone can receive knowledge about blockchain and crypto. But while regulation of digital assets is not such a whole, then people will more likely trust the solution to banks. All this is interconnected and contributes to the spread of cryptocurrencies in the world.

Banks now receive a lot of different deductions from users, interest on cash withdrawals, interest on monthly services, on transactions, etc. But no one explains to the user where this sum of the commission comes from. I prefer to use services where the system is transparent and allows you to reduce the number of unnecessary intermediaries due to which such large commissions are removed

The fact is, this has not happened yet and actually I guess there are no serious reasons to think that bitcoin as a payment system will substitute the bank payment system. We must understand that the bank payment system is incredibly viable because it is made, controlled, managed and encouraged by the government and the most powerful persons in the world. I heard that some private persons possess FED (as shareholders) and there was much rumble around it several years ago where was concerned the us national debt and so on. Nevertheless I do not feel any suspenseful signals which make me think that the world bank system will be changed and reorganized in the nearest future.

Is it possible to combine these two things into one thing? It would be interesting to see that.

But now have what your dreaming when bank want to adopt bitcoin as their partner, bank afraid if many people and their member move money from bank to bitcoin, just increase money with higher value is the reason why many people like bitcoin become legal investment way, bank only want to stand with their self without need bitcoin and altcoin as their partner for transaction.

No, Bitcoin was created with the purpose to kill central banks, banks and its swift system.

A wire transfer takes forever and it can be stopped by the intermediary or the governement.

With Bitcoin and Monero you can transfer any

amount of money from point A to point B with no

restrictions or regulations whatsoever.

That in just a few seconds even on SUNDAYS while banks are closed.

Banks will charge you an insane amount of money for fees

or overdraft interest. While the Bitcoin network charge you

only a couple of cents for a ridiculous amount.

Bitcoin is the key for freedom

Banking and bitcoin never can be one community because bank always try to banned bitcoin as payment currency, Bank disagree when government want to adopt and accept bitcoin as legal currency payment at the future because can make bank down and left by their member, why not saving money in bitcoin can increase our money value than saving with the bank but keep the same how ever long time save.

The banking system will exist almost as long as the state exists. After all, the banking system serves the economy of any state and is actually part of it.
Bitcoin or cryptocurrency is generally not capable of destroying the banking system either in theory or in practice. A decentralized cryptocurrency should not conflict with the banking system, otherwise it may lose this confrontation. A decentralized cryptocurrency can and should develop in parallel with the current payment systems.

In my opinion, BTC cannot kill banks because BTC shortages are
1. High transaction delivery fees
2. BTC does not have a fixed exchange rate like other currencies
3. If saving money in the form of BTC we are not certain of getting profits while banks have interest rates

Banking system serves as the main financial institutions of one nation, it represent the strength of the country. There's no need to compete if there's a chance to use the same system such as blockchain. Both currencies will be able to  co-exist without any problem if they will allow both sides to transact and adopt both system. it will be difficult for BTC to break the financial institute so there's no need to try doing it, but instead embrace things as part of its existence and future success.

Fiat is about to disappear.

There wont be such thing like a 'exchange rate' anymore because everything will be priced in Bitcoin.

Interest rates are going negative and people will have to take their money out of the banks and store it somewhere, and

the best option will be Bitcoin.

I really believe Bitcoin cannot kill the banking system, because the government always provides support to banks,
and also Bitcoin still has some weaknesses that are unlikely to replace the current role of banks. It makes more sense
if the bank system and Bitcoin go hand in hand and complement each other. After all, humans have been using the bank
system for a long time, so it's not that easy to replace the bank system with Bitcoin.

People who use traditional banking is a lot bigger community than those who use bitcoin. It will take a lot of years to be able this state be reached by Bitcoin. There is no need to kill the banking system, Bitcoin and Traditional banking system can go along side. Centralised system is needed in some essential application, but with decentralised application, Bitcoin best fits this function.

These are among the major worries of banks when implementing these new technologies. Their vulnerability is usually high, but especially so, in the presence of dignitaries and high risk clients. Thus the reluctance to change their tried and trusted methods, but bitcoin may have the best chance of lasting solutions to the international banking domain.

The problem you give. I think many people probably know. Those are two completely different forms of how it works. Bitcoin cannot kill banks. Because banks are protected by the government, whereas the Crypto market is still growing but is constrained by the degree of government influence on Bitcoin. Bitcoin is not stable thus government cannot use it as the governing currency of the nation.

Commonwealth Bank has announced that it will be the first bank in the country to offer customers the opportunity to buy, sell and store cryptocurrency through its own CommBank app. CBA will support ten cryptocurrencies, including BTC, ETH, BCH and LTC. The pilot project will begin in the coming weeks, and CBA intends to gradually introduce new features to more customers in 2022.

https://www.commbank.com.au/articles/newsroom/2021/11/CBA-to-offer-crypto-services.html

How can Bitcoin kill the banking system? He is simply not capable of this. For it to be used as a national means of payment, a decision of the state, that is, the highest officials and the legislative body of the country, is needed, as happened in El Salvador. By the way, it is very interesting in what state the banking system is there? I don't think the banks in El Salvador are dead, as they carry out many useful functions, especially for the state.
The fact that bitcoin has a limited supply for supply is indifferent to the states, and inflation plays both a negative role for fiat and a positive one.
States really cannot control bitcoin, so they will use blockchain technology and issue their own digitalized currencies.

In my opinion, Bitcoin and Bank will never be combined because bank always banned bitcoin as payment currency. Bank also disagrees when government want to adopt and accept bitcoin as legal currency payment. But, I think no need for bitcoin to adopt bank since bitcoin has this strong security system to avoid anything harm to all of the people who used it. In fact, bank will be the one needed the security system of Bitcoin because of those things happened to their customers. Bitcoin is the key for freedom. If both of them will combine, it might be interesting but its too impossible.

The bank system has no reason to kill bitcoin and I don't think it can kill it even if they want to. both have different purposes and have their own advantages and disadvantages. not everyone can adapt to bitcoin and stick with banks. after all we still need a bank to buy bitcoins.

i don't think even in the near future bitcoin will kill banking system, cause of how many peoples are using bitcoin even government still not convinced to accept it, due to it's high volatility and it's have not any regulatory body. still a large number of people have no knowledge about btc and they don't believe this system. 

Banks cannot be killed by Bitcoin because it is protected by laws that have been set by the government. Even when Bitcoin inflation is an option, the Bank will not be left alone. Banks have become financial centers that people have relied on. While Bitcoin still sounds foreign to some people. Even though Bitcoin can actually be an anti-inflation tool, many still doubt it. However, the most important foundation is trust.

it seems that it has not happened in the near future, where bitcoin is still difficult to be accepted by the government. the basic thing apart from volatility is because of its decentralized nature, so the government cannot control it, therefore I think bitcoin can be used as an alternative payment tool to accompany fiat is already a good thing

I don't think that bitcoin will likely ever kill the banking system.  There may be countries like Venezuela who are moving to bitcoin as their primary currency, but other countries like the United States , China, Russia etc for example are no where even remotely close to doing something like this nor will they ever.  I personally think bitcoin will work in conjunction with fiat currencies.  Just my 2.

I don't think that governments will let Bitcoin replace traditional bank system. The thing is that authorities are used to control finances, but Bitcoin is uncontrolled, so they can't put up with it. If people use it without control from their side, they are likely to ban crypto so that people will not be able to withdraw money and as a result to buy anything.

It is possible that Bitcoin kills Banking system in the long run as payment system as well as it can replace Fixed deposit of Banks as returns on Bitcoin investment  has been much much better. since past 14 years since launching of Bitcoin as crypto currency. In the meanwhile I think both system will continue working in parallel as we still need fiat to convert our bitcoins into it  and buy goods and services for our daily needs. Inflation in not bad in totality because it has good side as well . It  stimulate economy and create jobs when money supply is increased by Central Banks.

This is not necessarily true that it only represents the strength of a nation as you call it. Banks are well known to be functioning as rent-seeking institutions that slow down innovation tremendously and hinder change on purpose. Their business is the easiest you can have in the world. You just take a straw and out it in the streams of financial transactions, and then you start sipping step by step. For every single transaction that goes through your system you just take a sip. Sounds good? Doesn't really sound like a good system to me.

I believe the decentralized voluntary economy surrounded by bitcoin will make career-seeking bankers fail in the next 10 years.  A new cycle is revolving around problems arising from the main loopholes of banks and governments.  The increasing rate of hyperinflation due to additional problems has created a serious degree of broken links.  Who will be satisfied with banks today?  no and it is clearly used to demonstrate the value and growth of bitcoin.

Well, it's already been happening and we're enjoying the functions and bitcoin's feature because it's really giving us the kind of help that we need. With the decentralization that it has, we're the ones that hold it and there's no central power needed for it just to be safe.
We're the ones that display the power of it and use it because unlike the banks, there's the bank and the central bank that control them.

when we talk to the other side it is true as you say and this is the negative side of the banking system.
but on the other hand, the government also has the pretext of using banks as collectors and distributors of public funds and aims to support the implementation of national development in order to increase equitable distribution of development and its results, economic growth and national stability, towards increasing the standard of living of the people at large.

even though there are now many people who really don't look at this side because they are already on the path of crypto but on the other hand many people still use fiat as one of their references, so it is very natural when bank schemes are still very in demand even though we can't really expect much to him.

Banks and bitcoin can collaborate, blockchain technology in bitcoin can be easily applied to create a new banking system that is more effective and efficient, especially if banks make bitcoin as a product it will be easy to attract investors to invest in bitcoin.

In my opinion banks and crypto currencies both have their important role ,
I personally consider bitcoins as investment , i would rather pay for things with fiat that with my assets , at the rate BTC is growing it would be like overpaying for every stuff we buy with them , so for daily activities and needs i would prefer paying from fiats , yes they have taxes in every transaction but agree or not taxes are very important source of income for any government to function and maintain the country.

The main question is if banks only mode to earn money is to handle payments from their clients? Because the last time I check it's not even their main mode to earn money from you. Banks are not like wallets where its only purpose is to send and receive money the biggest chunk of their income are coming from lending money out froms people and businesses which Bitcoin doesn't have. Lets stop thinking that BTC is here in order to kill the banking sustem because from what I see banks are already acvepting the change, some even have their own versions of blockchain already.

The banking and BTC are different currencies and have their value in each place but are related to each other for the financial process. the banking system has become the foundation of the world in developing its country and has been well centralized, while decentralized BTC whose presence is still pros and cons, there are still many problems that must be fixed in the Defi system. so it's impossible BTC can kill banking system

Being fully decentralized is the main route cause that the banks aren't adopting it. We can expect it for the future but currently, they seem to have no planning for this. Also, strong processes & infrastructure might be required for the same. Also, there would be many flaws in the starting when it would be commenced. Let's hope for the better.

The two can work together except you did not understand it difference, no way you can have bitcoin without converting it to paper money and only solution ground that can help you out is bank, so banking system works alongside with bitcoin serving system, i can't differentiate them.

In my opinion, banks cannot be replaced by Bitcoin, fiat banks are part of a country's financial system and the condition for the formation of a country is to have its own currency issued by the bank. I agree that Bitcoin is not affected by inflation like fiat, but I think Bitcoin will just be a financial alternative. I wish my country had a cryptocurrency financial system because I think cryptocurrencies don't lose value easily and are very helpful for people like me.

Many do not take into account that the banking system is part of the state system of government. As long as the states exist, they will defend their banking system by legal methods and methods of direct coercion. However, it can change and improve, and the states themselves are interested in this.
Bitcoins and other cryptocurrencies, including in connection with this, cannot harm banks. Cryptocurrency should learn to coexist with banks and their fiat.

CBA CEO Matt Comyn says on Bloomberg TV that, the largest Australian bank, is more concerned about the risk of staying out of cryptocurrencies than those associated with the introduction of this asset class.

Because government can have control over banks but will never into Bitcoin and this is sudden in their part as they are frustrated in Handling crypto but they are failing all the time.
banking will exist forever but the force of crypto and most specially Bitcoin will certainly lessen the power of Fiat in the world, this will happen soon .

But what you should know is that the government has slowly started to regulate bitcoin by using stable coins as a way to control bitcoin prices and fortunately bitcoin is very decentralized because many holders have the freedom to transact with the blockchain system and the bank is only a place of payment for every bitcoin transaction

Government control's banking,but are shouldn't be sure of bitcoin surpassing banking system,a simple rule place by the government can disrupt all bitcoin activities.
Banking system can only bring bitcoin system or adapt to the latest trend in technology which is not but Blockchain and Bitcoin transactions.

Banking system is another thing and BTC is another. In banking system you invest you worth and you are then fully depends on bank and their system but here Bitcoin is a online bank in it self its full in your hands you can use it anytime everywhere.

Tradditional Banks gave the monetary foundation to an economy, taking after this we've voyage till date. Based on distinctive money related arrangements the functionalities vary between banks working on diverse nations. In case managing an account framework haven't existed doubtlessly we all would've needed further dvlopmnt. Alway things not going in th right way.It is way managing an account framework as well has got blemishes. This could be corrected with the progressing innovation. A few has got used to it whereas a few are within the early days of embracing the unused innovation.
If banking systm want their existence must legalize the crypto and accpet in form their own coin.

Most of us do not invest in the bank, we just use the service of banks because we like to save our money, to make it safe as they have insurance.

However, we should not expect that putting our money in the bank will help us gain profit as it will never happen, reasons are because of the inflation rate per year while the banks do not provide good interest to the deposits for their savings, so use the bank to save money, not ot invest, because the right way to invest is putting your money in crypto or in real-life business.

Banks and BTC have a high correlation where bitcoin needs bank services to deposit into BTC and with digital money like BTC, many have now raised a lot of funds to banks due to the move from BTC Financial services such as banking or called banks. So we cannot assume that in the next 10 years the banking system will disappear, instead it will increase further due to frequent transactions everywhere.

In any case, Bitcoin must be the only ruler accepted by society in the future. Because people are no longer stupid.

The banking system has been working for several centuries and so far the cryptocurrency does not threaten its existence. Periodic problems in this system were, are and will be. However, banks are fully protected by the state, since they serve the economy of each state and ensure the circulation of the national currency. Therefore, as long as states exist, banks will also exist if the states themselves do not find a more effective replacement for them.
Cryptocurrency is not capable of replacing the national currencies of states or the banking system.

Banks are there for centuries and will continue to exists as long as there is central governments in every country. Bitcoin IMO is not designed to threaten banking institutes rather its designed to exist in parallel with them. There are odds in banking system but dont forget there are limitiations in BTC also like scalability, price volatility etc