Bitcoin Forum

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They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  ???

They are obviously right. How on earth do you expect BTC to completely replace banks? That makes no sense whatsoever. Satoshi developed BTC and the blockchain technology to provide an alternate decentralized payment method to the masses.

Banks will always survive though they will change over time in different aspects. People will always trust centralized banks the most due to the reliability factor and this has been the case ever since banks were introduced.

On the other hand, BTC adoption continues to rise over time since more and more people are treating as an investment asset.

Cryptocurrencies are not banks, only fiat can be compared to cryptocurrencies, and we know how bitcoin and some other cryptocurrencies are better as an appropriative asset if compared to fiat that are inflationary and subjected to devaluation, especially in third world country. Banks are organisations where fiat are saved, but remember that you can save your gold, silver and jewelries in banks, which means a possibility for banks to also accept crypto as an asset to be saved with them and provide a custody service for it. Banks are only afraid of cryptocurrencies but they should not because they can also embrace it and gain from it by providing crypto services to their customers. It is not surprising anymore that some banks are even now providing crypto services.

In time the banks in general will offer certain Bitcoin services for everyone to avail of.
The vast majority of the population will be slow to adopt Bitcoin so the need for FIAT will
remain until Bitcoin becomes a viable currency rival of FIAT. When that happens the banks
will have already integrated Bitcoin into its business model offering people an EASY way
to store and transact in it.

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

2- If people start keeping wealth in bitcoin and less money in banks. Banks uses the people money in investments and this keep the circle of the bank running. If banks are short of fiat, this will bring their operation to halt. (a more likely scenario to happen soon)

I have to respectfully disagree with both of your points.

1) The primary role of banks in the economy is to issue debt through the creation of bank deposits. Without banking, you would have next to no debt issuance (think corporate loans, mortgages and the like). Bitcoin doesn't provide for a mechanism of debt issuance, and therefore cannot be used as a replacement for fiat currency in its current role.

2) As the majority of money is created through banks issuing loans, it won't be the fact that if more people use bitcoin, then somehow there would be less money in banks. The amount of money in the banks would remain the same, as someone selling cash for bitcoin would need someone on the other side selling bitcoin for cash. The amount of cashflow in banking transactions could decrease, I'll give you that, but this won't impact on the amount of fiat currency in issue, and bank lending will need to continue all the same.

A better way to look at it— with Bitcoin, it would significantly decrease our reliance of banks, but not necessarily that Bitcoin would replace banks. There's a significant difference between both statements. Because truth be told, banks still have their own use-cases— for loans and such.

I hope that more people share the same view as you because in the bitcoin community, there are a lot of rabid fanatics that thinks that bitcoin is the Holy Grail and it will be the answer to the disease that we call banking system. To be honest, the moment that I have known that there are lost coins and a supply cap, I know that it will not be able to support the world economy unless the value of 1 bitcoin skyrocketed to the point that it the smallest amount is enough for someone to live for a month.

Centralized money that is in full control of the government and banks is not going to become obsolete in our lifetime. It may change its form as it has already done that (from pure physical form to more digital every year with digital banking) but it still remains centralized and keeps banks in business.
Even if bitcoin's popularity grows enough for people to use it for their day to day transactions, the centralized money will still be around and strong.

Bitcoin came into usage to fulfil the requirements of people. When fiat isn't able to do it, the Bitcoin came as an alternate. This has now getting into mainstream usage as more people in large scale started using it. We need to think how the financial system evolved and the banking system started to back any country's economy. In that manner it takes more time for Bitcoin to reach the position. So, now or in the near Bitcoin replacing the banks won't happen as in the tweet.

Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto reality

For this to happen, the whole financial system needs to be changed and i don't see it happening within next decade. Also you cannot change the current system with bitcoin which is too much volatile. Bitcoin need to be adopted more and need to be more stable to be more widely used. I see some people on the youtube shared their point of view that fiat will end which is not true. Fiat may loose value but it cannot be completely eliminated.

They will co-exist, no matter what they say and what point they're comparing bitcoin with. Bitcoin will keep going with such use that we're embracing through it. We can hold it as if we're the bank on our own and holding it through our wallets.
Just ignore what they say, they can't beat bitcoin while us moving forward, they'll come along in the middle of the road.

I'll agree to what you said. Despite Bitcoin's continuous growth in number of people using it and its price, it won't replace banks just because we think it is more dominant or useful to us. Banks existed a long time ago and the concept of it why do we have up until now was established from before. No one will replace the other, as they are both essential to the economic functions we have in our current system.

Not everyone will want to take custody of their Bitcoin or even have the knowledge to do so.
The banks will offer that to their customers, and they will continue to "TRUST" the banks with
their finances.

There are so much topic about this kind of bitcoin can replace bank it is really obvious that bitcoin can't replace banks ever since even war started there are banks that people getting money and because of it they can easily increase their economy money maybe they can just adopt it and will become decebtralize but no one wants that why? Because they can easily control everything like fiat currency where credit card and debit are involved.

I periodically think of both. But the maximum I think is that it will not be replaced because the bank is a conventional, ancient and everyday business agreement. The bank is an effective activity of any country. Moreover, not all countries have yet legalized Bitcoin. A country is very much dependent on the work of banks. So it is impossible to think of anything without a bank. So the question of replacement does not arise. And if Bitcoin ever becomes legal in all countries, then it is not possible to say what will happen. And to tell the truth, 'if' the word is that there is no meaning.

Bitcoin cannot and will not ever replace banks, there are so many factors that restrict bitcoin from replacing banks. Crypto is good and there are so many benefits that it can give to us, just like on my part it really helps me with my finances and sending money to my relatives jn othe country, that thing is only available if and only if the sender and the receiver know about cryptocurrency.

It will really take a lot of time before we can see bitcoin used by most of the people in the world because it is having a hard time to reach the mainstream. But I know and I believe that bitcoin will soon replace the banks, although for some people, it is already a store of value just like gold in banks, which is the reason why I trusted bitcoin to become the next bank or alternative for banks. But it is much better if banks will adopt bitcoin in their system so that our crypto community will not have a hard time storing it and utilizing it in many transactions, plus they can somehow get taxes from it but not too high.

I agree with the statement saying that "Bitcoin/crypto won't fully replace banks" but to say Bitcoin/crypto "can not" replace banks, that's some next level nonsense and I don't agree with that at all, if you have used crypto only for a few times you should know how easier it is using them instead of traditional banking system, and that's not considering more decentralization and security/privacy that it brings to the table.

In my opinion as more time passes centralized banks will slowly change forms since the expectation of people from them will change, but as for the total removal of banks as a whole I believe that will take more than 100 years at the very least, many people might not use them anymore if crypto gets more popular and easier/cheaper to use, but that does not mean there wouldn't be some maybe older/more traditional people that still prefer to use centralized physical banks to store their money instead of something that they maybe don't fully understand or trust.

Lol! I don't know how people still think that an internet currency with only 21 million of total circulation can replace an age old system like banks! Those who believe in it, I would request them to wake up and face the reality. Banking system can not be replaced by bitcoin or any other cryptocurrency or even with all cryptocurrencies put together. It's just not possible!

Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!

Cryptocurrency can't be operated without the bank, and that's the very important factor to consider before something becomes independent, in the past, email did something quite different from post offices and there was no mutual connection email could have with post office that's why post office quickly died off, but in this case of cryptocurrencies, it's quite different. Bitcoin needs to be purchased from Fiat and bank stores fiat or rather transfers are made from Fiat banks either through cards or manual transfer in case of p2p to own bitcoin.

So what do I mean, bitcoin could only change that fact of storing fiat money in bank but can't stop bank, banks could only be stopped by the government if they sees no income coming via VAT-Value Added TAX on money stored in banks, so for them to become a laughing point, government would implement cryptocurrency at part of their banking services.

Ofcourse not, its understandable that people will still use the banks for most of their money and not bitcoin as we know how volatile bitcoin is and which can make them lose their assets in an instant

Couldn't put it any better. But cryptocurrency is going to greatly benefit if the banking sector declines. With central banks around the world printing banknotes as if there is no tomorrow, the purchasing power of fiat currency is going to drop like a falling rock. On top of that the federal debt is ballooning for almost all the countries. Sooner or later, we will witness events similar to what we had in Cyprus in 2013. But then again, these factors are not sufficient to replace fiat. Fiat will always be there.

In my opinion, bitcoin cannot and it is not intended to simply and organically replace banks.  The central banking system, though, is archaic and outdated.  But That is not the purpose of bitcoin.  Bitcoin could become the largest cryptocurrency asset partitioned for global payment adoption.  Like the ambitions of Elon and Tesla, it is quite possible.

The fact is that bitcoin is not created to eliminate banks and fiat currency and it is a perception that many have over the years and if you are well aware of the dream you are holding and the implications you will understand. No one in the right sense will be willing to spend money with every transaction domestically but with international transaction bitcoin is a good alternative.

We have seen these kind of threads for years and still many are not aware what they are talking about when they are waiting for the banking sector replaced by bitcoin  :D.

One of the most pointless questions to ask IMHO.

Bitcoin CAN replace banks if everyone in the world has internet, has a mobile phone that can open a wallet, and can easily buy and sell BTC if they need it. But we know they can't.

And if everyone can borrow money and use BTC as collateral with smart contract defi? Possible for a tiny few people who know how to use, but even less possible for most of the socalled out of reach people.

So, sorry, Bitcoin can't. But so what?

Yes, it is not possible to replace banks by bitcoin. Bitcoin is a decentralized platform and still now banks are not adopting it. The price of Bitcoin is not stable and it is a alternative payment method.

Bitcoin is first cryptocurrency  that made and becames popular because of its price its worth it to invest or trade on bitcoin. Banks are establishment that will secure our money our some place that are money put in. It will never be replaced by bitcoin.

Yes, it is the reason why I believe this time they'll just go along with the other. Before, maybe a few years ago, we're very much thinking about replacement of the other.
But this time, we're thinking openly that why it has to remove one another if both will benefit from it but mostly, it's bitcoin that will be liked by most people that understands it.

This have been a long talk since then always having comparison between crypto and fiat, and Bitcoin becoming a replacement for banks. It is just like what we are keep on comparing two different existing things wherein there is no point for arguing into such because both exist on their own unique purpose. Maybe the other thing might be better than the former one but that is exactly the point why we have improvement in nature so that we won't just stick into the usual and to attain greater improvement. Bitcoin cannot certainly replace banks for they differ on existence and do not expect that because of Bitcoin popularity is that it will take over the position of banks.

It is not about eliminating anything or replacing it, it is about choosing, having the true option of being able to manage our assets, without restrictions and frictions (tax rates, which exist with the sole purpose of benefiting the owners of the banks and their shareholders)

A bank's premise is to be profitable in the use of the money of its depositors, but over the years the passive rates for different reasons are higher than the active ones, in some cases, so they also diversify in many financial business models, loans, mortgages they are in a certain way a strength of the banks and what have made them so popular and hopelessly necessary, is that there are no other "simple" options.

Bitcoin is used to start Fintech business models, and these models supported by a cryptographic currency can do the same as a bank but with the great advantage for users that the Bitcoin infrastructure gives them and it is here that we are not only depositaries or savers. By giving the money to third parties, you can have control. These platforms must be a means, a bridge to intercept businesses, ideas, and investments.

Bitcoin is the "raw material" of any project, not only financial, as is also FIAT, the difference is its technology that makes it powerful and leads it to the non-literal premise that is what confuses "to be your own bank" is not just one sentence, it's real.

Instead to Fiat if you take it in the same sense "keep it under the mattress".

 Bitcoin will ever remain decentralized currency to fulfill her purpose in the life of the users. Bitcoin cannot be replace bank because who to control the decentralized currency in the world will be an issue to the world, who will be the one to control the price of bitcoin in the world it will be a major challenges.

The reasons why bitcoin cannot be replace bank as follow:
• demand and supply: one of the reason bitcoin cannot be replace bank is demand and supply, they are the people that control the price of bitcoin all of the world. No government can control the price of bitcoin in any of the country.
• Satoshi Nakamoto: the founder of bitcoin created bitcoin for a purpose, so that the purpose must be fulfil in the land of those countries that legalized bitcoin. Bitcoin came to eliminate unsafe transaction in the world but not to replace bank which is centralized currency .

No matter how many people use Bitcoin and other decentralized cryptocurrencies, this will not accelerate the fall of the banking system. It should be borne in mind that the banking system is part of the state and the main mechanism for managing the economy of any state. For the banking system to collapse, states need to take certain actions for this, and they will not do this under any circumstances, since this will be tantamount to their self-destruction. Therefore, even if problems arise with the banking system, the states will always provide it with proper support and the necessary protection.
In addition, fiat is also a product of banks, and without it we still cannot imagine our life.

Almost everyone gave the correct answer, Bitcoin cannot replace the Banking System. I wanna go a step further and want to say that, We don't want crypto to replace banks. It will be too hard for a democratic country to run the whole economy on crypto that too by replacing banks. We just want the implementation of the crypto where using conventional banking system has disadvantages..

Most of the time I would not agree with them but I think they are right on this one, bitcoin allows you to be your own bank, this may make it seem as if banks can be replaced if everyone can become their own bank right? No, there are too many people that simply do not have the necessary knowledge and ability to protect their coins, you can give them a detailed guide about how to do this, you could even give them a hardware wallet, they will find a way to lose their coins and people like that have no option but to use banks to protect their money.

Would have been better if you had linked the source. But this is somewhat true. Bitcoin cannot and will never replace the banks. Banks are something that the government uses to control the who economy and the financial aspects of the country. Replacing it will just cause a chaos. Those who think bitcoin will replace fiat currency are also in the stage of ignorance. Even if crypto currencies replaces fiat/bank, its going to be a centralized coin that is under the total control of the government.

Been discussed multiple times that Bitcoin will not replace banks. These two differ from various characteristics such as centralization, stability, and the likes. Also I do believe that replacing banks is the main purpose of cryptocurrencies. Cryptos are meant to be used for transactions which involves digital currencies. Also it would be impossible knowing how strong the support banks are getting from different governments due to regularisation. Let things be. An individual may store his wealth to cryptos but be ready for the risk. An individual may store his wealth to banks but be patient.

For several hours on Wednesday, digital services used by the US Federal Reserve to handle transfers between banks remained unavailable due to an "operational error."

One of the arguments in favor of buying and owning Bitcoin is that cryptocurrencies will eventually replace the banks themselves, as their storage and money transfer services will no longer be needed.

Much of what currently functions as money in the United States and in any developed economy does not come from the government. It comes from commercial banks. Banks don't just keep money, they just transfer it. They create them.

There are many other economic factors that cannot be overcome by Bitcoin and other cryptocurrencies, so I think it is almost impossible for any cryptocurrency to replace the banking system.

Love to see banks eliminated? Then it would take for BTC to be centralized if that's what you're wanting for.
We love Bitcoin from its decentralized nature, right?
This questions was brought up multiple times back in 2018, and some people still think that it is gonna be good thing.
We're already fine to how Bitcoin can be used.

Did someone remember any historical event, when one person changed buying value of any fiat currency? Like Elon Musk tweets about dogecoin or mentions bitcoin, can some, for example Trump, say "Asians are my best friends now" increase JPY/USD exchange rate?

I would love to see how banks are being replaced by bitcoin, but after seen how someone easily manipulate the price, I start to realize that total replacement are still far, far away. One tweet and lots of banks go bankrupt and people loosing livelihood.

Obviously bitcoin will never replace the banks even though it may takes some years or decades, the bitcoin will not replace banks no matter what happen. Bitcoin will be forever an alternative and second to the banks because at the end of the day, the government and the people will still support banks not bitcoin though there may be some people who will support bitcoin but still the majority will be on banks. Bitcoin is an alternative way of money but doesn't means has the chance to replace the bank.

Bitcoin could act as a personal bank for those who doesn't really trust or want to use banks.
But it could never replace the bank they have law and centralized unlike Bitcoin if give us freedom and it is decentralized so why would we even want it to replace Bank if it is already being great the way it is?
Do you want to see it being centralized and controlled by the government?

Bitcoin is a currency/asset.The banks are financial institutions/companies.
We all know the "be your own bank" slogan,but Bitcoin isn't supposed to "replace" the banks.
The banks can only be replaced by other financial institutions/companies.
The correct statements would have been "Crypto exchanges cannot replace banks" or "Crypto wallet companies cannot replace banks".

That's not the main issue here and we cannot bring that argumentation to the public since our time right now is not yet come up to the point that we compare bitcoin to the banks. There are lots of steps before that happened and one of them is the whole world will finally recognize bitcoin as a currency where you won't need to worry if you will the authority to convert your bitcoins from any of the countries around the world. Therefore, right now is not the right time to talk about this, and in fact, it's irrelevant since we are still in the middle of processing the main issue about Bitcoin.

We can easily gauge the support by checking how many laws that are there to protect banks compared to cryptocurrency that was made within 10 years to make the fight fair. I once believed that bitcoin will be able to replace the banks because there were a lot of people that associates bitcoin with being your own bank but right now, I have doubts that it can be possible. One example is when fiat is lost in any way, banks can just replace the missing notes by printing but in the case of lost bitcoins, there is no possibility of reprint or reproduction.

I think for now it cants totally replace banks, but it's a great alternative to banks, I mean it can really replace bank I think it the government would choose bitcoin other than the banks which will never happen.

Because bitcoin is decentralized, and it's not really the goal of bitcoin to replace banks so I assume it will not really happen, but If I'm going to choose personally I would choose to put my funds in bitcoin other than banks.

Most of the investors would choose a bitcoin wallet other than a centralized system like banks, It was like choosing fiat over cryptocurrency.

To be honest, Bitcoin cannot replace banks, why? Because Bitcoin is a currency destined to be mainstream of payment while banks is an institution. However, the banks can work with crypto if they choose to but I believe the independent level of crypto making people to be their own bank is the reason why some people compare Bitcoin with banks.

@Financialtimes that compare Bitcoin and banks don't understand the concept of Bitcoin they are just aware of the traffic Bitcoin gained lately.

Bitcoin can make payment sending more efficient than using bank because we know with billion value bank not support and working for sending money, but by using bitcoin you can sent unlimited value with your money and have faster transaction, but just with sending or receiving transaction only and many side weakness from bitcoin and not any chance to replace bank.

Yes bitcoin can replace banks,but  in my opinion not nearly it will take some time,and yes not long time, because Bitcoin creating hype day by day,and bitcoin popularity growing, rapidly,and may be Bitcoin can lead evan dollar,yes but again i say it will take time,and because regarding Bitcoin are many news are comming day by day.and world famous and biggest companies are taking interest in bitcoin.so ofcource Bitcoin can replace the banks and bitcoin can .

Before bitcoin replace banks, banks are going to adopt bitcoin to not be replaced.

I believe at this point no one denies crypto currency is the future of finances and it's inevitable bitcoin will lead this adoption, as btc is the first and the original source of all crypto currencies.

We have already some crypto sites which replace banks with efficiency: they offer loans, they pay interest over saving accounts, they offer debit/credit cards. Traditional banks will have to follow this adoption to stay competitive in the market.

I agree with you. While cryptos do make banks unnecessary, they can still be useful and very important for many people and for some specific purposes. For instance, some people just don't feel comfortable being responsible for keeping their funds safe. They want the banks to be responsible and to store the money for them. So cryptos are not going to be attractive for such people, and even if cryptos go mainstream, these people would probably want crypto banks to manage and store their cryptos as well. Apart from storing, there's also this feeling of legitimacy which having money on a bank account does, and having cryptos or just storing cash under the bed to not.

Of course it would be great to see some day mass crypto adoption by lots of services and organizations, but you should remember that it will not be possible completely because of the list of different nuances. And Bitcoin can not replace banks not only because bankers will not allow this, but of course because our society is not ready for this, and crypto will be not the same in this case like we know it nowadays. 

In my opinion, the global financial system is so structured and managed that it cannot be replaced. Banks and the people / governments behind them simply cannot afford to give the power and control they have by running banking institutions to freely and transparently managed systems such as cryptocurrencies.

Never ever this thing come to my thought that Bitcoin could replace banks no matter how hard I do look at it, not to degrade or underestimate about potentials but there's
no way that decentralized stuff could really take over on things that people have been get used to and as long do government exist then would really be existing no matter what.
Centralization as its finest and decentralized things would really be remaining as an option.They wouldn't really allow for those things to happen for sure.
Why people do still continue on presuming on things which aren't really that possible to happen?

Of course, bitcoin and other decentralized cryptocurrencies cannot and cannot replace the banking system. Banks perform more diverse functions than cryptocurrencies. In addition, banks are protected by the state, and they will not allow banks to disappear for any reason.

Bitcoin and other crypto currency not only bitcoin can't replace the bank function, that is the point. Many people wanted that crypto currency can be used like a bank in their real life but it would never happen since we still have a government that can disturb all the thing to make it happen.

But, we still have a chance to make it crypto currency as our alternative as our bank. Yeah, we still have a way to store our money in the form of crypto currency and this thing can have two function, one function as our alternative against bank and as our investment place that can give us a lot of money.

Have been thinking about thesame questions for the past few months bitcoin started pumping and have been asking myself if bitcoin or other cryptocurrency can replace the function of bank but from my own research I think that will not be possible the only thing that I believe that will happen is that the bank can work with bitcoin but I believe the government will never allow bitcoin to replace bank or other cryptocurrency to replace bank. And even individual problem can also cause it not everyone knows much about cryptocurrency or bitcoin some people believe bitcoin is all a scam and they don't really believe in it so people like this will definitely prefer to make use of bank than bitcoin.

In my own opinion bitcoin cannot supplant bank because not all people in this world can use bitcoin, so if bitcoin replace banb in all country in this world then the little individual will suffer the consequences of this matter.

We need to think other situation, not only our capability to survive. As of now I can't see any valid reason to replace bank by any crypto currency or even bitcoin.

Yes bitcoin can never be replaced by banks because bitcoin is not in circulation in most countries of the world it has not yet become legal in many countries and people in many countries are ignorant about its use bank can't use it even if it replaces it. Central banks can raise or lower interest rates and create or destroy money every action has a response decreasing the amount of conventional money can lead to lower prices, making it more difficult for businesses to borrow money central banks may also be involved in additional efforts to manipulate the economy it is not possible for bitcoin to be stolen and there will be no government intervention.

As I would see it bitcoin can't override bank in light of the fact that not all individuals in this world can utilize bitcoin, so on the off chance that bitcoin supplant bank altogether country in this world, the little individual will endure the results of this matter.

We need to consider different circumstances, not just our capacity to endure. As of now, I can't perceive any substantial motivation to supplant saves money with any digital currency or even bitcoin.

Experts agreed that digital money will gradually replace traditional ones. However, it is too early to talk about the complete replacement of paper currency within 10-15 years, most likely this will affect only large, developed cities and countries. At the same time, the digitalization of the payment system may occur in the developing countries of Africa, suffering from inflation. Moreover, now bitcoin is in great demand in them.
Despite the fact that many people know almost nothing about cryptocurrencies, there are also those who not only know about all the advantages of cryptocurrencies but also actively use them — in particular, for storing funds.

A cryptocurrency wallet is increasingly becoming an alternative to an offshore savings account. Funds are transferred to such a wallet, but are not withdrawn, and are stored there until the right moment. Such actions allow you to achieve several goals at once:
- complete anonymity — funds are not accessible, including to the tax authorities, who can only obtain information if the owner is voluntarily recognized;
- over the past few years, cryptocurrencies, especially bitcoin, have grown significantly in price and continue to grow, which makes it possible to earn money on the growth of the exchange rate;
- the ability to avoid tax liabilities.
Gradually, the cryptocurrency space is turning into a tax super-haven, which allows you to store funds with 100% anonymity.

Many representatives of the offshore industry are concerned that cryptocurrencies can completely replace offshore banks. And these concerns are not unfounded.

Time also works in favor of cryptocurrencies. If offshore banks have long been "under the gun" of governments and fighters against tax evasion, then the world of cryptocurrencies is still not fully understood and studied in space. And those who become pioneers in this space are likely to get the most benefit.

It is a temporary statement, the aim of  bitcoin is to eliminate cetralized systemm and this is the major function of the bank as it is being run by the government which is in turn a centralised agency. Gradually, Bitcoin has gained traction and still will gain more until it will then be used as a means of daily transaction amongst people as it already has the enablement for peer to peer systems.

Eliminating the current centralized system means that we will have to start from scratch. Bitcoin might gain enough traction but it won't be enough that it becomes the centerpiece, bitcoin should also be able to replicate the cashflow in the economy like how the current system is doing well enough despite its value being inflated every year.

Goverments take a big role in this, if they keep doing higher and higher taxes it's gonna be problematic, but its only delaying the inevitable but worst case scenario it will be equals. You could shop your daily goods etc.

Only through banks can the government supervise and control the money supply in the country. After all, banks are the first legally registered financial institutions, how will the government let them out of the way?

The thought of Bitcoin replacing banks is not even something that can be done because they exist in two different worlds. Bitcoin is a Cryptocurrency or Digital Currency while Banks exist in the Physical World with Digital Interfaces. Bitcoin can somehow replace banks IF its recognized Internationally. Bitcoin can create its own bank but I still do not think that it can replace the banks that we have now, maybe if we give it time and the effort to research and be knowledgeable about Cryptocurrencies, we can create a physical bank for them.

Bitcoin can't replace with bank as function and many businessman take loan from the bank, how come if loan using bitcoin and payment for two years later and you can imagine how much money have pay by people if using bitcoin, exactly when bitcoin raise to higher price and they need much money more than 10x from loan first, just have each function between bank and bitcoin.

That affirmation is total truth, bitcoin cannot replace the banks' but is important to understand the bitcoin goal. It isn't to replace the banks, bitcoin wasn't created with that goal.

Can we replace the banks with gold? No, but we can take out our money from the bank and buy gold. At any moment we can sell the gold and put our money in the bank. And it's the same with bitcoin. That's why Bitcoin isn't considered money, it is a digital active.

I think never compare between bitcoin and a bank. Because bitcoin is totally different from bank. Bank is not  only saving money but also many facilities. Both has different features. Bitcoin is always intengible . So I think bitcoin cannot replace bank .

I think it is not possible for bitcoin to replace banks. In daily life, we need the help from banks. Bitcoin is not a centralized platform, so it can't replace banks.

save wealth in crypto? I believe more in storing wealth in the bank because what security is guaranteed if I keep my wealth in crypto I will always be worried about the name of hacking, because hackers have many ways to take people's wealth

so for me the bank cannot be replaced by bitcoin or other crypto

This is where people do stick on when it comes to security, hard to deny but people are depending on banks when it comes to that and also with some reverse transaction when it comes to
possible frauds or stolen funds or does even have some insurance for you to get ease with these kind of situations which you cant really able to see in crypto but we know that there are
con's to that which do crypto really patching up it aside.So simply shows that they do work on different manner but there is really no way for crypto to take over with fiat
no matter how its widely accepted and recognized but wont really be going into that certain extent.

People be more scared about hacking in crypto which doesn't happen that often anymore than bank frauds which happens everyday. In my experience working for a bank, the system is not adequate to support the amount of money and trust their customers give them, which often reflects to customers being scammed out of their money and/or fraudulent activities, people who are just scared of crypto wallets are those who are not confident of their own ability to take care of their own money, that's why they will save it in the banks instead so whatever happens, they have someone or something to blame.

My question is "why Bitcoin should replace the banks"?
Bitcoin has no reason to replace the banks, it is created not to replace banks or fiats. Satoshi even just stated to make an alternative payment tool on Bitcoin Whitepaper, not saying for replacing banks or fiats. We know that banks have important roles in the world, it will be hard to live without banks because people already rely on them. What we do with Bitcoin now is to make us not 100% rely on the banks!

It is very clear that Bitcoin will never replace banks at any time, because Bitcoin still has many shortcomings to replace banks. After all,
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.

I agree. Bitcoin will never replaced the banks because it has many shortcomings and downside. One of it is being a decentralized volatile cryptocurrency. But ofcourse, this idea is also a good thing because your savings might go up and earn depends on how long you will hold. And I think bitcoin is one of the mode of payment today because of the recent pandemic that we still experiencing. Mode of Payment shift to contactless or digital payments. Bank are good and useful though many people preferred to use now the online because of the safety risks. Crypto might grow as the year passed by and for me banks will remain what it is and stay and will not be replaced.

Banks are designed to provide safe protection for people's money and to lend to those in need at a certain amount of interest or dividends. Bitcoin, on the other hand, is an investment system that is controlled by a decentralized authority and consensus. So, as Bitcoin has a different ecosystem than normal banks, the two cannot completely substitute for each other.

I don't believe the bank will go away because not everyone is aware of or uses bitcoin. Many people still use banks as a result of bitcoin, so I don't believe it will make banks obsolete.

It is true that Bitcoin will never fully replace the banking system. It is true that Bitcoin will never fully replace the banking system. Moreover, due to its dependence on technology, the necessary sections of its use are not understood by all, which is a major obstacle to its universalization. Moreover, due to the volatile price of Bitcoin, it has become a popular medium of trade for traders and as a stable currency user, users dislike it a lot. So even if Bitcoin becomes very popular in the future, it will not be able to completely change the conventional banking system.

All these kind of arguments don’t make sense to me anymore because I feel that these are things that we should allow to flow naturally. If you can make use of Bitcoin and you like it, that’s what you prefer then make use of it, and if banks are what works for you, go for it and if you like to make use of the both of them, then stick to that. Both of them are good, there are ways that Bitcoin can be better than banks and there are also ways that banks can as well be better than Bitcoin.

I have used banks for international transactions and I wouldn’t say that I’m going to make use of it again, because since Bitcoin and so many other payment methods came out , they are far much better than banks and charges less. Then as for Bitcoin , there are times that the fees can be high when you’re making a small amount transaction.

Simply put it as well as why do people still pay in fiat money even if there are bank cards that would conveniently pay bills and almost anything from a store. Even though banks put fees on those and Bitcoin doesn't,  it still does almost the same thing.
Even the government would still choose banks most of the time, even though some legalized Bitcoin in their own respective countries.

Bitcoin cannot be replace bank. Bitcoin is a digital currency that is not control by the government or government agent of the country.   Based on what we are seeing around the world concerning cryptocurrencies, where some country see bitcoin as a currency that came to destroy fiat money in their country. Many country never still allow bitcoin in their communities because they think is a scam currency that will not bring any development to the country. It will hard for bitcoin to replace bank because many government will not allow currency that they cannot control to take over their bank which they control.

Many institution and countries scare if bitcoin become legal payment currency and replace bank function, they try every time how to make bad news with bitcoin, we know United State country become most hater for bitcoin and scare if bitcoin most payment used there, so they have not allowed United State for using and investing in bitcoin or altcoin.

You are right, both bitcoin and banks cannot replace each other because they have different functions and ways to be a member in it and how to use it. Bitcoin simply created as hassle-free in digital processes such as payments, investment, sending money and other thing while banks needs documents in order to process everything where your money keep safely in there.

They wont, which is why there will always be banks and there will always be fiat currencies, governments even if bitcoin grows exponentially from now on are never going to let go of whatever power they can get with those institutions, however that is not a problem at least to me, as long as we can use our bitcoin freely almost everywhere then I will be satisfied, and that is slowly becoming a reality as people are realizing the potential that bitcoin has not only as an investment but also as a currency.

Many people do not have access to log in and use bitcoin because less internet speed, not any device using for log in to bitcoin wallet and many problem faced right now why government not support using bitcoin as legal payment, maybe this reason make bitcoin never have chance to replace with bank, how ever bank give loan and have the same value when payment coming, but if using bitcoin and replace bank function I think many people will pay more if bitcoin as loan.

What are you saying? who told you that United States prohibiting their people to Invest and use bitcoin ? you are an obvious shitposter that  only post without any sense at all. 

Do you know PayPal? the most  popular Virtual payment method in the US is now having partnership with Bitcoin.

and many more companies and institution that is now investor of Bitcoin.

In my opinion, there is no way for any cryptocurrency, even Bitcoin, to replace the banking system. There are too many factors in this direction that prevent this.

Still, we see increased interest from big banks in Bitcoin, and many of them have already acquired a lot of coins in their assets.

That's why I think it's more likely that something in the middle will happen. Banks should start developing their blockchain-based systems and improve current banking systems.

At first place, Bitcoin isn't created to eradicate those banks because lets be honest Banks will never be replaced by anything.

There is no way for a coin that isn't being used by all of the people, a coin that isn't accessible for all, a coin that only those who have smartphones can use, a coin that only a few people around the world will replace those banks. I see Bitcoin as an alternative way of transferring funds rather than it replacing banks.

One thing more is that, Bitcoin and banks have many differences. We see Bitcoin as an investment while we see banks as a storage of funds whether it is an emergency or wedding or anything (at least that is what I see with banks). Another is that, why are we debating about this even though we know the fact that it can't.

- Indeed, many members of bitcoin do not accept this fact, they always think that the technology of bitcoin brings a lot of benefits and uses it to delete traditional banking but the essence of this story is just attention, at a time when bitcoin was not so popular, bitcoin needed such information to get more attention, the results were very successful but in return, many people are still blind to this information. From the very beginning, the scope and use of the bank and bitcoin were different, both in charge of independent matters, substitution only creates instability in the community

As far as I know Bitcoin wasn't made to replace the banks. It was actually made to remove the limitations that banks provide. And yes bitcoin has a lot of advantages over bank but that doesn't mean it can replace the banks in time. And after all, our respected government won't allow it to happen due to the fact that it will be out of their control. So it is way far impossible.

Centralized institutions like government will always hold on to their own which is Fiat. Moreover, Satoshi never said Bitcoin is going to replace fiat. But gradually, it is running simultaneously with fiat now. Many institutions are accepting it as means of payment.

I saw this topic a week ago and was just about saying something and before i knew it, procrastination got the better part of me!

When i saw the topic, i just knew it's a mirage, a common misconception most of we crypto enthusiast often have because, we've become so sucked into the tech field that we don't seem to see the relevance of other means of doing things that isn't tech based or related. As much as we enjoy having things done by clicking a few buttons, the real life isn't online, its right around you!!!

First, i'll like to ask this;
Is bitcoin a currency or structure? Same goes to the bank.
Are the banks a currency or structure?

I know bitcoin to be a currency while the bank is a structure comprising of a network of persons that manage affairs of currency and valuables. That's just my simple interpretation of them both and there is a lot of difference if you could look at it from this view point.

Being your own bank with regards to bitcoin and altcoins alike simply means being in charge of your own currency affairs, it doesn't necessarily mean your a bank or makes bitcoin a bank. Your wallet could have better assumed that position with you as it's staff (sorry, i just have to put it that way).
But then, fiat is still very necessary and banks will still be printing that which makes the existence of banks inevitable coupled with the fact that, a country's note as per currency is a symbol to that country so, it not being in circulation is a wiped identity for such nation and we all know that isn't going to happen.

Bitcoin and fiat is here to work together and nothing is replacing the banks. Banks adopting cryptocurrency is the best we can expect to happen and not the other way round.

For now, Bitcoin cannot replace banks. USD is still the world's reserve currency and no way these banks are going anywhere. Whether you like it or not, even if most of us are preferring Bitcoin over bank, these banks are going to stay for a very long time. No way that Bitcoin is going to replace fiat as our main currency.

It can say that Cryptocurrencies are not banks, as it were fiat can be compared to cryptocurrencies, and we know how bitcoin and a few other cryptocurrencies are way better as an appropriative resource in the event that compared to fiat that are inflationary and subjected to depreciation, particularly in third world nation. Banks are associations where fiat are spared, but keep in mind that you simply can spare your gold, silver and jewelries in banks, which implies a plausibility for banks to moreover acknowledge crypto as an resource to be spared with them and give a care benefit for it

I don't think bitcoin can replace the banks, at least not yet. Why? No country would like to replace its sovereignty by adopting a currency that cannot be centrally controlled. So there goes

Dude, why do we need to know whether Bitcoin can/cannot replace banks? I think Bitcoin doesn't need to replace banks to survive in the world. I also believe that Satoshi didn't create Bitcoin to replace the banks. So, it is already quite good to see Bitcoin available to use as a payment tool in some countries. It is already a good achievement, isn't it?

The Bitcoin network is able to process more transactions every second than today.  This condition, however, is not yet fully equipped to handle a transaction size as large as the credit card network.  Development is being made to overcome existing limitations and what will be needed for them in the future.  Since its inception, every aspect of the Bitcoin network is in the process of continuing to grow in maturity, optimization and specialization and these conditions are expected to continue over the next few years.  As traffic grows, more and more Bitcoin users are using light capacity clients and full network nodes can become increasingly specialized services.

In general, there are two options for development:
1) The goal of the same banks is to exclude cash payment from circulation, for this banks will use BITCOIN in the future, because even now BITCOIN provides banks with a service that people eliminate cash in favor of bitcoin. The main reason here is that BITCOIN is more manageable than cash, because BITCOIN always leaves its mark on the network, while cash is more difficult to track.
2) The use of BITCOIN by banks in order to withdraw money from a person, according to the principle of a financial bubble.

Moreover, it is more possible to develop these two scenarios together.

I don't even think that this time will come that most of us will prefer bitcoin over bank.

Let's be realistic, people are not adopting bitcoin to benefit its payment system but to invest and hope that they will gain significant profit. Bank does print money and safeguard our deposits, it's too different from what bitcoin has offered to us, we should understand that, and in the first place, bitcoin is created as an alternative currency, not a currency to replace our fiat system.

There is an assumption that when the capitalization of Bitcoin increases 10 or 20 times, then when bitcoins can be fully used as a means of payment, and Bitcoin will also be a reliable store for savings, because its volatility has significantly decreased. I believe that this is when the competition between bitcoin and the bank will increase, but the banking system will begin to lose its monopoly and relevance.

Bitcoin can not replace banks because this is decentralized, maybe banks may offer services about bitcoin in the future. Most of us the perspective about bitcoin is to invest and gain profit that is totally different in how banking system works or there functions. Maybe they can use each other as a tool in giving services like for transaction.

Banks cannot replace bitcoin because it is not controlled by anyone decentralized although it will increase in the future it will take a long time to support it everywhere if the government wants to establish it will not be able to control it. Everyone uses fiat currency for transactions for the banking system its bank officials need to become proficient in using bitcoin currency.

Yeah they are right it can not happen .The reason I am saying this  is that fiat is more powerful than cryptocurrency ,this is because it has now been used for almost more than a century for buying goods and other stuffs and fiat has the support of the government and banks .So as banks are linked with fiat currencies so it can not replace cryptocurrency especially Bitcoin. 

Bank and bitcoin have advantage and disadvantage each other, maybe bank have weakness from lower transaction speed because by using bitcoin we can send money any where and every where without waiting for bank working day, but with bitcoin still need process how internet speed and most careful by using wallet bitcoin, if you use wrong wallet address your money gone.

Gotta agree with the majority of the responses here, if we'd push through and keep on believing that BTC will replace banks then it's just not going to make sense, BTC is volatile for a reason, and why BTC won't be replacing Banks at all.

who givs a F#$%!
People who want to use the bank use them.......people who want to use Bitcoin use them.... end of topic
Neither needs to replace the other at all.

People for the most part love to daydream so they think of scenarios that while attractive are never going to happen, even some of the most bullish people out there should realize there is no way for bitcoin to replace banks as governments are never going to allow it, also it is not as if banks are going to remain static, most likely they are going to find a way to earn money with bitcoin as well and then they will accept it as any other currency protecting themselves from any threat bitcoin could have posed to them.

 ::) bitcoin cannot replace the banks. The people some people use bitcoin not a bank when transfer money is laundering black money. That's all. Maybe another blockchain coin will replace the banks in future but I pretty 100% sure, not bitcoin.

Look easy for money laundering when using bitcoin because transaction is hidden and not one know how bitcoin wallet address detail, you can see if corruption understand with bitcoin looks easy how to make money laundering and without any way to detected who is sender and receiver from bitcoin fund, but so far they not understand how to make money clean from corruption and always try to buy some thing could be know by public.

It's a misconception. Although there really are establishments that are very strict on this and they treat bitcoin transactions as a way to launder money.
But it's not always the case, as you see, it's on the mainstream but doesn't promote laundering.

They would really be ending up on choosing or using CBDC rather than for them to attached themselves with Bitcoin. On general sense, what would they really get if they do have that kind of integration?
They do know that its uncontrollable and a anonymous which simply defies nor opposes the true essence of banking system which is fully centralized or into that certain manner.
To those people who have been keep telling about bitcoin replacing banks? Its impossible to happen no matter how crypto would able to become mainstream but these
institutions would really remain no matter what.As long government exist then centralization will always be on the top priority,hence, people do still prefer the traditional
way for sure.

Banks have been around for a long time and their function helps us to convert to fiat today  to cash out our  money. So at the moment,
the bank's position is very helpful. An excellent move if the bank embraces cryptocurrency side by side.   
Even some banks already cooperate cyprocurrency in their services, because banks also do not want to be left behind to provide crypto
services whose adoption is already mass. Of course, this will provide benefits for banks.

The bank services is very essential in the society and also there have been around for a long time, people trust the banking system so much and will always wants to work with bank, so I don't think bitcoin will replace bank, there both have thier own usefulness. Many people sees online activities as a treat and will always prefer the traditional way. Not everyone has been able to work with technology so most people will always prefers the established method of saving their assets or valuables.

I would rather agree if Bitcoin and banks can go hand in hand and complement each other. But the government is very afraid that the presence of
Bitcoin can replace the bank system, therefore there are still few countries that legalize Bitcoin. Even if we pay attention, there is no way Bitcoin
can replace banks that have been used by humans for a long time. Bitcoin is more suitable as an alternative to payment. Because not all regions
have an internet connection and not everyone is technology savvy. It goes too far to think Bitcoin will replace banks.

First what is a Need for replacing banks ? Crypto and banking offers the same and also different usage so i don't think they need to compete in the same manner.
also Banks will remain as there are businesses that needs centralized system while others wanted decentralization.
Why instead of making them both a problem why not use them according to your needs?
This is what I'm pointing mate , they need to have different supporters and users depend on how People wanted and needed.

Different function too and make each other can't replace, I think bank can't replace with bitcoin or bitcoin can't replace bank position, many people still need bank and almost of people do not know how to use bitcoin, but I think if bitcoin have legal transaction currency payment become good partner and support for bank, many transaction become easy if using bitcoin or altcoin.

both are needed. We people say banks are the greatest they're not right. likewise they feel that cryptocurrency is the no.1 bank to be replaced by cryptocurrency. That's not going to happen in my opinion. Imagine, if banks replaced cryptocurrency how do we make a profit? can we make bitcoins that are not stabi as personal assets? and suppose it is a stable coin like usdt. What if we lose our wallets? Will there be a person in charge? like that too bank. Both have their own advantages. and both are the same born of advanced technology.

The government often thinks deeply about this issue, they perceive the existence of bitcoin as an implicit threat in the future, even causing them to lose control and affect their bank children, this very simple problem has been highly valued by them and raised to become a complex issue. While the real story is that bitcoin is not too concerned about this substitution, the alternative is just the idea of the holders of bitcoin, the nature of the bitcoin system is ineffective for this idea, money transfer is too difficult, storage is not easy with high security, the investment aspect is the most general concept of bitcoin

Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto realit

Banks are for commerce of fiat and making loans.  Bitcoin will never replace banks Just like Gold didn't replace banks.

While I agree that the function of banks as money lenders is essential as it helps the economy to grow at the same time they made a monopoly out of the activity and they obtained too much power which they used exclusively for their own benefit to the detriment of the rest of the population, so I am glad that something like bitcoin was created and that in the future bitcoin will be able to perform some of those functions, it will not replace banks but it will be there to keep them in check so they do not grow as powerful as they are now.

How ever bitcoin raise higher price I think bank keep exist and can't replace by bitcoin, check how many people loan much money from bank and build their business, how come this happen if loan using bitcoin but one year later when payment time bitcoin raise more than 2x price up, how come to pay it and how many businessman loss their money if using bitcoin as loan.

I think also bitcoin will not replace the banks because it is the way to save money of the people, while the bitcoin is help of us to grow our money that we have. The more bitcoin that you have the more that you can save in the bank this two have different advatanges and disadvatanges but this two are very important right now and I think their journey will not end and they can live long to the world for the different purposes.

I agree that Bitcoin is different from what a bank looks like today.

However, it could in theory resemble, in the future what banks are now, but it will of course take the form of decentralisation lending/borrowing and account holding. If you think in terms of crypto there are already places like this that do all of the above, and not just with BTC but any crypto too. One such platform is Nexo.

So, yh, crypto could replace banks but it will take some time and a different form of 'today's banks'!

Actually Bank and Bitcoin has their own beneficiary uses, People invested in Bitcoin and take profit, we can use Bitcoin as investment asset or as a payment method to complete our daily transactions quickly without help of any third party service provider. But we must have to use traditional Bank cause we are so much Accustomed to use Bank or paper money in our daily life. You can not ignore one of them cause Both of these are important to make a successful project. we have to use bank or fiat money to buy Bitcoin or sell Bitcoin.

It came to a start that banks will start adopting bitcoin soon. They'll probably add those typical commerce services that they offer through a fiat-like loan.
But for them to do that, they have to accept bitcoin deposits and that seems to be an odd service if they start doing that. Because the essence of bitcoin is for you to have your own deposits onto your own wallets.

One way banks can assist the bitcoin community is in the issue of private key storage. The issue of private keys have been menace for most users as to issues of theft, lost private keys or seed phrase, users forgetting details of their wallet and all that. So  banks can step in at that point though, very risky in cases of an insider theft job on the private key, it would be very unnoticed except, the person in charge is sort after as it should be.
So, banks could help insecure users in ensuring the safety of this key and seed phrase and collect a percentage based on what ever ratio agreed upon time of retrieval for there services.

In fact, it is meaningless to discuss whether Bitcoin could replace banks. For modern society, banks are important part of government to control and management of citizens, and they are irreplaceable. Even if one day Bitcoin has a global consensus, due to its decentralized nature, it will never be able to replace the function of a bank. I think what can be expected is that the Bitcoin financial system can coexist with the banking financial system, banks still help the government manage citizens, and BTC can help people protect assets.

In my opinion Bitcoin is for new generation and who are technically experts but if financial institutions adopt the Bitcoin common people can get benefit from Bitcoin.Actually Bitcoin and Fiat have huge difference and no doubt fiat is best for emergencyt but still Bitcoin is for those who have patience due to legalization issues.This has presently getting into standard utilization as more individuals in expansive scale begun utilizing it.Bitcoin is future global currency and obviously it will need for every one so i think if central bank and financial institutions should plan for future of Bitcoin to make easy access for their people.

In my opinion, bitcoin to replace banks is clearly not possible. Bitcoin can be called a digital asset, but if it is a statement whether bitcoin can replace conventional money? So the answer is still no, Bitcoin also has several problems including not having an underlying and not being centralized. In addition, bitcoin does not have a deposit and credit mechanism like conventional currencies. Bitcoin is currently present as an alternative currency, especially digital currency. In terms of function, bitcoin is considered to be able to fulfill only part of the currency's function, namely as a means of payment. Bitcoin is like a medium of exchange and means of payment, for example gold, diamonds, banknotes, stocks, commodities whose value is a general consensus as a result of public acceptance and trust.

Bank without bitcoin running well but not happening for bitcoin without bank could be more exist, how many trader can withdraw and cash out bitcoin without any bank, almost exchange market of bitcoin need bank to support withdraw and deposit so never have any debate about bitcoin can replace bank position,

Cryptocurrency and banks have to co-exist, it's impossible for one to replace the other. Banks are offering a service for the public, such as individual banking (Checking & Savings accounts, loans, debit and credit cards), Business Banking and much more (Even investment services). Those services cannot be replaced by any cryptocurrency.

Moreover, the value of cryptocurrency's isn't stable, thus, their usage isn't for the general public.

Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.

The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.

Bitcoin and banks are completely different universes.

In terms of annual interest rates, bitcoin is a pretty heavy competitor for banks, Bitcoin seems to have all the advantages and beliefs of its users about annual returns, an unlimited and huge profit while the bank is fixed because of some rules and problems. However, also because of these special rules and general requirements of life, banks become more reliable platforms for storage, they are businesses built on the traditional method based on this factor, bitcoin cannot be compared, Bitcoin's core does not serve this purpose

Probably the biggest advantage that banks are going to have over bitcoin are loans, new ways to give loans have been created thanks to DeFi coins but at the end you still require to have a massive collateral to get a loan while banks can take greater risks when lending money because they know they can always recover the money with lawsuits, so until that is resolved in bitcoin then I think that banks are still going to keep existing and keep a great deal of their customer base.

Who should that bitcoin should replace banks?
Banks have tons of responsibilities, bitcoin cant oversea by no means. For example, they are giving out loans for new homes owners, they have to evaluate tons of factors before they can give out those loans. You just cant do that with naked bitcoin.
Btc can replace payments which is a big piece of bank business but cant overtake all of the banks services.

Taking about bitcoin maybe only have about ten year old age right now and bank have been place for transaction more than thousand year and look impossible bitcoin can replace with bank on function and feature of bank. But bitcoin have greatest value right now and become investment is the best way than hold money in bank, just one advantage why saving money on bitcoin better than bank.

There's no point in compare Bitcoin and the banks because they have different concepts but you cant practically blame Bitcoin for the hack and fraud situation that happened to people because and if we check the history of fraud that happened in the Bitcoin and Banks system, Banks fraud issue surpassed Bitcoin.

I don’t think it’ll ever replace banks however Bitcoin can replace the fiat money deposited in banks; instead of going to banks for people to save their money or whatnot, people in the future might not need to go to the bank physically but just deposit them in their wallets and etc. That I do believe might happen in the distant future though.

Since both the centralized system and the decentralized system operate differently and has their modes of operation both can still co-exist. We still have larger number of the world populace who are yet to embrace the era of digitalization. Accepting new concepts has always been the struggle of the aged because letting go of what the have known over the years irrespective of its state of factual existence. Even if crypto currency succeeds in overthrowing our fiats it might take longer decades to sell this innovation to everyone

You can't compare cryptocurrency with bank, you can use cryptocurrency as digital currency, you can buy or sell service for cryptocurrency, you can use it as a digital asset. But when you need to cash out your coin you must have to rely on Bank or fiat currency. So both of these have their own value, they do not complement each other but we have to use both of them, So it is not valid to originate such type of question.

Many people want to replace bitcoin with bank but why not think like you said how come to cash out bitcoin to money without have bank, I am still understand why people look more interested to remove bank with bitcoin but why not think how later for cash out money or deposit to bitcoin without have bank, I think bank still most important and bitcoin never can replace bank.

The U.S. Federal Reserve is accountable for maintaining employment with stable prices while providing safety to the country’s banking system. The Reserve is also in charge of balancing the financial system and much more. To have these goals fulfilled, the Reserve can fluctuate interest rates or do whatever it wants with the money.
Fluctuation reduces money when it decreases which curtails prices of goods in turn. This way the banks manipulates and steers a nation’s economy to prosperity.

The complex monopoly has often led to notorious mistakes, making many nowadays turn to bitcoin. Bitcoin’s lack of corruption and middlemen makes it suitable and yet it still hasn’t gained as much support due to its opaqueness and viability to hacking and unstable vacillation. Thus it is a long way away from decentralizing the world, and by this time the banks may already facilitate their own cryptocurrency.

Bitcoin cannot replace banks, not because of, lack of geographical barrier, and overcomes including costs for the blockchain network transaction fees.

Bitcoin is definitely a great platform that proves its existence.
Since from it exists.

But at ground level, it is completely impossible to maintain trust, faith, and belief level in the blockchain network, which banks already established.

In the traditional way of exchange fiat currency is playing the most important role. Where government controls these centralized banks, which regulate the fiat currency of that particular country.

Rather, Big banks are trying to test blockchain network possibilities for the current banking enviournment.

I believe with bitcoin and bank without support and make one of them have bad reputation, I trust and keep investing in bitcoin without make bad reputation from bank because without have bank I can't cash out and withdraw my bitcoin assets, I don't know why some people looks serious wanna to replace bank with bitcoin, how later to withdraw bitcoin assets to be cash money.

The day will come in which that is going to be unnecessary too, right now you need to do that because in order to buy more stuff you still need to convert your coins to fiat, but once businesses begin to accept bitcoin directly then that is not going to be necessary, just today or yesterday  depending where you are Tesla began accepting bitcoin payments for its cars and Elon Musk openly said that any bitcoin his company receives is going to be kept and not be converted to fiat, if enough companies do this then our days converting bitcoin to fiat will be over.

will not. If the bank disappears, the reason should be the overall backwardness of its service links, not because of a specific currency. On the contrary, if cooperation can be strengthened, Bitcoin, blockchain and banks may achieve a "win-win", that is: blockchain helps banks solve old problems; banks give blockchain the first batch of large-scale application scenarios.

it absolutely can replace the banks and it wins way more trust than bank featuring decentralization. but what replaces the banks may not be banks but these decentralized exchanges where all datas are transparent and no space for fake stuff. bitcoin would be the hottest celebrity among these exchange "banks". that day will come ;)

I believe Bitcoin can never replace Banks, because after all the government will keep Banks there will always be. Without banks, the government
will find it difficult to control the finances of its residents, because as we all know that Bitcoin cannot be controlled by anyone. After all, there are
still many locations in the world that are not yet reached by the internet, then the area may not be able to use bitcoin for financial transactions.
From all the reasons I have mentioned I have concluded that Bitcoin will not be able to replace Banks.

let's stop the debates about this issue because for Me Bank will never gone and people will still use their service for the whole human life.
Yes crypto exchange will offer much better than what banks can but people is divided in between trust in Online and in Offline.
I even have my banking account now while having crypto wallet as well.
So that is much good to have two than one.

We need to also consider the sheer strength of banks around the world, the banking industry is probably the most powerful industry around the world and they are not going to allow themselves to disappear without  fight, they are going to try to do everything to survive and if they have to do it by adopting bitcoin then they are going to do it, we must not underestimate them and make the same mistake they made with bitcoin, most likely despite the innovation of bitcoin banks are going to survive.

No matter how good and great bitcoin is, it still cannot replace the banks, we really need the banks because whenever we have earned bitcoin we still need banks to withdraw it and spend it for some other things we need because some companies or some business do not accept bitcoin as payment so you still need the fiat currency that a bank can give to us.

Indeed!

Banks would always have the significance when it comes to its existence.Hence, as long do government exist then i dont see for banks to be wiped out or would be replaced.

You are right that no matter how bitcoin would progress out but still wont really be enough to make Banks cease to exist.Its just impossible to think off about the probabilities.

I dont know on why other people been thinking like this which they havent make out some realization on how banks do play a crucial role on the entire economy.

Banks existed long before bitcoin was introduced but that does not necessarily mean it cannot replace it. We know how much change the innovation of technology makes, it shouldn't be a surprise anymore if in the future, banks will be gone and bitcoin and other cryptocurrency will be the only one to exist. For now, it is quite not feasible to see bitcoin replacing the banks considering the fact that banks are still much useful and traditional and everyone has an about it. No matter what happens, bitcoin will find a way to shine in the next few decades and I think it is possible to see it outshine banks.

I don't think there is any aim to replace banks. And there is no need for it too. There are already crypto exchanges for people to make investments and keep their coins there. And in the future, the governments will make their own digital currencies and we won't be using fiat anymore. Then, banks will need to integrate them to survive.

I don't know why this debate always sparks about Bitcoins vs Banks but if Banks start accepting Bitcoins as a valid asset to be used as a collateral for fiat loans, is there really any need for BTC to replace Banks? I mean, everything we've been wanting since the beginning - adoption, mainstream, regulations, legalization, etc. are all part of centralization. So when ^decentralization^ is already on the verge of being destroyed completely, why are we even thinking of BTC trying to replace Banks?

We shouldn't even think about such replacement. How would Bitcoin replace banks? They are totally different things. Bitcoin is just a cryptocurrency that is used for investment purposes or buying things but banks are entities that we can keep our money in them etc. .

I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.

Agree, instead of creating a powerful war between the giants and forcing one side to collapse, why don't we have a more open minded of a peace and union between the two, Bitcoin cannot operate on its own and it never expresses the intention of replacing banks, and the nature of bitcoin exists with the same features as banks, some people always use this excuse to create meaningless debate. While that Bitcoin really want is cooperation, helps it have more market presence and through it, the bank can also expand services to make more money.

Only if banks are not effective anymore, but banks are still the most effective way to transact financially. Its not Bitcoin’s aim to replace bank’s but its giving us new option as a store of value. Banks and Bitcoin should coexist, it will serve an economic contrast.

More possibilities of cannot replace the bank because BTC is a cryptocurrency and online money that's can't deal all the needs safely as bank. BTC is a first row cryptocurrency and it's making its position strongly in market but peoples have dependency on banks and they manage all of their works in bank that crypto hasn't capacity yet.   

co-exist? I like this word...
Bitcoin is decentralized while banks are centralized and currently transactions and circulation of world money are still dominated by banks. co-exist in the future is the best prediction.

They would surely both exist no matter what but there are really people whom that really too optimistic when it comes to these kind of things where they do end up some
presumptions or hopes that wont surely be happening no matter what progress or success where cryptocurrency would made but going into this situation is really impossible.
Government is there and they wont really letting things to end up like this.Banks would surely exist no matter what because they had been here since from the beginning
and we know the benefits and the relevance of its existence.We cant just imagine on a world on having no these kind of services or institutions.Everything would be messed up.

That bitcoin can, or cannot replace banks is a thing of 50:50 chances. Where banking activities are better improved to the impressive height that people expect and appreciate, then it is unlikely that bitcoin can replace banks. However, the perspective that bitcoin is considered by most people as the best store of wealth and means of secure exchange, greater transactions with bitcoin over Fiat can easily send banks folding.

Hello everybody. Banks have existed for a long time and have taken root in the mind of a person almost as the main state financial institution. And a person with great difficulty switches to a new one. Although, in my opinion, banks are like fleas that gnaw on the body of the state - these parasites can easily penetrate the "body" of Bitcoin. Banks only manage assets, and Bitcoin is an asset that pays huge dividends. My answer is no, Bitcoin will not replace banks. But the bank will have to master Bitcoin, if only in order to survive.

I cannot see it will happen in 50:50 ratio or even 60:40.

Bitcoin replacing banks is impossible. All banks might adopt blockchain tech or create their very own altcoin but it won't be replaced by bitcoin. Bitcoin was created as an alternative not replacement to banks.

^{(Bitcoin cannot replace the Bank)} Bitcoin is truly amazing but the Bank is a product that has been created for a long time.  moreover, Bitcoin is a currency or investment asset, not an institution.  in the future ^{(i guess)} the Bank will adopt and become one of the places where Bitcoin flows, many ordinary people will save and borrow crypto assets at the bank.

https://en.wikipedia.org/wiki/Bank
https://en.wikipedia.org/wiki/History_of_banking

thing that sure to happen in the future.

Since we have to convert to FIAT somehow, it can not eradicate the bank but will reduce their excesses. Any bank that does not plan to adopt blockchain technology in the future might like fail.

I don't think bitcoin can replace the banks because theres a lot of strong people behind it. I think bank will join the gank to support bitcoin in the future, thats what i thought.

The place of banks in the world bitcoin that bitcoin plans to bring is to function as an escrow. The difference exists in there actual handling of cash (fiat) and other valuables while, modern day escrow is more about the crypto commodities.

So, it would feel so wrong should it be possible that bitcoin would replace fiat but this in reality is impossible. Banks can never go out of existence for fiat, its like a nation denying itself of a needed culture, a part that puts them in existence.

What then would be of the foreign exchange market?

A collaboration of the two is the best we can hope for as one betters the other in one aspect or the other.

In fact, to be precise, it is the underlying technology of Bitcoin. Blockchain may have a revolutionary impact on banks. Bitcoin's "safety" and "traceability" have become practical scenarios and are used in banks. However, I think there are still some problems with Bitcoin's desire to completely replace banks. Maybe it will improve the technology to solve the problem in the future.

Bitcoin cannot replace the banks, but DeFi can. Bitcoin is only a coin and a payment system. The banks offer a lot of financial services as investments. Probably, banks will not allow it happens and will adopt blockchain and other digital technologies as a way to follow this inovation.

DeFi hardly will end with banks, but it can force them to be more efficient because the free competition.

Holding fiat in banks for investment purposes went out the window decades ago.

because basically banks and bitcoin are two different things and cannot be equated with one another.
Of course I really agree with the post because basically banks will still be like that and will still survive (not replaceable with bitcoin) I prefer to use fiat as a rival to bitcoin, because this is more suitable than banks and bitcoin.
because from the very beginning bitcoin was devoted to providing alternative decentralized payment methods and this is only an option. remember options not core

Bitcoin is not really created to compete with fiat but a good option for people who prefer cashless payment instead. But since bitcoin right now is still not totally adopted as a currency, it's even more used right now as an investment.

Banks will always be here no matter what. Even if cashless payments are more encourage right now especially with this pandemic, people are still trusting banks because they are used to it already particularly for those senior citizens who are much inclined with the new techonology right now.

bitcoin cannot replace banks, because crypto is not a legal payment, where crypto has not been legalized by every country, Bitcoin comes only as an alternative.
and of course everyone can be their own bank in the crypto space not fiat bank

While Bitcoin as well as other digital currencies would have generated significant interest, their adoption rates might be minuscule as well as the government might support them which is virtually nonexistent. Until and unless governments would be recognizing the Bitcoin as a legitimate currency, it would be having little hope of killing off central banks any time soon.

I don't think Bitcoin can replace banks. Bitcoin and banks have their own advantages and disadvantages, and each has its own value. They always play different roles in our lives, so we can't say who can replace who. As a centralized financial institution, banks have many advantages that Bitcoin cannot provide. Take the information advantage of banks, for example. Banks can solve the problem of information imbalance between the supply and demand of funds through the information advantages accumulated over the years, and greatly reduce transaction risks. At the same time, if you keep your money in the bank, if your money is lost for various reasons, the bank will help you find it. But if your Bitcoin wallet is lost, you will never get back your assets.

Probably it's true if the economy can't survive alone for enough time for bitcoin to replace banks and their deeply rooted institutions. I do think that bitcoin can replace banks but what the article worries is that we might not survive without banks.

The idea of BTC replacing banks doesn't seem right to me and BTC is not originally created as a replacement for banks but rather as an alternative way of making transactions with other people digitally without any third party. Moreover, the government won't even allow it at the very beginning since they don't have the authority over BTC.