Bitcoin Forum

This topic tends to share some ideals on how bitcoin has reduced stress and insults among-individuals.
 E.g  for those in Africa can say that since the introduction of bitcoin the argument and stress from a cashier in a banking hall has reduced because there’s no frequent use of the banking hall anymore.

There’s nothing like cueing up for the cashier to attend.

There’s nothing like I don’t know when I will be coming back from the bank anymore.

There’s nothing like I can’t go to the bank because it’s weekend.

There’s nothing like I was here before you sir and the manager addressing the other ahead of you.

There’s is nothing like I’m tired and can’t drive to the bank. All transactions are done online and faster not the old accept of going to the bank to withdraw money and after withdrawing  start praying and looking randomly if anyone is following you.
  This aid of bitcoin transactions will be done in your comfort without anyone knowing and that makes it safer.

Yes it does have comfort. But you cant revert it back which is the major con since its running on decentralized chain. Once you made a mistake like forgot your private key of your wallet, then its good as gone. Better dont forget that too. Or you send to someone else wallet instead of the correct receiver, you cant simply revert it or more like to say impossible.

We all like blockchain especially btc but make sure you learn it properly to avoid such mess.

I can withdraw from my bank account on weekends, there are many self-service options too on bank app, there are many bank transactions I can initiate and it will process without going to bank. Banks are moving more into the modern era and the so called CBDCs creation. But you are right to some extent, but I am not the kind that fight fiat because if there is no inferior, then what are we going to use for comparison with the superior, then the superior may not be superior in the way it ought to be.

What is mostly the downside of fiat which makes it not to be among the superior is the government manipulation of fiat, they are doing it for good reasons like protecting their foreign reserves. That is quite good, it makes people to appreciate the deflationary nature of bitcoin as its price appreciate over long period of time unlike fiat that governments manipulate its price in a way over long term, it is inflationary and the price depreciates, making its purchasing power to depreciate.

In fact, the concept of digital currencies is so superior to conventional currencies that even the largest countries like China are considering the introduction of digital currencies or digital versions of their national currencies.
The problem with such currencies is that they will be under strict state control and will be issued by national central banks.
All of us in this forum understand the obvious benefits of bitcoin, crypto and decentralization, and the importance of complete privacy of our digital assets, but government agencies and financial institutions dot want it and are trying to limit our financial freedom.
These are the tendencies that worry me in the long run.
When I sent money last year to a family in Africa that doesn’t have a bank account, not even electricity or the internet, the solution was very simple. I sent the money to a friend and he paid the family the equivalent in local currency. Bitcoin and cryptocurrencies are truly a blessing, making things easier and bypassing many obstacles.

Your points are very valid. There is a whole lot of decongestion in African banks in this 21st century. Although you have attributed it to only bitcoin alone in your post but we know in Africa that things have changed from what our forefathers use to know. Even the mode of dressing by the bankers and even customers have changed, I don't know if we have noticed that and I'm sure our dead heroes would be surprised to see such changes.
Certainly those changes are what has brought even CBDC, ATMs and sanity cum comfort into our lives. Bitcoin is a freedom for financial investment to hodl into further growth for the believers. It is well positioned for the progress made in the financial sector and has changed the dynamics of the individual currency into digital identify.

Are you saying that because of Bitcoin, cashiers in India has their workload actually significantly reduced? Can anyone back this up? Because as bullish I am on Bitcoin, I doubt the impact to the banking sector(in the consumer PoV) is THAT significant.

If we were to make an actual research or survey on this, I doubt the result would show us that there is indeed a considerable reduction of a bank teller's job or that banks are now less frequently used because of Bitcoin.

I don't think the adoption of Bitcoin has already gotten to a certain point where cashier queues are shortened, bank schedules are canceled, and so on because Bitcoin has taken over.

As a matter of fact, how many among us Bitcoin supporters and owners have closed our bank accounts since we got into Bitcoin?

In most of the world banks operate online, 24/7 and fully automatically. And you can withdraw cash from an ATM, which will always be nearby if you are in a city. Banks easily beat Bitcoin in user experience. The main benefit of Bitcoin is that you are your own bank, so it removes some edge cases when banks can freeze your money or let the authorities seize them. Plus you are not affected by fiat's inflation, because you are holding a different currency.

This all depends on the place a person is residing, not all you mentioned can be applied especially on africa.
People know africa doesn't have good and widely use of internet, Idk if there are enough physical stores that accepts bitcoin payment it's usually online. Idk how it will significantly reduce the country's banks activities, or the use of their local currency when buying stuffs offline or online. See, not all place can be applied for what we call digitalization and bitcoin. I think bitcoin is still on its early stage of adoption.

It's nonsense to me to close my bank accounts just because I have bitcoin or crypto, not unless I'm living a place where bitcoin is fully accepted and almost all stores where my daily needs can get accepts bitcoin, maybe in el salvador, but I'm not and idk how many people on this forum resides there.

Everything you explained in the OP can also be achieved if you apply for and use a debit or credit card. Instead of requiring physical paper notes and having to run to the bank to get more of those from a cashier, you pay with your debit card that is connected to your bank account. You don't have to worry about big crowds or the working hours of your local bank.   

Bitcoin might have decreased the crowd problem a little bit, but you still have the older generations who use only banks and fiat. Not to mention that not everyone wants to use Bitcoin no matter if they are young or old.   

I feel you @Ethan151 on that bank palaver stuff. But it doesn't mean that Bitcoin has eliminated fiat so to say. For those of us into cryptos, we still find a way to exchange cryptos/Bitcoin to fiat and then withdraw because there are just a few services or shops that accept cryptos in my country. Quiet alright, it has been a long time I went into a banking hall. But that doesn't mean I don't visit bank ATMs whenever it's necessary. Admittedly, my banking stress has drastically reduced now. It's both thanks to online banking and to the activities of cryptos/Bitcoin.

Almost no one here in my area cares, know or at least was aware about Bitcoin. Pretty sure that Bitcoin won't be for everybody even for the future generation that's next for the Gen Z. :D
Last 2 years, I explained Bitcoin to some of my friends and most of them just backed out either due to "no future" or "unstable price". I wonder what they're thinking right now though.

@OP
Well you could also add that there are no such words as "cutoff" in your deposits.

Online banking has eliminated the stress of visiting banks and encountering some of these discomforts that OP has highlighted, not necessarily bitcoin. Not all outlets accept bitcoins and not all transactions can be made with bitcoins, so it finally will result to changing your bitcoins for fiat, and using your online banking to facilitate transaction. Even complaints can now even tendered to banks online for solution at the comfort of your home.

The discomfort that bitcoin and crypto has eliminated to me is the third party stress from the banks whenever you are making a trade or business transaction internationally.

Bitcoin operates without banks or the need for a third party, but this does  not mean we can do without it or bitcoin is a perfect replacement, it just means it operates as a P2P network.

The fact that bitcoin is irreversible once confirmed is actually a positive in my opinion as no one can regulate your funds according to their terms of service, neither can funds in your wallet be retrieved by the sender. You would put in more work to learn the basics and it could take a while, but eventually you will get a hang of it.

OP you sound like we have gotten to the stage were Bitcoin is now the major currency and not fiat, which is not true, if those are your experiences when you visit the bank, then you'll still experience it even now, because Bitcoin can't do anything about it, only the bank can, and that is through upgrading their services.

Bitcoin is an alternative currency that has its own advantages when you use it, it is digital, so it's easier to perform transactions with it. But as far as I know, it can't do anything about the hassles you experience when you visit your banks or the atm cause you'll always use their services, it is the bank that will fix such hassles, or possibly when Bitcoin is now mainstream and widely accepted that you no longer need fiat, and who knows if that will be possible ever.

I don't know what the banking situation in your country is, but modern banking usually has online banking, so that's not really something bitcoin invented. However, the major comfort of crypto is that it brings additional income to the individual and, in that sense brought them more security. But it's good that crypto took some cues from regular banking because there is no reason to reinvent the wheel. I wonder how online banking will evolve in the future.

I tried to understand where OP is tilting to. There is decrease in banking activities. But not to the essence portrayed by OP.
Again, Bitcoin adoption rate has not gotten to the extent portrayed by OP.
The use of POS, mobile apps, paypal, even government synchronising tax payments easy humanity. What happened actually is enhanced technology.
Before I knew Bitcoin I stopped going to bank for a long time because I found out I can do everything from the comfort of my home.

This is how Bitcoin aims by the creator, by the privacy and fast transactions that should be done quickly and that's the reason Bitcoin was invented.

I don't know how it will work online banking in your place but I think the same in my place, it works 2-3 working days before your transaction will be successfully processed but keep in mind both Bitcoin and the banking system has pros and cons.  Bitcoin transactions are irreversible while in the banking system you can request chargeback which is returned to the sender.

Another thing I like about Bitcoin is that there's no one blocking your money when you're travelling on holidays.

I still remember one time when I was trying to pay with my card and it got blocked, the transaction didn't go through. Had to use an emergency card. Apparently I had to inform the bank that I was travelling, and had to tell them where and when I would be, beforehand. That's just nonsense, it's my money, I should be able to spend it anywhere and any time I want to.

With Bitcoin you don't need the permission of anyone to use your own money.

Actually Im wrong to mentioned con alone. It also be a positive since no one can stop your transaction or hampered. However how about those who got mistake? What can we tell them oh sorry cause you didnt do it well. Anyone can make mistake but not in this kind of approach since we all know what will happened. Using bitcoin includes accuracy at all. Cause a mistake like sending on wrong address would definitely hunt you forever. We cant segregate advantages of centralize to decentralize, a fact that they have both pros and cons is something we should accept.

I doubt it is because of Bitcoin, or at least only because of Bitcoin. Less and less cash is being withdrawn from ATMs because more and more electronic transactions are being made, and this is a trend around the world, even if some countries still make relatively few electronic transactions.

Actually there's because a vast majority of the continent are still not enlightened about Bitcoin. And even though they do, Bitcoin isn't legalized yet and the government aren't friendly to the currency making it difficult for service providers to come into the country and offer cryptocurency related services. What's currently trending in the continent is peer2peer service and that isn't conducive to everyone because they have previously encountered scammers which make it very difficult for the to trust.

If you want to avoid all you highlighted in banks, go get a debit card unfortunately that also isn't well known as there are still citizens that enjoy the traditional banking system. You won't blame them though because the internet service in some of the country are very bad that your transaction can be delayed or reverse. Personally I have experience this situation on different occasions which also affect peer2peer service providers.

That's what I'm saying. The reality is that when it comes to financial services, the banks are still the ones to depend on. The truth of our day-to-day life is that we are not replacing banks with Bitcoin. So there's really no avoiding driving to the bank, decreasing queues in banks, cancelling of bank appointments, and so on because there's Bitcoin.

As a matter of fact, the banks themselves are addressing such concerns. They have made innovations themselves so that their clients won't have to drive to a branch, line up in long queues, have an appointment, and so on. They've made use of technologies and cater banking services to their clients 24/7 and from the comforts of their homes.

We can say that it’s been a long time we visited a banking hall or western union for any transactions, this has also lead to reduction in bankers also because the work rate is lesser, workers are mostly employed if the demands are high and I can comfortably tell you that banking hall is not as crowded as it used to.

True talk,a times you will queue on ATM for hours and people that came after you will still withdraw before you or you may not be able to withdraw that day,but with cryptocurrencies nothing like that,you can easily convert and transfer money to whoever you want to send to,I like digital currency its the best.

New technologies had brought us convenience, not just only Bitcoin. For we are in the internet era and with the use of online transactions, we can do more things that it never happens before. Perhaps, banks offer such online transactions and with that kind of innovation, we have made a lot of changes and easy life. I also think that even without Bitcoin, these huge changes will come. It was just a coincidence that happens and I think we are clear to that.

I guess it all depends on where you live, which bank you are using, and do you have online banking or not. Debit cards are connected to your bank account. To send money to someone, you need their IBAN number. IBAN means International Bank Account Number. Like the name suggests, you need it to wire money to someone abroad (internationally). The SWIFT code could also be required including some other data. 

You are right with all the aforementioned comforts bitcoin gives and its also a call for total carefulness to avoiding error or any form of mistakes when dealing with bitcoin because it might be costly and irreversible, remember how precious a rose flower is on sight, if you give it a closer looks there you finds it has traces of thorns which could harm.

Bitcoin operate it's Side and bank also operate on its side, bank is still have population even more than before, because is not everyone is aware of Bitcoin to the extend of investing on it, what we should have emphasise on, is Bitcoin is well known across the nation's currently.

it depends your country, a lot of cue is in the bank, especially in the automated teller machine [ ATM ] side, banks are still having numerous customers, maybe your outlines of banks depends on the environment you dwell.

All those problems of sorting issues out in the bank are still in existence, only difference is that they have a lot devices that enhance to spend up their works. But other issue complications are still there, so from my second response i made clear that it depends the nation you from, all this point bank's i rendered here is what i experienced from bank any time i go to bank.

That seems to be a very long line for ATM, when I ever use an ATM, it don't take me that long and if that happened to me I'll definitely not going back there where that ATM is placed. I think it's just an exaggeration. But one another reality, when we're selling bitcoin, we're going to withdraw it and has to go through an ATM or OTC whichever you prefer.

I'm all for the good of bitcoin and it's really comfortable to have it. Specially if you have people in abroad and they're asking to send money back and forth, fees are cheaper these days.

And the biggest reason why many holds, is about it being a truly valuable asset, a store of value.

Talking about exaggeration, maybe because there's only one ATM on that area, but its not still reasonable that you cant withdraw on that day not unless you never get in the line waiting.

Don't compare digital money to cash, you can't send money to someone if the receiver doesn't have the tools it needs, that is why people cash out in ATM is because they need to use the money offline not online and that's the difference.

About the line, that's possible that there's only one ATM and it's getting hundred of people in line everyday.

I'm not comparing it though. What I'm saying is the reality that even we're into digital money. There will always be the time that we have to sell btc and convert it on cash and then withdraw it on the ATM. Not every establishments near to us are not yet versed digitally so they need cash.