|
Title: Why Bitcoin cannot be a Bank? Post by: elevates on March 14, 2023, 12:48:53 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Title: Re: Why Bitcoin cannot be a Bank? Post by: Smartprofit on March 14, 2023, 01:07:44 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Yes, in my opinion, all of the above current payments can be made if you convert bitcoin to fiat currency on a monthly basis. Bitcoin can be compared to a bank in that it is a store of value. Previously, bankers kept gold bars in their cellars, which were tightly locked with a key. This gold allowed bankers to carry out monetary transactions - for example, to issue letters of exchange to clients. Bitcoin is our personal bank. Its value is analogous to gold, and the private key is analogous to a large metal key from a secure basement - vault. Whoever owns bitcoin owns wealth and can periodically sell some of their digital gold to cover running costs. Title: Re: Why Bitcoin cannot be a Bank? Post by: posi on March 14, 2023, 01:22:15 PM Bitcoin cannot replace the traditional banking industry because banks provide many different services to us. But bitcoin can be our own bank, with bitcoin, we have full control over our assets. In terms of storing bitcoin assets, it is more secure than traditional banking. For example, when SVB goes bankrupt, if you deposit money there, maybe you won't lose your money, but if you need the money urgently and the bank collapses, you won't be able to withdraw your money to deal with the emergency. But with bitcoin, you won't have that problem, you can use it anytime.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Hamza2424 on March 14, 2023, 01:23:29 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Haha don't be confused and don't get frustrated by overthinking such points. When paper currency was started many people started their commenting on this that it won't stay long and it's not possible to apply in society but with time people get adapted to it until now even it was also true it won't stay longer compared to the historical systems. Now the same thing is happening with Bitcoin people are thinking it won't be applicable but bro with time they need to accept it whether its governments, Institutes, or locals need to accept it. In the answer to your rest of the questions currently Answer is NO but we can enforce them to convert that No into Yes. Title: Re: Why Bitcoin cannot be a Bank? Post by: Artemis3 on March 14, 2023, 01:36:53 PM First we don't need banks. Second, yes to all. Can't do it in your country? Move to El Salvador. Blame your politicians for being fools, not Bitcoin.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Doan9269 on March 14, 2023, 01:42:30 PM Snipped Should incase you come across someone telling you all these unrealistic dreams about bitcoin, all you need to do is in giving them a response that "p2p is the solution to them all" because you can easily exchange your bitcoin through p2p in less than a minute and oay for the need you want to settle, and as a matter of fact, some people, businesses and organizations have already been including bitcoin acceptance in making their payment, but i understand location differences may be a barrier but should in cas you have such, don't let anyone decieve you, bitcoin is a digital currency and most of the landlords or petty traders might not have upgraded to this era, so use p2p to exchange your bitcoin to fiat for them. Title: Re: Why Bitcoin cannot be a Bank? Post by: elevates on March 14, 2023, 01:45:59 PM First we don't need banks. Second, yes to all. Can't do it in your country? Move to El Salvador. Blame your politicians for being fools, not Bitcoin. Please go through this thread - While Everyone was Talking about El Salvador! We forgot about Guatemala (https://bitcointalk.org/index.php?topic=5444875.0) Title: Re: Why Bitcoin cannot be a Bank? Post by: Bananington on March 14, 2023, 02:06:40 PM
Title: Re: Why Bitcoin cannot be a Bank? Post by: Zaguru12 on March 14, 2023, 02:12:47 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. All this listed payments ways are visible when bitcoin becomes legal tender like the fiats in banks. Almost all this seems payable with bank transfers so I don’t see the reason why it can’t be payed with bitcoin. The only thing is the recipient willingness to accept the payment in bitcoin. Although we aren’t there yet but gradual with the recent increase of business accepting it as mean of payment then one day we would all those listed been payed with bitcoin. Also social media is a place where everyone say what they believe is the truth, Michael Saylor might be saying something good about bitcoin that doesn’t sit well with some people but they are also some lnfluencers tat say Worse against bitcoin. But no matter what is said no FUD or media stereotypes can tarnish bitcoin image Title: Re: Why Bitcoin cannot be a Bank? Post by: Jawhead999 on March 14, 2023, 02:18:40 PM Bitcoin is a currency, why does it can't be used to pay mortgage, house rent, bills and medical bills? the problem is the country doesn't want to accept Bitcoin as a currency, if they accept it, you can use Bitcoin to pay everything.
Bitcoin can be a bank with the idea where you're given a full control over your money as long as you're holding the key e.g. non custodial wallet, if you use exchange as the media where you hold your money, it kill the idea of be your own bank. Title: Re: Why Bitcoin cannot be a Bank? Post by: Flexystar on March 14, 2023, 02:33:26 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. There it is, that's the problem here, to be honest. Why would anyone compare bitcoin to a bank? Does anyone tell us or wrote any guidelines that bitcoin is made so that we can compete with real-world banks? Satoshi's simply stated that you can be your own bank / or chose to have the freedom of transacting anonymously and without any limits. Those were the premium features that he offered through bitcoin. He never claimed that bitcoin should be used against the banks and compared the benefits. THe vision was simple, have your own bank! We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
What's the point here? No one would use bitcoin for those purposes considering the current drive of holding and earning profits with it! In the future we may start having those offerings through stable pricing or a system that will correct the bitcoin deduction as the prices change and have the stability issues resolved. But seriously we don't have to pay all those with bitcoins. Title: Re: Why Bitcoin cannot be a Bank? Post by: karmamiu on March 14, 2023, 04:03:36 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Yes, in my opinion, all of the above current payments can be made if you convert bitcoin to fiat currency on a monthly basis. Bitcoin can be compared to a bank in that it is a store of value. Previously, bankers kept gold bars in their cellars, which were tightly locked with a key. This gold allowed bankers to carry out monetary transactions - for example, to issue letters of exchange to clients. Bitcoin is our personal bank. Its value is analogous to gold, and the private key is analogous to a large metal key from a secure basement - vault. Whoever owns bitcoin owns wealth and can periodically sell some of their digital gold to cover running costs. Promoting it in a way that it looks like a scheme only leads bitcoin further away from its original purpose and goals. It is also not called promotion, rather it will be called plain old hyping. This is commonly used by those influencers to attract their target market but, is this really the best method to introduce crypto? Coz as what can I see these kind of method will only be effective temporarily. Title: Re: Why Bitcoin cannot be a Bank? Post by: Agbe on March 14, 2023, 04:21:51 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general: Op, your topic need to be restructured, bitcoin is not building or a structure that can be bank where coins or currencies will be kept. Or Michael Saylor has a parochial view on bitcoin. Bitcoin is an online currency that can be used for exchange. In the nutshell, bitcoin is money for exchange. And for 4 questions, I capitalize on YES. But all depends on the country's adoption and the awareness of people on bitcoin. If the awareness is very high and the adoption is more then one can use bitcoin to do all the above mentioned, like my country we can't use bitcoin to do all that except bitcoin lovers, which is about 0.0001%. I am just estimating that percentage to let you Know that the adoption is very much few. Which is not even up to 1%. Therefore, if the country adoption is high then you can use bitcoin for all that.
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Title: Re: Why Bitcoin cannot be a Bank? Post by: Hispo on March 14, 2023, 07:31:39 PM I think you misunderstood a bit what he meant with that message he put out on Twitter.
Obviously, we can buy anything with Bitcoin as long as the other party is willing to accept satoshis in exchange for whatever he/she is selling. It is not what you can buy or not. In my opinion, if we want to compare Bitcoin to banks the magic word is: credit. For obvious reasons, Bitcoin is not a bank because the network cannot seize, invest, limit or move your assets. It is all about debit: money either you have or you don't. Title: Re: Why Bitcoin cannot be a Bank? Post by: Cryptoababe on March 14, 2023, 09:56:27 PM Developers are making a lot of development for bitcoin network. And I know that all these bills will be possible with bitcoin. El Salvador already made bitcoin legal tender. I don't know about another country. But I know some other countries are planning to do same. Have u heard about bitcoin lightning network? If you know about that, you will know that a lot is possible with bitcoin.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Baofeng on March 14, 2023, 10:15:19 PM There is no deceiving in my opinion, Bitcoin was initially design as P2P and as a payment system. However, throughout the years, it become more of a investment, or commodities and even 'sound money' for some.
So to be able to used it as what OP has described, the only thing you can do is convert it to fiat. But who knows, - Maybe in the future you can pay your Mortgage with Bitcoin - Maybe in the future you can pay your house rent with Bitcoin? - Maybe in the future you can pay all your bills with Bitcoin? - Maybe in the future you ca pay your medical bills with Bitcoin? Title: Re: Why Bitcoin cannot be a Bank? Post by: inthelongrun on March 14, 2023, 11:54:56 PM I think you made a wrong interpretation of the tweet. Bitcoin can be some type of revolutionary bank that is unique these days. But do not get confused about the difference between a bank and a bitcoin. Bitcoin is a currency, it is not a corporation that is centralized. The best way to compare bitcoin is to fiat. Sooner or later if countries will allow bitcoin to become a legal tender then all the questions you raised OP are possible. Banks and businesses in the future will accept and use bitcoin for their mortgages, house rent, bills, medical bills, and many more.
Title: Re: Why Bitcoin cannot be a Bank? Post by: OpenCEX on March 15, 2023, 12:43:18 AM Treating BTC as a bank is incorrect. No one would compare a currency to a financial institution, would they? For example, GBP vs Barclays bank. They are incompatible things.
As a means of payment, BTC should be compared to fiat currencies. As a means of investment, it should be compared to gold and stocks. Title: Re: Why Bitcoin cannot be a Bank? Post by: ChiBitCTy on March 15, 2023, 12:46:49 AM Ehh I mean it just depends on how you look at it. Bitcoin technically would only be a "bank" if it was simply an asset, or means of currency that a bank used. At that point, that means that a company of workers is behind the bank, and they will certainly charge fees, be able to freeze accounts etc.
Now I know this is not what he means, but that's what banking is. Banking is lending, accounts etc..and that's not what bitcoin is..it's simply a digital currency/asset. Title: Re: Why Bitcoin cannot be a Bank? Post by: LogitechMouse on March 15, 2023, 01:56:35 AM
As for Bitcoin being a bank, I don't know if I'm dumb, but I can't think on how Bitcoin can be a bank. Yes it's considered as a store of value, but banks have a centralized authority that is operating the bank itself while Bitcoin doesn't have. Title: Re: Why Bitcoin cannot be a Bank? Post by: CryptoBuds on March 15, 2023, 02:19:25 AM Basically, Satoshi's original purpose when creating bitcoin was to become a P2P payment method, not an investment as it is today. So with your questions, it can be seen that bitcoin can be used to pay for the services you mentioned, anything you use fiat to pay for, bitcoin can do. The only current barrier that keeps bitcoin from being used as widely as fiat is the government, since it's a decentralized currency, they don't want to accept it, so it's not widely used yet.
Title: Re: Why Bitcoin cannot be a Bank? Post by: noorman0 on March 15, 2023, 03:46:13 AM -snip-
Legally, no. On the basis of understanding, it is not a problem and I thought of some tactics (adjusting the legality in my country). Suppose you come to the bill payment counter, offer the cashier an agreement to pay your bill by asking him to pay your bill and then you give him bitcoins in exchange. You don't touch the fiat at all. Title: Re: Why Bitcoin cannot be a Bank? Post by: xzy887 on March 15, 2023, 04:21:40 AM You may not remember the early demand for Bitcoin, when the Bitcoin journey first started, the price of Bitcoin was very low.
Could you have imagined that Bitcoin would reach this stage? Of course not, because if you knew then you would have held onto Bitcoin and you would have been in the top 10 richest people list today.Since you can't know the future, you can't tell whether the next generation will continue to trade with Bitcoin. This little argument of yours will not stop Bitcoin. Do you look at El Salvador and see that everything can be done with Bitcoin before? Of course not. But now they have turned 'no' into 'yes'. Such next generation can turn 'no' to 'yes' in all our countries. Title: Re: Why Bitcoin cannot be a Bank? Post by: Darker45 on March 15, 2023, 04:24:40 AM I can only speak of the setup where I'm from.
Do I need a bank to pay my mortgage or to even get a loan to buy a house or a car? No. Do I pay my house rent through a bank? No. Do I pay my bills through a bank? No. Do I pay my medical bills through a bank? No. On the other hand, can I pay my mortgage with Bitcoin? Why not? Can I pay my house rent and bills with Bitcoin? Why not? As a matter of fact, I've already paid bills with Bitcoin. And if only my landlady would accept Bitcoin, I might also pay my rent in Bitcoin. If hospitals and clinics would accept Bitcoin, I can also pay medical bills with Bitcoin. Title: Re: Why Bitcoin cannot be a Bank? Post by: YUriy1991 on March 15, 2023, 04:35:53 AM I think why it's like that for now Bitcoin can't be a bank because it doesn't have the same regulatory framework as traditional banks.
Bitcoin is a decentralized digital currency, meaning it is not backed by any government or central bank. That is, it does not have the same regulatory oversight as traditional banks, making it difficult to use as a banking service. In addition, Bitcoin is not FDIC insured, which means users are not protected against losses due to fraud or other problems. Bitcoin transactions are irreversible, which makes it difficult to use as a banking service because customers will not be able to get their money back if something goes wrong. I think this point needs to be our main concern. Title: Re: Why Bitcoin cannot be a Bank? Post by: Razmirraz on March 15, 2023, 05:42:29 AM Snip Haha don't be confused and don't get frustrated by overthinking such points. When paper currency was started many people started their commenting on this that it won't stay long and it's not possible to apply in society but with time people get adapted to it until now even it was also true it won't stay longer compared to the historical systems. Now the same thing is happening with Bitcoin people are thinking it won't be applicable but bro with time they need to accept it whether its governments, Institutes, or locals need to accept it. In the answer to your rest of the questions currently Answer is NO but we can enforce them to convert that No into Yes. Title: Re: Why Bitcoin cannot be a Bank? Post by: woez on March 15, 2023, 05:51:39 AM
If I'm not mistaken Paying a mortgage with Bitcoin is not yet possible because most banks and mortgage lenders do not accept Bitcoin as a form of payment. Likewise, paying rent for a house with Bitcoin is not yet common practice, although some landlords or property owners may accept it as a form of payment. As for paying bills with Bitcoin, it depends on the company or service provider. Some businesses now accept Bitcoin as a form of payment, but most still don't. It is important to note that not all bills can be paid with Bitcoin. Title: Re: Why Bitcoin cannot be a Bank? Post by: Kakmakr on March 15, 2023, 05:56:05 AM You do not understand what a Bank is ...and you do not understand who are responsible for you not being able to pay for certain things with bitcoins. Bitcoin cannot be used to pay certain bills or your mortgage, because some governments does not want to allow Bitcoin to be legal tender.
They are doing this to protect their monopoly over the creation and manipulation of the wealth of their citizens. (They determine inflation baskets and how much the supply of Fiat currencies will be) Bitcoin can be used to pay for all the things you listed, if the governments and Banks allow it, but they will not do that to protect their control and power over their citizens. >:( Title: Re: Why Bitcoin cannot be a Bank? Post by: davis196 on March 15, 2023, 06:38:02 AM Quote Can you pay your Mortgage with Bitcoin? Can you pay your house rent with Bitcoin? Can you pay all your bills with Bitcoin? Can you pay your medical bills with Bitcoin?] You can pay for all those things with BTC, when the banks and corporations start allowing BTC payments for mortgage, bills and medication(which might never happen). I think that you missed the point here. Saylor is talking about the good old "be your own bank" concept in regards to Bitcoin. Of course that Bitcoin is not a bank, Bitcoin is a currency. It's like saying that the US dollar cannot be a bank. A currency cannot be a bank. Bitcoin is a store of wealth and you could keep this store of wealth in your house, without relying to any third party to pay you interest rates and to manage your funds for your own benefit. Title: Re: Why Bitcoin cannot be a Bank? Post by: Outhue on March 15, 2023, 06:47:01 AM OP I pay all my bills with Bitcoin, the receivers don't accept Bitcoin so I have to convert my Bitcoin into Fiat using Binance Exchange P2P Network, and it's not that hard to do, the difference is I am not using Bitcoin to pay directly because the government don't want to see that happen, Bitcoin is a threat to the Banking system, this can change in the future when Bitcoin becomes a legal tender.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Ataiwo913 on March 15, 2023, 08:16:39 AM Bitcoin is an electronic cryptocurrency. You can buy this with your debit card or credit card and it is stored in a bank account so that you can use it like cash to pay for daily expenses. These transactions are verified by miners and hence they help the network to confirm that no double spending has happened. Bitcoin transaction are not reversible and hence it cannot be used like a normal peer-to-peer transaction.
Because of its peer-to-peer nature and anonymous transactions, bitcoin is not beholden to regulatory bodies such as banks. Title: Re: Why Bitcoin cannot be a Bank? Post by: Gayong88 on March 15, 2023, 10:16:34 AM
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Related Paying medical bills with Bitcoin also doesn't seem like it can't be done yet and is becoming a common practice. Maybe in some places While some medical providers may accept Bitcoin as a form of payment it doesn't feel like it's a widely accepted option yet. and I think this needs to be explained properly so that there are no further misperceptions in the future. Title: Re: Why Bitcoin cannot be a Bank? Post by: Rupok on March 15, 2023, 11:15:49 AM Many things have to change with time. The nation is changing now. The economic condition of the country is also changing day by day and adding something new.At one time people had no idea about cryptocurrency, did not know about Bitcoin. But nowadays most people in the country know about Bitcoin.But if you look now you can easily exchange your bitcoins through p2p in less than a minute.You won't be able to exchange anywhere else in such a amount of short time.Not only that, no bank in the country can.Banks in most countries are now using Bitcoin. I think everything is possible with Bitcoin if the country has acceptance.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Godday on March 15, 2023, 11:45:40 AM Bitcoin is a decentralized system whereas conventional banks are a centralized system. Those are two different things. And both also have different functions and purposes even though they are both forms of finance in today's modern life. At a traditional bank you are expected to get financial services such as saving your fiat currency, making deposits, making loans, or making your mortgage payments. You can do all of that because a traditional bank is a centralized system so that the bank can supervise you and all parties involved. Meanwhile, Bitcoin and most cryptocurrencies are decentralized systems so that you have full control over managing your assets. You can do whatever you want with your assets. And if something like fraud or fraud occurs you are fully responsible for your crypto assets. Hope this helps you understand how and why BTC can't be a Bank and a bank can't be like a cryptocurrency. Thank You!
Title: Re: Why Bitcoin cannot be a Bank? Post by: Petz415 on March 15, 2023, 11:53:49 AM It's not a mortgage, but in theory, you can buy a house, condo, flat with bitcoin: https://cryptorealestate.cc/
Title: Re: Why Bitcoin cannot be a Bank? Post by: wiss19 on March 16, 2023, 02:49:51 PM Obviously, because it was only just a simple currency. It was not a company just like a bank however many people think that Bitcoin can be treated as a bank because you can invest or store your money on it. Also, they think that it is better than the traditional banks because Bitcoin is decentralized and the problems in a common bank can't be experienced here.
Another is that, we are keeping our money in the form of Bitcoins and not in local currency of fiat so we are sure that our money will still be the same and won't be affected by the hazards of the inflations. If we are patient enough to HODL for the long term, there is also a chance that we can increase our investments by a lot of folds. Title: Re: Why Bitcoin cannot be a Bank? Post by: MoonOfLife on March 16, 2023, 03:41:09 PM Another is that, we are keeping our money in the form of Bitcoins and not in local currency of fiat so we are sure that our money will still be the same and won't be affected by the hazards of the inflations. If we are patient enough to HODL for the long term, there is also a chance that we can increase our investments by a lot of folds. Bitcoin is an investment and it is also risky, so invest or give advice fairly. Title: Re: Why Bitcoin cannot be a Bank? Post by: crwth on March 16, 2023, 03:49:28 PM You may have a different interpretation of it, OP. From my perspective, he is trying to say that it's like a bank, not necessarily a bank in which the function is like banks, but the aspect that you could keep money in it.
It's a playful thing with "being your bank," IMO. I need to see how it deceives newbies. As long as they ask what it is about, it cannot fool anyone, or it's not something that is taken to be a scammy type of thing. Additionally, as long as you send BTC to someone who accepts it, it will be paid with Bitcoin. That's already an application. Title: Re: Why Bitcoin cannot be a Bank? Post by: Myleschetty on March 16, 2023, 11:39:21 PM Michael Saylor is a fierce Bitcoin defender and enthusiast. I believe he was commenting on the importance and benefit, of liberation that people will from Bitcoin which why he make the statement " It works all the time, everywhere in the world, and is unstoppable."
Bitcoin only makes people be their own bank. Title: Re: Why Bitcoin cannot be a Bank? Post by: maydna on March 17, 2023, 09:18:08 AM I don't want to think about using bitcoins to pay for all of that yet because I'm still trying to collect a lot of bitcoins so that I'm ready to go when it becomes easy. Right now, I still pay for everything in fiat as I used to, and I'm not complaining about it, and I'm also trying to own more bitcoins.
But such recognition is true because most people who own bitcoins may be unable to use them freely and still use them as an investment asset. And so far, we've been fine with it that way, and some have waited until they can use bitcoin as payment. Title: Re: Why Bitcoin cannot be a Bank? Post by: Falconer on March 17, 2023, 09:34:32 AM All payments are possible with bitcoin even if your government prohibits it. The problem is you only have to make the transaction with those who accept bitcoin as a means of payment, and in this case both parties agree on the medium of payment used. After all, your bitcoin are your bank, meaning you are free to send them wherever you want, at any time, in any amount without the need for approval from other parties. But that's only if you have independent custody of all your bitcoin.
But anyway you do not need to commit offenses when your country's government does not allow bitcoins to be used as currency. But of course you can get around this by converting your bitcoins to fiat and you make legal payments according to the provisions of your country. Title: Re: Why Bitcoin cannot be a Bank? Post by: Mr.sprin on March 17, 2023, 02:15:03 PM many countries do not legalize bitcoin so how can bitcoin be used as a bank, if it is opened as a bank then will permission be granted in that country of course not the more important thing is bitcoin is legalized after that the bitcoin discussion will be made like a bank or not?
Title: Re: Why Bitcoin cannot be a Bank? Post by: so98nn on March 17, 2023, 03:42:04 PM I think these strategies have been studied already and peeps are already using it on the micro level. Now and then I have seen hundreds of threads published by different locals who shown the pictures of shops, businesses, crypto banks and much more. That already proves peeps around the world has started accepting bitcoin irrespective of what local laws are stating.
Isn’t this acceptance is pleasuring to us already? Does it need to be physical offices? Does it have to have the list you have mentioned? Not necessarily and I think the question is weird. Title: Re: Why Bitcoin cannot be a Bank? Post by: Adams0001 on March 17, 2023, 07:42:13 PM I believe that in some countries Bitcoin cannot functions as a bank transactions, because they pose as high-risk to financial institutions, and that the Bitcoin price is volatile and unsecure.
Bitcoin is a decentralized currency with robotics that regulates economic policy in the same way that any government does. Title: Re: Why Bitcoin cannot be a Bank? Post by: bosede1 on March 17, 2023, 07:58:56 PM Bank is not a cryptocurrency in the first instance, I don't see any need for the two comparisons. People who invest in Bitcoin didn't do so to keep bitcoin safe but for investment purposes. Many people today keep money in a bank for saving purposes and a minority for investment purposes. The two is a parallel line which cannot meet
Title: Re: Why Bitcoin cannot be a Bank? Post by: lionheart78 on March 17, 2023, 08:11:31 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
This list tells about the function of money or currency. Bitcoin can do that function. Bitcoin can be used to pay our Mortgage, can pay for house rent, can pay bills with bitcoin and also medical bills. Bitcoin is already acknowledged by many countries as a mode of payment including my country. So definitely Bitcoin can be used to pay for these things. Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Holding Bitcoin means being our own bank. It means we can transfer our funds anywhere just like how banks become intermediaries when we transfer our money. I don't find it wrong to say that being our own bank with Bitcoin is way better than bank services. It is cheaper in terms of global transfers, we are free to send our money to any part of the world without the needs for 3rd party services we just need to pay for the transaction fee and not the processing fee which is often times much expensive than Bitcoin tx fees. And most of all we control our funds. This is one[1] short videoclip explaining what it means to be our own bank with Bitcoin. [1] https://www.youtube.com/watch?v=M2-GUu6tQu8 Title: Re: Why Bitcoin cannot be a Bank? Post by: panganib999 on March 17, 2023, 08:34:26 PM Saylor's not coming from a place of ignorance and providing wrongful information in order to mislead and coax people into investing in bitcoin. As a matter of fact at the current times bitcoin acts more like a bank as it acts like a currency at the same time. For instance, one must note that bitcoin is a store of value, meant to put your money into to prevent impermanent losses, banks do this too. As a matter of fact banks are designed to collect and protect your money the same way bitcoin protects your money as well. What they differ the most is how they protect it. Bitcoin protects the valuation of your money, so inflation is something that has little to no effect on it. Banks protect the denomination of your money as well as deterioration due to physical wear and tear.
Title: Re: Why Bitcoin cannot be a Bank? Post by: romero121 on March 17, 2023, 09:46:58 PM Crypto-Backed Mortgages: How They Work, Benefits, Risks (https://www.businessinsider.com/personal-finance/what-are-crypto-backed-mortgages#:~:text=Crypto%2Dbacked%20mortgages%20let%20borrowers,lender%20may%20liquidate%20your%20assets.). Everything have got solution. We need to search and find the possibility. For each and everything mentioned we've got the access and the guidance how to do it. Any payment is possible with bitcoin and it is upto the person. Here is an example how a person have travelled around just using bitcoin almost 7 years back. When this is possible surely everything is possible. This Man Traveled Around The World For 18 Months Spending Only Bitcoin (https://www.forbes.com/sites/laurashin/2016/07/14/this-man-traveled-around-the-world-for-18-months-spending-only-bitcoin/)
Title: Re: Why Bitcoin cannot be a Bank? Post by: samcoin on March 17, 2023, 10:40:36 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. You know the most popular phrase about Bitcoin since its inception was (be your own bank), so Bitcoin was designed and produced as a substitute to banks that do whatever they want with people's money, and in return don't give them what they deserve of ROI. Indeed, we can feel the importance of Bitcoin these days with a few banks in the USA are going bankrupt and the number seems to be on the rise. Therefore, I agree with Saylor in his statement, and I think Bitcoin and the other reliable crypto currencies will replace the traditional banking system that's starting to collapse. I still would like to ask in general:
Have you heard about the real state companies in the UAE and Bahrain that started to accept Bitcoin as a means of payment for all of their services? So yes, Bitcoin will become one day a payment option in all of these services you mentioned above. The success of Bitcoin will force companies to accept it to remain in competition with the other ones which accept Bitcoin. Title: Re: Why Bitcoin cannot be a Bank? Post by: Mr.right85 on March 17, 2023, 11:05:21 PM
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Other than that, I think you can make just any payment in Bitcoin supposedly the organisation is Bitcoin friendly. They've got to have a department to handle that by the way. Someone not just good at balancing accounts but, understand and could make some good predictions on the cryptocurrency charts to know when to take advantage of the price movements and when to prevent liquidation of coins and in turn, lose. Title: Re: Why Bitcoin cannot be a Bank? Post by: Yatsan on March 17, 2023, 11:40:32 PM
Title: Re: Why Bitcoin cannot be a Bank? Post by: Xampeuu on March 18, 2023, 03:59:08 AM
Title: Re: Why Bitcoin cannot be a Bank? Post by: borovichok on March 18, 2023, 06:13:51 AM on the other hand outside the country it hasn't been legalized yet, I think shops that accept payments with bitcoin will certainly be careful if transactions are made during a bull run, because the value of bitcoin is very volatile, and risky, especially for shops that don't have double capital, of course the existing financial circulation very tight. for now I think it is also a weakness if it is currently applied in my country, besides that it is also against the law because there is no legality of payment using bitcoin Bitcoin have been existence over the past decades and there's more chances of it been legalized in most of the developed countries other than the developing ones. Bitcoin is legalized and controlled in a country like El Salvador who are very tactical in using the project as a means of payment, and it's working extremely excellent for them, however not all countries can expand the use of bitcoin because some government find it to cause instability in their fiat currency and they issue strong restriction commands on the project to be banned. Moreover currency circulation is strong and starting to develop bitcoin as a means of payment is solemnly outside the box of budgets, bitcoin is volatile with high risks in the market, anything that will disrupt the system is none to be void. Title: Re: Why Bitcoin cannot be a Bank? Post by: Farma on March 18, 2023, 06:47:51 AM all of these questions are possible if we sell the bitcoins that we have. however, if we were to question the matter, then bitcoin would have to be converted to Fiat first. the same question as "Can you pay your medical bills with gold ?" then in general the answer is yes, if the gold is converted into fiat.
However, it is very difficult to compare banks with bitcoins because basically the systems are different, if banks have a centralized system, then bitcoin has a decentralized system. if you compare banks with bitcoin, then the difference is very clear. Title: Re: Why Bitcoin cannot be a Bank? Post by: StarKay on March 18, 2023, 07:19:31 AM Yes, in my opinion, all of the above current payments can be made if you convert bitcoin to fiat currency on a monthly basis. I agree with the OP that we should stop confusing newbies about Bitcoin being a bank because it is obviously not. No one calls the USD, GBP, JPY, EURO a bank for instance because they are not. I agree with you that Bitcoin is a store of value. Title: Re: Why Bitcoin cannot be a Bank? Post by: KingsDen on March 18, 2023, 07:47:15 AM Re: Why Bitcoin cannot be a Bank? Bitcoin is more of a currency than a bank. The idea behind bank is centralisation. And that is exactly what bitcoin is opposing. I do not always understand it when people compare bitcoin to bank. What is like a bank is like the exchanges in cryptocurrency. What the exchanges are to cryptocurrency is what bank is to fiat. Therefore Bitcoin is a currency and in other words. It has been used and is being used as an investment asset and not as a bank. However, it is banking the unbanked in the sense that with bitcoin you can take good care of your wealth and money without the intervention of second party. Title: Re: Why Bitcoin cannot be a Bank? Post by: GreatArkansas on March 18, 2023, 08:03:23 AM Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. Why are people just things complicated? Let's say for example Bitcoin is just the same as fiat currencies where you can use it to pay for something. You can use it just like how you use your fiat to pay for something like goods, services, etc. So for me yes among the list is also included like mortgage, medical bills, etc.(....) For me, I can consider Bitcoin as banks also, you can have your own bank as long as you have Bitcoin which comes with Bitcoin wallet ofcourse. Title: Re: Why Bitcoin cannot be a Bank? Post by: Kgdktac on March 18, 2023, 07:21:02 PM While it is true that Bitcoin has its limitations and cannot yet be used to pay for everything,
there are already many merchants and businesses that accept Bitcoin as a form of payment. That being said, it is also important to be realistic about the current limitations of Bitcoin and not oversell it as a solution for all payment needs Title: Re: Why Bitcoin cannot be a Bank? Post by: The Cryptovator on March 18, 2023, 07:49:17 PM Why do you think Bitcoin won't become your personal bank? Your non-custodial Bitcoin wallet is what I mean by your Bitcoin bank. Owning a non-custodial Bitcoin wallet entitles you to any assets contained therein as well as ownership of the wallet itself. Wherever that accepts bitcoin, you can pay. If not, you must convert to fiat. It resembles the USD, a global currency. You must carry USD when visiting other nations, but you cannot use it anywhere. Consequently, where you are staying is where you must convert it for local cash. Bitcoin is similar. Although you must trade it for local cash, you can use it.
Title: Re: Why Bitcoin cannot be a Bank? Post by: hannahB4 on March 19, 2023, 08:36:34 PM Bitcoin can be a bank but does not necessarily means performing all the functions of a bank. In the banking sector, we have some who are into mortgage, insurance, and microfinance and each has its specialty and diversification, so bitcoin can serve as a bank with its uniqueness.
Title: Re: Why Bitcoin cannot be a Bank? Post by: tjtonmoy on March 19, 2023, 09:25:41 PM https://i.postimg.cc/1zfFCwP6/screenshot-151.png (https://www.financestrategists.com/banking/?gclid=CjwKCAjw5dqgBhBNEiwA7PryaCtj-4j5AZB8Wo_h2FUuYe1edqP3Bw7dXXRDHOHgEGeuYUWkbU2hXRoCuqwQAvD_BwE)
By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers. But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different. Title: Re: Why Bitcoin cannot be a Bank? Post by: Fivestar4everMVP on March 19, 2023, 09:41:32 PM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general: It is actually very possible to make payment for all the mentioned, in bitcoin, plus even more, but this is if the parties at the receiving end would agree to accept payment in bitcoin.
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. I think it is high time we all come to the realization that bitcoin is money on its own, bitcoin can be spent the same way we spend fiat, the only different is that.. - fiat is highly centralized, while is totally decentralized - most of fiat transactions are done physically, while bitcoin transactions are carried out online - fiat has an unlimited total supply, and the amount of money in circulation cant even be determined, but bitcoin has a limited supply which is 21 million coins, and the circulating supply is clearly visible to the entire world to see. Bitcoin payments, in all ramification is better than fiat, this the government know, but wont accept because they have no way to control bitcoin. Title: Re: Why Bitcoin cannot be a Bank? Post by: EarnOnVictor on March 20, 2023, 06:49:23 AM https://i.postimg.cc/1zfFCwP6/screenshot-151.png (https://www.financestrategists.com/banking/?gclid=CjwKCAjw5dqgBhBNEiwA7PryaCtj-4j5AZB8Wo_h2FUuYe1edqP3Bw7dXXRDHOHgEGeuYUWkbU2hXRoCuqwQAvD_BwE) I see things differently from you guys, Bitcoin is a bank of its own regardless of how one defines traditional banks. It's factual that not only financial institutions and traditional banks are called 'banks,' so Bitcoin is still arguably a bank because it oversees all its financial transactions by itself through blockchain technology.By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers. But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different. There is nothing banking more than that. Title: Re: Why Bitcoin cannot be a Bank? Post by: BALIK on March 20, 2023, 07:17:44 AM https://i.postimg.cc/1zfFCwP6/screenshot-151.png (https://www.financestrategists.com/banking/?gclid=CjwKCAjw5dqgBhBNEiwA7PryaCtj-4j5AZB8Wo_h2FUuYe1edqP3Bw7dXXRDHOHgEGeuYUWkbU2hXRoCuqwQAvD_BwE) I see things differently from you guys, Bitcoin is a bank of its own regardless of how one defines traditional banks. It's factual that not only financial institutions and traditional banks are called 'banks,' so Bitcoin is still arguably a bank because it oversees all its financial transactions by itself through blockchain technology.By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers. But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different. There is nothing banking more than that. Bitcoin gives us the storage and full control of our own assets, so I also consider it our own bank and run and managed by ourselves. But to say that bitcoin is better than a bank is not entirely true, a bank is a centralized institution that provides us with a wide range of necessary services from a business to an individual level, such as saving money and getting a mortgage, not just a place to store assets. For me, both are necessary and have separate functions that cannot be compared with each other. Title: Re: Why Bitcoin cannot be a Bank? Post by: Franctoshi on March 20, 2023, 07:50:57 AM Comparing Bitcoin and bank to me doesn't align, Bank is a financial institution that manages all financial transaction, whereas Bitcoin is money... However with what you have listed here so far I see no limitations to that if Bitcoin is money in other view, what will stop it from serving all this purposes if Bitcoin is widely accepted as a form money. The technology is still in its early stage and right we cannot category say its limitations or what extent it could be used in the coming future.
Title: Re: Why Bitcoin cannot be a Bank? Post by: MIner1448 on March 20, 2023, 10:04:30 AM Bitcoin is a cryptocurrency that does not have the traditional characteristics of a banking system. It is not a legal entity, does not have a banking license, cannot accept deposits, issue loans and issue bank cards.
In addition, bitcoin has no stable value and is a highly volatile asset, making it unsustainable as a foundation for the financial system. Finally, bitcoin is based on blockchain technology, which is designed to provide decentralization and anonymity, which is contrary to the requirements for transparency and regulation that are placed on the banking system. In general, bitcoin and the banking system are different forms of financial activity that cannot be replaced by each other. Title: Re: Why Bitcoin cannot be a Bank? Post by: Zanab247 on March 20, 2023, 12:38:24 PM Bank is control by the government which the president has the power to make the central bank governor to make money in circulation for the citizens to have enough cash to develop their businesses and other things in the country. But BTC is a decentralized currency which is not control by any presidents or governors and it dump when it's time to dump to enable people to buy BTC and hold for a better future. BTC price pump without taking permission from any government or president in the country because it's a digital currency that allow people to have full control over their coins in the wallet.
Title: Re: Why Bitcoin cannot be a Bank? Post by: andriarto on March 20, 2023, 02:42:16 PM Banks play an important role in every country to support the country's economy, because every country has it and of course with its own currency. the bank adheres to a centralized system where the government can control it, this is inversely proportional to bitcoin, what happens if the government loses control, while money is a vital part in the development of every country, therefore for now the decentralized system is not ready to be used, one day later when the situation and conditions are supportive then bitcoin will be introduced by the government
Title: Re: Why Bitcoin cannot be a Bank? Post by: n0ne on March 20, 2023, 10:57:29 PM Comparing Bitcoin and bank to me doesn't align, Bank is a financial institution that manages all financial transaction, whereas Bitcoin is money... However with what you have listed here so far I see no limitations to that if Bitcoin is money in other view, what will stop it from serving all this purposes if Bitcoin is widely accepted as a form money. The technology is still in its early stage and right we cannot category say its limitations or what extent it could be used in the coming future. Both were completely different and have got different characteristics. Something that makes a connect is the value. Banks process the money whereas bitcoin is the asset that is equal to money. During my initial days the person introduced with the term the Bitcoin wallet serves as one's own bank. Later only I realised how it does the functions of a bank. With time advancements keep playing big roles and the same makes everything user friendly. People who found it difficult to use cards have now used with wallet payments. Same as this technology is making a big change and bitcoin too a part.Title: Re: Why Bitcoin cannot be a Bank? Post by: Ebede on March 20, 2023, 11:05:36 PM Bitcoin is a currency and each currency is digital not something that you can see with your two naked eye but you can feel it but I cannot touch it that is why bitcoin cannot go to the bank it is only the thing that you can feel and touch that can be keep in the bank like Fiat money or Fiat currency so all these can be drop in the bank because it can become or it can be feel but they cannot be she like Bitcoin so bitcoin is a digital figure which you feel body but cannot touch
Title: Re: Why Bitcoin cannot be a Bank? Post by: kelonmusk on March 21, 2023, 08:52:33 AM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. There it is, that's the problem here, to be honest. Why would anyone compare bitcoin to a bank? Does anyone tell us or wrote any guidelines that bitcoin is made so that we can compete with real-world banks? Satoshi's simply stated that you can be your own bank / or chose to have the freedom of transacting anonymously and without any limits. Those were the premium features that he offered through bitcoin. He never claimed that bitcoin should be used against the banks and compared the benefits. THe vision was simple, have your own bank! We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general: There are still many everyday transactions that cannot be completed using Bitcoin, such as paying rent or bills. While it's true that Bitcoin has many positive aspects, it's still not a fully functional replacement for the traditional banking system.
That being said, I do think there is value in Michael Saylor's comparison between Bitcoin and banks. While Bitcoin may not be a direct replacement for banks, it does offer a different kind of financial system that operates on a decentralized network. This is a key advantage of Bitcoin, as it allows individuals to transact anonymously and without the need for a middleman. In the future, as the technology and infrastructure surrounding Bitcoin continue to improve, we may start to see more widespread adoption and usage of Bitcoin for everyday transactions. Until then, it's important to recognize that Bitcoin is still a relatively new technology that is constantly evolving and improving. What's the point here? No one would use bitcoin for those purposes considering the current drive of holding and earning profits with it! In the future we may start having those offerings through stable pricing or a system that will correct the bitcoin deduction as the prices change and have the stability issues resolved. But seriously we don't have to pay all those with bitcoins. Title: Re: Why Bitcoin cannot be a Bank? Post by: FahriZah on March 21, 2023, 09:39:25 AM Because It Is A Crypto Currency Platform And All Coin Of Mothers Name Of Bitcoin Some Time Many People’s Create Bank Accounts And Put Their Money In The Bang For Good Profit Like 5 Years DPS 10 Years DPS But When Thire Need Emergency Money Can,t Withdrawal Anytime Anywhere And Face So Many Problems Also Like Bank Robbery, Money Crisis Governments Problems Bla Bla More Many Problems. And Bitcoin Always Is Free Systems Like You Can Deposit Anytime And Withdraw Can Be Done Anytime Anywhere It’s Not Problems Just Your Need To Remembers Your Password 2FA Key And Just A Smartphone With Internet Connection Anywhere Any Country Use Easily.
Title: Re: Why Bitcoin cannot be a Bank? Post by: MusaMohamed on March 21, 2023, 11:12:58 AM
Quote from: elevates Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Sorry but I don't think anything wrong with the information he shared. He is a Bitcoin maximalist and sometimes such Bitcoin maximalists will over exaggerate Bitcoin achievement but generally they are not wrong. They exaggerate it because they strongly believe in Bitcoin and think that it will grow more in future.If you can use your Bitcoin as collateral on exchanges, you can use it to pay your Mortgage. Condition to pay with Bitcoin will be stricter than with fiat currencies because of its high volatility. Title: Re: Why Bitcoin cannot be a Bank? Post by: hZti on March 21, 2023, 11:24:57 AM https://i.postimg.cc/1zfFCwP6/screenshot-151.png (https://www.financestrategists.com/banking/?gclid=CjwKCAjw5dqgBhBNEiwA7PryaCtj-4j5AZB8Wo_h2FUuYe1edqP3Bw7dXXRDHOHgEGeuYUWkbU2hXRoCuqwQAvD_BwE) By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers. But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different. I agree with that statement. The definition of a bank will never fit onto bitcoin, since bitcoin was designed as a currency. Also the USD can never be a bank, but that is also not what the USD should be. What could however work is to create a bitcoin bank, that gives mortgages etc. in bitcoin. Title: Re: Why Bitcoin cannot be a Bank? Post by: Fuso.hp on March 21, 2023, 02:08:32 PM Currently Bitcoin is only a digital currency. But despite being only a digital currency, this coin has gained huge popularity all over the world. But despite being so popular, you won't get so many facilities like digital banking services in Bitcoin. Because governments of different countries have not yet accepted Bitcoin as a digital currency or as an alternative to digital banking. But I think that slowly different countries will accept this currency. When different countries accept Bitcoin as a digital currency, you can pay electricity bills, current bills, gas bills, net bills, water bills, garbage bills, all through Bitcoin.
Title: Re: Why Bitcoin cannot be a Bank? Post by: pawanjain on March 21, 2023, 02:52:03 PM If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time. Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though. Title: Re: Why Bitcoin cannot be a Bank? Post by: kryptqnick on March 21, 2023, 04:05:53 PM A bank is a place where a person come to deposit money. It's also an institution that enables online transfers of money. At least, these are the functions of banks that people usually use. If you use Bitcoin, you can download a non-custodial wallet, transfer your BTC there and then make Bitcoin transactions to other Bitcoin addresses when you want to do it. So in a way, you are your own bank this way. That being said, it is also true that due to huge limitations set by where Bitcoin actually is accepted as a form of payment, people can't usually pay the rent, the bills or mortgage with it. But that's the problem of acceptance of a currency, not a problem of the idea of Bitcoin replacing a bank.
Title: Re: Why Bitcoin cannot be a Bank? Post by: BITCOIN4X on March 21, 2023, 06:54:32 PM If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments. Basically your last point is very correct. Bitcoin is currency, the owner is the boss because he has full control over his bitcoin. They can do anything with their bitcoins because they own them, including paying bills, sending them between countries or many other things. It's just that many people don't realize that having full custody of their bitcoins is like having a bank in their own hands.Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time. Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though. Title: Re: Why Bitcoin cannot be a Bank? Post by: nullama on March 22, 2023, 12:55:39 AM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. The thing is that you're asking if you can pay with Bitcoin for services that are expecting a specific kind of fiat. The same scenario would be for example if you are in the US and want to pay your mortgage, or rent with Euros. Of course they wont accept that, they are expecting USD for those services. Now, if you go through a foreign exchange service, then you can pay those services with Euro->USD. The same can be done with Bitcoin. In Australia there's LivingRoomOfSatoshi: https://www.livingroomofsatoshi.com In Canada there's Bylls: https://bylls.com In the US there's Bitrefill: https://bitcoinmagazine.com/business/bitrefill-now-lets-you-pay-your-bills-taxes-with-bitcoin Etc... Title: Re: Why Bitcoin cannot be a Bank? Post by: Gallar on March 22, 2023, 02:18:29 AM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general: nothing is impossible if bitcoin exceeds expectations predicted, the proof is now bitcoin can be this big and this popular.
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. whereas in the past nobody knew bitcoin and was very foreign to people's ears. but who would have thought that bitcoin has now become very influential and plays an important role for many people. and the matter of bitcoin can be used for buying and selling transactions such as • food purchases • payment of hospital fees • for transportation costs it all now has begun to be developed by many parties. so it is possible that bitcoin will exceed the expectations that have been thought of. Title: Re: Why Bitcoin cannot be a Bank? Post by: Artem Sereda on March 27, 2023, 09:17:18 AM Banks is a more elaborate system, at this point. You can't make installments, loans, and more. So bitcoin won't be able to replace banks for a long time to come.
Title: Re: Why Bitcoin cannot be a Bank? Post by: BTCBroker2016 on March 28, 2023, 11:01:51 AM If it will stop being so volatile maybe it have chance to become a bank
Title: Re: Why Bitcoin cannot be a Bank? Post by: karmamiu on March 28, 2023, 11:41:45 AM "Be your own bank" is a nonsense slogan from blockchain.info; you can "be your own bank" with 50 kg of platinum, gold, or silver. It's just absurd how they got this idea on how to promote crypto. Trolls who haven't even finished primary school are spreading the idea of Bitcoin as a bank on Twitter and other American social networks. I'll share a little bit of story here; In my country there is this famous online game/casino that is currently being promoted by most of local influencers we have here, but the thing is the site is not 100% trusted at the same time the people behind the project is shady yet influencers try to promote it without a care that there are so many that are now complaining that they couldn't cash-out their money. This is the story I remembered when I first saw this post. Title: Re: Why Bitcoin cannot be a Bank? Post by: bitterguy28 on March 28, 2023, 11:50:26 AM I don't actually care about what he says , instead what I care is my Believe in Bitcoin that I considered as my Own Banking system.
I store my Money in Bitcoin(with safe wallet of course) and for me that is what Banking means . Not allowing us to pay mortgage, rent or anything that he mention cares and affect me nothing because I can convert my Bitcoin to pay all those and I have my own way of gathering money to pay my bills . If it will stop being so volatile maybe it have chance to become a bank and that is far from happening lol.Title: Re: Why Bitcoin cannot be a Bank? Post by: Alpha Marine on March 30, 2023, 09:59:27 PM The world at some point would move on front paper money. I don't know when, hell it might be a century or a millennial I don't know but I do know it will stop using paper money at some point. I am very optimistic about bitcoin but I don't believe it would ever replace fiat, I believe they would coexist. For bitcoin to replace fiat globally then the world needs to be at a point digitally where you no longer need to pay for anything with cash. While this may be possible in some countries, it's not even an idea in some countries, especially developing countries.
Assuming governments of the world don't constantly fight bitcoin I would very much prefer bitcoin and fiat to coexist despite the fact that Bitcoin is superior to fiat. Title: Re: Why Bitcoin cannot be a Bank? Post by: thecodebear on March 31, 2023, 01:10:41 AM The idea of bitcoin being your own bank is the fact that you can store your own money. Most people just use a bank to store their money and buy things (through credit/debit cards or fintech, all layers built on top of banks). And that's what you can do with Bitcoin, without needing the bank.
Of course there are actual business services that banks provide that Bitcoin can't really do, like lending money and insurance. But the basic purpose of a bank, to hold money and let you spend it, is accomplished by bitcoin without any need for anything else being built (other than of course merchant acceptance). In a Bitcoin world we'd still need lending services and insurance services and all that, we just wouldn't need banks. Though of course plenty of people would choose to keep their Bitcoin with custodians for ease of use and so those custodians would end up just being banks. But the key thing is we wouldn't NEED them. It would be a choice to bank or not bank, a choice that isn't possible with fiat. Title: Re: Why Bitcoin cannot be a Bank? Post by: fuguebtc on March 31, 2023, 03:56:27 AM The world at some point would move on front paper money. I don't know when, hell it might be a century or a millennial I don't know but I do know it will stop using paper money at some point. I am very optimistic about bitcoin but I don't believe it would ever replace fiat, I believe they would coexist. For bitcoin to replace fiat globally then the world needs to be at a point digitally where you no longer need to pay for anything with cash. While this may be possible in some countries, it's not even an idea in some countries, especially developing countries. Assuming governments of the world don't constantly fight bitcoin I would very much prefer bitcoin and fiat to coexist despite the fact that Bitcoin is superior to fiat. A cashless world is possible, but that won't happen anytime soon, and when it does, I don't believe bitcoin will replace it but a digital solution from the government. Honestly, I don't have the same mindset as many people here want fiat or banks gone forever, instead, I prefer to use both, both co-exist is better. I prefer having many options in life than having a single solution. While bitcoin is great in many respects, fiat also has its benefits in some cases. Title: Re: Why Bitcoin cannot be a Bank? Post by: Nrcewker on March 31, 2023, 04:23:39 AM We can do everything and anything in Bitcoins. But the questions that you have asked in the OP, can only be fulfilled if Bitcoins are served as a legal tender in that particular country. Bitcoins cannot be served or treated as a bank because, in order to be a bank, you need to comply with the government’s rule. You need to also work under the government following all orders. But Bitcoins have this decentralised nature, that is you cannot find out how many Bitcoins an individual has, for this reason government don’t like Bitcoins and hence the things that you have asked in the OP, cannot be done.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Plaguedeath on March 31, 2023, 04:57:07 AM A cashless world is possible, but that won't happen anytime soon, and when it does, I don't believe bitcoin will replace it but a digital solution from the government. It can be solved by stable coin, fiat doesn't have any benefit except the government is back up and force every people to use it, if fiat doesn't supported by a government, no one will use fiat because they're tend to choose a barter system to trade what they're need.Honestly, I don't have the same mindset as many people here want fiat or banks gone forever, instead, I prefer to use both, both co-exist is better. I prefer having many options in life than having a single solution. While bitcoin is great in many respects, fiat also has its benefits in some cases. The disadvantage of using Bitcoin to buy anything is the stores need to update their prices very often, because if a burger cost for 0.0005 BTC now, in the next 10 years no one will buy a burger for 0.0005 BTC again, because it's too expensive to spend 0.0005 BTC for a burger. Title: Re: Why Bitcoin cannot be a Bank? Post by: Japinat on March 31, 2023, 05:37:21 AM Bitcoin cannot function as a bank due to its volatile nature and therefore cannot replace the existing banking system. Owning a bitcoin is considered risky because of its fluctuating value. While it's possible to conduct banking using bitcoin and blockchain as our ledger, it's unrealistic to replace the current banking system entirely with it.
In my opinion, it would be more practical to treat bitcoin as an alternative currency for online transactions. Title: Re: Why Bitcoin cannot be a Bank? Post by: Patrol69 on March 31, 2023, 06:17:42 AM Although Bitcoin is a very popular digital currency, Bitcoin has not yet taken the place of banking. At such a stage we cannot transact anything through Bitcoin. That is, through other digital banking services, we can pay electricity bills, pay internet bills, pay water bills, and other bills through Bitcoin, but that is not possible. The main reason for this is that governments of various countries do not accept Bitcoin as a means of transaction. If governments of different countries had given permission to Bitcoin as a digital banking service then I think more people would have transacted through Bitcoin. But as time changes, I think Bitcoin will be considered as one of the medium of transactions.
Title: Re: Why Bitcoin cannot be a Bank? Post by: Asuspawer09 on March 31, 2023, 06:48:42 AM I read this tweet (https://twitter.com/saylor/status/1635321405565972482?s=20) by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:
Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. I agree at this moment this is a lot of things that bitcoin cannot do compared to fiat money since it is our country's currency a lot of us still do not know bitcoin and recognized it as a payment method so it makes sense that bitcoin is not acceptable in a lot of platforms. That is why I used bitcoin as an investment not something like a payment method or a bank that I can use in all of my transactions since bitcoin cannot really do that unless you convert your bitcoin into fiat. For me, bitcoin is the best for investment only at this point because the market price was volatile so selling it for fiat or using it as payment would probably result in a loss since you are forced to sell your bitcoin and not wait for the right timing for profit. Also with a volatile market price, you need to update its price in real-time when your accepting bitcoin on your business. Unless in the future when bitcoin gets a stable market price it might be suitable to become a currency or something that we can use for payment. Title: Re: Why Bitcoin cannot be a Bank? Post by: Mauser on April 01, 2023, 06:43:48 AM
Of course you can make all these payments with bitcoins. There are basically two options, the first would be that in your country bitcoins are accepted as form of payment. That would be the best solution as you can directly make payments in BTC and send the coins without needing to exchange them first. The second option would be that only FIAT money is accepted, then you would first need to exchange your BTC to FIAT and then pay all the bills. So as long as there is an active market for bitcoins you should be fine getting around with your coins. But in both cases bitcoins aren't really a bank, because a bank offers a wider range of services. To me bitcoin is a currency, we can't get a loan alone from bitcoins, as there needs to be a person that actually lends us the coins. Bitcoin is a decentralised currency that requires us to interact with other people, we still need a platform to engage in the services that banks would offer us directly. Making transfers isn't really the definition of being a bank alone. The main question is however how much do we still need a bank with all their services in the futures? Wouldn't it be much cheaper if we find a peer to peer solution without the whole banking expenses behind it. Title: Re: Why Bitcoin cannot be a Bank? Post by: nullama on April 02, 2023, 09:33:08 AM Although Bitcoin is a very popular digital currency, Bitcoin has not yet taken the place of banking. At such a stage we cannot transact anything through Bitcoin. That is, through other digital banking services, we can pay electricity bills, pay internet bills, pay water bills, and other bills through Bitcoin, but that is not possible. The main reason for this is that governments of various countries do not accept Bitcoin as a means of transaction. If governments of different countries had given permission to Bitcoin as a digital banking service then I think more people would have transacted through Bitcoin. But as time changes, I think Bitcoin will be considered as one of the medium of transactions. You can buy and sell goods and services with Bitcoin.Also, you can buy and sell fiat with Bitcoin, and then use that fiat for goods and services. There are companies around the world in different countries that facilitate this for you. This means you send them Bitcoin and they pay your bills with it. You never touch fiat. Title: Re: Why Bitcoin cannot be a Bank? Post by: S A KHAIR on April 02, 2023, 10:37:55 AM Bitcoin cannot function as a bank due to its volatile nature and therefore cannot replace the existing banking system. Owning a bitcoin is considered risky because of its fluctuating value. While it's possible to conduct banking using bitcoin and blockchain as our ledger, it's unrealistic to replace the current banking system entirely with it. In my opinion, it would be more practical to treat bitcoin as an alternative currency for online transactions. Banking is a collection of many services, while bitcoin is just a P2P payment method, so it will never be able to replace banking even if it becomes stable. You can't borrow money from the bitcoin network, you can't use insurance services from bitcoin, it can't provide those. The bank has a lot of things that we need. Title: Re: Why Bitcoin cannot be a Bank? Post by: GeorgeJohn on April 02, 2023, 11:13:05 AM Banks is a more elaborate system, at this point. You can't make installments, loans, and more. So bitcoin won't be able to replace banks for a long time to come. Sometimes people exaggerates concerning bitcoin and its relevance in future, bitcoin is a technology, and the technology is not up to thirty years in existence, so let us keep the comparison of bitcoin domination and banking system of fiat currency apart, because having the mindset that bitcoin will replace banking system in future time is an exaggeration of personal, before existence of bitcoin bank is in the existence and fiat currency is already on the ground. So I will not advice people to concur in such speculation of bitcoin taking banking system, from my perspective, bitcoin can come to end any time and any minute because it's currency it's not generally accepted across the nation's, so base on such principle I don't think we should consider bitcoin that much as a currency that will dominate fiat or banking system in future time. Title: Re: Why Bitcoin cannot be a Bank? Post by: kelechi on April 02, 2023, 03:52:54 PM Volatility is the main reason why it can't be bank
Title: Re: Why Bitcoin cannot be a Bank? Post by: so98nn on April 02, 2023, 04:20:12 PM Volatility is the main reason why it can't be bank Volatility is the main reason bitcoin is bitcoin and that’s how it should be all the time. Anyways, if we see the math Satoshi planned, the volatility will go down as time passes, more bitcoin is mined, and as we reach to lower ends of whole mining thing, demand would be at its peak. Imagine we only have few million peeps using bitcoin. We have limited supply of bitcoin. With the time we will have ultimate demand of bitcoin thus volatile ratio will also go down steeply. This supposed to raise the prices for bitcoin. However, consider any math, we are not going get bitcoin as part of banking system nor it should be!! Title: Re: Why Bitcoin cannot be a Bank? Post by: elevates on April 02, 2023, 04:38:17 PM I did check all those reasons that do not allow Bitcoin to be a bank. In simple words, it is Bitcoin volatility. Just imagine you want to pay a bill considering the actual scenario of a hospital. The first obstacle would be transferring Bitcoin in this unexpected volatility of fees. I would flicker around but in the end, you would be able to transfer the amount. Did the transfer make it on time or it takes more than you expected? No one can give you the correct answer about fees as it is still not understood.
Title: Re: Why Bitcoin cannot be a Bank? Post by: paid2 on April 02, 2023, 04:40:45 PM Technically there is nothing you can't pay in Bitcoin, as long as both parties accept BTC as a way of exchange. BTC is even more convenient than traditional bank transactions, no borders, no delay except for the time it takes to confirm the transaction, no restrictions, no matter what country your satoshis will go to without asking questions, it will arrive in the wallet you want.
But is the goal really to replace banks completely? I'm not sure personally. Bitcoin is for me a storage of value, which has exceptional qualities but remains only a storage of value. Personally, I lived for a while with most of my money coming from BTC, but I clearly blessed the BTC ATMs and the low fees of that time, because today, between the ATM fees and the transaction fees, it would not be more convenient than using cash. Maybe I really should to try the Lightning Network... Title: Re: Why Bitcoin cannot be a Bank? Post by: RockBell on April 02, 2023, 05:45:43 PM Currently, bitcoin is already replacing fiat in some parts of the world places like Elsavaldor and some African countries where most individuals receive bitcoin as a payment method one thing we all fail to understand is that banks are centralized and have so many defaults like bank charges a lot of failed transactions, while bitcoin is more of decentralized with a lightning transaction, all is a matter of time were people trust will go fully into bitcoin, when it comes to finance trust and full legality matters that is what banks have they have legal recognition from the government, either with or without government bitcoin will still operate. since elsavador has taking a step.
Title: Re: Why Bitcoin cannot be a Bank? Post by: mv1986 on April 02, 2023, 10:44:08 PM Currently, bitcoin is already replacing fiat in some parts of the world places like Elsavaldor and some African countries where most individuals receive bitcoin as a payment method one thing we all fail to understand is that banks are centralized and have so many defaults like bank charges a lot of failed transactions, while bitcoin is more of decentralized with a lightning transaction, all is a matter of time were people trust will go fully into bitcoin, when it comes to finance trust and full legality matters that is what banks have they have legal recognition from the government, either with or without government bitcoin will still operate. since elsavador has taking a step. It is still a far way until you could say that adoption is happening on a large scale. I doubt that a lot of people use Bitcoin for everyday payments as there is still the speculative hope (and will probably be the case for many years to come). Bitcoin's transaction capacity is still relatively limited to be honest. It is not like millions people around the world could use the network without running into congestion or with relatively low fees. There is still competition for your transaction to be included in a block. Then you have the capacity problem on the one hand, and on the other hand it is the fees that make Bitcoin not suitable for real micro transactions. Title: Re: Why Bitcoin cannot be a Bank? Post by: Lanatsa on April 02, 2023, 11:06:57 PM Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements. This statement wasnt really that a lie but talking literally then it cant be possible.I hate to admit but we do still need up these institutions for these functions but of course Bitcoin wasnt really created to replace Banks but rather it is really just a digital currency which does have those features which do opposes banking system and fiat itself and this is why it did really get that much recognition and attention and see on what it had become as of this moment or point.This is why lets not really that have that kind of idea in our minds because Bitcoin was never intended to replace banks in the first place.This is why lets just stick on what it is and continue to adopt and make use and hold for investment or earning opportunity.There's lots of options to make. Title: Re: Why Bitcoin cannot be a Bank? Post by: Hamza2424 on April 02, 2023, 11:14:41 PM Bitcoin cannot be a bank huh ? that sounds weird previously I heard topics bitcoin valuation, Bitcoin as a store of value, and Bitcoins as a Global asset. and Bitcoin the freedom? Bitcoin the P2P digital payment system ? and Medium of exchange topics and even some of them are covered by me as well. keep it simple Bitcoin is the P2P medium of exchange. Hope so got it..
If you want to cover its attributes and future potential-like things then do something rather than this because Banks have nothing similar to Bitcoin, they are shady and centralized. They need KYC if they want to access all the financial services the Bitcoin all you need is a paper wallet and an internet connection rest to the things you know. As a Bddy above said "Be your Bank", follow it. Title: Re: Why Bitcoin cannot be a Bank? Post by: nullama on April 02, 2023, 11:35:19 PM Bitcoin cannot be a bank huh ? that sounds weird previously I heard topics bitcoin valuation, Bitcoin as a store of value, and Bitcoins as a Global asset. and Bitcoin the freedom? Bitcoin the P2P digital payment system ? and Medium of exchange topics and even some of them are covered by me as well. keep it simple Bitcoin is the P2P medium of exchange. Hope so got it.. If you want to cover its attributes and future potential-like things then do something rather than this because Banks have nothing similar to Bitcoin, they are shady and centralized. They need KYC if they want to access all the financial services the Bitcoin all you need is a paper wallet and an internet connection rest to the things you know. As a Bddy above said "Be your Bank", follow it. I think they're pointing out the idea that Bitcoin is hard money, and basically you cannot just create more Bitcoin out of thin air, which is what banks do these days. In that regards, Bitcoin cannot be a bank, in the modern sense. Because you can't just loan it to someone else and add more Bitcoin from thin air to yourself. |
