Bitcoin Forum

Bitcoin the hero we never knew we needed
Since the inception of digital currency’s starting with the creation of Bitcoin by Sensei Satochi in January 2009,
We have gradually grown to understand and also explore more ways to use our finances to generate way more profits than the traditional penny’s gotten from the regular banking system.

Prior to this breakthrough we have all been under the control of various central banks owned and controlled by certain groups of people and companies like the Rothschilds in a way a lot of people might not see a problem with this but if we take some time to look into it a bit more you’ll realize the problem.

 Many 2nd and 3rd world countries are subjected to the whims of these central banks because the control the finances of the nation they make ridiculous decisions and force you to go along with them if you choose not to you’ll have to find any means of lending money at probably higher rates from other companies or countries

We all send money from one end to another with the traditional bank as intermediaries between these transactions they charge both sides collect data from the informations given to them these individuals which they can sell to their rich friends in the dark not until the creation of Bitcoin


Then comes the hero in disguise Bitcoin the hero as I call it has made out transactions safe and untraceable keeping both parties anonymous provides more security and also no double pay you only pay a transaction fee while sending funds

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

Am i getting something wrong or was it that OP never understand the name to the developer of bitcoin which is Satoshi Nakamoto, seems i will be seeing the one mentioned by OP for the first time.


Those that are yet to adopt bitcoin are the ones this your post is applicable to as well as those who mocked the existence of bitcoin since its early days and refuse to give a try, today, we don't need to beg people in realizing the usefulness of bitcoin, instead they are the ones running after to seek for more insight on how they could benefit from this decentralized p2p network.


Its possible, but not necessarily now.

Bitcoin was created Satoshi Nakamoto and not Sensei Satochi

It is not possible for bitcoin to erase commercial banking sector, because that was not what bitcoin was created for. Bitcoin was created to be an alternative currency to fiat, and not to take over fiat. The volatile nature of bitcoin and the limited supply makes bitcoin not capable to take over from fiat. However, bitcoin is decentralized in nature, making it impossible for government to accept it and get rid of their fiat currency. Fiat is centralized and been controlled by the government, they print more money when they feel like, and use it to manipulate the system.

Bitcoin can only become the number one most profitable investment in future, and investors will see it as safe haven.

The biggest problem with fiat currency is that it is controlled and we as users do not have the freedom to control it. This system is called a legal transaction tool because we use money to buy. Many people are aware of the problems posed by fiat currencies but have no other option. The presence of bitcoin also does not provide a complete alternative because some countries only allow bitcoin as an investment asset, but it has many advantages so people are competing to invest.
 
It's the same as when we send bitcoin and a fee is also required, but the difference is that personal information will be much more secure if people don't do KYC. Bitcoin can be run anonymously and is much safer for users so we have much more control. This advantage is what makes Bitcoin a new system that can provide a better level of privacy than previous systems.

In your opinion, this could happen. So how and in what way will it happen? Also, if I remember correctly, Satoshi did not mention this in the bitcoin's whitepaper nor did he intend to create bitcoin to replace the current currency or banking system.

It seems like you are overvaluing and exaggerating bitcoin if you think it can wipe out the commercial banking sector. By the way, I think because of these unnecessary exaggerated thoughts, the government had a negative view of bitcoin in the early days, they thought that because it was created to wipe out fiat, wipe out the banking system they created it, so they banned bitcoin.

No and the answer is no always.

The same question has been asked many times in this forum. Banking system and bitcoin might seem to be opposite of one another but we cannot survive without the banks because the economy is intimately connected to it and remote from bitcoin. Unless something huge happens bitcoin is not going to become the "cash" of the economy but fiat will.

Maybe in the next 100years, drastic shift will happen, but we can only speculate on that.

The more likely scenario is that bitcoin and banks working hand in hand to maintain a much evolved economy.

Lol, you don't get it, he knew the Bitcoin creator's full name but saying sensei means master satoshi, he is just hyping the whole thing up.

I think that till the end of time, banking system and bitcoin can never walk on the same path, the banking system is free to make money off bitcoin in their own way but Bitcoin is not created to replace any centralized gap.

Not the banking system, not the centralized money or fiat, unless there comes a way where centralized entities are neutralised, which is not possible.

The government can only be either friendly with what they can control or what they can make money from, problem is they can't find their way with Bitcoit's its why I called it the first innovation that works as intended without the approval of the centralized authorities.

Apparently,bitcoin will continue to erase the bad experiences and sad evolutions that we've all gotten from traditional banking.Some time ago,a currency was established and this currency was called Bitcoin and it promised to revolutionize the world of finance with its features and opportunities that is will render.The truth be told,bitcoin has not failed in this promise.Bitcoin has provided financial freedom and independence compared to the traditional banking systems.
Bitcoin indicates freedom,independence,financial security and its a big innovation for the society.

The world's financial system is still highly fiat dominated, therefore it is too early to conclude that Bitcoin has dismantled centralization. Bitcoin adoption is still low but our expectation is that in future Bitcoin will be able to act as a viable alternative to fiat in many nations.
 

World Bank and other international lending organizations have not started issuing loans in Bitcoin, it is stlll in fiat currencies. Even El Salvador that has legalize Bitcoin still access loans from these organization through fiat. So Bitcoin has little role on how nations take loans and the conditions they are subjected to.


Privacy is on advantage Bitcoin has over other currencies. But one must learn  how to enjoy it by avoiding centralised platforms and anonymity services.


Bitcoin will always be an alternative to Fiat and I don't think it was created to replace the fiat system.

It's harder and harder to acquire bitcoin without KYC.
The anonymity of bitcoin from p2p exchanges or via mining will become more and more valuable in the future.

Mmm, I'd say it's actually easier -- you couldn't use anything but Localbitcoins or similar just 5 years ago, unless you got referred to someone or someones by someone else. Or you come on this forum.

Now you've got quite easily the likes of Bisq appearing on Google.

It's easier to get Bitcoin from a CEX now than it is (which always required KYC), easier to find someone to do P2P, easier to get someone to accept you local currency or payment method on that route.

Trading's something else, of course but I think there are many more visible opportunities now than ever (KYC or not).


Thought I'd be the first to point it out, don't even know Japanese but thought surely most people would have caught on that, or is the word sensei just not as widespread as I'd thought?

One can definitely wish for that, OP! However, I think right now it feels like wishful thinking because established financial institutes won't give up easily plus many are yet to put their trust in crypto until that happens I don't see BTC taking over in its entirety. That said, we can continue to invest smartly in crypto till then. I have been using it and investing in multiple altcoins and btc and have 172% profit today.

That is clearly impossible . We must know that Satoshi not Satochi :) created bitcoin is not to make this a competition and to replace the existing banking scheme because after all this is only used as a legal payment option which is already clear that it is not to replace but to complement because if at the beginning bitcoin was used as a tool to replace the current banking system then bitcoin would have been banned from the start because it would be considered as an attempt to overthrow what the government currently has so that bitcoin could not replace it at any time because its original purpose was not as a substitute but as a complement . My suggestion for you buddy, you  must try to find out more about bitcoin or the creator of bitcoin so that they don't mention the wrong name like you are doing right now so that in the end it doesn't spread too far in terms of mistakes .

For who is the creator of Bitcoin, that's not his name but Satoshi Nakamoto.

I want Bitcoin as it was created. If Bitcoin cannot be a means of payment for transactions such as payments made using the fiat currency of each country's currency, I don't have a problem with it because indirectly the commercial banking sector has complained a lot and many people feel that the Bitcoin system is more perfect because it doesn't require third party.
We who own Bitcoin, we have full rights.

No, I don't think it will.

Decentralized money will never triumph over centralized money, at least not until governments have power over us. Printing gives them power and that power pays for everything they want.

Bitcoin was allowed to exist only because it was largely ignored by those in power until it was too late. They could easily destroy it by 2014 and China actually tried and failed. Now it's almost impossible.
That said, not allowing them to destroy bitcoin and forcing them to give up some power and privileges are two very different things.

Being able to go along with the implementation of Bitcoin in El Salvador is what I want most, but it can't be because the government is still strong with a centralized financial system that can be controlled.
So far and for a period of time that I cannot confirm, my answer is that it will not happen.

Let's make it like this. From a calculation of advantages and disadvantages, the Bitcoin system is better than the commercial banking system. If it is 1 BTC it will still be 1 BTC for the next year and that is not the case with centralized currencies with commercial banking systems.

On this side, people prefer the Bitcoin system which cannot be regulated like a centralized currency. A centralized currency will decrease in value over time. On the basis of the freedom we gain with Bitcoin, it is a concern for these parties, but we cannot be sure that the Bitcoin system will not be able to leave the commercial banking system when the time comes because what we think is impossible can become possible.

I looked at the title of the thread, but when I started reading I thought it was plagiarism The entire text

This is a tricky question. It would all depend on how you see the future.

If I am being hopeful, yes maybe there will come a day where the government will finally allow the use of bitcoin everywhere and stop pushing centralized banks. On the other hand, If we were to be realistic I think not all governments can join in with the adoption of bitcoin globally.

If we want to live in a society without banks, we’d have to live without a government.

At the moment it is very difficult, Bitcoin is still in the growth stage and has not yet matured to be able to replace the old system.

We have said this several times. Bitcoin in its current state is unable to accommodate the huge number of daily transactions. If the global adoption of Bitcoin occurs and it becomes a global system used by all countries, there will be millions of transactions daily, and the Bitcoin network in its current state is unable to accommodate this large number.

Of course, in addition to the main problem, which is that governments will not allow decentralization to prevail.

If you read through the Bitcoin white paper, you will know and have seen where santoshi nakamoto mentioned that Bitcoin should be allowed to develop organically, this is the most important thing to note in all of the discussions, as related to Bitcoin a d how it impact have been in terms of growth and development.


Let give the Bitcoin project some time to evolved, this way we can properly understand and take caution when we see some occurrence in the market.

We always ready our mind to face the possible outcome of exploring the space, it must have been a while we take a upturn to see how far Bitcoin have travel and the accomplishments behind the huge pumps. Bitcoin will always remain top when it comes to cryptocurrency but in the real world where these government handle their economy, they tend to face commercial banks and we know exactly what it portrays. Bitcoin have been in here for decades but still doesn't match the odds of erasing commercial banking sector that have been in existence with man.

"Satoshi Nakamoto" ::)


We still are, can you use Bitcoin for daily transactions? No, you can't. So technically, we are still not completely out of that era.


We can't do anything no matter what they do, they are the ones in power and they are the ones who make the rules that we are bound to follow as long as we are using their services.


I don't think so, because those in power wouldn't let that happen. Even if Bitcoin becomes widely accepted though regulated, the authorities will never let Bitcoin replace the traditional financial systems because that would make them lose a lot of power.

I'm no financial expert by all means but if you think about this in a logical way, I don't think never in a million years that banking sector will ever go away, you got to understand that banking industry got a lot of powerful people on it's side and the money that's generated because of their support is so astounding and astronomical for any of us to even fathom that a threat to that industry is definitely not something that those who'd support it would let slide, why would Jamie Dimon and other banking executives that have a lot of money from the banking sector continues to berate bitcoin as a scam or something that's not worthy of their time and money? Because they see bitcoin as a threat to their jobs and with all the money and power that they've got, you're definitely going to try and do everything at your disposal to attack bitcoin and defend the survival of your obsolete and old industry that only benefits you.

No, Bitcoin won't erase the commercial banking sector. No, Bitcoin won't erase the centralization in money, banking, and finance. To be fair, a certain degree of centralization in these sectors are necessary.

Bitcoin will stay as an alternative. Although Bitcoin has indeed posed a challenge to the current system, I think it won't eradicate it, at least not within the foreseen future. As an alternative, it has grown from a little-known technology to some kind of a mainstream option, but it remains to be a relatively small player overall.

He's so over exaggerated on his beliefs and maybe he fantasized unrealistic matter on bitcoin that's why he expect a lot more about it. But if he could just think about in natural way he would provable realize that its hard to erase the commercial sector since they are very well protected by the law. Also this institution cannot be eliminated easy but rather bitcoin can be eliminated by them since if these financial institutions will spread some black propaganda against bitcoin then for sure we might see bitcoin to be ban on our country. That's why I like bitcoin and fiat will co-exist together like each people working on both currencies will cooperate together since we can smoothly use bitcoin and can cash out immediately without getting any problem.

Right now, what I really know is that Bitcoin was created to be one of the solutions to the financial problem. Satoshi Nakamoto did not invent him to bring down banks or any business form,
not like that. Instead, it is up to people or companies whether they will adopt it or not.

So that means the choice is still in our hands; it can be used for good and bad purposes by the people who will try to buy it or use it; it's that simple.

We often confidently declare that no one or any force can eliminate or wipe out bitcoin, but if we evaluate realistically, it can happen. If bitcoin can truly threaten and potentially wipe out the current banking system, I believe that governments will join hands to eliminate bitcoin. But bitcoin wasn't created for that purpose and it doesn't have the ability to do that, so it's not yet time for governments to join forces to destroy it.

Personally, I would also love to live in a world where bitcoin and fiat currencies coexist. After all, they both have their own tasks and use cases, there's no reason for them to oppose each other.

Not possible, as great as an invention bitcoin was, banks are not going to let their business to be completely destroyed by bitcoin, and instead what we are seeing is a slow integration between bitcoin and the fiat markets, after all for the disappearance of banks to happen you will need for the will of the people and the politicians at the top, and neither of those two groups want that outcome, so content yourself with bitcoin being a way to protect yourself from inflation and a great way to make money passively as a long term holder.

What kind of hero do you mean? Is it because the price is high? but only people who have money and buy Bitcoin can get the benefits so not everyone, so only the rich can own a lot of Bitcoin and get big profits when the price rises.

Not now, in fact I think not forever because there are traditional things that can be lost but there are also things that will last forever, and also because commercial banking or conventional banking is a system developed by the state so forever countries will maintain this because they can find out how much money its citizens have because that data can be obtained by the state without any problems.

That's right, nothing lasts forever, there will come a time when old things will be replaced by newer technology. But talking about bitcoin replacing the current banking system is a bit of an exaggeration. Our world has changed a lot over the centuries, but one thing has never changed: collective interests, greed and the desire for power. And unfortunately, banks are the tools that governments use to manipulate and control us. So in the future maybe traditional banking will be replaced but I'm sure it will be another system created by the government and not a currency not created and controlled by them like bitcoin. Therefore, expecting bitcoin to replace banks is something that can only happen in dreams and will never come true.

I agree with op's general vibe. Bitcoin offered an alternative to traditional fiat and banking system, an alternative that gives a lot of freedom to users and works really well without any authorities and any monetary policies.
I'm truly happy that Bitcoin exists and that we can choose to use it when we want to do it. However, the banking system is just too big, and it also got very easy-to-use and generally convenient. What's more, if you don't use it, you face a lot of inconvenience. So while Bitcoin is a great thing, I don't think it will actually replace the traditional system. At least, not any time soon.

That's possible. But the thing is, for that to become possible it will take a lot of time, not a decade but more realistic if we say it will need a half-century for it to happen. We are in the digital era, and a lot of people will always try to pursue the advancement of technology to reach a higher height.

Not a write-off but BTC will always be their main competitor. Indirectly, the bank always tries to keep its customers on track, not move to other investment options. But, changes in behavior will certainly always exist, especially with the opportunities that are present now in the era of digitalization like today.

Well, for those who already know and know the great potential of BTC little by little the transition will occur where now we still see in traditional financial institutions a lot of costs incurred by customers, a small example I said if we lose the wallet at any time in which many securities following there is a bank ATM card then report to the bank to be blocked temporarily and after being found we report back will always be additional fees present following after Card blocking is re-enabled. troublesome of course.

Nothing lasts forever including the Banking institution, It didn’t start the way it currently is right now everything goes through a process, Fast forward many years from today with several improvements and advancements in technology do you think Bitcoin won’t evolve and grow.

I can clearly imagine in the near future due to global adoption of Bitcoin, banks begin buying over majority crypto currency’s so as to gain control of them with the help of governments to control our finances though I believe this will be impossible or rather harder to achieve.

P.s I call him Sensei Satoshi cause I see him as a Teacher.....

Yes Bitcoin wasn't created as a competition or a medium to eradicate the existing banking scheme but to serve as a decentralised alternative for easier transactions and mode of payment and we all know that Satoshi's aim is gradually becoming a reality but then I believe if become generally adopted there's a tendency that it could be serve the purpose of being used as a general currency in the future though the possibility is not very high.

 But then the only obstacles against that is the government, the government needs a monetary system they could influence and since they can't influence Bitcoin it would be quit difficult for Bitcoin to erase the commercial banking system, except the government have no option but to accept it like El Salvador has done.

Just because you imagine it doesn't mean it will turn out the way you want. Our world is a centralized world, so decentralized things like bitcoin will only exist and be used within a certain scope, governments will never let them spread and affect their power. Or there is another scenario where bitcoin will replace the banking system if they find a way to control bitcoin then you will have a chance to see your dream come true. And if bitcoin becomes centralized and controlled by the government, will you still want it?

this has been answered so many times before and you can just dig this forum about the answers from those years, why need erasing when they can work together? let bitcoin be just an Eye opener to the banking owners and to the world that they cannot abuse their position in giving service to the people.

I also think that why should it be removed if it can work together, but on the other hand it also raises the question of whether commercial banks can really work together with Bitcoin. Because considering that banks always rely more on fiat than Bitcoin, this will probably give everyone a broader understanding that Bitcoin can be the best option for everyone who usually likes to save fiat, they can immediately choose Bitcoin as their best long-term savings. And this will certainly affect the bank because everyone no longer keeps money in the bank for long periods.

Bitcoins cannot erase the commercial banking system. This is because now a days people treat Bitcoins as completely a digital asset. Hence they are just holding it. If Bitcoins are used like currency, then it had chances to completely remove the banking system. Nevertheless how bitcoins are, people are really liking it. Initially the proposed work of Bitcoins were different, but now Bitcoins have become a precious digital asset only.

I believe that Bitcoin was created basically for decentralized p2p transactions, where it'll be independent of any centralized systems, like the central banks, more of an alternative to fiat, rather than eradicating fiat currencies. I agree that nowadays people are majorly using Bitcoin for investment and trading purposes rather than using it to make payments for their transactions, therefore with these developments, Bitcoin can not eradicate traditional fiat currencies, but it'll keep on being a store of value to it's investors.

Bitcoin can become successful on annual basis but they cannot completely erase the use of banking system because still people are in favor of using bank. Most of the people are not familiar with bitcoin so I think acceptance of bitcoin for them will be difficult at start as old people rarely trust digital money and digital investment.

Bitcoin was considered as a currency in past but now you will know that instead of using it as a currency people are using it as an investment  tool and I think in future it will just be use to increase the value of cash.

Exactly, banking is in fact the most important part of the financial system in the world. We have a world bank where different countries borrow money. Basically, the banking system is very essential and important to all people and different sectors. That's why I don't understand many people who are in crypto or bitcoin. Why are they thinking that banking will be replaced by bitcoin? I'm not against bitcoin or the adaptation of bitcoin; in fact, I want bitcoin to be mainstream and openly used in different countries, but the idea of bitcoin replacing all things, such as banking, is, I think, not a good idea. We all have what we have now in society because of the past systems, and banking is one of them. If you are to replace this system, then there will be a very huge adjustment, and we will never be sure if the transition will be successful. Just treat bitcoin as a unique system to be implemented, not to replace something.

I don't understand what you mean by annual, but Bitcoin has been with us for more than a decade already and it's proven to be a good investment or store of value and even hedge like in the pandemic wherein I believed some of the rich and wealthy people put their money on Bitcoin so that it won't loss any value.

But as for making the banking sector obsolete? No, that's not what Bitcoin is design in the first place. It was originally for P2P and a payment scheme. It's that people in early days found out that they can exchange and trade it with money and make profits. But it's good to see that some banks are cool with Bitcoin right now, not all of them but a small percentage and that is good enough for us.

No never, this can never happened because bitcoin is not created as a competitor to fiat rather as a supporter to help facilitate transactions, I don't think anything in this world could over take financial system as i know this system has been existing for decades nothing has ever taken its place till date. Not even bitcoin could take it's place, bitcoin is create to relief mankind from stress of going through hard payment system by staying at home and make a quick transfer without the need visiting banks if your funds are already in digital currencies.

I don't understand why people are asking such question. Why not be grateful that bitcoin has reached this popularity in the financial market? And that is true, bitcoin is not here to wipe out whatever the financial sector has but an additional option for the consumers to use. Fiat market will still be here and still the major currency in most financial transactions. I don't think this will change in the years to come. But of course, the crypto and bitcoin adoption, this can increase in the coming years, as we are already seeing...

So don't think that bitcoin can possibly erase the banking sector just like that. I don't think we will see the eradication of traditional banking in our lifetime. So better forget this kind of thinking.

If you have the money then it shouldn't be too difficult because many exchanges do not require KYC, so you can buy there safely without having to go through the KYC process that is required on some exchanges.

What's the difference between bitcoins purchased on an exchange that requires KYC or not because what I know is that bitcoins are not determined to be more valuable because of the exchange. Talking about KYC only limits privacy security and people avoid KYC because they want to appear anonymous. Price issues increase in the long term due to the supply and demand process as per the economic formula, although other influences are also a factor.

For this moment yes. For the role of the commercial banking sector, of course, it still exists and this is still needed because many cloud societies have not yet transformed and for the change to be more advanced using BTC, all I think it also takes a long time and process so that it can be realized.


I think this also depends on the use case of Bitcoin and its growth as well, if more and more come and have it, the evolution of the crypto ecosystem will be able to grow and evolve as a whole.

In addition, Bitcoin as a digital currency can continue to grow as well and i agree that there has been a paradigma shift in terms of use, initially maybe BTC can only be used as an alternative currency, but now is up as the most potential and pure investment asset.

BTC can co exist with the fiat system already put in place to boost the economy and it would be a good integration into daily transactions and the monetary system of our economy.
In order to accept BTC now and use it for good, it has to be regulated and that is how many countries have agreed to regulations and have accepted it for also payment of taxes and other normal monetary service that requires financial coverage including it being a boost to a country's financial projection and outlay.

Because they don't understand anything about bitcoin and they have never read any documents about bitcoin, including the bitcoin's whitepaper. Or they are so crazy about bitcoin that they know they are spreading wrong things but still try to spread it because of their crazy.

The funny thing is that in the past there were many people who were skeptical about the future of bitcoin, but just as bitcoin gradually became more popular, bitcoin also gradually became more valuable. They started dreaming that bitcoin could replace the banking system, bitcoin would bring freedom or heal all the world's wounds...there was so much unnecessary hype surrounding bitcoin.

I think what the quoted post meant was that because of bitcoin’s decentralized nature it allows people to have options whether they want to use kyc or not
Which this attracts more people therefore attracting more investors and hiking the demand even more

Bitcoin has become a hero for us, not only because it maintains higher privacy, because it is decentralization, but on the other hand also because of the benefits that we can take from Bitcoin, it is really very helpful and has become a hero for me when it is really needed, Bitcoin has helped a lot people, including myself personally and this is not only about privacy that can be maintained, but more than that... The point is that if we can use Bitcoin well, then Bitcoin can really be a hero, in various ways.

I don't think it will.
It cannot be denied that Bitcoin is very important in private transactions. However, if it were to eliminate the banking system, then this would be very difficult to happen. I don't know how many hundreds of years later. but for now or in the next tens of years, I am not very sure if Bitcoin is able to erase and replace the banking system in all aspects. because, banking is very complex, not only bank to bank in every country, but there are huge powers in both banks, so they will never let this happen.

However, if it is a means of transaction, this is still possible, so in any case, Bitcoin still coexists with banks and their systems. Because so far, there are still many countries that prohibit Bitcoin as a means of exchange or transactions in these countries.

Bitcoin has been around for decades Bitcoin's popularity is growing day by day, decentralized transactions are open to everyone so I don't think Bitcoin will eventually wipe out the commercial banking sector. It is late to start circulation of Bitcoin with fiat even if the governments want to they cannot do it easily. Bitcoin will rise to the top in crypto and without anyone controlling it.

Knowing the reliance of a lot of businesses on banks and a lot of powerful that's backing up the banking industry, it's nigh impossible to do that because they've got the money to do it and they can easily deal with everyone that's on this crusade to destroy the obsolete and archaic banking system, we have to remember that when they got all the money, that also means that they've got all of the ability to buy as much bitcoin as they can and then try to manipulate the market to their liking, some might say it's impossible to do it but with enough money to make even the biggest whale quiver, there's a possibility that they can easily make those things happen. We might be able to eliminate it though, I've said nigh impossible not impossible but it takes a really huge effort to do so because everyone needs to cooperate with this one which is trying to abandon the banking system and it's a radical change that would lead to people losing their jobs and such, that's why it's difficult to do so, people are going to have to sacrifice a lot.

No, and it won't. Because the commercial banking sector and Bitcoin are two different things and do not actually overlap. Even though there are some people who say that Bitcoin can replace the banking sector, the reality is that most Bitcoin holders still need banking to withdraw/deposit their money and there are still many people who need banking services. Moreover, Bitcoin was not designed to be used as banking which provides various financial services to users. It is only used as "A Peer-to-Peer Electronic Cash System" not for banking where people can make loans, credit, etc. So even though Bitcoin adoption will increase globally, it will not be able to eliminate the commercial banking sector.

Indeed, Bitcoin was need of the hour and it gives the much needed financial freedom and that's why it's has been facing the wrath of government and financial institutions for over a decade and now it has good user base but this doesn't will never erase the commercial banks. Once again I am reiterating that's Bitcoin is designed to be best alternative for Fiat but it cannot replace them.

Banks' roles and services are diverse, they are more than just places for people to put their savings. Most ordinary users only use services such as savings and money transfers, so they do not know that banks provide more than what they need. I wonder if there were no banks, where would businesses and entrepreneurs borrow capital to support their business activities? You are very right, loans, credit, insurance...all these services who would provide us if banks did not exist? Those who think that bitcoin can wipe out the banking industry or the current monetary system have a short-sighted view and even lack financial knowledge.

Bitcoin is just a peer-to-peer currency and today it is just an asset for investment, how can it change this world? Many people are over-exaggerating the power of bitcoin.

My queston is, are you trolling? Because short answer is no. It isn't a replacement, it isn't even trying to be.

You are not even comparing apples to oranges as the saying goes, you are comparing apples to tractor industry, or what ever is furthest from it. Investing to profits in banking system i guess you mean interest to your money, which is guranteed, but also eaten away by inflation. Compared to investing to Bitcoin, that is highly volatile and dangerous sector. If you believe in the tech, you might see the bright future of it, but there's lots of uncertain issues to tackle with, that makes it volatile. And how things play out is a mystery to everyone.

I always find it weird when people seem to for the first time realize that money isn't same as investment, and then they compare it to bitcoin, which they see as money, even though it behaves very differently to fiat money, which is has an architechture that's planned for economies that issued it. Bitcoin doesn't have build in economy stimulating architecture. It's comparable to gold, not fiat money.

And for the millionth time, its not untraceable or anonymous. And i wouldn't take anything bitcoin related seriously from anyone who is claiming so.

Indeed, Bitcoin is the hero where it is standing alone as a king in the digital currency world and We are seeing that its adoption getting more and more day by day... Its first big adoption as a legal tender is in El Salvador, this country has reserved the crypto asset for its country and this thing makes bitcoin more golden and the days are not so far very we will see many others to come and adopt Bitcoin as a legal tender. This Bull season is way more golden as we have seen that the big institutions/companies have been involved with a very big volume of money. This makes this bull season even more special and many are still under review to get approved for the Bitcoin Spot ETF.

Lastly, I would say the removal of the traditional banking sector is not important yet as both the crypto world and the traditional banking system have their pros and cons that is why keeping the system as it is will be better for now, Although it is possible but need to strong facts to implement so that already implemented system can not be disturbed in my opinion... what do you say?

It is possible to earn profit from other altcoins including Bitcoin but it requires patience as impatient people can never succeed from trading.  Investing in Bitcoin is best for the long term. Because even though Bitcoin is the father of all coins, it is not very fast bolatin, so you can't get much from here by trading. But it is possible to get good things through trading from altcoins

It is not possible now. However, if that happens, it will be many years later. Because Bitcoin was not created to replace fiat but as an alternative currency to fiat. Bitcoin will never be regulated by the government cause it is decentralized. Banks, on the other hand, are fully centralized and controlled by the government. As a result, banks are inextricably linked to our economy. Because of this, we cannot continue without banks. Although Bitcoin offers financial freedom and security compared to the traditional banking system, it is not possible for Bitcoin to wipe out the commercial banking sector.

The main mistake of human is that if one thing become successful then they start to make comparison of that thing with others and assume that it will become so successful that it will hide the success of all other fields. But I think that every fields and every sector has its own value which cannot be deteriorates with the invention of more powerful technology.

Bitcoin is a successful assets and we have understood this fact but banking system is accepted by all individuals all over the world even those people are using banking system which are expert in bitcoin investment so I will say that instead of being unique technology and having the ability to give huge profit to its holders bitcoin still cannot replace banking system.

When I discovered bitcoin I was earlier on in my career which is a career set in the world of finance.  I was absolutely blown away by the prospects of bitcoin, the breakthrough technologies that it offered etc.  During this time, I had really begun to learn how corrupt the big corporate banks really were (JP Morgan Chase,BOA, Wells Fargo etc).   I was sold almost instantly and nearly a decade later I still feel just the same. Big banks are scum.  We need to keep fighting against them.

The price of Bitcoin is down now and it's can be very disappointing when you are expecting the price to go up and suddenly it keep falling.
This is why it is noted that Bitcoin investment can be very risky. We all are waiting to see the price of Bitcoin go bullish again.
The Bitcoin halving is on the way and I hope to see the market rebounce and continue the bull run so that traders and investors would be in profits again. It is very important we prepare ourselves because we'll going to continue winning soon.

The question is nonsense at all. Why do you expect it to end up commercial banking system? Currently, USD is ruling the world, but if Brics comes out, will USD end up? I don't think so. Bitcoin can't solve all the problems in the world. Bitcoin could help us solve some issues, like borderless transactions and financial freedom. But still, we need the traditional commercial banking system, which has been controlled by a central government. A worldwide centralised government won't recognise Bitcoin as a payment system and totally out of the of the traditional banking system anyway.

Bitcoin was not created to replace commercial banking, bitcoin is an alternative and we use bitcoin freely and independently. It is unlikely that bitcoin will replace commercial banks as many countries only allow the use of bitcoin as an investment asset. Bitcoin being anonymous will be much safer and that is why people simply avoid KYC, but if you use an exchange that requires KYC that means our data is also recorded on that exchange.

Most people avoid KYC, but when we use an exchange that has obtained an operating permit in our country, KYC is an important thing to do because otherwise we cannot carry out transactions. Although there are options that we can do and if we want to appear more anonymous then use an exchange that does not require KYC.

Personally I don't think so, most people are using centralized exchanges and I guess up to 90% of investors have accounts on centralized exchanges. Very few people care about KYC because people's real purpose when investing in bitcoin is profit, getting rich quickly, not looking for privacy as we think. I just ask one question, if your income is not even $1k or $2k per month and you have to work 14 to 16 hours a day, do you need more privacy or more profit?

Bitcoin was created with the intention of being a decentralized currency, but why did it become an investment and speculation? Everything has its reason.

We hope that the whole world realizes this, it will be a great revolution and a great step for cryptocurrencies in general because if the world stops trusting the banks, they will look for alternative ways of storing their money and there can't be a better option than cryptocurrencies unless someone decides to buy and store gold so that they don't lose any value on their wealth but from a growth point of view, Bitcoin is probably the best alternative in this case.

However, this will barely happen because a large percentage of the world population has a lot of trust in the traditional financial systems and they would never accept another system in their place and we see such people all the time who are in the favour of traditional systems and against cryptocurrencies.

Bitcoin has indeed been beneficial to thousands of people all over the world and i am a beneficiary to it too. But we must always remember that Bitcoin is not in any form of competition with the FIAT, neither is it replacing FIAT. We all cannot obviously do without FIAT, so we should accept the fact that FIAT is going nowhere even with the frauds and corruptions perpetuated my the banks. Both Bitcoin and FIAT compliment each other.

Bitcoin is not without it's own challenges.  Before now, we boast of low transaction costs compared to what the traditional banks charge their customers, but now, we cannot boast of that anymore. The Bitcoin halving comes up in few days and this will mean miners rewards will be reduced by 50% again. Obviously miners will now rely on transaction fees to compensate for the low rewards they get. This might cause a further increase in transaction fees.

Erasing the banking sector is never happening. So wake up from that. At some point I also thought that it could happen, but I’ve come to realize that it’s never happening because you can’t just erase the banking sector. So what are you going to do? Buy everyone mobile phones? There are people who aren’t invested in phones, they just want the regular currency and don’t care if it’s centralized or decentralized.

No, BTC can't delete banking sector from the world because there are some countries who don't accept BTC in transaction apart from their traditional currency before you can buy whatever you want to buy from the countries because BTC is not allow and if you are caught with BTC,  you will face the law of the country.

Satoshi Nakamoto created BTC to delete delay in the world transaction and to reduced unemployment from the world, which many people have experienced those things from those countries using BTC in transaction, and it has nothing to do to stop traditional currency in the world.

 Even though the whole world adopt BTC, I don't think it will delete banking sector from the whole world because BTC is not control by any country of the world, which it will be difficult for such thing to come to reality.