Can current financial systems really compete with BTC

[mymenace]

Probably discussed elsewhere but here goes

http://www.abc.net.au/news/2014-12-03/billion-dollar-plan-to-make-electronic-payments-instant/5936980

Idiots it is not just about instant transactions


fiat value is based on the petrodollar and interest rates

shares and stocks are hard to obtain due to everybody wanting their bit of the pie



a block chain providing a far easier affordable financial economy and currency will wipe these draconian systems away or can they compete?

[franky1]

not to mention the limitless abilities of bitcoin.

for instance:


this picture holds enough information to securely store $4,725,000,000* without a bank, third party or expensive security being needed

*rough value of current bitcoins in circulation

[mymenace]

not to mention the limitless abilities of bitcoin.

for instance:


this picture holds enough information to securely store $4,725,000,000* without a bank, third party or expensive security being needed

*rough value of current bitcoins in circulation

that is a great analogy

one picture compared to buildings full of financial data

the information storage is limitless beyond the scope of current financial systems to compete

[shawshankinmate37927]

However, with the new payments platform not scheduled to be operating for nearly three years, the new digital kids on the block have more time to chip away at the big boys.

Plenty of time for developing more Bitcoin infrastructure.

[dsly]

I think both systems have shortcomings, like the confirmations take time for bitcoins.
Both would be required, and would be hard to eliminate of them completely.

[Meuh6879]

financial system is ... DEBT

https://www.youtube.com/watch?v=tGk5ioEXlIM

[HeroCat]

Current financial systems can compete with BTC system of course, BTC network is nothing if compare with banks, VISA or Mastercard network. All BTC users are very,very small part from all bank system users 

[shawshankinmate37927]

All BTC users are very,very small part from all bank system users 

Gotta start somewhere.  There were only a handful of people that were using the Google search engine when it was first unveiled.

[commandrix]

In the long run, something like Bitcoin will probably replace our current financial system. And I say "something like Bitcoin" because Bitcoin in its current form is useful but not invulnerable to being replaced by something that is better suited for futuristic commerce. However, we should count on the current financial system to put up a fight. It's not going to curl up and die just because we say so.

[mlferro]

All BTC users are very,very small part from all bank system users 

Gotta start somewhere.  There were only a handful of people that were using the Google search engine when it was first unveiled.

the comparison is good ...
nothing has start in exploding