Can bitcoin completely erase the Traditional Banking System?

[Ale88]

Not really, I mean it can work as an alternative to what is being used by millions on our planet but it will not be able to overtake and become what traditional banking systems are.
I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.

I totally agree with you. Bitcoin can aspire to become a serious alternative to the bank system, but replace it, no, I don't think so, or at least at the moment I really struggle to see something like that actually happen. Maybe in 50 years the situation will be completely different but, again, it's hard to imagine. Being a reliable alternative is already a great goal.

[Tony116]

Not really, I mean it can work as an alternative to what is being used by millions on our planet but it will not be able to overtake and become what traditional banking systems are.
I am sure it says Be your own bank however you surely relate every Bit of Bitcoin with a intrinsic value of a dollar which is based on the real cash, hence Banks control it either way.

I totally agree with you. Bitcoin can aspire to become a serious alternative to the bank system, but replace it, no, I don't think so, or at least at the moment I really struggle to see something like that actually happen. Maybe in 50 years the situation will be completely different but, again, it's hard to imagine. Being a reliable alternative is already a great goal.

Actually, It's not that much hard to imagine. The way inflation rate is increasing in every country and the way the government is printing money, people can no longer rely on paper money. I think our generation will be the last to use paper notes, from the next generation people will start using electronic currency completely. And with the way Bitcoin is gaining popularity, it is not impossible for Bitcoin to gain global acceptance like the dollar.

YES, at present the government does not want to accept it because of its high volatility. However, since its supply is limited, its volatility will decrease as the day goes by as the number of customers increases. Then there will be no obstacle for the governments of all countries to accept it.

[Lukmanfirdaus1]

What do you think?

I don't think bitcoin will replace traditional financial models such as banks, because by its nature bitcoin is decentralized, while banks are centralized, from here it is no longer connected. why not just go hand in hand, don't overlap each other, maybe more precisely bitcoin is an alternative. I don't know what the future holds, but for now it seems quite impossible to abolish the banking system, because its foundations are really strong. rather than deleting, I think collaboration seems better. I don't know the exact use because this is not my area of expertise, but I'll try to find out a little bit, such as cheap inter-country transfer fees or transaction speeds that take a fraction of a second.

[Fivestar4everMVP]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

You are completely right, the traditional banking system and bitcoin can actually co-exist together in our society, and this is especially for our older generations who are not well educated enough to understand the importance of bitcoin and how to operate in it, I believe satoshi himself or theirselves never invented bitcoin for it to completely wipe out the traditional banking system, but rather, it should act as a better alternative to people who truly value financial decentralization and privacy, which is what bitcoin is doing today.

So, in the nutshell, both bitcoin and the traditional banking system can actually co-exist, and bitcoin acting as an alternative will give people to option of chosing decentralization, privacy over centralization and censorships.

[Issa56]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

The mistake that lots of people make is that they don’t even know the reason why bitcoin was created, bitcoin wasn’t created to erase the traditional banking system, and I am sure the government won’t even allow that to happen, bitcoin was created to serve as an alternative payment method. The government is using banks for money laundering, and they are using banks to track lots of people down; they are monitoring people’s transactions. The government will do everything in its power not to allow the banking sector to die off.
 
We are just fighting for bitcoin to be an alternative currency, and most governments are against it, they are doing everything to kill bitcoin. Then,  just imagine that we are fighting for bitcoin to be the main payment method. What will be happening currently?

[The Cryptovator]

Bitcoin won't replace the traditional financial system, which is centralized. Bitcoin could help the traditional financial system with cross-border payments and the digitalization of payment systems. A lot of people in the world are illiterate, and there always will be. So definitely, we need the traditional financial system forever. I don't see any chance to replace it with Bitcoin anyway. A centralised financial system would integrate blockchain technologies to push traditional payment systems to another level.

[Victorik]

I don't think it can complete replace the conventional/traditional banking system. It will do very well to serve as an alternative to the traditional banking system but can not completely take it's place.
Although what I see happening is that the Blockchain technology can be adopted by the traditional banking system.

[Victorik]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

You are completely right, the traditional banking system and bitcoin can actually co-exist together in our society, and this is especially for our older generations who are not well educated enough to understand the importance of bitcoin and how to operate in it, I believe satoshi himself or theirselves never invented bitcoin for it to completely wipe out the traditional banking system, but rather, it should act as a better alternative to people who truly value financial decentralization and privacy, which is what bitcoin is doing today.

So, in the nutshell, both bitcoin and the traditional banking system can actually co-exist, and bitcoin acting as an alternative will give people to option of chosing decentralization, privacy over centralization and censorships.

Yeah, I think it is better that way. Let them coexist so that people can have more options and then break the monopoly that the traditional banking system has. This will create competition and further strengthen these institutions.

[thecodebear]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

Bitcoin is a currency. It can't replace banking. Banking is an industry, not a currency. It can replace checking/savings accounts of banks, but banks do a lot more than that. Now, it is possible of course to build a banking system (perhaps a combo of decentralized and centralized services) that work with bitcoin instead of fiat, but if Bitcoin took over from fiat (extremely unlikely) in the future a lot of the fiat banking system would probably just pivot to be the banking system of the Bitcoin system.

[icalical]

This question has been emerge since the earliest day when I first know about Bitcoin, and even until now when Bitcoin has been globally accepted, I still doubt that in my lifetime there will be time when Bitcoin will be replacing the Banking, even in just one country. Government still needs Bank, and government will force people to use Bank if they want to hold their citizenship, Bank is part of government's financial system. If Bitcoin will be fulfilling it's purpose to become a currency I guess Bitcoin will be just an alternative way of payment, but I mean no one knows.