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Author Topic: Bitcoin is it the Future of Banking ?  (Read 5672 times)
nguyenlamqt116
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August 24, 2018, 09:59:52 AM
 #1061

Nope, because bitcoin is totally against the banking and government system. That way, bitcoin will never replace fiat money.
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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sweetwine
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August 24, 2018, 03:53:52 PM
 #1062

In my opinion, Bitcoin can be a part of Banking in the future. It has all of quality aspect such as security, convenient transaction. Furthermore, the blockchain technology could probably change all of banking system. The matter of bitcoin is that it still doesn't get regulation by any the organization. Its price also not stable in the market.
kamoto
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August 24, 2018, 04:35:28 PM
 #1063

Oh no, that's definitely not the case. Bitcoin is not something that banks will change ... most likely this is something that can destroy banks at all. They may just not be needed. And I personally do not see anything wrong in this, except that some people who work in this area will lose their jobs ...
Fmradio98
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August 24, 2018, 04:57:46 PM
 #1064

It would be conceivable since we are currently in an advanced age where everything should as of now be possible on the web. Who knows couple of years more from now paper money will never again exist.
1NV3ST0NM3
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August 24, 2018, 05:03:49 PM
 #1065

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?
Well the answer to your question is YES!! bitcoin can replace cash in money transactions. But what it CAN do is not what WILL always happen. So it depends on the conditions prevailing in that very particular area or country, that decide how the status or position of bitcoin. Bitcoin has got all the traits of FIAT and can easily be used in its place. Now the payment mechanism through bitcoin has also been quite improvised and that has made it quicker to transact through digital payment mechanism as well. With the advancement of lightning network, the transaction fees have also reduced to a great extent!!
jlong187
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August 24, 2018, 08:34:46 PM
 #1066

Why, no, I'm not a bank specialist, but it seems to me that he will not replace the main currency of the countries, but will be like a cash currency. It is quite difficult to replace all currencies one by one. And it will certainly not be soon, because it is a large-scale work and not everyone is ready for it.
achichy
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August 24, 2018, 10:15:11 PM
 #1067

Bitcoin is a new kind of payment network and currency, using peer-to-peer technology and operating with no central authority or bank. Transaction management and issuing of bitcoins is done collectively by the network, which is open-source, public, and owned by nodiv. Anyone can take part in bitcoin, and use it in ways that other payment systems can't be used. Main things i like about Bitcoin are:
Bitcoins can be transferred internationally in minutes with no banks gumming up the works
Paying your neighbor is the same as paying someone on another continent with Bitcoin
You can pay a tiny, voluntary (currently 0.0001 Bitcoin) mining fee for transactions (Not including the mining fee makes the transfer happen more slowly, but it goes through.)
There's no credit card number, and not necessarily any tie to your identity with Bitcoin
Other alternative currencies are popping up, but currently Bitcoin dominates. Big financial institutions are still dismissive of Bitcoin, and some are becoming actively critical of it, which Bitcoin advocates see as a sign of the alternative payment system's increasing legitimacy. However, Bitcoin may not be able to completely replace the banking sector but will redefine and restructure the entire banking/financial sector.
rukawa101
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August 24, 2018, 11:30:36 PM
 #1068

No i don't think so the Government won't allow that because they don't want bitcoin cause they don't have control over it so i'm for sure it won't be main currency
samuelmanta
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August 24, 2018, 11:35:23 PM
 #1069

The end goal is to enable people to transact among themselves without these transactions being controlled by governments and mega corps. To enable monetary freedom. And even, someday, to become the basis for the Unified World Currency .
But now I only see bitcoin as a business investment. I think it's still difficult to replace our currency with bitcoin, but if banks can use blockchain technology for transactional or other needs.
Napole0n
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August 24, 2018, 11:53:47 PM
 #1070

Bitcoin's presence brings its own color, what is the problem of the bank system has been answered by bitcoin so it's time for everyone to switch transactions from banks to bitcoin.
Universe_CRPT
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August 25, 2018, 01:56:48 PM
 #1071

Bitcoin can replace money, with the proper Informatization of society and globalization. But this is unlikely at the moment.

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Tunapress
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August 25, 2018, 04:54:53 PM
 #1072

I dont think bitcoin will be but other altcoin projects that integrate blockchain with technologies to help sending money faster will do the jobs.
Fintech (financial technology) is developing at a high pace. Many of us dont even own pay cash back to friends or use our money to buy groceries any more. We just go online and purchase.
Altcoin projects can make future banking even better.
annaso
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August 25, 2018, 05:59:38 PM
 #1073

In my opinion, banks and bitcoin both will survive together.  In few years banks will adjust and adopt to the bitcoin. Infact investment banks will bring new bitcoin based products like ETF which will help bitcoin to grow further. It will take few years from now to use bitcoin as primary currency in all trades and exchanges. When non literate will start using bitcoin as currency then there will be no place for traditional banking.
vfrcbv91
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August 25, 2018, 06:06:26 PM
 #1074

I think so, because bitcoin is more transparent than Bank payments and much safer. You don't have to worry about your money being frozen or anything.
Sam San
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August 26, 2018, 12:15:22 AM
 #1075

I think so, because bitcoin is more transparent than Bank payments and much safer. You don't have to worry about your money being frozen or anything.
Yes, do not worry about the freezing of funds in Bank accounts, but there are other risks of non-payment due to the low cost or its long delay.

Irvinn
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August 26, 2018, 07:18:24 AM
 #1076

Why, no, I'm not a bank specialist, but it seems to me that he will not replace the main currency of the countries, but will be like a cash currency. It is quite difficult to replace all currencies one by one. And it will certainly not be soon, because it is a large-scale work and not everyone is ready for it.
It is foolish to discuss for the hundredth time what can not be in principle. No state will ever replace its national currency with a crypto currency. This would lead very quickly to the collapse of the country's economy. Bitcoin is also far from banking and can not replace banks, like national money. All this is just childish fantasies, which are not based on real economy.
Sate Jamu
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August 26, 2018, 08:11:41 AM
 #1077

Yes true, bitcoin systems are faster and cheaper than banks so it is most feasible to become the future system of transaction banks, and of course it is an advantage for all banks if they adopt bitcoin.

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kasurnya
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August 26, 2018, 08:23:08 AM
 #1078

then what's the use of the blockchain system if bitcoin works like a bank.
after all bitcoin is impossible and will never dominate fiat currency
rochellesagabaen
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August 26, 2018, 08:29:13 AM
 #1079

As far as amount of individuals utilizing bitcoin and wallet, it likewise spreads and gets banks bitcoin so there is a probability that it very well may be bank in future. Why making it a big deal? since bunches of wallet sheltered and secure.
Bitcoinislife09
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August 26, 2018, 08:37:34 AM
 #1080

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

In my opinion, I believe it won't. Money has and always been our medium of transacting ever since. Its value in our history is much greater than bitcoin. Personally, I don't want bitcoin to dominate the currency world. I believe the reason of bitcoins existence is to serve as another way for transacting, so people will have choices to transact. What I hope for bitcoin, is to be accepted worlwide, be part of the economic circulation and continue grow in its own kind.

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