Bitcoin VS bank

[GoldenLad]

In its whitepaper, it said that its purpose is to move away from third party, which is the bank, when doing transactions. But, I think bitcoin is slowly moving away from that purpose. It is becoming or became a store of value for other crypto. But I still believe that can still be achieved, and if achieved in the future, bitcoin will replace the banking system we have now.

No, bitcoin can never replace the bank, not now nor in the future. Yes its whitepaper may have stated that its purpose is to remove a third party which is a connecting bank; bitcoin really achieved this that is why we directly make payments to the receiver based on trust. But what bitcoin can't do is to dominate the bank. If this happens then it means that almost all the world countries will not have any country currency. This is really not good

[1714719806]

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[1714719806]

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[1714719806]

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[Ashimwe]

I don't think that bitcoin only will replace banks but crypto currencies will do, the issue of decentralization on the rise where people don't want to be controlled financially besides that cryptos have instant confirmed transactions rather than banks, less fees almost zero fees with many cryptos than bank which charge up to 10% to send cross boarders, I would definitely agree with you that in a long run, bitcoin and other crypto currencies would replace banks

[Tynovten_]

Things that have some system similarities but this one unity are interrelated, despite having a different world and nothing will replace each other. Bank is a very needed thing in real life, bitcoin no one can vouch how long it will stands.

[drachman]

I dont think banks will replace in the future. Let's just take note that banks has the big help in the economy and it will continue to exists for many years. Banks has been uses by many people for long now and its difficult for the new to replace it. Bitcoin will be bitcoin and banks for me will continue to exists.

I think this is one of the main reasons of why banks are going to survive for longer than many people think, people are simply to used to use banks, and we cannot expect to change the behavior of hundreds of years in just a few years, it is going to take longer than that and if we take into account that banks are probably the most powerful entities in the entire world then this is going to be even more difficult.

[-DEVX-]

It doesn't need to replace banks.

With PSD2 Banking and Challenger Banks, all the banking systems will change just in 3 years.

All the best
Aytunc
DEVELOPEO

[jeanpadel14]

Bitcoin works in a fundamentally different way to the fait system. The bitcoin network has many nodes. These nodes are distributed around the world, run by bitcoin enthusiasts, major mining pools, etc. These nodes are all attempting to solve mathematical problems, while at the same time holding a memory of all the recent transactions that just occurred after the previous problem was solved and the previous memorized transactions are written into a ‘block’ and recorded on the blockchain, which is a distributed ledger.And The banking system is open to manipulation of figures, exchange rates, and tampering by high profile bankers and governments, and due to the ease at which traditional money is printed slowly loses its value. Many banks operate on ‘fractional reserve banking’, where they only have a supply of cash at any one time for a certain percentage of customers at once, if all customers attempted to withdraw their money at once, the bank would fail.

[yohaneshs]

As we know banks can charge high fees for transactions between countries, while bitcoin can do it for very little cost, anywhere in the world at the same rate.

Use of a decentralized currency like bitcoin has responsibility, due to the lack of chargebacks and the privacy it offers over traditional banking, and loss of private keys or being scammed means no one reimburses you and the coins are lost forever in the event of a private key loss. Only if you are ready for such responsibility should you begin with bitcoin, as the banks do take on many of these responsibilities and reimburse customers usually if they are hacked and funds stolen, etc.

[maculeth]

bitcoin has blockchain technology that makes all transactions more transparent and all recorded in the blockcain ledger, the technology is not owned by the bank. but some news, there are banks that want to implement blockchain technology, but I do not know if it works. but bitcoin can replace the bank, I do not think that will ever happen.

[shezu007]

The bitcoin and banks are a similar thing like moon and earth where we realize that there couldn't be preferable place over earth and there is no importance to live on moon since it is as yet unforgiving and innovation isn't propel enough to manage there. We better know the certainties that bitcoin isn't sufficiently adequate as far as its improvement to satisfy the requirements of normal managing an account. The banks work in various routes, to work them out appropriately they themselves needs decides and controls with the goal that they can deal with the worry of economy and manage it.
Take the new case in bitcoin world where one person comes in and offers his a large number of worth and shake the costs of bitcoin hence leaving everybody unspeakable. On the off chance that this proceeded with then how bitcoin could be a decent bank.

[Jdavid05]

For more than a century, the banking system was used to fund state, endanger the stability of the economic activity, robbing private savings, eliminate one road, promote the financing dependence, even make violent reached an unprecedented scale, all because we do not have different techniques to implement monetary exchange. Now the monopoly is being broken. Bitcoin was born. The fear of the ruling class is only just beginning.

Bitcoin is better because you can earn more profits not like banks smalls interest. Banks dosent earn so much but Bitcoin it will pump and earn double or triple or 100x.

[semobo]

For more than a century, the banking system was used to fund state, endanger the stability of the economic activity, robbing private savings, eliminate one road, promote the financing dependence, even make violent reached an unprecedented scale, all because we do not have different techniques to implement monetary exchange. Now the monopoly is being broken. Bitcoin was born. The fear of the ruling class is only just beginning.

Do you think bitcoin will replace Banks in the future?

Yes I think bitcoin will replace banks in the near future that is the reason many banks are against the cryotocurrency,but it ia in our hands as lonf as we are converting our bitcoins into fiat we need banks.So bitcoin can replace banks only if people use as bitcoin.

[RamonBTC]

fear of the ruling class is only just beginning.

This is also my observation in our banking system today, experts are contradicting, banking CEO is giving false statements, politicians is demanding for regulation or worse banning the technology and of course with media help, Black propaganda.

Do you think bitcoin will replace Banks in the future?

It’s a question within the people ourselves, are we ready for it? are we ready to demand it in our government?. It gives more questions than answers because as of now we are so dependent on our corrupt government officials.

[drachman]

As we know banks can charge high fees for transactions between countries, while bitcoin can do it for very little cost, anywhere in the world at the same rate.

Use of a decentralized currency like bitcoin has responsibility, due to the lack of chargebacks and the privacy it offers over traditional banking, and loss of private keys or being scammed means no one reimburses you and the coins are lost forever in the event of a private key loss. Only if you are ready for such responsibility should you begin with bitcoin, as the banks do take on many of these responsibilities and reimburse customers usually if they are hacked and funds stolen, etc.

People complain a lot about the fees and in a way they are right since the fees can be very high if you are trying to send a very low amount of money however when you send amounts of money that could considered to be big the transaction cost are very low many times lower than what the bank will charge you and you can get confirmation in minutes and when the lightning network is finally working even sending a low amount money to the other side of the world is going to become very cheap.

[ismelda_ita]

For more than a century, the banking system was used to fund state, endanger the stability of the economic activity, robbing private savings, eliminate one road, promote the financing dependence, even make violent reached an unprecedented scale, all because we do not have different techniques to implement monetary exchange. Now the monopoly is being broken. Bitcoin was born. The fear of the ruling class is only just beginning.

Do you think bitcoin will replace Banks in the future?

I personally think bitcoin and the blockchain system will replace the banking system someday, but it takes a very long time for it. because at this time the banking criminals are being aggressively fighting bitcoin and another cryptocurrency so that their banking system is not replaceable. they continue to campaign and make negative issues in various media.

[Sexie]

For more than a century, the banking system was used to fund state, endanger the stability of the economic activity, robbing private savings, eliminate one road, promote the financing dependence, even make violent reached an unprecedented scale, all because we do not have different techniques to implement monetary exchange. Now the monopoly is being broken. Bitcoin was born. The fear of the ruling class is only just beginning.

Do you think bitcoin will replace Banks in the future?

I don’t think so that bitcoin will replace banks ever. Banks have purpose in the economy of every country. They provide stability finance system of the state. People used them for saving money and making loans to support individuals in planning some business., to pay them in return with interest. Banks is a centralized system, controlled by the government. You will be taxed somehow on how much you earned. Otherwise, bitcoin is  as good in blockchain technology so as investors adopt of using it to gain more profits. It helps anyway the economy through monetary exchange when they added service  fees on it.

[Flynn Anderson]

Although the cash currency is much lower than digital money, but the bank still will never be erased in every country.

[Kieran Thomas]

Many cash banks have their own advantages where the cash bank currency we use as a means of payment in cash and official we use in our own country.

[Lloyd Jacksok]

Banks cannot be simply replace by Bitcoin in terms of financing people but if you look at Bitcoin as a mode of saving your money outside of a bank, it will definitely can and at a higher growth rate compared to what banks are currently offering.

[Rowan White]

Bitcoin or other crytocurrency will never replace a bank. If you think that banks is just a place where people save their money well you are dead wrong. Bank is very important in a countries economy.

[Venn Harris]

i dont think so bitcoin will replace because is volatile if you put $1000 in bank that money will never be less