Is Bitcoin replacing the future banking system ?

[Evakotel]

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

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[Polycarpe]

goog question, i think bitcoin could have the theoretical potential to become the next banking system.

BUT only theoreticaly, and only in a far theoretical future.

before bitcoin can become the next banking system it has to overcome major obstacles, such as raising the transaction rate.
in order to be a major bankiing system youll need a fucking high transaction rate. and im speaking about probable millions of millions
of transactions per second. before bitcoin can be there we will need a lot more nodes in the lightning network.
thats a hard obstacle to overcome if not very very hard obstacle at least with the current version of btc.

another big proboem would be the private keys, currently there is noway to keep private keys save and easy assesble at the same time.
as saver the private keys are secured as unconvinient they are to use. unless we dont find a solution for that it will stay a far future.

a next big problem is definitly the energy consumption, imagine millions of transactions on the btc blockchain. and imagine how much energy
the mining process would require.

theory is good but practically i dont see no way that btc could become the future of banking, at least not with the current code. maybe with PoS the could be a little chance but i dont think so.
maybe as digital gold btc could find a place that could fit his properities perfectly.

[uszaty43]

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

Yes it can, but it will never be just like a bank, because it is a protocol and everything is runned on a "blockchain". Look for more information on this forum if you are really looking to learn more.

[novogum]

I think that bitcoin will play the role of a cumulative tool in the future. But the rest of the altcoins can take the place of real money in the banking system.

[franky1]

the real question

is banking via people partnered with corporate hub in a LN smart contract, .. replacing bitcoin

only those that have fully read the LN code and understood LN, should answer
only those not fooled by the over promises and under delivered features should answer

[daarul50]

Bitcoin may not be able to replace the banking transaction system but maybe the bitcoin applied blockchain technology can be adopted by the bank to be used as a transaction system. The advantages of this technology are also already known by some economic observers that can solve the problem of transactions so far let alone Ripple has become a good example of the adoption of blockchain technology for having established cooperation with banks from California.

[fiulpro]

Bitcoin alone may certainly not be able to replace banking transactioms for sure because it is not a monitored system which is pretty unlikely for any government to allow working in full swing overtakinh the whole banking system. However, it can work as an aid to the digital money and online transaction market as an alternative means to the normal banking transactions.

That being said, the technology that bitcoin introduced which is the blockchain technology, upon which many new cryptocurrencies are made today,  can be an inspiration and a pathway for future money. This technology can be used by different countries for creating their own digital currency and in doing that, the paper money is more likely to be replaced by digital market taking place of banking transactions

[Fancyax]

I don't think Banks will be replaced by Bitcoin soon. I think it's more likely that banks start to use blockchain technology to provide better and cheaper service.

[Washball]

Bitcoin will not replace the banking system. But it will certainly be used for transactions, moreover it will be the main transaction system, when the lightning network is live. However, banks will have their own cryptocurrencies for their transactions.

[Walkenman]

I doubt that bitcoin will replace the bank. Rather, he will be an alternative to him. Or the Banks will take a blockchain, and adjust to crypto-currencies. One can say only one thing, that crypto-currencies will densely enter our lives. 

[Sirait]

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

actually Not Bitcoin that replacing the future of the Banking system but the technology behind Bitcoin is what replaces the Banking system
that is Blockchain Technology, i think Blockchain will replace the current banking transaction system.

[MakeMoneyBtc]

I dont think that is going to happen very soon since these days bitcoin is used more like an investment than like a currency to pay for different things. Money are used by everyone and you can use them everywhere by exchanging them through different currencies whilr with bitcoin you cant even buy a coffee. On the internet bitcoin is promoted as being and investment from where you can get profit. I never saw someone promoting bitcoin as a new currency that you can use to pay for things faster snd without fees because that is not true. Thats why I think bitcoin is never going to replace money or credit cards.

[bitart]

Bitcoin may not be able to replace the banking transaction system but maybe the bitcoin applied blockchain technology can be adopted by the bank to be used as a transaction system. The advantages of this technology are also already known by some economic observers that can solve the problem of transactions so far let alone Ripple has become a good example of the adoption of blockchain technology for having established cooperation with banks from California.

I don't really think that a bank needs a bitcoin kind of system for transactions (because of the decentralized manner of the blockchain system of bitcoin). What a bank needs is a safe and secure (and quick and cheap) system that can be controlled. If it works on a kind of blockchain model or not, it does not matter at the end if it meets the requirements. Of course, banks would be happy with a blockchain based cheap and centralized system, but in this case they have to develop it for themselves. (And to agree that most of the banks will use that system, to be compatible with each other's system).

[Miraz69]

Though, it is not possible to completely replace the banking transaction system with Bitcoin. Yes,however, the use of bitcoin blockkain technology can be a bit more advanced. And gradually, maybe Bitcoin will become a major means of banking transactions.But For now banks and bitcoin are two separate sectors.

[Odora]

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

I'm pretty sure the cryptocurrency will replace the use of money in every transaction in the future, big Banks that do not see this threat will definitely go bankrupt.

[nak02]

It may happen or not, let us see no one knows what will happen in the future, it is hard to tell conclusions or predictions right now as some countries still not embracing and still hates crypotocurrencies so let us see in the coming years.

[dollarneed]

Bitcoin will never replace the future banking system but the technology behind bitcoin the blockchain may certainly replace it, as you can see people are starting to learn it especially those who in a financial institution. There are so many advantages if blockchain could be implemented on the our conventional bank system such as lowering cost, cut middleman, acceleration etc. I'm waiting for the firs bank in this world fully adopt it.

[tomahawk9]

No, the world will not allow a decentralized system to take over the financial system of each country. Bitcoin will just be an alternative to banks, once it goes mainstream (one day I hope) people will look at Bitcoin as another alternative for payments, but banks will still be around, there's just so much stuff going on behind the banking system (god things and bad things behind the scenes) that it'll be pretty difficult for it to dissapear.
I think banks will either implement the blockchain technology into their system for a centralized digital currency to try to compete with Bitcoin and other cryptocurrencies, or they'll learn to coexist with the cryptosphere.

[CherRic]

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

 No it will not. Bitcoin's price is too high to replace a regular currency. Likewise, it would be difficult also that all people people in the world would own a bitcoin. In my country alone, we have 100 million people while there are only 21 million supply of bitcoin. It would impossible also to replace physical money.

[FrueGreads]

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

I has the potential to do so, and many high profile figures think the same, but if that ever happens it would be in decades from now. Probably only after the world experienced some great crash again, or more than one. Before that, I do think banks will use blockchain to compete with Bitcoin, or to try to send the message that we don't need BTC to have fast transactions. The thing is, that BTC wasn't created to just speed up transactions. It was created to be a decentralized currency, with all the advantages that brings. Of course governments probably wont like that a lot, and banks will definitely hate it, so it will be hard for that switch to happen. I think think we will first just see BTC as an "improved PayPal". Only after it succeeds as a payment system, it can aspire to become something more.