Is Bitcoin replacing the future banking system ?

[neerajimittal]

As Lagarde emphasized, the vast majority of cryptocurrencies such as bitcoin and Ethereum are still struggling to solve their underlying scalability issues. Previously, in an interview with major South Korean financial news publication JoongAng, Ethereum co-founder Vitalik Buterin stated that it could take two to five years for public blockchain networks to scale with two-layer and on-chain scalability solutions.

[kasemin]

Yes Bitcoin may not be able to replace the banking transaction system but possibly Blockchain technology applied Bitcoin 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 Bitcoin will play the role of the cumulative tool in the future.

[nellakarisma]

if bitcoin replaces payments for the future I still have not thought at all. if bitcoin goes hand in hand with the banknote payment it is most likely to happen in the future .

[frankywill]

Why not in one hand, but in another hand it is very hard for world economy system to perform a thing replacing like that in general...

[sari_]

may happen if bitcoin replaces future payments. but it still takes a long time and process. if we look in terms of the state of bitcoin now. but the value of banknotes also we can not deny will still go along with bitcoin .

[wilburwilbur]

Bitcoin for sure can not replace banking transactions for sure because it is not a monitored system in short anonymousity of transaction. government will not allow anonymous transactions for cash flows. But it can work  and help as an alternative to pay for online transactiond through the help of your government

[Black Angel]

If everyone can transact independently and do not need to go to the banks then this will certainly have a major impact on the financial system in the future, banks will be lonely and abandoned by customers so that someday banks will disappear.

[Hughes_Ryan]

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

I think Bitcoin can replace the bank in the future. But if the Bitcoin price is high then the cost of sending and receiving will be very expensive. So I think the bank will still exist to adjust Bitcoin prices

[Rishabh riyz]

Well bitcoins was designed to provide the basic financial freedom to its users , so that they get more privacy and no interference between then and their earnings .
 we should also take a look at the advantages offered by bitcoins to its users , at this rate of increase in users , yes it is possible that BTC can replace banks , or for survival banks would opt bitcoins .

[Tylev]

Bitcoin can not replace the banking system. It is simply not suitable for this purpose and has no corresponding functions. Bitcoin is a very peculiar means of payment and nothing more. However, simply money can not replace the banking system. This is silly. Another thing is that the banking system can use blockchein technology to improve its efficiency in the work. To do this, there is a specialized ripple crypto currency, which is now used by many large banks.

[flower1024]

If everyone can transact independently and do not need to go to the banks then this will certainly have a major impact on the financial system in the future, banks will be lonely and abandoned by customers so that someday banks will disappear.

It depends on merchants if they accept cryptocurrencies then all people start to use crypto but it is not possible until our government accept crypto as legal currency. I think it's a never ending story so the Bitcoin will not affect the banking system and banks will never disappear.

[sungaiyangderas]

maybe the bitcoin applied blockchain technology can be adopted by the bank to be used as a transaction system. The advantages of this technology is also already known by some economic observers who can solve the problem of transactions so far.

[laurenB7742]

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

Banks are be one of the biggest victims and rivals of BTC, as you don't need services of banks or any other intermediary if you are sending BTC. If BTC is accepted as global currency, banks will cease to exist and this is something banks won't let happen.

[bitfocus]

Bitcoin has the potential to do so, but I think traditional banking system will prevail and also they will manage some way to collect bitcoin for interest from people.

[buahkudu]

Does Bitcoin replace the banking system of the future?
I think not, because the bitcoin payment system through the bank, while the bank does not create bitcoin and can not send the funds in the form of bitcoin.

[Free1bitco.in]

it may happen that bitcoin will replace the banking system but all are only limited to digital, this is called the banking topology front.
I am sure it will happen in the future

[tunapa]

There is possibility that bitcoin could replace the banking system. But this will only happen if all seemingly problems and battles are won. Bitcoin needs major perfection before it can replace the banking system. It has some advantages that will really help it , but some defects also needs to be taken care of like transactions fee, major reduction in the value, wallet safety to avoid hacking and so on. If all this can be solved, then maybe it could be considered as a new banking system.

[merchik]

Idk about bitcoin, but blockchain will be in these structures ctures for sure  

[Kimchu kuno]

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.

Banks are thier own ways of transactions and bitcoin has it's own transactions it may not be going to happen they are on different ways  to find improvements to serve the community.

[Rajamuda]

I think the point is that bitcoin can't replace money, and in transactions.. I think it will have a certain system or a particular support regardless of the banking system that only manages the common currency/fiat. But maybe if officially the whole of the countries bitcoin really get support, the banks will add a special system to handle bitcoin.