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vonnyaries
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May 20, 2018, 08:24:10 AM |
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for me bitcoin can't replace the banking system in the future, why? because banking system in a country is very important to regulate the money in a country. and maybe bitcoin can be beside the banking system with mutual benefit, if the user wantt to make investment with secure system they acn use bitcoin and use banking system to use it daily
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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Snaic
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May 20, 2018, 08:29:32 AM |
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Bitcoin will never replace the banking system. On the one hand, bitcoin is simply not capable of this. Can, for example, bitcoin credit the development of the country's agriculture? Will he be able to serve the country's budget?
On the other hand, if bitcoin could replace all banks, the state would not allow it. Without banks, the state can not function fully. Banks are now an integral part of it. No state will allow uncontrolled circulation of money inside the country and especially its movement outside the state. Monetary and financial systems are the guarantee of stability and power of each state. Therefore, if bitcoin threatens the existence of banks, the state will be forced to restrict or even prohibit the circulation of bitcoins.
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Chachacoin17
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May 20, 2018, 08:54:24 AM |
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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.
Banking system has been in the industry for generation, and it has greater impact in the economy, people, and the country. Bitcoin is an innovation, has so much contribution and offers great opportunities. It has so much potential to grow but its total mass adoption may take years and replacing banking system may not be an easy task. Banking system is strongly regulated by the government, is already an established system, and does not need internet or electricity to process any transactions by the use of cash. I think, despite the differences in technicalities, both can still function on its own very unique ways, either centralized or decentralized. |
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timerland
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May 20, 2018, 09:48:29 AM |
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Can it replace fiat currency in transactions? I think yes. We're already seeing that happening right now, as people are buying a range of stuff online with bitcoin for the sake of convenience. And this adoption is only going to increase as time goes on.
Though, it is probably not going to replace the current fiat banking system altogether.
In some ways, bitcoin is going to be like gold, except much more convenient and just better in general as it is fully decentralized. It will probably co-exist with the fiat banking system, unless it collapses, where bitcoin has a legitimate chance at becoming the single global currency of choice.
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GDragon
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May 20, 2018, 09:58:20 AM |
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maybe in the future? no one knows? but I think that it will be a alternative not that replacing the banking system. Banks having a different specialty and operations the same as bitcoin. I will be happy if this thing come true with the range of 10-20 years.
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KenChanYu
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May 20, 2018, 10:45:36 AM |
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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.
Bitcoin as the leading cryptocurrency may still not be the leading form of exchange and store of value since banking comes first and has already deep-rooted for centuries. Bitcoin can hardly overpower banking system because it is strictly regulated and also the adoption is wider and bigger. I think there's no easy way for bitcoin to replace banking system, or maybe if it could it would take longer time, longer patience, more hardwork, and more challenges to face along the journey. |
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bitbunnny
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WOLF.BET - Provably Fair Crypto Casino
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May 20, 2018, 10:53:24 AM |
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Why are people always mixing banks and cryptocurrencies? These are two different things and systems and the purpose ofis cryptocurrencies is not to replace anything. Not Bitcoin or any other cryptocurrency will not push out the traditional financial system. It can make it function differently and more adjusted to current needs and modern technologies but that is all.
Banks will continue to exist as the basic financial pillar and the cryptocurrencies will be the alternative and paralel decentralized system.
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zhanyiguai261315
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May 20, 2018, 11:02:04 AM |
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I think BTC is very difficult to replace banking!
The BTC and cryptocurrency haven't been accepted by many.
The bank is the national financial environment an important car rental part, the economic development cannot leave the bank!
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careCentre
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May 20, 2018, 11:16:41 AM |
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Why are people always mixing banks and cryptocurrencies? These are two different things and systems and the purpose ofis cryptocurrencies is not to replace anything. Not Bitcoin or any other cryptocurrency will not push out the traditional financial system. It can make it function differently and more adjusted to current needs and modern technologies but that is all.
Banks will continue to exist as the basic financial pillar and the cryptocurrencies will be the alternative and paralel decentralized system.
You are totally right about their differences and purpose, but I think the question as to whether there is a possibility of bitcoin replacing the banking system in the future. The future can be in like 50 to 100 years time to come, by then there will be more advanced technologies available and more people will be exposed to the world of cryptocurrencies. The question wanted to know the possibility of replacing the old centralized system to a decentralized system in relation to bitcoin.. |
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aitrading
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May 20, 2018, 11:30:11 AM |
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BTC can become a good alternative in the future, but not replacement.
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Demughni
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May 20, 2018, 11:57:07 AM |
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I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?
Yes, I think it will happen. Bitcoin replacing banking system in the future. Because bitcoin is the future technology. we will see. |
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nhoem02071
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May 20, 2018, 11:58:30 AM |
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After we look at bitcoin developments from the beginning to the present, I also believe that even now the price is down but someday the price will surely blow up again, I believe bitcoin will rise again quickly.
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Missterio
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May 20, 2018, 11:59:48 AM |
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I think yes, in the future everyone will use crypto-currencies and the need in the bank will simply disappear.
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gunungkembar
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May 20, 2018, 12:09:15 PM |
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I was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?
it is likely to be said that way because today the technology is increasingly sophisticated so that the bank is not too in need anymore if it has entered the era of digital currency and the existence of blockchain system. |
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ABYOO
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May 20, 2018, 12:15:11 PM |
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I don?t think bitcoin will replace the previous curreny sustem, but we are going to meet new innovation because of it.
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Syunusa
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May 20, 2018, 01:10:49 PM |
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I don't think bitcoin will replace banking system in the future. However, banking industry will make use bitcoin whereby consumer can be depositing and withdrawing bitcoin. Also banking will adopt blockchain technology into their system.
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Ram krish
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May 26, 2018, 07:44:32 AM |
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I think it is not possible now, It may happen in future, customers may drop and withdraw bitcoin, if it is accepted by the bank. But Cryptocurrencies not control by a organization or a individual person, Bitcoin is digital currency. Banking system is totally different form digital currency. so don't confuse both.
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zik123
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May 26, 2018, 07:45:39 AM |
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I don’t think bitcoin will replace the banking industry, I only feel it will reduce the work load for them since we can only use their system when we want to collect fiat.
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Ajeng07
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May 26, 2018, 07:46:00 AM |
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yes it could, maybe the system will be different from the Bank, because the Bitcoin system is run by Blockchain, and maybe the Bank can cooperate with Bitcoin, by implementing Blockchain technology on the banking transaction system.
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Paka1
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May 26, 2018, 04:41:44 PM |
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There is no doubt that bitcoin has a potential to become a banking system. However, there would be alot of things to be considered. Like how would it be able for clients to take out loans and stuff, since bitcoin as of today is known as a mode of payment into digital world, it is still designed to do such thing and it would make a major transition to make it as a banking system considering all the restrictions that the government may imposed.
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