Bitcoin x banks

[Pasaway2701]

I really believe that Bitcoin will make the same effect to banks that youtube did to television ( at least).
This statement was made in a documentary from a long time ago that I watched.

So how far from that  you guys think we are now?

We will never get there. Can Bitcoin help you with a mortgage to buy a house? Bitcoin may put PayPal out of business, but banks will always be there. There is only one aspect of banks (money transfer and payments) which will be affected by bitcoin and even in this case, they are fighting back.

Banks is a good way to save money money. It will not lose its use because bitcoin is there. Do you want to keep your money always for investment, and keep it on online wallet? I rather diversify it. My profit gain put into the banks as savings and my investment in bitcoin is always place where it is profitable. Bitcoin and bank has there functions uniquely which the people find it useful so that no one will gone because the other exists.

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[Bitcoincole]

Well, that thing is hard to determine perhaps bank and bitcoin are too different. It's proven many years that banks are secured in terms of holding and depositing money while bitcoin is highly volatile of all those in the bank. It only differs there characteristics in payments and money transfer.

[magneto]

I really believe that Bitcoin will make the same effect to banks that youtube did to television ( at least).
This statement was made in a documentary from a long time ago that I watched.

So how far from that  you guys think we are now?

I don't think that bitcoin will completely replace banks IMHO. Most likely, bitcoin will serve as the primary alternative to the fiat banking system. I guess you could draw the analogy of youtube and TV to bitcoin and banks, because the pair coexists.

I do see a significant decrease in satisfaction with banks and the fiat banking system in the coming years, and a massive increase in adoption rate for bitcoin. When people start to realise that everything they own is literally controlled by a centralised entity, they will start moving to bitcoin.

But again, banks won't completely disappear. Even bitcoin banks may start to appear if mass adoption starts happening.

All of this won't happen overnight. There's a gradual process that may take years or decades, just like how the internet progressed to where it is right now.

[koralan]

Well, that thing is hard to determine perhaps bank and bitcoin are too different. It's proven many years that banks are secured in terms of holding and depositing money while bitcoin is highly volatile of all those in the bank. It only differs there characteristics in payments and money transfer.

Although bitcoin is showing great advantages in terms of payment and finance but I think it is still very difficult to be able to replace the bank because the number of people know and trust the bitcoin is still very limited processing. Bitcoin can exist as a valuable asset and is increasingly gaining in the investment community.

[dothebeats]

In what aspect of banking are you relating bitcoin to? Bitcoin will not replace the key roles of a bank, specially in stimulating the economy since you cannot create bitcoins out of thin air. But if in the sense of storing your hard-earned money, bitcoin is a serious contender since many people would opt in taking the chance of getting some profits while idling their money compared to the 0.25%-1% interest rate the banks are offering for a deposit. Currently, we're still far from getting some solid number of people wanting to ditch the banks and go full bitcoin, but once people get educated, most of them will consider this option since it offers good rates.

[lepbagong]

as far as I think investing in bitcoin and bank are equally good, but for me it's still nice to save money in bitcoin than we keep it in the bank, because the opinion of the dibank is very low compared to bitcoin.

actually both equally need each other and fill each other with the advantages and disadvantages of each, but the matter of investment of course very clear it is better with bitcoin than with a high enough price and the need with bitcoin is very high, but the impact is also very big if you lose compared with banks certainly safer and fewer losses.

[xuan87]

I think both of them are good and it help people in economic, crypto help personal economic situation and the bank help the country's economic, so I think we need both of them, the different perspective from crypto and bank is the one that complete each other and make people's life better and easier, I really hope bank and crypto can grow together

[mostcrack]

For me as much as what the popularity of bitcoin in the world will not make the bank a bit erased, it will be the same at the same time nothing is not good both, the two can still be together for the future, bitcoin still need a bank for people get all the money in bitcoin, but bitcoin has everything and is very profitable in terms of investment, I do not think like youtube and television but I think it will run as usual no one has problem in this thread.

[trecore4]

I really believe that Bitcoin will make the same effect to banks that youtube did to television ( at least).
This statement was made in a documentary from a long time ago that I watched.

So how far from that  you guys think we are now?

Thats really interesting thought I would say. However I do think that this is not the case yet as we still dont have that much bigger out reach as it should have been to replace the banks with BTC in terms youtube to the TV!

We lack one point here. Whenever we have to get to the BTC then we need to go though the banks as they are first line of transaction agents for us and we cant buy or sell against the fiat currency if we dont have the banks. You do understand that part of it isn't it? We need to surpass this barrier so that we can end up having the nest results.

[posi]

I also believe that Bitcoin and other crypto currency like ripple have so much to do concerning bank, money, finance and economics just as youtube did in terms of television and this the reason why I feel so sad about the FUD said from the governments, regulators etc.

[setialovers]

I do believe that bitcoin or cryptocurrency can distupting banks bussiness. With fast transfer and lower fee transaction and anonym, bank will not able to compete that bitcoin advantages. But in other way, i do believe that bank lobby is obstacle for bitcoin development

[haroldtee]

It is sure that bitcoin is extremely valuable and brings great solution that the banks and our government could not provide us over the years.

However, I see both banks and bitcoin going hand in hand anyway, just the same way Youtube is going hand in hand with TV. The way the OP has portrayed it, it is not like Youtube scrapped the usage of TV, as people still make use of their TV till date, and those who are Internet savvies making use of Youtube as well with nothing changing much.

So, if we are really to compare with that, I still see banks in action even in the long run, except they would have been able to find a way to adapt with the system which most of them are already looking into the blockchain technology anyway.

[JerryJam]

Throughout its history, banks act as intermediaries. If you compare Youtube and television, in this case, such a function is not available.Each performs its function.As for banks, they treat cryptocurrency as a competitor..They are afraid to lose clients and to lose considerable profit.

[Kemarit]

I also believe that Bitcoin and other crypto currency like ripple have so much to do concerning bank, money, finance and economics just as youtube did in terms of television and this the reason why I feel so sad about the FUD said from the governments, regulators etc.

It is because that banks are really afraid how disruptive bitcoin technology it. But if you look closely, they can co-exist, works side-to-side just like the comparison between YouTube and Television today.

For me as much as what the popularity of bitcoin in the world will not make the bank a bit erased, it will be the same at the same time nothing is not good both, the two can still be together for the future, bitcoin still need a bank for people get all the money in bitcoin, but bitcoin has everything and is very profitable in terms of investment, I do not think like youtube and television but I think it will run as usual no one has problem in this thread.

Exactly, banks have been with us throughout history and it someone is thinking the crypto will replace and make them obsolete then they are wrong. The only problem I'm seeing with banks is that they really don't want any competition but since crypto offers and its hot on their tail, they have to do everything to eliminate it.

[gantez]

Throughout its history, banks act as intermediaries. If you compare Youtube and television, in this case, such a function is not available.Each performs its function.As for banks, they treat cryptocurrency as a competitor..They are afraid to lose clients and to lose considerable profit.

But is already an unfortunate omen for the banks and their CEOs . It is already happening that I have heard so many people enjoying the transactions of cryptocurrencies either because of its comfortable ways and secret identity. I see with time, the competition will be very clear.

[rickadone]

I do believe that bitcoin or cryptocurrency can distupting banks bussiness. With fast transfer and lower fee transaction and anonym, bank will not able to compete that bitcoin advantages. But in other way, i do believe that bank lobby is obstacle for bitcoin development

It is disrupting but I do not see it eliminating. The analogy OP mentioned if he is trying to refer to what I want to assume he was referring to is not as he implies. TV is still in existence and YouTube is doing its thing and I see this happening.

Banks will also be in existence and even if there’s a need, they will find a way to integrate the blockchain technology or even in a way legalize and regulate bitcoin, so I do not see how this would be a problem for them. I believe bitcoin will keep being a decentralized currency, banks will be a centralized entity and both will still be operational even in the long run.

[Hydrogen]

I really believe that Bitcoin will make the same effect to banks that youtube did to television ( at least).

Many banks are rolling out new *features* to make them more competitive with bitcoin and crypto. Faster transactions, lower fees, better service. Of course in developing nations there are still many banks who refuse to lower fees or implement new measures which make them more competitive. In those cases, they illegalize bitcoin and attempt to repress the technology similar to how oil companies repressed nickel metal hydride batteries to prevent electric cars from being viable in earlier eras.

The big question here could be what happens to banks if either the dollar or euro crash under the collective burden of trillions in debt. A significant portion of bank holdings must be denominated in fiat which could make them vulnerable to a massive crash if things go south for the mad printing presses creating ever increasing amounts of paper out of thin air. I think bitcoin and crypto could be insulated from a crash. Banks may not be so lucky.

[morrisby25]

 in my country, the government never put any law regarding bitcoin and other cryptocurrencies. But our banks refusing bitcoin transaction to transfer into a bank account if they noticed that it is related to cryptocurrency transaction they cut your account in the bank.   Banks are trying to fight crypto currencies because it is a competitor to them,  and bank haven't had competitors from onset.

[wuvdoll]

I really believe that Bitcoin will make the same effect to banks that youtube did to television ( at least).
This statement was made in a documentary from a long time ago that I watched.

So how far from that  you guys think we are now?

Lol. I really like that comparison. We are actually getting closer by the day and from the look of things, the banks have been feeling threatened even if they do not want to show it and still want to prove they have the power and they are still in control.
I always love the way it makes them feel anyway. In the long term, bitcoin is going to really expose some of the bullshit the banking system has always been putting us through and that simply shows we are really going to be up for a good ride in the long run.

[1Referee]

Many banks are rolling out new *features* to make them more competitive with bitcoin and crypto. Faster transactions, lower fees, better service.

Definitely. I think that Bitcoin actually forced them to improve services significantly, which is a shift that happened just a few years ago, which I don't consider to be coincidence. In terms of usability and convenience, banks are top notch with their services already. If they allow people to transfer money from one place to another instantly as well, at first in-country, then that alone would be a massive game changer. I am however not sure when banks will be offering instant transfers, and I am not even sure if banks legally are allowed to do so if ever.

The big question here could be what happens to banks if either the dollar or euro crash under the collective burden of trillions in debt. A significant portion of bank holdings must be denominated in fiat which could make them vulnerable to a massive crash if things go south for the mad printing presses creating ever increasing amounts of paper out of thin air. I think bitcoin and crypto could be insulated from a crash. Banks may not be so lucky.

Unfortunately, what happened previously when banks suffered from their own incompetence and greed, the tax payer was presented with the bill, so I don't think in this scenario things will be any different. It's safe to say that banks, especially those who are considered to be too big to fail, will be kept up with a very large portion of our own money, where if there is a very desperate situation, we might be subject to a fresh haircut as well, which is a damn shame and pure theft. Who helps us when we go bankrupt? No one. It's an unfair system that whatever happens, is against the people. I am glad that a large portion of my wealth sits in Bitcoin. I significantly lowered my exposure to this rotten system.