What's with all the comparison between blockchain and banks?

[Michael_Cox]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

[1714565084]

1714565084

[Coyster]

No one's pitting the both systems against each other,they both perform similar/different purposes, it's just that what the banks are to fiat is exactly in one way or the other what the blockchain technology is to cryptocurrencies(bitcoin)

While banks store our money in their strong room,the blockchain keeps track of every transaction we carry out on this decentralized network,while wallets store our tokens/coins
What the blockchain brings to the party is more transparent and unalterable transactions,and it's one reasons people tend to tip the tech so high

Definitely the blockchain has come a long way in ten years,but no real cryptocurrency enthusiast truly believes it's better than banks or that there is a competition between them both..

The comparisons simply arise because of the seeming similarities between the both of'em,not cos of any competition of any sort

[bitfocus]

Bank keeps money, makes transactions, blockchain keeps record of transactions - so, banks and blockchains are not rival, and Banks around the world are adopting or testing blockchain. Crypto is vast, there are Centralized and decentralized crypto. And by characteristics, decentralized crypto like BTC is the best form of money for the future and best tool to get beck your financial rights from central banking bullshits.

[Michael_Cox]

No one's pitting the both systems against each other,they both perform similar/different purposes, it's just that what the banks are to fiat is exactly in one way or the other what the blockchain technology is to cryptocurrencies(bitcoin)

While banks store our money in their strong room,the blockchain keeps track of every transaction we carry out on this decentralized network,while wallets store our tokens/coins
What the blockchain brings to the party is more transparent and unalterable transactions,and it's one reasons people tend to tip the tech so high

Definitely the blockchain has come a long way in ten years,but no real cryptocurrency enthusiast truly believes it's better than banks or that there is a competition between them both..

The comparisons simply arise because of the seeming similarities between the both of'em,not cos of any competition of any sort

I agree. It's just I see this most of the time, as often as I see how crypto is superior over fiat. It gets tiring. But you're right. Maybe only a true cryptocurrency enthusiast would know and believe that blockchain is better than banks or vice versa.

[jatin729]

Blockchain has multiple number of applications.if you compare with banks than blockchain can be technology which will be used in banks very soon because it provides security and transparency in the transaction held over network. 
There is banks like Barclays working on blockchain implementation in the system

[rodalutor]

Originally a lot of people thought that bitcoin/the blockchain would go on to replace the traditional banking system whereas in reality it is more likely to shake up the traditional banking system and co-exist along side it. But a lot of people still harbor a lot of resent towards the traditional banking system and would like to see it destroyed, therefore they want to try and constantly make it known the bitcoin/the blockchain is a better alternative and to steer people away.

[avikz]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

If someone had thought that bitcoin/cryptos will replace the century old banking system, he is an utter stupid without any sense of practicality! Whenever a new technology comes, it doesn't always replace thew older one, instead it makes the old system more efficient by upgrading it! So banking and crypto can certainly co-exist like it is co-existing now.

Take an example of Japan. In Japan, crypto currency is legal and they also have the century old banking system thriving together. So there is no competition between the banking and crypto system to outbid each other.

However, if someone had stopped putting money into banking and invested in cryptos completely, that's their own choice. I hope 99.999% of people are not mad like him to take such a drastic financial decision!

[Blanca_Gregory]

I don't get it either. Whoever thought and says that blockchain will render banks useless and drive them out of business is completely wrong! Replacing fiat is hard enough, how easy do you think it will be to replace banks? As much as we like for this to happen, there are still way more people that supports fiat and the traditional banking system and it will take decades, maybe even a century to replace these two.

[squatter]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other?

The comparison is made because Bitcoin was intended to remove the need for trusted intermediaries -- like banks. That's where the saying "Be your own bank" comes from.

In actuality, I think the two will live in peace. I don't expect Bitcoin to facilitate the collapse of banking. I think it's just an alternative form of money that will become increasingly prevalent.

In fact, I expect retail banks to eventually offer Bitcoin deposits -- even though that would defeat the whole purpose.

[BQ]

I personally believe blockchain will be adopted mostly for more industrial backend type use, long before a "global currency" (as in, also used in that scale).
however, when talking about currency then it is definitely either blockchain or banks, how can both live peacefully as you say?
they're opposites, banks and fiat are controlled by singular entities which is the complete opposite of crypto. how could both co exist on global scale? and why would both?

[NeuroticFish]

Although Bitcoin will not replace banks, it was somehow built against the banking system. At least this is how many chose to understand the quote Satoshi has put into the genesis block.
Also there's the idea of the wallet being "your own bank".

Bitcoin will not replace banks, but will force them reduce their huge fees and will get a slice of their market. And that hurts them and forces them evolve. And that costs, again, money.

On the other hand, the banks are perceived as fighting against Bitcoin.

So while we don't talk about replacing one with the other, a competition is still going on.

[Spectator11]

These kind of comparisons always come up. Pretty natural if you ask me as cryptocurrencies sought to decentralized a centralized system.

[franky1]

blockchains are technically more superior in regards to security. but fiat is politically more superior

it doesnt matter if 2 billion people use bitcoin, american* politicians are not just going to swap from a currency they control for one people control and a government cant

trying to make bitcoin government controlled is not making bitcoin take over. its making bitcoin GET taken over. which ruins the point of bitcoin

both should have their place as separate open choices and both become a safe harbour from one another.
too many people want bitcoin to have regulation because people stupidly think its the only way to make bitcoin legitimate.

they have no clue how politics work.
some want regulations because they think regulations means consumer protection. again these people have no clue how politics and regulations work.

if people want consumer protections. then they should lobby their government for consumer protections.. not regulations

*(the main country most bitcoiners are screaming and lobbying for regulations)

[dewildance]

I'il answer your question. You have two options. Someone is obviously better, the other has a negative side.

The central structure of banks, auditing, monitoring of your financial movements, high wages, such as creating problems due to problems. In return, I offer a transparent but also hidden, low-cost method, which is hard to know which wallet belongs to you unless you want to. Moreover, in a very short time to the other end of the world is able to transfer the amount of money.

Under these options, you respond. Can Banks and Bitcoin live together?

[ChadHuerta]

Bank and blockchain has something simillar but different purpose. Blockchain is not here to completely replace banks. I think there should not be a competition and both this can co-exist.

[nuraziaaziz]

Bank keeps money, makes transactions, blockchain keeps record of transactions - so, banks and blockchains are not rival, and Banks around the world are adopting or testing blockchain. Crypto is vast, there are Centralized and decentralized crypto. And by characteristics, decentralized crypto like BTC is the best form of money for the future and best tool to get beck your financial rights from central banking bullshits.

I agree with your statement. Both banks and block chain does not have a lot of difference and yes Bitcoin is the best form of money in the near future as it is fast and does not have any third party involved.

[Kakmakr]

People need protection from the current Banking system and Bitcoin is the solution. The Banking system have been involved with several corrupt practices and nearly brought down the global economy in 2008. Multiple Banks have been hacked <centralized entities like Banks are ideal targets for hackers> and clients with internet Banking is hacked every day.

The Banks are also exploiting clients with high interest and also high fees and Bitcoin can solve some of these issues.  <You can send millions of Dollars globally for a few cents, with Bitcoin>

[Dominic_Johnson]

The media likes to pitch things against each other for the attention of those who don't have a complete grasp on the concepts - and this is a perfect example. If the reader doesn't actually understand the underlying aspects of blockchain, they would read anything a media outlet posts about it assuming it's truth (or almost truth), and then the cycle continues

[dothebeats]

That's why some society never progress: they are too far contained in a box using the same method over and over again, using a lot of resources even though a more efficient method already exists. It's okay if you don't like change, but knowing the applications of blockchain in traditional services could possibly yield positive results, I'll gladly accept change for security and efficiency. While the banking industry is already pretty robust, there are still rooms for improvement that blockchain could take care of, so yeah.

[Jayleen Fernandez]

If the newer idea comes, some will definitely put that in comparison with the older one. But there is a point, if crypto really goes global, then people are supposed to use it solely cause of the feeless transaction and the anonymity. But now a days, its almost impossible to go on without fiats. So let's just live in the present and skip the debate.

[Michael_Cox]

Originally a lot of people thought that bitcoin/the blockchain would go on to replace the traditional banking system whereas in reality it is more likely to shake up the traditional banking system and co-exist along side it. But a lot of people still harbor a lot of resent towards the traditional banking system and would like to see it destroyed, therefore they want to try and constantly make it known the bitcoin/the blockchain is a better alternative and to steer people away.

This is exactly one of the reasons why I asked. I kept seeing people start a thread or say how the blockchain is going to replace the traditional banking system when the truth is I don't see this happening anytime soon or even in the next 10 years. Banks are too established to be sent out of business just like that. Besides, there are a lot more people using traditional banking system than blockchain. Some aren't even aware of the blockchain system so it doesn't make sense to make such false claims. I can understand preference, but to spread lies and rumors is just beyond ridiculous.

Take an example of Japan. In Japan, crypto currency is legal and they also have the century old banking system thriving together. So there is no competition between the banking and crypto system to outbid each other.

This is what I'm talking about. Banks and blockchain can definitely co-exist without trying to put the other down. This is even better because then people would have options, right?

[MartinDonald]

Applying bitcoin technology to banks helps banks comply with the Anti-Money Laundering and Customer Compliance laws, but at some point, these blockchain technologies seem to have little relevance. to innovation as the basis for Bitcoin Virtual Currency.

[Isai Arnold]

While banks store our money in their strong room,the blockchain keeps track of every transaction we carry out on this decentralized network,while wallets store our tokens. It's better than banks or that there's a competition between them both.

[Ramya494]

One can actually use both the systems one after the other ,it's not that fiat transactions should be stopped to choose Blockchain or one who store on banks cannot invest in crypto. One can do both at a while if security is their major concern they can choose BlockChain at times when they feel banks aren't safe and they can also choose banks over Blockchain if they choose to know the exact identity of happening transactions.

[bibop555]

No one's pitting the both systems against each other,they both perform similar/different purposes, it's just that what the banks are to fiat is exactly in one way or the other what the blockchain technology is to cryptocurrencies(bitcoin)

[dablatair]

Hello,

Yes of course they could live together as they are complementary but it is like always, everybody always compare the new to the old/existing. It is obvious that it will continu but finally when development of crypto will be enought known and accept, an equilibrium will be find and each will be use for the purpose they desserve the best.

[meanwords]

I think they compare it just to create drama, but they both have their own advantages and disadvantages. People are hypocrite, even if they say that they don't want something to use or do anything with it, they will still do it despite saying that banks sucks and they don't use it anymore, they still do in anyway.

[shekt4]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Bitcoin is a write-uncontrolled, read-uncontrolled database. That means anyone can write a new block into the chain, and anyone can read a block in the chain.

Blockchains allow different parties that do not trust each other to share information without requiring a central administrator. Transactions are processed by a network of users acting as a consensus mechanism so that everyone is creating the same shared system of record simultaneously.

The value of decentralized control is that it eliminates the risks of centralized control. With a centralized database, anybody with sufficient access to that system can destroy or corrupt the data within. This makes users dependent on the administrators.
A permissioned blockchain, like a centralized database, can be write-controlled and read-controlled. That means the network or the protocol can be set up so only permissioned participants can write into the database or read the database-banks are operating base on this model making it very vulnerable!!....of course it will take some time for massive adoption....notwithstanding all the great features of decentralisation and a permissionless mechanisms it will definitely take some time for some major changes to take place...for now move with the two( banks and cryptocurrencies) is the way forward.....gradually one will die on the way!! Lol thank u!

[Kaznachej123]

Bank keeps money, makes transactions, blockchain keeps record of transactions - so, banks and blockchains are not rival, and Banks around the world are adopting or testing blockchain. Crypto is vast, there are Centralized and decentralized crypto. And by characteristics, decentralized crypto like BTC is the best form of money for the future and best tool to get beck your financial rights from central banking bullshits.

   The second central bank to fully embrace BTC will be okay and not have to be the first. This is why none want to be the first, they understand their value and the value of the integrity shown of ignoring it until they have to. The value of sleight of hand is immense.

[kzozenberg]

I do not think that banks will give way to bitcoin but the use of blockchain technology will greatly help the banking business . Bitcoin will always be on the Internet as it is a virtual currency.

[Marshall14]

I understand the fact and reasons why most times users of this network tilt their allegiance to the blockchain technology,and blindly claim its better than banks, or going to send the banking system into oblivion..

But every honest cryptocurrency enthusiast should know better than believe such, the crazy part is everyone in this system makes use of our traditional banking system,so then how's it gonna go away

Banks have been here for a very long time unlike the blockchain technology that's barely 10 years old, it's done a lot though in that ten years, but not enough to pit it along side an age long establishment..

Hopefully this comparison will stop and the Two systems allowed to thrive side by side

[gesdan]

the big difference is in the structure, blockchain is the decentralized and the bank is not decentralized it means that bank have the centralized. so it is the big difference between blockchain and the banks

[abanansah]

Blockchain is eliminating the bureaucratic process that banks have use to monopolize how money is managed. With blockchain, the freedom lies in your hands to control your funds than with banks.

[xfaqs01]

bank are intermediares or third trusted party to hold your money and decides what, when, how much you send or spend your own money because they are heavily regulated, blockchain on the other hand eliminates third parties or intermidiares or middle man like banks, you have full control on your money and your blockchain or bitcoin account itself i your bank.

[Jayleen Fernandez]

If the newer idea comes, some will definitely put that in comparison with the older one. But there is a point, if crypto really goes global, then people are supposed to use it solely cause of the feeless transaction and the anonymity. But now a days, its almost impossible to go on without fiats. So let's just live in the present and skip the debate.

[googs84]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Its not about comparison really but its all about how things can be improved, modified and upgraded in the current traditional system of banking. The banking system that we see today is perfect I guess but blockchain can offer something more that a swift-chain may not. There are always limitations on how much you send, use, process on daily basis when it comes to the banking. However these things are avoidable with the blockchain use itself. Plus it can empower the safety and security of funds by complex maths and thus the need arises to use something like that.

Its not really a comparison but looking forwards towards the best business model.

[Yurkov]

It's all about trust. Banks for hundreds of years have been considered the safest deposit of valuables because they were secured in the right way. Through hundreds of years, they began to take advantage of their position and operating costs have increased many times. Bitcoin eliminates the costs that banks charge. In this way banks are unnecessary, because every man can secure his money on the same level as the bank, so is enough good insurance - just like for a car or house.

[Ruggiero45]

It is also surprising to me too seeing such comparisons. Honestly it feels absurd to me because banks store cash and makes exchanges while blockchain keeps the record of the exchanges, so I think they are not rivals rather they will co-exist together.

[Saunder2018]

Some people have border line resentment towards banks and they categorically seek deprecation of current banking system. While most of the alleged situations about banks are bitter truth, however I don't believe you just can get rid off banking system without making the whole economy fall apart. Bitcoin is designed such way that it would be complementary to banks. As someone pointed out, there are lots of politics involved with traditional banking system and and to be honest, its our gateway to escape such dirty mess.

[Dennie741]

If someone thinks bitcoin is going to replace fiat currency, he can not be more wrong. This is the mistake we are making. Bitcoin will be co existing with the banking system as it is doing now.

[Jeremie502]

Blockchains anad banks works in very different ways. One the other hand, blockchains could be integrated with the traditional banking systems to further expand the prospects.

[pinoyden]

It is also surprising to me too seeing such comparisons. Honestly it feels absurd to me because banks store cash and makes exchanges while blockchain keeps the record of the exchanges, so I think they are not rivals rather they will co-exist together.

i think it is only a mistake , what they are really trying to say is bitcoin or cryptos and not the blockchain itself because blockchain is only a technology . crypto such as bitcoin can also store cash and they are more better than banks in my opinion because we can earn a huge percent of interest on them due to volatility while banks only offer a small ineterest per year alhough banks are more stable and less risky as there is no fluctuation on the value of local currencies .

[project_delta]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Co-existing is a great thing. File systems are co-existing with the databases. But they both have same purpose and cost.
Banks are not only more efficient as blockchain cryptos, but they are better in any sense possible tbh. Reduces costs, easy accessibility, more transparent.
I think if this gets accepted then the banks wont die per se but they will not be preferred. Why would you choose something that costs you more and delivers less?

[UsherClara]

Firstly, currency is not seen as a legal currency by government , banks is legal, which is the source of government"s profit every year
secondly, there is no third party in cryptocurrrency , but banks must have
Moreover, fiat in bank is unlimited because they can print it , but bitcoin in cryptocurrency is limit with 21000000

[Leah38]

Before I knew about cryptocurrency and it coin, the idea of banks awe me a lot. We talk about moneybwhen a bank is concerned. But when I entered the world of altcoins, tradings, ICO investment.. the bank became an object of the past. Realizing money in banks only offer security but will be considered as an investment nor an earing asset much different with blockchain technology which offers different ways of earning,and  fast trascaction

[faceoff97]

Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to  detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

[April Ford]

Blockchain will require a HUGE increase in efficiency before it becomes commonplace. Visa uses the electric consumption equivalent of 50,000 homes (US) to process its billions of yearly transactions. The bitcoin blockchain consumes the electric equivalent of millions of homes to process a fraction of the transactions. The biggest obstacle to the adoption of blockchain will be environmentalists not banks.

[KryptoKai]

It's a generation thing where the older generation needs to use a banking system, it's the only thing they have used in their lives. The new generation is looking at alternatives, and that is bitcoin and the blockchain industry

[Vieni]

In the blockchain, transactions are part of blocks. Each block refers to a previous block adding to previous proofs-of-work, which forms a chain of blocks. Once a chain is formed, it confirms all previous bitcoin transactions and secures the network. This not only helps solve the double-spending problem, but it opens the doors for a myriad of powerful applications.

Banks for many years have also used ledgers to track and manage financial transactions, however, bank ledgers are historically private and closed. The general public cannot view them, doesn’t have access to them, and they are centrally managed by the financial institutions; essentially they are permissioned ledgers where banks oversee them with impunity.

The difference between the two is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions.

[setialovers]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Blockchain is technology that can applied in many bussiness sector including banking bussiness. I am believe in near future banks will use blockchain technology to secure their data transaction and service for their customer.

[Qurelal]

You say funny things. We can light a fire with a cigarette lighter or fire our hands. We can use both methods and both will work. What will you choose?

[CryptoBull31]

Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to  detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

A lof of people store cryptocurrency on exchanges, this is exactly like banks. You don't own the private keys and you trust a third party with the security of your funds. The same goes for using closed source wallets, sure you can see the private keys and export them, but you have absolutely no guarantee on what happens to the private keys that you don't see, where are there being sent and who can also access them. This is almost worse than banks. That's why I like that you mentioned HODLER wallet, the only multiwallet that i know of that is really 100% open source. Unfortunately most of the well known multiwallets (and even some bitcoin only wallets!) just pretend to be open source.

[Snowflower11]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

I think Blockchain will be better than it is popular because of its transparency and decentralization. Of course, we also need a lot of options, and it's great to see the bank apply the blockchain technology.

[faceoff97]

Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to  detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

A lof of people store cryptocurrency on exchanges, this is exactly like banks. You don't own the private keys and you trust a third party with the security of your funds. The same goes for using closed source wallets, sure you can see the private keys and export them, but you have absolutely no guarantee on what happens to the private keys that you don't see, where are there being sent and who can also access them. This is almost worse than banks. That's why I like that you mentioned HODLER wallet, the only multiwallet that i know of that is really 100% open source. Unfortunately most of the well known multiwallets (and even some bitcoin only wallets!) just pretend to be open source.

I can't agree more, this is why people should be discourage to use exchanges and closed source software in holding coins. Cryptocurrency is design to free us from any third trusted party. We shouLD have the full control over our funds anf nobody could control it even the government. That's really what I like about HODLER wallet, this gives transparency on our funds and see any potential threats so it could easily fixed. People should know that there is this kind of wallet that is open source and could hold multi assets.

[giantrobot]

Blockchain and the bank serve two different user groups. The bank has done a very good job and holds the trust of many people. It has the advantage of easy to use, mass-scale, suitable for all users. Blockchain is the technology of the future, it converts everything into virtual currency and transacts it. Strengths are transaction speed, security and transaction costs are low. However, Blockchain is not really popular to compete with the bank at the moment.

[Colan Zolo]

The Bank will continue to use Fiat to get transactions with the public, but one day the bank will use blockchain technology for data security. Blockchain technology is a sophisticated technology that can work optimally in digital transactions.

[Michael_Cox]

It's all about trust. Banks for hundreds of years have been considered the safest deposit of valuables because they were secured in the right way. Through hundreds of years, they began to take advantage of their position and operating costs have increased many times. Bitcoin eliminates the costs that banks charge. In this way banks are unnecessary, because every man can secure his money on the same level as the bank, so is enough good insurance - just like for a car or house.

So do you think that people will start trusting banks again if they, say, started running on blockchain as well, all the while still keeping their branches open? Is is it even possible for them to adopt blockchain too?

[nuraziaaziz]

Basically from my opinion, people block chain is now known and been used by people because of its function where the owner could hold to their own wealth whereas Banks does not work that way because they have third party involved and that is the reason why people slowly prefer block chain.

[RoyGoth]

Bitcoin's blockchain technology, a form of distributed ledger technology, allows thousands of people who do not know or trust each other to trade with each other. The bank operates under a system of strict regulations of the State towards in favor of the economy. Usually, such a network requires a reliable intermediary to prevent bad guys from using their funds twice or asking for money that is not theirs. With bitcoin it is not so, its technology can overcome the inflation that banks often have. If blockchain technology is applied by the bank, this technology will help the bank to manage the financial system well.

[crypteris]

Banks and cryptos have similar functions of storing money and making transactions, but banks are centralized institutions, beneficial for a group of people, while blockchain is a decentralized technology that could be beneficial for everyone. They are not rivals, some banks actively cooperate with crypto projects. Blockchain is able to significantly improve the efficiency of banking, and not only this industry.

[SneakyLady]

No one did this because you can't currently pay for anything and everything in cryptocurrency..yet.

The list is growing though: https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

Banks can incorporate blockchain to their benefit, I think you mean cryptocurrencies being "pitted" against banks, and they're only competing with them if the most-used cryptocurrencies are decentralized. Long way to go before this is possible. Still too risky with vulnerable exchanges.

[pavka]

It seems to me that the time will come when banks will merge into the cryptocurrency market and stop resisting it. Any business, when it becomes a question of simple survival, will strive for progress and banks are no exception. In addition, I conclude that the blockchain, as a reliable independent system, can be very useful in the banking sector.

[sultanGol]

No, I still have one of my bank accounts, I will problably have it, as long as the supermarket in the corner does not accept Bitcoin or any other cryptocurrency.

[Burogh]

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Like or not, we still use paper money to fill our need. Cryptocurrency still not regulated in many country and i think we can use it together, cryptocurrency as investment and fiat money for our daily purpose