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?

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[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.