Can Bitcoin Beat Banks?

[olumyd]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

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[Adriano2010]

I don't think will happen, the bank will still be, because also governments wants banks, is the way how they control money and they know faster how much money are on market and how much money are in a bank. Only if governments will want that banks to dissappear and adopt crypto then crypto will replace banks, but this will not happen in my opinion.

[Harlot]

This is laughable to be even asked again. Sending/Receiving money isn't even the main income source for this financial institutions. It's just only their way to squeeze a little more out from their clients. These big banks you are talking about are making more through the loans they give to the people, and not until that their main business is threatened I don't think that banks will fall because one of their side business is affected. We also need to consider the fact that their main business (lending money) is a lucrative business as almost anyone at the right age will have a point in their life that they will need the assistance from this banks.

[Bitinity]

I'm sure this topic has been discussed many times before. Can you please lock the thread and try to find the other thread to read other's opinion about it?
In short there are some people who believe that bitcoin will replace fiat but some others believe the opposite and I'm one of those who thinks that bitcoin will never replace fiat.

[harizen]

~snipped~

If you able to hear it all the time then proceed on that discussions on whatever sources you encountered it. You will learn from those discussions believed me. Even articles will somehow feed your mind about the possible outcome.

Different people have different perspectives on this issue. It was also discussed before. Just give it a search and you can consider locking this thread.

Or if you really want to "dig something", find a specific point to discussed for this thread to make sense.

[Ailmand]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

What might happen is, banks might start adapting blockchain technology and apply it to their system to cope-up with the latest trend in technology. This is also good since this could ease all the transactions that banks do, this would be convenient for both users and banks.

[rizkyhiw]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

What might happen is, banks might start adapting blockchain technology and apply it to their system to cope-up with the latest trend in technology. This is also good since this could ease all the transactions that banks do, this would be convenient for both users and banks.

It won't be able to achieve that because the bank is something very strong in various countries because everything has been controlled by the bank so Bitcoin is the second choice to be the same as the bank, Fiat is still needed for most people and everyone is not too active to pay attention to Bitcoin because the problem of popularity is still limited at the moment, I really think that banks will continue to exist at any time and indeed there are banks that adopt the blockchain as the development of future quality.

[Oceat]

Maybe but people are still under in the government institution and we can't do anything yet to make something that is against on them that's why the majority votes always win. At least they did agree to accept Bitcoin as a source of payment online since they can't really stop the evolving and adaptation of Bitcoin in every country.

[LeGaulois]

An alternative does not necessarily mean a replacement. Because there will always be people who prefer to use this or that currency. A cryptocurrency can be a crypto/altcoin ( a currency using cryptographic protocol) but not decentralized.

Banks cannot adopt cryptos, they must deal with state currencies because that is what has legal value. Even if they decide to create their own cryptographic currency it will certainly not be a decentralized one, simply because they have no interest in it.

[Crypdon]

The problem with bitcoin is that it is too complicated for technophobes. They prefer to visit a bank and do things over the counter. What bitcoin needs is a counter service from a trustworthy bitcoin bank - no one mention mt gox!

[mindrust]

Regular banks: Probably yes.

Central banks: Not yet.

The central banks have the power to print unlimited FIAT which makes them a lot more powerful than regular shitty banks. I don't think Bitcoin can overpower CB's yet because we still value things with Dollar not BTC which gives advantages to the FED.

Regular banks come and go all the time and to many btc holders they already don't mean shit anymore. Personally I treat my btc address as I treat my personal savings account in a bank. I see no difference, in fact, I trust Bitcoin more.

[Zadicar]

I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?

Only 2 things i can say:

Crypto cant beat up Banks no matter what,
&
Banks wont able to shutdown Crypto

These two are different things they might have the chance to collaborate but on the sense that they
are built up differently but i doesnt mean that Crypto can took over the traditional Banking system.Its an impossible
thing to happen.

[cryptovigi]

Adaptation, recognition, education and time... today we need these four factors ....

If we want to think about the fact that cryptocurrencies replace the currency, their popularity must increase so that they have a chance to be a global means of payment. Have you ever wondered how many people use crypto currency in the world? According to a recent study in 2018 or 5 years after the first transaction using Bitcoin in the world, there were about 25 million Bitcoin users. Of this number, less than 10% - about 2.3 million people in the world used it to make payments (the rest are hodlers, speculators, etc.). By comparison, paypal has around 235 million active users, Mastercard nearly 650 million and VISA 1.070 million.

source: https://www.bitcoinmarketjournal.com/how-many-people-use-bitcoin/

So - I am a big fan of bitcoin and other cryptocurrencies, and I believe that in the future they will surely overpower the popularity of paypal and maybe even payment cards and thus also become more powerfull than classical banks, but it still requires a lot of time and work on the development and popularization of this technology....

[mrdeposit]

In my opinion the banks are a wider concept. Question like "can money beat banks?". Banks will most likely be used, but not as it is now. More in accordance with the crypto concept.

[IVEXO]

We need to understand that bitcoin is not a currency but a digital asset
Which means bitcoin cannot be bank

Decentralization means freedom, banking is legally bonded on all axis
Another reasons why bitcoin cannot beat banks

But bitcoin with a faster payment transaction time, and easy to use for all; can help banks as a payment alternative for faster business or faster money transfers

[sandra_x]

Bitcoin is "super money" as Eric Vooheyes once said,it has some qualities that are absent in fiats or other forms of money, In a world that is increasingly in favor of all things being programmable,it is not hard to see bitcoin being used to replace fiats in ever increasing capacity. The future will be more of Cryptos and less of fiats.

[Twinkledoe]

This question get asked everyday here and many people still feel there is a huge possibility of this in the future.
I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.

Yes, I agree. Right now, bitcoin and banks still go hand in hand. If you need fiat, you still need to convert your crypto in some other ways like using the bank terminals. Banks will stay and most likely will use blockchain technology within their system to catch up the changing market.

[Ayiranorea]

This question get asked everyday here and many people still feel there is a huge possibility of this in the future.
I like your first sentence where you stated that Bitcoin is alternative to fiat. I feel you have answered this question yourself but still don't know.
Bitcoin is an alternative meaning it can be used if fiat currency can not be used. Bitcoin can never replace fiat currency, but instead they work together.

Bitcoin is purely an alternate payment as well a transaction source to the banking system. Upon the same there will be banks forever, maybe banks will adopt the technology behind bitcoin. Same as we have altcoins as a alternate to bitcoin, fiat has got bitcoin as the alternate.

[hatshepsut93]

From the technical point of view, Bitcoin with Lightning Network still wouldn't be able to process all transactions that banks process, and it will be like that for a long-long time. From political point of view, governments won't let Bitcoin overtake the financial world, and if you believe in revolutions, than I'll have to disappoint you - most revolutions actually fail, and currently Bitcoin has very little support in the population.

But I personally don't see a problem here, Bitcoin already helps individuals get some freedom and safety right now, so it's not a binary choice that either Bitcoin succeeds or fails.

[celot]

Bitcoin never could beat bank because between bitcoin and bank need each other, bitcoin could be stronger without bank and how come investor for selling and buying their asset become cash money without bank?