Can Bitcoin Beat Banks?

[StarofBTC]

I support bitcoin much and i know its real potential but we have to accept the fact that bitcoin will never beat the bank, maybe bitcoin has a better system but still investors will use banks because they needed it. There will be great combination of bitcoin and banks, the future is good for both market you just have to use banks and bitcoin properly. Banks will defeat their own competitor but they will never be defeated by cryptocurrency.

Is Bitcoin the real threat? I don’t really think so. I think the main threat is Blockchain, which is the technology behind Bitcoin and other cryptocurrencies. Blockchain seems to be a threat to the existence of major financial firms. They are not doing anything against it yet, but a time might come when they may decide that it is over with the blockchain or they might even adopt the technology and use it for their own use.

Bitcoin is a solid alternative to fiat since you can make use of it in doing transactions, same as there are other alternatives. Bitcoin is not the only alternative to fiat that we have, there are lots of other ways you can carry out a transaction and a lot of them are more safe. As for which one of them is better, bank is better and that’s why we are still making use of it till today.

[akram143]

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?

Bitcoin already has a future development when compared to the other normal currency so in this time the banks needs to support cryptocurrency instead of opposing that because it will be the future changing and developing option for available every country in the world so everyone needs to use this.

[boyptc]

No. Bitcoin is decentralized while the banks are centralized and monitored by the gov't.

They can't let it all pass the burden to bitcoin and let the market itself plays the whole economy of a country. Yes, banks do have big roles in a country, although we've been saying that it will replace banks because the motto we have read before was from blockchain.com 'Be your own bank'. We can find a replacement for the banks but it won't replace it to the point of closing the banks, they might even adopt it to attract more depositors.

[posi]

Bank is open for only If you are adult or minimum a studen who will abide by all the laws and system of Bank.OTOH, Bitcoin is open for all, untraceable, doesn’t believe in legal or illegal.I think bank is known by everyone but bitcoin Isn't.There are many reasons for this but bank is legal in every country where bitcoin is banned in some.I Don't think bitcoin will be able to beat bitcoin nowhere.           

You guys are missing something or missing things up here because Bitcoin was not created to Bitcoin banks or fiat currency but to correct the errors and the mistake made by banks, governments and to provide the true symbol of democracy. However, this is what the institutions misunderstand either which make them detest Bitcoin.
 

[bitgolden]

banks are related to fiat currencies, while bitcoin without a bank, can still run. but the government will not be able to delete banks for now, it is precisely bitcoin that must be able to take the heart of the government

My question exactly is who are the people that are saying that Bitcoin is going to replace fiat? What’s makes you think that is ever going to happen? Government is not even interested in cryptocurrency, even if it’s declared legal in that country. Banks are very important, and fiat has so many advantages. Okay, I do know cryptocurrency itself also has its own advantages, but those advantages can’t beat what the other has to offer and the disadvantages are too much.

Sorry OP, not everyone believes that. There are people who think such, but it is not everyone that thinks that such a thing is going to happen. I usually see Bitcoin enthusiasts say that, they are the ones who are fond of saying it. But they never make use of Bitcoin,, when the price starts to fall they will be the first ones to sell their coins and convert to fiat immediately. Bitcoin/cryptocurrencies has reasons why they can never replace fiat – long story.

[ogini]

Am not seeing bitcoin outdistance with the bank,cause they both need each other. Bitcoin is a digital currency wish can be only be spent digitally and in most countries were bitcoin is yet to gain it popularity and legalization,bitcoin holders needs to trade their bitcoin into fiat currency this make fiat currency also valuable.And if bitcoin is to beat fiat this may take time and legalization's will be needed.  

[justspare]

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?

The objective of Bitcoin is far from competing with banks; it is just to create an alternative means of making payment without the involvement of third party as it is done in centralized market system.

They both need each other, I believe you need fiat to be able to get cryptocurrency and without bank, you may not succeed in having fiat or changing fiat to crypto, so Bitcoinmight not necessarily replace banking system completely but will gain more relevance as regards payment system and investment. Many people storing their funds in banks will no longer do so because they earn better profits when store in Bitcoin to bank.

[shoreno]

First of all , bitcoin is not here for the competition . bitcoin is built for a good cause and not for destroying someone else business .

 secondly  .  banks are already superior and will be superior no matter what new technology or payment methods will be invented out there  .

 thirdly  .we must not compare banks with bitcoin because bitcoin is online and bitcoin is only a currency while banks are insitutions and they exist in real world  ( offline )  .

[Finestream]

Am not seeing bitcoin outdistance with the bank,cause they both need each other. Bitcoin is a digital currency wish can be only be spent digitally and in most countries were bitcoin is yet to gain it popularity and legalization,bitcoin holders needs to trade their bitcoin into fiat currency this make fiat currency also valuable.And if bitcoin is to beat fiat this may take time and legalization's will be needed.  

I think it is really hard to replace banks with bitcoin knowing that they have the full support from the government.Even when time comes that bitcoin will be fully legalized by the government,banks will not be easily gone because still majority of the people are used to it already and would still prefer banking transactions than digital currency transactions.

[Sirait]

I think Bitcoin can't beat the Bank, but Bitcoin can change the Bank's system with Blockchain technology. so far we all know that the Bank's system is still not transparent and secure, with the development of the Blockchain technology the Bank's system in the future will be more transparent and safer.  currently, there are many ICO Bank projects that use Blockchain and cryptocurrencies.

[pishite]

It is unlikely that the btc replace the usual currency. But become an investment like gold can. As for the means of payment on the internet, it is suspected that the coin is weak. Little bandwidth and not a cheap transaction.

[Slow death]

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

how would governments pay the wages of their workers? there are many people who will not want to receive their wages in bitcoins because there are many places that because of lack of conditions will not be possible to make payments by bitcoin then people will be forced to use FIAT.

And there are the issues of retirement and pensions. Bticoin has its advantages and banks also have their advantages. What we need are honest people in governments

[entebah]

It is unlikely that the btc replace the usual currency. But become an investment like gold can. As for the means of payment on the internet, it is suspected that the coin is weak. Little bandwidth and not a cheap transaction.

That's right, because banks have created paper currency, while all over the world have used paper currency as a daily transaction tool, so it is very difficult if BTC can defeat the Bank.

[cryptjh]

Banks are still going to be necessary for the years to come, government and central banks, are using banks to lend out money to the general population. I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment. Bitcoins will become a store of wealth with low and falling inflation and a max supply of 21 m, this will lead to an endless price rise for Bitcoins vs fiat.

[Barbut]

Banks are still going to be necessary for the years to come, government and central banks, are using banks to lend out money to the general population. I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment. Bitcoins will become a store of wealth with low and falling inflation and a max supply of 21 m, this will lead to an endless price rise for Bitcoins vs fiat.

This transition from banking to digital system last a decade, I`m counting from the time when bitcoin was born. We are in transition since than, crypto community is growing bigger each year, people starting to realize that this is the future of money. Decentralization is not just a word anymore, now people can choose between decentralized system and centralized banking system.
Bitcoin will beat banks in the future. Banks will have to adapt to digital future, paper will be a history very soon.

[annango]

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

how would governments pay the wages of their workers? there are many people who will not want to receive their wages in bitcoins because there are many places that because of lack of conditions will not be possible to make payments by bitcoin then people will be forced to use FIAT.

And there are the issues of retirement and pensions. Bticoin has its advantages and banks also have their advantages. What we need are honest people in governments

I don't know whether or not bitcoin can be used officially in the future like the way the banks do. Nothing can say for sure, but at currently the number of people who use banks are more than the one use bitcoin. Most of places in the world have used banks for a very long time before, and till now it's always the main place for people to store, transact money back and forth. Especially state banks or central banks are supported by the government. Hardly do people around the world get rid of the banks; therefore bitcoin or crypto in general can't beat
or replace the banks.

[maxreish]

Never will be. Bitcoin is just a cryprocurrency and banks are centralized institutions which covers wide ranges of money under governments. Bitcoin isn't legal yet and there are still people who are not in favor of using bitcoin. When it comes to security, people also prefered banks, too than bitcoin.

[BitHodler]

I think banks will slowly add stable coins to their business, making it cheaper and much faster to do cross-border payment.

I don't think that's what banks are looking for considering how cross border fees are such an important profit stream for them. Why would they attempt to change anything about this?

If they ever plan to actually utilize the blockchain technology, we will not find out about it because that will allow them to justify the high fees, and people will keep dreaming about the day the fees become lower.

It could even be that the largest banks already utilize the blockchain technology. They privatize the efficiency gains to cut on intermediary fees between banks, while people themselves still pay high legacy fees.

[roosbit]

I know we all want to stay clear from the bureaucracy these banks operate under, but let's face it...we need these banks to help in financial regulation and other controls which could help stop fraud and many vices, without these banks people would lose money to hackers, dishonest employees or family members and the list goes on. With all these benefits, banks still have a big role to play unlike crypto which is a one way street which means no charge backs once money leaves your wallet, so I would say bitcoin is still a work in progress and won't replace BANKS!

[yvesp110]

banks are related to fiat currencies, while bitcoin without a bank, can still run. but the government will not be able to delete banks for now, it is precisely bitcoin that must be able to take the heart of the government

Government are not closing banks because they are getting benefits from it and people are in favor of crypto currency because it is giving them real profit, bitcoin has good ability may be in future government will accept it, as we know when we put our money in banks it does not give benefit but when we put our money in crypto currency it gives us profit for holding