Can Bitcoin Beat Banks?

[furenaire123]

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

[Jose Mourinho]

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

Agree, the thing that might happen is the bank accepts bitcoin, the bank will always be protected by the government because of the huge role to help the economy nationally.

[popolite11]

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

I guess, the time, when the banks will start using Bitcoins is very close. We just need to wait for it. Certainly, cryptocurrency cannot destroy traditional bank system: no need to worry about it.

[sinta23]

if in my opinion it won't work because the bank is very strong to be defeated in any way because there are already many people using the bank in the world so that the presence of digital currency that is very easy to use will not be able to defeat the bank anytime

[KlepZ]

Impossible. Banks don’t just let you deposit money in it, they loan people in the form of mortgages, lending to companies, etc. The world cannot do without this.

Bitcoin is just a different form of currency, nothing like a bank.

[btccrusher]

Bitcoin has to go a long way in order to create a solid environment to replace the fiat system, but that is not likely to happen anytime soon. One major reason is security. It must be safe and secure for daily use. For mass uses, fiat banking is the only secure way to keep funds safe, but in cryptocurrencies, most people won't feel safe enough. In fact, they wouldn't be able to protect them. Here is an example: If the bank manager has your signature copy, can he steal your funds? No, it's impossible, no matter how small or big is the bank. Now, in Bitcoin system, can you trust any exchange owner to give your private keys where you hold all your funds?

[adzino]

This question has been asked several times on this forum. The replies has always been the same and will always be the same for now.
No, crypto currencies will not replace fiat currencies, at least for now. We still need to adopt to the system. I know its hard to say, but yeah there are still numerous flaws in the system which needs to be fixed if you want to be using it as a daily currency. As for now, it will not be able to beat the banking system and will not replace the fiat currency. At best we will be using it side by side with fiat currency in a single harmony.

[lobat999]

I personally think that there is a possibility that Bitcoin, together with several cryptocurrencies that has advanced blockchain technology features and the Fintech companies that will integrate them to different financial solutions could beat banks but I must admit it could take years from now or even decades for it to happen. But once Government sectors and financial institutions starts to use it, there will be high demand for its core features and that will pose as a threat to banking institutions and that is the reason why some of them are slowly adopting the technology right now.

[Finestream]

Impossible. Banks don’t just let you deposit money in it, they loan people in the form of mortgages, lending to companies, etc. The world cannot do without this.

Bitcoin is just a different form of currency, nothing like a bank.

No.Not all establishment that lent money are called bank, that can still be done even without bank.
Do you have know even in this forum there are people who are lending money, that's a simple proof that it's possible to loan or borrow money even without a bank.So,if loan is the only concern, we don't need bank for that, bank is only here to print money or fiat.

[whirlcoin]

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?

  yes definitely Bitcoin had huge chance to beat the banks but it needs people support also because when people realise banks are not profitable then only there ready to invest in cryptocurrency especially Bitcoin if increase of demand will be made the value more higher and I will easily be developed a future value.

[stanlee2018]

Well, we must admit that bitcoin is still an experiment. But I literally hope it will work.  This evolution is happening around the world, and now it affects millions of people. Compare to the bank, bitcoin is more easy to use and with high security. Finally, it will be accepted by all the countries in the world.

[Bonsaiav]

As long as the government is still hostile to bitcoin, bitcoin cannot defeat financial institutions, especially banks which have been given complete freedom by the government in accessing various economic and financial sectors within the country shaded by their masters, which means it's easy for banks to eject bitcoin at any time from the country they live in. But they cannot just kick Bitcoin, because the strength of bitcoin's entirely in the hands of its users (the general public), just the same as banks that only rely on the profits from the money of their customers (the general public).

I think bitcoin will run in parallel with fiat (sorry, I often repeat this statement).

[freedomgo]

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?

  yes definitely Bitcoin had huge chance to beat the banks but it needs people support also because when people realise banks are not profitable then only there ready to invest in cryptocurrency especially Bitcoin if increase of demand will be made the value more higher and I will easily be developed a future value.

Would not call it huge at this level of development, if the government shut down the miners in china or ban bitcoin, other countries
can also do that if they feel it's a threat to their interest. Bank is still the biggest financial institution in this world, they are govern by the government
but they might have interest on it especially if they are not serving the country faithfully.

[andrea1234]

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?

Not sure but also it's possible cryptocurrency can beat ban too I guess one day Bank will closed and only cryptocurrency will be used everywhere...

[pushups44]

Bitcoin and banks will be complementary. There's that saying, "If you can't beat them, join them." Since bitcoin is so difficult to suppress as a decentralized technology, banks will eventually find ways to capitalize on it.

[akela04]

For me, it is not possible that bitcoin can beat the banks. Yes, we all know that bitcoin helps a lot of us to transfer crypto/money easier, faster, and conveniently. With the used of bitcoin, you can transfer funds instantly without paying a huge amount. But to be honest, it will be difficult to beat the banks. Because banks are the platforms for physical currency such as FOREX (Foreign Exchange) and most of us using it. Banks also helps different country to buy, exchange, sell, etc. to the other country.

I totally agree with you! I think it is unlikely that the cryptocurrency will overtake the banks, but the banks can fully cooperate with the cryptocurrency and I am for it. It must be that something new in the banking industry. It would be great!

[playboy654]

There are two you possibilities available in this situation Oneness banks will accept the Bitcoin and make it as transaction and payment and the other way is they don't want to take it as a legal payment method definitely one thing will happen in the future.

[arpon11]

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?

We must tell ourselve the truth and that is cryptocurrencies and blockchain technology has the best financial system and the system is far more better than the legacy financial institutions and system we have now.  I think in future blockchain technology is going to makes banks obsolete and even if there are going to be in existence there are going to be of no used. We are still at the early stages of cryptocurrencies development and it is few of us that has some understanding of what is going to happen in future and how the decentralized cryptocurrencies system is far better than the current financial Institutions we have.

[Artemis3]

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?

I'd rephrase the question: Can Banks beat Bitcoin? And the answer is, no. The genie is out of the bottle, the world history changed on Jan 3 2009; there is no turning back. The best they can do is embrace it, the worse is fight it, but disappear it? Never, they just can't. They'll have to adapt to a new reality, a technology often comes that makes centuries old business practices obsolete. I'm sure they will find a different role to fill, rather than moving (non existent) money around. It is good that Crypto came to finally put an end to Fractional Reserve Banking. The Austrian economists have been warning for a century but few listened. Perhaps because they proposed going back to gold directly as currency. But now there is a digital gold, which some of them don't like, but some do, and things will and are changing, for the better.

[Pamadar]

There are two you possibilities available in this situation Oneness banks will accept the Bitcoin and make it as transaction and payment and the other way is they don't want to take it as a legal payment method definitely one thing will happen in the future.

Eyeing for banks to accept reality that it's time for them to move forward and adopt this payments method, it is a big help for them knowing the system is much faster than those that they are using currently, we will see the future if this two industry will work out together along side with each other.