Can Bitcoin Beat Banks?

[Bezobraznike]

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.

   There are many possible outcomes, not just two. Here I will agree with Pamdar! Banks will need to accept the reality
and if they want to move forward they will need to adopt crypto-currencies. Will they adopt some existing one, they
can try to create their own, or they will transfer their business on something else is up to them.
   I think Bitcoin and crypto-currencies are already beating banks. Cheaper transactions, you have your own wallet,
without any interests.

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[raven7886]

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.

It will really be difficult for BTC to defeat something that affects the entire world, before paper currency was even approved as means of payment against the popular trade by barter then, it took many international bodies to comes together to agree on using it to replace trader by better, so for Bitcoin to defeat banks which we are automatically saying will defeat fiat.

It means it has to be in paper form too and agreed as a uniform means of payment by so many international bodies which I really don’t see happening and bitcoin didn’t even come to do that, bitcoin came to personally assist out financial transactions in running smoothly and void of interference.

[shesheboy]

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.

It will really be difficult for BTC to defeat something that affects the entire world, before paper currency was even approved as means of payment against the popular trade by barter then, it took many international bodies to comes together to agree on using it to replace trader by better, so for Bitcoin to defeat banks which we are automatically saying will defeat fiat.

It means it has to be in paper form too and agreed as a uniform means of payment by so many international bodies which I really don’t see happening and bitcoin didn’t even come to do that, bitcoin came to personally assist out financial transactions in running smoothly and void of interference.

if barter was replaced by fiats , there was also a possiblity that fiats can be replaced by bitcoins or cryptos in general if ever all people on the world will agree to use bitcoin as a standard currency  but like what said , it takes alot of time and it take alot of process before it could succesfully happen  . besides bitcoin is also kinda bit new so there is no reason to force it or to force anyone to join and use this kind of currency  . anyway , bitcoin is already proven itself that it can beat the banks and fiat system .

[Spaffin]

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?

No, a cryptocurrency is simply not capable of replacing existing financial institutions of various countries with time.
First, the cryptocurrency itself is incapable of it. The functions of banks and other financial institutions are much broader than the functions of cryptocurrency.
Secondly, banks and other financial institutions are part of the state and no state will stand aside if the existence of these institutions is in danger. The state will destroy anyone who will encroach on their financial institutions.

[lobat999]

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.

It will really be difficult for BTC to defeat something that affects the entire world, before paper currency was even approved as means of payment against the popular trade by barter then, it took many international bodies to comes together to agree on using it to replace trader by better, so for Bitcoin to defeat banks which we are automatically saying will defeat fiat.

It means it has to be in paper form too and agreed as a uniform means of payment by so many international bodies which I really don’t see happening and bitcoin didn’t even come to do that, bitcoin came to personally assist out financial transactions in running smoothly and void of interference.

if barter was replaced by fiats , there was also a possiblity that fiats can be replaced by bitcoins or cryptos in general if ever all people on the world will agree to use bitcoin as a standard currency  but like what said , it takes alot of time and it take alot of process before it could succesfully happen  . besides bitcoin is also kinda bit new so there is no reason to force it or to force anyone to join and use this kind of currency  . anyway , bitcoin is already proven itself that it can beat the banks and fiat system .

I agree!. With advances in technology including blockchain technology almost within everybody's reach, I think Bitcoin could  layout the foundation of a revolution in how we conduct seamless and efficient payment transactions we've never imagined of. Those entities that resist change will falter just like "Nokia's epic fail when it didn't adopt Android and hang on to its own Symbian OS in the early years of mobile phone revolution". Imho.

[Hannahanto]

A topic discussed from the day crypto came into the market. Its truly a business and yes banks do have their own opinion to close down crypto in the market. As Bitcoin is well received among nations, the banks have started thinking on its development in the market. Bitcoin's market is becoming so strong and we see huge number of investors into crypto.

[STT]

BTC doesnt beat banks, I think the point or the danger might be the banks beat the banks which if society has no alternative at that point is going to send us backwards.

I was pleasantly surprised government was not especially negative towards crypto though arguably not that positive either, I think at least part of the reason was there was some scenario where BTC could be of use of benefit to a society and also in liberating suppressed and captive markets that are not democratic or capitalist.  Hence BTC was 'allowed'

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

JPM doesnt get it especially.   They make some token that is nothing more then paypal is.   Paypal was originally started to be a kind of online currency, instead it just became a payment system but in theory it was intended to be revolutionary.   JPM or whoever lack the imagination and innovation to really be revolutionary it seems, they will copy and try capture some of the success but I doubt they manage to improve or really give any benefit to users of their system.   If this is the case, its not likely to last more then the publicity is beneficial

I do not think BTC replaces banks, it really is something new and not leveraged hence quite far from whats considered normal banking now.   I dont think they conflict really, different paths

[samcrypto]

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.

If they don’t adopt, some banks will do and it will be a great development for those banks who adopts already. Bitcoin can’t beat the bank, they have to support each other for the future. We encountered a lot of system failure with our local banks right now and if they continue to be like this, then investors will look for other place to put money then bitcoin might be one of their option.

[demonz666]

I think cryptocurrency will not be able to beat the bank. because the bank has been around for a long time and has become a government tool to control the transfer of fiat money. the government will not replace banks with a currency that cannot be controlled and also until now people still need banks as financial institutions that can lend money. so the bank will always be there until the end.

[Dreamchaser21]

A topic discussed from the day crypto came into the market. Its truly a business and yes banks do have their own opinion to close down crypto in the market. As Bitcoin is well received among nations, the banks have started thinking on its development in the market. Bitcoin's market is becoming so strong and we see huge number of investors into crypto.

Even banks tries to destroy the reputation of cryptocurrency they will not succeed on that. Bitcoin will not beat banks but it will become better. We know the capacity of a blockchain technology, banks will adopt but they can’t stop bitcoin. Investors knows the importance of bitcoin and they will continue buy.

[FlightyPouch]

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.

I don't think banks will be accepting them but the government do. The governments are the one making the decision for the regulations and not the banks. Obviously, these two are happening all over the world right now,  Bitcoin being banned and being regulated. I banks will be using it but not the currency directly, it is the technology. Block chain is a great technology and I know they will be developing a system the same as that.

[Moshaid]

For bitcoin to overcome banks there will have to be what we call transformation or revolution. Reason because governmental bodies in most countries are not ready to accept the utilization of bitcoin locally while most people are scared of diverting their funds into bitcoin because of the bad label some governmental authority has given bitcoin. For me, i prefer both working on it's own ground. The intreseted ones should go for what they feel comfortable with.

[babysweetTiger0401]

Perhaps, bank will never be disappear. Though as of the moment, most bank nowadays are not ready to crypto or bitcoin to their system.
But possible in the near future they would probably accept the concept of bitcoin for sure, because there are some of the banks now are already accepted the blockchain technology to their system.

[Janation]

A topic discussed from the day crypto came into the market. Its truly a business and yes banks do have their own opinion to close down crypto in the market. As Bitcoin is well received among nations, the banks have started thinking on its development in the market. Bitcoin's market is becoming so strong and we see huge number of investors into crypto.

Even banks tries to destroy the reputation of cryptocurrency they will not succeed on that. Bitcoin will not beat banks but it will become better. We know the capacity of a blockchain technology, banks will adopt but they can’t stop bitcoin. Investors knows the importance of bitcoin and they will continue buy.

Do you have proof about this?

Banks taking down the reputation of the cryptocurrencies? I heard this before but I don't think banks or their associates are actually doing it. Bitcoin will never beat the banks, it is trusted by a lot of people already and it is not affiliated with any scams or black market transactions, unlike Bitcoin. Banks might even use Bitcoin to develop in the future.

[hen cet]

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.

I am of the opinion that to defeat the bitcoin bank takes a very long time, there is even a possibility it cannot because the use of the bank has been very entrenched and lasts hundreds of years. While bitcoin is only a decade old and more used by educated people and in developed countries.
So, bitcoin is better placed in a parallel position with fiat money where its use does not use bank services, so bitcoin has more room to develop, but not to beat the bank because its users have different characters.

[loopes]

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 don't think that bitcoin can beat banks, actually bitcoin don't have to do it. In economical system there is important segment called investment which drive industries to produce more product and increase world economy, and the most fair and safe legacy financial institutions for this is banks although there are many weaknesses when we use this type of funding. I know a method which is better than bank funding system, it is called "muamalah" it is one of Islamic way of investment which let investors get profit as much as profit that the company made based on the agreement. If we use this method then I think bank will be dissapear and bitcoin will be the number one choice for online transactions.

[BeGoods]

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.

They will definitely adopt it, there is no other choice for them. ignore bitcoin will make them run on the spot, because innovation must
continue and it can be done by adopting bitcoin, they will definitely do that..

[olumyd]

I truly can only think of one scenario where Bitcoin can replace banks. When we value commodities wet satoshis or bitcoin instead of corresponding fiat valuations. Say I want to buy a house, instead of saying 10
$120k USD, I could just say 23.6 BTC... However the sad thing is that people will always ask how much is BTC and will be tempted to value it in terms of fiat - USD, GBP, EURO, YEN or YUAN... And then the banks come into play again.

[lobat999]

I truly can only think of one scenario where Bitcoin can replace banks. When we value commodities wet satoshis or bitcoin instead of corresponding fiat valuations. Say I want to buy a house, instead of saying 10
$120k USD, I could just say 23.6 BTC... However the sad thing is that people will always ask how much is BTC and will be tempted to value it in terms of fiat - USD, GBP, EURO, YEN or YUAN... And then the banks come into play again.

Since Bitcoin is an emerging technology that has caught the financial world by surprise, I think time will come that many Bitcoin based financial products will be offered by fintech companies for the sole purpose of resolving issues often found in fiat transactions involving banks such as the one mentioned above and we can surmise that groundwork are already being laid out right now in cryptoverse that will act as a threat to bank's existence. Imho.

[IParn]

I believe that Bitcoin is quite possible to replace the banks. I think this will be an even more reasonable solution. I think that after this, everyone will be exactly satisfied.