Can Bitcoin Beat Banks?

[0t3p0t]

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?

In my humble opinion Bitcoin already beat banks because of the fact that we have the full control of our funds just by using Bitcoin wallets, we can even pay faster transactions anywhere in the world in just a couple of minutes, we can buy goods and pay services offered online without hassle and lastly people are now replacing their investments from fiat money into Bitcoin due to high potential.

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[Falgorn]

Even if the cryptocurrency will continue to develop, banks will continue to exist vseravno and there will be no threat to their existence. Individuals and legal entities will still need bank services. This is especially true of business structures. For the preparation of tax reports, enterprises of various forms of ownership need documents from banks, where they serve the conduct of business.
It is especially necessary to highlight the fact that the state itself is interested in the existence of banks, because banks actually serve the country's budget and credit its economy.

[moynul2050]

any technology that exists today, for example bitcoin with blockchain technology that they have will not be able to replace banks as a whole because I am sure there are still those who trust banks, and not all people believe in cryptocurrencies and their technology.

[STT]

In my humble opinion Bitcoin already beat banks because of the fact that we have the full control of our funds just by using Bitcoin wallets

Banks are subsidised by the state they operate in via a variety of means.   I dont think we can really say Bitcoin came out on top until its beaten that unequal footing that is enabled by the overall taxation and ownership of money, given by a state to certain entities that support it reciprocally.

In the end I expect banks to beat themselves, to fail their original purpose and only then be replaced

[IParn]

The blockchain technology has already shown a lot what it can do and it is already much better than banks.  Banks it seems to me that over time will depart.  Unless of course they will not be interdependent with cryptocurrency.

[RokokGudangGaram]

any technology that exists today, for example bitcoin with blockchain technology that they have will not be able to replace banks as a whole because I am sure there are still those who trust banks, and not all people believe in cryptocurrencies and their technology.

that is absolutely true and it would be impossible for bitcoin and the blockchain system to replace the bank because the bank is still trusted and used by anyone in this world anytime

[Vaculin]

In my humble opinion Bitcoin already beat banks because of the fact that we have the full control of our funds just by using Bitcoin wallets

Banks are subsidised by the state they operate in via a variety of means.   I dont think we can really say Bitcoin came out on top until its beaten that unequal footing that is enabled by the overall taxation and ownership of money, given by a state to certain entities that support it reciprocally.

In the end I expect banks to beat themselves, to fail their original purpose and only then be replaced

For now, it's too early to say that bitcoin can beat banks knowing that banks are supported by the government while bitcoin is not yet even legalized by most of the countries. I think only time can tell if bitcoin will dominate over banks and that time they will be replace with bitcoin. Let's just be contented for now seeing bitcoin another option for payment system next to fiat currency.

[davinchi]

I dont think of any reasons why we are comparing banks to crypto since they are both have diffrrent functions. Bitcoin is a cryptocurrency and banks are institutions that manages a currency. They are both different and can be used at the same time. No one should ever left behind.

Those comparing both of them are deviating from the main objective and creating unnecessary argument that is not worth it because someone who is educationally sound would fully understand that it is not possible and satoshi himself never saw the possibility.

We have to strictly focus on what crypto can do which is to serve as an alternative payment  easier which uses blockchain technology that makes it easier to transact compared to banking system, but we still need banks for the transactions to be successfully carried out since there can’t be crypto without fiat. Let us avoid paying attention to those that are just carrying information that we surely know it is impossible.

[PlusOne88]

It is always hard to replace the physical money that we have with a digital coin, so in connection it would be so hard to replace or beat the banking system with the use of cryptocurrency. Banks are regulated by the government and every financial institutions to make the economy stable and when necessary controls it to avoid affecting the national economy. Cryptocurrency is decentralized and unregulated that depends on the volume of usage thus it becomes volatile. Nobody wants to loose investments due to volatility therefore people would move out back to money if they feel they might be losing. So this makes it really hard to replace money and in the same way hard to beat banks because cryptocurrency cannot store money just like banks do. Maybe in the future if all will be stable for cryptocurrency.

[Ranly123]

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 so, Bitcoin is a supplement to what banks has. Crypto are created to be an alternative to Fiat and not in competition would what current really is. So for me, Fiat and cryptocurrency share the same perspective and that is to serve as the means of doing transactions online and in traditional ways.

[klaaas]

I dont think of any reasons why we are comparing banks to crypto since they are both have diffrrent functions. Bitcoin is a cryptocurrency and banks are institutions that manages a currency.

No, a bank provide a service to customers involving currencies. It can easly be can be compared with a crypto loan/lending platform.

[FlightyPouch]

I dont think of any reasons why we are comparing banks to crypto since they are both have diffrrent functions. Bitcoin is a cryptocurrency and banks are institutions that manages a currency. They are both different and can be used at the same time. No one should ever left behind.

Well, there is a reason why it is compared. You see, the first time I met a guy that knew about Bitcoin he told me that you can achieve transaction freedom with it since you can use it wherever you want as long as you that person accepts Bitcoin. It is a decentralized crypto currency and no government will track your transactions. Also, Bitcoin can be stored by yourself without the help of the bank. So I think that is the reason why people compare these two. I am not on the side of any of them since they are both useful.

[TheUltraElite]

that is absolutely true and it would be impossible for bitcoin and the blockchain system to replace the bank because the bank is still trusted and used by anyone in this world anytime

Impossible is not the correct word to use. The advent of bitcoin came because of the corruption of the banks to making national debts and rising inflation rates of fiat currencies all over the world. People accepted it because of its advantages over fiat on these aspects. Banks are definitely trusted by people because they wont trust a currency that you cannot see or something that commonly people refer to a criminal money - you cant expect every human to accept the ideology behind cryptocurrencies.

So its better to accept it like this that bitcoin and banking system are two different things and you are free to use both and banks are definitely going to be used everyday for needs while bitcoin is used for specific purposes that need deviation from fiat payments.

[tarable]

it will never be able to defeat the bank because the bank is still widely used by many people and the bank will also be used whenever there is a digital currency and a blockchain system that is easy to use

[syamster]

it will never be able to defeat the bank because the bank is still widely used by many people and the bank will also be used whenever there is a digital currency and a blockchain system that is easy to use

Yes no doubt banks are being use in some place but we are talking about the future that in futures banks will be no more because time is being change now people are more active and they like to use new technologies., people are found of technical goods, they are accepting new era where banks is not suitable to store money for long term.

[Vishnu.Reang]

I dont think of any reasons why we are comparing banks to crypto since they are both have diffrrent functions. Bitcoin is a cryptocurrency and banks are institutions that manages a currency. They are both different and can be used at the same time. No one should ever left behind.

In some instances, Bitcoin can be considered as a competitor to the banks. And even the banks consider Bitcoin as a threat for their survival. So my opinion is that there is nothing wrong in comparing Bitcoin with banks. There is plenty of overlap between the two.

[STT]

Banks dont seriously consider Bitcoin a competitor, its more a transmission service then what a bank does which is offer leverage, lending and some other services.   Bitcoin doesnt offer any leverage within its protocol, only operators who then use BTC can do that service and its fairly select for that occur and not much a threat to an established industry like banking

[rika0223]

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.

defeating I think it is very difficult that it is possible that the bank will adopt a system that uses crypto currencies because we know that the system used by crypto currencies is using time and technology and banks will need

[imstillthebest]

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.

defeating I think it is very difficult that it is possible that the bank will adopt a system that uses crypto currencies because we know that the system used by crypto currencies is using time and technology and banks will need

banks ,cryptos and fiats will all co exist together  because bitcoin cant work properly or wont work at all without the help of fiat and fiats wont also work without the help of banks because who will produce fiat anyway ?   there is no competition on here  . bitcoin is not created to beat the banking system or any other payment system out there  .  bitcoin is just only an alternative curreny  .

[Valhalaa]

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.

defeating I think it is very difficult that it is possible that the bank will adopt a system that uses crypto currencies because we know that the system used by crypto currencies is using time and technology and banks will need

yes the bank really can't be matched because of this
because all payments have been around for a long time and have become the fundamentals of developed countries
and it is not possible for something new to directly defeat the old one
because our society also doesn't understand how crypto works
and people trust banks more because we can come to the bank and transact safely