Can Bitcoin Beat Banks?

[Leoeco]

I think It won't happen if the government doesn't go bankrupt. In other words, cryptocurrency can be used in under developed countries instead of a bank.

[zee11225]

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

In my opinion, it will not be able to beat the bank because banks have many functions, such as money transfers, giving credit, savings and time deposits, safety boxes for safekeeping of valuables, etc. that are not all owned by bitcoin.
But for financial transactions I believe that bitcoin can be an alternative to simplify and accelerate because of peer to peer, and more and more user.

[d1ceplayer]

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.

Yes, both of them are very important to our society, we need both to have a smooth and successful transaction, just that the benefit of one outweighs the other, the benefit cryptocurrency brings in its operation will make people have more attention on using it as a payment system to that of cash.

Cash still has a little role to play and as long as cash is in existence, bank will always function, provided it is still the legal means of making paper payment, no matter what, even till decades time, there are so many people that will not be technology inclined, so they will still have issues in using BTC as means of payment leaving it to those that are technology inclined. So I see a balance between the 2 of them.

[Thanasis]

Possible but it is all in the hands of us,when we are using cryptos for payment then it will make revolution on the payment system which could destroy the old centralized system but with the current intention of crypto investors it will never replace traditional banking because at some stage we need banks for cashing out our cryptos as fiat.

[efxtrader]

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

In my opinion, it will not be able to beat the bank because banks have many functions, such as money transfers, giving credit, savings and time deposits, safety boxes for safekeeping of valuables, etc. that are not all owned by bitcoin.
But for financial transactions I believe that bitcoin can be an alternative to simplify and accelerate because of peer to peer, and more and more user.

Bitcoin used for peer to peer transaction and as store of value or digital asset. Hard for bitcoin to beat banks because banks already have good infrastructure on our current economic system. Without banks right now, there is no growth on our economic and our economic system will back to barter system

[Pattart]

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

Do not think too much negatively, the bank does not take bitcoin seriously as a competitor, they let bitcoin grow.
and banks also believe that the growth of bitcoin will not bring down and eliminate banks in the world

[geegaw]

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

Agree, banks that really don't care and don't consider bitcoin are a threat to them in the future because of what bitcoin provides, the services and features of bitcoin, it is still not comparable or better than the services provided by the bank. Although many people are starting to participate in bitcoin, the number is still increasing every year but all just a place to invest, they don't think bitcoin can do something better, and we should remember that the banking system is always a place to get government protection, if bitcoin wants to replace the bank, it should be careful with the government.

[Odessit_ya]

I think that most likely banks using blockchain and bitcoin will beat us in the near future by issuing loans in bitcoins and other top cryptocurrencies ...
Ps banks will never die

[sulendra12]

I think It won't happen if the government doesn't go bankrupt. In other words, cryptocurrency can be used in under developed countries instead of a bank.

If the goverment go bankrupt and you wouldn't even live now. It's the worst that shouldn't happen. Ironically, you need bank to maintain the economy of certain countries. If Banks become irrelevant, then the economy condition would be so bad.

[Ridwan Fauzi]

Possible but it is all in the hands of us,when we are using cryptos for payment then it will make revolution on the payment system which could destroy the old centralized system but with the current intention of crypto investors it will never replace traditional banking because at some stage we need banks for cashing out our cryptos as fiat.

Unless we make a new country to do it, just awkward thing when you say cryptocurrency is possible to defeat bank's function in the future and nay that all in the hand of us. How we can do for cryptocurrency can be accepted well by government? everything has been done by us maybe but government still make a limit for cryptocurrency especially bitcoin grow up. Moreover, bitcoin has been known by plenty people in my country as negative thing. So, although the government accept cryptocurrency maybe just a little possibilities they will choose it.

[markogive]

in my opinion bitcoin will not be able to replace banks because the world's population still uses physical currency, especially in remote areas and in various countries have not legalized crpyto currency as a medium of exchange or buying and selling

[Pamadar]

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

Do not think too much negatively, the bank does not take bitcoin seriously as a competitor, they let bitcoin grow.
and banks also believe that the growth of bitcoin will not bring down and eliminate banks in the world

Simply always thinking of advantage that they can possibly get from this system, they are not treating this chain as a serious competitors since they are still profiting from transactions converting crypto to Fiat and vice versa as it's still most traders still using banking system after investing inside crypto market.

[Babylon]

Banks are still unbeatable this day by bitcoin because banks are stable and they have a lot of good offer for the potential consumers that might trick them into using the bank instead of the other option like bitcoin. Banks are offering insurance and also almost assured investments for their customers while bitcoin is still volatile and a lot of people are giving negative thoughts toward bitcoin that result into discouragement for the other investors.

[kissme09]

This is very unlikely when most populous countries always issue a ban to separate it from their country. We need big countries like India and China to accept Crypto because these are the two countries with the most investors.

[Godday]

This is very unlikely when most populous countries always issue a ban to separate it from their country. We need big countries like India and China to accept Crypto because these are the two countries with the most investors.

indeed, crypto replaces the bank is not possible. because in general the bank has been used by everyone and has become a human habit in using the bank. because until now the bank is very much needed by humans in any transaction. so indeed the longer the transaction gets tighter.

[FelippeHeinz]

I think so, the cryptocurrencies (I'm not talking specifically about bitcoin) can revolutionize the world economy. All this depends on people's awareness, about the advantages of cryptocurrencies compared to 'Fiat Money', only massive adoption will lead to the cryptographic revolution.

And in this I believe, from there the traditional institutions that do not fit the criptocurrencies will definitely fall into ruins.

[STT]

in my opinion bitcoin will not be able to replace banks because the world's population still uses physical currency, especially in remote areas and in various countries have not legalized crpyto currency as a medium of exchange or buying and selling

Remote areas are not the majority of people.   I forget the % but its a high proportion of the world is collected in cities and highly populated areas.     True there are billions of people in the world who need better access to online networks but most people in an active economy can get access at some point in a week which is good enough

I think that most likely banks using blockchain and bitcoin will beat us in the near future by issuing loans in bitcoins and other top cryptocurrencies ...
Ps banks will never die

Banks can go broke due to mis judging leverage and finding it hard to repay debt with hard money.   The atmosphere we have at present is very soft money quality with interest rates still at lows of over a decade and all time we have never had interest rates this low and for so long.   
I dont think Banks issue crypto loans, they are very biased to this cheap FIAT standard being given by government as subsidy to their continued operation.   Governments have alot of debt and dont want harsh currency standard as it would force a repayment and retraction of the easy money.    Banks facilitate politics and this excess spending, till that changes banks continue on this plan

[fuathan]

Banks are adopting blockchain and will adopt some cryptocurrencies in the near future. Unfortunately, this technology can be easily copied by anyone. Moreover, big institutions have lots of power to build and improve any technology based on blockchain. They are just waiting to see if the market is mature enough. They don't care how decentralized their system. They just care about speed, scalability, and security.

[Oasisman]

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  .

Appreciate your analysis right there, and its not that Bitcoin wasnt creted to beat the banking system, when infact Bitcoin was created that has distinctive idea from the current banking system. But honestly, Bitcoin wont replace fiat or the banking system.

[finzyoj]

We don't know what's the right answer for that. It is just like it depends on one's perspective. If you are pro centralizatization (e.g. A bank owner) then for sure you'll disagree that crypto will soon invade our world. On the other hand, if you are a geek and hate the current banking system then you tend to say that it will soon replace fiat.

So as a btc holder, I say and hoping that cryptocurrency soon dominate the world. Who knows? Technology is there and new advancements are always waving to us. Let's just wait and enjoy what happens next.