Can Bitcoin Beat Banks?

[Crypto24hrs]

I see bitcoin and fiat working hand in glove rather than opposing each other, in recent times a lot of projects has been working on blending the two form of currency together, a case at hand is PrimeX which will serve as a platform for the exchange of digital currencies, both crypto and Fiat. No matter what type of currency will participate in the currency pair.

[marcelocoin]

not directly, but many functions favor bitcoin, rates, transaction speed, volume, something that a bank could never do better

[BeGoods]

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.

that means there will be many competitors who will arrive? and not only crypto is a threat to banks, but many other competitors. I also think so because technology certainly will always go forward, anything can happen. but in my opinion the bank will continue to be in the top.

[Serco]

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.

that means there will be many competitors who will arrive? and not only crypto is a threat to banks, but many other competitors. I also think so because technology certainly will always go forward, anything can happen. but in my opinion the bank will continue to be in the top.

bank could replaced or defeated by anything.banking was system in our economic cylce , and they have important roles in economic growth.but bank could take advantages from blockchain developtment.

[RamBahadur.Gurung]

It is possible for Bitcoin to beat the banks, if we use our brain in an effective way. We must take out awareness campaigns to educate people about the exploitation being done by the banks. It may not be possible for Bitcoin to replace banks, but if it gets popular then the people will be left with more choices and the banks will lose a lot of power.

If we use Bitcoin, we don't need the banks to store our money. We don't need to pay their insane fee, and more importantly there will be more anonymity. And it is getting more necessary nowadays, as the banks are pushing hard to eradicate physical cash. They want us to use credit cards, so that every single movement that we make can be tracked and traced.

If we need to preserve our personal liberty, then it is necessary that the power of the banks should be curbed.

[green547]

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can.  You can't just create bitcoins out of thin air, doesn't work like that.

[mistanama]

If bitcoin can beat the banks then there should be no banks in our world but there are still banks in almost every country and that is a clear sign for us to realize that bitcoin cannot beat the banks and there is no sense for beating the banks because banks are still good place to store some of wealth with a high level of security.

[Zooplus]

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can.  You can't just create bitcoins out of thin air, doesn't work like that.

I agree, bitcoin has a very limited function, bank is more trustworthy as they are called a business of trust.
Though bitcoin is more transparent as it's running in a decentralized system, but people still trust banks than bitcoin, we cannot change that reality

[guoyu78]

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.

There is no way government can go bankrupt and even if they don’t go bankrupt, the percentage of crypto usage to cash will be higher which will make bank relevance to be less but not completely wiped.

Crypto is both useful in both developed country and under developed country and to me, I think it is even more useful in developed countries, under developed countries are not much exposed to technology and for crypto to function very well, it requires technologies to be put in place, and I think banks will even be more useful in under developed countries than the developed ones.

[S4VV4S]

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can.  You can't just create bitcoins out of thin air, doesn't work like that.

Yeah I agree with you bro, Bitcoin and Bank can coexist both, we are also need the Bank to withdraw
our fiat money from result we get from Bitcoin. I think Bitcoin always need the Bank, but the Bank cannot to controlling the Bitcoin.

[Polar91]

Bitcoin doesn't have to beat the banks, they can both co exist. We will always need the loan service that banks provide, bitcoin can't do fractional lending like how fiat money can.  You can't just create bitcoins out of thin air, doesn't work like that.

Yeah I agree with you bro, Bitcoin and Bank can coexist both, we are also need the Bank to withdraw
our fiat money from result we get from Bitcoin. I think Bitcoin always need the Bank, but the Bank cannot to controlling the Bitcoin.

I don't think so. Withdrawing and buying Bitcoin is possible without banks. There are money transfer companies and other outletd that provide that service. For example in my country, we can withdraw Bitcoin by converting it to our currency which is Philippine Peso by local exchange here (coins.ph) and we are able to withdraw it through Palawan Express, Villarica, and etc.

[Kalm]

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

[Asmonist]

I think its a long process. Adaptation is somehow the big issue. We know that bank is a financial institution that mediates the exchange of physical money may adapt btc in there business. So probably it cannot beat banks directly but somehow influence to add or use it in there business.

[Godday]

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

it's not that easy crypto replaces the bank. because the development of crypto still depends on market conditions and situations. so it's hard to believe that the bank was replaced by crypto. yes maybe just slowly but surely. we'll see, because sometimes that estimate is not something that happens in reality.

[Hardtolife]

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 think it can beat the bank because we can know that BTC has become a world scale not just one country especially if more people work in the field of bitcoin, then the more that saves money in bitcoin but banks with bitcoin are also different, bitcoin in real digital bank so we can use both at once.

[BitDane]

I think we need go over and look past into competition. Instead of Bitcoin beating banks, we should aim for Bitcoin to co-exist with banks. This way we can gain the benefit from both. Banks are also one of the foundations of countries, we don't need to beat banks, we need to be able to cooperate with them to realize the benefit of Bitcoin so we can use cryptocurrency to the fullest.

[dEjAvOU]

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

Until whenever the bank will continue to survive, this is because the state protects in full, if someday bitcoin is more dominant than banks it certainly will not make banks disappear.

[leavolnhals]

Not only Bitcoin, bank businesses in the crypto market will gradually serve and reach potential customers. They will certainly rob many of the banks' classic customers because of their low utility and transaction fees.
In the future, we will see banks changing or more advanced money transfer tools to fight the blockchain. We will see a fierce struggle!

[FlightyPouch]

Yes. Bitcoin will be beat the bank. Coming future bank will be change the digital process. So bitcoin use all country for digital transaction. It help to future saving and growth.

And how can Bitcoin beat banks? How will we compare these two so we can say that Banks lost to BTC? It is true that in the future, it will all be a digital currency transaction being used but I don't think that will be Bitcoin or any other crypto currencies in circulation these days. It might be that certain country's fiat.

[teosanru]

I think bitcoin can replace some of the functions of banks. But not all. There are services like lending, mortgage, etc etc which isn't replaceable by btc. Banks control the money supply. That is the thing which bitcoin is here for to replace. A p2p decentralized network of nodes is an amazing technology. A far better system than fiat.