Can Bitcoin Beat Banks?

[UmerIdrees]

I don't really think it will change and replace FIAT currency because almost all of us know that the popularity of bitcoin is not high especially to those people who are old. Fiat and digital payment can fight each other in future in the way that there are many people uses digital payment rather than using cash.

Bitcoin can beat and overcome banks provide you have the following things ready.

1- Whole world is connected with Internet and there will be no place with Internet.
2- Every one has basic tech knowledge of how to operate the PC / Mobile
3- All the people should be aware of the security measure which are required when using Bitcoins, else their bitcoin are at risk of stolen/hacked.

[yvesp110]

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.

Banks are now accepting the technology of the blockchain because in some banks I have seen some using blockchain technology, but another reality it after investing in bitcoin I think there is no need to put your money in banks as crypto currency investment is safer and easy investment, banks will only hold your money for long term but there will be almost 10 percent profit.

[zhekinsp]

I don't really think it will change and replace FIAT currency because almost all of us know that the popularity of bitcoin is not high especially to those people who are old. Fiat and digital payment can fight each other in future in the way that there are many people uses digital payment rather than using cash.

Bitcoin can beat and overcome banks provide you have the following things ready.

1- Whole world is connected with Internet and there will be no place with Internet.
2- Every one has basic tech knowledge of how to operate the PC / Mobile
3- All the people should be aware of the security measure which are required when using Bitcoins, else their bitcoin are at risk of stolen/hacked.

Only third point is missing,we already have most places with internet connectivity even if we don't have any vegetation there.

Bitcoins cannot be hacked but the wallets we are storing can be hacked if it is an online wallet or you exposed your private key to the scammer.

[Wexlike]

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?

Banks will never disappear. After all, they provice some services that are really needed by the people or entrepreneurs. I'm actually OK with that, as long as you have the chance to opt-out peacefully of this system and change to a better alternative.

Just give it a few more years and some more robustness on layer 2 solutations a some sidechains taking a big chunk of transactions from the mainchain.

[Argoo]

Of course not. Bitcoin or other decentralized cryptocurrency will not be able to affect banks or other financial institutions so as to be the reason for the termination of their activities. Banks, especially state-owned, are under the direct protection of the state. Their activities will always be in demand by the state, as well as legal entities for servicing businesses and individuals for lending, depositing and receiving other types of services.
Yes, Bitcoin and can not damage the banks. In the future, after the legalization of cryptocurrency, they will exist together and complement the capabilities of each other.

[Oceat]

Of course not. Bitcoin or other decentralized cryptocurrency will not be able to affect banks or other financial institutions so as to be the reason for the termination of their activities. Banks, especially state-owned, are under the direct protection of the state. Their activities will always be in demand by the state, as well as legal entities for servicing businesses and individuals for lending, depositing and receiving other types of services.
Yes, Bitcoin and can not damage the banks. In the future, after the legalization of cryptocurrency, they will exist together and complement the capabilities of each other.

That's why i don't believe cryptocurrency will going to beat the banks but i do believe also that fiat and cryptocurrency will collaborate in the future as one. Acting both as a payment in real life but the difference with these two is that one is physically real and the other one is digitally recorded with the blockchain technology.

[Best Dreams]

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

If bitcoin will issue and give loan to the costumers I am sure then there is be no one who will be agree to save money in bank, mostly people use banks because they want some loan and they are getting this opportunity with crypto so no one will be interested in banks and gradually banks will disappear from our life.

[bonker]

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

If bitcoin will issue and give loan to the costumers I am sure then there is be no one who will be agree to save money in bank, mostly people use banks because they want some loan and they are getting this opportunity with crypto so no one will be interested in banks and gradually banks will disappear from our life.

Banks will never use blockchain technology for transactions if they do then there is no point on doing that when we can do that by ourselves.

We are not using banks to get loans it is for making transactions from one place to another without much effort but it is our money we are giving all control to someone called banks.

[Karmakid]

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

If bitcoin will issue and give loan to the costumers I am sure then there is be no one who will be agree to save money in bank, mostly people use banks because they want some loan and they are getting this opportunity with crypto so no one will be interested in banks and gradually banks will disappear from our life.

Banks will never use blockchain technology for transactions if they do then there is no point on doing that when we can do that by ourselves.

We are not using banks to get loans it is for making transactions from one place to another without much effort but it is our money we are giving all control to someone called banks.

You do not get the sense of using blockchain technology for the banks. If banks will use blockchain technology they will get a more secured system and they will have less errors and downtime to their server since blockchain is fully based on cloud and there is low to no chance to fail in terms of using blockchain technology because it is supported by a lot of computers around the world.

[shimbark123]

Yes and no. Bitcoin could beat banks only  if there could be a massive adoption. What is massive adoption? It is the term in which there would be so many people that will use cryptocurrency or bitcoin. And by the mass adoption it is guaranteed that bitcoin will be known in the world and the price of it will go high. And gaining price could mean that it will make many investors to come in the market. 

[bonker]

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

If bitcoin will issue and give loan to the costumers I am sure then there is be no one who will be agree to save money in bank, mostly people use banks because they want some loan and they are getting this opportunity with crypto so no one will be interested in banks and gradually banks will disappear from our life.

Banks will never use blockchain technology for transactions if they do then there is no point on doing that when we can do that by ourselves.

We are not using banks to get loans it is for making transactions from one place to another without much effort but it is our money we are giving all control to someone called banks.

You do not get the sense of using blockchain technology for the banks. If banks will use blockchain technology they will get a more secured system and they will have less errors and downtime to their server since blockchain is fully based on cloud and there is low to no chance to fail in terms of using blockchain technology because it is supported by a lot of computers around the world.

But do we need that anymore?

Why need to pay extra fee and lot of expenses which will be go from our hand so just trash the banking network then we can save lot of resources and our money as well.

[Bezobraznike]

   Probably bitcoin can beat fiat currencies.But about banks themselves I really doubt.
Banking system and banks perform big and old organizations which brings a lot of money to the government and it's owners.
  Add to everything I've already said, banks realize such functions as money storage, credits, exchangings, pay bills and many others.
Bitcoin simply cannot replace all of them and remove banks at all.
   I do not say that it is ok to be used by government and banks in such position that conditions of life in our countries makes us to go in bank and take a loan or store our extra money there. But this circle is so old already that we drowned in all of that to ears already and I do not see any escape from that.
Even with crypto's help.

[STT]

this technology can be easily copied by anyone

I can copy the mona lisa but it doesn't make me Leonardo da Vinci.     The big banks will copy the open source of crypto but they will also likely ruin the main premise of the network being distributed around the world and not controlled by any particular entity unilaterally.
Of course a capitalist company wants absolute control of their asset for their own benefit and not so much their customers or anyone.    That flaw they implement puts an end to the project likely expanding beyond just a plain token which was possible since the 90's

We had internet token schemes before and they dont last, banks will just do that some more

[Yakamoto]

this technology can be easily copied by anyone

I can copy the mona lisa but it doesn't make me Leonardo da Vinci.     The big banks will copy the open source of crypto but they will also likely ruin the main premise of the network being distributed around the world and not controlled by any particular entity unilaterally.
Of course a capitalist company wants absolute control of their asset for their own benefit and not so much their customers or anyone.    That flaw they implement puts an end to the project likely expanding beyond just a plain token which was possible since the 90's

We had internet token schemes before and they dont last, banks will just do that some more

It's always cheaper to have someone else do R&D for you and you just steal the concept once it's been proven. Usually, governments have to dump a fair amount of money into R&D grants for universities or other scientific institutions because there will be a very limited investment from companies otherwise. Just look at the original space race, for example.

Banks will try to adopt the best products that new technology introduces, but if it simply isn't economically viable for them, or there are cheaper alternatives that offer the same result, then I'm pretty sure that they won't be interested in trying to apply any "new" tech. I don't think that there's a lot offered by Bitcoin for banks that would make them consider implementing some of the tech.

[Script]

I think that in the foreseeable future, the bitcoins will not be able to replace Fiat money, in my opinion, this is obvious. Many people are still financially illiterate, and cryptocurrency is an empty sound for them. Banks in their usual form will not disappear, but I think they will try to introduce cryptocurrency technologies and adapt them for their development. This should lead to a symbiosis of Fiat and the crypt or their parallel existence in banks.

[Zemomtum]

Bitcoin and other cryptocurrencies will surely beat Banks at the log run. We are not there yet, crypto is still at an infant stage. With JP Morgan Coin, XRP and hosts of others that are providing alternatives to fiat in crypto space, it is just a matter of time before the revolutionary takes place.

[fitty]

Definitely no.Bank is like walls and bitcoin is just like flys theres no way bitcoin would ever beat banks.Im saying this to be realistic not going against bitcoin im a bitcoin fan too

[ufaiz50]

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?

One of the advantages or sources of state tax is in the bank, moreover the governments of several countries do not talk about cryptocurrency in detail and there is no interest and profit for the government itself, inversely proportional to the bank. In my opinion crypto will not be able to replace the role of banks all this time, maybe if there is a relationship between the two, they will oppose each other against regulation and the function of crypto itself.

[Dr.Osh]

Definitely no.Bank is like walls and bitcoin is just like flys theres no way bitcoin would ever beat banks.Im saying this to be realistic not going against bitcoin im a bitcoin fan too

well, nowadays banks are far bigger than bitcoin, even when banks are connected to each other it can make a great distance from bitcoin. however, banks and bitcoins are indeed difficult to separate, because after all, bitcoin is also valuable because of the money and regulations that the bank has made

[babysweetTiger0401]

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 doubt that bank can defeat by Bitcoin or crypto, because digital currency was always connected into fiat and through bank in some other way We can able to convert it into a real money. Probably in the end, bank can adopt the concept system of Bitcoin and crypto through blockchain technology.