Can Bitcoin Beat Banks?

[rachellee]

I don't think bitcoin will annihilate banks. It may just beat the banking system in terms of transactions, but to annihilate it completely, I think, that's another story. We are living in a material world, though life here is so fast-paced. Still, we, as material and physical people need physical financial institutions. And the feasibility of bitcoin in ethnic lands is too low. As long as there are fiat, there would still be banks to regulate and circulate it. Worse comes to worst for banks, it might adopt bitcoin also.

[Vishnu.Reang]

There is really no need for any bad blood between crypto-users and bankers. It is possible for Banks and crypto to co-exist and under such a scenario, both the sides are going to benefit. Look at the stock market. The banks are closely involved and this in turn has proved beneficial for both of them. Same strategy can be adopted for crypto.

[Best Dreams]

There is really no need for any bad blood between crypto-users and bankers. It is possible for Banks and crypto to co-exist and under such a scenario, both the sides are going to benefit. Look at the stock market. The banks are closely involved and this in turn has proved beneficial for both of them. Same strategy can be adopted for crypto.

Yes it is not good but the reality is that banks and bitcoin are not the same, people like now bitcoin more than bank because they know banks can give safe future than that of bank when you store your money in banks it will remain the same but when you invest in bitcoin it remain safe at the same time it rise higher in price.

[Yamifoud]

There is really no need for any bad blood between crypto-users and bankers. It is possible for Banks and crypto to co-exist and under such a scenario, both the sides are going to benefit. Look at the stock market. The banks are closely involved and this in turn has proved beneficial for both of them. Same strategy can be adopted for crypto.

Yes it is not good but the reality is that banks and bitcoin are not the same, people like now bitcoin more than bank because they know banks can give safe future than that of bank when you store your money in banks it will remain the same but when you invest in bitcoin it remain safe at the same time it rise higher in price.

Agree with that, though both can be considered as storage of value but they are totally different. Banks never have a way to compete with crypto but they might be adopting into blockchain technology just to make their services faster and more efficient. They couldn't hold crypto coins just like they'll do for fiat money.
Yes, we can justify that banks will be the safest place to keep our money rather than of online wallets.

[Samuel4]

This will be very difficult to achieve. Banks have been deeply rooted in the center of the world's economy. Moreover, I don't think everyone one can handle Bitcoin since it has to do with some level of literacy. Those that are not learned will find it really difficult to handle Bitcoin . This will still give bank an age over every other traditional financial

[daarul50]

This will be very difficult to achieve. Banks have been deeply rooted in the center of the world's economy. Moreover, I don't think everyone one can handle Bitcoin since it has to do with some level of literacy. Those that are not learned will find it really difficult to handle Bitcoin . This will still give bank an age over every other traditional financial

Bitcoin is a new thing for the world economy, how can bitcoin beat a bank that has been used by people for a long time. New things are not created to replace the old things but the new system is expected to improve the old system in this case the world economic system including bitcoin and banks

[AjithBtc]

This will be very difficult to achieve. Banks have been deeply rooted in the center of the world's economy. Moreover, I don't think everyone one can handle Bitcoin since it has to do with some level of literacy. Those that are not learned will find it really difficult to handle Bitcoin . This will still give bank an age over every other traditional financial

Bitcoin is a new thing for the world economy, how can bitcoin beat a bank that has been used by people for a long time. New things are not created to replace the old things but the new system is expected to improve the old system in this case the world economic system including bitcoin and banks

The technology is to make the things that were impossible to be possible. Some seems to be really a hard task to achieve, but with technology it'll made better. With banking for large volume transactions it is a must to go with various processes and the same is made simple with bitcoin. This way it enhances the usage in a simple way and doesn't tend to replace banking.

[altcoinhunter01]

As per my opinion, it is not possible in near future that Bitcoin beat Banks because banks are more trusted for people to put their money but Bitcoin is a digital currency and still its access is not available everywhere.

[dat.ho12492]

This will be very difficult to achieve. Banks have been deeply rooted in the center of the world's economy. Moreover, I don't think everyone one can handle Bitcoin since it has to do with some level of literacy. Those that are not learned will find it really difficult to handle Bitcoin . This will still give bank an age over every other traditional financial

Bitcoin is a new thing for the world economy, how can bitcoin beat a bank that has been used by people for a long time. New things are not created to replace the old things but the new system is expected to improve the old system in this case the world economic system including bitcoin and banks

Yeah, Bitcoin is just a new character, it just appeared recently and with such a short time, bitcoin really can't get too much trust from people, even if it is very good and potential, replacement and beating the bank is still impossible because the bank has been used by everyone for a long time, its system has been improved to suit everyone, especially when banks are always associated with government, a good service and guarantee, there is no reason for people to choose bitcoin, instead of banks.

[South Park]

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.

If banks did not had the power of fractional reserve banking I will be fine with their existence and their business model but since they can print as much money as they like and then make you pay interests on those loans then their business model is dishonest and this needs to change, bitcoin offers a solution to that problem since they cannot print bitcoin at will like what they can do with fiat but I am sure they are planning already a way around this if bitcoin becomes as popular as we think it will.

[omonuyak]

Bitcoin is strong and it has a lot of benefits, indeed. But to be honest, i don’t think that it can replace the existing financial system within a short time. There is no way this to be happen while people still struggling about the crypto, everyone needs more time to accept it first.

Bitcoin is a decentralized system and I do believe that this is the only system that is going to resolve most of the financial issues the whole world is facing right now.  Bank make money from people and paid them little or no interest but crypto or bitcoin makes us to become bank ourself.

[salty]

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.

Most likely it will be so.State-owned banks may not disappear,but private banks may disappear as unnecessary.When this happens it is difficult for me to predict,but it is likely that it will happen soon.(from 1 to 3 years)

[Jating]

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.

Most likely it will be so.State-owned banks may not disappear,but private banks may disappear as unnecessary.When this happens it is difficult for me to predict,but it is likely that it will happen soon.(from 1 to 3 years)

I beg to dis-agree. I don't think that private banks will disappear as well. They are obviously funded big time by lots of investors with deep pockets so I doubt that they will allow it.

With that said, bitcoin can't and will not beat banks that's for sure. These institutions is already established, and has the backing off a lot of investors from behind so it's going to be difficult. Unless those investors liquidate all their funds and move to bitcoin but that is unheard of.

[Wakhid Mukti]

This will not happen, crypto and fiat complement each other. banks are actually happy if there are new technologies such as blockchain and crypto/bitcoin appearing and just look at now, how many banking institutions are starting to research and want to implement blockchain on their systems. On the one hand, we will also need both fiat and crypto in our lives.
"crypto and banks will complement each other rather than defeat each other"

[BeGoods]

This will not happen, crypto and fiat complement each other. banks are actually happy if there are new technologies such as blockchain and crypto/bitcoin appearing and just look at now, how many banking institutions are starting to research and want to implement blockchain on their systems. On the one hand, we will also need both fiat and crypto in our lives.
"crypto and banks will complement each other rather than defeat each other"

Yeah there may be an innovation where both can help each other, in a bank there are several foreign currency deposit facilities, and I think bitcoin or others crypto will be included in the list when legality has occurred. both dont need to be pitted for this

[boyptc]

As per my opinion, it is not possible in near future that Bitcoin beat Banks because banks are more trusted for people to put their money but Bitcoin is a digital currency and still its access is not available everywhere.

And the goverment will trust more and choose to stick with banks because they are regulated.

Bitcoin can't be regulated if its for the supply but for transactions in a certain place, they can do something about that. There will be bitcoin banks that can be adopted by the bank itself and we will see on how it will change the banking industry gradually.

[rijaljun]

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?

Why not? Bitcoin already beated bank since it was just invented. By saving Bitcoin instead of centralized currency, it means that bank's money is lower than before. They lose their cutomers because people decide to use BItcoin and other cryptocurrencies to store their money. About crypto replacing financial institution, it's on progress though. I do believe in the future bank system will switch from centralized to the decentralized. But, I dont suggest you to store any of your money on banks no matter it's centralized or decentralized because there must be always something bad on bank system, the bankers.

[Spaffin]

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.

Most likely it will be so.State-owned banks may not disappear,but private banks may disappear as unnecessary.When this happens it is difficult for me to predict,but it is likely that it will happen soon.(from 1 to 3 years)

Neither state nor commercial banks will disappear. For them, there is always work. It is unlikely that commercial structures will refuse to service in banks and will switch to the use of calculations in cryptocurrency. Banks issue the necessary documents for tax authorities and auditing. Cryptocurrency in this regard can not replace them. Also, banks perform a lot of specific functions for which cryptocurrency is not capable by nature.
Therefore, banks will continue to exist in its normal mode.

[Wakhid Mukti]

This will not happen, crypto and fiat complement each other. banks are actually happy if there are new technologies such as blockchain and crypto/bitcoin appearing and just look at now, how many banking institutions are starting to research and want to implement blockchain on their systems. On the one hand, we will also need both fiat and crypto in our lives.
"crypto and banks will complement each other rather than defeat each other"

Yeah there may be an innovation where both can help each other, in a bank there are several foreign currency deposit facilities, and I think bitcoin or others crypto will be included in the list when legality has occurred. both dont need to be pitted for this

Yes, it's true,
Collaboration or new innovations from banks and crypto blockchain will probably emerge in the future given the interests of the banking consortium that has now emerged and conducted various studies. This is also intended to facilitate all fiat cross-border transaction activities and crypto/bitcoin transactions themselves, and in the end we will enjoy them. Actually, this is a complementary package to each other in my opinion towards a system perfection.

[ePesoInitiative]

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?

Depends on the situation. For savings, it will. Cryptocurrencies like Bitcoin is a superior store of value when the market stabilizes enough.  But for day to day transactions, the future is hazy since crypto will always play catch-up to newer centralized financial innovations. But of course blockchains have other uses than money.