Can Bitcoin Beat Banks?

[fiulpro]

In my view it cannot
Because it is a great idea , it is a great currency but it lacks stability and it's made in such a way that it doesn't revolve around anyone but the people who have huge sum of Bitcoin in their wallets thus it can be used in a bad way by rich countries and can be used as a form of suppressing them, therefore what's bank doing is something that is essential for a stable economy and maintains a countries different value , unaffected by any other therefore I strongly think that Bitcoin won't be able to tackle banks.

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[olumyd]

In my view it cannot...
...what bank doing is something that is essential for a stable economy and maintains a countries different value , unaffected by any other therefore I strongly think that Bitcoin won't be able to tackle banks.

Quick question then, why couldn't the banks prevent the last economic crisis if they've got the 'stable economy' super power? Don't forget that centralized entities like the bank constitute a huge problem for economic fluidity and balance, and this is core to decentralization.

The only reason why bitcoin or other crypto are seemingly unstable is due to FUD spurred by name tagging such as 'unregulated assets'.

[alyssa85]

There is one area where cryptocurrency is coming close to beating the banks, and that is the remittance industry.

Here is a survey done by Clovr in Dec 2018 about remittence methods from the USA to the rest of the world:

https://www.clovr.com/page/sending-money-back-home

The survey participants were asked to choose all the sending options they had tried in the previous year:



As you can see, Cryptocurrency is in fourth place at 15.8%

I reckon within a year or two it should overtake traditional wire transfers by banks.

Notice paypal at the top though. It's pretty entrenched and only reducing crypto fees will knock it off it's perch.

[syamster]

In my view it cannot
Because it is a great idea , it is a great currency but it lacks stability and it's made in such a way that it doesn't revolve around anyone but the people who have huge sum of Bitcoin in their wallets thus it can be used in a bad way by rich countries and can be used as a form of suppressing them, therefore what's bank doing is something that is essential for a stable economy and maintains a countries different value , unaffected by any other therefore I strongly think that Bitcoin won't be able to tackle banks.

For me this is possible because the more we are getting in developed era the more bitcoin is being famous and banks are reducing the value, banks are not fair with investors because they give small earning with time, but if you have so many crypto currency you will be able to get maximum profit, this is good time for us to invest in bitcoin because price is low, holding money in banks will only get rusted.

[munareal]

I do not see bitcoin as a competitor of fiat currency. The two currencies can coexist. One can use it as an alternative to each other according to the users need. I think proactive banks will look into Bitcoin and at least find a way that they can provide the two financial services to its consumers

[nikogluttonym]

Cryptocurrency will not be able to destroy the banks. Cryptocurrency will be able to bite off a large bite of users who use the services of the bank. Because crypto provides much more freedom.

[Dr.Osh]

Cryptocurrency will not be able to destroy the banks. Cryptocurrency will be able to bite off a large bite of users who use the services of the bank. Because crypto provides much more freedom.

I think nowadays banks are still bigger than bitcoin, or cryptocurrency. well, this is because bank trust has been embedded in the community. other than that, banks are official things that come from the government. I just feel that the bank will hold cryptocurrency to expand its function.

[Irviyandi]

It seems very unlikely that this bitcoin can defeat the bank, because a bank has been strongly trusted by the community to save their assets and invest in the bank and the bank already has enormous trust from the public even though the bank is not one hundred percent safe

[DeadCoin]

This has been in discussion since Bitcoin captured the market. Obviously, the crowd towards crypto focusing on bitcoin has really increased in the market. Investors have become too huge when compared to few years back and now. Yes, number of crypto currencies and the services its providing is largely accepted vastly. This really covered Banks' crowd into crypto  i would say.

[TheUltraElite]

It seems very unlikely that this bitcoin can defeat the bank, because a bank has been strongly trusted by the community to save their assets and invest in the bank and the bank already has enormous trust from the public even though the bank is not one hundred percent safe

The trust isse is going to be there unless a method to transact is discovered which allows transparency. Bitcoin is close to that theoretically though practically there are a lot of things to speculate on. People trust banks because they know the ones running the bank and have been using their services at length. These are some bad points for bitcoin being more popular in the tech-inclined crew and not being trusted by a certain group of people.

Nevertheless, we expect a sort of balance between the two and thus in future we might see bitcoin taking over.

[Vishnu.Reang]

Cryptocurrency will not be able to destroy the banks. Cryptocurrency will be able to bite off a large bite of users who use the services of the bank. Because crypto provides much more freedom.

If cryptocurrency is able to poach off a large number of the bank users, then that can lead to the destruction of the banks. If the banks think wisely, then they can find some middle-path, where both the banks and cryptocurrency can co-exist. For example, they can offer exchange services or cold storage (provided the services are legal within the jurisdiction).

[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

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.

I think so, that it will definitely happen. moreover the world has become more sophisticated with the many online wallets with their various promotions, of course the world has become more digital than before, that is proof that the future will be friendly to cryptocurrency. Cryptocurrency is a new innovation and banks will work together to keep their customers comfortable.
the idea of bitcoin defeating bank, it will never happen

[Bunsomjelican]

Banks will still remain even Bitcoin or crypto will become popular in all countries. They may able to adopt or accept it but not in terms of defeat.
In fact, there are some banks now are joining or riding on the trend about in bitcoin and Crypto. Though, it is already a lot of bank clients are becoming open minded about in Bitcoin.

[bitbunnny]

Bitcoin is decentralized and it's not tied to any financial authority. Also, the goal of Bitcoin is not to fight banks. IT gives the new ways of finances but still it's not threat to banks. Banks will continue to exist and run their business but with time I'm sure they will include Bitcoin and other cryptocurrencies into their services.

[joshy23]

Bitcoin is decentralized and it's not tied to any financial authority. Also, the goal of Bitcoin is not to fight banks. IT gives the new ways of finances but still it's not threat to banks. Banks will continue to exist and run their business but with time I'm sure they will include Bitcoin and other cryptocurrencies into their services.

I also agree and hoping that someday in the near future, banks will make its way to really appreciate how bitcoin works and how it can help the system, if this two venues will not compete but instead embrace each other for the benefits of the end users for sure it will succeed.

[Best Dreams]

Banks will still remain even Bitcoin or crypto will become popular in all countries. They may able to adopt or accept it but not in terms of defeat.
In fact, there are some banks now are joining or riding on the trend about in bitcoin and Crypto. Though, it is already a lot of bank clients are becoming open minded about in Bitcoin.

Yeah for sure in future bitcoin and other crypto currency will gain more value, bitcoin is already being use by so many people will use it to save their money for long term, it gives profit to store, now some banks are using the technology of bitcoin as it gives more than double profit, crypto currency specially bitcoin will is our future bank and crypto banks will go disappear from market.

[usorin]

I dont know if bitcoin can beat banks but i trust that bitcoin is a serious alternative to the financiaș services offered by banks and everybody fears of such competitivity.

[jackblacksparrow]

I believe that banks are already a little worried about their reputation.  Because bitcoin is much functional banks.  Because it is easier for them to cooperate with him than to contradict.

[olumyd]

I believe that banks are already a little worried about their reputation.  Because bitcoin is much functional banks.  Because it is easier for them to cooperate with him than to contradict.

Not sure they are as worried as you might think, tho I do believe the existence of decentralized currencies pose a threat to financial systems, however, the reverse is also true. But there's a growing interest to use blockchain in streamlining banking processes, and I do believe that's not without studying the profound success of the blockchain - Bitcoin.

[TheUltraElite]

I believe that banks are already a little worried about their reputation.  Because bitcoin is much functional banks.  Because it is easier for them to cooperate with him than to contradict.

Any institution will always be worried about its reputation and thus attempt to do things to increase it. Traditonal banks are no exception. They detest bitcoin but in reality that will always be a supporter or bitcoin in the dark. They know the potential in bitcoin and they dont want that price rise to go to waste. Even if it might seem conflicting still its what is is.

Why people stould be worried is that these banks can and are currently doing mass collection of crypto at low price. The competition is rising.