Can Bitcoin Beat Banks?

[davit putra]

To defeat the bank I think it will be difficult, because the bank is an institution that is regulated by the government, but bitcoin can be an alternative payment method.

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[Landak]

Bitcoin won't be able to beat a bank, never will.
the blockchain might be able to but not replace the bank, only replace the system, the speed and accuracy of the blockchain system which is now being developed in various banks in the world and will be implemented.
Bitcoin is only an alternative for fiat (we claim that but not everyone agrees) but is not official as a payment service in every country in the world.

[senin]

The existence of banks, especially state-owned, is not in danger. Banks are in fact part of the state, since they serve the financing of the economy of each state and therefore are under reliable state protection. Cryptocurrency does not threaten the existence of banks, but even if threatened, the state would quickly eliminate such a threat. The state has plenty of leverage for this, many people do not underestimate it and are confident that the cryptocurrency will do whatever it pleases with the financial system of the states. Far from it. Cryptocurrency will always exist only as one of the types of cashless payments and will go only in parallel with the national currencies of the states.

[olumyd]

The only leverage banks have over Bitcoin is the fact that they are state-owned, or private with strong political ties. As long as Bitcoin's decentralized community expands it might one day achieve the reputation of the incumbent banking system, without inheriting its corruption.

[STT]

Does Bitcoin have banks though, it has exchanges and gambling establishments which are the two main sources of BTC on demand.   The main people demanding seem to be hackers trying to break in and force a withdrawal due to the immediate and virtual nature of the establishment its very enticing to do so.

Im not sure BTC otherwise offers services in the same way a bank might with that cliche image of a vault and so on.   Even while banks have modernised somewhat in recent years and innovated its still going to be that BTC is something else.   Closest idea I come to saying quickly would be along the lines of crowd funding I guess, thats distributed but a united funding effort

I believe the two in comparison are different operations

[jak3]

I don't think there will be anyway related to this issue but if any happen then it will be legendary. I mean bitcoin and banks both possess the greatest concepts of money making and controlling and they are responsible for balancing an economy (bitcoin helped many third world countries to balance their economy). none the government will accept bitcoin of course but still, I support bitcoin and hate banks.

[LeGaulois]

If you need a loan to borrow money to buy a house, Bitcoin won't help
If you need to open a saving account/wallet, even with a low %, Bitcoin won't help.
If you need to buy stock options, Bitcoin won't help
If you need to invest in managed funds, Bitcoin won't help.

These are just a few cases Bitcoin won't be able to help and we will always need a bank. Better to consider BTC as an alternative and not a pure replacement. Unless banks add BTC to their system

[kemetz]

I did not think until there but it is likely that it will never happen that crypto will replace a financial institution even though crypto itself has the potential for that, but crypto and future banks will be able to walk side by side to help each other, there are already many banks that have used blockchain technology as we know that the technology is very attached to cryptocurrency.

[TheUltraElite]

To defeat the bank I think it will be difficult, because the bank is an institution that is regulated by the government, but bitcoin can be an alternative payment method.

Not all banks after run by governments though. There are privately owned banks as well, whether the politicians influence them is another topic. Bitcoin was created to be an alternative so you are correct there.

Although people see bitcoin as something that will disrupt banks that wont happen so easily. The thing is that banks would also find alternative methods to counter a bitcoin economy by themselves taking up a pro-bitcoin attitude and stance and then the tables would turn. This is still random thinking but who knows how it is going to happen. Hence it better to not think about it but stock up on bitcoin while prices are still low.

[Question123]

Bank is there I think more century because this is very helpful to the all of people in the world to keep their money safe . I don't think bitcoin beats banks in the future. I really like both because bitcoin can gives me profit and once I convert my money into fiat I will transfer to the bank to keep it safe for my future so better to be partnership with banks and bitcoin and I hope that happen

[Onanana]

I don't think will happen, the bank will still be, because also governments wants banks, is the way how they control money and they know faster how much money are on market and how much money are in a bank. Only if governments will want that banks to dissappear and adopt crypto then crypto will replace banks, but this will not happen in my opinion.

So far it is, we can see that what the government can offer are the things that the people accepted, but as we can see, Bitcoin is not just for some random stuffs such as investment, it is for a lifetime, a new form of transaction, just like in vegas casino we can do betting with the use of bitcoin without even minding going to casino. This is how the Bitcoin works, how it can help us in the future.

[_Django05_]

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

Bitcoin and other cryptocurrencies have generated significant interest, their adoption rates are minuscule and government support for them is virtually nonexistent. Until governments recognize Bitcoin as a legitimate currency, it has little hope of killing off banks any time soon. Banks across the globe are watching and studying Bitcoin. It is more likely than not that banks will one day issue digital currencies of their own.

[Altero]

The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?

Bitcoin and other cryptocurrencies have generated significant interest, their adoption rates are minuscule and government support for them is virtually nonexistent. Until governments recognize Bitcoin as a legitimate currency, it has little hope of killing off banks any time soon. Banks across the globe are watching and studying Bitcoin. It is more likely than not that banks will one day issue digital currencies of their own.

Definitely, Bitcoin aren't against the banks nor banks are also against with bitcoin. It is just a misunderstanding of the people around, I know some banks are supporting ICO before and even successful with their project. May this market integration will help both parties to grow and makes them become successful of their targets and goals.

[sulendra12]

Never. BItcoin and banks are two different subject that you can't compare same as oil and water. Even though Banks really hate Bitcoin but they can use its feature and technology such as Blockchain to make their security become safer that being use with lots of banks nowadays.

[Irviyandi]

It seems very unlikely for this bitcoin to replace the bank in terms of storing assets that we have because the bank of an official institution that has security is quite strict and already has considerable trust from the community, the bank is a pretty good place of investment or investment for our society  this

[fianaindriati]

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?

in my opinion it will not happen because the bank is the regulator of all of the government and indirectly the bank will slowly use or adopt the economic system used by the crypto currency

[kakonhat]

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?

If we think with the real situation then we can see Bank and Cryptocurrency going to mixing. I mean, Banks are going to accept cryptocurrency because they are understanding the value of the Cryptocurrency.
So, those will work together in the near future everywhere soon.

[sandra_x]

Theoretically, bitcoin can beat fiats as it is technologically superior- the evolution of money is very dynamic.But on a practical ground, it is difficult to see bitcoin completely replacing fiats since fiats is based based on a model where government and banks control the flow of money and use it as a means to achieve government economic objectives.In that regard, fiats will always be in use because of government influence.

[sulendra12]

the bank is a pretty good place of investment or investment for our society  this

Bank is not considered as an investment. It meant for storing your money(regardless of the interest, because that's bad)

If we think with the real situation then we can see Bank and Cryptocurrency going to mixing. I mean, Banks are going to accept cryptocurrency because they are understanding the value of the Cryptocurrency.

But, most of the time they are doing the opposite :^) They hate Bitcoin because it could make economy in certain country become worse.

[Skrattar Du]

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 would cryptocurrency have to beat banks in the first place? It seems that many people are playing the game that cryptocurrency and fiat systems are having that competition on which will stand on top that was not supposedly be happening because it is up to us to adapt into the innovative way of making transactions through the blockchain technology. We cannot set aside the dependency of many people around the globe to still rely on banks because not all people can do afford and can be able to use cryptos in the first place. Fiat and cryptocurrencies should be helping out each other to give services based on the demands of the people and not to create competition in between. Actually everyone can do use both fiat and crypto at the same time which depends upon the situation so I guess there is no such issue to rise up fiat beating crypto and vise versa. Because those two do have their own unique features that we people use for good so maintaining both is a better thing to do not to argue anymore which is best and which is not.