Can Bitcoin Beat Banks?

[STT]

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.

Governments have the ability to create instant demand for anything, they got genuine power to force that.   Ultimately I believe in market forces and every nation is a servant of change that will occur with or without them, obviously its alot better to be ahead of that wave of change not caught up in the turbulence that follows.

Its possible crypto is part of that change but I agree nothing is going to replace FIAT completely.   Just like FIAT has never actually beaten the old system of gold completely, sure its done a large part of that but even now we might see gold return.   We can see the return of many alternate standards besides the current dollar reserve system, we can see a variety of FIAT alternates, commodity based exchanges and also crypto can be some part of that

[Loopper]

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

But it will take a long time to happen even if what you imagine might happen in the future. in recent years it will not happen easily and quickly. Believe me.

[brotherwood12]

for rightnow , its still hard for bitcoin to beat banks , bank rightnow are too strong and everywhere , need much people to addapt the bitcoin and time by time try to beat banks

[yoseph]

There is no way that Bitcoin will be able to beat Banks, they are very much essential to the backbone of the country, it is of no wonder that most governments tend to bail out the major banks during the financial crisis else it would be catastrophic for the economy  if those banks which were bailed out were allowed to fail.

[bonker]

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.

yes you are right becoming the partner with the development of Bitcoin and banks will connected together is bright idea because if each and everyone facing problems with the development then people will affect the changes so if they are connected together only we can made the future to be a successful way.

[Gheka]

There is no way that Bitcoin will be able to beat Banks, they are very much essential to the backbone of the country, it is of no wonder that most governments tend to bail out the major banks during the financial crisis else it would be catastrophic for the economy  if those banks which were bailed out were allowed to fail.

Indeed, banking is always a product that represents the development and sustainability of a country, it seems to be a symbol for the government, so under any revolution or attack, the government always ensures the bank's existence and stability, and bitcoin will be unable to find a position to compete and beat banks when the government is always behind to ensure. In addition, I always think that if bitcoin wants to develop, what it should do is try to create relationships and cooperation with the bank, they will lead it to become popular and be legalized with goverment, beating the bank is not conducive to bitcoin

[D3m1r4wanti]

banks will continue to be used because they manage FIAT currencies that are recognized throughout the world, this will never die as long as human civilization still exists. therefore I am not sure if bitcoin can defeat the bank

[uray]

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?

Nothing is going to replace the fiat currency, the only thing is we can use both these currencies in tandem and it is the best solution in certain aspects, all the governments around the world needs to have a control over their currency and they will do their best to avoid a decentralized set up as it will take the power away from them, so there is no point in thinking about a future without fiat currency, but we will have a mix of the both worlds.

[STT]

Not everyone understands how Bitcoin works until now and it can only be done by people who already understand the internet but not everyone who plays the internet will invest in Bitcoin. believe me.

Totally agree, Bitcoin has to become less exclusive and elitist even.   To really be an everyday product for anyone then the onus is on the developers of various apps to interface with the blockchain to make it as simple as reading a newspaper, on a phone.     Almost nobody who watches TV really has a good idea how its working so well or even the remote control, it just does work.   They are on the next level of just operating it and knowing how to do that much is considered well learnt, same for any tool it just has to do its task without help or specialist operation I think.   When BTC is at that level we'll see far more growth occurring

[olumyd]

My argument for Bitcoin to replace banks comes from the fact that people still want to liquidate to fiat currency, and that all the more stretches the point that we can't do without banks. I mean, it gives critics the edge to call bitcoin all sorts of names - gambling device, or even garbage, simply because there's no actual mainstream independent use of bitcoin as an exchange without the end product resulting into fiat.

[rijaljun]

banks will continue to be used because they manage FIAT currencies that are recognized throughout the world, this will never die as long as human civilization still exists. therefore I am not sure if bitcoin can defeat the bank

Bitcoin is invented not to replace fiat anyway, it's an option where everyone can transfer their money without third-party. However it is possible for Bitcoin to replace fiat, if people simply stop using fiat without an intention. But it's something that can't happen in just 10 years after its invention. Bitcoin will surely need time to be adopted and let people choose their ways (to use or not to use Bitcoin).
I love this reply anyaway.

My argument for Bitcoin to replace banks comes from the fact that people still want to liquidate to fiat currency, and that all the more stretches the point that we can't do without banks. I mean, it gives critics the edge to call bitcoin all sorts of names - gambling device, or even garbage, simply because there's no actual mainstream independent use of bitcoin as an exchange without the end product resulting into fiat.

[toast]

banks will continue to be used because they manage FIAT currencies that are recognized throughout the world, this will never die as long as human civilization still exists. therefore I am not sure if bitcoin can defeat the bank

that is true, to any time and however it will not replace and defeat fiat money. yes indeed if bitcoin is told to defeat the bank it is not possible. but if bitcoin influences the bank to use it maybe it still can. and we will see it with the technological sophistication of whether bitcoin will or vice versa.

[Janation]

for rightnow , its still hard for bitcoin to beat banks , bank rightnow are too strong and everywhere , need much people to addapt the bitcoin and time by time try to beat banks

Not everyone understands how Bitcoin works until now and it can only be done by people who already understand the internet but not everyone who plays the internet will invest in Bitcoin. believe me.

And why do you think Bitcoin can beat banks?

The only one in control of the fiat system is the government. I am saying this because there is no way that Bitcoin will ever beat Banks since a lot of countries owe banks a lot of money, well that is what they say. Fiats run on the centralization while Bitcoin is not the same. The technology of Bitcoin might be implemented in banks but I don't think it will ever beat banks.

[devormity]

In my opinion it is not a friend, because there are still many people in remote areas who still use physical money to exchange and in some stores and countries have not legalized cryptocurrency. 

[millgates]

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?

Bitcoin can't beat bank. Bank is an important tool to control country economy although the way that it use is really bad. Bank control the number of money that spread in the citizens by set the bank interest rate. High interest rate can make people save their money in bank so the inflation of money will be reduced. The money that saved there will be borrowed by industries to increase GDP. It is not a simple thing. But bitcoin price will rise because that system is no longer appropriate for this century. Bitcoin can be the best investment in this century. So bitcoin don't need to beat bank.

[Lumi3004]

I don't think it's possible for bitcoin to become money or defeat real money,
Because bitcoin is currently still using as money exchange.
Everyone knows that every country has legitimate real money per country.

[wahyu wida]

I think it's hard for bitcoin to hit the bank. in fact, later the bank will have a role in bitcoin. we know banks are in government protection, while bitcoin regulation is in the hands of the government. hence the government will make policies, so that the country's economy is not chaotic

[hen cet]

I think it's hard for bitcoin to hit the bank. in fact, later the bank will have a role in bitcoin. we know banks are in government protection, while bitcoin regulation is in the hands of the government. hence the government will make policies, so that the country's economy is not chaotic

In my opinion, Bitcoin cannot possibly beat a bank, because banks have taken root in all aspects of human life, from paying for school, home installments, or traveling to remote places where people use banking services.
However, bitcoin can be an alternative in the financial system that applies in countries that have legalized it as a means of payment, where people do not use banking services but direct transactions are peer to peer.

[uneng]

I think it's hard for bitcoin to hit the bank. in fact, later the bank will have a role in bitcoin. we know banks are in government protection, while bitcoin regulation is in the hands of the government. hence the government will make policies, so that the country's economy is not chaotic

In my opinion, Bitcoin cannot possibly beat a bank, because banks have taken root in all aspects of human life, from paying for school, home installments, or traveling to remote places where people use banking services.
However, bitcoin can be an alternative in the financial system that applies in countries that have legalized it as a means of payment, where people do not use banking services but direct transactions are peer to peer.

I think it would be easier if bitcoin banks were introduced to the public. A friendly bank to btc and fiat, accepting both currencies, and maybe some other altcoins too. Bitcoin doesn't need to defeat banks, btc just needs to put some pression on the banks to make them improve their services;
For an example: to decrease the taxes and general costs, to raise the interest paid to customers and decrease the interest charged from them. And of course, governments need to weak the regulations and open the market for more banks.

[Leyss]

Bitcoin is simply not capable of replacing banks and other financial institutions. Therefore, it will never happen. Moreover, I do not think that cryptocurrency will have any significant effect on them at all. Banks will continue to operate in their normal modes and will switch to the use of blockchein technology and provide services in cryptocurrency only to the extent that it will be beneficial for the banks themselves.
Banks are actually part of the state and therefore will always be under their protection.