Can Bitcoin Beat Banks?

[awik p]

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.

to realize it all, I think the role of the government is needed, because with the hands of the government can provide policies between banks and bitcoin, so it is not necessary for btc to hit the bank

[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.

to realize it all, I think the role of the government is needed, because with the hands of the government can provide policies between banks and bitcoin, so it is not necessary for btc to hit the bank

Of course, because it's the politicians who dictate how everything works. The government plays a big role, but also the congress or the parliament. What have to be done will depend from country to country, as some countries are more restricted (centralized) than others.
But one of the policies should be to approve a soft regulation towards bitcoin, which accepts it as an investment and a currency and allows banks of the country to deal with this currency.

[UNOE]

I do not think that Bitcoin have to beat banks in near future, or even in longer term, for example in next 10 years. Banks have their usefulness in our lives, Bitcoin and other cryptos could have better usefulness than right now, that is for sure.
With cryptos we have an option, we have a choice, we have a freedom, but that is not an argument that we do not need banks anymore. We actually need banks right now, but they went too deep into economy in my opinion.
I want to have choice what I want to do with my own money, so I choose to own some cryptos.

[Dikarama7]

Maybe those who believe in cryptocurrency will assume that the bank will be defeated by the cryptocurrency, but with the support of the government, the bank has a strong foundation to survive.

[Noilee]

Its not so easy that bitcoin beat banks, because its based only for the government that if they really allow to enter in their country, and the banks holds the government, so in that way it cannot defeat banks, but its possible because btc is much more stronger as times goes and until many years will come.

[indrakusumaindra]

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?

Well i believe in future we will use this technology for every transactions that we do in our live. But dont ever think bitcoin could replace the fiat money, its absurd and i dont think bitcoin even a currency cause it so volatile even though i do agree that bitcoin could be use to do transactions and also has a value, but still i dont think i would use bitcoin to buy something.

[tonyja2017]

 I don't think bitcoin will replace banks. it is just a type of asset and can be traded in crypto market or pay for some services. At the bank, they still have their own functions and the world still needs banks to be able to safely store money.

[STT]

Bitcoin can't beat bank.

It wont have to beat banks because banks will destroy themselves as a satellite of central banking its likely the reserves of most banks will be wiped out and fail as a secure centre of capital because of that bias to government.

Bitcoin doesnt have to replace banks because its more a currency then the organisation to replace anything else, its a means to an end.

I wanted to post this where it could be seen, a fund manager in charge of billions points out the total debt oweable is 600% of GDP and it is not likely possible to ever repay this debt properly.   It makes it far more likely the whole system will revolve to something that works better rather then change slightly in terms we might currently recognise -

https://youtu.be/I-BE8JQwCS0?t=783

[shoreno]

I don't think bitcoin will replace banks. it is just a type of asset and can be traded in crypto market or pay for some services.

Crypto such as bitcoin is more than that  . Bitcoin is not just an asset or a currency but it can also be a way to make your dreams come true since bitcoin can provide career to some people with or without an educational background  . There are still many ways to use bitcoin amd that is why i believe that bitcoin can beat banks soon .

At the bank, they still have their own functions and the world still needs banks to be able to safely store money.

People does not necesary need banks just because they want to secure thier money because you can still secure your money on your own  .  Banks arent also safe because they can be hi jacked by criminals while bitcoin and cryptos on the other hand are also a bit safer

[KennyR]

Banks serve as a backbone to the economic scenario prevailing within the country, we can say that they are corrupt, they don't get to do the work in time, they charge high. The reality is that without them we couldn't have got such an access to technology development. Banks are a must and this will get used forever, but analyzing the need of common people surely they'll make changes within the sector.

[semobo]

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?

beating the banks will definitely possible for the cryptocurrency but there is no use available for that that's why I think the connection between them will be needed for the situation to improve the development of both the normal currency and the cryptocurrency also..

[Sama517]

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

Why not. As at the time of just paper mails, no one could have ever imagined that one day the electronic mail system would push away almost all the paper postal services. So, the cryptocurrency evolution can also do it.

[Xalata]

Bitcoin can surely beat banks and convince the financial industry to adopt the use of cryptocurrencies as another payment method. What we need to do is to educate the masses out there how to make transactions with the use of bitcoin, ethereum, litecoin etc.

[Caladonian]

Bitcoin can surely beat banks and convince the financial industry to adopt the use of cryptocurrencies as another payment method. What we need to do is to educate the masses out there how to make transactions with the use of bitcoin, ethereum, litecoin etc.

If that's just easy than said it, the financial institutions already form the the system adopting the blockchain to work with their businesses, but since there's a lots of discussions in regards to stability and securities until now the banking system still have  a larger support from any govern bodies all
over the world, the possibilities can happen if majorities of people will start pushing the usage of this currency, the entire effect will push the government
to start adopting the system as people speak for themselves.

[breathlessz]

Bitcoin can surely beat banks and convince the financial industry to adopt the use of cryptocurrencies as another payment method. What we need to do is to educate the masses out there how to make transactions with the use of bitcoin, ethereum, litecoin etc.

If that's just easy than said it, the financial institutions already form the the system adopting the blockchain to work with their businesses, but since there's a lots of discussions in regards to stability and securities until now the banking system still have  a larger support from any govern bodies all
over the world, the possibilities can happen if majorities of people will start pushing the usage of this currency, the entire effect will push the government
to start adopting the system as people speak for themselves.

that's what we expect as a bitcoiner. but I think the government will find it difficult to leave the bank, and lose their own fiat currency. but at least there are no policies that can regulate both of them can support each other

[Rooster101]

Bitcoin is a currency and can't act or perform like a bank so it is impossible for bitcoin to beat a bank. But the banks can use the technology that created bitcoin to build a better banking sevice or product in the future and that is blockchain. Government and big businesses always need the banks to support their business and economy respectively.  But bitcoin can also can also play a major role in helping the economy once the government decides to adopt it.

[leonair]

I can compare your question to 'Can H2O beat the oil industry' and the answer will be 'no' as big companies that's related to oil will not let it happen and they will do everything to hinder their competitions. Bitcoin is one of the greatest invention when it comes in an online payment but I don't think that its sole purpose is to beat Banking, as of now they are both have use cases in our world and there's no point in beating each other but who knows what'll happen in the future.

[freedomgo]

I can compare your question to 'Can H2O beat the oil industry' and the answer will be 'no' as big companies that's related to oil will not let it happen and they will do everything to hinder their competitions. Bitcoin is one of the greatest invention when it comes in an online payment but I don't think that its sole purpose is to beat Banking, as of now they are both have use cases in our world and there's no point in beating each other but who knows what'll happen in the future.

That's correct, bitcoin was never invented to be the main currency and to replace fiat as it's almost impossible given the fact that we are all controlled by the government. Just look at the trade war happening between the US and China, they both have power but one has to win in this war.

Bitcoin has no government and if it will be regulated we will be in full control by the government, we can utilize the decentralized system but we cannot do away the KYC when it's required.

[Bunsomjelican]

I'm not a religious type of individuals, but I read some verse in the Bible through the books of Revelation that in the last day, fiat currency will no  longer be useful at all, since I believed that the Bible is the word of truth, well time will come that bank will also no longer be useful anymore. But I don't know if bitcoin is the one can beat all banks in the entire world.

[Febo]

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?

All that is correct but your title is wrong. Since banks will still exist. They will have to reorganize but will keep on operating. What Bitcoin will do is just replace current fiat.