Can Bitcoin Beat Banks?

[haidil]

I think there is nothing impossible for Crypto to replace old finance. but it will seem very difficult because people already use fiat

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[Duzter]

Bitcoin will not beat banks, but we can expect the banks to adopt the blockchain technology through which each and everything is getting more efficient functioning than the traditional system. Even now with the use of bitcoin now banks have faced a huge loss and the same has made banking community to oppose cryptocurrency and some has begun to adopt blockchain technology into banking services.

[Argoo]

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?

No, cryptocurrency can not significantly affect the work of the banking system, especially so as to make them disappear. Besides the fact that a cryptocurrency can not have such an impact on banks, no state will ever allow any external factor to destabilize the work of banks. Banks, especially state-owned, are part of the state and it will destroy anyone who encroaches on their normal work.

[STT]

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.

The point I have to give everyone as a heads up is Trump or the head of China or even the governments and all the various agencies they sit as head of right this moment, these are not the most powerful thing in the galaxy not even the planet or even within each nation.

The most powerful force in any economy is the people, the means of production and the ultimate resource is human beings and we have billions of them which does not make them worthless as indivuals but its often forgotten when we talk about an economy we are talking about these incredible people and each one unique and massively productive.    Trump does not matter, he is an old man and will be gone soon enough maybe even in a couple years.    His ideas just like anyone else must reflect reality of the situation both USA and China find them selves in.

The simple point I want to make is when asked giant questions like this is the power to move economies is a natural phenomena not  politics or tariffs or false accounting and FIAT debt.   If Bitcoin succeeds it will be because it reflects the economy and assists and signals commerce better then normal paper debt manages.    

[sarmrakib]

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

I have seen this question many time in the past .However the question raised many times by media or banker . The government mostly thought about this will it replace the financial institutions like bank .However if the technology is better than the bank obviously people will depend on that .So that i think the replacement will not possible within recent moment cause there are lots of thing are coming in the future and people are depending on crypto gradually .So that the we can see the replacement in the future .

[fauzan Ichsan]

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

I have seen this question many time in the past .However the question raised many times by media or banker . The government mostly thought about this will it replace the financial institutions like bank .However if the technology is better than the bank obviously people will depend on that .So that i think the replacement will not possible within recent moment cause there are lots of thing are coming in the future and people are depending on crypto gradually .So that the we can see the replacement in the future .

although this is possible, but I think the bank will later collaborate with cryptocurrency. I think it's difficult to replace the bank and eliminate it. at this time the bank is a milestone in a country's economy

[engrshu]

The money you dont want to risk in the market should be converted to fiat and must be kept in a bank. The two actually has their own function, a stable storage of money for bank and the investment for bitcoin.

[candra raditya]

Many think that bitcoin has the potential to become the future currency but bitcoin will not be able to eliminate the function of the bank, the bank will survive and will not disappear.

[Wingo]

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?

Yes, and not Bitcoin but possibly another much more scalable crypto that can handle all the transactions with ease and with lower cost. It is a hard process for the financial world to shift to completely paperless transactions, because of the government. Banks cannot match the efficiency of cryptocurrencies, and of course, banks want more profit and control over the funds, which is impossible with crypto.

[zidanw]

I think there is nothing impossible for Crypto to replace old finance. but it will seem very difficult because people already use fiat

Maybe later what will replace is the adoption of a blockchain system that can be implemented in the banking system today which seems to be wrong. all in the blockchain can be accessed by anyone and become transparent. can not be changed or deleted by a system

[pragna]

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?

Actually this answers are long brief here. Bank is  centralized system policy taker and on the other hand crypto is a decentralized policy taker. So there are two different system here. Government must think about centralized system that they can track money of  people so that inflation is also a big factor here. If govt could not track exchange total economy system will collapse. So i think banking system can not abolish ever.

[SaShiRaJaVu]

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.

You cannot think for a market situation where you do not need the banking sector, you need both banking sector and the crypto market in tandem if you are to have the perfect solution when it comes to investment as well as mode of transaction, either you have to be a miner to earn the coins, if not you need the help of the banking sector to purchase the coins, either in the form of credit card or bank transfer  .

[amrulshare]

I think it is not possible if bitcoin replaces legacy financial institutions, chances are that the transaction system in bitcoin can replace it. some of the most dominant cases in the Bank that occur continuously are the wiping out of funds by bank employees with their customers and this is what they must pay attention to in order to compete in the future

[STT]

Then there will be no need for a loan interest, and banks may disappear. Only gold and bitcoin will remain "afloat".

We'll always have loans made, even now people make some loans with interest in BTC even.   In countries where debt is banned for religious reasons, they lend metal but with a set contract price for the buy and sell and effectively the value (represented by pallidum sometimes) is set into the future.      Since loans also have a set cost quite I think its quite similar but always there will be capital lent to those that which to employ it actively.

Also I never imagine just Bitcoin or even bitcoin and gold, I think always we shall see a variety of alternatives to the current system if it really were to change.    We are with one single country bias at present but my take is it becomes more diverse and that is the new age to finance, nothing too extreme.

[galestorm]

I dont think bitcoin would defeat banks that easily. Moreover, they exist in two different worlds. They also have different functions and benefits that are relevant to the platform that they run onto. Bitcoin is decentralized and circulates around the net. We solely are the ones who control that kind of currency, whilst banks do the complete opposite. They regulate fiat money and govern whatever happens to it. It is true that bitcoin has gained popularity ever since it was launched, and it has proven to be successful all throughout the years. But people still rely on banks.