Banking system and BTC

[esofelap]

I'm not seeing it in the light of how op has made it as being afraid. I see it as a big competition for both of them but the thing is that, bank is already existing and it then looks as if it is about afraid. Bitcoin is a new innovation in the modern system and nothing can be done about that, it has come to stay.

As for me they are not a competitors, nobody speculate with gold and make % depositing in crypto, these thinks must be separate.

[Oyarebu]

We see that now international financial organizations conclude that cryptocurrency does not pose any threat to global financial stability. This clearly indicates that banks should not be afraid of cryptocurrency. Anyway, in the near future. However, even if such a danger arises for banks, the state will necessarily protect the normal functioning of banks, since now the state cannot exist without banks.

In addition, the government of the state will put up mechanism to protect Banks from any unforseen circumstances that may arise in the nearest future. Don't forget that the said Bitcoin which is the mainstream manifestation of the Blockchain has been discussed in the Senate and some have said, bitcoin is a store of value which should be embrace.

[Pamadar]

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

In my opinion, it's too far to say that bitcoin will kill the bank system. The bank has a system of hundreds of years with experience of various crises and still survive and grow. In my opinion, with some statements that bitcoin is a digital asset, the bank system will remain a part of our monetary system

Bank system being embrace eversince can't be easily change by bitcoin or blockchain it's been a long most used by institutional society, government will always be at the side where they have most control, with this principle it will not be easy for them to adopt and will not allow changes where they will lose the control of monetary inside their jurisdictions, banking system will adjust if ever chances that blockchain will be used but will never be remove, end users will still prefer to have banks to deal with their financial business.

[Leonardo7]

Hello traders. What's your opinion could BTC kill banking system?

No, BTC won't kill banking system, it will complement the ones that choose to incorporate bitcoin in their services. However should the banking system refuse to see the opportunities in bitcoin technology and exploit them, they will just be losing huge revenue and more and more persons discover how to send more across borders at a faster rate and almost at no-fee as compared to the brutal traditional banking system.

[Diirtmaan]

It is not yet known exactly, because there are many pros and cons. Some corruption countries live off banks, and there Bitcoin will not be able to overpower the centralized system. In democratic countries, Bitcoin will easily defeat banks in 5-7 years.

[esofelap]

It is not yet known exactly, because there are many pros and cons. Some corruption countries live off banks, and there Bitcoin will not be able to overpower the centralized system. In democratic countries, Bitcoin will easily defeat banks in 5-7 years.

This is the main reason why the state does not want to recognize cryptocurrencies as a means of payment - corruption.

[sureshverma]

I doubt that ever bitcoin and the banking system will be able to "become friends"

[omrafif]

I think that banks in the near future will accept the Bitcoin payment system

[peter0425]

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Banking will remain together with Crypto mate and just like all of them said that there’s no chance of Bitcoin killing banks because of gold standards that they have

And I also think that banks is alternative of people when time comes of crypto mass adoption because surely not all people in the world can manage to use crypto and they may stay as banking users

[audaciousbeing]

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Bitcoin is not and will not kill the banking system. The worst that would happen is the two of them co-existing. Bitcoin will be in use while the banks will implement blockchain in their process couple with government coming with their own digital currency to be regualted by the banks. The moment bitcoin replaces banks, then there is no reason for government to exist which will not happen at least in this generation. Its high time we began to move discussion away with one replacing the other rather its how they can coexist in ensuring that the consumer gets the best of both.

[roosbit]

Hello traders. What's your opinion could BTC kill banking system?

Honestly this isn't an easy money system to get rid of because fiat has stood a good taste of time, and despite not been the best we today it's still a functional option.

Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks.

So is money suppose to be gaining value based on availability and be treated as an asset??

Bitcoin is free from inflation, governement control and  high transaction fees.

Bitcoin free from inflation isn't entirely true, because volatility is very much one factor that exposes BTC to inflation and we all know this!

High tx fees well today we can say this because of safe guards such as segwit and more miners joining this business.

Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Banks don't need to be in the forefront to have control and be vocal about it, but with the fact that they have easy access to finance makes them advantaged players of the crypto economy and we should be worried, these guys are the sharks hiding in the shadows of the sea.

[Harlot]

The main question is if banks only mode to earn money is to handle payments from their clients? Because the last time I check it's not even their main mode to earn money from you. Banks are not like wallets where its only purpose is to send and receive money the biggest chunk of their income are coming from lending money out froms people and businesses which Bitcoin doesn't have. Lets stop thinking that BTC is here in order to kill the banking sustem because from what I see banks are already acvepting the change, some even have their own versions of blockchain already.

[Questat]

The main question is if banks only mode to earn money is to handle payments from their clients? Because the last time I check it's not even their main mode to earn money from you. Banks are not like wallets where its only purpose is to send and receive money the biggest chunk of their income are coming from lending money out froms people and businesses which Bitcoin doesn't have. Lets stop thinking that BTC is here in order to kill the banking sustem because from what I see banks are already acvepting the change, some even have their own versions of blockchain already.

That is to be clear that Bitcoin/cryptocurrency is not against banks nor the banks banned crypto at all. It is all about technology adoption and it is time to see what it makes us easier and to change our lifestyle. I understand how banks look after bitcoin but there is something that stops them and that is market assurance. And if it is only the same with gold that the price is always going up, there are no doubts to accept instantly but it came into high volatility risk which is really hard for them.

[crzy]

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Bitcoin will not kill any banks, banks feels the threat right now and that’s why they are supporting it slowly but surely. Bitcoin is indeed a good technology because its decentralized and a lot more faster but as far as money is concern, we still need the banks and we should still support the banking system.

[Distinctin]

Government has no control on BTC, looks like it's impossible, if that will happen, we will see bitcoin declared as illegal and it will be ban in many countries. The word government itself means to govern people, and there is no exception with bitcoin as it could be decentralized but people who are using it needs to adopt with the rules and regulation created by the government in a decentralized manner.

Thing is, bitcoin will not grow without the government intervention, that is by regulating the market because in the mentality of the people is that, they only trust what is approved by the government and approval means regulating it.

[killat]

Things are not just black and white. Banks suffer from inflation (they are beneficiary of it, mainly) but crypto suffers from volatility.

Now, each one of you needs to think for yourself: is it better to have an asset that loses value through inflation or an asset more volatile,  where price can grow several times, but it can go to near zero, also?

[Aivaryamal]

Bitcoin provides a unique opportunity for a person to own it without the use of centralized platforms like banking systems and at any time at its discretion can easily send them anywhere in the world

[mirakal]

If the government is corrupt, we won't be able to replace the old system.
This world would be better if those who are governing us are transparent but the tools they are using now are not transparent which why they prefer to do it in a centralized way, so they can hide their lies. 

Bitcoin is good tool for transparency, but they won't allow that to happen, bitcoin might become popular and will be supported by the government but we won't be able to enjoy its fullest use case with the control of the government.

[esofelap]

If the government is corrupt, we won't be able to replace the old system.
This world would be better if those who are governing us are transparent but the tools they are using now are not transparent which why they prefer to do it in a centralized way, so they can hide their lies. 

Bitcoin is good tool for transparency, but they won't allow that to happen, bitcoin might become popular and will be supported by the government but we won't be able to enjoy its fullest use case with the control of the government.

It's really corrupt but some  times people makes financial revolutions by themselves.  That's really cool. I hope i will see it in future.

[Harlot]

~snip~

That is to be clear that Bitcoin/cryptocurrency is not against banks nor the banks banned crypto at all. It is all about technology adoption and it is time to see what it makes us easier and to change our lifestyle. I understand how banks look after bitcoin but there is something that stops them and that is market assurance. And if it is only the same with gold that the price is always going up, there are no doubts to accept instantly but it came into high volatility risk which is really hard for them.

I don't get it why they need to accept it. They wouldn't even be left out if they didn't since they still have fiat currencies and credit/debit card payments to handle. As long as they don't block off crypto related transactions to their banks I'm good with it since that is the only thing what we are really asking for them a smooth non-biased way of accepting transactions into our own accounts, where unlike other countries such as India who are blocking deposits from crypto exchanges I don't like that to happen in one of my bank accounts.