Banking system and BTC

[Distinctin]

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

We still need bank when buying BTC because we can't acquire it by directly putting our money in trading platform, usual procedure is we transfer money to exchange and we buy BTC. Well, if you just earn BTC, that would be good for you as you don't need bank in this matter, provided also that there are already a lot of business establishment that will accept bitcoin, if not, we have to choice to cash out our btc to fiat and with that procedure we then need the involvement of bank.

To make it short, as long as we need fiat to spend, bank will always remain, bitcoin killing bank, that's not happening for now.

[Yamifoud]

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.

It is pretty not easy to change, we know their market influence, they have the law and once they say never, they will make it unless they turn their heads down and change their greediness.

Banks is a big business institutions which the government collected a lot of money from their tax.  Now,  it looks different and absolutely nothing they've got if we all using crypto. This is a thing that makes them bothered.

[Ozero]

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.

Do not even dream. Bitcoin or other cryptocurrency cannot cause any significant harm to the banking system. Banks are protected by the state, state banks are part of the state itself, so they will exist as long as the state itself exists.
Banks will always have their own functions, which radically differ from the functions of cryptocurrency, therefore, even if cryptocurrency is widely used in society, banks and cryptocurrency will exist in parallel with each other.

[kecha1]

The banking system and Bitcoins are completely incompatible with each other things with different goals and ideologies

[thecryptogandalf]

What's your opinion could BTC kill banking system?

The point that we should talk about is Can BTC kill banks? not the banking system. For answer, I can say yes banks can be killed by BTC or something else which is better than BTC  may appear in the future. Time scale is another thing that needs to be discussed because if we are talking about near future, I don`t think BTC can actually kill the banks for now. We never know what future can bring there is still too much uncertainty. BTC has some major advantages when it compared to banks but the question is are the financial environment and people ready for it?  Because, we are interested in BTC and we know its capabilities but most of the people still unaware of BTC and very sceptical about it. Banks still have a very strong position and it seems that they still will be in power for the near future. BTC is still very young and I think It has still time complete its own process or something else better will just replace the BTC.

[esofelap]

What can you say about ripple? Is this company going to use tokens in the banking system or is it all fiction?

[boris2470]

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

It is true that Bitcoin is an antagonist of banking structures. The only obstacle is the ban of some countries on the use of crypto, in other cases, crypto is a solution to the banking problem

[Purvik]

I feel bitcoin is depended on banking system yes when I understand the logic, To purchase/sell bitcoin or any crypto currency we need to make a transaction through banking FIAT system ultimately even to proceed converting to our local currency there is a dependency so both banking system and crypto bitcoin rely on each other.

[Hypnosis00]

I feel bitcoin is depended on banking system yes when I understand the logic, To purchase/sell bitcoin or any crypto currency we need to make a transaction through banking FIAT system ultimately even to proceed converting to our local currency there is a dependency so both banking system and crypto bitcoin rely on each other.

That has a certain connection and couldn't make it if there are the absences of banks support. But some people negatively think that banks are against crypto and also crypto are dragging banks to collapse which I believe that they are totally wrong without knowing that some crypto is tied up with banks.

Will it have to open up the minds of others and stop saying that banks and crypto are in the war cause that it really doesn't make sense.

[Jorge158]

In more simple terms, Banking systems are centralized whereas Bitcoin is decentralized. This is what creates the major rivalry between these two systems because Bitcoin takes the power back to the people to own total control over the financial transactions and with this, there is transparency in transaction as the Blockchain digital ledger keeps records of all verified transactions and make them available to all.

[esofelap]

I feel bitcoin is depended on banking system yes when I understand the logic, To purchase/sell bitcoin or any crypto currency we need to make a transaction through banking FIAT system ultimately even to proceed converting to our local currency there is a dependency so both banking system and crypto bitcoin rely on each other.

That has a certain connection and couldn't make it if there are the absences of banks support. But some people negatively think that banks are against crypto and also crypto are dragging banks to collapse which I believe that they are totally wrong without knowing that some crypto is tied up with banks.

Will it have to open up the minds of others and stop saying that banks and crypto are in the war cause that it really doesn't make sense.

There is no war becouse those people who had a lot of fiat, also have a lot of crypto.

[darewaller]

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.

I am also same opinion too that bitcoin never came to damage anyone’s system, but to eliminate all the faults in it. Bitcoin is meant to actually assist this banks to create their system with blockchain and make it a decentralized one, but this is what banks hate most, because running a decentralized system will surely make them loose money which is the main purpose for which the bank is even established in the first instance, so if they can no longer make money since individuals will have full control over their own money, they will try to fight the system, but then, there is still room for a centralized blockchain, they can still use the blockchain generally to help their system attain the best and be able to serve their clients to the fullest through the use of blockchain.

[adzino]

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.

Part of things you said here is true, but you seem to misunderstand the concept of inflation. Inflation is not only caused because of monetary policies or money supply. There are various reason because of which inflation can take place. Inflation is not just always about the money circulation. If a countries aggregate demand (total demand of all goods inside the country) increases at a very fast pace, inflation can take place. Try google demand pull and cost push effect (some primary cause of inflation). Again, remember, having a zero inflation is actually a very bad thing and is a sign a country struggling to grow economically.

[drumamat]

How can banks be afraid of Bitcoin if it processes ~11 transactions per second at max, while fiat payment systems process thousands of transactions per second on average? Bitcoin can't replace fiat even if all people in the world wanted it to happen. And with how common centralized platforms are in Bitcoin's ecosystem, it's very likely that in the future banks will just offer options for holding Bitcoin and will profit off it, instead of trying to fight it.

Guys, I don’t know what the situation is in your countries, but let's say in the country where I live, the banks just do not care about the existence of bitcoin.The integration method You described is unlikely.Because banks need guarantees of return and profit.Bitcoin offers no guarantees.

[imstillthebest]

did banks actually said that they are afraid of btc ? i guess no because i never heard any. 

cryptocurrencies are only currencies and banks are not currencies but its a foundation that offers service related to currencies. 

banks never feel threatened if they are only conceren is the competition between thier business to cryptos.

 banks are only afraid with thier co bank mates since both of thier  advocacy are the same .

[esofelap]

did banks actually said that they are afraid of btc ? i guess no because i never heard any. 

cryptocurrencies are only currencies and banks are not currencies but its a foundation that offers service related to currencies. 

banks never feel threatened if they are only conceren is the competition between thier business to cryptos.

 banks are only afraid with thier co bank mates since both of thier  advocacy are the same .

They will not say it, but the government has been already did it buy totally regulated countries.

[Ashes4Beauty]

The banking system is also evolving with new ideas to satisfy their customers. Rather than Bitcoin rendering banking system useless, it would be incorporated into their payment oftion as well as blockchain technology, thus the banking will always be in operation.

[TheUltraElite]

They will not say it, but the government has been already did it buy totally regulated countries.

Not sure what you are trying to say, but it is true that the banking system is often the mouthpiece of the government and how they want to keep the economy. Of course private banks run on their own accord but government banks exist and they have to follow the norms.

The problem with crypto is that it being unregulated is often a source of illegal earning from many sources and this is what they government is trying to control. They are right in their process, but they also end up hunting those who are innocent. I hope one day this can get sorted although it does not seem it will and then maybe one day governments would become pro-crypto.

[affandi]

in my opinion, you overestimate banks to be afraid of bitcoin. it's true that bitcoin has decentralized advantages, but this is not one reason banks are afraid of bitcoin. after all, for now, I'm sure there are still many people who are not familiar with bitcoin, they still trust banks for savings or investment as well as other transactions.

[Tylev]

in my opinion, you overestimate banks to be afraid of bitcoin. it's true that bitcoin has decentralized advantages, but this is not one reason banks are afraid of bitcoin. after all, for now, I'm sure there are still many people who are not familiar with bitcoin, they still trust banks for savings or investment as well as other transactions.

A significant part of the society will always, regardless of the success of the cryptocurrency, use the services of banks. The main indicator in this matter will be the possibility of the transition of business structures to the use of settlements in cryptocurrency. Now I do not see such an opportunity. And not only because of the high price volatility of the cryptocurrency. Business entities need to report to tax authorities. They do this with the help of documents that are taken from serviced banks. This is a well-established practice. When making payments in cryptocurrency, it is very difficult to prove the relationship between financial partners, especially in cases where there are many transactions and they are small. Therefore, I do not see threats to the existence and normal operation of banks.