Banking system and BTC

[esofelap]

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.

I don't really think Bitcoin can kill the banking system. The question should ask yourself is that, how many people really know about Bitcoin compared to Bitcoin?? Comparing this ratio of people who use bitcoin and the bank, there  is no way bitcoin can kill the banking system. 

Everything may be, in the past people did not perceive and did not like credit cards, now they hardly use cash.

[goaldigger]

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.

*BTC vs Bank
First of all, there are no rivalry between this two financial bodies and only the society wants to have only one of these two existing on earth. BTC is a form of money and Bank is a system of managing it so either they work together or they exist separately.


*Bitcoin vs. Fiat
I agree on you with this one. Bitcoin has the edge over fiat when it comes into long term storage because of inflation. This is why we prefer Bitcoin that any physical form of money. Inflation free and more secured.


*Bank Control
There ano no entites that can contron BTC either banks and even government and i dont think its an edge if you want it to become an international currency.

[bravehearth0319]

I think that in a few years, Bitcoin and other cryptocurrencies will be integrated into the international banking system. Some people will understand what I'm talking about.

For what you are trying to say is that in the near future, bank companies possible to adopt the system of Bitcoin and crypto currency.
If they had no choice but to accept the fact right? Because none of the bank can able to control bitcoin, this is the truth that we need to accept
here in crypto world.

[alrose]

Only if the banking system or cryptocurrency will change then these two things will be able to somehow interact with each other

Banking system won't change but they could improve by using the blockchain as it will make their transaction for faster and more transparent as well.

Yes, but that's what the banks don't want.Can you imagine what will happen to them if everything is transparent?They will simply close, or simply will not make all the data in the blockchain.Bitcoin, blockchain and banks are incompatible things.

[Artemis3]

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.

*BTC vs Bank
First of all, there are no rivalry between this two financial bodies and only the society wants to have only one of these two existing on earth. BTC is a form of money and Bank is a system of managing it so either they work together or they exist separately.


*Bitcoin vs. Fiat
I agree on you with this one. Bitcoin has the edge over fiat when it comes into long term storage because of inflation. This is why we prefer Bitcoin that any physical form of money. Inflation free and more secured.


*Bank Control
There ano no entites that can contron BTC either banks and even government and i dont think its an edge if you want it to become an international currency.

With Bitcoin banks are optional. You can keep using them if you want, if you are unable to secure your own money yourself, and you want to pay others to do it for you. This is what the original banks were made for, full reserve banking, not unlike online wallets.

Indeed fiat is manipulated by governments and private institutions, because they can. With bitcoin, they can't. Fiat is purposely devalued every year following school of Chicago economy dogma that deflation is evil. Actually, deflation is good, but that school is not. You need to study the Austrian school to learn, rather than fear deflationary economy.

Unfortunately challenging the dominant school of economy will turn the universe of many people upside down. Even in this forum, there are many who don't know exactly why, but fear deflation. Its the school of Chicago dogma they have received all their lives from different sources.

Why are banks giving you money in exchange of you giving money to them? Scam? YES! Its called fractional reserve banking.

Austrian school promotes the return to full reserve banking where YOU give money to the banks so they keep your valuables safe. Yes YOU, not THEM. Remember, banks are optional, not the other way around...

If you want to pierce the lies, read: https://mises.org/

Once you understand and embrace deflation, you will see how bitcoin fits perfectly. Bye to debt (Chicago) based economy; Hello to (Austrian) savings based economy...

[ttcsalam]

I think there will come a time. People will no longer receive banking services. Because the service charge on the banking system goes up and there are many complications in the transaction. The biggest thing is that it's too late.

[DdmrDdmr]

I came across a survey by ING that was released yesterday, called “From cash to crypto: the money revolution” (see https://think.ing.com/uploads/reports/IIS_New_Tech_Cryptocurrencies_report_18092019.pdf).

Without going into details of the survey, one particular chart startled me:

The first thing was the question itself: "Do you agree or disagree with the following statement: Banks should offer current accounts in cryptocurrency such as Bitcoin". Why would one want a bank account in Bitcoins (as if it were in USD, EUR, and so forth)? From the bank’s perspective, they’d obviously find some ludicrous commissions to skim, but they would need to be custodians, which is not what one really wants generally.

Then there’s the second part to it, which is the number of people that agree (dark blue), and how that sways savagely from some countries to others. Turkey is very particular throughout the survey, and perhaps the survey’s question was not fully understood due to translation factors. Even so, 27% of Europeans and 27% in USA believe that banks should offer this sort of product according to the survey.

I don’t know, perhaps the interpretation is that of an investment account in BTCs, being bank custodial, and as such, subject to providing the customer with (limited) guarantees in case of bank default (European guarantee fund and such), and giving the subject a sense of having a sort of safety net vs being responsible for their own private keys. On the other hand, this interpretation would be based on the premise than the survey applicants knew enough about BTC to ponder this idea properly.

[UVUcoinBull]

Santander last weeks started some investements into ETH system... maybe some one respond on it and make some adoption via BTC 

[LUCKMCFLY]

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.

The only fear of the banks is to lose the control that they have through their credit systems, the banks live on the debt that their users obtain, technically when they generate cash tickets it is claimed that some inflation is generated, and this clearly makes that the economy is inflationary, while Bitcoin, since it has a limited number of Bitcoin, automatically converts it into a deflationary technology, is volatile but offers more opportunities not to generate debt or slavery, which the banking system achieves.

However, banks have been entering Bitcoin and Blockchain technology taking advantage of their technology, what bothers them in some way is that they cannot control it, just like with governments, they cannot have control, this causes them to generate bad News for Bitcoin and technology in general, but considering that these efforts will be in vain, they have no choice but to accept and try to join, they cannot fight the flow.

[pixie85]

I came across a survey by ING that was released yesterday, called “From cash to crypto: the money revolution” (see https://think.ing.com/uploads/reports/IIS_New_Tech_Cryptocurrencies_report_18092019.pdf).

Without going into details of the survey, one particular chart startled me:

https://i.imgur.com/GqMXTt4.png

The first thing was the question itself: "Do you agree or disagree with the following statement: Banks should offer current accounts in cryptocurrency such as Bitcoin". Why would one want a bank account in Bitcoins (as if it were in USD, EUR, and so forth)? From the bank’s perspective, they’d obviously find some ludicrous commissions to skim, but they would need to be custodians, which is not what one really wants generally.

Then there’s the second part to it, which is the number of people that agree (dark blue), and how that sways savagely from some countries to others. Turkey is very particular throughout the survey, and perhaps the survey’s question was not fully understood due to translation factors. Even so, 27% of Europeans and 27% in USA believe that banks should offer this sort of product according to the survey.

I don’t know, perhaps the interpretation is that of an investment account in BTCs, being bank custodial, and as such, subject to providing the customer with (limited) guarantees in case of bank default (European guarantee fund and such), and giving the subject a sense of having a sort of safety net vs being responsible for their own private keys. On the other hand, this interpretation would be based on the premise than the survey applicants knew enough about BTC to ponder this idea properly.

This survey is difficult to interpret because when asked about banking and bitcoin average people see banks as safe and bitcoin as unsafe hackable. They don't understand that you can hack a private site holding bitcoins but you can't hack into your private key held on a desktop wallet. People who lose money have infected computers and weak passwords and this is not a vulnerability of bitcoin but their private machines.

They probably thought that banks offering bitcoin were banks offering custodial services and taking responsibility for their coins and it was supposed to mean banks offering exchange services.

[Artemis3]

The first thing was the question itself: "Do you agree or disagree with the following statement: Banks should offer current accounts in cryptocurrency such as Bitcoin". Why would one want a bank account in Bitcoins (as if it were in USD, EUR, and so forth)? From the bank’s perspective, they’d obviously find some ludicrous commissions to skim, but they would need to be custodians, which is not what one really wants generally.

Then there’s the second part to it, which is the number of people that agree (dark blue), and how that sways savagely from some countries to others. Turkey is very particular throughout the survey, and perhaps the survey’s question was not fully understood due to translation factors. Even so, 27% of Europeans and 27% in USA believe that banks should offer this sort of product according to the survey.

I don’t know, perhaps the interpretation is that of an investment account in BTCs, being bank custodial, and as such, subject to providing the customer with (limited) guarantees in case of bank default (European guarantee fund and such), and giving the subject a sense of having a sort of safety net vs being responsible for their own private keys. On the other hand, this interpretation would be based on the premise than the survey applicants knew enough about BTC to ponder this idea properly.

And yet that "custodial" thing you mention, is exactly what every single type of "Online" wallet out there does, be it from exchanges, gambling sites or anything. You send bitcoin to it, and you expect the exact same amount of bitcoin to remain there afterwards, minus possibly a "custodial" fee, which would be acceptable given you were unable to do it yourself and wanted to rely in others by your own will.

Hello? Are you even reading? A bank with full reserve cannot go bankrupt, period. When you say "default" you are assuming things that stop being so, especially with deflationary money. A bank with full reserve and proper money handling (ie offline wallets) will not go "default" now matter how many people withdraw. This is in direct contradiction to the typical fractional reserve bank of today which is far more close to a legalized ponzi scheme.

Unless that is, you DO want your money to be used in investment. But if you lend your money, it should not be available to you anymore during this term, and you must be fully aware of why this is important, so that they don't play casino roulette with it. Same reason you should demand your bank to ask you money for keeping your money in custody, be it in commission, transaction, time based, whatever. The bank should never give you money for you storing money into it, unless you are ready to lose it.

[dimastegar]

We know that Bitcoin comes as an alternative payment solution other than banks. Bitcoin provides space for people to trade in large numbers wherever and whenever.

While the Bank is an old economic system that appears and prints money. And the value of the money is backed up by the same gold value as the amount of money printed. It can be said that the Bank is ingrained and cannot be killed just like that.

[xamxam]

Majority of the community members in this industry, they've heard a lot of humors about the banking system.
Some says that there are other banks are against with the system of Bitcoin has. But some bank adopted the concept of blockchain technology
just like what the Unionbank did now, this is what I saw here in my country actually.

[jakoylantern]

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.

For me, that is another reason why banks/ the government don't allow bitcoin and another cryptocurrency. Bitcoin can't kill the banking system as in never like you said it has a policy of our central banks that the government allowed. Fiat money is legal and created by each government and have different inflation rates, but bitcoin is not that legalized by the government. Also, there are some nation prohibited BTC and another cryptocurrency so banks will never be afraid to BTC.

[South Park]

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.

Inflation in a broader sense is actually a good thing for the economy if controlled, and if growth is maintained as well. It pushes the people to spend more and more of their money resulting into a faster economic growth (again, if maintained.) In a deflationary setup, everyone would be just hoarding their money since the incentive is there: their assets would continue appreciating in value even if they just hid it and not spend a single penny of it. Banks work in our current world since it is designed to do so. Economic policies etc. are also designed to work with fiat in a complementary manner, however for bitcoin, it is not.

But that is the issue since inflation is out of control, governments are printing too much money and people are starting to notice and it is very easy to do it when the price of everything is always going up, so people are slowly realizing that saving fiat is a mistake and they are spending it as fast as they can and while this may seem good for the economy if money begins to change hands too fast and no one wants to hold it then there is going to be a loss of confidence in fiat currencies and without that confidence the current system cannot work.

[Flex2222]

Bitcoin is supposed to work like a payment system but is too slow to compete with the Banking payment system.

If only you knew how slow and expensive the settlement layer of banks is.

If regulation comes into existence than the Banks will be able to control and own Bitcoin as they did for Gold.

Banks can only regulate the ownership of bitcoin, but they definitely won't be able to control it. If banks will be able to control bitcoin, they probably would've done it in the past already, and that would automatically make bitcoin a failure. As time goes, it only gets harder and harder for them.

Banks probalby allready control Blockstream, which has a huge influence on the decisions in the bitcoin core team.
They allready managed to not raise the blocksize, and make bitcoin therefor no longer usable as peer to peer money. Segwit changes nothing as far as transaction speed is concerned and the lightning network is over 80% written by blockstream probably again to make it possible to enrich large bag holders who can charge fees for transactions( just like banks do) I think they have done a pretty good job so far with making bitcoin a failure.

[Viscore]

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.

Banks have had a development role for hundreds of years and I think without clear regulations, it is difficult for bitcoin to replace the role of banks or kill the banking system. In today's digital era, I would rather agree that bitcoin acts as a digital asset because it is difficult for any government to adopt bitcoin as a currency

And even if bitcoin will be totally legalized by the government, it won't really happen that banks will be replaced by bitcoin. Majority of the people will still favor banks transactions because it's highly regulated even if it means more transaction fees. For me, it would be good for now if bitcoin will just stay as a virtual currency and people would still benefit from it if they chose to do online transactions. We may say that crypto is the future but still there's no other currency that can beat our local fiat.

[Mandoy]

Bitcoin at this point of time cannot kill the banking system. There are still many flaws on bitcoin such as the transactions speed the miners fee. Aside from that the presence of scammers hackers and everything illegal in nature that uses bitcoin made people allergic to bitcoin. Though the number of people who are into bitcoin is now increasing but it is still too early to say that bitcoin will replace the banking system. One fact is that not all areas in the world have internet access and electricity and majority of the people in the world are poor and majority of the poor does not even have access to computers and android phones. If we can break these limitation and flaws in bitcoin soon we will see how bitcoin flourish and possibly replace the banking system.

[South Park]

Bitcoin at this point of time cannot kill the banking system. There are still many flaws on bitcoin such as the transactions speed the miners fee. Aside from that the presence of scammers hackers and everything illegal in nature that uses bitcoin made people allergic to bitcoin. Though the number of people who are into bitcoin is now increasing but it is still too early to say that bitcoin will replace the banking system. One fact is that not all areas in the world have internet access and electricity and majority of the people in the world are poor and majority of the poor does not even have access to computers and android phones. If we can break these limitation and flaws in bitcoin soon we will see how bitcoin flourish and possibly replace the banking system.

We do not really need that bitcoin replaces the current banking system, what we need is that bitcoin offers to us an option to be part of a new system, those that want to participate in the rigged system that banks have created in which they have all the control and it is impossible for them to lose are free to do it if they please, but if the people want to participate in a fair system where banks and governments cannot simply print money to get out of their problems must be free to do so as well, and that is what governments do not want to allow.

[Qcrypto]

The current state of the cryptos vs banks is not going in cryptos favor, at least not in Europe.

If you were alive in 2000's when internet was gaining traction then you know that a lot of industries were against it as they knew the internet would make them obsolete.

Like printed newspapers, traditional mail and postal service, cable television, video stores, etc - all killed/crippled by internet.

Blockchain is removing the need for 3rd party, Banks in this case.

While there might be a lot of new blockchain technology developed, it seems banks are trying their best to halt the blockchain progress because they see it as a threat and direct competition.

One example is funding of startups which EU funds provide. The funds come from EU banks to stimulate the economy by funding startups, but the only industry they avoid is Blockchain. They even explicitly say that they cannot provide funding for blockchain projects, a direct order from banks.

I'm sure there are exceptions which are rare, but banks are doing their best to cripple the funding of blockchain projects along with regulations they impose which makes it nearly impossible to start a blockchain business.

I'm sure this will likely change in the future but the reality is that banks are not going to just allow blockchain and cryptos to take over.