Banking system and BTC

[Darooghe]

Bitcoin achieves the fastest transaction speeds in the industry with the lightning network which was recently declared as secure as Bitcoin, and it is far faster than fiat central banks, it settles about every 10 mins while the central banks do so every 24 hours. Bitcoin is its own central bank and payment system,and it's monetary policy is publicly known. I think that the endless creation of money by central and private banks will continue to devalue the dollar and weaken confidence in it, where Bitcoin differs to fiat is the fixed supply.
But I think 95% of the world population thinks Bitcoin is useless and a bubble. this is really just a matter of time as fiat currencies become less and less attractive due to their significant problems, and Bitcoin becomes easier and easier through the advancement of its technology. after mass adoption, it's enough for the bank's customers to withdraw 10% of their savings in a single month. One bank will close its doors and ask for a bailout, customers of other banks will seek to withdraw their money and buy bitcoin, and the chain reaction will continue.

[Pinkris128]

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.

Well, our world first adopt the banking system before the cryptocurrency enter and make the banking system out of the scene. This Bitcoin gain a lot of opportunities because of its transaction speed and faster earnings than banking. There are some comparison with regards to the security of the two. Bitcoin has a digital wallet while banking has a banks to save and hide the money. With digital wallet the treat here is the scammers and hackers tht trying to get and steal your money while in banking it is a huge establishment and it not easily to steal.

[Umbrella Holdings]

I do not think that BTC can kill the banking system. If the world's financial system evolves into the crypto market, the banking system will keep pace with it. I have listened the CEO of HSBC's speech. He said they were fully prepared for Blockchain technology.

[singleplayer]

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.

It's not going to be bitcoin that kills banking. It's the cryptography that bankers actually want to implement into their infrastructure.

Blythe Masters, former CEO of Digital Asset Holdings, said it herself, that bankers she consulted with regarding blockchain technology is what is desirable when it reaches a point where they would not incur a performance decrease when switching to a blockchain infrastructure; which is what you can see happening in fintech attempts at implementing blockchain.

An anonymous entrepreneur in the fintech field told Forbes that “they tried blockchain for a day and it was 3x slower, so we stopped”. The plan would be to “ditch the coins and the trading" according to Masters regarding central banks utilizing blockchain technology.

[singleplayer]

Banks do not fear Bitcoin but fear the technology that runs it.

Bitcoin is supposed to work like a payment system but is too slow to compete with the Banking payment system. It is now considered more as an asset/commodity than a payment system. Assets/commodities are controlled and owned by Banks, If regulation comes into existence than the Banks will be able to control and own Bitcoin as they did for Gold.

So my friend, Banks never feared Bitcoin but, we as a community do fear Banks.
 

Central Banks don't even fear cryptography. It's something they want to use as well to separate and alleviate control by federal/government institutions. Banks are under heavy pressure from serious fines (into the millions) when it comes to regulations and fees they would incur from breaking a current infrastructure contract. I had a discussion with Alex, he was a Bulgarian and worked as a Risk Management executive and we had a nice chat for a few days at the bitcoin superconference. So that's about all I have to share on that specific subject.

You also have people like Blythe Masters who I mentioned previously in this thread, she was a former JPMorgan exec and went on to become CEO of Digital Asset Holdings which you can easily gather some quick information on to get an idea of what they're about.

Essentially, banks want to implement blockchain technology into the infrastructure, the technology isn't up to speed at the moment. I correlate a contributing factor being too much focus is on the coins and trading (mainly bitcoin) but basically all of them are an issue. Additionally the block size being an issue, and algorithms used. Central banks are needing hundreds of thousands of trust contracts per second to compete with the current digital banking infrastructure.

[Dreamr]

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 trust bitcoin 100% because it's not controlled by the banks, government, corporation or individual. Bitcoin is a purely decentralized currency controlled by no one. With bitcoin, you have freedom and privacy. If you trust banks you have no freedom and privacy at all. Bitcoin gives you total control over your privacy.   

[SummerBliss]

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 trust bitcoin 100% because it's not controlled by the banks, government, corporation or individual. Bitcoin is a purely decentralized currency controlled by no one. With bitcoin, you have freedom and privacy. If you trust banks you have no freedom and privacy at all. Bitcoin gives you total control over your privacy.   

Say again? Do you think no corporation or individual has control over Bitcoin? So you mean the unrealistic pumps/dumps that happen or the trading volume of BTC/USDT, everything is real and natural?
Pff! Bitcoin price and market is mostly controlled whales and big corporations. When I say big corporations, it means Exchanges obviously. They have huge reserves of Bitcoins like 250K-500K. Whenever, they wish to manipulate market, they easily do so. They can buy or sell off just 5% of their reserves and it can easily trigger BTC price by 20-30%.

[bounceback]

maybe now bitcoin is better known than other central banks and bitcoin can also be called a digital currency which is now very popular in the technological era and now if we see a lot of investors who want to invest with bitcoin, but we can't say bitcoin will turn off the banking system because it's still too many people like the banking system because those who work in their government will prefer banking then if they want to withdraw the salary provided by the government through banks.

[cotton ball]

I wanna give solution for banking system today how if the bank use bitcoin or altcoin platform as their investing or saving money way, I think if bank support saving money with bitcoin or altcoin I believe many people want to save and hold their bitcoin and altcoin assets with bitcoin, bank can take profit when member save bitcoin with lower price and bank sell it when price higher.

[Genemind]

Banks will be banks despite the existence of cryptocurrency. There are things that cryptocurrency aren't capable of. Most people still trust banks especially those who aren't aware of cryptocurrency. As long as fiat is existing, banks will always play a vital role in every country. There are lots of people who trust banks because of the security that it could provide.

[Darooghe]

Central banks will fight hard for many years, but they cannot ban an algorithm. They will adapt eventually. Commercial banks will take advantage of Bitcoin at some point when it becomes unstoppable, big enough and stable. Will become mainstream after two decades.

There is an alternative for the first time ever. They can coexist for years but history tells people simply will choose the hardest money there is, over time. And that ain't no easy to print fiat money, and those in the broader financial services, who will adapt will survive. Decentralized Finance is here to stay and bloom. This gives a lot of opportunities for old and new. Time will tell. My bet is definitely on bitcoin, and for i will shed no tear for a bank going bankrupt, or the centralized banking system to die. With bitcoin I've my own private bank in my pocket, and so could all the people around the globe.

[AicecreaME]

In my opinion, these two things absolutely can not be combined. Therefore, only one must win

Others have stated their opinion already regarding about this topic that is been on fire when people started wondering if this two could unite as one, but for me, this debate about banks vs. bitcoin should be stop because we are just gonna keep on clashing, there are people who's going for bitcoin and of course there are also people who would go for bank. Old people use banks, what I mean by old people are your parents or maybe your Government, they use it because banks have been there for them before bitcoin, you know there is a saying that "I was born like this and I will die like this" concept which is kind a one sided and narrow minded for me.

For them new inventions are scary, like bitcoins, no wonder why the majority are againts it, I mean they don't trust cryptocurrencies. People's mind feed from what the majority says, let's say if the Government told them that bitcoin is just a scam, they would believe it real quick, and that is what they are going believe forever.


In short, even banks and bitcoin could not be combined, they could still both exist without eliminating either of them.

Completly agreed on your statement, Both of them will never be perfect especially some are not believing in cryptocurrency some doesn't believe in banks. As a user, we all have the opportunity to choose what is more suitable in our current lives. Depending on the situation we can have banks and crypto on our side, we aren't forced to pick just one.

Its just both cryptocurrency believer and bank believer will keep the fire going, Just know the advantage and disadvantage of both and you can freely pick on which side to go.

Knowing the disadvantages and advantages of each side will never be a qualified reason for us to pick one, picking one means we are also tightening our capabilities to safeguard our profits by cashing it out whenever we wanted. My problem about banks and fiat is that they are not that worthy of the attention of the Government, I mean they are focusing too much on developing the bank system even though we have new innovation which is bitcoin that is more advanced.

What we want is fair treatment, not a biased treatment, the Government is blinded in a way that they are neglecting important things that should be worthy of their attention to bring success.

[btc78]

Bitcoin and  Banking system,  in my view  bitcoin has  a strong  power to defeat banking system.  But this war  is war  of patient.  gradually  bitcoin will take over  when depositor  finally  come to realize how banking system  is stealing and cheating them.  bitcoin has a solution to our  challenges in banking sector but this battle  has  to fighting with patient  strategy.     

Nope banking don’t cheat nor steal to their costumer ,what they do is giving unfair interest while in crypto it can be x100 if lucky

But banks are sure interest and you have no chance of losing while in crypto investments is like gambling when you can earn bigger but the chance of losing is also higher

So either of the two it is our comfortably is what important,think of what you’re intention to keep safe or to earn more

[poptok1]

Nope banking don’t cheat nor steal to their costumer...

Tell this to the people of Cyprus, who where deprived of their money just to bail out falling banking system.
Payouts where denied or limited to couple euro per day. What is that, if not stealing?
They have a private income but when it comes to losses... those get socialized. Looks like a robbery to me.

But banks are sure interest and you have no chance of losing...

Tell this to the people across the world, who where manipulated in to depth denominated to some fancy currency and now they loosing houses and money they already paid. Banks are nothing else than usual, private business. They will do virtually anything to grab as much cash from people as possible. Uncontrolled they will go further and further, to a point of physical harm to millions.

[alexsandria]

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 wouldnt and couldnt kill banking system. Yes in some aspects bitcoin has really an advantage but that wouldnt make it kill banks per se. Many people still trust banks and it is almost close to impossible for bitcoin to kill banks for that. I just hope someday they can coexist, like?

[Ryan Dugan]

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 wouldnt and couldnt kill banking system. Yes in some aspects bitcoin has really an advantage but that wouldnt make it kill banks per se. Many people still trust banks and it is almost close to impossible for bitcoin to kill banks for that. I just hope someday they can coexist, like?

I think you are right and that they will coexist. Some will not go off the old ways and stay with fiat. The people who like technology will stay go with crypto.

Bitcoin and  Banking system,  in my view  bitcoin has  a strong  power to defeat banking system.  But this war  is war  of patient.  gradually  bitcoin will take over  when depositor  finally  come to realize how banking system  is stealing and cheating them.  bitcoin has a solution to our  challenges in banking sector but this battle  has  to fighting with patient  strategy.     

Nope banking don’t cheat nor steal to their costumer ,what they do is giving unfair interest while in crypto it can be x100 if lucky

But banks are sure interest and you have no chance of losing while in crypto investments is like gambling when you can earn bigger but the chance of losing is also higher

So either of the two it is our comfortably is what important,think of what you’re intention to keep safe or to earn more

Your money shouldn't be sitting in the bank it should be out there working for you. I see your point though.

[mdzahed134]

I don't think BTC is killing the banking system becasue BTC and banks are both have advantages and disadvantages as a individual platform. BTC is a freedom platform instead of banking system. On the other hand bank is authorized institution and every single people believe that system. Actually that is the fear of government because they will never control the decentralized system. So,that government strongly go against BTC and they think it’s affected in the banking system.  

[matchi2011]

I don't think BTC is killing the banking system becasue BTC and banks are both have advantages and disadvantages as a individual platform. BTC is a freedom platform instead of banking system. On the other hand bank is authorized institution and every single people believe that system. Actually that is the fear of government because they will never control the decentralized system. So,that government strongly go against BTC and they think it’s affected in the banking system.  

Banks still have the interest of many people as centralize system with full jurisdictions of government is far safer inside ordinary people's mindsets.
While for people who understand the benefits of decentralization, where freedom can be acquired without any limitations will choose bitcoin/blockchain system. Separate opinions from different types of people, it will be decided according to how a person understand and how end users will participate but as of now banking system still dominating inside financial matters.

[Xxmodded]

If Banking want to adopt bitcoin I think many people want to save and move their money from their house saving to the bank with using as bitcoin for saving, many people save many now in their house with USD peer but if bitcoin have adoption by bank I think many people want to move USD money become bitcoin assets and save it with the bank, but bank look not ready for adopting bitcoin and altcoin become their saving investment way.

[bigmick44]

Bitcoin represents the beginning of a new era in which banks would become unnecessary. Banks can’t control BTC because it has no representative and is fully decentralized, so they cannot influence the price of Bitcoin. People see that crypto transactions are much better in almost every aspect that the transactions made from banks. The bank is an institute which main purpose is to take your money. While Bitcoin payments are independant. But we should ask ourselves what will happen if banks disappear? Could it be another financial crisis?