Banking system and BTC

[Lucas*]

BITCOIN can't kill the banking system, because there isn't any relation between BITCOIN and banks, the central bank control banks and fiat currency and gold. And any inflation it causes by Central banks either BITCOIN is a decentralized cryptocurrency in blockchain technology and it can't be controlled by any one .

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[crossabdd]

yes, when bitcoin began to be used for financial transactions. the bank has concerns about that. where there is no centralized control. so banks and the government cannot regulate it. therefore, a lot of rejection by the state. because it can't control it, and has no responsibility to anyone. Bank and government regulations will usually make it difficult for asset owners to make temporary transactions with Bitcoin, we are free to make large transactions anywhere.

[Kyraishi]

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.  

It's not so much that BTC is killing the banking system, as the banking system is not looking to change and being slowly outdated and BTC and other crypto-currrencies are looking like the best option outside of it.

Fiat is getting boring, there's nothing new that's being done - while we constantly see more adoption towards crypto-currencies so far and it's looking more likely that it's going to be the predecessor to fiat.

[Youghoor]

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.

How do you expect Bitcoin to kill the banking system when less than 1% of the total number of people living on earth know about Bitcoin and the remaining 99% have no idea what Bitcoin is and the purpose of it in the financial ecosystem. There is no way Bitcoin can kill the banking system. It is a silly idea to even think about this.. 

[jarhed]

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.

How do you expect Bitcoin to kill the banking system when less than 1% of the total number of people living on earth know about Bitcoin and the remaining 99% have no idea what Bitcoin is and the purpose of it in the financial ecosystem. There is no way Bitcoin can kill the banking system. It is a silly idea to even think about this.. 

That's right, you say, even now when only 1% of the world's population uses cryptocurrency, already foreign currency assets are of great importance for the banking system. We will wait 3-5 years and see how everything will change in the cryptocurrency market for the better.

[senne]

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 isn't the criteria on which you can compare banking system to BTC. For the economy to work effectively, inflation is preferred over deflationary currency with high volatile which would be preferred more as a store of value. For such a mass adoption of BTC globally has many shortcomings. The infrastructure is not big enough for btc to overtake the global banking system.

[kayvie]

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.

How do you expect Bitcoin to kill the banking system when less than 1% of the total number of people living on earth know about Bitcoin and the remaining 99% have no idea what Bitcoin is and the purpose of it in the financial ecosystem. There is no way Bitcoin can kill the banking system. It is a silly idea to even think about this.. 

That's right, you say, even now when only 1% of the world's population uses cryptocurrency, already foreign currency assets are of great importance for the banking system. We will wait 3-5 years and see how everything will change in the cryptocurrency market for the better.

I don't think crypto will kill banks, I think they can merge and unite as one as we are rapidly moving as we have some banks who are now accepting crypto already here in our country.  For sure banks will continue to develop and they can see the potential of cryotocurrencies. For sure, in 3-5 years there are lots of cryptobanks already.

Possibilities for this to happen is high.
If there will be no complications to happen in the future, crypto can use banks and vice versa. Banks can be used as a third party to change fiat to cryptocurrency, banks can create and manage bitcoin atm that can be accessed anywhere if this will be implemented. Banks are not afraid of crypto, they do believe that crypto cant kill fiat as long as we are in need of physical money.

[GreatArkansas]

If there will be no complications to happen in the future, crypto can use banks and vice versa. Banks can be used as a third party to change fiat to cryptocurrency, banks can create and manage bitcoin atm that can be accessed anywhere if this will be implemented.

I think it's difficult, there are already laws abouy Anti Money Laundering (AML) or Know-Your-Customer (KYC).
It's so difficult to transact in the bank without giving some of your personal information, that's why Bitcoin is here.
Maybe only what only you want to mean is buying bitcoins using your bank account (with has your fiat currency balance).

[todiboa]

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.  

The whole problem is in the state. If a country acts according to the law and is completely democratic, then I would love to use banks there. But in my country there is too much corruption that`s why I choose bitcoin, I do not want to be a victim of banking fraud

[Ashong Salonga]

Banking system and BTC have a difference when it terms to the capability to increase the money of individuals. When you invest in BTC and the price rises, it will double your investment unlike in Bank, just 3% will increase annually.

[Lmaooo]

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.   

The whole problem is in the state. If a country acts according to the law and is completely democratic, then I would love to use banks there. But in my country there is too much corruption that`s why I choose bitcoin, I do not want to be a victim of banking fraud

Bitcoin is way different from the old banking system since the banks are controlled by the government while the bitcoin is not. I don't think bitcoin will kill the banking system because the government uses banks for awarding contracts to companies and paying salaries as well.

[senin]

If the bankers themselves believe that cryptocurrency is not a threat to global financial stability, this is clear evidence that the banking system does not feel any threat from the cryptocurrency. Why be afraid of the banking system, because it is fully protected by the state. Banks will have enough work even if people use banking services less. Banks and cryptocurrencies will exist in parallel and complement each other. There are no other options.

[Digitalbitcoin]

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.

It's, in Indonesian our central Bank called Bank Indonesia is afraid with Bitcoin. Because BTC could literally kill the purpose of economy and they think by allowing Bitcoin it's similar with allowing money laundering. Because most of them think that Bitcoin is used for crimes.

Yes, Mostly in undeveloped countries people are really undeveloped even uneducated. Due to illiteracy, governments are seeing one side of Bitcoin. As we know everything has two sides, If we keep stuck on negative points then no one will help to get up. Because Cryptocurrencies are a global subject, along with the decentralized platform. So governments must have to take it seriously and have to plan for solutions which they consider as problem or overcome. The government has a big responsibility to make awareness, and have no right to ban it or make law on it.

[sapnu]

I think with the presence of BTC and other crypto, it won't be able to kill the bank. in my opinion fiat money will forever be used in a country. and as long as there is fiat money the banking system is still used. although bitcoin has more advantages than fiat money, but without fiat money people will not understand the conversion value of bitcoin. I agree if bitcoin threatens banks, but for bitcoin it will kill banks, I'm not sure.

In my country, there are banks that is accepting bitcoin, and they are giving less tax. I think it is a start of making our world easier in terms of transaction because we all know the features of bitcoin, it has faster and safer transaction since it is secured by an application or website that we are using. Banking system and bitcoin is a innovated kind of transaction in which you don't have physical money but virtual money instead. Maybe in the future cryptocurrency dominates fiat, maybe we are using one currency in the future and that is bitcoin instead of fiat.

[Shasha80]

For now the banking system cannot be replaced by bitcoin, as we know applying bitcoin as a substitute for fiat takes a long time.
Because most people in the world do not yet know cryptocurrency ,so socialization is needed related to this. After all public opinion
regarding bitcoin is notoriously negative like money laundering, terrorists and money games. Therefore The banking system is still
trusted by most of the world community, such as the banking system having a superior product, namely credit loans. And throughout
the world there are still many places that have not been covered by the internet network, so the role of the banking system is still needed.
So the conclusion is that Bitcoin still cannot kill the banking system even though it is legal in worldwide.

[TheUltraElite]

I agree if bitcoin threatens banks, but for bitcoin it will kill banks, I'm not sure.

I am more of the opinion that crypto will supplement the economy than posing a threat to banking system. It is a common notion to think that bitcoin is anti-banking but truly that is a biased way of thinking and the proper way to see is that there would be a balance in usage of both such that the advantages of both are put into use.

We like the anonymity and decentralization of bitcoin. Maybe in future banking system can allow crypto to be traded freely and that would be helpful for the country's economy.

[Pearls Before Swine]

Bitcoin won't kill the banking industry and I really don't think I'd want it to, personally.

For one thing, bitcoin hasn't really been adopted as an alternative currency, ie, very few people actually use it to purchase goods and services.  Those things continue to be bought with fiat and it doesn't matter if there's a bank involved or not in the exchange (although a bank is involved *somewhere* in pretty much every business transaction).  So bitcoin isn't going to force itself on the world, else it would have done this already.

Second, banks are no shrinking violets.  They wield a *lot* of power in the world.  They aren't going to let something like bitcoin kill them off, even if it could.  I have no doubt whatsoever that they would first find a way to exploit bitcoin to their own advantage if they thought it was any kind of threat to them.  And why haven't they done this?  Because bitcoin isn't a threat to banks.

As much as I'd love to see those CEO's that caused the 2008 banking crisis out of work, it isn't going to be bitcoin that does it.

[TRONTON]

Banks will be forced to adopt crypto currency in the event of such a situation.
This is what I see as the solution to the banking industry's continued survival because if they do not accept bitcoin the banks may disappear and they will now be replaced with new ways of investing money such as crypto curenncy wallet.

the bank system is not limited to the method of exchange, indeed applying it is a solution, but it does not yet have the right standard to adopt it.

For transaction control it is still possible to develop, but they cannot approve extreme fluctuations in bitcoin prices to guarantee their users, except to position bitcoin only as an asset, because with the currency system it will damage the fiat / btc exchange system in general.

[Memminger]

Banks will be forced to adopt crypto currency in the event of such a situation.
This is what I see as the solution to the banking industry's continued survival because if they do not accept bitcoin the banks may disappear and they will now be replaced with new ways of investing money such as crypto curenncy wallet.

I don’t really think that fiat would come to a point where it had been taken over by cryptocurrencies especially Bitcoin. I believe that there are certain uses that may be much more convenient to use than the former. For example is buying products abroad then I would prefer to use crypto but if I would just buy locally then I tend to use fiat.

[Darooghe]

Banks will be forced to adopt crypto currency in the event of such a situation.
This is what I see as the solution to the banking industry's continued survival because if they do not accept bitcoin the banks may disappear and they will now be replaced with new ways of investing money such as crypto curenncy wallet.

I think banks will look the same superficially, but the underlying infrastructure will be very very different. they will just be leaner. a better understanding of Banking will help you know that cryptocurrency doesn’t change anything for the majority of their business. For example, cryptocurrency does not replace loans for uses like mortgage or business loans. Cryptocurrency could one day viably replace debit cards with USB wallets, but cryptocurrency can’t replace credit cards. Even if cryptocurrency does replace traditional currency, that doesn’t change the role of the bank, they still can perform their services just using cryptocurrency wallets instead of money.