Banking system and BTC

[DatKing]

In my opinion, Bitcoin won't kill the banking system. Instead, banks will find a new way for preventing their extinction. They will start to accept digital money and they will maintain their existence by working together with digital currencies.

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[diahsw]

why you can issue an opinion like that, your reasons are unclear, and in my opinion it is only your opinion, where there are banks afraid of BTC, the proof is that without any BTC the bank will continue as it should, you should seek clear information first before leaving opinion..

[bobyhodob]

why you can issue an opinion like that, your reasons are unclear, and in my opinion it is only your opinion, where there are banks afraid of BTC, the proof is that without any BTC the bank will continue as it should, you should seek clear information first before leaving opinion..

indeed, many banks are afraid that the presence of bitcoin will make their customers leave the bank and will not keep their money in the bank anymore because they can save their assets in a cryptocurrency wallet or exchange place that can be used for trading capital so banks have such fears, for now the bank is trying hard to get its customers back and use the bank again to save money.

[EdvinZ]

I think that cryptocurrencies will not be able to overthrow the banking system, but will be able to make it a strong competition. Maybe banks will make better proposals for people to keep their customers. I think cryptocurrencies like Bitcoin will be used more as a means of accumulation than money for everyday payments.

[yohananaomi]

why you can issue an opinion like that, your reasons are unclear, and in my opinion it is only your opinion, where there are banks afraid of BTC, the proof is that without any BTC the bank will continue as it should, you should seek clear information first before leaving opinion..

Any opinion may be expressed and left to be followed up and given a solution if needed. but I agree with you that banks cannot be afraid of bitcoin. because obviously the share is different in every way.
Bitcoin and the Bank will run on their own just maybe there will be a synergy to need each other if indeed with the development of time.

[White Christmas]

About our current banking system in which it was controlled by the government and also has an tax and the banking system provides us a very high transactional fees for everytime that we are making a transaction with other people, while in bitcoin or cryptocurrency we can do a very faster and efficient transaction just like for example we just need an mobile phones and internet connection, then we can already make a transaction without hassle and without high transaction fees, and also away from the government taxes.
Maybe in the near future, bitcoin or cryptocurrency will be our new banking system.

[dimox]

i think bank its not afraid about bitcoin, we dont know if some big place like that maybe store many bitcoin.
bank system will be exist because people still use this method, and people can move on from this one. we know if bank imitate some of bitcoin system and its good if every place apply it because ita very useful

[elisabetheva]

The emergence of bitcoin laid the foundation for long-term global and inevitable changes in the financial world. Maybe now this is not felt at all, but 10-20 years will pass and we will forget what fiat and centralization are.

Is it possible that bitcoin can replace fiat? these are also questions that need to be examined carefully. we must recognize and believe in the development of bitcoin which has begun to develop rapidly.
but there are still many countries that have not recognized and accepted bitcoin as a legal payment tool.
as you say that maybe 10 - 20 years from now there will be that change. but I don't believe this will happen because there are many different perceptions about countries about bitcoin.

[henmark]

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

You cannot completely take that out, central bank might one day give up to that after they have been pushed to wall, because cryptocurrency is what they cannot cancel, and since they cannot cancel it, it will gradually spread and go beyond their control, you might see the adoption as little now which is nothing compared to what the adoption rate of bitcoin would be in the future.

If you doubt this, why do you think that Zimbabwe came out with their own cryptocurrency, because when you look at central bank, you are already looking at government, and for them to have released their Petro coin, they must have all discussed about it, look at china also coming up with their own DCEP coin too, china who happens to be the largest country, so talking of central bank not supporting cryptocurrency in future is what I doubt.

[budi691]

too many things are feared from bitcoin, so too do banks think. they always give a lot of reasons about bitcoin, to the point of bitcoin. but now that it is reversing direction, almost all technologies and bitcoin are starting to be copied by banks. the banks say this is their digital innovation. they forget, they have imitated the steps of bitcoin. it's a fact, even people in the digital age are able to judge it. that bitcoin with blockchain is the latest innovation in economics.

[minersday]

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.

On a real note, I don't really think Bitcoin will be able to kill the banking system. This is because, 80% of the financial ecosystem is ran by the banking systems all over the world and these systems have been around for ages and transformed from time to time. Personally, I will love that the bitcoin blockchain system is combined with the banking system to introduce diversity into the financial ecosystem. With this kinda combination, people can easily use and make transactions where ever they find themselves. This will help improve the economy of the entire world.

[Questat]

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.

On a real note, I don't really think Bitcoin will be able to kill the banking system. This is because, 80% of the financial ecosystem is ran by the banking systems all over the world and these systems have been around for ages and transformed from time to time. Personally, I will love that the bitcoin blockchain system is combined with the banking system to introduce diversity into the financial ecosystem. With this kinda combination, people can easily use and make transactions where ever they find themselves. This will help improve the economy of the entire world.

Exactly, bitcoin is not stable like money so it should not replace our current system.

The government may upgrade but they can't eliminate the paper money as there are still a lot of people in the world who have no access to infrastructure and we all know that crypto means online transaction and it requires knowledge to everyone who wants to use the blokchain in their transaction.

bitcoin will remain as an alternative but fiat will be the main money.

[superman2019]

Banks remain needed as long as there is trust in them. But I agree if they would show me a service where I can get a microloan, with low interest and confidentiality ... I would use it, even if I do not understand cryptocurrencies too well. I don’t know how in other countries, but we have firms that can allocate funds to you ... however, these are often scammers who, in case of delayed payment, will not only charge you a higher percentage, but will come to your home and will threaten you. Cryptocurrencies are still much more convenient and secure.

I agree, I am unhappy that due to some external political differences, my country is blocking the receipt and sending of funds from Russia where my parents are. I am always infuriated that politicians use their ambitions and interests and circle us around the finger, not even allowing banks to work normally. Fortunately, they told me about crypto, now I know that if necessary I can always use them

[Gheka]

Now all banking systems feel threatened with Bitcoin presence, because the banking system cannot control Bitcoin. This is due to its anonymous nature. What makes Anonymous is from a Bitcoin address that consists of only a series of numbers that may be difficult to track the owner.

But I think the banking system now wants to legalize Bitcoin like the Swedish and Chinese governments now. 

I still don't see sources that confirm banks feel threatened, even I only see banks want to legalize bitcoin, want to turn bitcoin into a field of banking, and this means they're dealing normally with bitcoin and looking for opportunities to collaborate from it but they're needing more time to control issues in bitcoin. Anonymity and cloaking of participants is really an annoying problem that bitcoin can create but it is not a feature big enough to compete and threaten the bank, the banking system is stronger than we thought

[patroncito]

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 love this topic. There is no way that central banks and banks could survive to Bitcoin. By the time people will only use Bitcoin and the current system will disappear like blockbuster.

[Palider]

Bitcoin has already provided the fact that it can provide a percentage higher than the bank. So the bank is afraid of bitcoin because once people are fully aware of the nature of bitcoin and how they can make big profit here I'm sure banks are now losing customers especially now that they are tightening funds that thru form crypto. Maybe the only savior of downside to their existence now is their acceptance to bitcoin, because they also can't take steps to control bitcoin as it is a decentralized platform that provides profit to people who want to invest in it.

[iLLmAtiCiAn]

Oh yea,btc is already doing just that,banking system is so slow and irritating,BTC is so  much better

[Natalim]

Bitcoin has already provided the fact that it can provide a percentage higher than the bank.

Well this one I will not agree, bitcoin does not guarantee that your money will grow, the value will always depends on the market situation, it could pump or dump anytime while bank provide you interest income consistently based on terms, however its very low.

let us not consider bank as an investment, instead its just an institution that allows us to safeguard out assets under their control.

We need them for this because we can't pull all our money at risk into bitcoin or crypto only.

[DreamStage]

Bitcoin isn't free from inflation since you are the one that makes it by buying / selling it.
The more people buy the more inflation there will be as buy price will get bigger.

About banks Bitcoins are the same as banks in everything except for humanitarian interventions.
You can make a transaction without the need for humans to intervein, they do not need to discuss to government, tax u on particular value, make a contract or anything that a bank requirement request.

Those things are all made inside the network automatically.
Except for the miners and people that code such systems ofc.

[todiboa]

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 world consists of many countries. Someone supports Bitcoin, someone rejects. Therefore, Bitcoin is not able to break through the centralized world system due to small adoption, however, as a tool, Bitcoin has the features to do this.