Bitcoin banking system

[btcpepa04]

Hello! 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.

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[Darker45]

Hello! 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 might kill the old banking system if it does not bend to suit the call of the times. However, it seems that the banks are fully aware that the technology brought by Bitcoin is the future and they are now making adjustments. Gone are the days when the banks remain adamant in their old system and put up a resistance to the growing popularity of Bitcoin. Today, even a local bank in my developing country is installing Bitcoin ATM.

Bitcoin does not lose its purchasing power in a similar fashion to fiat but its value could plunge anytime worse than fiat. Bitcoin's price fluctuates. But the good thing is that it could suddenly decrease as much as it could also increase very quickly.

[GreatArkansas]

Hello! 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 might kill the old banking system if it does not bend to suit the call of the times. However, it seems that the banks are fully aware that the technology brought by Bitcoin is the future and they are now making adjustments.
(.....)

This is also on my thoughts.
Although we all know that Bitcoin has something that banks don't have and has more advantages compare on using banks.
What I am worried about sooner or later is what if banks will start to use some cryptocurrency or some blockchain technology to rework or change their banking system or even they will use Bitcoins. I don't think if that is good or bad for Bitcoin. But even if that will happen, Bitcoin will go nowhere and will stay forever.

[The Cryptovator]

Hello! What's your opinion could BTC kill banking system?

If physical money exist then bitcoin couldn't kill traditional banking system. And I believe it's not possible to exclude physical money from our life. I don't know what will happen after hundred years, but it's not possible in short period of time. Bank doesn't like bitcoin, but it doesn't mean they don't like blockchain technology. Perhaps once upon a time banks will start using blockchain ecosystem. Banks are worrying about decentralized system of bitcoin and they are more worried about volatility. That's why they are discourage to accept bitcoin as a payment methods.

[Debonaire217]

Hello! 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.

Bitcoin killing/stopping banking system to operate is merely impossible to happen. Limited supply of bitcoin as the reason to why it couldn't have the power to stop banks is not enough, as people is still widely using fiat system to transact. Basically, compared to bitcoin transactions, the percentage of bitcoin users compared to people who uses fiats is too slow. Most of the time, even bitcoin users think of bitcoin as an alternative way of transacting..

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 could possibly be affected not just by the monetary policies that countries have. Moreover, there are some instances that calamities directly affects price inflation as goods and services supply not promising. In terms of bitcoin, the right term is price inflation, wherein, bitcoin price decreases because the value of it decreases based from the demand of the people to the exchanges. I could say, bitcoin is not free from inflation.

For more information, you might want to read here:

[sheenshane]

Hello! What's your opinion could BTC kill banking system?

IMO, just because of devaluation.
Yes, you heard it right. Investing in Bitcoin while you're using your own crypto-wallet as your bank account nobody can devalue on it. No organization and no central authorities involved and as a holder, there's nothing to worry about. Unlike, the traditional banking system was obviously to act in favor of those with have a huge of money and good financial knowledge. The reason why there are some people that have poor knowledge with it comes to the traditional banking system they prefer to store cash at home than banking on it.

Bitcoin or cryptocurrency, in general, has a cheaper transaction and no chargeback will happen because it is irreversible not like cash. No doubt that this cryptocurrency will harm the traditional banking system and that is the reason why the government always afraid of it. It might their big competitor when it comes to the financial banking business. The fact that Bitcoin doesn't need the banking system because it has a limited stock. But it is impossible to replace fiat to Bitcoin, it is always good that cryptocurrency is an alternative way when it comes to transactions and other payment methods.

[AniviaBtc]

Hello! 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 free from inflation but it will drop to around 2% after the next halving.  Bitcoin is not free from high transaction fees - they are directly proportional to the size of the mem pool.  And I think it would be delusional to believe that Bitcoin is free from government control.  Bitcoin is not fully decentralized either.  About the only think I would agree with you on is that banks can't control Bitcoin.

 Bitcoin is not an alternative to modern banking but might serve as a vaccine against it for those in the know.  HODL.

Bitcoin in some countries are decentralized stable because there are some country that's against cryptocurrency. Those countries don't know the advantages of blockchain technology for their economy because they are lacking of technology or maybe they think that it will be useless and increase the number of crimes will due to scammers. Bitcoin have a high transaction fees and that's how the government earn some profit and part in the exchanges. Some countries also free from government control because they don't care about the people who use cryptocurrency. Highly recommended for some countries to use digital currency for faster and easy transaction so that the movement in the market are good because of the number of bitcoin holders.

[bgaf]

Hello! 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 dont want cryptocurrency due to the fact that they can replace them if the blockchain tech improved a lot. Transactions of btc is getting higher and this is due to lots of usage, imagine what will happen if the bank is legally replaced by blockchain now? Dont say that why transaction fee so high now. Cause as the users of certain blockchain increases more fees will incurred as the network is been used a lot and a lot means frequent usage can also affect many things in blockchain which other projects trying to improve.

Banks can used blockchain and that will be a good innovative approach to client but totally replacing it will eb a big mistake on the part of banks if they do.

[sunsilk]

Bitcoin won't kill the banking system, it has been there ever since so the trust of the people and its sympathy will be on the banks. It's regulated by the government so we can't think about its death for now.

There are just afraid of bitcoin because it will pull their customers out of their service. The money from their customers is where they're getting their capitals for loans so if most of their customers understands bitcoin correctly, they fear that time to happen.

[Darker45]

Hello! 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 might kill the old banking system if it does not bend to suit the call of the times. However, it seems that the banks are fully aware that the technology brought by Bitcoin is the future and they are now making adjustments.
(.....)

This is also on my thoughts.
Although we all know that Bitcoin has something that banks don't have and has more advantages compare on using banks.
What I am worried about sooner or later is what if banks will start to use some cryptocurrency or some blockchain technology to rework or change their banking system or even they will use Bitcoins. I don't think if that is good or bad for Bitcoin. But even if that will happen, Bitcoin will go nowhere and will stay forever.

If banks shift to blockchain and Bitcoin, that would be a good scenario. But I don't think banks are still needed with Bitcoin as far as its role as a safe storage of money is concerned. Bitcoin is like a package of things, all in one. It is a currency, a payment system, a bank, and even a banking system. However, if banks will stick on keeping the savings of people with matching insurance and interest in terms of Bitcoin, that sounds nice to me.

Hello! What's your opinion could BTC kill banking system?

If physical money exist then bitcoin couldn't kill traditional banking system. And I believe it's not possible to exclude physical money from our life. I don't know what will happen after hundred years, but it's not possible in short period of time. Bank doesn't like bitcoin, but it doesn't mean they don't like blockchain technology. Perhaps once upon a time banks will start using blockchain ecosystem. Banks are worrying about decentralized system of bitcoin and they are more worried about volatility. That's why they are discourage to accept bitcoin as a payment methods.

The traditional banking system has already evolved. It does not depend on physical money alone. In fact, it has brought the system a notch higher in terms of modernity with its use of cards and online transactions. And now they are already entering the age of blockchain with a flexible approach.

[avikz]

Hello! 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.

You have to understand one fact, bitcoin is not built to attack the good old banking system. Even though bitcoin has so many features which can potentially decrease the need of a banking system. But bitcoin is not certainly attacking the banking system. If banking system can't cope up with the changed need of the economy, it will itself go extinct! But fortunately or unfortunately, this is not the case happening now! If they remain unresponsive to the change, they will slowly loose their need of existence. But if they are open in accepting changes, they will grow even bigger!

Just to add, Germany has decided to allow banks to store and manage cryptocurrency on their customer's behalf. That's what is needed worldwide,

https://news.bitcoin.com/german-banks-authorized-to-store-and-sell-cryptocurrency-in-2020/

There's nothing for anyone to afraid about other. It's just survival of the fittest!

[kryptqnick]

Hello! 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.

Can Bitcoin challenge the banks? Can it show that their monopoly is not necessary? Yes, and it already did that. Furthermore, it can continue to become an alternative to a bank account with fiat to more and more people. However, at this point, I don't think the banks are about to die. For one, 97% of the population still uses fiat and nothing else as money, so Bitcoin is far too unknown for now. Another thing is that Bitcoin is more volatile, and some people can't stand it. Apart from that, it's always easier to give your money to the bank and then blame it is anything happens to your money. Bitcoin requires to take one's own responsibility and agree to a case with no guarantees, so many people won't opt for it simply because it would seem too unreliable to them.

[Artemis3]

Hello! 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 may survive if they join the exchange and crypto financing business, AND switch to full reserve practices when dealing with Bitcoin, etc.

That said banks will have to shrink. They have to, so they can remain alive. There is simply no need for so much banking once people become aware of Bitcoin.

I have the feeling that Bitcoin can trigger the world to a move to the Austrian school of economy, this is what current banks need to face reality about. Most of their existence is due to the fractional reserve legalized Ponzi scheme, and this is going to go.

Before Bitcoin, they could have continued with the Chicago school practices, stimulating people and nations to get in debt and live paying their debt with a permanent inflation as the way they believe economy growths, and fractional reserve money, money that doesn't exist anyway amounts to 90% of that which is the cause of bubbles in the first place.

When they become aware that money won't lose value anymore, and that in fact may even gain some, they enter in panic. They neglected the Austrians and now they see no future or are very scared. The genie is out of the bottle though.

Yes the economy growth has to slow down, but its better to have steady growth than the permanent roller-coasters of bubbles and crashes. Austrian economy growths from the savings of people, not debt and its credit expansion (euphemism for: "more money that doesn't exist anywhere").

You have to study fractional reserve banking to understand the implications of this, and preferably the Austrian school of economy, to get a picture of the future.

Banks are no longer needed, they are optional now. Know your place.

[plvbob0070]

I doubt that. First is, the bank is everywhere and the government is regulating them. So do you think that the government will let  that happen? Bitcoin cannot easily kill the banking system since people are still dependent on them and fiat. When you ask random people, majority of them still trust the bank. The government as well as banks might end up adopting digital currency, but that doesn't mean it will kill banking system.

We cannot really conclude that banks are afraid of btc because it's too early and we're still far from massive crypto adoption. You're right about Bitcoin having an advantage over fiat, and so does fiat. Both of them has an advantage that's why they can really work together in the future.  And I never really see Bitcoin killing banking system because both of them has their own function.

[HarmonyA]

Bitcoin is a digital currency that, in the expressions of its backers, "utilizes shared innovation to work with no focal power or banks." By its very definition Bitcoin appears to be all around situated to slaughter off national banks.
National banks are as of now the prevailing structure countries use to deal with their economies.
Until and except if governments perceive Bitcoin as a real money, it has little any desire for killing off national banks at any point in the near future.

[bL4nkcode]

Hello! What's your opinion could BTC kill banking system?.

It won't happen, BTC might get more demand, scale, and have a higher value, but it won't replace anything that is fiat based. There are lots of things that cannot fullfil of BTC but cash/fiat would do.
Fiat will remain and so the banking system, BTC will exist along with it.

[FaithInCrypto]

Hello! 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 think BTC can kill the banking system, exempted from inflation, free from government control and high transaction fees. If it's fully decentralized we won't be having lots of discussions in having BTC as one of the money in the world even if its a virtual thing. I just hope that Bitcoin will work hand in hand with other fiats but I guess if that happens Bitcoin will be centralized which isn't its purpose.

[FanatMonet]

In my opinion, not a single cryptocurrency is capable of completely replacing the whole fiat in general in the foreseeable future.
Most likely, there will be some part of the market where they will dominate, but certainly not the entire financial system.

[maxreish]

As long as the existence of fiat is there, the banks will not be disappear even if bitcoin is doing well today. Traditional money is hard to beat and so the banks. People wanted their money to be secured by centralized organzations. And to think that bitcoin is a decentralized thing, there are still people who are afraid of using it. Anyway, there are banks who are bitcoin friendly and joined the blockchain already where in we can purchase bitcoin to them.

On the other hand, we all know that bitcoin is fully unregulated and banks were not. One should be ready for any risks losing investments with btc.

[Easteregg69]

Some fuck banned me for 7 days on here. Bitcoiners can not run a bank. They are to defensive. And as you can see on the advertising. Endorsing crime.

PS. Same shitbag deleted a lot of my posts.