Bitcoin is More Popular Than Traditional Banks

[cryptsatshian]

Ya, i buy it whenever i can, it is just the matter of time when the fiat system fails. You can see all those QE, helicopter money around the world and social conflicts rising. Gap between Rich and Poor etc.

[Shasha80]

I do not agree that bitcoin is more popular than traditional banks, in fact now there are more bank users compared bitcoin. But I strongly
agree if millennials trust bitcoin more than traditional banks, then bitcoin requires at least 50 years again to be more popular than traditional
banks in my opinion. Then regarding the survey conducted by cyber media tokens, I think the results  are invalid. Because of the 4,852
respondents who took the survey, I believe most of them are in the cryptocurrency community, so clearly the results will show bitcoin is more
popular than traditional banks.

[adzino]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

So the conclusion came based on only 4,852 respondents? I guess the user base which responded weren't quite diverse.
I would say more people know about banks and how they work when compared to bitcoin. It is going to be a total lie when you say bitcoin is more popular than traditional banking. If bitcoin was indeed more popular, everyone would know about and everyone would use it. They would prefer bitcoin  over fiat. After all, there is no one stopping them from using it.

[nicecrypto]

I think the survey can not be seen as authentic base on this result alone, if you really want to know if btc is more popular than the traditional bank then go out and ask the ordinary people outside their opinion about bank and btc, you will be surprise many of them don't know anything about btc, but almost everyone knows bank.

[pixie85]

And even with that target audience and paying them in BTC they only managed a victory of 51% to 49% over banks?  

Not all people who register to read about Bitcoin would trust it over banks. The sad truth is many people in the space just want to make fiat money trading bitcoin and dump it when they're done with it.

There's a long way from trusting Bitcoin over banks to Bitcoin becoming more popular than banks.

I trust Bitcoin more but I still get my wage sent to the bank and use the bank to pay my bills and buy groceries every day.

[Oilacris]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Oldies will surely stick out in traditional fiat system and would trust up banks for the rest of their life excluding to those who are tech aware or crypto's existence.

We are on the digital era now and it wont be surprising that millenials or younger generation would really be fully aware on whats the true usage and benefit of using bitcoin.

Its good to hear or to see those rising numbers when it comes to popularity and trust towards it.

[joinfree]

There has surely been a significant growth in the exposure of bitcoin to the world but I still think transacting with traditional banks is still popular than bitcoin. However, the future is likely to change as people get to know more about bitcoin and its growth as well as its rate of returns on investment.

[Kelvinid]

No, Banks are still popular in all ages than Bitcoin. Though most new ages know about Bitcoin and cryptocurrency and that just they only know, many of them aren't using that anyway rather than keeping their money to banks. Bitcoin still building its reputation, unlike the banks that has been for many years.  Bitcoin still a lot of things to prove in order to divert the mind of the people and trusted this the same thing as they trust the banks. If this will happen, this also the time that Bitcoin will outplay Banks, and many people will use Bitcoin.

[Twinkledoe]

There has surely been a significant growth in the exposure of bitcoin to the world but I still think transacting with traditional banks is still popular than bitcoin. However, the future is likely to change as people get to know more about bitcoin and its growth as well as its rate of returns on investment.

The percentage of crypto users is still small compared to global population. So yeah, I guess, there's something wrong with the stats or the study is not well represented. I don't think many people have full trust with the usage of bitcoin than making a transaction with banks. We still need more data to make a good conclusion regarding this topic.

[gundala]

In fact, bitcoin does offer a lot of things that can't be found in traditional banks. However, I think we cannot be separated from traditional banks completely, moreover, it has to do with legality and adoption in our respective countries. The survey results at least provide a positive picture of the presence of bitcoin, especially for millennials who are very close to technological developments. But, of course, we cannot completely ignore traditional banks.

[KrisAlex18]

Don't get offended, I think you should change the title into "People are now interested in bitcoin than traditional banks" because when we talk about popular then I think banks should be the ones because it lives for so many years compared to the bitcoin. It would differ the meaning because of being popular. If you changed it into interest, it will look like the people are now into bitcoin than banks which is really true because bitcoin becomes so prominent all over the world because it has so many benefits to all of us.
 

I think I found an article relating to this: https://www.somagnews.com/trust-bitcoin-passes-trust-big-banks/

Great hunt, the OP should include the source link he had used for this thread, putting the link is really important, it would avoid you from being plagiarism.

[Bitstar_coin]

We can not argue that btc has gain more recognition over time but saying it has more popularity over the traditional Bank base on that survey is not entirely true, I don't know the procedure for conducting that survey but I do know it does not represent the actual results of both btc and banks popularity,
without conducting any survey, our daily activities could already give the answer we are looking for, banks without any argument are still more popular and more used than btc, but this does not mean that btc has not gain traction in utility and increased awareness as well, for now, I think the verdict goes to banks.

[Anonylz]

Bitcoin is a popular and trusted coin of the current cryptocurrency. People like to keep their savings in banks but people have been losing confidence in banks since the global recession started. That is why many people are keen on investing in bitcoin Can be lifted. Gradually people are interested in investing in Bitcoin keeping in mind the risks of the bank and it is gaining popularity day by day.

Are you sure that people are keeping their money in btc instead of the traditional banks! If this is the case then nobody will be selling btc, nobody would worry when the price is down that  force some people to sell out of fear of the unknown,
Have you ever wonder why people cash out when btc price is nose diving and to what currency? I think we all want to hold on to the belief that btc is the safe heaven to preserve wealth and better than our traditional banks, but how many people actually practice what they preach! Saying it won't make it happen, putting it into practice will.

As much as we would want it to be true but unfortunately it isn't, btc is getting popular yes, but not nearly as popular as our traditional banks even till this moment, I don't really trust the outcome of this survey, even the behavior of crypto community will tell you many people still rely on traditional banks heavily, btc is on the process but there is still a long way.

On a side note, have you ever wonder why people are advice to invest what they can afford to lose? When someone says "am going all in on btc, putting all my life savings" did you see the type of advice fellow crypto enthusiasts give! People hardly say yes you are making the right decision,    has it occur to you why they say such? Think.

[Taskford]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Well this simply isn't true, unfortunately. This is a really small sample size first off, secondly most people still trust banks and have no clue what actually goes on inside the banking system.  I wish people would educate themselves more but they simply don't.

Most of the people are educated on traditional system that's why it's easy for them to trust it since this is running good for more longer years and this new system introduced is quite risky specially it is advertise on some medias about involvement of frauds so we cannot blame people to mistrust people and honestly even if I am a bitcoin user still I go with the banking system for now since here I can sleep with cool since my money is safe from volatility.

[GDragon]

I would bet that there are no countries in the world where Bitcoin user numbers exceed central bank users, probably less than 2% of people use Bitcoin, compared to around 80% for banks.

Mansions are also popular, but few people have them.

Agree with this. A nice article by the way, I see it as btc slowly being known. However, I don't really believe it is more popular in traditional banks. It is really far from that. This is what I observe in my country. A few only know btc, and if they know it they won't really use it or invest in it. Maybe they just heard about it but not even know the technology behind it. They just heard about how great it is from those btc storytellers who only tells how fantastic btc is but forgot to tell the risk in it.

People are still into traditional banks because that is still the currency required by employers and etc. Even a fresh grad getting his first job will need to have an account to a traditional bank for the payroll and if they don't have it, the company will provide for it. Some may say they trust btc but you know that they are still chained to traditional banks because that is what we still used in the society.

[Sanugarid]

I really don't like surveys like these. Who do you think they surveyed? Z generation kids who have Bitcoin and TRX and Doge and gamble in casinos? Or Boomer parents and grandparents who responsibly pay bills with dollars and not bitcoin?

Surveys like this does not mean any thing really, the results will depend on the variables, factors from the variable and type of variable. If you get to surveyed youngins, 2000s people then most probably they will favor in bitcoin. Try to ask people whose age ranges from 30 to 40, I bet some of them do not know bitcoin and so they will just prefer banks. Bitcoin is still small from now, banks even are doing counter move to it by establishing digital payments.

I like Bitcoin but these surveys are terrible in creating more divide. And pointless.

It's very futile to talk about surveys from the simple fact that the core of the market is speculation, and any time people's view about the market may change.

[dongosquad]

Actually true. Bitcoin is known worldwide unlike the banks in my country that is only known in the country. The  reason being decentralized. Another thing is that bitcoin is a currency which is also making wave. most currencies are know more than the banks normally

How popular is bitcoin though, we still need a bank. There are several things related to legality that we cannot force using bitcoin. In general, bitcoin adoption is still very limited. IMO, bitcoin and banks are both popular. Both provide comfort and convenience in several aspects that we can reach to maximize the effectiveness of financial, transaction, buying and selling, etc. No need to worry about this, just use both of them according to your needs, maximize both of them to make our lives easier

[Swordsoffreedom]

Bitcoin is popular and it has its own beneficial character but it is not more popular and used currency than banking system or fiat money. because we know that the number of users of bank is much higher than the user of BTC. If you say that the current generation trusts BTC more than banks then I'll agree with you. on the other hand, Bitcoin and bank is different. because if you deposit money in bank, you will get a certain interest, here the profit is fixed and seeds money will remain unchanged. If you invest on BTC you may make 2x or 3x profit by doing trading but there is a risk too, because the price of BTC fluently ups and down. For this reason, we cannot compare BTC with bank.

[shata]

Bitcoin becomes popular after mainstream price bull-run on year 2017.

In fact a lot of bank related services had provided already by these crypto projects.

Study shows that Bitcoin could perhaps the best performing asset in the near future but how did it compete with traditional banks?

The idea of banking is related to savings.

Savings mean allocating part of an income to provide family's future endeavor.

Banking is the financial institution of whom people put their trust.

By verifiying your identity in the bank, you can use the benefits of being part of this traditional institution: many cards like debit and credits, deposits, withdrawals and many more...The point!

Bitcoin on the other hand, lifts the thorn of unbanked people who wants to live life without using third party to monitor savings.

Features of bitcoin compare to the nature of savings fund on banks which  expect interest yield have higher probability of profits.

Bitcoin is potential for trading, p2p, transparency and anonimity and at the same time hodling.

Banks only served financial savings and earn interest while bitcoin possess future potential.

Note: We cannot compare banks with bitcoin quite literally, but as to its functionalities and accessibility, bitcoin has a lot of potentials.

[ghost424]

That is actually true in some countries AND it really affects traditional banks. Some banks are really being creative to achieve a form that is somewhat near Bitcoin and that is virtualization of banks. They are releasing updates that they can use banks online now and that is actually good.

Knowing Bitcoin can be accessed through the Internet and using it to pay for something is really good and hassle free instead of going to traditional banks and withdrawing cash. I hope that the development never cease to stop and be a help to every generations.