Bitcoin can / cannot replace the banks ?

[Bilgent]

We shouldn't even think about such replacement. How would Bitcoin replace banks? They are totally different things. Bitcoin is just a cryptocurrency that is used for investment purposes or buying things but banks are entities that we can keep our money in them etc. .

[Mituletr]

I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.

[geegaw]

I don't know why this debate always sparks about Bitcoins vs Banks but if Banks start accepting Bitcoins as a valid asset to be used as a collateral for fiat loans, is there really any need for BTC to replace Banks? I mean, everything we've been wanting since the beginning - adoption, mainstream, regulations, legalization, etc. are all part of centralization. So when ^decentralization^ is already on the verge of being destroyed completely, why are we even thinking of BTC trying to replace Banks?

Agree, instead of creating a powerful war between the giants and forcing one side to collapse, why don't we have a more open minded of a peace and union between the two, Bitcoin cannot operate on its own and it never expresses the intention of replacing banks, and the nature of bitcoin exists with the same features as banks, some people always use this excuse to create meaningless debate. While that Bitcoin really want is cooperation, helps it have more market presence and through it, the bank can also expand services to make more money.

[ecnalubma]

Only if banks are not effective anymore, but banks are still the most effective way to transact financially. Its not Bitcoin’s aim to replace bank’s but its giving us new option as a store of value. Banks and Bitcoin should coexist, it will serve an economic contrast.

[pankowri]

More possibilities of cannot replace the bank because BTC is a cryptocurrency and online money that's can't deal all the needs safely as bank. BTC is a first row cryptocurrency and it's making its position strongly in market but peoples have dependency on banks and they manage all of their works in bank that crypto hasn't capacity yet.   

[Renampun]

I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.

co-exist? I like this word...
Bitcoin is decentralized while banks are centralized and currently transactions and circulation of world money are still dominated by banks. co-exist in the future is the best prediction.

[Mahanton]

I think Bitcoin and banks will co-exist. Bitcoin is a decentralized platform. It is currently limited by many factors and cannot replace banks.

co-exist? I like this word...
Bitcoin is decentralized while banks are centralized and currently transactions and circulation of world money are still dominated by banks. co-exist in the future is the best prediction.

They would surely both exist no matter what but there are really people whom that really too optimistic when it comes to these kind of things where they do end up some
presumptions or hopes that wont surely be happening no matter what progress or success where cryptocurrency would made but going into this situation is really impossible.
Government is there and they wont really letting things to end up like this.Banks would surely exist no matter what because they had been here since from the beginning
and we know the benefits and the relevance of its existence.We cant just imagine on a world on having no these kind of services or institutions.Everything would be messed up.

[AsongJosh]

That bitcoin can, or cannot replace banks is a thing of 50:50 chances. Where banking activities are better improved to the impressive height that people expect and appreciate, then it is unlikely that bitcoin can replace banks. However, the perspective that bitcoin is considered by most people as the best store of wealth and means of secure exchange, greater transactions with bitcoin over Fiat can easily send banks folding.

[online73]

Hello everybody. Banks have existed for a long time and have taken root in the mind of a person almost as the main state financial institution. And a person with great difficulty switches to a new one. Although, in my opinion, banks are like fleas that gnaw on the body of the state - these parasites can easily penetrate the "body" of Bitcoin. Banks only manage assets, and Bitcoin is an asset that pays huge dividends. My answer is no, Bitcoin will not replace banks. But the bank will have to master Bitcoin, if only in order to survive.

[bL4nkcode]

That bitcoin can, or cannot replace banks is a thing of 50:50 chances.

I cannot see it will happen in 50:50 ratio or even 60:40.

Bitcoin replacing banks is impossible. All banks might adopt blockchain tech or create their very own altcoin but it won't be replaced by bitcoin. Bitcoin was created as an alternative not replacement to banks.

[macson]

^{(Bitcoin cannot replace the Bank)} Bitcoin is truly amazing but the Bank is a product that has been created for a long time.  moreover, Bitcoin is a currency or investment asset, not an institution.  in the future ^{(i guess)} the Bank will adopt and become one of the places where Bitcoin flows, many ordinary people will save and borrow crypto assets at the bank.

A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.[1] Lending activities can be directly performed by the bank or indirectly through capital markets.

https://en.wikipedia.org/wiki/Bank
https://en.wikipedia.org/wiki/History_of_banking

Bitcoin replacing banks is impossible. All banks might adopt blockchain tech or create their very own altcoin but it won't be replaced by bitcoin. Bitcoin was created as an alternative not replacement to banks.

thing that sure to happen in the future.

[gbrendeh]

Since we have to convert to FIAT somehow, it can not eradicate the bank but will reduce their excesses. Any bank that does not plan to adopt blockchain technology in the future might like fail.

[BaeSuzy]

I don't think bitcoin can replace the banks because theres a lot of strong people behind it. I think bank will join the gank to support bitcoin in the future, thats what i thought.

[CryptocurencyKing]

Since we have to convert to FIAT somehow, it can not eradicate the bank but will reduce their excesses. Any bank that does not plan to adopt blockchain technology in the future might like fail.

The place of banks in the world bitcoin that bitcoin plans to bring is to function as an escrow. The difference exists in there actual handling of cash (fiat) and other valuables while, modern day escrow is more about the crypto commodities.

So, it would feel so wrong should it be possible that bitcoin would replace fiat but this in reality is impossible. Banks can never go out of existence for fiat, its like a nation denying itself of a needed culture, a part that puts them in existence.

What then would be of the foreign exchange market?

A collaboration of the two is the best we can hope for as one betters the other in one aspect or the other.

[Barry Mantle]

In fact, to be precise, it is the underlying technology of Bitcoin. Blockchain may have a revolutionary impact on banks. Bitcoin's "safety" and "traceability" have become practical scenarios and are used in banks. However, I think there are still some problems with Bitcoin's desire to completely replace banks. Maybe it will improve the technology to solve the problem in the future.

[pjvperes]

Bitcoin cannot replace the banks, but DeFi can. Bitcoin is only a coin and a payment system. The banks offer a lot of financial services as investments. Probably, banks will not allow it happens and will adopt blockchain and other digital technologies as a way to follow this inovation.

DeFi hardly will end with banks, but it can force them to be more efficient because the free competition.

[androyster]

In terms of investment, Bitcoin is indeed superior to banks compared to banks.

Holding fiat in banks for investment purposes went out the window decades ago.

[Alanaz]

because basically banks and bitcoin are two different things and cannot be equated with one another.
Of course I really agree with the post because basically banks will still be like that and will still survive (not replaceable with bitcoin) I prefer to use fiat as a rival to bitcoin, because this is more suitable than banks and bitcoin.
because from the very beginning bitcoin was devoted to providing alternative decentralized payment methods and this is only an option. remember options not core

[Viscore]

because basically banks and bitcoin are two different things and cannot be equated with one another.
Of course I really agree with the post because basically banks will still be like that and will still survive (not replaceable with bitcoin) I prefer to use fiat as a rival to bitcoin, because this is more suitable than banks and bitcoin.
because from the very beginning bitcoin was devoted to providing alternative decentralized payment methods and this is only an option. remember options not core

Bitcoin is not really created to compete with fiat but a good option for people who prefer cashless payment instead. But since bitcoin right now is still not totally adopted as a currency, it's even more used right now as an investment.

Banks will always be here no matter what. Even if cashless payments are more encourage right now especially with this pandemic, people are still trusting banks because they are used to it already particularly for those senior citizens who are much inclined with the new techonology right now.

[marilynmanson21]

bitcoin cannot replace banks, because crypto is not a legal payment, where crypto has not been legalized by every country, Bitcoin comes only as an alternative.
and of course everyone can be their own bank in the crypto space not fiat bank