Bitcoin can / cannot replace the banks ?

[avikz]

Lol! I don't know how people still think that an internet currency with only 21 million of total circulation can replace an age old system like banks! Those who believe in it, I would request them to wake up and face the reality. Banking system can not be replaced by bitcoin or any other cryptocurrency or even with all cryptocurrencies put together. It's just not possible!

Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!

[Lordhermes]

They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen 

Cryptocurrency can't be operated without the bank, and that's the very important factor to consider before something becomes independent, in the past, email did something quite different from post offices and there was no mutual connection email could have with post office that's why post office quickly died off, but in this case of cryptocurrencies, it's quite different. Bitcoin needs to be purchased from Fiat and bank stores fiat or rather transfers are made from Fiat banks either through cards or manual transfer in case of p2p to own bitcoin.

So what do I mean, bitcoin could only change that fact of storing fiat money in bank but can't stop bank, banks could only be stopped by the government if they sees no income coming via VAT-Value Added TAX on money stored in banks, so for them to become a laughing point, government would implement cryptocurrency at part of their banking services.

[mico.serge]

Ofcourse not, its understandable that people will still use the banks for most of their money and not bitcoin as we know how volatile bitcoin is and which can make them lose their assets in an instant

[bryant.coleman]

Lol! I don't know how people still think that an internet currency with only 21 million of total circulation can replace an age old system like banks! Those who believe in it, I would request them to wake up and face the reality. Banking system can not be replaced by bitcoin or any other cryptocurrency or even with all cryptocurrencies put together. It's just not possible!

Cryptocurrency will remain as a dominant player of a parallel economy. It's hard for it to become even mainstream!

Couldn't put it any better. But cryptocurrency is going to greatly benefit if the banking sector declines. With central banks around the world printing banknotes as if there is no tomorrow, the purchasing power of fiat currency is going to drop like a falling rock. On top of that the federal debt is ballooning for almost all the countries. Sooner or later, we will witness events similar to what we had in Cyprus in 2013. But then again, these factors are not sufficient to replace fiat. Fiat will always be there.

[blue_nexus15]

In my opinion, bitcoin cannot and it is not intended to simply and organically replace banks.  The central banking system, though, is archaic and outdated.  But That is not the purpose of bitcoin.  Bitcoin could become the largest cryptocurrency asset partitioned for global payment adoption.  Like the ambitions of Elon and Tesla, it is quite possible.

[7788bitcoin]

They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  

The fact is that bitcoin is not created to eliminate banks and fiat currency and it is a perception that many have over the years and if you are well aware of the dream you are holding and the implications you will understand. No one in the right sense will be willing to spend money with every transaction domestically but with international transaction bitcoin is a good alternative.

We have seen these kind of threads for years and still many are not aware what they are talking about when they are waiting for the banking sector replaced by bitcoin  .

[slaman29]

One of the most pointless questions to ask IMHO.

Bitcoin CAN replace banks if everyone in the world has internet, has a mobile phone that can open a wallet, and can easily buy and sell BTC if they need it. But we know they can't.

And if everyone can borrow money and use BTC as collateral with smart contract defi? Possible for a tiny few people who know how to use, but even less possible for most of the socalled out of reach people.

So, sorry, Bitcoin can't. But so what?

[Rana590]

Yes, it is not possible to replace banks by bitcoin. Bitcoin is a decentralized platform and still now banks are not adopting it. The price of Bitcoin is not stable and it is a alternative payment method.

[Asusnumbaone]

They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  

Bitcoin is first cryptocurrency  that made and becames popular because of its price its worth it to invest or trade on bitcoin. Banks are establishment that will secure our money our some place that are money put in. It will never be replaced by bitcoin.

[tabas]

They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen 

They will co-exist, no matter what they say and what point they're comparing bitcoin with. Bitcoin will keep going with such use that we're embracing through it. We can hold it as if we're the bank on our own and holding it through our wallets.
Just ignore what they say, they can't beat bitcoin while us moving forward, they'll come along in the middle of the road.

I'll agree to what you said. Despite Bitcoin's continuous growth in number of people using it and its price, it won't replace banks just because we think it is more dominant or useful to us. Banks existed a long time ago and the concept of it why do we have up until now was established from before. No one will replace the other, as they are both essential to the economic functions we have in our current system.

Yes, it is the reason why I believe this time they'll just go along with the other. Before, maybe a few years ago, we're very much thinking about replacement of the other.
But this time, we're thinking openly that why it has to remove one another if both will benefit from it but mostly, it's bitcoin that will be liked by most people that understands it.

[Yatsan]

This have been a long talk since then always having comparison between crypto and fiat, and Bitcoin becoming a replacement for banks. It is just like what we are keep on comparing two different existing things wherein there is no point for arguing into such because both exist on their own unique purpose. Maybe the other thing might be better than the former one but that is exactly the point why we have improvement in nature so that we won't just stick into the usual and to attain greater improvement. Bitcoin cannot certainly replace banks for they differ on existence and do not expect that because of Bitcoin popularity is that it will take over the position of banks.

[famososMuertos]

It is not about eliminating anything or replacing it, it is about choosing, having the true option of being able to manage our assets, without restrictions and frictions (tax rates, which exist with the sole purpose of benefiting the owners of the banks and their shareholders)

A bank's premise is to be profitable in the use of the money of its depositors, but over the years the passive rates for different reasons are higher than the active ones, in some cases, so they also diversify in many financial business models, loans, mortgages they are in a certain way a strength of the banks and what have made them so popular and hopelessly necessary, is that there are no other "simple" options.

Bitcoin is used to start Fintech business models, and these models supported by a cryptographic currency can do the same as a bank but with the great advantage for users that the Bitcoin infrastructure gives them and it is here that we are not only depositaries or savers. By giving the money to third parties, you can have control. These platforms must be a means, a bridge to intercept businesses, ideas, and investments.

Bitcoin is the "raw material" of any project, not only financial, as is also FIAT, the difference is its technology that makes it powerful and leads it to the non-literal premise that is what confuses "to be your own bank" is not just one sentence, it's real.

Instead to Fiat if you take it in the same sense "keep it under the mattress".

[Sebas.tian]

 Bitcoin will ever remain decentralized currency to fulfill her purpose in the life of the users. Bitcoin cannot be replace bank because who to control the decentralized currency in the world will be an issue to the world, who will be the one to control the price of bitcoin in the world it will be a major challenges.

The reasons why bitcoin cannot be replace bank as follow:
• demand and supply: one of the reason bitcoin cannot be replace bank is demand and supply, they are the people that control the price of bitcoin all of the world. No government can control the price of bitcoin in any of the country.
• Satoshi Nakamoto: the founder of bitcoin created bitcoin for a purpose, so that the purpose must be fulfil in the land of those countries that legalized bitcoin. Bitcoin came to eliminate unsafe transaction in the world but not to replace bank which is centralized currency .

[Ozero]

It will really take a lot of time before we can see bitcoin used by most of the people in the world because it is having a hard time to reach the mainstream. But I know and I believe that bitcoin will soon replace the banks, although for some people, it is already a store of value just like gold in banks, which is the reason why I trusted bitcoin to become the next bank or alternative for banks. But it is much better if banks will adopt bitcoin in their system so that our crypto community will not have a hard time storing it and utilizing it in many transactions, plus they can somehow get taxes from it but not too high.

No matter how many people use Bitcoin and other decentralized cryptocurrencies, this will not accelerate the fall of the banking system. It should be borne in mind that the banking system is part of the state and the main mechanism for managing the economy of any state. For the banking system to collapse, states need to take certain actions for this, and they will not do this under any circumstances, since this will be tantamount to their self-destruction. Therefore, even if problems arise with the banking system, the states will always provide it with proper support and the necessary protection.
In addition, fiat is also a product of banks, and without it we still cannot imagine our life.

[ubercool]

Almost everyone gave the correct answer, Bitcoin cannot replace the Banking System. I wanna go a step further and want to say that, We don't want crypto to replace banks. It will be too hard for a democratic country to run the whole economy on crypto that too by replacing banks. We just want the implementation of the crypto where using conventional banking system has disadvantages..

[South Park]

They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  

Most of the time I would not agree with them but I think they are right on this one, bitcoin allows you to be your own bank, this may make it seem as if banks can be replaced if everyone can become their own bank right? No, there are too many people that simply do not have the necessary knowledge and ability to protect their coins, you can give them a detailed guide about how to do this, you could even give them a hardware wallet, they will find a way to lose their coins and people like that have no option but to use banks to protect their money.

[adzino]

-snip-


They are of the point of view that since internet cannot replace the newspapers, the same is true with the banks. Being a crypto lover, i would love to see banks eliminated but does these big people with so much money will let that happen  

Would have been better if you had linked the source. But this is somewhat true. Bitcoin cannot and will never replace the banks. Banks are something that the government uses to control the who economy and the financial aspects of the country. Replacing it will just cause a chaos. Those who think bitcoin will replace fiat currency are also in the stage of ignorance. Even if crypto currencies replaces fiat/bank, its going to be a centralized coin that is under the total control of the government.

[Casdinyard]

Been discussed multiple times that Bitcoin will not replace banks. These two differ from various characteristics such as centralization, stability, and the likes. Also I do believe that replacing banks is the main purpose of cryptocurrencies. Cryptos are meant to be used for transactions which involves digital currencies. Also it would be impossible knowing how strong the support banks are getting from different governments due to regularisation. Let things be. An individual may store his wealth to cryptos but be ready for the risk. An individual may store his wealth to banks but be patient.

[jjdub7]

For several hours on Wednesday, digital services used by the US Federal Reserve to handle transfers between banks remained unavailable due to an "operational error."

One of the arguments in favor of buying and owning Bitcoin is that cryptocurrencies will eventually replace the banks themselves, as their storage and money transfer services will no longer be needed.

Much of what currently functions as money in the United States and in any developed economy does not come from the government. It comes from commercial banks. Banks don't just keep money, they just transfer it. They create them.

There are many other economic factors that cannot be overcome by Bitcoin and other cryptocurrencies, so I think it is almost impossible for any cryptocurrency to replace the banking system.

[isaac_clarke22]

Love to see banks eliminated? Then it would take for BTC to be centralized if that's what you're wanting for.
We love Bitcoin from its decentralized nature, right?
This questions was brought up multiple times back in 2018, and some people still think that it is gonna be good thing.
We're already fine to how Bitcoin can be used.