Bitcoin can / cannot replace the banks ?

[ninabobo]

As I would see it bitcoin can't override bank in light of the fact that not all individuals in this world can utilize bitcoin, so on the off chance that bitcoin supplant bank altogether country in this world, the little individual will endure the results of this matter.

We need to consider different circumstances, not just our capacity to endure. As of now, I can't perceive any substantial motivation to supplant saves money with any digital currency or even bitcoin.

[gregy45]

Experts agreed that digital money will gradually replace traditional ones. However, it is too early to talk about the complete replacement of paper currency within 10-15 years, most likely this will affect only large, developed cities and countries. At the same time, the digitalization of the payment system may occur in the developing countries of Africa, suffering from inflation. Moreover, now bitcoin is in great demand in them.
Despite the fact that many people know almost nothing about cryptocurrencies, there are also those who not only know about all the advantages of cryptocurrencies but also actively use them — in particular, for storing funds.

A cryptocurrency wallet is increasingly becoming an alternative to an offshore savings account. Funds are transferred to such a wallet, but are not withdrawn, and are stored there until the right moment. Such actions allow you to achieve several goals at once:
- complete anonymity — funds are not accessible, including to the tax authorities, who can only obtain information if the owner is voluntarily recognized;
- over the past few years, cryptocurrencies, especially bitcoin, have grown significantly in price and continue to grow, which makes it possible to earn money on the growth of the exchange rate;
- the ability to avoid tax liabilities.
Gradually, the cryptocurrency space is turning into a tax super-haven, which allows you to store funds with 100% anonymity.

Many representatives of the offshore industry are concerned that cryptocurrencies can completely replace offshore banks. And these concerns are not unfounded.

Time also works in favor of cryptocurrencies. If offshore banks have long been "under the gun" of governments and fighters against tax evasion, then the world of cryptocurrencies is still not fully understood and studied in space. And those who become pioneers in this space are likely to get the most benefit.

[jerrison]

It is a temporary statement, the aim of  bitcoin is to eliminate cetralized systemm and this is the major function of the bank as it is being run by the government which is in turn a centralised agency. Gradually, Bitcoin has gained traction and still will gain more until it will then be used as a means of daily transaction amongst people as it already has the enablement for peer to peer systems.

[zanezane]

It is a temporary statement, the aim of  bitcoin is to eliminate cetralized systemm and this is the major function of the bank as it is being run by the government which is in turn a centralised agency. Gradually, Bitcoin has gained traction and still will gain more until it will then be used as a means of daily transaction amongst people as it already has the enablement for peer to peer systems.

Eliminating the current centralized system means that we will have to start from scratch. Bitcoin might gain enough traction but it won't be enough that it becomes the centerpiece, bitcoin should also be able to replicate the cashflow in the economy like how the current system is doing well enough despite its value being inflated every year.

[SneaKyXy]

Goverments take a big role in this, if they keep doing higher and higher taxes it's gonna be problematic, but its only delaying the inevitable but worst case scenario it will be equals. You could shop your daily goods etc.

[rat03gopoh]

Only through banks can the government supervise and control the money supply in the country. After all, banks are the first legally registered financial institutions, how will the government let them out of the way?

[mezzaluna]

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 thought of Bitcoin replacing banks is not even something that can be done because they exist in two different worlds. Bitcoin is a Cryptocurrency or Digital Currency while Banks exist in the Physical World with Digital Interfaces. Bitcoin can somehow replace banks IF its recognized Internationally. Bitcoin can create its own bank but I still do not think that it can replace the banks that we have now, maybe if we give it time and the effort to research and be knowledgeable about Cryptocurrencies, we can create a physical bank for them.

[akar87]

Bitcoin can't replace with bank as function and many businessman take loan from the bank, how come if loan using bitcoin and payment for two years later and you can imagine how much money have pay by people if using bitcoin, exactly when bitcoin raise to higher price and they need much money more than 10x from loan first, just have each function between bank and bitcoin.

[seoincorporation]

That affirmation is total truth, bitcoin cannot replace the banks' but is important to understand the bitcoin goal. It isn't to replace the banks, bitcoin wasn't created with that goal.

Can we replace the banks with gold? No, but we can take out our money from the bank and buy gold. At any moment we can sell the gold and put our money in the bank. And it's the same with bitcoin. That's why Bitcoin isn't considered money, it is a digital active.

[Momoamzad]

I think never compare between bitcoin and a bank. Because bitcoin is totally different from bank. Bank is not  only saving money but also many facilities. Both has different features. Bitcoin is always intengible . So I think bitcoin cannot replace bank .

[Shohanur]

I think it is not possible for bitcoin to replace banks. In daily life, we need the help from banks. Bitcoin is not a centralized platform, so it can't replace banks.

[TribalBob]

They are obviously right. How on earth do you expect BTC to completely replace banks? .

2- If people start keeping wealth in bitcoin and less money in banks. Banks uses the people money in investments and this keep the circle of the bank running. If banks are short of fiat, this will bring their operation to halt. (a more likely scenario to happen soon)

save wealth in crypto? I believe more in storing wealth in the bank because what security is guaranteed if I keep my wealth in crypto I will always be worried about the name of hacking, because hackers have many ways to take people's wealth

so for me the bank cannot be replaced by bitcoin or other crypto

[Fatunad]

They are obviously right. How on earth do you expect BTC to completely replace banks? .

2- If people start keeping wealth in bitcoin and less money in banks. Banks uses the people money in investments and this keep the circle of the bank running. If banks are short of fiat, this will bring their operation to halt. (a more likely scenario to happen soon)

save wealth in crypto? I believe more in storing wealth in the bank because what security is guaranteed if I keep my wealth in crypto I will always be worried about the name of hacking, because hackers have many ways to take people's wealth

so for me the bank cannot be replaced by bitcoin or other crypto

This is where people do stick on when it comes to security, hard to deny but people are depending on banks when it comes to that and also with some reverse transaction when it comes to
possible frauds or stolen funds or does even have some insurance for you to get ease with these kind of situations which you cant really able to see in crypto but we know that there are
con's to that which do crypto really patching up it aside.So simply shows that they do work on different manner but there is really no way for crypto to take over with fiat
no matter how its widely accepted and recognized but wont really be going into that certain extent.

[Twentyonepaylots]

People be more scared about hacking in crypto which doesn't happen that often anymore than bank frauds which happens everyday. In my experience working for a bank, the system is not adequate to support the amount of money and trust their customers give them, which often reflects to customers being scammed out of their money and/or fraudulent activities, people who are just scared of crypto wallets are those who are not confident of their own ability to take care of their own money, that's why they will save it in the banks instead so whatever happens, they have someone or something to blame.

[kawetsriyanto]

My question is "why Bitcoin should replace the banks"?
Bitcoin has no reason to replace the banks, it is created not to replace banks or fiats. Satoshi even just stated to make an alternative payment tool on Bitcoin Whitepaper, not saying for replacing banks or fiats. We know that banks have important roles in the world, it will be hard to live without banks because people already rely on them. What we do with Bitcoin now is to make us not 100% rely on the banks!

[MCobian]

It is very clear that Bitcoin will never replace banks at any time, because Bitcoin still has many shortcomings to replace banks. After all,
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.

[panganib999]

It is very clear that Bitcoin will never replace banks at any time, because Bitcoin still has many shortcomings to replace banks. After all,
banks have long been a part of human life, so it is very difficult to replace something that has been going on for a very long time.
And I also believe the government will not allow Bitcoin to replace banks, therefore Bitcoin is more suitable as a payment alternative.
Because if Bitcoin and fiat go hand in hand will make the financial system perfect.

I agree. Bitcoin will never replaced the banks because it has many shortcomings and downside. One of it is being a decentralized volatile cryptocurrency. But ofcourse, this idea is also a good thing because your savings might go up and earn depends on how long you will hold. And I think bitcoin is one of the mode of payment today because of the recent pandemic that we still experiencing. Mode of Payment shift to contactless or digital payments. Bank are good and useful though many people preferred to use now the online because of the safety risks. Crypto might grow as the year passed by and for me banks will remain what it is and stay and will not be replaced.

[Coinsfera]

Banks are designed to provide safe protection for people's money and to lend to those in need at a certain amount of interest or dividends. Bitcoin, on the other hand, is an investment system that is controlled by a decentralized authority and consensus. So, as Bitcoin has a different ecosystem than normal banks, the two cannot completely substitute for each other.

[jamesde]

I don't believe the bank will go away because not everyone is aware of or uses bitcoin. Many people still use banks as a result of bitcoin, so I don't believe it will make banks obsolete.

[Moyna Akter]

It is true that Bitcoin will never fully replace the banking system. It is true that Bitcoin will never fully replace the banking system. Moreover, due to its dependence on technology, the necessary sections of its use are not understood by all, which is a major obstacle to its universalization. Moreover, due to the volatile price of Bitcoin, it has become a popular medium of trade for traders and as a stable currency user, users dislike it a lot. So even if Bitcoin becomes very popular in the future, it will not be able to completely change the conventional banking system.