Bitcoin can / cannot replace the banks ?

[FIFA worldcup]

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  

[Haunebu]

They are obviously right. How on earth do you expect BTC to completely replace banks? That makes no sense whatsoever. Satoshi developed BTC and the blockchain technology to provide an alternate decentralized payment method to the masses.

Banks will always survive though they will change over time in different aspects. People will always trust centralized banks the most due to the reliability factor and this has been the case ever since banks were introduced.

On the other hand, BTC adoption continues to rise over time since more and more people are treating as an investment asset.

[Charles-Tim]

Cryptocurrencies are not banks, only fiat can be compared to cryptocurrencies, and we know how bitcoin and some other cryptocurrencies are better as an appropriative asset if compared to fiat that are inflationary and subjected to devaluation, especially in third world country. Banks are organisations where fiat are saved, but remember that you can save your gold, silver and jewelries in banks, which means a possibility for banks to also accept crypto as an asset to be saved with them and provide a custody service for it. Banks are only afraid of cryptocurrencies but they should not because they can also embrace it and gain from it by providing crypto services to their customers. It is not surprising anymore that some banks are even now providing crypto services.

[aoluain]

In time the banks in general will offer certain Bitcoin services for everyone to avail of.
The vast majority of the population will be slow to adopt Bitcoin so the need for FIAT will
remain until Bitcoin becomes a viable currency rival of FIAT. When that happens the banks
will have already integrated Bitcoin into its business model offering people an EASY way
to store and transact in it.

[FIFA worldcup]

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

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

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)

[Flying Scotsman]

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

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

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)

I have to respectfully disagree with both of your points.

1) The primary role of banks in the economy is to issue debt through the creation of bank deposits. Without banking, you would have next to no debt issuance (think corporate loans, mortgages and the like). Bitcoin doesn't provide for a mechanism of debt issuance, and therefore cannot be used as a replacement for fiat currency in its current role.

2) As the majority of money is created through banks issuing loans, it won't be the fact that if more people use bitcoin, then somehow there would be less money in banks. The amount of money in the banks would remain the same, as someone selling cash for bitcoin would need someone on the other side selling bitcoin for cash. The amount of cashflow in banking transactions could decrease, I'll give you that, but this won't impact on the amount of fiat currency in issue, and bank lending will need to continue all the same.

[mk4]

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

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)

A better way to look at it— with Bitcoin, it would significantly decrease our reliance of banks, but not necessarily that Bitcoin would replace banks. There's a significant difference between both statements. Because truth be told, banks still have their own use-cases— for loans and such.

[Kittygalore]

They are obviously right. How on earth do you expect BTC to completely replace banks? That makes no sense whatsoever. Satoshi developed BTC and the blockchain technology to provide an alternate decentralized payment method to the masses.

I hope that more people share the same view as you because in the bitcoin community, there are a lot of rabid fanatics that thinks that bitcoin is the Holy Grail and it will be the answer to the disease that we call banking system. To be honest, the moment that I have known that there are lost coins and a supply cap, I know that it will not be able to support the world economy unless the value of 1 bitcoin skyrocketed to the point that it the smallest amount is enough for someone to live for a month.

[pooya87]

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

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

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)

Centralized money that is in full control of the government and banks is not going to become obsolete in our lifetime. It may change its form as it has already done that (from pure physical form to more digital every year with digital banking) but it still remains centralized and keeps banks in business.
Even if bitcoin's popularity grows enough for people to use it for their day to day transactions, the centralized money will still be around and strong.

[romero121]

Bitcoin came into usage to fulfil the requirements of people. When fiat isn't able to do it, the Bitcoin came as an alternate. This has now getting into mainstream usage as more people in large scale started using it. We need to think how the financial system evolved and the banking system started to back any country's economy. In that manner it takes more time for Bitcoin to reach the position. So, now or in the near Bitcoin replacing the banks won't happen as in the tweet.

[sensimilia]

Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto reality

[JohnBitCo]

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

Why not ? Consider two scenarios which will lead to the end of banking system.

1- If everyone start using crypto and no one used fiat, then there will be no need of banks. (this is an ideal scenario which is less likely to happen anytime soon)

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)

For this to happen, the whole financial system needs to be changed and i don't see it happening within next decade. Also you cannot change the current system with bitcoin which is too much volatile. Bitcoin need to be adopted more and need to be more stable to be more widely used. I see some people on the youtube shared their point of view that fiat will end which is not true. Fiat may loose value but it cannot be completely eliminated.

[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.

[Kong Hey Pakboy]

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.

[aoluain]

Everyone can be his own bank in the crypto space but people still search for the banks here. For sure, real world banks will just adopt no the new crypto reality

Not everyone will want to take custody of their Bitcoin or even have the knowledge to do so.
The banks will offer that to their customers, and they will continue to "TRUST" the banks with
their finances.

[Noctis Connor]

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  

There are so much topic about this kind of bitcoin can replace bank it is really obvious that bitcoin can't replace banks ever since even war started there are banks that people getting money and because of it they can easily increase their economy money maybe they can just adopt it and will become decebtralize but no one wants that why? Because they can easily control everything like fiat currency where credit card and debit are involved.

[pankowri]

I periodically think of both. But the maximum I think is that it will not be replaced because the bank is a conventional, ancient and everyday business agreement. The bank is an effective activity of any country. Moreover, not all countries have yet legalized Bitcoin. A country is very much dependent on the work of banks. So it is impossible to think of anything without a bank. So the question of replacement does not arise. And if Bitcoin ever becomes legal in all countries, then it is not possible to say what will happen. And to tell the truth, 'if' the word is that there is no meaning.

[Trinx01]

Bitcoin cannot and will not ever replace banks, there are so many factors that restrict bitcoin from replacing banks. Crypto is good and there are so many benefits that it can give to us, just like on my part it really helps me with my finances and sending money to my relatives jn othe country, that thing is only available if and only if the sender and the receiver know about cryptocurrency.

[AniviaBtc]

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.

[XZERO1]

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  

I agree with the statement saying that "Bitcoin/crypto won't fully replace banks" but to say Bitcoin/crypto "can not" replace banks, that's some next level nonsense and I don't agree with that at all, if you have used crypto only for a few times you should know how easier it is using them instead of traditional banking system, and that's not considering more decentralization and security/privacy that it brings to the table.

In my opinion as more time passes centralized banks will slowly change forms since the expectation of people from them will change, but as for the total removal of banks as a whole I believe that will take more than 100 years at the very least, many people might not use them anymore if crypto gets more popular and easier/cheaper to use, but that does not mean there wouldn't be some maybe older/more traditional people that still prefer to use centralized physical banks to store their money instead of something that they maybe don't fully understand or trust.