Bitcoin can / cannot replace the banks ?

[bakasabo]

Did someone remember any historical event, when one person changed buying value of any fiat currency? Like Elon Musk tweets about dogecoin or mentions bitcoin, can some, for example Trump, say "Asians are my best friends now" increase JPY/USD exchange rate?

I would love to see how banks are being replaced by bitcoin, but after seen how someone easily manipulate the price, I start to realize that total replacement are still far, far away. One tweet and lots of banks go bankrupt and people loosing livelihood.

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[pinggoki]

Obviously bitcoin will never replace the banks even though it may takes some years or decades, the bitcoin will not replace banks no matter what happen. Bitcoin will be forever an alternative and second to the banks because at the end of the day, the government and the people will still support banks not bitcoin though there may be some people who will support bitcoin but still the majority will be on banks. Bitcoin is an alternative way of money but doesn't means has the chance to replace the bank.

[GideonGono]

Bitcoin could act as a personal bank for those who doesn't really trust or want to use banks.
But it could never replace the bank they have law and centralized unlike Bitcoin if give us freedom and it is decentralized so why would we even want it to replace Bank if it is already being great the way it is?
Do you want to see it being centralized and controlled by the government?

[davis196]

Bitcoin is a currency/asset.The banks are financial institutions/companies.
We all know the "be your own bank" slogan,but Bitcoin isn't supposed to "replace" the banks.
The banks can only be replaced by other financial institutions/companies.
The correct statements would have been "Crypto exchanges cannot replace banks" or "Crypto wallet companies cannot replace banks".

[yazher]

That's not the main issue here and we cannot bring that argumentation to the public since our time right now is not yet come up to the point that we compare bitcoin to the banks. There are lots of steps before that happened and one of them is the whole world will finally recognize bitcoin as a currency where you won't need to worry if you will the authority to convert your bitcoins from any of the countries around the world. Therefore, right now is not the right time to talk about this, and in fact, it's irrelevant since we are still in the middle of processing the main issue about Bitcoin.

[Lorence.xD]

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 regularization. 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.

We can easily gauge the support by checking how many laws that are there to protect banks compared to cryptocurrency that was made within 10 years to make the fight fair. I once believed that bitcoin will be able to replace the banks because there were a lot of people that associates bitcoin with being your own bank but right now, I have doubts that it can be possible. One example is when fiat is lost in any way, banks can just replace the missing notes by printing but in the case of lost bitcoins, there is no possibility of reprint or reproduction.

[Asuspawer09]

I think for now it cants totally replace banks, but it's a great alternative to banks, I mean it can really replace bank I think it the government would choose bitcoin other than the banks which will never happen.

Because bitcoin is decentralized, and it's not really the goal of bitcoin to replace banks so I assume it will not really happen, but If I'm going to choose personally I would choose to put my funds in bitcoin other than banks.

Most of the investors would choose a bitcoin wallet other than a centralized system like banks, It was like choosing fiat over cryptocurrency.

[suzanne5223]

To be honest, Bitcoin cannot replace banks, why? Because Bitcoin is a currency destined to be mainstream of payment while banks is an institution. However, the banks can work with crypto if they choose to but I believe the independent level of crypto making people to be their own bank is the reason why some people compare Bitcoin with banks.

Why compare Bitcoin and banks with each other? These are completely two different structures with different purposes.

@Financialtimes that compare Bitcoin and banks don't understand the concept of Bitcoin they are just aware of the traffic Bitcoin gained lately.

[akar87]

Bitcoin can make payment sending more efficient than using bank because we know with billion value bank not support and working for sending money, but by using bitcoin you can sent unlimited value with your money and have faster transaction, but just with sending or receiving transaction only and many side weakness from bitcoin and not any chance to replace bank.

[Murtaza345]

Yes bitcoin can replace banks,but  in my opinion not nearly it will take some time,and yes not long time, because Bitcoin creating hype day by day,and bitcoin popularity growing, rapidly,and may be Bitcoin can lead evan dollar,yes but again i say it will take time,and because regarding Bitcoin are many news are comming day by day.and world famous and biggest companies are taking interest in bitcoin.so ofcource Bitcoin can replace the banks and bitcoin can .

[uneng]

Before bitcoin replace banks, banks are going to adopt bitcoin to not be replaced.

I believe at this point no one denies crypto currency is the future of finances and it's inevitable bitcoin will lead this adoption, as btc is the first and the original source of all crypto currencies.

We have already some crypto sites which replace banks with efficiency: they offer loans, they pay interest over saving accounts, they offer debit/credit cards. Traditional banks will have to follow this adoption to stay competitive in the market.

[kryptqnick]

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.

I agree with you. While cryptos do make banks unnecessary, they can still be useful and very important for many people and for some specific purposes. For instance, some people just don't feel comfortable being responsible for keeping their funds safe. They want the banks to be responsible and to store the money for them. So cryptos are not going to be attractive for such people, and even if cryptos go mainstream, these people would probably want crypto banks to manage and store their cryptos as well. Apart from storing, there's also this feeling of legitimacy which having money on a bank account does, and having cryptos or just storing cash under the bed to not.

[milani]

Of course it would be great to see some day mass crypto adoption by lots of services and organizations, but you should remember that it will not be possible completely because of the list of different nuances. And Bitcoin can not replace banks not only because bankers will not allow this, but of course because our society is not ready for this, and crypto will be not the same in this case like we know it nowadays. 

[ukw]

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  

In my opinion, the global financial system is so structured and managed that it cannot be replaced. Banks and the people / governments behind them simply cannot afford to give the power and control they have by running banking institutions to freely and transparently managed systems such as cryptocurrencies.

[Mahanton]

Never ever this thing come to my thought that Bitcoin could replace banks no matter how hard I do look at it, not to degrade or underestimate about potentials but there's
no way that decentralized stuff could really take over on things that people have been get used to and as long do government exist then would really be existing no matter what.
Centralization as its finest and decentralized things would really be remaining as an option.They wouldn't really allow for those things to happen for sure.
Why people do still continue on presuming on things which aren't really that possible to happen?

[Argoo]

Before bitcoin replace banks, banks are going to adopt bitcoin to not be replaced.

I believe at this point no one denies crypto currency is the future of finances and it's inevitable bitcoin will lead this adoption, as btc is the first and the original source of all crypto currencies.

We have already some crypto sites which replace banks with efficiency: they offer loans, they pay interest over saving accounts, they offer debit/credit cards. Traditional banks will have to follow this adoption to stay competitive in the market.

Of course, bitcoin and other decentralized cryptocurrencies cannot and cannot replace the banking system. Banks perform more diverse functions than cryptocurrencies. In addition, banks are protected by the state, and they will not allow banks to disappear for any reason.

[Ridwan Fauzi]

Bitcoin and other crypto currency not only bitcoin can't replace the bank function, that is the point. Many people wanted that crypto currency can be used like a bank in their real life but it would never happen since we still have a government that can disturb all the thing to make it happen.

But, we still have a chance to make it crypto currency as our alternative as our bank. Yeah, we still have a way to store our money in the form of crypto currency and this thing can have two function, one function as our alternative against bank and as our investment place that can give us a lot of money.

[Issa56]

Have been thinking about thesame questions for the past few months bitcoin started pumping and have been asking myself if bitcoin or other cryptocurrency can replace the function of bank but from my own research I think that will not be possible the only thing that I believe that will happen is that the bank can work with bitcoin but I believe the government will never allow bitcoin to replace bank or other cryptocurrency to replace bank. And even individual problem can also cause it not everyone knows much about cryptocurrency or bitcoin some people believe bitcoin is all a scam and they don't really believe in it so people like this will definitely prefer to make use of bank than bitcoin.

[Matimtim]

In my own opinion bitcoin cannot supplant bank because not all people in this world can use bitcoin, so if bitcoin replace banb in all country in this world then the little individual will suffer the consequences of this matter.

We need to think other situation, not only our capability to survive. As of now I can't see any valid reason to replace bank by any crypto currency or even bitcoin.

[Xinarae*]

Yes bitcoin can never be replaced by banks because bitcoin is not in circulation in most countries of the world it has not yet become legal in many countries and people in many countries are ignorant about its use bank can't use it even if it replaces it. Central banks can raise or lower interest rates and create or destroy money every action has a response decreasing the amount of conventional money can lead to lower prices, making it more difficult for businesses to borrow money central banks may also be involved in additional efforts to manipulate the economy it is not possible for bitcoin to be stolen and there will be no government intervention.