Bitcoin can / cannot replace the banks ?

[tygeade]

All these kind of arguments don’t make sense to me anymore because I feel that these are things that we should allow to flow naturally. If you can make use of Bitcoin and you like it, that’s what you prefer then make use of it, and if banks are what works for you, go for it and if you like to make use of the both of them, then stick to that. Both of them are good, there are ways that Bitcoin can be better than banks and there are also ways that banks can as well be better than Bitcoin.

I have used banks for international transactions and I wouldn’t say that I’m going to make use of it again, because since Bitcoin and so many other payment methods came out , they are far much better than banks and charges less. Then as for Bitcoin , there are times that the fees can be high when you’re making a small amount transaction.

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[isaac_clarke22]

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Simply put it as well as why do people still pay in fiat money even if there are bank cards that would conveniently pay bills and almost anything from a store. Even though banks put fees on those and Bitcoin doesn't,  it still does almost the same thing.
Even the government would still choose banks most of the time, even though some legalized Bitcoin in their own respective countries.

[Sebas.tian]

Bitcoin cannot be replace bank. Bitcoin is a digital currency that is not control by the government or government agent of the country.   Based on what we are seeing around the world concerning cryptocurrencies, where some country see bitcoin as a currency that came to destroy fiat money in their country. Many country never still allow bitcoin in their communities because they think is a scam currency that will not bring any development to the country. It will hard for bitcoin to replace bank because many government will not allow currency that they cannot control to take over their bank which they control.

[akar87]

Many institution and countries scare if bitcoin become legal payment currency and replace bank function, they try every time how to make bad news with bitcoin, we know United State country become most hater for bitcoin and scare if bitcoin most payment used there, so they have not allowed United State for using and investing in bitcoin or altcoin.

[kuto]

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.

You are right, both bitcoin and banks cannot replace each other because they have different functions and ways to be a member in it and how to use it. Bitcoin simply created as hassle-free in digital processes such as payments, investment, sending money and other thing while banks needs documents in order to process everything where your money keep safely in there.

[South Park]

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?

They wont, which is why there will always be banks and there will always be fiat currencies, governments even if bitcoin grows exponentially from now on are never going to let go of whatever power they can get with those institutions, however that is not a problem at least to me, as long as we can use our bitcoin freely almost everywhere then I will be satisfied, and that is slowly becoming a reality as people are realizing the potential that bitcoin has not only as an investment but also as a currency.

[akar87]

As bitcoin is not officially recognized by the governments, so it hasn't been widely accepted yet. A large number of people all over the world don't have a computer and the internet access, they don't know anything about bitcoin. So, how can it replace the banks when a large section of people still don't have any idea about it.

Many people do not have access to log in and use bitcoin because less internet speed, not any device using for log in to bitcoin wallet and many problem faced right now why government not support using bitcoin as legal payment, maybe this reason make bitcoin never have chance to replace with bank, how ever bank give loan and have the same value when payment coming, but if using bitcoin and replace bank function I think many people will pay more if bitcoin as loan.

[peter0425]

Many institution and countries scare if bitcoin become legal payment currency and replace bank function, they try every time how to make bad news with bitcoin, we know United State country become most hater for bitcoin and scare if bitcoin most payment used there, so they have not allowed United State for using and investing in bitcoin or altcoin.

What are you saying? who told you that United States prohibiting their people to Invest and use bitcoin ? you are an obvious shitposter that  only post without any sense at all. 

Do you know PayPal? the most  popular Virtual payment method in the US is now having partnership with Bitcoin.

and many more companies and institution that is now investor of Bitcoin.

[Dutchyyy]

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, there is no way for any cryptocurrency, even Bitcoin, to replace the banking system. There are too many factors in this direction that prevent this.

Still, we see increased interest from big banks in Bitcoin, and many of them have already acquired a lot of coins in their assets.

That's why I think it's more likely that something in the middle will happen. Banks should start developing their blockchain-based systems and improve current banking systems.

[LogitechMouse]

At first place, Bitcoin isn't created to eradicate those banks because lets be honest Banks will never be replaced by anything.

There is no way for a coin that isn't being used by all of the people, a coin that isn't accessible for all, a coin that only those who have smartphones can use, a coin that only a few people around the world will replace those banks. I see Bitcoin as an alternative way of transferring funds rather than it replacing banks.

One thing more is that, Bitcoin and banks have many differences. We see Bitcoin as an investment while we see banks as a storage of funds whether it is an emergency or wedding or anything (at least that is what I see with banks). Another is that, why are we debating about this even though we know the fact that it can't.

[conected]

At first place, Bitcoin isn't created to eradicate those banks because lets be honest Banks will never be replaced by anything.

There is no way for a coin that isn't being used by all of the people, a coin that isn't accessible for all, a coin that only those who have smartphones can use, a coin that only a few people around the world will replace those banks. I see Bitcoin as an alternative way of transferring funds rather than it replacing banks.

One thing more is that, Bitcoin and banks have many differences. We see Bitcoin as an investment while we see banks as a storage of funds whether it is an emergency or wedding or anything (at least that is what I see with banks). Another is that, why are we debating about this even though we know the fact that it can't.

- Indeed, many members of bitcoin do not accept this fact, they always think that the technology of bitcoin brings a lot of benefits and uses it to delete traditional banking but the essence of this story is just attention, at a time when bitcoin was not so popular, bitcoin needed such information to get more attention, the results were very successful but in return, many people are still blind to this information. From the very beginning, the scope and use of the bank and bitcoin were different, both in charge of independent matters, substitution only creates instability in the community

[uelque]

As far as I know Bitcoin wasn't made to replace the banks. It was actually made to remove the limitations that banks provide. And yes bitcoin has a lot of advantages over bank but that doesn't mean it can replace the banks in time. And after all, our respected government won't allow it to happen due to the fact that it will be out of their control. So it is way far impossible.

[best123]

Centralized institutions like government will always hold on to their own which is Fiat. Moreover, Satoshi never said Bitcoin is going to replace fiat. But gradually, it is running simultaneously with fiat now. Many institutions are accepting it as means of payment.

[Smartvirus]

I saw this topic a week ago and was just about saying something and before i knew it, procrastination got the better part of me!

When i saw the topic, i just knew it's a mirage, a common misconception most of we crypto enthusiast often have because, we've become so sucked into the tech field that we don't seem to see the relevance of other means of doing things that isn't tech based or related. As much as we enjoy having things done by clicking a few buttons, the real life isn't online, its right around you!!!

First, i'll like to ask this;
Is bitcoin a currency or structure? Same goes to the bank.
Are the banks a currency or structure?

I know bitcoin to be a currency while the bank is a structure comprising of a network of persons that manage affairs of currency and valuables. That's just my simple interpretation of them both and there is a lot of difference if you could look at it from this view point.

Being your own bank with regards to bitcoin and altcoins alike simply means being in charge of your own currency affairs, it doesn't necessarily mean your a bank or makes bitcoin a bank. Your wallet could have better assumed that position with you as it's staff (sorry, i just have to put it that way).
But then, fiat is still very necessary and banks will still be printing that which makes the existence of banks inevitable coupled with the fact that, a country's note as per currency is a symbol to that country so, it not being in circulation is a wiped identity for such nation and we all know that isn't going to happen.

Bitcoin and fiat is here to work together and nothing is replacing the banks. Banks adopting cryptocurrency is the best we can expect to happen and not the other way round.

[cheezcarls]

For now, Bitcoin cannot replace banks. USD is still the world's reserve currency and no way these banks are going anywhere. Whether you like it or not, even if most of us are preferring Bitcoin over bank, these banks are going to stay for a very long time. No way that Bitcoin is going to replace fiat as our main currency.

[angrynerd88]

It can say that Cryptocurrencies are not banks, as it were fiat can be compared to cryptocurrencies, and we know how bitcoin and a few other cryptocurrencies are way better as an appropriative resource in the event that compared to fiat that are inflationary and subjected to depreciation, particularly in third world nation. Banks are associations where fiat are spared, but keep in mind that you simply can spare your gold, silver and jewelries in banks, which implies a plausibility for banks to moreover acknowledge crypto as an resource to be spared with them and give a care benefit for it

[Jaered]

I don't think bitcoin can replace the banks, at least not yet. Why? No country would like to replace its sovereignty by adopting a currency that cannot be centrally controlled. So there goes

[bct-user]

Dude, why do we need to know whether Bitcoin can/cannot replace banks? I think Bitcoin doesn't need to replace banks to survive in the world. I also believe that Satoshi didn't create Bitcoin to replace the banks. So, it is already quite good to see Bitcoin available to use as a payment tool in some countries. It is already a good achievement, isn't it?

[shantos carora]

The Bitcoin network is able to process more transactions every second than today.  This condition, however, is not yet fully equipped to handle a transaction size as large as the credit card network.  Development is being made to overcome existing limitations and what will be needed for them in the future.  Since its inception, every aspect of the Bitcoin network is in the process of continuing to grow in maturity, optimization and specialization and these conditions are expected to continue over the next few years.  As traffic grows, more and more Bitcoin users are using light capacity clients and full network nodes can become increasingly specialized services.

[1083ivangod]

In general, there are two options for development:
1) The goal of the same banks is to exclude cash payment from circulation, for this banks will use BITCOIN in the future, because even now BITCOIN provides banks with a service that people eliminate cash in favor of bitcoin. The main reason here is that BITCOIN is more manageable than cash, because BITCOIN always leaves its mark on the network, while cash is more difficult to track.
2) The use of BITCOIN by banks in order to withdraw money from a person, according to the principle of a financial bubble.

Moreover, it is more possible to develop these two scenarios together.