Bitcoin can / cannot replace the banks ?

[Cihuy182]

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 realit

[androyster]

Banks are for commerce of fiat and making loans.  Bitcoin will never replace banks Just like Gold didn't replace banks.

[South Park]

The bank services is very essential in the society and also there have been around for a long time, people trust the banking system so much and will always wants to work with bank, so I don't think bitcoin will replace bank, there both have thier own usefulness. Many people sees online activities as a treat and will always prefer the traditional way. Not everyone has been able to work with technology so most people will always prefers the established method of saving their assets or valuables.

While I agree that the function of banks as money lenders is essential as it helps the economy to grow at the same time they made a monopoly out of the activity and they obtained too much power which they used exclusively for their own benefit to the detriment of the rest of the population, so I am glad that something like bitcoin was created and that in the future bitcoin will be able to perform some of those functions, it will not replace banks but it will be there to keep them in check so they do not grow as powerful as they are now.

[akar87]

The bank services is very essential in the society and also there have been around for a long time, people trust the banking system so much and will always wants to work with bank, so I don't think bitcoin will replace bank, there both have thier own usefulness. Many people sees online activities as a treat and will always prefer the traditional way. Not everyone has been able to work with technology so most people will always prefers the established method of saving their assets or valuables.

While I agree that the function of banks as money lenders is essential as it helps the economy to grow at the same time they made a monopoly out of the activity and they obtained too much power which they used exclusively for their own benefit to the detriment of the rest of the population, so I am glad that something like bitcoin was created and that in the future bitcoin will be able to perform some of those functions, it will not replace banks but it will be there to keep them in check so they do not grow as powerful as they are now.

How ever bitcoin raise higher price I think bank keep exist and can't replace by bitcoin, check how many people loan much money from bank and build their business, how come this happen if loan using bitcoin but one year later when payment time bitcoin raise more than 2x price up, how come to pay it and how many businessman loss their money if using bitcoin as loan.

[bitcoin31]

I think also bitcoin will not replace the banks because it is the way to save money of the people, while the bitcoin is help of us to grow our money that we have. The more bitcoin that you have the more that you can save in the bank this two have different advatanges and disadvatanges but this two are very important right now and I think their journey will not end and they can live long to the world for the different purposes.

[DarkDays]

Bitcoin will not replace banks because its a different system, it does not operate by a centralized authority and follow regulations from Governments. Its alternative decentralized system for people who wants to be their own bank and runs from concensus of networks of computers.

I agree that Bitcoin is different from what a bank looks like today.

However, it could in theory resemble, in the future what banks are now, but it will of course take the form of decentralisation lending/borrowing and account holding. If you think in terms of crypto there are already places like this that do all of the above, and not just with BTC but any crypto too. One such platform is Nexo.

So, yh, crypto could replace banks but it will take some time and a different form of 'today's banks'!

[LittleBitFunny]

Actually Bank and Bitcoin has their own beneficiary uses, People invested in Bitcoin and take profit, we can use Bitcoin as investment asset or as a payment method to complete our daily transactions quickly without help of any third party service provider. But we must have to use traditional Bank cause we are so much Accustomed to use Bank or paper money in our daily life. You can not ignore one of them cause Both of these are important to make a successful project. we have to use bank or fiat money to buy Bitcoin or sell Bitcoin.

[tabas]

Banks are for commerce of fiat and making loans.  Bitcoin will never replace banks Just like Gold didn't replace banks.

It came to a start that banks will start adopting bitcoin soon. They'll probably add those typical commerce services that they offer through a fiat-like loan.
But for them to do that, they have to accept bitcoin deposits and that seems to be an odd service if they start doing that. Because the essence of bitcoin is for you to have your own deposits onto your own wallets.

[CryptocurencyKing]

One way banks can assist the bitcoin community is in the issue of private key storage. The issue of private keys have been menace for most users as to issues of theft, lost private keys or seed phrase, users forgetting details of their wallet and all that. So  banks can step in at that point though, very risky in cases of an insider theft job on the private key, it would be very unnoticed except, the person in charge is sort after as it should be.
So, banks could help insecure users in ensuring the safety of this key and seed phrase and collect a percentage based on what ever ratio agreed upon time of retrieval for there services.

[clippers]

In fact, it is meaningless to discuss whether Bitcoin could replace banks. For modern society, banks are important part of government to control and management of citizens, and they are irreplaceable. Even if one day Bitcoin has a global consensus, due to its decentralized nature, it will never be able to replace the function of a bank. I think what can be expected is that the Bitcoin financial system can coexist with the banking financial system, banks still help the government manage citizens, and BTC can help people protect assets.

[Wipeout2097]

In my opinion Bitcoin is for new generation and who are technically experts but if financial institutions adopt the Bitcoin common people can get benefit from Bitcoin.Actually Bitcoin and Fiat have huge difference and no doubt fiat is best for emergencyt but still Bitcoin is for those who have patience due to legalization issues.This has presently getting into standard utilization as more individuals in expansive scale begun utilizing it.Bitcoin is future global currency and obviously it will need for every one so i think if central bank and financial institutions should plan for future of Bitcoin to make easy access for their people.

[mbe48]

In my opinion, bitcoin to replace banks is clearly not possible. Bitcoin can be called a digital asset, but if it is a statement whether bitcoin can replace conventional money? So the answer is still no, Bitcoin also has several problems including not having an underlying and not being centralized. In addition, bitcoin does not have a deposit and credit mechanism like conventional currencies. Bitcoin is currently present as an alternative currency, especially digital currency. In terms of function, bitcoin is considered to be able to fulfill only part of the currency's function, namely as a means of payment. Bitcoin is like a medium of exchange and means of payment, for example gold, diamonds, banknotes, stocks, commodities whose value is a general consensus as a result of public acceptance and trust.

[akar87]

Bank without bitcoin running well but not happening for bitcoin without bank could be more exist, how many trader can withdraw and cash out bitcoin without any bank, almost exchange market of bitcoin need bank to support withdraw and deposit so never have any debate about bitcoin can replace bank position,

[Ultegra134]

Cryptocurrency and banks have to co-exist, it's impossible for one to replace the other. Banks are offering a service for the public, such as individual banking (Checking & Savings accounts, loans, debit and credit cards), Business Banking and much more (Even investment services). Those services cannot be replaced by any cryptocurrency.

Moreover, the value of cryptocurrency's isn't stable, thus, their usage isn't for the general public.

[Renampun]

Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.

[South Park]

Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.

The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.

[lifeforcepools]

Bitcoin and banks are completely different universes.

[geegaw]

Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.

The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.

In terms of annual interest rates, bitcoin is a pretty heavy competitor for banks, Bitcoin seems to have all the advantages and beliefs of its users about annual returns, an unlimited and huge profit while the bank is fixed because of some rules and problems. However, also because of these special rules and general requirements of life, banks become more reliable platforms for storage, they are businesses built on the traditional method based on this factor, bitcoin cannot be compared, Bitcoin's core does not serve this purpose

[South Park]

Bitcoin cannot replace Banks...
if I'm not mistaken, topics like this have already been discussed but I forgot where. Banks will continue to exist as well as Bitcoin. Bitcoin was not created to destroy banks because many of us still depend on banks to withdraw and save money from Bitcoin. Bitcoin and the Bank will continue to be together.

The good thing is that bitcoin does not really need to replace banks it only needs to keep surviving, banks do not like bitcoin because they see it as a competitor and for years they have used the media to declare bitcoin dead hundreds of times and yet bitcoin is still here with a price of 55k, banks have realized that they cannot get rid of bitcoin no matter what they do, but I do not think bitcoin will get rid of banks either so for a long time we will have both of them competing to get people to adopt their system.

In terms of annual interest rates, bitcoin is a pretty heavy competitor for banks, Bitcoin seems to have all the advantages and beliefs of its users about annual returns, an unlimited and huge profit while the bank is fixed because of some rules and problems. However, also because of these special rules and general requirements of life, banks become more reliable platforms for storage, they are businesses built on the traditional method based on this factor, bitcoin cannot be compared, Bitcoin's core does not serve this purpose

Probably the biggest advantage that banks are going to have over bitcoin are loans, new ways to give loans have been created thanks to DeFi coins but at the end you still require to have a massive collateral to get a loan while banks can take greater risks when lending money because they know they can always recover the money with lawsuits, so until that is resolved in bitcoin then I think that banks are still going to keep existing and keep a great deal of their customer base.

[mazdafunsun]

Who should that bitcoin should replace banks?
Banks have tons of responsibilities, bitcoin cant oversea by no means. For example, they are giving out loans for new homes owners, they have to evaluate tons of factors before they can give out those loans. You just cant do that with naked bitcoin.
Btc can replace payments which is a big piece of bank business but cant overtake all of the banks services.