Bitcoin can / cannot replace the banks ?

[akar87]

as we know banks have long been known by the public and Bitcoin is still relatively new in the eyes of the public and many people already know about bitcoin but they are hesitant to try it, so I think bitcoin will not be able to replace a bank that has been embedded in people's daily lives and bank security is already  very guaranteed while bitcoin there are still many cases of fraud or hacking and others.

Taking about bitcoin maybe only have about ten year old age right now and bank have been place for transaction more than thousand year and look impossible bitcoin can replace with bank on function and feature of bank. But bitcoin have greatest value right now and become investment is the best way than hold money in bank, just one advantage why saving money on bitcoin better than bank.

[1715289611]

1715289611

[1715289611]

1715289611

[hulla]

as we know banks have long been known by the public and Bitcoin is still relatively new in the eyes of the public and many people already know about bitcoin but they are hesitant to try it, so I think bitcoin will not be able to replace a bank that has been embedded in people's daily lives and bank security is already  very guaranteed while bitcoin there are still many cases of fraud or hacking and others.

There's no point in compare Bitcoin and the banks because they have different concepts but you cant practically blame Bitcoin for the hack and fraud situation that happened to people because and if we check the history of fraud that happened in the Bitcoin and Banks system, Banks fraud issue surpassed Bitcoin.

[Ewox]

I don’t think it’ll ever replace banks however Bitcoin can replace the fiat money deposited in banks; instead of going to banks for people to save their money or whatnot, people in the future might not need to go to the bank physically but just deposit them in their wallets and etc. That I do believe might happen in the distant future though.

[Zilon]

Since both the centralized system and the decentralized system operate differently and has their modes of operation both can still co-exist. We still have larger number of the world populace who are yet to embrace the era of digitalization. Accepting new concepts has always been the struggle of the aged because letting go of what the have known over the years irrespective of its state of factual existence. Even if crypto currency succeeds in overthrowing our fiats it might take longer decades to sell this innovation to everyone

[Iranus]

You can't compare cryptocurrency with bank, you can use cryptocurrency as digital currency, you can buy or sell service for cryptocurrency, you can use it as a digital asset. But when you need to cash out your coin you must have to rely on Bank or fiat currency. So both of these have their own value, they do not complement each other but we have to use both of them, So it is not valid to originate such type of question.

[akar87]

You can't compare cryptocurrency with bank, you can use cryptocurrency as digital currency, you can buy or sell service for cryptocurrency, you can use it as a digital asset. But when you need to cash out your coin you must have to rely on Bank or fiat currency. So both of these have their own value, they do not complement each other but we have to use both of them, So it is not valid to originate such type of question.

Many people want to replace bitcoin with bank but why not think like you said how come to cash out bitcoin to money without have bank, I am still understand why people look more interested to remove bank with bitcoin but why not think how later for cash out money or deposit to bitcoin without have bank, I think bank still most important and bitcoin never can replace bank.

[emmybd]

The U.S. Federal Reserve is accountable for maintaining employment with stable prices while providing safety to the country’s banking system. The Reserve is also in charge of balancing the financial system and much more. To have these goals fulfilled, the Reserve can fluctuate interest rates or do whatever it wants with the money.
Fluctuation reduces money when it decreases which curtails prices of goods in turn. This way the banks manipulates and steers a nation’s economy to prosperity.

The complex monopoly has often led to notorious mistakes, making many nowadays turn to bitcoin. Bitcoin’s lack of corruption and middlemen makes it suitable and yet it still hasn’t gained as much support due to its opaqueness and viability to hacking and unstable vacillation. Thus it is a long way away from decentralizing the world, and by this time the banks may already facilitate their own cryptocurrency.

[Digitalbitcoin]

Bitcoin cannot replace banks, not because of, lack of geographical barrier, and overcomes including costs for the blockchain network transaction fees.

Bitcoin is definitely a great platform that proves its existence.
Since from it exists.

But at ground level, it is completely impossible to maintain trust, faith, and belief level in the blockchain network, which banks already established.

In the traditional way of exchange fiat currency is playing the most important role. Where government controls these centralized banks, which regulate the fiat currency of that particular country.

Rather, Big banks are trying to test blockchain network possibilities for the current banking enviournment.

[akar87]

I believe with bitcoin and bank without support and make one of them have bad reputation, I trust and keep investing in bitcoin without make bad reputation from bank because without have bank I can't cash out and withdraw my bitcoin assets, I don't know why some people looks serious wanna to replace bank with bitcoin, how later to withdraw bitcoin assets to be cash money.

[South Park]

In fact, until now we still need a bank to keep money safe, even to withdraw profits from crypto trading, we also still need a bank to make it all happen. But if bitcoin is used as a means of payment I think that is a good enough reason for the future.

The day will come in which that is going to be unnecessary too, right now you need to do that because in order to buy more stuff you still need to convert your coins to fiat, but once businesses begin to accept bitcoin directly then that is not going to be necessary, just today or yesterday  depending where you are Tesla began accepting bitcoin payments for its cars and Elon Musk openly said that any bitcoin his company receives is going to be kept and not be converted to fiat, if enough companies do this then our days converting bitcoin to fiat will be over.

[James Watson]

will not. If the bank disappears, the reason should be the overall backwardness of its service links, not because of a specific currency. On the contrary, if cooperation can be strengthened, Bitcoin, blockchain and banks may achieve a "win-win", that is: blockchain helps banks solve old problems; banks give blockchain the first batch of large-scale application scenarios.

[Aliceooo78]

it absolutely can replace the banks and it wins way more trust than bank featuring decentralization. but what replaces the banks may not be banks but these decentralized exchanges where all datas are transparent and no space for fake stuff. bitcoin would be the hottest celebrity among these exchange "banks". that day will come

[Wawa2013]

I believe Bitcoin can never replace Banks, because after all the government will keep Banks there will always be. Without banks, the government
will find it difficult to control the finances of its residents, because as we all know that Bitcoin cannot be controlled by anyone. After all, there are
still many locations in the world that are not yet reached by the internet, then the area may not be able to use bitcoin for financial transactions.
From all the reasons I have mentioned I have concluded that Bitcoin will not be able to replace Banks.

[Reatim]

it absolutely can replace the banks and it wins way more trust than bank featuring decentralization. but what replaces the banks may not be banks but these decentralized exchanges where all datas are transparent and no space for fake stuff. bitcoin would be the hottest celebrity among these exchange "banks". that day will come

let's stop the debates about this issue because for Me Bank will never gone and people will still use their service for the whole human life.
Yes crypto exchange will offer much better than what banks can but people is divided in between trust in Online and in Offline.
I even have my banking account now while having crypto wallet as well.
So that is much good to have two than one.

[South Park]

will not. If the bank disappears, the reason should be the overall backwardness of its service links, not because of a specific currency. On the contrary, if cooperation can be strengthened, Bitcoin, blockchain and banks may achieve a "win-win", that is: blockchain helps banks solve old problems; banks give blockchain the first batch of large-scale application scenarios.

We need to also consider the sheer strength of banks around the world, the banking industry is probably the most powerful industry around the world and they are not going to allow themselves to disappear without  fight, they are going to try to do everything to survive and if they have to do it by adopting bitcoin then they are going to do it, we must not underestimate them and make the same mistake they made with bitcoin, most likely despite the innovation of bitcoin banks are going to survive.

[Alucard1]

No matter how good and great bitcoin is, it still cannot replace the banks, we really need the banks because whenever we have earned bitcoin we still need banks to withdraw it and spend it for some other things we need because some companies or some business do not accept bitcoin as payment so you still need the fiat currency that a bank can give to us.

[Hamphser]

No matter how good and great bitcoin is, it still cannot replace the banks, we really need the banks because whenever we have earned bitcoin we still need banks to withdraw it and spend it for some other things we need because some companies or some business do not accept bitcoin as payment so you still need the fiat currency that a bank can give to us.

Indeed!

Banks would always have the significance when it comes to its existence.Hence, as long do government exist then i dont see for banks to be wiped out or would be replaced.

You are right that no matter how bitcoin would progress out but still wont really be enough to make Banks cease to exist.Its just impossible to think off about the probabilities.

I dont know on why other people been thinking like this which they havent make out some realization on how banks do play a crucial role on the entire economy.

[sapnu]

Banks existed long before bitcoin was introduced but that does not necessarily mean it cannot replace it. We know how much change the innovation of technology makes, it shouldn't be a surprise anymore if in the future, banks will be gone and bitcoin and other cryptocurrency will be the only one to exist. For now, it is quite not feasible to see bitcoin replacing the banks considering the fact that banks are still much useful and traditional and everyone has an about it. No matter what happens, bitcoin will find a way to shine in the next few decades and I think it is possible to see it outshine banks.

[Expecto]

I don't think there is any aim to replace banks. And there is no need for it too. There are already crypto exchanges for people to make investments and keep their coins there. And in the future, the governments will make their own digital currencies and we won't be using fiat anymore. Then, banks will need to integrate them to survive.

[Stedsm]

I don't know why this debate always sparks about Bitcoins vs Banks but if Banks start accepting Bitcoins as a valid asset to be used as a collateral for fiat loans, is there really any need for BTC to replace Banks? I mean, everything we've been wanting since the beginning - adoption, mainstream, regulations, legalization, etc. are all part of centralization. So when ^decentralization^ is already on the verge of being destroyed completely, why are we even thinking of BTC trying to replace Banks?