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Author Topic: Bitcoin can / cannot replace the banks ?  (Read 1417 times)
Jazzi Mahesh
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June 08, 2021, 06:04:40 PM
 #181

While Bitcoin as well as other digital currencies would have generated significant interest, their adoption rates might be minuscule as well as the government might support them which is virtually nonexistent. Until and unless governments would be recognizing the Bitcoin as a legitimate currency, it would be having little hope of killing off central banks any time soon.
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Even in the event that an attacker gains more than 50% of the network's computational power, only transactions sent by the attacker could be reversed or double-spent. The network would not be destroyed.
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Tina H
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June 10, 2021, 08:49:56 AM
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 #182

I don't think Bitcoin can replace banks. Bitcoin and banks have their own advantages and disadvantages, and each has its own value. They always play different roles in our lives, so we can't say who can replace who. As a centralized financial institution, banks have many advantages that Bitcoin cannot provide. Take the information advantage of banks, for example. Banks can solve the problem of information imbalance between the supply and demand of funds through the information advantages accumulated over the years, and greatly reduce transaction risks. At the same time, if you keep your money in the bank, if your money is lost for various reasons, the bank will help you find it. But if your Bitcoin wallet is lost, you will never get back your assets.
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June 10, 2021, 09:44:48 AM
 #183

Probably it's true if the economy can't survive alone for enough time for bitcoin to replace banks and their deeply rooted institutions. I do think that bitcoin can replace banks but what the article worries is that we might not survive without banks.
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June 12, 2021, 01:59:29 PM
 #184




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  Huh

The idea of BTC replacing banks doesn't seem right to me and BTC is not originally created as a replacement for banks but rather as an alternative way of making transactions with other people digitally without any third party. Moreover, the government won't even allow it at the very beginning since they don't have the authority over BTC.

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