Kakmakr
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April 13, 2022, 09:08:06 AM |
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Wrong, Bitcoin will not stand on it's own.. IF the governments of the world does not accept it as a "legal" tender, because you will not be able to buy or pay for something (legally) ..without government approval. Now, most Bitcoiners will say that is blasphemy and Bitcoin does not needs Banks, but I say... Banks will not be replaced, until Bitcoin is legalized. Yes, people will still pay each other directly for products and services like a bartering agreement, but you will not walk into every shop and just pay directly with Bitcoin. (Businesses pay taxes / issue invoices for bookkeeping etc... so there are a paper trail for the government to follow)
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Hyphen(-)
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April 13, 2022, 09:20:08 AM |
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Banks are not fully connected to Bitcoin because some countries are yet to legalize bitcoin and cryptocurrency, so I am filling that even without Banks, since bitcoin are decentralized there will be many ways to move our money using P2P even though it's still related banks but banks dose not have any issues with it.
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jostorres
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April 13, 2022, 04:15:48 PM |
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You don't need banks to be connected with Bitcoin and they aren't. When people think of Bitcoin and banks they are only talking about finding a way to convert their BTC into fiat and depositing that into their bank account. But that's not the complete picture and you don't have to do that. In the past, people traded sea shells, meat, crops, fur, salt and anything that was in demand and had a market. And the system worked. Bitcoin has reached a stage in which there is demand for it, so you don't need banks. You will be able to find plenty of people to give you cash for it (if that's what you want) face-to-face or via decentralized platforms.
You do not "need" them to be connected, but wouldn't it be awesome if they were? I mean assume a world where you do not need binance, coinbase or whatever else anymore, your own bank gives you bitcoin, I can buy dollars or euro using my bank account and with the same idea I could be buying bitcoin as well. It would also allow them to let me use my money that way, like I have bitcoin, and I have a debit card, I could allow my debit card to use my bitcoin, whereas the person I am paying could get it in fiat, dollar, euro, whatever they prefer. This should be available in all nations and suddenly we will see crypto reaching to unheard levels.
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Pmalek
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April 13, 2022, 05:09:26 PM |
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It would also allow them to let me use my money that way, like I have bitcoin, and I have a debit card, I could allow my debit card to use my bitcoin, whereas the person I am paying could get it in fiat, dollar, euro, whatever they prefer. This should be available in all nations and suddenly we will see crypto reaching to unheard levels. Bitcoin takes that control away from traditional financial institutions, so that's why it wont work. Your bank ALLOWS YOU to use your money already. They act like they are doing you a favor, but they have all the control. Even though the money is yours. You don't need the bank to allow you to use Bitcoin. But they would love to be that central party that controls it and regulates how and where you send your funds to. They are doing it with fiat, but they are not so lucky with crypto.
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Franctoshi
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April 13, 2022, 06:32:37 PM |
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Literally, it's almost practically impossible right now, beacuse banking involves fiat and Bitcoin in this early stage of adoption needs to work hand in hand with the fiat currency banking system to succeed and operate as an independent entity to work without baking. This I guess would happen when BitcoinBTC has taken full function of the banking today and also have world wide Government adoption and regulation . So in future it could be possible, if there is going be a time when the world is gonna do away with fiat system.
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o48o
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April 13, 2022, 07:03:45 PM |
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You can always use P2P exchanges and thus there is no need for banks to be involved . This method you are generally exchanging with another person. Examples of P2P exchanges include - Paxful - https://paxful.com/Localbitcoins - https://localbitcoins.com/As always though - DYOR. Hope this helps ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) places like localbitcoins force kyc on you, and if banks would shut down exchanges, they can shut down suspicious activity. I can't see this happening though. Governments will rather regulate everything. The cryptopunk anachist movement won't like this but it's not much they can do if they don't just go back to cash for crypto p2p trades. Even even with that there would be problems with FATF.
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Digitalbitcoin
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April 13, 2022, 08:34:50 PM Last edit: April 13, 2022, 08:46:23 PM by Digitalbitcoin |
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No.
Without fiat, there will be no value for Bitcoin globally. This Means Bank will be always there for Bitcoin.
It will definitely take some time to adopt Bitcoin as a mass payment gateway, but it can cause many issues while using Bitcoin for lower and faster payments.
So for overcoming this issue of delay there are many other faster blockchains that can be used instead of Bitcoin.
But all this is in the future. Bitcoin is always maintained its price among all cryptocurrencies. But at the same time, other cryptocurrencies are also getting traded directly against fiat on many local exchangers with higher volumes.
So considering all Bank must have to be there in the future for making fiat transactions.
And Bitcoin will stay continue as Bitcoin itself has a technology and more users get involved its value will be skyrocket in the coming future.
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dataispower
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April 13, 2022, 09:01:41 PM |
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Literally, it's almost practically impossible right now, beacuse banking involves fiat and Bitcoin in this early stage of adoption needs to work hand in hand with the fiat currency banking system to succeed and operate as an independent entity to work without baking. This I guess would happen when BitcoinBTC has taken full function of the banking today and also have world wide Government adoption and regulation . So in future it could be possible, if there is going be a time when the world is gonna do away with fiat system.
which country Bitcoin take the function or responsibility of banking system, bitcoin just have it operating function and is very different from fiat function, have you think of without fiat currency bitcoin will not function properly, according to you bitcoin work hand to hand with bitcoin because without exchanging bitcoin with fiat currency bitcoin will not be regarded as valid currency, government alone is suppressing the image's of bitcoin not to be adopted
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isaac_clarke22
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April 13, 2022, 09:07:56 PM |
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People think that Bitcoin will replace banks/fiat currency in the future and it is obvious that it will not happen at all anyway. Some people are comfortable with regulated stuffs and they are okay with some third party looking over with their money. I recall one posted in here that Bitcoin will just coexist with fiat and that is pretty much the closest thing we could get. Nobody is even stopping people to use crypto with their payment method as long as it is not illegalized in their country.
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famososMuertos
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April 13, 2022, 09:43:01 PM |
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OP: Your question has a direct answer, they have already given it, but it is questionable in the simple fact of asking it, since bitcoin seeks to replace the scheme you mention, which according to you would not allow bitcoin to work, anyway a banking system was not necessary to start the idea behind bitcoin, it took 2 users...Why should I change the premise?
The reason true adoption has not come and may never come is because we must believe that the old system cannot be replaced. And that "Fiat disease" begins to create illusion that bitcoin needs banks. Think about it is contradictory in the classic idea of bitcoin.
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Jasad
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= jasad =
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April 13, 2022, 09:55:43 PM |
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~
People think that Bitcoin will replace banks/fiat currency in the future and it is obvious that it will not happen at all anyway. Some people are comfortable with regulated stuffs and they are okay with some third party looking over with their money. I recall one posted in here that Bitcoin will just coexist with fiat and that is pretty much the closest thing we could get. Nobody is even stopping people to use crypto with their payment method as long as it is not illegalized in their country. Many people think one day later bitcoin will replace all fiat transaction and not any function again from bank, I think they was wrong with opinion how possibility with bitcoin or another cryptocurrency could replace fiat and bank. Actually right now bitcoin really need with bank when transaction for withdrawing and deposit. I don't know how can some one could be investor and hold many bitcoin on their wallet without have bank bank for deposit money and buy bitcoin or altcoin. Later when they try to buy some thing else still not any company accepted with bitcoin as currency payment and they have withdraw bitcoin fund trough bank.
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Bitcoin.PN
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April 13, 2022, 09:57:47 PM |
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Not true. You are forgetting the peer to peer transaction system. Which means, I can do business with any other person without the need of a middleman. We can do business with cash, assets or any other way, so banks are not needed. Sure, they make things easier but they are not needed
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panukurap
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April 13, 2022, 09:59:33 PM |
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I'm not sure if banking will disappear in the future and replace other intermediaries between Bitcoin and its owners. Currently, banks are the center of the monetary system of the entire world community, they have long depended on banks for the financial system. If banking disappears, I don't know whether the financial system will run stable or it will fall apart because of the absence of regulations or something like that. As a result, the proceeds from Bitcoin are also difficult to distribute to owners due to an unclear financial system. So I prefer that banking will always exist and not disappear.
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Webetcoins
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April 14, 2022, 02:39:26 PM |
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Bitcoin is created as a counter to banks, so bitcoin will never be connected to a bank. Whenever a country has a problem with bank, bitcoin is actually their savior in order to continue receiving money from other countries. What makes you think that banks can change bitcoin? but even if there are banks or say that there is a connection between the two, bitcoin won't be changed anymore. No one controls bitcoin, that is why.
Every country has its own banks and banks is where the local money came from, they have the right to change it but that's only it, they don't have the ability to change bitcoin or any other digital currencies.
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batang_bitcoin
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April 14, 2022, 02:53:06 PM |
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
It's only becoming connected when someone has sold his bitcoin in fiat and has to deposit the profit into the bank. Other than that, I don't think that there's other connection from what you've said that banking process has ever a connection to bitcoin. So even there's no bank, bitcoin's network is going to continue and the same goes for the bank. That's why there's really no connection for both of them but bitcoin has became the alternative for the banks.
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Rent this sig space so that BTC goes to $100k.
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kryptqnick
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April 14, 2022, 04:53:52 PM |
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Op, before online exchanges became popular, I remember how people brought cash, made a BTC transaction on spot, and that's how things happened. Also, there are ATMs which don't technically require banks (right?). And if the banking system is fully out in a sense that fiat is also out, that would be great for Bitcoin because there wouldn't be a need to exchange it for anything other that goods and services directly. And Bitcoin is actually something people can use without banks, just sending money online directly from one wallet to another. That being said, I don't think banks will disappear any time soon if ever at all, so BTC will continue coexisting with them.
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uneng
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April 14, 2022, 06:03:03 PM |
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin. So coming future it possible for changing this process. Kindly any one explain me. I need to know. Kindly support and give your adivoce. Nowadays banking is connected all country people and change the all country's currency.
Not true. You are forgetting the peer to peer transaction system. Which means, I can do business with any other person without the need of a middleman. We can do business with cash, assets or any other way, so banks are not needed. Sure, they make things easier but they are not needed P2p transactions do exist, but only a very low percentage of bitcoin adopters use this negotiation method to deal with bitcoin. Without middlemen (exchanges and banks) most people wouldn't be able to transact bitcoin anymore, and I include myself here, because I don't know trustful people who I could buy or sell bitcoins directly, since there are no guarantees. Moreover, middlemen platforms are good to keep the market competitive, what means customers have access to cheaper fees when sending, buying or selling bitcoins. If we had only p2p transactions, I guess some people would get skilled really fast on this field and charge expensive fees from customers, as it would be harder to find verified legit people willing to make business.
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ajochems
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April 14, 2022, 07:22:51 PM |
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It’s possible for the movement.Because the Swift was cancelled on most of the Russia government bank,but still their was no huge economic losses.This only happened with the help of the crypto currency.The government of Russia itself accepted the flow of crypto currency into their country,the time will change the people mindset.It’s also Chang the country move towards technology.
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Fivestar4everMVP
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April 14, 2022, 07:36:01 PM |
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Nowadays bitcoin is connected with banking process. If bank not available. People can't change Bitcoin.
I disagree with you, people can still change bitcoin even if there were no banks available. Think of it this way, if there were no banks available, which means there wouldn't be fiat money available too, if this is the case, then there must be a form through which people can buy and sell/exchange goods and services, people can still buy, sell/exchange their bitcoin through that form or medium as long as there's internet available. So coming future it possible for changing this process.
Yes, times are changing, and the future is already here, many businesses around the world are now accepting bitcoin and many other cryptocurrencies as a form of payment for their goods and services, and as time goes on, many other businesses will join, until bitcoin and cryptocurrency payments become a dominant form of payment as fiat currently is today.
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Mpamaegbu
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April 15, 2022, 11:49:55 AM |
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Provided Bitcoin continues to be paired with stable coins to ascertain its monetary value, there will always be a bank somewhere for it. Frankly speaking, as I've continued to maintain that Bitcoin must live alongside fiat to survive and the banks should also be there too. Come to think of it, there are countries with serious electricity and internet issues. So, how will those countries embrace Bitcoin in totality and completely jettison fiat as we know that Bitcoin is virtually dead without the internet.
You can always use P2P exchanges and thus there is no need for banks to be involved . This method you are generally exchanging with another person.
You merely described an exchange of Bitcoin for another coin. What OP asked was the viability of spending Bitcoin as with the way we spend fiat/paper currency without recourse to the bank.
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