Bitcoin versus Banks

[bagguss]

Bitcoin (Right) and Banks (Left) works.

This image is a very simple illustration of how Bitcoin and Banks differ from each other, this is showing how Bitcoin and banks work.
If you take a look at how banks work, it is clearly showing that they rely on one centralized entity which for sure it's a centralized database where all the information.
But Bitcoin, it's decentralized, no centralized entity that can become only one source of truth.

What are your thoughts about this?

BITCOIN IS THE FUTURE

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[Z-tight]

This picture really explain it very well, with time Cryptocurrency will unseat our traditional backing system, that the reason most Banking institution I'm not happy with the cryptocurrency emergence.

Unseat? Sorry but do you mean that crypto will take over from the traditional fiat system, i don't feel that can possibly happen, another mistake you are making is with the use of the general term 'crypto', do you know how many cryptos are in the market, there are many of them, and most of them are even worse than fiat. When i talk about crypto, i like to be specific, so here i am talking about bitcoin now, it is an alternative to fiat, it is not fighting with it, or trying to 'unseat' it, it is only a great alternative that people who want to control their money by themselves will use. Most banking institutions do not like bitcoin because they like centralization to decentralization, but not because they are afraid that bitcoin will 'unseat' them.

[MinoRaiola]

BITCOIN IS THE FUTURE

You can already say that Bitcoin is the present. 5 years ago or more, this structure did not exist and was only dreamed of. Normally you can buy everything with Bitcoin, there are only small detours. You can buy airline tickets, buy a house, buy cars and much more with Bitcoin. 

Forecasts have always seen a rate of 1,000,000 USD for the future over the last few years, crazy and it was probably more advertising. It can be more or less, we will see. The acceptance is a big factor and it is so much bigger, but compared to the world, less like 1% of all people have bitcoin. The future and bitcoin will hopefully play together for a long time and even when we are no longer alive.

[uchegod-21]

<snip>

Yet, there are people that cannot control their money or wealth, they feel that they are careless or they have other pressing issues to deal with. They prefer to dump their money in the bank and they don't care if it depreciates or not, since they can see it anytime they need it. People that will value this post are people that are ready to try new things or people who are ready to handle their money by themselves and takes responsibility of it even if they have to lose it.
I don't blame the. Uch because before bitcoin came, almost everything around us was centralized, even the bitcoin has been mutilated and some version of it centralized.

People do really get stick on those things which they have been using through ages and trusted up government and other centralized platforms on the services that it do offers and give into its clients/users.

Even myself do still store up money on banks yet even though we are dealing with crypto which is totally opposing centralization but cant really be that denied that we are still converting those coins into fiat later on.Am i right?
Use things according into your needs.Make out some research if what are the thing you are intend to do so.

That is one of the characteristics of human. Human will stick to what he knows, what he trusts and what has been working for him. The tendency to introduce new things to an already existing system is one of the reason for conflicts and wars among humans. Even if we got cheated by the system, but provided that we understand how the system is formed we will like to remain in it. Which is a clear description of the adage "The devil you know is better than the Angel you don't know". So, I don't blame most people who are comfortable and doesn't want to hear about Bitcoin.

For your question, I still use fiat for day to day transactions but I don't save in fiat because I already know that it's not worth it. The value of your money goes down when you save in fiat.

[Silent Sam]

We don't want anyone to control us, so the bank is centralized and bitcoin is decentralized, so we want to be always anonymous also we want to not disclose our identity to anyone and on bitcoin, we don't need to disclose our identity.

[Gusfall]

We don't want anyone to control us, so the bank is centralized and bitcoin is decentralized, so we want to be always anonymous also we want to not disclose our identity to anyone and on bitcoin, we don't need to disclose our identity.

Yes i agree with you

[cloudfir3e]

Although the movement of Bitcoin is considered to have high volatility, but Bitcoin can be a very promising future investment instrument.
There are not many countries that legally legalize Bitcoin, but people are currently trying to compete to get it and make Bitcoin more famous like a dollar.

This makes the monetary authority, namely the bank in a country increasingly threatened due to the prestige of digital currencies such as Bitcoin which is increasingly exploding, so that inevitably the central bank must be active and join the 'flow' of currency trends and launch their digital currency.

[lucates]

Currently and nowadays, it`s safer to invest with a bank. But you have more freedom if you do invest in crypto
Today's role of financial intermediaries is try to comply with the regulations and also make everything as safe as possible. Bitcoin is required to comply with KYC's anti money laundering principles . There is some form of regulation already going on with crypto exchanges. Even though there is a high level of security on Bitcoin itself since it's in the block chain, a lot of these other protocols have succumbed to a lot of different hacks, attacks, breaches which makes people's trust in crypto not really kept at that high of a standard.
Sometimes, one of the risks of regulated banks is making less money than you could in crypto . That could be seen as a risk, an opportunity could be seen in the crypto market. Banks should do and what they are doing is invest in technology into the future, which is why I believe block chains will have a large role in technology in the future in the banking sector. The top 100 banks have invested in crypto companies . Around 23 of them have made at least one investment in crop block chain or crypto.

[Hamza2424]

Impressed amd satisfied by all the replies here but i would like to add something i have already Posted in WO still its a relevant topic i would like to add this one here as well so check out what European Central Bank Spokesperson says listen and enjoy her words about money and inflation that how Banks are interested in stoping inflation. Well said.


One important point is too many banks here but we cant open an account due to their requirements and our maximum locals are unbanked about BTC use and feel easy to any Transection
https://twitter.com/knutsvanholm/status/1566597870668713985?t=jGCdz-Xaf72zNcp9wMrvQQ&s=19

[danadc]

I only know something, banks will never be able to overcome the power of Bitcoin, no matter how much they want to be the best, banks will always have their limitations, such as requiring permissions from people to withdraw their money, with bitcoin it is not like that, banks Transactions are very slow when going to other countries, with bitcoin this is reduced to a short time based on the fee that the person wants to pay, the more fees the faster it will arrive.

People are waking up from the mirage that bankers and government systems have, wars have raised many consciences just like the pandemic, they have realized that bitcoin is their best option.

[Dunamisx]

bitcoin meme bitcoin hodl in wallet and bitcoin with CEX


https://twitter.com/bestbitcoinmeme/status/1566503474405249033?t=NZHq0PQR0CVvmvEB53QQLg&s=19

When you take a look at the above meme very well, you will discover that difference between the two images, the first one been the real one while the second just a cartoon play and this enough gives more clearer explanation about our asset in a decentralized exchange which is your real form of asset that is yours because of the keys in your disposal, while the ones on centralized exchanges were just synonymous to having them with banks, they got nothing to offer than a zombie mode restriction on your asset with them, banks and centralized exchanges were like brothers of thesame family related in blood but having different physical look.

[budi691]

but from all these pictures can Bitcoin go against the Bank? actually for now Bitcoin has not been able to fight back, government controlled banks and people who have been sitting with paper money for a long time, need time to fight them, they are trying to stop Bitcoin from continuing to grow,
it takes a long time for Bitcoin to align with the Bank.

[KingsDen]

This picture really explain it very well, with time Cryptocurrency will unseat our traditional backing system, that the reason most Banking institution I'm not happy with the cryptocurrency emergence.

There  is alot of mixup in your writeup. I noticed you are a newbie, it would be fine if you can locate this thread again and read.

Firstly, cryptocurrency is a general name for all the coins, so when you say cryptocurrency, you are not being specific. In this thread, there is a nice degree of specifity and what we discuss here is bitcoin.
If there is anyone to fight bitcoin, it is the government and not banks. Banks are like exchanges, they don't have the power to fight bitcoin.

Finally, for bitcoin to unseat our traditional banking system, that is neither the goal nor objective of bitcoin. Bitcoin is an alternative to fiat. Which means it is giving you the liberty and right to choice.

[_BlackStar]

If there is anyone to fight bitcoin, it is the government and not banks. Banks are like exchanges, they don't have the power to fight bitcoin.

What if the bank's terms and services prohibit users from connecting with cryptocurrencies, For example every bank user whose account is connected to buy crypto and receive profits from crypto trading and investment is blocked, I have never heard of it happening, but anyway it is one of the bank's strengths to fight bitcoin or crypto.

Finally, for bitcoin to unseat our traditional banking system, that is neither the goal nor objective of bitcoin. Bitcoin is an alternative to fiat. Which means it is giving you the liberty and right to choice.

Bitcoin is not a competitor to the fiat system, it is not its main goal. But bitcoin is a different alternative to a fully centralized fiat payment system. It's true that everyone has the right to choose what they like regardless of fiat, altcoin or bitcoin. The positive thing we have is that we have alternative options instead of just fiat.

[wahyuagung26]

but from all these pictures can Bitcoin go against the Bank?

Actually Bitcoin will remain at the forefront, but it's just a little difficult for Bitcoin to fight because banks are driven in a system under government, but predictions for the future are likely to be superior to Banks.

[Xampeuu]

This picture really explain it very well, with time Cryptocurrency will unseat our traditional backing system, that the reason most Banking institution I'm not happy with the cryptocurrency emergence.

There  is alot of mixup in your writeup. I noticed you are a newbie, it would be fine if you can locate this thread again and read.

Firstly, cryptocurrency is a general name for all the coins, so when you say cryptocurrency, you are not being specific. In this thread, there is a nice degree of specifity and what we discuss here is bitcoin.
If there is anyone to fight bitcoin, it is the government and not banks. Banks are like exchanges, they don't have the power to fight bitcoin.

Finally, for bitcoin to unseat our traditional banking system, that is neither the goal nor objective of bitcoin. Bitcoin is an alternative to fiat. Which means it is giving you the liberty and right to choice.

In this context, the most important role is the government. without legalization from the government, no matter how good the system used by bitcoin is, it cannot run according to its main purpose. Therefore, until now, there are still a few countries that ratify bitcoin as a currency, and even then, it is a country that has difficulties in the economy. maybe it will be a different story if developed countries announce the legalization of bitcoin as an alternative currency, of course bitcoin will be quickly adopted by the public

[Techkoy407]

bitcoin and bank (conventional or fiat money) both have similarities and both can be used as a means of payment, but the inherent value between crypto (bitcoin) and banks (conventional money) is very different, the most prominent difference is issuance and decentralized operations with blockchain technology while bank (conventional money) is centralized.

[yohananaomi]

but from all these pictures can Bitcoin go against the Bank?

Actually Bitcoin will remain at the forefront, but it's just a little difficult for Bitcoin to fight because banks are driven in a system under government, but predictions for the future are likely to be superior to Banks.

you are right, the advantage of a bank is that it already has a permit from a legitimate government and has been used for a long time where all people still need a bank. but technological developments are inevitable that bitcoin must clearly be accepted as progress that is indeed happening. but still it will not be possible to replace banks in future developments, they will always need each other, even though in development it will make bitcoin appear more promising.

[rendravolt]

Bitcoin and banks will always be connected, every time we exchange bitcoin to currency, of course we need a bank to receive the money we get. So those who feel like being a bitcoin fanatic or vice versa, I think it's just a waste of time.

[Slow death]

Bitcoin and banks will always be connected, every time we exchange bitcoin to currency, of course we need a bank to receive the money we get. So those who feel like being a bitcoin fanatic or vice versa, I think it's just a waste of time.

I also agree that we need banks to spend bitcoin in the real world, because unfortunately there is this problem of lack of legalization of bitcoin in countries like my country for example, but if in the future there could be clear and good laws for bitcoin that would facilitate the people to be able to pay all bills with bitcoin, to have a Bitcoin ATM where the person could buy bitcoin, the person could withdraw bitcoin, also if it were possible for bitcoin debit cards to be sent again to any corner of the world and not just in countries of I so someone who lives in my country would not need a bank that only gives headaches, on that day I would say that bitcoin would be being adopted in mass in my country. I still dream that this day will come