Bitcoin versus Banks

[Smartvirus]

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,

If your looking at it the way you are now "exchanging bitcoin for fiat's" then we can say bitcoin is indeed having some affiliations with the banks but that too could be zeroed out if there were to be legalisation with has remained an issue for the bitcoin  development around the world.

Bitcoi have got no networking system that has to do with traditional banks with regards to how its credit and debit facilities works except in cases of the p2p package where we in fact buy/sell the other for the desired. If we are to look at a system where a merchant accepts bitcoin, then banks are completely out of the picture.
Unfortunately, that would be the end of fiat and government can't let that happen.

Inserted, we can have both of them in existence. The governments of our world have been looking towards a unicurrency and a cashless policy both of which bitcoin offers and to key in on this, they came up with CBDC but, it remains a second and centralized hence, it doenst fit as bitcoin which reduces its prioritisation in contrast to bitcoin.

[1715262890]

1715262890

[1715262890]

1715262890

[1715262890]

1715262890

[1715262890]

1715262890

[batang_bitcoin]

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.

What if you do the exchange OTC and it's not from a bank? It's just like a store where there's no bank entity is present?

So those who feel like being a bitcoin fanatic or vice versa, I think it's just a waste of time.

It's okay, the discussion is just a discussion about the system on how things work for the banks and for bitcoin.
There's not that much of fanatism on it. The banks are even more not liking bitcoin because they know that it's the people's money and we can hold it on our own.

[OcTradism]

The governments of our world have been looking towards a unicurrency and a cashless policy both of which bitcoin offers and to key in on this, they came up with CBDC but, it remains a second and centralized hence, it doenst fit as bitcoin which reduces its prioritisation in contrast to bitcoin.

Governments learn from communities. They learn from Bitcoin and stable coins to create their CBDCs. However, it does not change intrinsic inflation of currencies launched by governments. Governments create inflation and fiat currencies or CBDCs are only tools for them to launch more money supply to societies.

CBDCs will help governments to launch new money supply more quickly, more convenient and with less budget for factories, maintenance ...

CBDCs are more environmental friendly because less resources needed for them and last wastes are by-products.

[_BlackStar]

Governments learn from communities. They learn from Bitcoin and stable coins to create their CBDCs. However, it does not change intrinsic inflation of currencies launched by governments. Governments create inflation and fiat currencies or CBDCs are only tools for them to launch more money supply to societies.

CBDCs will help governments to launch new money supply more quickly, more convenient and with less budget for factories, maintenance ...

CBDCs are more environmental friendly because less resources needed for them and last wastes are by-products.

As you said, some changes to the centralized financial system could be made possible with the presence of a CBDC, but I believe it will not change the public's view of this financial system much.

CBDC is just a financial product that is being prepared for users who want to have various conveniences in this digital era, but when it is controlled by the government then I really believe people will consider many things. I think it's only feasible for alternative solutions especially to save on transaction fees for government centralized financial systems such as saving on cross-international money transfer fees.

[n0ne]

Bitcoin have got varied backing system against banks that follow the traditional system. Now things have been digitised, which makes banking more user-friendly and anywhere accessible. The limitations of limited fund transfer and other intermediary service costs make people move towards bitcoin. Now banks too have started to develop their own CBDC running on cryptographic network, but these are centralised. So, there is nothing different from traditional currency and CBDC.

[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.

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

The problem is that they return to their respective countries, they are still reluctant to provide definite laws and only want to profit from taxes in every exchange in the country. It's hard to accept but that's the reality.

[tygeade]

The governments of our world have been looking towards a unicurrency and a cashless policy both of which bitcoin offers and to key in on this, they came up with CBDC but, it remains a second and centralized hence, it doenst fit as bitcoin which reduces its prioritisation in contrast to bitcoin.

Governments learn from communities. They learn from Bitcoin and stable coins to create their CBDCs. However, it does not change intrinsic inflation of currencies launched by governments. Governments create inflation and fiat currencies or CBDCs are only tools for them to launch more money supply to societies.

CBDCs will help governments to launch new money supply more quickly, more convenient and with less budget for factories, maintenance ...

CBDCs are more environmental friendly because less resources needed for them and last wastes are by-products.

They do learn from the stablecoins, but I wouldn't say that it's a bad thing, it's clear that they are doing something that would benefit them in the long run. It's going to be good because in the end we are talking about a situation where you would be buying the stablecoin of the governments, instead of buying the stablecoins of companies so there is no downside.

I still think that you should stay away from both of them, bitcoin is where it's at and you should always buy that instead, but you may want to wait for a better time to buy and think it will go down, during those times it's not a bad investment at all and feel like it would make sense for sure.

[Mahanton]

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.

People do still end up on touching up traditional banks or other those centralized or common services which could really make those conversions do possible because in the end of the day,
where people would be always finding up the way on how to make their bitcoins into fiat which basically means that you would really be still touching up those services or institutions basing
up on what you do need. Why people do always put emphasis on making both bitcoin and banks to be complete enemy? Why cant just have that mutual benefit and switching up
on whatever a certain individual do needs?

[Buga00]

Decentralization has given us a better payment option, where as no middleman will scrutinize your transactions

[yazher]

Bitcoin is a decentralized financial sector where no body have control over it, while Bank is a centralized finance in banking sector, where it control over a group of person or  institute of financial department, that have everyone Data Base for a Trace of funds transaction with the person details. While Bitcoin can only shows wallet transaction history, without names, accept customized wallets. Therefore cryptocurrency has come to play his part as a future financial sector without stress.

That's why it's a major advantage when some disaster happens like in Afghanistan where banks are closed due to certain reasons but when you put your money into bitcoins and keep it in your personal wallet, you could move on anywhere you want without worrying about your money from the banks because you can actually bring it to any country you want and convert it there whenever you like. They failed to understand this until they are put in the same situation and undoubtedly they will hope they had bitcoins instead of money from their banks.

[suzanne5223]

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.

You have a point because the fundamental concept of Bitcoin was to be an alternative solution to the shortcomings created by the government through their monetary policy that literally lead to the world economic meltdown.
Bitcoin is an alternative mean we need both sides to achieve great potential and this is the reason why the IMF boss advise the institution that crypto is inevitable but crypto enthusiast will always have fanatic expression due to their optimism about crypto and the same thing goes for Jamie Dimon when he said Bitcoin is "Decentralized Ponzi Schemes".

[Luzin]

Decentralization has given us a better payment option, where as no middleman will scrutinize your transactions

Unfortunately, it is contrary to the principles of government in many countries. The state can't control and they are worried. They didn't know the flow of money and it was a bit detrimental to them. So far many countries have legalized it as a commodity asset but not for payments. That's a step forward and I think later it's going to continue to evolve. Even if you know some Countries have started projects to create CBDCs and that is different from the principle of Decentralization. I think they're making innovations to match. Because they want to keep control on the grounds that inflation does not occur.  They have full control over the flow of CBDC.

[romero121]

Banks have now made themselves advanced in services. Over the last two years the number of bank branches that have been closed have increased. This is due to different reasons, and few banks have begun to operate only through internet. These have been taking place as a result of following bitcoin and the cryptomarket.

[danadc]

Banks have now made themselves advanced in services. Over the last two years the number of bank branches that have been closed have increased. This is due to different reasons, and few banks have begun to operate only through internet. These have been taking place as a result of following bitcoin and the cryptomarket.

Yes, there are some banks that give the options of making investments in cryptocurrencies, including Bitcoin and other currencies, also the stablecoin like usdt, this is something that banks have to adopt, whether they want it or not, bitcoin has dominated through Over the years, people are adapting it more to their lives and banks cannot go against a movement of technology, trends and everything related to money, a bank can be raised only by having bitcoin, it does not seem bad to me and I think that in a few years there will no longer be that of leaving the banks against bitcoin, it would be something very stupid.

[Piesel]

Banks have now made themselves advanced in services. Over the last two years the number of bank branches that have been closed have increased. This is due to different reasons, and few banks have begun to operate only through internet. These have been taking place as a result of following bitcoin and the crypto market.

Banks have moved most of the services online and I have read on the news where some banks announced the closure of some of the branches and laying off some staff, this act triggered some forms of questions surrounding banks closing down branches and moving fully online, and of the questions that come to my mind is of truly the banks close down the branch because of online outlets being able to do their transaction, what then happens to the staffs of those bank branches are they going to. lose the job or they are moved to another branch of the bank.

[8rch7]

Bitcoin versus bank, the way banks and bitcoin work is definitely different but the two cannot be separated because we need both, even though we know banks are clearly censored while bitcoin is not censored at all, cryptocurrency is a form of virtual currency in electronic digital that it is not limited by banks and is a database that cannot be manipulated, but in my opinion for now the bank is still ahead if we compare it with crypto currencies, the reason is because banks are fully supported by the government, so it is certain that if something happens the government will help them, in contrast to cryptocurrencies, if we experience losses, the government will certainly not intervene.

[Gayong88]

Bitcoin (Right) and Banks (Left) works.

What are your thoughts about this?

Yes, very simple illustration of how Bitcoin and Banks work and easy to understand. My view, Maybe at first banks and other financial institutions were skeptical at first but if they realized how profitable this could be, the perception would be different. Bitcoin offers blockchain as a service. This is the main advantage of Bitcoin and why even though it has not yet achieved mass adoption it is still better than how banks work.

I myself like to observe developments and see if the government or financial institutions will join hands in terms of implementing blockchain technology in other sectors such as the financial system in the future.