Is Bitcoin Disrupting our Financial Landscape?

[slapper]

All right, listen up. Bitcoin is undeniably the currency of tomorrow. The fact that it removes so many barriers to entry into the global market is nothing short of revolutionary. It's hardly shocking that the popularity of cryptocurrency has made some individuals wary of traditional banking.

Consider that with Bitcoin, you can forget about excessively high fees and lengthy processing times. It's also great for folks who value privacy because of the safeguards it provides. No one would turn down such a simple convenience.

Concerns regarding Bitcoin's potential impact on the monetary system are warranted. However, I believe that Bitcoin's benefits greatly exceed its drawbacks. The future is now, so let's start spending Bitcoins today. The timing couldn't be better.

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[Alpha Marine]

I don't believe Bitcoin is disrupting the financial structure as we know it. The main change I've seen with bitcoin is that you can send money internationally without much stress. I don't think bitcoin or crypto has significantly reduced how people in developing countries use banks. In fact, I don't believe not having access to the banks is part of why people in some parts of developing countries use bitcoin. If that's the reason, they could easily use online banks because they have access to the internet.
In my country people that use bitcoin still make use of the banks as they did before bitcoin because many places don't accept bitcoin so you have no choice but to operate in fiat

[GeorgeJohn]

Please do take note that I'm not questioning your belief towards crypto and bitcoin, either you guys believe that bitcoin will bring a huge change or not. I'm doing this to provoke conversation and to know what your thoughts regarding changes towards our traditional financial structure, and the involvement of bitcoin, it's effects on your lives and or your financial decisions/approach.

Really we comprehend your area of concentration in your statement, actually i will say based on my environmental observation towards my domain, Bitcoin doesn't affect our financial structure in our different localities, so my point is that, in a given country not all the people living in the country know about Bitcoin, so since everyone knows about Bitcoin it doesn't affect our fiat financial structure. Shall we shall respond or react to this question base on our understanding and our experience.

[AmoreJaz]

I don't believe Bitcoin is disrupting the financial structure as we know it. The main change I've seen with bitcoin is that you can send money internationally without much stress. I don't think bitcoin or crypto has significantly reduced how people in developing countries use banks. In fact, I don't believe not having access to the banks is part of why people in some parts of developing countries use bitcoin. If that's the reason, they could easily use online banks because they have access to the internet.
In my country people that use bitcoin still make use of the banks as they did before bitcoin because many places don't accept bitcoin so you have no choice but to operate in fiat

in my observation, i believe that's true. most crypto users here are still using the traditional banking services. they may be into crypto but there are other financial services that you need and you can't avoid using the traditional banks. just like for example, your salary. most companies are sending it to your respective bank accounts. very few up until now chose the option of sending btc to their employees to be their salaries. though you can read from time to time some are doing the hybrid route, where a certain percentage is converted for btc payment.

[Hamphser]

As we all know that Bitcoin is firstly introduced to us for it's convenience and numerous benefits. Being banked or underbanked, we can still enjoy the benefits and the accessibility of transactions as long as we have access to internet. Another benefit also is the anonimity it gives to people(although some would probably say not totally). By this, it is only right to say that Bitcoin has the potential to completely transform the way we think about money and finance. Compared to what we traditionally knew about finance, cryptocurrencies and bitcoin allows an individual to participate on the global economy without much requirement that otherwise it would be impossible. Although this is beneficial for developing countries, where traditional banking services may not be available or accessible, we couldn't deny the fact that it is slowly changing or disrupting the financial structure that we knew.

what do you guys think?

Not totally disruptive but there would be some key areas which would really be mainly affected but it wont really be totally make it been destroyed but rather Bitcoins existence would really be just an alternative.

It is really just that these traditional firms and institutions cant really be able to bare up in regarding into its existence and this is why they would really be criticizing it as much as they could and making it look bad.
We arent that dumb not to see into its benefits and on being alternative when it comes to various functions.Also, no matter how it would progress or would be known out which it is impossible that the
traditional monetary system would be replaced by it which is really that impossible.

[Hispo]

I believe Bitcoin big impact is mostly in those places you mentioned: where the control of a reckless and corrupt state has led to the poverty and virtual lack of banking of their people.

Bitcoin is a Disrupting force in Argentina, Venezuela, Nigeria, in those places where the volume in BTC is "important" in comparison to their national income, because they needed some freedom and they got it through satoshi's invention.

On the other hand, there is still a lot of adoption to work for in developed countries, where centralized alternatives are more popular.

[Hydrogen]

I for one would be curious to know the results of a "is bitcoin disrupting the financial landscape" poll.

My guess is that older generations 50 years of age and older might answer yes. Older age demographics are the largest viewing demographic of television news. They're also the largest supporters of precious metals, gold standards and gold and silver.

The youth demographic, millennials and generation Z lean in the opposite direction. More than 80% get their news primarily from the internet. They tend to not consume television content. And in many cases, no longer watch movies the way that older generations do. Their content demographic is aligned more strongly with youtube, tiktok and similar internet platforms. Which shows by them typically looking at their phones. Which are connected to the internet.

Youth demographic being the biggest supporting demographic of cryptocurrencies, it is possible that they would answer no to a poll asking if bitcoin were disrupting the financial landscape.

Many of generation Z and youth demographics have little hope for the future. They believe social security will fail before they have a chance to collect. Their job options are not good. Many of them viewed bitcoin and crypto as their savior and best chance of someday becoming wealthy. It would be interesting to know what their opinions on this topic are, to say the least.

[el kaka22]

Have we considered the fact that maybe our financial landscape should be disrupted to begin with?
I mean it is not looking all that nice as of right now to begin with, and there are a ton of people who are starving, homeless, sick and can't get healthcare and many other terrible situations.

Do you think that we want to live this way? Is the world okay? I am not saying that bitcoin is the way to get everyone rich, but the fact is that it makes everyone equally richer, how?

Well, there are more than 21 million millionaires in the world, so that means even with everyone getting at least 1 bitcoins, there won't be enough bitcoin per millionaire, it will bring everyone closer eventually.

[Cryptomultiplier]

I think we should think of Bitcoin causing a financial evolution, rather than it disrupting our financial landscape.
What's there to disrupt? I mean, the best fiat money has offered is CBDC,  no value still. Poverty and food prices keep going up and never coming down. I don't even want to talk about gas or the rate at which unemployment and godfatherism has tarnished the prospect of an ordinary person getting a  good white collar job with good pay.
Bitcoin for those who have seen its benefit knows how efficient it can be as per reaping gains from trades or other services in which they earn in this currency. It has enabled the financial sector instead and a haven for the unemployed.

[jaberwock]

I believe Bitcoin big impact is mostly in those places you mentioned: where the control of a reckless and corrupt state has led to the poverty and virtual lack of banking of their people.

Bitcoin is a Disrupting force in Argentina, Venezuela, Nigeria, in those places where the volume in BTC is "important" in comparison to their national income, because they needed some freedom and they got it through satoshi's invention.

On the other hand, there is still a lot of adoption to work for in developed countries, where centralized alternatives are more popular.

If a country is corrupt, there is a chance that government will not legalize Bitcoin but if let say they aren't, I still think the adoption of Bitcoin is crucial due to their limited knowledge. They will only think that Bitcoin is a scam and it will make their situation more worse but a well-developed county usually has an intelligent leader. They know that Bitcoin is beneficial to them.

The volume of BTC is important because more volume means more price hike and people that invest in Bitcoin can also earn more profit. I think the freedom that you mean is for people to earn extra income but I think it's different from the freedom that satoshi wants which is to have a currency which is not regulated by the traditional banking system.

[tiCeR]

I believe Bitcoin big impact is mostly in those places you mentioned: where the control of a reckless and corrupt state has led to the poverty and virtual lack of banking of their people.

Bitcoin is a Disrupting force in Argentina, Venezuela, Nigeria, in those places where the volume in BTC is "important" in comparison to their national income, because they needed some freedom and they got it through satoshi's invention.

On the other hand, there is still a lot of adoption to work for in developed countries, where centralized alternatives are more popular.

If a country is corrupt, there is a chance that government will not legalize Bitcoin but if let say they aren't, I still think the adoption of Bitcoin is crucial due to their limited knowledge. They will only think that Bitcoin is a scam and it will make their situation more worse but a well-developed county usually has an intelligent leader. They know that Bitcoin is beneficial to them.

The volume of BTC is important because more volume means more price hike and people that invest in Bitcoin can also earn more profit. I think the freedom that you mean is for people to earn extra income but I think it's different from the freedom that satoshi wants which is to have a currency which is not regulated by the traditional banking system.

Hm, I don't know if I would say it the same way that intelligent leaders know that Bitcoin is beneficial to them. I would rephrase it into "they know that banning Bitcoin can turn out to be not beneficial to them".

It also depends on what countries we are talking about. If you take China as an example, they do have an intelligent leader. Xi Jinping is not a dumb person. But they have a political system that is threatened by any form of individualism and freedom. So for him it could turn out to be more intelligent if he slows adoption down. By now he also understood that banning cannot be done effectively, but at the same time he doesn't want Bitcoin to spread like a wildfire and give everyone the chance to park some of their national currency in the Bitcoin network where the government has no control over. Bitcoin doesn't fit into their social control system as transactions are part of their surveillance strategy.

[19Nov16]

Those who rely very much on bitcoin are certainly very disturbed when the price of bitcoin falls, since 2018 when the price of bitcoin drops significantly from $ 19k to below $ 4000 makes me make Bitcoin as a distraction or not an investment priority, and the temptation for investment bitcoin is certainly very large because moreover When the current price is cheap and has the potential to skyrocket again.

[Casdinyard]

It is a financial disruptor when it is looked upon as a form of money, but as it stands today people see bitcoin and any cryptocurrency for that matter, sometimes even stablecoins as a form of investment that will give them more money. Great examples for this is the fact that most people out there don't and can't use bitcoin as a payment method for products and service that they avail on a daily basis. There's also the fact that it's only ever used a way to get away with paying large fees for overseas transactions and remittances.

Until we see bitcoin as a form of money, and not just a financial steppingstone, it is only going to be financially disrupting in a sense that if you invest in it, it's either you win or you lose all your holdings.

[samcoin]

Although this is beneficial for developing countries, where traditional banking services may not be available or accessible, we couldn't deny the fact that it is slowly changing or disrupting the financial structure that we knew.

what do you guys think?

Bitcoin helped a lot of people in these developing countries to have a presence and earn money online. If you watch the analysis that shows the number of crypto currency users around the world, you will find that some developing countries have more crypto users than many European countries. That is because crypto currencies came as a way for the people in these countries to get paid and transfer their earned money without revealing their location, which will get them banned by Paypal or Visa or other centralized services. I highly appreciate the role crypto currencies have been playing regarding this matter, because people have no guilt in actions of some governments that led to USA sanctions.

[BitcoinPanther]

I don't believe Bitcoin is disrupting the financial structure as we know it. The main change I've seen with bitcoin is that you can send money internationally without much stress.

You forgot about "without the third party financial institution".  that is one major disruption done by Bitcoin on the financial landscape.  Aside from that, Bitcoin enable citizen that were rejected by banks to have a transaction online.  Before Bitcoin, online transactions are done through online banking and application that has access on the bank account of a person.  But now, Bitcoin enable the unbanked to participate on the online economy.  So why do you think that Bitcoin is not disrupting the financial structure?

[davis196]

As we all know that Bitcoin is firstly introduced to us for it's convenience and numerous benefits. Being banked or underbanked, we can still enjoy the benefits and the accessibility of transactions as long as we have access to internet. Another benefit also is the anonimity it gives to people(although some would probably say not totally). By this, it is only right to say that Bitcoin has the potential to completely transform the way we think about money and finance. Compared to what we traditionally knew about finance, cryptocurrencies and bitcoin allows an individual to participate on the global economy without much requirement that otherwise it would be impossible. Although this is beneficial for developing countries, where traditional banking services may not be available or accessible, we couldn't deny the fact that it is slowly changing or disrupting the financial structure that we knew.

what do you guys think?

1.The way I think about money and finance hasn't been changed. I have financial education and my views about finance cannot be changed by Bitcoin or the cryptocurrencies.
2.I don't really think that Bitcoin is disrupting anything. The global financial fiat system is still strong and will continue to dominate the world in the next several decades. Bitcoin/crypto is an alternative. Do you really believe that Bitcoin will dethrone fiat money? I don't think so.
3.Having access to the internet isn't enough for "enjoying the benefits of Bitcoin". You need to have some money to buy Bitcoins first(or at least a way to earn Bitcoins with your skills and work).
4.What do you mean by "participating in the global economy without much requirement"? Buying stocks and bonds?

[RealMalatesta]

As we all know that Bitcoin is firstly introduced to us for it's convenience and numerous benefits. Being banked or underbanked, we can still enjoy the benefits and the accessibility of transactions as long as we have access to internet. Another benefit also is the anonimity it gives to people(although some would probably say not totally). By this, it is only right to say that Bitcoin has the potential to completely transform the way we think about money and finance. Compared to what we traditionally knew about finance, cryptocurrencies and bitcoin allows an individual to participate on the global economy without much requirement that otherwise it would be impossible.

I think it is not really about age, or not even about disrupting at all, it is about do we need it? I mean if bitcoin is capable of disrupting the current financial landscape and there are millions, even tens of millions of people in the crypto world, does that say anything about fiat world? I think that should be what we should be focusing at the moment.

If the fiat world is bad enough that people are moving towards bitcoin then maybe the problem is not with bitcoin but the problem is with the financial landscape itself? We should try to fix that before we try to attack bitcoin to be fair, that should be a lot more valid and a lot more important to all of us.

[Ngewex Yuk]

There is an important message after a significant drop in bitcoin, namely saving bitcoin in an amount that we can consider lost, of course this is a good strategy so that we should never store large amounts of assets in bitcoin let alone sell vehicles, houses, gold or others to invest in bitcoin , it's better to invest with a nominal value, if we lose, we won't regret it.