Why Bitcoin cannot be a Bank?

[tjtonmoy]

By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers.
But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different.

[1714565727]

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[Fivestar4everMVP]

I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:

• Can you pay your Mortgage with Bitcoin?
• Can you pay your house rent with Bitcoin?
• Can you pay all your bills with Bitcoin?
• Can you pay your medical bills with Bitcoin?

Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.

It is actually very possible to make payment for all the mentioned, in bitcoin, plus even more, but this is if the parties at the receiving end would agree to accept payment in bitcoin.

I think it is high time we all come to the realization that bitcoin is money on its own, bitcoin can be spent the same way we spend fiat, the only different is that..
- fiat is highly centralized, while is totally decentralized
- most of fiat transactions are done physically, while bitcoin transactions are carried out online
- fiat has an unlimited total supply, and the amount of money in circulation cant even be determined, but bitcoin has a limited supply which is 21 million coins, and the circulating supply is clearly visible to the entire world to see.

Bitcoin payments, in all ramification is better than fiat, this the government know, but wont accept because they have no way to control bitcoin.

[EarnOnVictor]

By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers.
But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different.

I see things differently from you guys, Bitcoin is a bank of its own regardless of how one defines traditional banks. It's factual that not only financial institutions and traditional banks are called 'banks,' so Bitcoin is still arguably a bank because it oversees all its financial transactions by itself through blockchain technology.

There is nothing banking more than that.

[BALIK]

By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers.
But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different.

I see things differently from you guys, Bitcoin is a bank of its own regardless of how one defines traditional banks. It's factual that not only financial institutions and traditional banks are called 'banks,' so Bitcoin is still arguably a bank because it oversees all its financial transactions by itself through blockchain technology.

There is nothing banking more than that.

Bitcoin gives us the storage and full control of our own assets, so I also consider it our own bank and run and managed by ourselves. But to say that bitcoin is better than a bank is not entirely true, a bank is a centralized institution that provides us with a wide range of necessary services from a business to an individual level, such as saving money and getting a mortgage, not just a place to store assets. For me, both are necessary and have separate functions that cannot be compared with each other.

[Franctoshi]

Comparing Bitcoin and bank to me doesn't align, Bank is a financial institution that manages all financial transaction, whereas Bitcoin is money... However with what you have listed here so far I see no limitations to that if Bitcoin is money in other view, what will stop it from serving all this purposes if Bitcoin is widely accepted as a form money. The technology is still in its early stage and right we cannot category say its limitations or what extent it could be used in the coming future.

[MIner1448]

Bitcoin is a cryptocurrency that does not have the traditional characteristics of a banking system. It is not a legal entity, does not have a banking license, cannot accept deposits, issue loans and issue bank cards.
In addition, bitcoin has no stable value and is a highly volatile asset, making it unsustainable as a foundation for the financial system.
Finally, bitcoin is based on blockchain technology, which is designed to provide decentralization and anonymity, which is contrary to the requirements for transparency and regulation that are placed on the banking system. In general, bitcoin and the banking system are different forms of financial activity that cannot be replaced by each other.

[Zanab247]

Bank is control by the government which the president has the  power to make the central bank governor to make money in circulation for the citizens to have enough cash to develop their businesses and other things in the country. But BTC is a decentralized currency which is not control by any presidents or governors and it dump when it's time to dump to enable people to buy BTC and hold for a better future. BTC price pump without taking permission from any government or president in the country because it's a digital currency that allow people to have full control over their coins in the wallet.

[andriarto]

Banks play an important role in every country to support the country's economy, because every country has it and of course with its own currency. the bank adheres to a centralized system where the government can control it, this is inversely proportional to bitcoin, what happens if the government loses control, while money is a vital part in the development of every country, therefore for now the decentralized system is not ready to be used, one day later when the situation and conditions are supportive then bitcoin will be introduced by the government

[n0ne]

Comparing Bitcoin and bank to me doesn't align, Bank is a financial institution that manages all financial transaction, whereas Bitcoin is money... However with what you have listed here so far I see no limitations to that if Bitcoin is money in other view, what will stop it from serving all this purposes if Bitcoin is widely accepted as a form money. The technology is still in its early stage and right we cannot category say its limitations or what extent it could be used in the coming future.

Both were completely different and have got different characteristics. Something that makes a connect is the value. Banks process the money whereas bitcoin is the asset that is equal to money. During my initial days the person introduced with the term the Bitcoin wallet serves as one's own bank. Later only I realised how it does the functions of a bank. With time advancements keep playing big roles and the same makes everything user friendly. People who found it difficult to use cards have now used with wallet payments. Same as this technology is making a big change and bitcoin too a part.

[Ebede]

Bitcoin is a currency and each currency is digital not something that you can see with your two naked eye but you can feel it but I cannot touch it that is why bitcoin cannot go to the bank it is only the thing that you can feel and touch that can be keep in the bank like Fiat money or Fiat currency so all these can be drop in the bank because it can become or it can be feel but they cannot be she like Bitcoin so bitcoin is a digital figure which you feel body but cannot touch

[kelonmusk]

I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem.

There it is, that's the problem here, to be honest. Why would anyone compare bitcoin to a bank? Does anyone tell us or wrote any guidelines that bitcoin is made so that we can compete with real-world banks? Satoshi's simply stated that you can be your own bank / or chose to have the freedom of transacting anonymously and without any limits. Those were the premium features that he offered through bitcoin. He never claimed that bitcoin should be used against the banks and compared the benefits. THe vision was simple, have your own bank!

We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:

• Can you pay your Mortgage with Bitcoin?
• Can you pay your house rent with Bitcoin?
• Can you pay all your bills with Bitcoin?
• Can you pay your medical bills with Bitcoin?

There are still many everyday transactions that cannot be completed using Bitcoin, such as paying rent or bills. While it's true that Bitcoin has many positive aspects, it's still not a fully functional replacement for the traditional banking system.

That being said, I do think there is value in Michael Saylor's comparison between Bitcoin and banks. While Bitcoin may not be a direct replacement for banks, it does offer a different kind of financial system that operates on a decentralized network.

This is a key advantage of Bitcoin, as it allows individuals to transact anonymously and without the need for a middleman.

In the future, as the technology and infrastructure surrounding Bitcoin continue to improve, we may start to see more widespread adoption and usage of Bitcoin for everyday transactions.

Until then, it's important to recognize that Bitcoin is still a relatively new technology that is constantly evolving and improving.
What's the point here? No one would use bitcoin for those purposes considering the current drive of holding and earning profits with it! In the future we may start having those offerings through stable pricing or a system that will correct the bitcoin deduction as the prices change and have the  stability issues resolved.

But seriously we don't have to pay all those with bitcoins.

[FahriZah]

Because It Is A Crypto Currency Platform And All Coin Of Mothers Name Of Bitcoin Some Time Many People’s Create Bank Accounts And Put Their Money In The Bang For Good Profit Like 5 Years DPS 10 Years DPS But When Thire Need Emergency Money Can,t Withdrawal Anytime Anywhere And Face So Many Problems Also Like Bank Robbery, Money Crisis Governments Problems Bla Bla More Many Problems. And Bitcoin Always Is Free Systems Like You Can Deposit Anytime And Withdraw Can Be Done Anytime Anywhere It’s Not Problems Just Your Need To Remembers Your Password 2FA Key And Just A Smartphone With Internet Connection Anywhere Any Country Use Easily.

[MusaMohamed]

• Can you pay your Mortgage with Bitcoin?
• Can you pay your house rent with Bitcoin?
• Can you pay all your bills with Bitcoin?
• Can you pay your medical bills with Bitcoin?

You can pay most of those things with Bitcoin but not all in 2023. In future, when Bitcoin adoption is bigger and with a serious condition that it won't die, you will be able to pay more things with Bitcoin.

Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long.

Sorry but I don't think anything wrong with the information he shared. He is a Bitcoin maximalist and sometimes such Bitcoin maximalists will over exaggerate Bitcoin achievement but generally they are not wrong. They exaggerate it because they strongly believe in Bitcoin and think that it will grow more in future.

If you can use your Bitcoin as collateral on exchanges, you can use it to pay your Mortgage. Condition to pay with Bitcoin will be stricter than with fiat currencies because of its high volatility.

[hZti]

By this definition, Bitcoin can never be a bank. It is free, and it is not comparable to banks. I don't know why people like him would say such things. Bitcoin's perspective was to be better than banks and be people's own personal asset. No strings attached. That's what Bitcoin is. When people like him say such things, I will agree with you, it is only to deceive the newcomers.
But the old ones know what Bitcoin truly is. Just because they are influencer, doesn't mean we have to follow everything what they say. Have faith in what you believe and stick to it. Other's opinion will be different.

I agree with that statement. The definition of a bank will never fit onto bitcoin, since bitcoin was designed as a currency. Also the USD can never be a bank, but that is also not what the USD should be. What could however work is to create a bitcoin bank, that gives mortgages etc. in bitcoin.

[Fuso.hp]

Currently Bitcoin is only a digital currency. But despite being only a digital currency, this coin has gained huge popularity all over the world. But despite being so popular, you won't get so many facilities like digital banking services in Bitcoin.  Because governments of different countries have not yet accepted Bitcoin as a digital currency or as an alternative to digital banking. But I think that slowly different countries will accept this currency. When different countries accept Bitcoin as a digital currency, you can pay electricity bills, current bills, gas bills, net bills, water bills, garbage bills, all through Bitcoin.

[pawanjain]

If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.

Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.

[kryptqnick]

A bank is a place where a person come to deposit money. It's also an institution that enables online transfers of money. At least, these are the functions of banks that people usually use. If you use Bitcoin, you can download a non-custodial wallet, transfer your BTC there and then make Bitcoin transactions to other Bitcoin addresses when you want to do it. So in a way, you are your own bank this way. That being said, it is also true that due to huge limitations set by where Bitcoin actually is accepted as a form of payment, people can't usually pay the rent, the bills or mortgage with it. But that's the problem of acceptance of a currency, not a problem of the idea of Bitcoin replacing a bank.

[BITCOIN4X]

If the question is can we do this or can we do that with bitcoin then yes we "can". It's just that the regulatory policies by the government doesn't allow people to accept it as payments.
Even that is changing as countries like El Salvador are starting to accept bitcoin payments. It's just a matter of time.

Yes bitcoin cannot be a bank because banks are being run by organizations and bitcoin is not. We can be our own bank by holding bitcoin though.

Basically your last point is very correct. Bitcoin is currency, the owner is the boss because he has full control over his bitcoin. They can do anything with their bitcoins because they own them, including paying bills, sending them between countries or many other things. It's just that many people don't realize that having full custody of their bitcoins is like having a bank in their own hands.

[nullama]

I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:

• Can you pay your Mortgage with Bitcoin?
• Can you pay your house rent with Bitcoin?
• Can you pay all your bills with Bitcoin?
• Can you pay your medical bills with Bitcoin?

Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.

The thing is that you're asking if you can pay with Bitcoin for services that are expecting a specific kind of fiat.

The same scenario would be for example if you are in the US and want to pay your mortgage, or rent with Euros. Of course they wont accept that, they are expecting USD for those services.

Now, if you go through a foreign exchange service, then you can pay those services with Euro->USD.

The same can be done with Bitcoin.

In Australia there's LivingRoomOfSatoshi: https://www.livingroomofsatoshi.com

In Canada there's Bylls: https://bylls.com

In the US there's Bitrefill: https://bitcoinmagazine.com/business/bitrefill-now-lets-you-pay-your-bills-taxes-with-bitcoin

Etc...

[Gallar]

I read this tweet by Michael Saylor and I think it is not practical. I believe this guy was pretty high when he started comparing Bitcoin with Bank. Let's compare most of what he tweeted and then let's discuss the real problem. We all know the positive aspect of Bitcoin and to an extent, I agree with what he tweeted. I still would like to ask in general:

• Can you pay your Mortgage with Bitcoin?
• Can you pay your house rent with Bitcoin?
• Can you pay all your bills with Bitcoin?
• Can you pay your medical bills with Bitcoin?

Deceiving newbies with such a statement won't get Bitcoin the required recognition. It would only lead to more confusion and uncertainty as Banks have done for so long. Such a statement from a Bitcoin influencer would only tarnish the image of Bitcoin. Mcafee was known for such statements.

nothing is impossible if bitcoin exceeds expectations predicted, the proof is now bitcoin can be this big and this popular.
whereas in the past nobody knew bitcoin and was very foreign to people's ears.
but who would have thought that bitcoin has now become very influential and plays an important role for many people.

and the matter of bitcoin can be used for buying and selling transactions such as
• food purchases
• payment of hospital fees
• for transportation costs

it all now has begun to be developed by many parties.

so it is possible that bitcoin will exceed the expectations that have been thought of.