Will Bitcoin do to Bank what email did to the post office?

[Mayor of ogba]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

[_act_]

I do not think bitcoin will do to bank what email did to post office because the government do not use bank to joke and they will do what is necessary to make sure that the bank will not collapse. Even as fiat is not stable, people still like the stability of fiat which we used people from El Salvador to know about. Bitcoin helps El Salvadorans in remittance but almost all the bitcoin are converted to USD.

People prefer bitcoin as an investment. But in the process, it is possible for people to think to send bitcoin instead of fiat for international transactions which is faster and cheaper.

People should not also be fooled that fiat is stable. Fiat is not stable but decreasing in value gradually. Bitcoin is a good alternative.

[Agbamoni]

Let me be really straightforward about this question. I think that if people in general start using and accepting bitcoin a lot, it could eventually take the place of regular money we use every day. Right now, our banking system relies on regular money that governments control. But imagine a new system where the government doesn't control how you use money. Regular money tends to lose value over time, but bitcoin doesn't have that problem. Here's an example: If you work and save money for when you're older, the value of that money might go down over the years because things become more expensive.

But if you had put your money into bitcoin instead, it might have actually grown in value. So, in simple words, learning about bitcoin could be really valuable and worth the effort.

[mk4]

Bitcoin replaces more of the currency rather than the payment system. If you only wanted something faster, PayPal and other centralized services exist. A decentralized peer-to-peer currency though, we didn't have before Bitcoin.

[yudi09]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

Users only need the internet to be able to make deliveries or payments that can be used via mobile. Payment or delivery with bitcoins around the world only takes a fraction of the time compared to official state-owned banks where it may take up to days.
Another convenience for transactions with bitcoin, users can set their own amount of fees to make transactions fast.

In many countries, maybe people use bitcoin as an investment asset rather than using bitcoin as a means of payment.

[Hatchy]

I do not think bitcoin will do to bank what email did to post office because the government do not use bank to joke and they will do what is necessary to make sure that the bank will not collapse.

Bitcoin was originally created as an alternative to traditional money. It has shown its reliability and benefits compared to regular money in various ways. Even if some governments have banned its use bitcoin remains decentralized and people can still choose to use it. While it might not completely replace banks which handle a country's financial system and provide easy access to money it's possible that in the future more people will use Bitcoin and traditional money might become less talked about.

[_act_]

Bitcoin replaces more of the currency rather than the payment system. If you only wanted something faster, PayPal and other centralized services exist. A decentralized peer-to-peer currency though, we didn't have before Bitcoin.

PayPal is not in many countries in the world. It can make fiat transaction easy for you but what about others. In my country, to send fiat to people has no fee while using some banks. But what about international transaction? That is where bitcoin is an advantage with low fee.

Bitcoin was originally created as an alternative to traditional money. It has shown its reliability and benefits compared to regular money in various ways. Even if some governments have banned its use bitcoin remains decentralized and people can still choose to use it. While it might not completely replace banks which handle a country's financial system and provide easy access to money it's possible that in the future more people will use Bitcoin and traditional money might become less talked about.

On the white paper, bitcoin was created as an alternative to fiat, but why did Satoshi make bitcoin to have fixed supply of just 21 million coins? Why did he make the supply to be reducing every 210000 blocks. Why did he make demand to make the price of bitcoin to increase? The purpose of bitcoin as an investment is in its design and that is the reason most people are using it that led to more bitcoin utility.

[Hyphen(-)]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

Technology is taking over everything globally, which is easing people's work. That is why emails, SMS, and other means of communication take over post office work.

Bitcoin, on the other hand, can also take over payment systems with time if the rate of adoption keeps increasing, but it has almost taken over banks in some places since some people prefer to save their money in their wallets rather than leave it in the bank for bankers to use.

[mk4]

PayPal is not in many countries in the world. It can make fiat transaction easy for you but what about others. In my country, to send fiat to people has no fee while using some banks. But what about international transaction? That is where bitcoin is an advantage with low fee.

A lot of countries have their own iterations of PayPal; and if a certain country isn't technologically advance enough to have their own version of PayPal, chances are, most of the people can't afford to pay Bitcoin non-lightning fees. Also, stablecoins through Tron and Solana.

Bitcoin's importance is still mostly the currency itself rather than the payment system.

[Sim_card]

I don't think that it will be possible for bitcoin to make banks not effective. As long as there is a government ruling a country, the banks must exist because the government is working hand in hand with the banks to make sure the there is enough fiat in circulation for daily transactions. This is one of the reason why government prints money to give to the banks for business. You need fiat to buy your daily needs especially tangible stuffs,and bitcoin and fiat works hand in hand for easy usage. What if because of the value of bitcoin and all bitcoin holders decides not to use them but keep them in their wallet how will you pay with botcoin for goods and services. Email took over post office because it is letters that we are sending but here we are talking about currency that is recognized and used world wide. Every country has their own currency which was created by the government but bitcoin is not a currency for only one nation but for all. Fiat will always be used,no matter how popular bitcoin adoption is.

[rozak]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

the government manages the Bank for the financial strength of the government. there may be fears from the government about the adoption of Bitcoin which is feared there could be a shift in people using fiat to Bitcoin.
that is what makes the government not ban Bitcoin, but regulate Bitcoin with restrictions so that it is not used as a means of payment to replace fiat. the government includes Bitcoin as a class of investment assets, which builds the view in society that to use Bitcoin we have to exchange it with Fiat. instead, the government gets reinforcement of taxes from the management of Bitcoin and crypto assets.

[zaim7413]

The convenience offered by Bitcoin will greatly impact the system that has been used in banking. Since Bitcoin has gone global, the process of sending money across countries has become easier, bank customers will of course switch to Bitcoin every time they want to make a transaction because the process is very fast. Bitcoin is also starting to replace fiat money in payment systems, you can order goods from abroad using the payment method via Bitcoin. The easiest option is of course everyone's first choice. In the past, people used the services of the post office to send letters, then Email took over the system because of the convenience it offers.

[Lucius]

Will Bitcoin do to Bank what email did to the post office?

No matter how optimistic anyone is when it comes to Bitcoin, the answer is that it won't happen, and there are very good reasons for that.

First of all, banks have existed for thousands of years and are powerful enough to defend themselves against any competition, especially from something like Bitcoin. The majority of people in the world do not understand or do not want Bitcoin, and they have shown this from 2009 until today, and I do not believe that this will change in the next 10 or 20 years (and probably more).

People who think that Bitcoin is something that should or must change the world are living in the illusion, because it is only an alternative for those who want to try something new that did not exist before. For most people, financial sovereignty or independence from banks is not and will not be an option, because the average Joe will never see the advantage Bitcoin has over his plastic card and the PIN he uses it with.

When you already mention post offices, in some countries it is possible to sell and buy BTC in such offices, so regardless of the fact that people no longer send postcards, post offices are adapting to new conditions, and there should be no doubt that banks do nothing when it comes to adjustments.

[Don Pedro Dinero]

I agree with the general line of the responses, I do not see the analogy as an appropriate analogy. The financial system felt threatened by bitcoin, and indeed it was an invention against it, but as things have developed it is not going to pose much of a threat. The use of P2P bitcoin on a mass scale coming to be used for all day-to-day payments was once dreamed of in the past but presents too many technical difficulties, bitcoin is too valuable to spend on buying trinkets and there are too many alternatives for such payments.

So no. Bitcoin has many good things, but it is not going to make banks obsolete.

[Nwada001]

Will Bitcoin do to Bank what email did to the post office?

I understand your curiosity, mate, as anyone who is new to the system will definitely have a lot of questions to ask based on the little that they have understood about Bitcoin.
Email was able to completely overtake the post office because the post office was not fit for the current century, which has a lot of technological advancement, as everything is entirely digital.

But when it comes to Bitcoin and banks, the banking sectors have somehow figured out how to meet users needs in this technological era, as they have moved from normal note-book keeping and physical savings to everything online, although they do experience network downtime some times, and their being centralized is one thing that discourages most people from using the banking sector.

But that does not mean that Bitcoin will entirely replace the banking system. The only thing I understand is that it has successfully changed the mindset of many on how to view the monetary system, how to be self-dependent, how to take control of one's finances, and all of that. The banking system can't be completely replaced, as we still need it to execute certain traditional transactions in our locality.

[CageMabok]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

Bitcoin has only shown itself to be getting better and better in this world so that people who believe in it and have the power to always accept Bitcoin as payment are starting to agree to it in any way. So what changed the payment system was actually not Bitcoin, but the people who owned the system and already believed in the benefits that exist in Bitcoin so that now there are several companies that are willing to serve payments via Bitcoin on the products they sell.

This will actually be better for the development of Bitcoin and its users in the future. Because the acceptance of Bitcoin into the payment system will divert more people's attention to using Bitcoin when they want to pay for something and will also encourage them to try investing in Bitcoin so that Bitcoin can be more widely known in this world.

[Findingnemo]

Bitcoin is changing the payment system in the world right now. Payments made in Bitcoin are always fast to receive and do not days to receive.

No, it is not a fair comparison of mail and emails with Fiat and Bitcoin cause Fiat banking is also completely digitized now so you can make payments from your mobile, or cards, and in case you need Physical cash then there is an ATM at every corner. So the point to be considered here is decentralization and a system that runs based on the PoW concept along with all the transactions being public, irreversible, etc. It means you are going to act as your own bank which is completely different from the banking system.

Bitcoin transactions aren't cheaper and faster either compared to existing payment processors...

[CarnagexD]

I agree with the general line of the responses, I do not see the analogy as an appropriate analogy. The financial system felt threatened by bitcoin, and indeed it was an invention against it, but as things have developed it is not going to pose much of a threat. The use of P2P bitcoin on a mass scale coming to be used for all day-to-day payments was once dreamed of in the past but presents too many technical difficulties, bitcoin is too valuable to spend on buying trinkets and there are too many alternatives for such payments.

So no. Bitcoin has many good things, but it is not going to make banks obsolete.

It is true. Because regardless of how many people are using bitcoin or how many are keeping it. There will still be many people who will become and have less tolerance to risk. Those people will seek the banks. They trust the banks to manage their money and their savings, often their investments too. So bitcoin might get pass the currency but won't make the bank obsolete.

[BlackBoss_]

Bitcoin is changing the payment system in the world right now.

What are changes you think Bitcoin is changing the global payment system?

Not all people use Bitcoin for their payments and Bitcoin network has yet served all people on Earth. The adoption curve is good but changing the world payment system is something too big.

Payments made in Bitcoin are always fast to receive and do not days to receive.

Bitcoin transaction speed is not fast enough compares to bank transfer or altcoin transactions. If you say its transactions are always fast, it is not correct. Waiting 10 minutes to have a first confirmation is not fast.

[Faisal2202]

Post office still exists today but they are getting fewer clients and fewer earnings but they have changed there types of services they used to provide back then in the hype of the new future. Like, they become more friendly now idk why maybe due to fewer customers. The point being made is, even in the existence of emails people have to use the post office for different purposes. Same, Bitcoin users do need banks to withdraw their assets at least I have to. Because there is not such services like BTC ATM here in my country and I can't do p2p trade person to person (mean Face to face). So, we have to withdraw our funds in different finances apps but we do have the option of withdrawing or depositing without banks but I prefer banks because they charge me less.

The point is, I do not think Banks will be eliminated for once at all instead chances are they will get fewer users than before and I think it's already happening. Because of 5 bankruptcies in the USA.