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

[Dr.Bitcoin_Strange]

It's true that the adoption of Bitcoin is widely growing, and quite a lot of people are enjoying to carry out transaction Bitcoin in the sense that they can carry out a transaction right in their house without visiting the financial institution, there are even Bitcoin ATMs in some countries which Bitcoin are still using to send money to some of their loved ones or business clients but the government cannot allow Bitcoin to fully replace the banking institutions like email and the post office. One of the reasons is that they basically cannot get it (Bitcoin) fully controlled like they are doing with the fiat money and banking sectors.

[qwertyup23]

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.

Nope- I do not think that BTC would be able to make obsolete fiat just simply because of its nature.

Remember that when the e-mail was invested, it was also the birth of the internet. People were lost and discovering the limitless potential of maximizing the use of internet until they have tried e-mail and realized that it was more efficient and faster to use it compared to the conventional mail via post office.

In bitcoin, I really do wonder on why people think that it will remove/replace fiat. Again, they can both co-exist with each other while exercising their nature. Bitcoin can be used together with fiat even if people think that their purpose is like oil plus water.

[CryptoHeadlineNews]

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.

In as much as Bitcoin is a striving digital currency, for me, I think the banking sector will always continue to be in existence due to the fact that the only means by which governments take control over the masses money, and government won't want to lose such control over to Bitcoin, and the reason why the bank will always be a top priority to government. Secondly, people need the banking sector in other to enable them buy and sell Bitcoin from their various locality through the use of fiat,

[Asiska02]

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.

This is absolutely right and that’s why bitcoin stands out from the banking system we have been using all along. Bitcoin is gaining wide adoption and acceptance which will undoubtedly bring fear to the government of the likelihood of it  overthrowing the financial banking system they’re use to and have control over. Government have the total control of power in a country and as such, they will do everything in their power to prevent that from happening. Amidst that, bitcoin wide acceptance won’t stop and people will continue to embrace it. It was formally introduced to serve as an alternative to fiat currency not to eliminate the use of fiat.

[Woodie]

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.

Unlike what we saw with email and the post office,I honestly  think the benefits did outweigh what would happen to the post office and we moved on, though these are still in business as they have evolved with time to be more efficient!
As for Bitcoin and fiat , these are actually not far apart... I know how much we want Bitcoin to succed but the fiat system is one robust one that can't be broken just yet, besides they say if it ain't broke don't fix it and fiat imo has no problem..though Bitcoin can compliment our local currencies to help make trade much cheaper with the super low transactions and these benefits will trickle down to everything and we shall enjoy cheaper goods and services.

[Fiatless]

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.

It took hundreds of years for emails to make the post office old-fashioned. Bitcoin is popular mainly in the developed world and among the educated population. Many people in the world have zero knowledge about bitcoin, so it will take hundreds of years for Bitcoin to be generally accepted like bank-issued fiats. It took the banks some centuries to displace traditional financial systems. It might also take Bitcoin the same or more time to penetrate every part of the world. It will continue to be an alternative to fiat until it becomes the dominant currency.

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.

I don't think the government will watch bitcoin become uncontrollable in their territory and do nothing. They will always introduce regulatory laws to curtail the excesses of Bitcoin. Some nations are introducing CBDCs, regulating exchanges, and even banning Bitcoin all in a bid to control the currency. Every knowledgeable individual knows that decentralization outshines centralization but because the government benefits more from the latter, they will do everything within their power to resist it.

[Aikidoka]

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.

If Bitcoin were to achieve widespread acceptance worldwide, what you said could be really possible. However, at the moment it's really early to say that Bitcoin will have the same impact on banks as emails did on postal services. Post offices are still in need atm and heavily used by many people. I mean emails leverage the internet, eliminating the need to physically mail letters unless when you need to send original documents.

Regarding Bitcoin and banks, it's really hard to predict the complete disappearance of banks if Bitcoin were to replace all global currencies and gain a huge usage. I think banks would be really in use but people might increasingly adopt and use bitcoin or crypto in general in the future, that's just my guess.

[hatshepsut93]

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 is 14 years old now. In their first 14 years other inventions have achieved huge adoption and disrupted their sphere. You just can't say the same about Bitcoin. It's mainly used for speculative trading. People don't use it as money for a variety of reasons. One of them being transaction speed, because 10 minutes is not good enough for small physical purchases. Meanwhile banks these days have instant transactions through Visa and Mastercard.

[Stable090]

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.

What Email did to the post office is already happening to bitcoin and banks, but it’s a different case. I notice that most people who know about bitcoin don’t really keep their money in banks any longer; they prefer leaving their money in bitcoin rather than somewhere where there won’t be any increase in it. But we all know that the government is against bitcoin and they are in support of banks, so they will never allow bitcoin to replace banks. I know the government will do everything possible to stop that from happening. But with time people will start reducing the amount they leave in their bank accounts and increase the amount they keep in bitcoin.

[Cookdata]

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.

This phrase is one of the best words to shut people back then who don't believe in the crusade of bitcoin, if people could see the transformation of Email in how they revolutionized the way of conveying letters from senders to receivers, then Bitcoin has a future to change the financial institution but deep down, there are limitation to what bitcoin can do, I hope you do see how the price fell from $29k to $24k within 4 hours of yesterday, volatility is the primary concerns here, not to talk of the transaction speed.

However, I'm happy that financial institutions now recognized bitcoin in their portfolio, and the increase in adoption has been great adoption for bitcoin, it may not really change/transform bitcoin the way banks works because the ways of bitcoin is just different from the ways of the banks.

[348Judah]

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.

We have to let time speak for itself, there's going to be that period whereby some will be left without a choice than to embrace bitcoin adoption, for now many that have realized about this change are doing well with the use of bitcoin while those without are not knowing what they are missing already, but when fiat system and centralization pushed them to tip, they will then begin to think of having an alternative, bitcoin not not need to loud itself for people to know it's relevance, tge needs in demand will do the rest for its adoption.

[Porfirii]

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.

That makes sense. At first sight one could think that replacing the payment system is the most important, but then we should agree that a bank on blockchain would be a reasonable solution, and I don't think many colleagues here would like it. On the other hand, if we focus on the peer-to-peer currency, then yes, Bitcoin is not only the technology, but the ideology also.

For faster (and smaller) transactions, one can always use Lightning Network with Bitcoin, instead of other centralised services that may seem more convenient (from their point of view, of course).

[icalical]

That's what the blockchain community hope, and for me I also wish that could happened, but I don't think it will be in our lifetime. And maybe not this Bitcoin that we currently have right now. People should finally realize that blockchain system is better then current Banking and currency system, and when that happened people would demand a revolution for decentralized currency system that is uncontrolled by government, but again I doubt we will witness that in our lifetime.

[rozak]

That's what the blockchain community hope, and for me I also wish that could happened, but I don't think it will be in our lifetime. And maybe not this Bitcoin that we currently have right now. People should finally realize that blockchain system is better then current Banking and currency system, and when that happened people would demand a revolution for decentralized currency system that is uncontrolled by government, but again I doubt we will witness that in our lifetime.

what might happen is that governments create their own crypto fiat. or create their own digital money with government management. the use of other currencies besides fiat is of course regulated by the regulations of each country. it is not impossible that it can be revised, but it is clear that something that is detrimental to the state will be difficult to materialize.
Such a thing can happen if there is revolutionary thinking from the country's leadership itself. who dare to change and give good breakthroughs to the developing financial system in their country.

[ultrloa]

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 is 14 years old now. In their first 14 years other inventions have achieved huge adoption and disrupted their sphere. You just can't say the same about Bitcoin. It's mainly used for speculative trading. People don't use it as money for a variety of reasons. One of them being transaction speed, because 10 minutes is not good enough for small physical purchases. Meanwhile banks these days have instant transactions through Visa and Mastercard.

And many didn't know that its actually a currency since first thing came out on their mind is they can earn profit if they hold bitcoin for long time. The essence for it to use on p2p transaction has been eliminated since to many new people acquire this for investment purposes.

In addition that's why for now we can't really say that it can replace the banking system since this is regulated by government and handled by influential people on society and if they see a big threat of their existence then provably they will do anything to block its existence on their jurisdictions

[sunsilk]

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.

I used to believe and there goes the tons of comparisons like airbnb, uber and other of those outsource services where in they're all centralize services and later on would replace the traditional ones that they've been built upon.

Speaking of being fast, there will always be the moment of time where the transactions will get stuck due to the high demand and also attack in the network. Like with saw with those BRC20 craze but they're just temporary slow downs.

As the world changes, the adoption of Bitcoin is being widened and broadened. I think that we'll still see the existence of banks while Bitcoin will co-exist with it as the banks are backed by government. While us, we do back Bitcoin. 

[alastantiger]

If travel alot to other countries, you will know that bitcoin will not do to banks what email did to the post office. It will not happen. OP you need to understand that bitcoin is in no competition with Banks. Some bitcoin enthusiast get overly zealous in their support for bitcoin and throw away logical reasoning for delusion.

In countries where there is high population of older people who can barely modern tech, or in an underdeveloped country where it is easier for the camel to pass through the eye of the needle than for the tech to support bitcoin for its payment be available, the banks will still be there. They have been here for a century and they will still be for another century. The physical structure may change but the modus operandi of banks won't and this will not stop bitcoin from thriving.

[Obari]

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.

I think alot of us are already over hyping and over exaggerating this bitcoin  and I think this is one reason the government is finding it difficult  to accept bitcoin  and cryptocurrency  at large and I think we should just relax and enjoy every moment  that we have with bitcoin.
I don't see bitcoin  fading the banks out anytime soon because at the end of the day, we still have to convert our holdings into fiat before we can conveniently spend our money and I think with all this speculation,  we are already mounting alot of pressure on bitcoin and cryptocurrency at large and rather than accepting it might end up been rejected.

[icalical]

Such a thing can happen if there is revolutionary thinking from the country's leadership itself. who dare to change and give good breakthroughs to the developing financial system in their country.

Political will never came from just a leader, drastic political change always happened when people demand it. I am skeptical that there will be leader that will jeopardize government/it's own control over currency by using decentralized crypto as the main currency, people should demand for it, I am not saying it should be street demonstration or a riot, just do the legal action or anything, if majority of people not willing to demand for crypto or bitocin to be used as the main currency then no leader would do it.

[Razmirraz]

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.

I think alot of us are already over hyping and over exaggerating this bitcoin  and I think this is one reason the government is finding it difficult  to accept bitcoin  and cryptocurrency  at large and I think we should just relax and enjoy every moment  that we have with bitcoin.

There's no gain in exaggerating Bitcoin either. Since Bitcoin was present, the payment system in the world has changed slightly. In the past, people only knew fiat money to make transactions, long before the modern era, the barter system became a mainstay for exchanging goods. The advantages that Bitcoin has must be acknowledged and proven true, the speed of transactions makes people start switching to Bitcoin especially for transactions between countries.

The reason why the government finds it difficult to accept the presence of Bitcoin and other Cryptocurrencies is because their circulation is completely unregulated and not guaranteed by the central bank or local authorities. Another reason why the government finds it difficult to accept Bitcoin is because it has the potential to disrupt the country's financial stability due to the high inflation in the value of money due to Bitcoin trends.