Bitcoin on banking systems.

[0t3p0t]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

[Odohu]

Well in my country, Bitcoin is helping the banking sector make more gains in terms of bank charges from regular transactions. Binance p2p business and other p2p platforms are booming seriously with the volume of these transactions running into millions of dollars monthly. Meanwhile, banks enjoy fair share of this in terms of transfer fees and other charges including value added tax to goes to the government. 

The only threat Bitcoin pose to the banks in my country is that many people now save their funds in Bitcoin and not in the banks because inflation have killed the local currency as well as other previously profitable investment methods such as fixed deposits, treasury bills and bond markets.

Furthermore, restriction on FX by our government further gave Bitcoin edge because people resorted to Bitcoin for their international transactions and as well know,  Bitcoin never fails. Consequently,  even our Bureau De Change cried out that Bitcoin via Binance p2p is killing the country's local currency.

[Poker Player]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

Not at all. Bitcoin was created as an alternative to banks but in its development we have seen that this is not the case, because what most people do is transfer from their bank to CEX to buy Bitcoin and/or shitcoins, sell and bring the money back to their bank.

The only threat Bitcoin pose to the banks in my country is that many people now save their funds in Bitcoin and not in the banks because inflation have killed the local currency as well as other previously profitable investment methods such as fixed deposits, treasury bills and bond markets.

Yes, but it is just another alternative, although use is growing. Before there was Bitcoin, people invested in gold, or in the stock market, as well as in many other financial assets to beat inflation.

[dzungmobile]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

Not now, but maybe in future.

Bitcoin initiates the blockchain industry as cryptography has a long history even before Bitcoin. There are some cryptocurrencies before Bitcoin too. ^[1]

Bitcoin is a first successful cryptocurrency based on blockchain and it motivates many developers to launch their projects, products on blockchain as alternate cryptocurrencies (altcoins, some people call them as shitcoins).

Bitcoin, blockchain and cryptocurrency exchanges popularly use 2FA that has been started to use in banks and some other industries. It is a start for banks but applying blockchain in bank system is still in early phase. They will start it with CBDCs, but those blockchains will be centralized by governments, central banks and commercial banks. ^[2]

[1] Bitcoin: Prehistory
[2] https://cbdctracker.org/

[SamReomo]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

Bitcoin hasn't challenged the traditional banking system in the place where I live. It is not widely popular in country where I live and most of the people aren't aware of it yet. The banking sector isn't taking any actions against it because they don't consider it alarming for their system. Although, once or twice the governmental sector tried to have some regulations and strict actions against it but that has noting to do with the banking sector. And, fortunately not even the governmental sector got any success in suppressing it.

Like Odohu said, in my country the same scenario is taking place. The banks are receiving enough money thanks to the p2p transactions that are taking place in centralized exchanges. The banks are also profiting from the Bitcoin and other crypto-currencies p2p transactions and that's why they aren't taking any actions against Bitcoin or other crypto-currencies.

The banks have increased their fees for those merchants who are increasing their monthly sending and receiving limits. Although, most of the p2p transactions go through bank accounts directly and they don't have much fees but when we count the volume of the transactions that are taking place per month then we can see that the banks are earning in millions of dollars from those transactions.

[Z-tight]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

Obviously people still use fiat and the banks far more than they use BTC, and i don't think it is going to change, BTC was not created to become the first choice payment system, but to be an alternative that is different from what already exists. BTC offers something different for people who want to use it, and that is permissionlessness, self control and censorship resistance, so it is the people who are looking for these features in a currency that will use BTC, and also those who want to make money from its volatile nature.

[naira]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

If it is from the bitcoin working system, of course we know that banks will not like the idea of freedom in it. However, this does not mean that the state must emphasize its rejection when there is such a large inflow and outflow. The solution is that banks relax their policies towards Bitcoin with open arms so that they can provide mutual benefits to each other. Bitcoin investors and traders have always been subject to monitoring of asset holdings and the Bank does not want this to fall outside its radar. The traditional banking system in my country is now starting to show interest in what digital assets have to offer, including Bitcoin and other crypto assets. So that banks synergize with local exchanges to build cooperation and encourage them to continue to educate the public about the importance of investing in today's digital era.

[CageMabok]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

I don't think the presence of Bitcoin will challenge the traditional banking monopoly system in any country, because Bitcoin is here to make it easier for everyone in several ways that traditional banking has not had. However, if traditional banks feel challenged by the presence of Bitcoin among the public, this may be due to the lack of new conveniences that their customers require from banks in terms of serving their own customers.

Meanwhile, Bitcoin is not like that because Bitcoin only needs to be understood well enough by everyone who wants to use it for several things such as investment, trading and also just to store it for the long term. So I don't see Bitcoin challenging the banking sector through any system, because the only ones who feel challenged are the traditional banks themselves when Bitcoin is already so well known among people throughout the world.

[Plaguedeath]

Most people are use Bitcoin as an investment, so Bitcoin will not challenge or become a threat for banks and fiat.

Bitcoin is actually become a threat for gold, stock, real estate or any assets that can be used as an investment. That's why more and more government want to tax Bitcoin because people are making good amount of capital gain during the bull run.

[Latviand]

I'm not sure about the banking system in my country but I assume that with a lot of online banking system popping up, I think that in a way bitcoin shaked the monopoly of the banking system although I could be wrong as there's a few big named families that own a lot of companies in my country so the monopoly that I'm talking about might not be shaken even a little. To be fair though, bitcoin isn't a popular means of payment in my country so if my claim earlier is false or misleading then the banking isn't fazed that much in my country.

[Nrcewker]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

People started avoiding banks to store their funds. They found that Bitcoins allow them to manage their funds independently without any third party person interfering. This has started happening frequently from 2018. This has definitely challenged the banking monopoly. For this many government have also banned using the currency in their respective countries. But thanks to the decentralised nature of coin, no one can know how many Bitcoins we have.

[yudi09]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

No. Bitcoin is not against my country's bank financial system because I know the bitcoin system as an alternative to banks. The majority of people in my country still use banks and quite a few don't know about bitcoin and crypto. Personally, I really like the bitcoin system and the majority of people who know how the bitcoin system works would say the same thing as me but in my country bitcoin is not a legal tender that can be used as a tool for transactions like an official currency.

It's not surprising that many people in my country use bitcoin as an investment asset and I think the use of bitcoin as a long-term investment is also carried out in other countries that do not legalize bitcoin as a means of payment.

[NeuroticFish]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

Imho it was the one that triggered lower fees for various banking products (then the free market competition took over).
Imho it was also the one that triggered faster transaction times, especially for international transactions. It's still far from what it should be, still steps forwards were made.

But actually challenging the monopoly? No. Not by far. Even more, it helps them (possibility to use blockchain for certain things, the chance for new investment products, the chance for diversifying the means of backing their fiat - even if not used yet, the chance for new business partnerships - eg with exchanges, ...).

In my country they are still somewhat sleeping under their rocks and failing to seize opportunities. But not challenged, not even a bit.

[BlackHatCoiner]

Banks aren't challenged by bitcoin in Greece. People use bitcoin as currency very rarely. The vast majority of people don't even know what it really is. If you ask some random person, you'll likely get that it's gambling as response.

There are some cryptocurrencies before Bitcoin too.

In the peer-to-peer, decentralized sense, there weren't. There was e-gold, but that was centrally operated by Gold & Silver Reserve Inc. Wei Dai and Nick Szabo had proposed B-money and Bit gold respectively, but none of them went to actually implementing it. Until Satoshi took up their work, and went into coding.

[Learn Bitcoin]

My country already banned any crypto transactions even before it spread all over the country. Even before I started understanding what Bitcoin is, the Central bank in my country banned it. Banks are always afraid of Bitcoin and other cryptocurrency as well. I guess we all know the purpose of the invention of Bitcoin. To eliminate the requirement of 3rd parties.

Even though we cannot say, Bitcoin is a success if we see it from that side. We are the reason behind it because we using it in the wrong way. Stay away from banks if you can. If Bitcoin is a legal tender in your country, that's good.

[LDL]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

The word bitcoin is an unfamiliar word in our country context because in my country it has been officially declared as a banned currency so bitcoin has nothing to do with banks in our country.
I admit one thing that if Bitcoin was legalized in our country then the people of our country would not deposit money in the bank because the people of my country have no trust in the bank authorities. At present, people of our country instead of keeping money in banks, they are keeping money with themselves or building land or houses in exchange for money. The banking authorities of our country are constantly killing people's money and the banks are on the verge of bankruptcy.
Since no importance is being imposed on banks by the government, if Bitcoin is legalized in our country then everyone would invest in Bitcoin instead of keeping money in banks and live a safe life.

[posi]

The only threat Bitcoin pose to the banks in my country is that many people now save their funds in Bitcoin and not in the banks because inflation have killed the local currency as well as other previously profitable investment methods such as fixed deposits, treasury bills and bond markets.

But is bitcoin really suitable as a place for us to save money? I mean, savings are those that will be used for the near future and emergencies. Meanwhile, the volatility of bitcoin will cause the value of our currency to fluctuate very strongly in a short time, sometimes it will cause our money to lose 20%, 30%, or even 50% of its value, is it suitable to become a savings? In case people fear the local currency will lose value, they still have a more suitable choice than gold as a means of storing value because gold is more stable. Bitcoin is more suitable for investing for the future than saving, IMO.

[aylabadia05]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?

What do you guys think?

Bitcoin is not for opposing central banks. Bitcoin was created to be an alternative to banks for people who complained about the banking system.

Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. – Satoshi Nakamoto

The Bitcoin system with the central bank should be able to work together, but the presence of Bitcoin is considered to be a new problem for banks.
Now, the use of Bitcoin is more for investments like gold investments that were made before Bitcoin, Bitcoin even became digital gold.

[vv181]

Bitcoin hardly challenges my own country's traditional banking system. Over here, Bitcoin is deemed as a commodity and unable to be used as a payment system, so we can't directly use it as a currency. Everyday life also still mainly uses the banking/government digital payment system.

Anyway, the thing I'd like to point out is that your question assumes the creation of Bitcoin is merely to challenge the monopoly of the traditional banking system, which I think is quite not true. The initial idea of Bitcoin, as far as I am concerned, is that it acts as an alternative to a trust-based system. With Bitcoin, trust is obliterated. Based on my understanding of Satoshi's writing, the root problem of the system is that it is dependent on trust, without it, it wouldn't work.

[Blitzboy]

No, Bitcoin hasnt successfully undermined established banking institutions; this is true. Usually, people are sucked by Bitcoin and mistake it for digital gold instead than a means of currency. This viewpoint confirms Bitcoin's position as an asset rather than a rival to existing banking institutions. The difficult transaction process and the unpredictable price swings make it impractical for daily use.

This does not mean that no cryptocurrency can challenge traditional banking systems. Other altcoins with more flexibility, better scalability, and lower fees are now competing for that place. Their goal is to increase the speed, lower cost, and decentralization of financial transactions, thus seriously challenging traditional banking systems.