Bitcoin on banking systems.

[Die_empty]

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

What do you guys think?

My country has a large population of Bitcoin users but it is not used as a currency but mainly for investment purposes. Traditional banks still dominate the financial system due to government policies. However, some crypto-informed citizens prefer to save money in Bitcoin since the country is suffering from inflation. Bitcoin is less volatile than our country's so it will be better to keep it than to save the local legal tender. I assume that it will take some years for Bitcoin to compete with the banking system.

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.

Many people in my country don't care about privacy so they are not concerned about the freedom and power that Bitcoin brings. Many of them focus on the financial profitability of using the currency. But as bitcoin awareness spreads more people will begin to see the advantage of becoming thier own bank.

[kryptqnick]

No, even though Bitcoin is popular in my country, it's no serious competition to the banking system. The thing is, our banks are pretty likeable and easy to use, and, of course, fiat money is accepted everywhere, whereas to pay in Bitcoin one has to specifically seek out places that offer that option.
But Bitcoin is there for the people, IMO, not for institutions. A person can choose to use Bitcoin for some things, to be more independent of the traditional system. And it's not an either-or situation.

[BlackHatCoiner]

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.

Theoretically, it could work if the bankers used it as reserve, but I don't understand why the people in power would ever want to do that. They have convinced the populace that printing money backed of thin air is totally normal. Seems like a massive success to me.

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.

That is true. But, he did point out that the bank oligarchy is more or less the root of the problem. Politicians bailing out banks using public funds is a fact. And they do, because bank failures can destabilize the entire economy. In other words, the entire economy is vulnerable under the monopoly of these banks, and they pretty much exploit that power once in a while.

[hafiztalha]

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.

BTC is only used for investment purpose. No one use this BTC like Fiat money. People are not aware of value of Bitcoin. When Bitcoin will work like Fiat money, this will be very good. BTC is very good for investment. I saw many people who became millionaires because of investment in Bitcoin. Bitcoin is safe investment for a person who invest in Bitcoin for years. Lot of peoy invested in Bitcoin for many times and always go profit. People wait for this moment when Bitcoin price was low, so they invested in Bitcoin then take huge profit. Bitcoin should be our part of exchanges. Bitcoin exchange rate should be high, in this way more millionaires will be created.

[JunaidAzizi]

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

What do you guys think?

If Bitcoin is accepted in your country then it does not challenge your banking system and they accept it but in the country where Bitcoin is ban so in that case it challenges the traditional banking system, however, Bitcoin has certainly challenged the monopoly of the traditional banking system in some countries. but it's too early to say whether it is successful in it or not. Bitcoin provides a bundle of advantages that may not be provided by the traditional system which includes its decentralized nature which makes everyone free from the banking system, Through bitcoin you can easily send or receive your funds within seconds which can not be provided by a bank in fact if you use the bank as a global, you may wait 2 or 3 days to received funds, and also it is fast as I say a cheap then bank. This could change the thoughts of people on why they use banks if they have Bitcoin which is far better than this traditional banking system yes obviously people will refer to Bitcoin and in recent years we know that Bitcoin is now becoming widely accepted which has made a positive move.

Due to these certain points, I could say that yeah bitcoin challenged the traditional banking system not in every country but in certain. It does not mean that there are no disadvantages to Bitcoin but as compared to its advantages it is small.

[Crypto Library]

Does Bitcoin really have challenged the monopoly of your country's traditional banking systems?
What do you guys think?

Before saying anything,  I am giving a screenshot of my phone.  Here and notification is from our one of the biggest  mobile bank, and they notifying us that " avoid  illegal online transactions, especially they mention that  "Avoid trading and exchanging foreign currencies and cryptocurrencies"
So I think it's enough to understand that what is going  on to cryptocurrency or Bitcoin in our country.  In my country  I will not say that Bitcoin really have challenges the Monopoly to our banking system,  because  if we exchange our money  to fiat  they are   benefiting  by this.  But the Bitcoin user are exempted from the tax will imposed by the government if the bitcoin users are not caught. So I think  that they are benefiting on this point of view.

[terrific]

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

What do you guys think?

Not really. It seems that they don't care at all but it's good to see that they're acknowledging on how Bitcoin is revolutionizing the usual banking system that we've got.
They don't treat it as a threat but they don't also treat it as something good for them. Most that I have seen are neutral or don't really care at all and that's just fine.

[Y3shot]

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

What do you guys think?

In my country the youth are seriously engaging themselves on Bitcoin trading and investment because unemployment,  the engagement of the youth embracing Bitcoin is like nightmare to the government.  People don't believe in the banking system anymore because their are no opportunity in the banking system,  instead of the banking system to help citizens to grow financially but the traditional currency keeps depreciating . The government is not really cool with bitcoin because it is taking the interest of people to save their money in the bank. Bitcoin is the new bank people want to save their money for the future expecially the youth.

[Honyek]

Bitcoin is allowed legally in my country but it has not gain so much weight as to be a challenging factor to the banking system monopoly. The banking system is still dominating totally, although there is inflation. People are gradually going into bitcoin. To me, l think it will take sometime before it can be a challenging factor to the banking system, if at all it will be.

[Twentyonepaylots]

Bitcoin is a complete opposite of what is banking does, the general difference of them is bitcoin as decentralized while banking is centralized. In terms of security I must say that banking is way more secured than bitcoin's storage security like wallets and cold storage, and banking does assured its clients to take care of their money including bankruptcy security, while in bitcoin once you lost it you lost it all forever. So all in all, banks does have to prove anything against bitcoin, but the naturality of bitcoin is what makes it on a level of banking system where fees are generally low and people has its power over their assets. Banks and Bitcoin has its own importance in the society, you just need to leverage these two and get the most out of it.

[The Cryptovator]

I think a lot of threads were created about the Bitcoin vs. banking system. Both always conflict with each other because Bitcoin is a decentralised cryptocurrency where the banking system is controlled by central authorities. If the banks start adapting to Bitcoin, then how will they make revenue? Our central bank stands against cryptocurrency. Officially, they ban any cryptocurrency trading in our country. Also, the government is too strict about cryptocurrency. I don't think very soon it's going to unban cryptocurrency. Because the central bank convinced the government to stand against Bitcoin and cryptocurrency.

[taufik123]

-snip-
If the banks start adapting to Bitcoin, then how will they make revenue? Our central bank stands against cryptocurrency. Officially, they ban any cryptocurrency trading in our country. Also, the government is too strict about cryptocurrency. I don't think very soon it's going to unban cryptocurrency. Because the central bank convinced the government to stand against Bitcoin and cryptocurrency.

Adaptation is possible in some countries that don't ban Bitcoin completely and banks or governments make a profit from the taxes.
We will find out how much of a cut the transactions made in Fiat exchange are.

In my country trading is not a problem as long as it is not used as a substitute for traditional currency as legal tender because it is banned.

Regulation is a big wall for crypto and this will limit the banking system and Bitcoin, so it will not be fully integrated unless the government gives it full adoption.

[iBaba]

While reading the news, you will discover that Nigeria is one of the top countries adopting Bitcoin. In my country, the centralised banking system is still the most widely used banking system. As much as we advocate for the introduction of Bitcoin, it may take several years before the general public becomes acquainted with it.

The Government is one major factor. One important influence is the government. Yes, the previous government of Nigeria prohibited the usage of cryptocurrencies in deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs). Now, as Bitcoin advocates, we need to spread some of the benefits and relevance of why the world needs to switch to these digital currencies.
So these and other discussions, I believe, would pave the way for this new administration to accept and even collaborate with Bitcoin.

In this part of the world, government plays a critical role in the acceptance and propagation of any new technology that is available, and because many people rely on government policies and walnut, government has the ability to embrace or reject current technological advancements and other ground realities.

It is thus our responsibility to bring government officials and personnel to the table, discuss with them, and figure out how some of these technologies will be deployed in various locations throughout the country. If this is accomplished, I feel it will benefit my country much.

[mvdheuvel1983]

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

What do you guys think?

This is a great question and my answer is that bitcoin cannot challenge the monopoly of any country's traditional banking systems. The reality on ground is that there are still more people using the traditional banking system than there are those who have adopted bitcoin. A second reality is that for the category of people who have adopted bitcoin, there are still use the traditional banking system. That is they have not closed down their bank accounts. And thirdly, those who use bitcoin do not use if for the purchase of their daily needs because it is not yet generally accepted and as such, they are only holding. This is not the case with the traditional banking when customers carry out various banking activities.

Bitcoin and the banking system are on two totally different categories and there cannot be any competition among them. I see them as complimentary "objects rather than as a substitute for the other.

[lalabotax]

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

What do you guys think?

Yes, and this is clearly stated in my country's law, if the only legal means of payment in this country is Rupiah. So for now, Bitcoin is only valid or legal as a commodity asset, not as a currency here. This is actually illegal if used as a currency. So from the existing regulations, of course for now and for the next few years, it will not be possible for Bitcoin to monopolize the banking system in my country. People here are also not all interested in Bitcoin because of various different issues. So, let's just optimize what is legal here for now. In the future, no one will know how, so yes, it will be accepted, thank God. But if it still doesn't work, this will become a normal thing like this again. At least we can still enjoy the other benefits of Bitcoin.

[Ojima-ojo]

The biggest question to answer before making this kind of statement is, is Bitcoin really seeking monopoly of the world financial system?


Many have hard misconceptions in this and have taken Bitcoin being an alternative to fit as Bitcoin seeking to break the already existing financial structures.

[Oasisman]

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

What do you guys think?

The fact that our authorities did not impose anything harsh towards bitcoin or any cryptocurrency, means it has not challenged anything including the traditional banking system. In fact, some banks are starting to adopt what bitcoin can offer for their account holders to use. So, the question for me should be, does the traditional banking system includes bitcoin to the monopoly?
IMO, bitcoin doesn't really impose any challenges towards the banking system because they have not seen any significant decrease from their clients. They still took a huge percentages with bank loans, something bitcoin can never offer to anyone.

[n0ne]

Bitcoin usage have increased around the country, and the same haven't considered a threat to the traditional system used. Quite often we can hear statements revealing that the increased usage of cryptocurrencies have eaten the profit of banks. I'm not sure of the reality and in some banks they've started to use the Blockchain technology. This is really good and maybe over years this could turn the framework better than before. However in all means banks stay with governments and try to have control over people's money through some means. The latest being the launch of CBDC from different countries around the world.

[aylabadia05]

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.

Theoretically, it could work if the bankers used it as reserve, but I don't understand why the people in power would ever want to do that. They have convinced the populace that printing money backed of thin air is totally normal. Seems like a massive success to me.

The presence of Bitcoin should be able to boost the enthusiasm of bankers to assess where the shortcomings of the bank's financial system need to be corrected so that public confidence in them does not decline after the economic crisis that hit the world at that time.
That's why I quoted what Satoshi once wrote about the bank trust system.

I also don't understand the way they think about the Bitcoin system, even though the banking system limits people to having several accounts, whereas with Bitcoin, everyone can have multiple addresses.

[WatChe]

My country has a large population of Bitcoin users but it is not used as a currency but mainly for investment purposes. Traditional banks still dominate the financial system due to government policies. However, some crypto-informed citizens prefer to save money in Bitcoin since the country is suffering from inflation. Bitcoin is less volatile than our country's so it will be better to keep it than to save the local legal tender. I assume that it will take some years for Bitcoin to compete with the banking system.

There are many countries where we have large number of Bitcoin users but since there is not much adoption of Bitcoin specially among merchants, bitcoin remains as as asset of investment. Till date the banking system backed by central governments dominate the financial system and there are not many governments that are willing to accept decentralised Bitcoin. Bitcoin has its own reasons of existence and is no way created to replace the existing fiat system.