Can bitcoin completely erase the Traditional Banking System?

[criptoevangelista]

Bitcoin will never end the traditional banking system, it is an alternative to it.

Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.

[Natalim]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

That is too far from happening. It won't replace the traditional Banking System or people using this over fiat money but instead, it remains an alternative. In fact, that is the main goal of its creation, not replacement. Even these days, only a few adopted Bitcoin as a currency but the majority see this as a potentially profitable investment. If people are buying Bitcoin today and in the future, that could be for investment purposes.

Until the fees never settled down, it was difficult to influence people to use this as a currency instead of an investment. And for some reasons like risk and transaction delays, people never change their minds.

[Assface16678]

I think not; is there a possibility? Maybe? If you're sure that bitcoin will stay for a very long time, don't get me wrong. I'm into bitcoin and I want it to stay forever, but as stated, there is only a limited amount of bitcoin that we can mine. Traditional banking runs most of the world's financial systems. Imagine if you replace it. There will be a lot of work to do. I work in a bank, mainly in data migration, and I'll tell you, banking is so complicated that it can't be easily replaced.

 It's easy to say that we can replace banking using crypto currency, but there's a lot of things going on inside the bank that you didn't know, so I would say no. Bitcoin or any cryptocurrency can't erase or remove banking systems because if you do so, you strip away the financial system in the world. It's a possible dream, yes, but if you look realistically, it will be hard to migrate banking systems into crypto currency.

[AmoreJaz]

Bitcoin will never end the traditional banking system, it is an alternative to it.

Bitcoin is freedom, including whether to use it or not to use it. Bitcoin is a choice of protection against the bad decisions that governments have been making for years regarding the financial system.

people should understand that this cryptocurrency is not here to replace our traditional banking system but an alternative option that we can avail given the circumstances. because for example, if we need to pay something online and there's crypto payment available, and the fees are low, and you have crypto - then of course, you will think of using such route of paying crypto if you believe you have advantage of using such at that given instance.

traditional fiat system won't go away as for one, this financial system is handled by the government, hence, they have control on this monetary system. the main reason why bitcoin or any other crypto is having hard time in terms of government acceptance because of the fact that they can't have the full picture of this digital system. it is like there are holes everywhere.

[Cookdata]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

Bitcoin cannot erase the traditional banking system, atleast not for now. There is low acceptance of bitcoin in doing what the traditional finance is doing. I just feel Bitcoin wasn't meant to replace the traditional finance system but to expose how traditional system has been corrupt and manipulated people to his own will and that is the people controlling the traditional finance.

Bitcoin teaches us how to improve privacy that we least café about, bitcoin makes people understand that there is freedom in sending value from one place to another without been disrupt by anyone, this is what Bitcoin censorship to resistance showed people, Bitcoin shoes freedom and how to be independent of the traditional market and you don't have to leak their ass to make them send your own money the time they like.

However, Bitcoin will have been competing with the traditional finance but it is slow speed of transactions comfirmation and transaction fees drawback it's merit, many has tried to push layer2 scaling solution but even the bitcoiners don't use it often because of the complications of node routing and channel opening and closing and more importantly the centralization.

[Dr.Osh]

I think the current banking system is very difficult to remove or replace with bitcoin. However, there are still many pros and cons regarding Bitcoin. There are still many people who don't know, or haven't accepted it. In addition, banks have guarantees from the government, while bitcoins do not have any guarantees, so if your bitcoins are stolen, there is no way to return them, and there are many other contradictions. So, I think for now bitcoin can only be an alternative and investment tool.

[0t3p0t]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

For me it's not gonna erase the traditional banking system because we are living in a world that still needs stable banking system and we are not yet in the stage of a movie like scifi world of cyborgs or humans that uses crypto as a normal currency in everyday life and one thing that also invalidate the aspect of making Bitcoin as the main banking system is it's volatility meaning it is unstable.

[glendall]

I think bitcoin will never be able to eliminate the existing banking system, and as we know bitcoin was created for alternative payments and investments, not for banking, so it would be too naive if we hoped that bitcoin could replace traditional banking in general.

[Jawhead999]

If the country make Bitcoin become centralized or adopting a stable coin, it's not going to change anything.

I think the current banking system is very difficult to remove or replace with bitcoin. However, there are still many pros and cons regarding Bitcoin. There are still many people who don't know, or haven't accepted it. In addition, banks have guarantees from the government, while bitcoins do not have any guarantees, so if your bitcoins are stolen, there is no way to return them, and there are many other contradictions. So, I think for now bitcoin can only be an alternative and investment tool.

If the reason is just the reversibility, the government can just create their own centralized exchange and force people to use that, then it has no difference with banks. Although the government guarantees to refund the money in case the banks is bankrupt, have you ever get such experience and the government refund the money?

[Awaklara]

I don't think Bitcoin will replace the banking system that has been running for centuries. But it became cool when Bitcoin was accepted by banks as a digital currency which they accepted at a value adjusted to fiat.
Today, more and more people view Bitcoin as an investment asset, rather than a currency. This is an obstacle to adopting Bitcoin as an alternative currency that can be used as a means of payment in a country. and it will not harm the system that has long been built and used by banking.

[legendbtc]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

When did Bitcoin disrupt the traditional banking system industry? We still have banks, we still have fiat currencies, and you're still using fiat currencies every day, how can you say that bitcoin has disrupted them? Bitcoin has never and will never have the ability to disrupt the traditional banking system, let alone replace it. Even if bitcoin has the ability to do that, do you think it will be easy for the government to let bitcoin do it? If bitcoin really had the ability to destroy the banking system then I don't think bitcoin could exist and we could use it to this day.

[goodbed]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

While Bitcoin has gained prominence as a decentralized digital currency, the complete eradication of traditional banking systems seems unlikely. Bitcoin operates alongside traditional finance, offering an alternative rather than a replacement. Regulatory challenges, scalability issues, and the need for widespread acceptance pose barriers. However, Bitcoin's potential to reshape financial landscapes, promote financial inclusion, and serve as a store of value continues to spark discussions about its evolving role within the broader financial ecosystem.

[Mauser]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

I don't think that it's very likely for the traditional banking system to disappear, with or without bitcoins there isn't much chance for the government to abandon the banks. The economy, the banks and the government are all connected to each other. Because the banks mainly deal in fiat money the government will always come and bail them out. We have seen that happen in the financial crisis of 2008. The banks are just too big to fail and would take down the whole economy with them. The only option would be a very slow transformation where over time people take money out of banks and fiat. The problem then would probably be the government that is afraid to lose control of the money supply and will try to revert the process.

[jrrsparkles]

Most likely not, but it can coexists as an alternative payment option and can be used by everyone just like internet banking or paying to buy something online and there are lot more use cases for bitcoin even if the traditional banking system exists. So far Bitcoin can't handle the number of transactions that is processed everyday by banking system even the transaction fee became crazy high.

[m2017]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry ,

It will be possible to talk about the popularity of bitcoin when every second housewife has it. So far, the popularity of bitcoin remains only within a certain circle of people. Many have heard about it, but not many own and use it.

Come on, tell us more about "disrupted the financial industry" by the bitcoin. We will listen to this fairy tale.

it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future.

If this ever happens at all. Firstly, few governments will allow the traditional banking system to be replaced, and secondly, technical changes to the bitcoin will be required. Or have you already forgotten about the high commissions on the BTC-network and the long queues to confirm transactions in the mempool?

I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems.

These functions are not included in bitcoin and bitcoin was created as a replacement for traditional money, and not for the entire banking system with all its variety of services.

But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

And this alternative option is electronic digital money. But I guess that bitcoin was unable to gain a foothold in this niche and is already challenging the stock market (as an investment instrument) with its crazy profitability compared to stocks and securities.

[Ever-young]

Bitcoin was not built to take control over the traditional banking system, it here to provide aids to those who want to be financially independent and not to take control of the money system it can’t be enough and it can’t stand to serve that purpose.

We can only use bitcoin in the way we are using it institutions which buy and invest on it why we can hold them it have limit to its usage, and the traditional banking system also have a role to play in the society both are here to stay and serve there different purposes even as the banking system are looking for means to dominate and control the bitcoin market which is still completely impossible to some point.

[Rufsilf]

What do you think?

Given that I don't believe bitcoin can completely replace the established banking system, I do believe it has the ability to have a big impact on it.
Since bitcoin allows for peer-to-peer transactions without the use of traditional banking infrastructure, it might be able to help those who are underbanked or unbanked by providing financial services to them.
Since the traditional banking system has a well-established infrastructure and is widely used, I believe that a full transition to bitcoin would require significant adjustments, broad adoption, and an intensive learning curve.
In my opinion, traditional banks and cryptocurrencies can coexist for as long as they both serve distinct purposes and preferences within the larger financial ecosystem.

[LogitechMouse]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry ,

Has it disrupted the financial industry? How? I mean I didn't see any disruption regarding the banking industry. Yes, they might be affected because Bitcoin is slowly getting more popular, but it didn't get disrupted.

Now to answer your question, Bitcoin will not completely eradicate the traditional banking system. First, Bitcoin isn't created to do that thing. Second, I don't think that the bank owners will just allow a currency or an asset whatever you want to call like Bitcoin will affect their business. Third, yes we're seeing an increase in Bitcoin users every single year, but the reality is, that there are still many people around the world who prefer to use banks because for them, their money is safer there, and there's nothing wrong with it. If your financial literacy is low, your only option to store your money is in banks.

Overall, enough of this daydreaming. Enough of thinking that Bitcoin will eradicate the traditional banking system. Bitcoin will stay, and at the same time, banks will stay. They will co-exist for a long period of time.

[sokani]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

For instance in the second and third world countries, because of the high rate of illiteracy, the elderly ones prefer to perform transactions using the physical fiat, many of them find it difficult to use credit card, mobile banking etc. So how do teach this set of persons how to use, hold or safely store Bitcoin? Even if it was imposed on them, it will have a deliterious effect as most of them will be victims of wallet hack. So we may get to see more Bitcoin adoption in the near future but it certainly cannot replace traditional banking.

[Asiska02]

For one, I would say that moreover that Bitcoin has gained popularity and also disrupted the financial industry , it is only safe to say that it is unlikely to replace the traditional banking system in the nearest future. I mean , mortgages , loans and financial services are functions that are carried out by these traditional banking systems. But then, Bitcoin and other cryptocurrencies have the potential to provide alternative options and challenge certain aspects of the traditional banking system .. What do you think?

I don’t think so. Bitcoin was not invented to replace the traditional banking system but to serve as an alternative to it. This is what has brought about competition between bitcoin and the government because of some advantages bitcoin has above the traditional banking system. If the government will not have a control over it, they will never allow the use of it legally or adopt it as a legal tender in the future. The bitcoin spot ETF is just a perfect example to me of the government trying to manipulate the market since they can’t beat bitcoin, but luckily enough to their disadvantage, it hasn’t had any major impact to the market since it was approved. They couldn’t beat bitcoin and they tried to join bitcoin but they didn’t know bitcoin is not an asset to be manipulated like others.