Bitcoin the HERO we never knew we needed

[AnonBitCoiner]

Exactly, banking is in fact the most important part of the financial system in the world. We have a world bank where different countries borrow money. Basically, the banking system is very essential and important to all people and different sectors. That's why I don't understand many people who are in crypto or bitcoin. Why are they thinking that banking will be replaced by bitcoin? I'm not against bitcoin or the adaptation of bitcoin; in fact, I want bitcoin to be mainstream and openly used in different countries, but the idea of bitcoin replacing all things, such as banking, is, I think, not a good idea. We all have what we have now in society because of the past systems, and banking is one of them. If you are to replace this system, then there will be a very huge adjustment, and we will never be sure if the transition will be successful. Just treat bitcoin as a unique system to be implemented, not to replace something.

The main mistake of human is that if one thing become successful then they start to make comparison of that thing with others and assume that it will become so successful that it will hide the success of all other fields. But I think that every fields and every sector has its own value which cannot be deteriorates with the invention of more powerful technology.

Bitcoin is a successful assets and we have understood this fact but banking system is accepted by all individuals all over the world even those people are using banking system which are expert in bitcoin investment so I will say that instead of being unique technology and having the ability to give huge profit to its holders bitcoin still cannot replace banking system.

[ChiBitCTy]

When I discovered bitcoin I was earlier on in my career which is a career set in the world of finance.  I was absolutely blown away by the prospects of bitcoin, the breakthrough technologies that it offered etc.  During this time, I had really begun to learn how corrupt the big corporate banks really were (JP Morgan Chase,BOA, Wells Fargo etc).   I was sold almost instantly and nearly a decade later I still feel just the same. Big banks are scum.  We need to keep fighting against them.

[Bushdark]

When I discovered bitcoin I was earlier on in my career which is a career set in the world of finance.  I was absolutely blown away by the prospects of bitcoin, the breakthrough technologies that it offered etc.  During this time, I had really begun to learn how corrupt the big corporate banks really were (JP Morgan Chase,BOA, Wells Fargo etc).   I was sold almost instantly and nearly a decade later I still feel just the same. Big banks are scum.  We need to keep fighting against them.

The price of Bitcoin is down now and it's can be very disappointing when you are expecting the price to go up and suddenly it keep falling.
This is why it is noted that Bitcoin investment can be very risky. We all are waiting to see the price of Bitcoin go bullish again.
The Bitcoin halving is on the way and I hope to see the market rebounce and continue the bull run so that traders and investors would be in profits again. It is very important we prepare ourselves because we'll going to continue winning soon.

[The Cryptovator]

The question is nonsense at all. Why do you expect it to end up commercial banking system? Currently, USD is ruling the world, but if Brics comes out, will USD end up? I don't think so. Bitcoin can't solve all the problems in the world. Bitcoin could help us solve some issues, like borderless transactions and financial freedom. But still, we need the traditional commercial banking system, which has been controlled by a central government. A worldwide centralised government won't recognise Bitcoin as a payment system and totally out of the of the traditional banking system anyway.

[MarjorieZimmermanGinger]

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

Bitcoin was not created to replace commercial banking, bitcoin is an alternative and we use bitcoin freely and independently. It is unlikely that bitcoin will replace commercial banks as many countries only allow the use of bitcoin as an investment asset. Bitcoin being anonymous will be much safer and that is why people simply avoid KYC, but if you use an exchange that requires KYC that means our data is also recorded on that exchange.

Most people avoid KYC, but when we use an exchange that has obtained an operating permit in our country, KYC is an important thing to do because otherwise we cannot carry out transactions. Although there are options that we can do and if we want to appear more anonymous then use an exchange that does not require KYC.

[fuguebtc]

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

Bitcoin was not created to replace commercial banking, bitcoin is an alternative and we use bitcoin freely and independently. It is unlikely that bitcoin will replace commercial banks as many countries only allow the use of bitcoin as an investment asset. Bitcoin being anonymous will be much safer and that is why people simply avoid KYC, but if you use an exchange that requires KYC that means our data is also recorded on that exchange.

Most people avoid KYC, but when we use an exchange that has obtained an operating permit in our country, KYC is an important thing to do because otherwise we cannot carry out transactions. Although there are options that we can do and if we want to appear more anonymous then use an exchange that does not require KYC.

Personally I don't think so, most people are using centralized exchanges and I guess up to 90% of investors have accounts on centralized exchanges. Very few people care about KYC because people's real purpose when investing in bitcoin is profit, getting rich quickly, not looking for privacy as we think. I just ask one question, if your income is not even $1k or $2k per month and you have to work 14 to 16 hours a day, do you need more privacy or more profit?

Bitcoin was created with the intention of being a decentralized currency, but why did it become an investment and speculation? Everything has its reason.

[redsun114]

When I discovered bitcoin I was earlier on in my career which is a career set in the world of finance.  I was absolutely blown away by the prospects of bitcoin, the breakthrough technologies that it offered etc.  During this time, I had really begun to learn how corrupt the big corporate banks really were (JP Morgan Chase,BOA, Wells Fargo etc).   I was sold almost instantly and nearly a decade later I still feel just the same. Big banks are scum.  We need to keep fighting against them.

We hope that the whole world realizes this, it will be a great revolution and a great step for cryptocurrencies in general because if the world stops trusting the banks, they will look for alternative ways of storing their money and there can't be a better option than cryptocurrencies unless someone decides to buy and store gold so that they don't lose any value on their wealth but from a growth point of view, Bitcoin is probably the best alternative in this case.

However, this will barely happen because a large percentage of the world population has a lot of trust in the traditional financial systems and they would never accept another system in their place and we see such people all the time who are in the favour of traditional systems and against cryptocurrencies.

[Zoomic]

Bitcoin has indeed been beneficial to thousands of people all over the world and i am a beneficiary to it too. But we must always remember that Bitcoin is not in any form of competition with the FIAT, neither is it replacing FIAT. We all cannot obviously do without FIAT, so we should accept the fact that FIAT is going nowhere even with the frauds and corruptions perpetuated my the banks. Both Bitcoin and FIAT compliment each other.

Bitcoin is not without it's own challenges.  Before now, we boast of low transaction costs compared to what the traditional banks charge their customers, but now, we cannot boast of that anymore. The Bitcoin halving comes up in few days and this will mean miners rewards will be reduced by 50% again. Obviously miners will now rely on transaction fees to compensate for the low rewards they get. This might cause a further increase in transaction fees.

[oktana]

Erasing the banking sector is never happening. So wake up from that. At some point I also thought that it could happen, but I’ve come to realize that it’s never happening because you can’t just erase the banking sector. So what are you going to do? Buy everyone mobile phones? There are people who aren’t invested in phones, they just want the regular currency and don’t care if it’s centralized or decentralized.

[Zanab247]

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

No, BTC can't delete banking sector from the world because there are some countries who don't accept BTC in transaction apart from their traditional currency before you can buy whatever you want to buy from the countries because BTC is not allow and if you are caught with BTC,  you will face the law of the country.

Satoshi Nakamoto created BTC to delete delay in the world transaction and to reduced unemployment from the world, which many people have experienced those things from those countries using BTC in transaction, and it has nothing to do to stop traditional currency in the world.

 Even though the whole world adopt BTC, I don't think it will delete banking sector from the whole world because BTC is not control by any country of the world, which it will be difficult for such thing to come to reality.