Bitcoin the HERO we never knew we needed

[AnonBitCoiner]

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

Bitcoin can become successful on annual basis but they cannot completely erase the use of banking system because still people are in favor of using bank. Most of the people are not familiar with bitcoin so I think acceptance of bitcoin for them will be difficult at start as old people rarely trust digital money and digital investment.

Bitcoin was considered as a currency in past but now you will know that instead of using it as a currency people are using it as an investment  tool and I think in future it will just be use to increase the value of cash.

[Assface16678]

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

Bitcoin can become successful on annual basis but they cannot completely erase the use of banking system because still people are in favor of using bank. Most of the people are not familiar with bitcoin so I think acceptance of bitcoin for them will be difficult at start as old people rarely trust digital money and digital investment.

Bitcoin was considered as a currency in past but now you will know that instead of using it as a currency people are using it as an investment  tool and I think in future it will just be use to increase the value of cash.

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.

[Kemarit]

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

Bitcoin can become successful on annual basis but they cannot completely erase the use of banking system because still people are in favor of using bank. Most of the people are not familiar with bitcoin so I think acceptance of bitcoin for them will be difficult at start as old people rarely trust digital money and digital investment.

Bitcoin was considered as a currency in past but now you will know that instead of using it as a currency people are using it as an investment  tool and I think in future it will just be use to increase the value of cash.

I don't understand what you mean by annual, but Bitcoin has been with us for more than a decade already and it's proven to be a good investment or store of value and even hedge like in the pandemic wherein I believed some of the rich and wealthy people put their money on Bitcoin so that it won't loss any value.

But as for making the banking sector obsolete? No, that's not what Bitcoin is design in the first place. It was originally for P2P and a payment scheme. It's that people in early days found out that they can exchange and trade it with money and make profits. But it's good to see that some banks are cool with Bitcoin right now, not all of them but a small percentage and that is good enough for us.

[MainIbem]

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

No never, this can never happened because bitcoin is not created as a competitor to fiat rather as a supporter to help facilitate transactions, I don't think anything in this world could over take financial system as i know this system has been existing for decades nothing has ever taken its place till date. Not even bitcoin could take it's place, bitcoin is create to relief mankind from stress of going through hard payment system by staying at home and make a quick transfer without the need visiting banks if your funds are already in digital currencies.

[AmoreJaz]

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

No never, this can never happened because bitcoin is not created as a competitor to fiat rather as a supporter to help facilitate transactions, I don't think anything in this world could over take financial system as i know this system has been existing for decades nothing has ever taken its place till date. Not even bitcoin could take it's place, bitcoin is create to relief mankind from stress of going through hard payment system by staying at home and make a quick transfer without the need visiting banks if your funds are already in digital currencies.

I don't understand why people are asking such question. Why not be grateful that bitcoin has reached this popularity in the financial market? And that is true, bitcoin is not here to wipe out whatever the financial sector has but an additional option for the consumers to use. Fiat market will still be here and still the major currency in most financial transactions. I don't think this will change in the years to come. But of course, the crypto and bitcoin adoption, this can increase in the coming years, as we are already seeing...

So don't think that bitcoin can possibly erase the banking sector just like that. I don't think we will see the eradication of traditional banking in our lifetime. So better forget this kind of thinking.

[lizarder]

It's harder and harder to acquire bitcoin without KYC.

If you have the money then it shouldn't be too difficult because many exchanges do not require KYC, so you can buy there safely without having to go through the KYC process that is required on some exchanges.

The anonymity of bitcoin from p2p exchanges or via mining will become more and more valuable in the future.

What's the difference between bitcoins purchased on an exchange that requires KYC or not because what I know is that bitcoins are not determined to be more valuable because of the exchange. Talking about KYC only limits privacy security and people avoid KYC because they want to appear anonymous. Price issues increase in the long term due to the supply and demand process as per the economic formula, although other influences are also a factor.

[martinex]

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.

For this moment yes. For the role of the commercial banking sector, of course, it still exists and this is still needed because many cloud societies have not yet transformed and for the change to be more advanced using BTC, all I think it also takes a long time and process so that it can be realized.

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.

I think this also depends on the use case of Bitcoin and its growth as well, if more and more come and have it, the evolution of the crypto ecosystem will be able to grow and evolve as a whole.

In addition, Bitcoin as a digital currency can continue to grow as well and i agree that there has been a paradigma shift in terms of use, initially maybe BTC can only be used as an alternative currency, but now is up as the most potential and pure investment asset.

[Bananington]

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.

For this moment yes. For the role of the commercial banking sector, of course, it still exists and this is still needed because many cloud societies have not yet transformed and for the change to be more advanced using BTC, all I think it also takes a long time and process so that it can be realized.

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.

I think this also depends on the use case of Bitcoin and its growth as well, if more and more come and have it, the evolution of the crypto ecosystem will be able to grow and evolve as a whole.

In addition, Bitcoin as a digital currency can continue to grow as well and i agree that there has been a paradigma shift in terms of use, initially maybe BTC can only be used as an alternative currency, but now is up as the most potential and pure investment asset.

BTC can co exist with the fiat system already put in place to boost the economy and it would be a good integration into daily transactions and the monetary system of our economy.
In order to accept BTC now and use it for good, it has to be regulated and that is how many countries have agreed to regulations and have accepted it for also payment of taxes and other normal monetary service that requires financial coverage including it being a boost to a country's financial projection and outlay.

[Marvell1]

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

No never, this can never happened because bitcoin is not created as a competitor to fiat rather as a supporter to help facilitate transactions, I don't think anything in this world could over take financial system as i know this system has been existing for decades nothing has ever taken its place till date. Not even bitcoin could take it's place, bitcoin is create to relief mankind from stress of going through hard payment system by staying at home and make a quick transfer without the need visiting banks if your funds are already in digital currencies.

I don't understand why people are asking such question. Why not be grateful that bitcoin has reached this popularity in the financial market? And that is true, bitcoin is not here to wipe out whatever the financial sector has but an additional option to consumers to

Because they don't understand anything about bitcoin and they have never read any documents about bitcoin, including the bitcoin's whitepaper. Or they are so crazy about bitcoin that they know they are spreading wrong things but still try to spread it because of their crazy.

The funny thing is that in the past there were many people who were skeptical about the future of bitcoin, but just as bitcoin gradually became more popular, bitcoin also gradually became more valuable. They started dreaming that bitcoin could replace the banking system, bitcoin would bring freedom or heal all the world's wounds...there was so much unnecessary hype surrounding bitcoin.

[btc78]

It's harder and harder to acquire bitcoin without KYC.

If you have the money then it shouldn't be too difficult because many exchanges do not require KYC, so you can buy there safely without having to go through the KYC process that is required on some exchanges.

The anonymity of bitcoin from p2p exchanges or via mining will become more and more valuable in the future.

What's the difference between bitcoins purchased on an exchange that requires KYC or not because what I know is that bitcoins are not determined to be more valuable because of the exchange. Talking about KYC only limits privacy security and people avoid KYC because they want to appear anonymous. Price issues increase in the long term due to the supply and demand process as per the economic formula, although other influences are also a factor.

I think what the quoted post meant was that because of bitcoin’s decentralized nature it allows people to have options whether they want to use kyc or not
Which this attracts more people therefore attracting more investors and hiking the demand even more

[Rengga Jati]

Then comes the hero in disguise Bitcoin the hero as I call it has made out transactions safe and untraceable keeping both parties anonymous provides more security and also no double pay you only pay a transaction fee while sending funds

Bitcoin has become a hero for us, not only because it maintains higher privacy, because it is decentralization, but on the other hand also because of the benefits that we can take from Bitcoin, it is really very helpful and has become a hero for me when it is really needed, Bitcoin has helped a lot people, including myself personally and this is not only about privacy that can be maintained, but more than that... The point is that if we can use Bitcoin well, then Bitcoin can really be a hero, in various ways.

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

I don't think it will.
It cannot be denied that Bitcoin is very important in private transactions. However, if it were to eliminate the banking system, then this would be very difficult to happen. I don't know how many hundreds of years later. but for now or in the next tens of years, I am not very sure if Bitcoin is able to erase and replace the banking system in all aspects. because, banking is very complex, not only bank to bank in every country, but there are huge powers in both banks, so they will never let this happen.

However, if it is a means of transaction, this is still possible, so in any case, Bitcoin still coexists with banks and their systems. Because so far, there are still many countries that prohibit Bitcoin as a means of exchange or transactions in these countries.

[Volimack]

Bitcoin has been around for decades Bitcoin's popularity is growing day by day, decentralized transactions are open to everyone so I don't think Bitcoin will eventually wipe out the commercial banking sector. It is late to start circulation of Bitcoin with fiat even if the governments want to they cannot do it easily. Bitcoin will rise to the top in crypto and without anyone controlling it.

[pinggoki]

Knowing the reliance of a lot of businesses on banks and a lot of powerful that's backing up the banking industry, it's nigh impossible to do that because they've got the money to do it and they can easily deal with everyone that's on this crusade to destroy the obsolete and archaic banking system, we have to remember that when they got all the money, that also means that they've got all of the ability to buy as much bitcoin as they can and then try to manipulate the market to their liking, some might say it's impossible to do it but with enough money to make even the biggest whale quiver, there's a possibility that they can easily make those things happen. We might be able to eliminate it though, I've said nigh impossible not impossible but it takes a really huge effort to do so because everyone needs to cooperate with this one which is trying to abandon the banking system and it's a radical change that would lead to people losing their jobs and such, that's why it's difficult to do so, people are going to have to sacrifice a lot.

[retreat]

-snip-

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

No, and it won't. Because the commercial banking sector and Bitcoin are two different things and do not actually overlap. Even though there are some people who say that Bitcoin can replace the banking sector, the reality is that most Bitcoin holders still need banking to withdraw/deposit their money and there are still many people who need banking services. Moreover, Bitcoin was not designed to be used as banking which provides various financial services to users. It is only used as "A Peer-to-Peer Electronic Cash System" not for banking where people can make loans, credit, etc. So even though Bitcoin adoption will increase globally, it will not be able to eliminate the commercial banking sector.

[kentrolla]

Indeed, Bitcoin was need of the hour and it gives the much needed financial freedom and that's why it's has been facing the wrath of government and financial institutions for over a decade and now it has good user base but this doesn't will never erase the commercial banks. Once again I am reiterating that's Bitcoin is designed to be best alternative for Fiat but it cannot replace them.

[legendbtc]

-snip-

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

No, and it won't. Because the commercial banking sector and Bitcoin are two different things and do not actually overlap. Even though there are some people who say that Bitcoin can replace the banking sector, the reality is that most Bitcoin holders still need banking to withdraw/deposit their money and there are still many people who need banking services. Moreover, Bitcoin was not designed to be used as banking which provides various financial services to users. It is only used as "A Peer-to-Peer Electronic Cash System" not for banking where people can make loans, credit, etc. So even though Bitcoin adoption will increase globally, it will not be able to eliminate the commercial banking sector.

Banks' roles and services are diverse, they are more than just places for people to put their savings. Most ordinary users only use services such as savings and money transfers, so they do not know that banks provide more than what they need. I wonder if there were no banks, where would businesses and entrepreneurs borrow capital to support their business activities? You are very right, loans, credit, insurance...all these services who would provide us if banks did not exist? Those who think that bitcoin can wipe out the banking industry or the current monetary system have a short-sighted view and even lack financial knowledge.

Bitcoin is just a peer-to-peer currency and today it is just an asset for investment, how can it change this world? Many people are over-exaggerating the power of bitcoin.

[o48o]

Bitcoin the hero we never knew we needed
Since the inception of digital currency’s starting with the creation of Bitcoin by Sensei Satochi in January 2009,
We have gradually grown to understand and also explore more ways to use our finances to generate way more profits than the traditional penny’s gotten from the regular banking system.

Prior to this breakthrough we have all been under the control of various central banks owned and controlled by certain groups of people and companies like the Rothschilds in a way a lot of people might not see a problem with this but if we take some time to look into it a bit more you’ll realize the problem.

 Many 2nd and 3rd world countries are subjected to the whims of these central banks because the control the finances of the nation they make ridiculous decisions and force you to go along with them if you choose not to you’ll have to find any means of lending money at probably higher rates from other companies or countries

We all send money from one end to another with the traditional bank as intermediaries between these transactions they charge both sides collect data from the informations given to them these individuals which they can sell to their rich friends in the dark not until the creation of Bitcoin

Then comes the hero in disguise Bitcoin the hero as I call it has made out transactions safe and untraceable keeping both parties anonymous provides more security and also no double pay you only pay a transaction fee while sending funds

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

My queston is, are you trolling? Because short answer is no. It isn't a replacement, it isn't even trying to be.

You are not even comparing apples to oranges as the saying goes, you are comparing apples to tractor industry, or what ever is furthest from it. Investing to profits in banking system i guess you mean interest to your money, which is guranteed, but also eaten away by inflation. Compared to investing to Bitcoin, that is highly volatile and dangerous sector. If you believe in the tech, you might see the bright future of it, but there's lots of uncertain issues to tackle with, that makes it volatile. And how things play out is a mystery to everyone.

I always find it weird when people seem to for the first time realize that money isn't same as investment, and then they compare it to bitcoin, which they see as money, even though it behaves very differently to fiat money, which is has an architechture that's planned for economies that issued it. Bitcoin doesn't have build in economy stimulating architecture. It's comparable to gold, not fiat money.

And for the millionth time, its not untraceable or anonymous. And i wouldn't take anything bitcoin related seriously from anyone who is claiming so.

[snowpega]

<snip>

Indeed, Bitcoin is the hero where it is standing alone as a king in the digital currency world and We are seeing that its adoption getting more and more day by day... Its first big adoption as a legal tender is in El Salvador, this country has reserved the crypto asset for its country and this thing makes bitcoin more golden and the days are not so far very we will see many others to come and adopt Bitcoin as a legal tender. This Bull season is way more golden as we have seen that the big institutions/companies have been involved with a very big volume of money. This makes this bull season even more special and many are still under review to get approved for the Bitcoin Spot ETF.

Lastly, I would say the removal of the traditional banking sector is not important yet as both the crypto world and the traditional banking system have their pros and cons that is why keeping the system as it is will be better for now, Although it is possible but need to strong facts to implement so that already implemented system can not be disturbed in my opinion... what do you say?

[leonair]

One can definitely wish for that, OP! However, I think right now it feels like wishful thinking because established financial institutes won't give up easily plus many are yet to put their trust in crypto until that happens I don't see BTC taking over in its entirety. That said, we can continue to invest smartly in crypto till then. I have been using it and investing in multiple altcoins and btc and have 172% profit today.

It is possible to earn profit from other altcoins including Bitcoin but it requires patience as impatient people can never succeed from trading.  Investing in Bitcoin is best for the long term. Because even though Bitcoin is the father of all coins, it is not very fast bolatin, so you can't get much from here by trading. But it is possible to get good things through trading from altcoins

[Alana Arden]

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

It is not possible now. However, if that happens, it will be many years later. Because Bitcoin was not created to replace fiat but as an alternative currency to fiat. Bitcoin will never be regulated by the government cause it is decentralized. Banks, on the other hand, are fully centralized and controlled by the government. As a result, banks are inextricably linked to our economy. Because of this, we cannot continue without banks. Although Bitcoin offers financial freedom and security compared to the traditional banking system, it is not possible for Bitcoin to wipe out the commercial banking sector.