Can Bitcoin eliminate local banks?

[fikrett]

Furthermore, this is a decision of the central bank and the government, commercial banks are only following instructions and not their own decisions. So I don't think banks will go bankrupt or have trouble doing business because people and businesses seem to have no better choice than to adapt.

Understandable. If this is the case, I cannot think of myself making a deposit at a bank knowing I won't be able to withdraw more than $15 a day. I believe most people in that country would think this way and stop using banks. I would always prefer having cash instead. If banks do not get deposits, they won't have enough liquidity unless the central banks decide to print more money and provide liquidity for them.

This is a terrible situation for them. In such cases, Bitcoin could play a big role. I have worked with a couple of Nigerians before, but I never knew the situation of their bank. The funny thing is, most of them never admits that they are from Nigeria. They always mention "London Time" and it's correct.

People sometimes just don't know about things that would be truly better for them.. They think that there is none, and that it is what it is, when in reality, BTC space and crypto space overall prove that there is always a place for even better utility, better ideals, better way of things in so many ways.

[highalch]

Most banks will eliminate themselves without ask

[MinoRaiola]

Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there

As long as people want to control money, there will be banks, the Fed, and the ECB. Or as long as people want to be controlled and place their trust in fiat money, there will be banks. Only when the people maximum brave to own and trade a different currency will it be possible. But that is a very long way. There are many people who do not have this option. Or if they are brave enough to take it, they have a harder life. I think it will take a few more generations, and then we can think about it.

Most banks will eliminate themselves without ask

Or we just wait and see the show 

[Baki202]

Bitcoin has its own goals and use cases, it's not created to replace the traditional banking system. Banks are part of every central government's that gives them authority to control the financial system of the country. So far no central government has surrendered its financial authority to bitcoin. The countries that have adopted Bitcoin have in actual regulated its use in the country and that regulation has given the central government control over the Bitcoin. For me Bitcoin will continue to exist beside central banks and fiat currency.

And what people are not understanding is the fact that Bitcoin was not designed to replace money, its purpose was for it to be an independent investment, and for it not to be controlled by anyone. and also to be accessible to anyone, regardless of their financial status, to invest. There are enough reasons why people's faith in Bitcoin continues to increase, and the government and banks continue to view Bitcoin as a threat. However, this is not entirely accurate, as Bitcoin is acting independently. And no matter the kind of popularity that Bitcoin is getting, it cannot replace money they both have their role to play for a reason.

And more preferably, I would prefer to invest in Bitcoin rather than want to spend it. Even if it is acceptable, there is more that we can do when it comes to investing. There is more gain in that than spending or even trying to make it replace money, because that is not why Satoshi created Bitcoin. It was created for a different reason. And Bitcoin cannot and was not designed to be controlled, because even now the government is also trying to invest in Bitcoin, because, if I'm not mistaken, the kind of profit El Salvador made is very enticing, so the government is interested.

[Wakate]

Most banks will eliminate themselves without ask

We have been seeing banks going bankrupt because of bad management and this has nothing to do with cryptocurrency. These days, banks are now switching to crypto payments and investments using customers funds. They have found out the gold mine in cryptocurrency and that has been the reason why in the nearest future, banks will automatically shift to digital payment because by them then,  era of paper money would have elaped. Bitcoin has been the ultimate and more funds would be pumped into the crypto market.

[ndutndut]

From what I have observed in cryptocurrencies I don't think that in cryptocurrencies especially bitcoin can dominant a banking system, because bitcoin is yet to become a legal tender across so many nations, so I believe that bitcoin has it's paths and flat currency has it's own paths, the reasons been that bitcoin can't eliminate traditional currency because bitcoin is that rooted to the grassroots in so many nations,  whereas banking system is rooted in different nations, so from my perspective banking system is more granddad than bitcoin and it's not going to be possible for bitcoin to dominate the banking system.

True. It's quite difficult for Bitcoin to replace banking, especially in every country, because each country has its own fiat currency, making this quite difficult. However, it's possible that Bitcoin will one day become a means of international transactions. We can see this because many countries have seen Bitcoin's development, and there's even talk of making Bitcoin a national reserve.

Banking will still exist, as it's an integral part of every country's transactions. Furthermore, not everyone can access Bitcoin, unlike banking, where everyone can access it. If we want to compare the two, of course Bitcoin is certainly superior to fiat. Therefore, Bitcoin was created to be an alternative transaction method, and it has now become a very potential asset.

[Son Of Blockchain (SOB)]

You can also think that banks can start offering their customers bitcoin and crypto if their central banks allow it. Compare bitcoin to fiat and not bank. Also bitcoin is an alternative to fiat and not a replacement. Just know that bitcoin can not replace bank at all. Also it can not replace fiat but you can use it as alternative.

You're making sense, with Bitcoin and a secured wallet, you're your own bank so there's no need for comparism, every strong holder is already banking their money by themselves for the future and it makes much sense since there's no third party and the government or central bank has no control over what's stored in your wallet.
 It think it would've been a bit tougher to the legendary Satoshi if he'd decided on wanting to replace the banking system or fiat completely, so he choose the path of an alternative thereby making a thing of choice.

[famososMuertos]

Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there

This isn't about revenge, right?. It reads as if it's something that has to happen... I think, e,g, but the traditional newspaper refuses to die, that is, it will surely disappear for various reasons, ofc, an immediate one will be the Internet. With banks, if something like this happens, it will be due to the intrinsic causes we've known about for decades and that were there before Bitcoin arrived. But these are circumstantial events, so the social and economic ecosystem that defines each individual can accommodate both.

[happybitcoinph]

Eliminate in terms of what? Existence? That's too much to ask even for a diehard crypto-enthusiast.

Why not just take advantage of both?

Both have pros and cons, and it now depends on us how to take advantage of the PROS.

[AmaGold70]

Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there

Can Bitcoin eliminate local banking system? That's a big NO, our local banking system has been in existence long before the creation of Bitcoin. And aside Bitcoin's volatility being a major issue in its everyday use it also has a limited adoption for daily use, and there are still old people that doesn't know that Bitcoin is in existence and they don't even know how it works and there only means of payment for buying and selling is through our traditional banking system so I don't see Bitcoin eliminating our traditional banking system in the future, even the government will never let that happen because they know what is at stake as they have a vested interest in maintaining control over financial system and would never allow Bitcoin to take over the financial system completely.

[Finestream]

Local banks have been here already serving us for a long time, even when bitcoin is not around yet. So I don’t see any essence why local banks should be eliminated, when in fact it creates good opportunities for us to save, to invest through borrowed funds, and even prepare for our retirement.

And just to make it clear, bitcoin only serves as a currency and as an investment, while local banks serve more of it. Although banks are centralized, and the government are trying to have full control on us, but if we think of it deeply, having this centralized is already a norm. As long as it continues to give us opportunities along, then banks should not be replaced from its position.

[Callido]

Eliminate in terms of what? Existence? That's too much to ask even for a diehard crypto-enthusiast.

Why not just take advantage of both?

Both have pros and cons, and it now depends on us how to take advantage of the PROS.

I don't think we will be able to cope without traditional system as banks. Bank and Bitcoin are not in any sort of competition, why one has to eliminate the other isn't much of a reasonable debate. Bitcoin can exist one way same with Banks doing their normal activities without affecting each other.

Banks are going to exist forever, while we can't say the same for Bitcoin. Let's enjoy what they serve for while we can and not want to delete one.

[Nathrixxx]

Most banks will eliminate themselves without ask

That's true, but we still have a lot of time to wait in other to witness this happen, even though Bitcoin is not for them, but they will soon see the difference between what the people want and what the government are giving.

Banks are what the people have always been complaining about, because the whole system is not perfect enough and the people were left helpless all because the central authorities are in charge controlling them, but ever since the emergence of bitcoin, things have changed and we are going to be more into the freedom we ever deserved.

[JiiBs]

Eliminate in terms of what? Existence? That's too much to ask even for a diehard crypto-enthusiast.

Why not just take advantage of both?

Both have pros and cons, and it now depends on us how to take advantage of the PROS.

There are obviously some advantage that fiat money offers which Bitcoin does not. So there isn’t a way that Bitcoin would eliminate local banks whose currency is the fiat. In as much as fiat would remain in existence and people would want to and continue to use them, so will the banks that issue and manage them.
Bitcoin wasn’t created so it could come and eliminate fiat and local banks, it’s an augmentation to the centralized system for which these institutions operate, given citizens an alternative way to manage finances.

[Onyeeze]

Most banks will eliminate themselves without ask

We have been seeing banks going bankrupt because of bad management and this has nothing to do with cryptocurrency. These days, banks are now switching to crypto payments and investments using customers funds. They have found out the gold mine in cryptocurrency and that has been the reason why in the nearest future, banks will automatically shift to digital payment because by them then,  era of paper money would have elaped. Bitcoin has been the ultimate and more funds would be pumped into the crypto market.

it is difficult before you can see a bank that is making payment with the a cryptocurrency especially Bitcoin so I think that your opinion concerning bank making a payment with a cryptocurrency I think is impartial because many banks do make their payment through local currency because it's not most people who is banking that knows about cryptocurrency especially those ones that is aged and also a civil servants does not embrace a cryptocurrency, but in banking system if you tell me that some sectors of a bank management are trading with the cryptocurrency I will agree with you because some of them uses people's money in the bank to trade and make their own money and this is a business then run inside the bank without the knowledge of people who is banking with them being their customers

[red4slash]

Eliminate in terms of what? Existence? That's too much to ask even for a diehard crypto-enthusiast.

Why not just take advantage of both?

Both have pros and cons, and it now depends on us how to take advantage of the PROS.

There are obviously some advantage that fiat money offers which Bitcoin does not. So there isn’t a way that Bitcoin would eliminate local banks whose currency is the fiat. In as much as fiat would remain in existence and people would want to and continue to use them, so will the banks that issue and manage them.
Bitcoin wasn’t created so it could come and eliminate fiat and local banks, it’s an augmentation to the centralized system for which these institutions operate, given citizens an alternative way to manage finances.

With the current system where fiat is always the legal currency for governments to drive the economy, it is only natural that fiat plays an important role in sustaining life today. Even though bitcoin exists, it cannot replace fiat because we know that, in the end, fiat remains the main focus for governments in driving the current economy.

Although it cannot be denied that the adoption of Bitcoin is improving over time, it will not be able to replace anything because Bitcoin's role is merely as a payment option, not as a replacement for the existing fiat currency.

For daily life, which serves as the benchmark, we are aware that even though we may hold Bitcoin in our portfolio, as long as it remains a commodity asset and is primarily used for investment or trading purposes, we ultimately still require fiat currency and remain dependent on it to meet our daily needs.

[dunfida]

Eliminate in terms of what? Existence? That's too much to ask even for a diehard crypto-enthusiast.

Why not just take advantage of both?

Both have pros and cons, and it now depends on us how to take advantage of the PROS.

There are obviously some advantage that fiat money offers which Bitcoin does not. So there isn’t a way that Bitcoin would eliminate local banks whose currency is the fiat. In as much as fiat would remain in existence and people would want to and continue to use them, so will the banks that issue and manage them.
Bitcoin wasn’t created so it could come and eliminate fiat and local banks, it’s an augmentation to the centralized system for which these institutions operate, given citizens an alternative way to manage finances.

With the current system where fiat is always the legal currency for governments to drive the economy, it is only natural that fiat plays an important role in sustaining life today. Even though bitcoin exists, it cannot replace fiat because we know that, in the end, fiat remains the main focus for governments in driving the current economy.

Although it cannot be denied that the adoption of Bitcoin is improving over time, it will not be able to replace anything because Bitcoin's role is merely as a payment option, not as a replacement for the existing fiat currency.

For daily life, which serves as the benchmark, we are aware that even though we may hold Bitcoin in our portfolio, as long as it remains a commodity asset and is primarily used for investment or trading purposes, we ultimately still require fiat currency and remain dependent on it to meet our daily needs.

As long government would exist then no way for fiat to be that removed or would be eradicated just because of some internet money or currency like Bitcoin or other crypto. They might be showing up some positivity towards Bitcoin or crypto but it doesnt mean that they would be that letting it to changed up things accordingly. We do know that they do always love that having the authority or full control and we do know on what BItcoin is that made of and capabilities on which it would be that totally opposite on what government do wanted into. Lets talk not about government or simply just that sticking into those traditional day to day transactions on which come to think that despite on having that p2p payment but still Bitcoin transactions couldnt be able to beat up on how instant on which fiat could be able to serve out or when it comes to function on which there's no doubt that fiat would be able to do it and come to think that it has been used for ages then its better to leave that way. Its not bad on being optimistic about Bitcoin but it would be better to think up about those boundaries at least.

[Donneski]

Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there

Your approach i think is very realistic. While Bitcoin offers a lot of freedom and decentralization, I don’t think it’s ready to knock out banks just yet. Banks are still needed for loans, payrolls, compliance, and all that formal financial structure that businesses and governments run on.

Bitcoin is powerful as a store of value and cross-border tool, but until the volatility reduces and adoption increases, it will keep playing more of a complementary role in the global financial system. I don't think there's a war between Bitcoin and banks, it's more like both serving different needs in the financial system.

[mirakal]

Just because bitcoin can be our own bank, so it’s already safe enough to eliminate banks? For me, I don’t see it happening now and even in the future. Banks can be utilized in such a way that differs than bitcoin, so instead of trying to separate them, why not make them co-exist all for the welfare of the citizens.

I’m not trying to be pro-bitcoin or pro-bank here but all I can say, we need them both to experience more economic progress in the future.

[God Of Thunder]

People sometimes just don't know about things that would be truly better for them.. They think that there is none, and that it is what it is, when in reality, BTC space and crypto space overall prove that there is always a place for even better utility, better ideals, better way of things in so many ways.

I understand.
I actually thought about it and realized that people are actually helpless when they have such a shitty banking system in their country. Let's say you have money in Bitcoin and want to withdraw your funds. You have to sell your Bitcoin, and you have to receive your funds somehow. In most cases, people receive their funds via banks. The other party sends funds via banks. When you try to withdraw the funds from your bank, you are now limited again.

The only way is to sell face-to-face, which is extremely risky if you don't know the buyer. So, I assume the people in Nigeria have no choice but to comply with the rules and withdraw their funds bit by bit. Or use business accounts to withdraw their funds.