Can Bitcoin eliminate local banks?

[Accardo]

You are right, we invest in Bitcoin for one purpose only, profit, and once we have enough profit, we will convert it into fiat and other assets. No one uses it for its original purpose, how can we expect it to replace banks one day?

Literally how nobody taught 15 years ago that Bitcoin would be a major conversation in the white house today. Technology and humans evolves, if you don't think that banks are threatened by Bitcoin, I do. If not they wouldn't have been against Bitcoin in the first place. With the growth of lightening network, and merchants implementing Bitcoin payment systems like in El Salvador, the journey flows along that way till everyone begin to understand how it works. Centralization won't leave, yes, but Bitcoin has already handed us a visible alternative to all the ill treatments the banking system gave to customers.

[danadc]

Bitcoin has no competition and therefore cannot compete against BTC, those who have made this a cliché are wrong, that BTC can eliminate banks, fiat money, gold, no, BTC is not for that, it is to give us the freedom that was taken away from us since the beginning of the corrupt global financial system that exists, it is the only way out, so BTC is authentic, it has no need to compete against Anything.

[Y3shot]

Bitcoin has no competition and therefore cannot compete against BTC, those who have made this a cliché are wrong, that BTC can eliminate banks, fiat money, gold, no, BTC is not for that, it is to give us the freedom that was taken away from us since the beginning of the corrupt global financial system that exists, it is the only way out, so BTC is authentic, it has no need to compete against Anything.

The truth is that people really understand the value of bitcoin that is why they feel if bitcoin is here to eliminate fiat, and this is the same mindset some leaders have concerning bitcoin that is why they imposed ban and strong laws on bitcoin,  bitcoin wadnt created for what they think but bitcoin wad created to save people from financial burden and lose,  which before now when money is saved in the bank for a while it loses value but bitcoin is here to help, instead of lose, profit will be gained.

[fuguebtc]

Literally how nobody taught 15 years ago that Bitcoin would be a major conversation in the white house today. Technology and humans evolves, if you don't think that banks are threatened by Bitcoin, I do. If not they wouldn't have been against Bitcoin in the first place. With the growth of lightening network, and merchants implementing Bitcoin payment systems like in El Salvador, the journey flows along that way till everyone begin to understand how it works. Centralization won't leave, yes, but Bitcoin has already handed us a visible alternative to all the ill treatments the banking system gave to customers.

Bitcoin could have negative impacts on banks such as reducing revenue as customers switch to using bitcoin as a payment method or they will lose some savings customers. But that doesn't mean it can threaten banks because bitcoin can't replace the entire role of banks in the economy.

For example, you have a business and need a loan, or you need to connect with other businesses, or need financial advice. How can Bitcoin help you in this case? But banking has all that and more. So bitcoin will never be able to become a threat to banks.
Bitcoin is just a financial instrument, while a bank is an organization, a system that manages the entire world economy (Fed). How can a tool replace an organization?

[Oshio-man]

I hope I made a good point there

Yes op, you make a good point by saying bitcoin will not eliminate bank. Bank have play a lot of activities that is making bitcoin to continue spreading globally because many people have converted their bitcoin to fiat through bank to purchase whatever they want from their country, without using bitcoin that is not allow in their country. You can save fiat in the bank and other documents while you can only save your bitcoin in your wallet but you can't save other documents in your wallet, which is the reason I say bitcoin will continue existing and bank will also existing for people to make use of them to achieve their purpose. Since, we know that the founder of bitcoin didn't created bitcoin to be into competition to eliminate bank, I don't think such thing will happen to bank because it's government source of income.

[AGogi2003]

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

Assuming I was asked this question my answer will be no, Bitcoin can't eliminate the bank but the cryptocurrency industry can eliminate the banks because it doesn't matter what the banks think they're doing, we can have a cryptocurrency project that'll do it better than the banks hence we shouldn't be relying on the banks anymore. Banks are centralized and they're making things hard for people instead of making things easier. It isn't easy to get a loan with banks because they'll need collateral and also to do some verification that isn't easy for the avaenge people to get but with cryptocurrency, only owning a Bitcoin can give you access to loans with your Bitcoin as collateral, some platforms take other cryptocurrency that isn't Bitcoin and this makes it easier to get loans.

Bitcoin is playing is role and making things easier for people to invest and get profit. Bank can not be eliminated expect all the government in a country as allow bitcoin to take over, meaning they should be using it as a means of payment and gradually bank can be eliminated. but currently he can be possible because not all government need bitcoin, since they don't have any power to control it and making it difficult for them to handle. Bitcoin as already making things easier for many people is just few people that are saving there money in the bank, that don't Really know about Bitcoin investment.

keeping money in the bank don't really favour, you won't get any benefit, is the bank that will be getting profits from there customers and that is why many country don't want bitcoin to take over. Getting a loan in a bank is not really easy and anytime you get the opportunity to get the loan you will pay bank with alot of interest and making it difficult for some customers that don't really have enough money to pay back. Bitcoin is the best and easy investment and let us focus on it and forget about the bank we can just used the local currency to buy our daily needs since bitcoin can't be used in some places.

[CTO114]

No, I honestly don't see that happening, but from my point of view the emergence of Bitcoin is a good thing because, it would enable banks; especially commercial banks to be more flexible

[Theupdude]

Yes op, you make a good point by saying bitcoin will not eliminate bank. Bank have play a lot of activities that is making bitcoin to continue spreading globally because many people have converted their bitcoin to fiat through bank to purchase whatever they want from their country, without using bitcoin that is not allow in their country. You can save fiat in the bank and other documents while you can only save your bitcoin in your wallet but you can't save other documents in your wallet, which is the reason I say bitcoin will continue existing and bank will also existing for people to make use of them to achieve their purpose. Since, we know that the founder of bitcoin didn't created bitcoin to be into competition to eliminate bank, I don't think such thing will happen to bank because it's government source of income.

Well said, you have hit the point. Banking is one of the roles never to be replaced by Bitcoin due to its purpose in holding a currency (fiat currency), the documents and services which individuals require on a daily basis. Bitcoin is wonderful as a decentralized store of value and payment system but banks have useful conveniences and support many people are dependent on. Besides, governments enjoy banks in taxes and regulation, thus it is logical that banks would not go away. Banks and Bitcoin can coexist and they are catering to different needs and there is no one taking over the other.

[bettercrypto]

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

Bitcoin was not created to destroy local or international banks around the world, some people are wrong to think that this is how bitcoin was created, instead it was created to help the financial circumstances of individual community investors in the crypto space.

Because if it was designed for this purpose, there would have been no banks around the world, instead, there are other banks that have in fact also adopted bitcoin
and other top altcoins that help our market in some way,

[melinoe]

Bitcoin was not created to destroy local or international banks around the world, some people are wrong to think that this is how bitcoin was created, instead it was created to help the financial circumstances of individual community investors in the crypto space.

Because if it was designed for this purpose, there would have been no banks around the world, instead, there are other banks that have in fact also adopted bitcoin
and other top altcoins that help our market in some way,

Bitcoin allows us to be our own banks, so to speak, with a cost to secure our own custody ourselves.

[Fredomago]

I hope I made a good point there

Yes op, you make a good point by saying bitcoin will not eliminate bank. Bank have play a lot of activities that is making bitcoin to continue spreading globally because many people have converted their bitcoin to fiat through bank to purchase whatever they want from their country, without using bitcoin that is not allow in their country. You can save fiat in the bank and other documents while you can only save your bitcoin in your wallet but you can't save other documents in your wallet, which is the reason I say bitcoin will continue existing and bank will also existing for people to make use of them to achieve their purpose. Since, we know that the founder of bitcoin didn't created bitcoin to be into competition to eliminate bank, I don't think such thing will happen to bank because it's government source of income.

Yup, it will coexist and will work alongside each other, bank is for those who continue believing that traditional is still the best way to save while to those who understand the use of Bitcoin not just for investment, or to earn but to the point why it was created, they will use it the way it should be, it won't affect both in terms of existence, they will both serves the purpose why they exist.

[Dareo]

Bitcoin has no competition and therefore cannot compete against BTC, those who have made this a cliché are wrong, that BTC can eliminate banks, fiat money, gold, no, BTC is not for that, it is to give us the freedom that was taken away from us since the beginning of the corrupt global financial system that exists, it is the only way out, so BTC is authentic, it has no need to compete against Anything.

The dollar cost averaging removes the tension of market timing and makes the process of investment easy to all. It can be either small or high investments, however, the text remains to be known to be constant and time-patient. It is concerned with the process of creating a new habit by allowing your investment to grow steady and it does not matter about the ups and downs.

[GeorgeJohn]

Bitcoin has no competition and therefore cannot compete against BTC, those who have made this a cliché are wrong, that BTC can eliminate banks, fiat money, gold, no, BTC is not for that, it is to give us the freedom that was taken away from us since the beginning of the corrupt global financial system that exists, it is the only way out, so BTC is authentic, it has no need to compete against Anything.

I have a stated this before that bitcoin can never eliminate the use of bank because bank is a centralized system that uses Fiat currency or a traditional currency in which nobody who is on Earth can depart not from using a traditional currency so provided that traditional currency is in existence bank will continue to be existing till further notice

Bitcoin we own one that it is a new currency that have not stayed up to 50 years after the introduction in 2009, so I believe that bitcoin still have a long way to go because of the challenges that bitcoin is having based on government of different countries, so since it has a lot To Go, that is why I come in my home conclusion that bitcoin is not against Fiat currency and the Fiat currency is not against Bitcoin so there's no way bitcoin can take over bank that deals with the Fiat currency and which the currency is centralized one, whereas bitcoin is a decentralized currency which has more dominated half of the countries

[Youngrebel]

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.

Banks are imposed on us so once the market accept bitcoin for payment option, many banks will stop. For now banks are still useful in the dealing and the transaction bitcoin since we can't use bitcoin to buy things in the market. We have to sell them to another person with exchange of the local currency and we use the local currency to buy what we wanted.
But the time when bitcoin would be accepted in the whole world, there will be a large jubilation in tbe world.

[HistoLock]

Yes it is definitely true that not everyone can survive without banks, yes it can be said that Bitcoin cannot destroy banks locally. If we look at it we will see that there is a situation where the rich keep their money but the poor cannot, the government can help them by giving some money from the government banks considering the poor but Bitcoin will never do that. Even though I say that Bitcoin can be used before the rich in terms of transactions, banks will not go bankrupt because of the poor, because I think the poor will not get the opportunity to transact with Bitcoin, in that case they will transact with banks. Yes I can finally say that there are many people without banks who cannot transact, using currencies like Bitcoin.

[White pawn]

Bitcoin has the potential to significantly impact traditional banking,it unlikely to eliminate local banks,we might assume the future where both traditional banks and  crypto curencies to a more effective financial ecosystem.
 
However. Bitcoin can adapt with traditional banks by keeping transparent record to reduce fruad,

Also Bank can offer crypto currency related services,such as digital wallet or exchange services to tap into growing demand.
Banks can also create new revenue stream to digital currency.
Bitcoin provides financial inclusion to the unbanked and underbanked populations posing a paradigm shift in how people interact with their finances.

[highalch]

You forgot to mention that governments require you to use banks for opening a business, purchasing a house, or accessing the financial system in general. Once you start living off bitcoin ATMs, you'll easily become enemy of the system, the source of your funds will be questioned, you wont be able to make large purchases, and you'll be treated as a money launderer forever.

ps: bank lobby in the US made into the GENIUS act even, forbidding stablecoin yields

[FortuneFollower]

You forgot to mention that governments require you to use banks for opening a business, purchasing a house, or accessing the financial system in general. Once you start living off bitcoin ATMs, you'll easily become enemy of the system, the source of your funds will be questioned, you wont be able to make large purchases, and you'll be treated as a money launderer forever.

ps: bank lobby in the US made into the GENIUS act even, forbidding stablecoin yields

If you do it in bites that are not too big - then it should be alright, imo, and there are plenty of options to go P2P rather than for only ATMs.

[viljy]

Bitcoin cannot eliminate the bank, because due to its limited supply, it does not have the main monetary function of the bank - to generate money supply through lending. Moreover, the bank has only a partial reservation. In fact, the bank creates money out of thin air. If you think about it, it looks like "someone" lends money that he doesn't have, and then gets the money back with interest. Simply put, it is an economy that steals from future generations in order to thrive now on the principle of "After us at least the flood" Madame de Pompadour.

And there is another "someone" who only manages the money he has. Moreover, the purchasing power of this money grows over time, since the money supply is limited. This second "someone" is Bitcoin. It is clear that they are completely different and cannot replace each other.

[john_egbert]

Bitcoin cannot eliminate the bank, because due to its limited supply, it does not have the main monetary function of the bank - to generate money supply through lending. Moreover, the bank has only a partial reservation. In fact, the bank creates money out of thin air. If you think about it, it looks like "someone" lends money that he doesn't have, and then gets the money back with interest. Simply put, it is an economy that steals from future generations in order to thrive now on the principle of "After us at least the flood" Madame de Pompadour.

And there is another "someone" who only manages the money he has. Moreover, the purchasing power of this money grows over time, since the money supply is limited. This second "someone" is Bitcoin. It is clear that they are completely different and cannot replace each other.

They can only coexist with each other and have the same grounds they stand on, however: the ability to choose from two worlds is what everybody wants.

Adoption of BTC is still going, and who knows what the future holds, I hope more opportunities for BTC to shine through.