Bitcoin vs Bank

[aylabadia05]

<snip>

Banks keep lending money to others which they don't have because these are all just numbers so nobody knows bank got the money but still they claim credit and debit to the users. However they have these interest rate system which also generate insane amount of money and most of the default loans can be recovered using auctioning the seized property but that's all not possible with bitcoin.

And who knows bitcoin doesn't want the debt to exists which is also a good thing in the long term.

One of the positions I’m familiar with at a bank is that of a credit manager. Their job is to meet the targets for the total amount of loans that must be issued each month and each year.
This means they have to go out into the field to find customers willing to take out loans, using various approaches to ensure they meet those goals.
They keep the money circulating, and that money is certainly not theirs but belongs to others who have entrusted it to them.
If the loan isn’t repaid by the deadline or if there’s a breach of terms, they’ll foreclose on the customer’s collateral.
Clearly, this would be different from Bitcoin if Bitcoin were a physical bank.

[Samlucky O]

When there is competition everybody becomes serious and at this point we haven't seen any thing that would make Banks sit up in some areas they are not doing well. Let's say every country in the world they have legalized the use of Bitcoin and it have a Bank like our normal Banks we know. There are some issues we face at the Bank that when it comes to Bitcoin Bank it won't be the same like Bitcoin Bank will gain more customers than the normal Banks, transactions will be faster than ever. The issue of standing for the whole day at the Bank won't be the same with Bitcoin Bank, the process of doing things would be faster than that of our normal Banks. With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

Am sorry that it can't happen because Bitcoin was not created to replace bank but to work as an alternative to bank or fiat system. If Bitcoin bank is set up today what will the staff work? Because as far as I know Bitcoin don't need employee to work for it in an office when every transaction is already recorded and stored in the public ledger or Blockchain with the help of miners who received rewards from solving problem of transaction in memepoll. It can not be possible anyway because setting Bitcoin as a bank will change it ulterior motives of decentralized system to centralized. Bitcoin is the opposite of bank and both can't cross each path. They must always maintain decentralized and centralized.

[retreat]

Today, banks have digital banking products, where you can access various services without having to go to a branch and wait in line for hours. You can open an account from your phone and have your card delivered directly to your home. Transactions can be completed in seconds, and you can access various financial services directly from your device. So, for this reason, I don't think such a scenario you're describing is possible because Bitcoin and banks currently have their respective roles, and there's no need to say that Bitcoin can replace banking, as that's simply impossible.

[Youngrebel]

Today, banks have digital banking products, where you can access various services without having to go to a branch and wait in line for hours. You can open an account from your phone and have your card delivered directly to your home. Transactions can be completed in seconds, and you can access various financial services directly from your device. So, for this reason, I don't think such a scenario you're describing is possible because Bitcoin and banks currently have their respective roles, and there's no need to say that Bitcoin can replace banking, as that's simply impossible.

What you are describing about modern banking is actually true buh then digital apps have made banks faster, more convenient, and far more accessible than before. In many ways, they have adapted well to the kind of efficiency people expect today. But the argument for Bitcoin is not really about replacing those conveniences overnight. Bitcoin operates without a central authority, which means you do not need permission from a bank to hold or transfer your money and that is a fundamentally different model compared to traditional banking, no matter how good the app is.

[Akbarkoe]

When there is competition everybody becomes serious and at this point we haven't seen any thing that would make Banks sit up in some areas they are not doing well. Let's say every country in the world they have legalized the use of Bitcoin and it have a Bank like our normal Banks we know. There are some issues we face at the Bank that when it comes to Bitcoin Bank it won't be the same like Bitcoin Bank will gain more customers than the normal Banks, transactions will be faster than ever. The issue of standing for the whole day at the Bank won't be the same with Bitcoin Bank, the process of doing things would be faster than that of our normal Banks. With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

Why should there be a bitcoin bank? can't you store your bitcoins properly, correctly and safely? I honestly wouldn't store them there.
I can store my own bitcoin, use it whenever and however much I want without any third party.
hey realize ...
the presence of bitcoin is to create financial independence without third party supervision, you want to give up your bitcoin? really ridiculous....!!

[Abiky]

Why should there be a bitcoin bank? can't you store your bitcoins properly, correctly and safely? I honestly wouldn't store them there.
I can store my own bitcoin, use it whenever and however much I want without any third party.
hey realize ...
the presence of bitcoin is to create financial independence without third party supervision, you want to give up your bitcoin? really ridiculous....!!

The so-called "Bitcoin banks" already exist. They're called centralized exchanges which are custodians of your BTC. Having a "Bitcoin bank" would be nothing more than repetitive. Newbies or newcomers into crypto will often find a "Bitcoin bank" useful for their needs. I mean, banks offer the convenience of storing and securing your money for you.

Anyways, Bitcoin's motto is "Be Your Own Bank". Self-custody of your coins does wonders. I'd suggest anyone to choose this path instead. Just my two sats.

[Iranus]

Why should there be a bitcoin bank? can't you store your bitcoins properly, correctly and safely? I honestly wouldn't store them there.
I can store my own bitcoin, use it whenever and however much I want without any third party.
hey realize ...
the presence of bitcoin is to create financial independence without third party supervision, you want to give up your bitcoin? really ridiculous....!!

Bitcoin was created to help us become our own bank and achieve financial independence. But not everyone uses bitcoin for its original purpose.

In reality, most of us use Bitcoin for investment and profit, very few people care about privacy and full control. Many people are happy to store their bitcoin on centralized exchanges and ETF.

It is no surprise they need a Bitcoin bank.

[Charcol]

If Bitcoin banks were really established, then survival would be the biggest challenge for conventional banks. If I really don't understand one thing, if Bitcoin banks are really established, how will they take on the challenge of Bitcoin price fluctuations? Because if someone wants to keep $20,000 in a bank as savings when the price is $120k, and if the price of Bitcoin drops to $80k, how will banks handle this situation? Although I believe that in most cases the opposite can happen. Because conventional banks set a time limit for withdrawing savings. Similarly, if Bitcoin banks set a time limit of at least 4 years, then the possibilities will be good.

[Royal Cap]

Today, banks have digital banking products, where you can access various services without having to go to a branch and wait in line for hours. You can open an account from your phone and have your card delivered directly to your home. Transactions can be completed in seconds, and you can access various financial services directly from your device. So, for this reason, I don't think such a scenario you're describing is possible because Bitcoin and banks currently have their respective roles, and there's no need to say that Bitcoin can replace banking, as that's simply impossible.

Digital banking has become much easier now, that's true. But there's a difference, the bank always has control over you, Bitcoin doesn't have that. Suppose your account gets frozen for some reason, then you can't do anything. Bitcoin won't completely replace banks, but it will be an alternative. Many people use it just to be out of this control. So they will be for different purposes, one can't completely replace the other. Which I think

[Inior]

Bitcoin was created to completely replace the fiat banking system, in fact fiat and it's banking system is still very much reliable in terms of internal swift business transactions with other parties that doesn't require any form of anonymity. But then the fiat also has its flaws and that's what Satoshi saw that made him very enthusiastic about making bitcoin. Bitcoin transaction might not be as swift as fiat currency but it sure can be sent to anyone in the world provided they have internet connection from the comfort of your bed whereas fiat might require you to go to the bank and start explaining where you want to send your money to.

[DanWalker]

Bitcoin was created to completely replace the fiat banking system, in fact fiat and it's banking system is still very much reliable in terms of internal swift business transactions with other parties that doesn't require any form of anonymity. But then the fiat also has its flaws and that's what Satoshi saw that made him very enthusiastic about making bitcoin. Bitcoin transaction might not be as swift as fiat currency but it sure can be sent to anyone in the world provided they have internet connection from the comfort of your bed whereas fiat might require you to go to the bank and start explaining where you want to send your money to.

Bitcoin was not created to completely replace the traditional banking system. Satoshi made that very clear in the whitepaper, he created Bitcoin as an alternative.

The idea that bitcoin will replace fiat, the banking and dominate the world has mostly been spread by Bitcoin maximalist. But 17 years have passed, and they are gradually realizing that it is an impossible task. Most people have accepted the reality that bitcoin will always be an alternative and will coexist alongside the fiat system.

[Minor Miner]

Today, banks have digital banking products, where you can access various services without having to go to a branch and wait in line for hours. You can open an account from your phone and have your card delivered directly to your home. Transactions can be completed in seconds, and you can access various financial services directly from your device. So, for this reason, I don't think such a scenario you're describing is possible because Bitcoin and banks currently have their respective roles, and there's no need to say that Bitcoin can replace banking, as that's simply impossible.

Digital banking has become much easier now, that's true. But there's a difference, the bank always has control over you, Bitcoin doesn't have that. Suppose your account gets frozen for some reason, then you can't do anything. Bitcoin won't completely replace banks, but it will be an alternative. Many people use it just to be out of this control. So they will be for different purposes, one can't completely replace the other. Which I think

It is true that banks can freeze our assets, but it would be wrong to say that we have no choice but to accept it. If you are not involved in terrorism, money laundering, or other criminal activities, you can file a complaint and your account will be reopened after an investigation.

To be more precise, bitcoin will never be able to replace banks, bitcoin simply does not have the capability to do so. It is better suited as an alternative solution.

[Compromise me]

I believe that Bitcoin is the most secure and beneficial as a digital currency and the bank is actually and apparently safe for people. The bank also gives us profit and Bitcoin also gives us profit but there is a difference between the two. The bank gives us some percent profit after a year and Bitcoin gives us profit in every small and big trade. In the bank we do not get loss if no one takes it or does not thief and in Bitcoin we will get loss only when the market goes down and does not go well in our favor then we will get loss.But now  people like Bitcoin because in Bitcoin we also invest. In the past, people did not consider anything safer than the bank But today I don't see any other investment assets that gives more profit and safer than Bitcoin.

[peter0425]

With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

Banks already are “sitting up”. They are trying to catch up with not only bitcoin but with the entire crypto market and the trends that are emerging. They are starting to offer features that crypto also offer. They are offering crypto themselves as well.

[Bluedrem]

Banks always work against crypto currency. They never want a person to live their life in an independent economic situation. If they can do that, then a person will be completely financially independent and will be able to control their own money. But banks have the ability to control a person's personal money as a third party, that is, when you save money in a bank, that bank will be the user of that money. If the bank goes bankrupt or collapses for some reason, then no one will want to take the risk of your money. That is why Bitcoin, which has the opposite function, is spreading day by day and the more people become knowledgeable about technology, the more Bitcoin will gain popularity.

[Floxynice]

With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

Banks already are “sitting up”. They are trying to catch up with not only bitcoin but with the entire crypto market and the trends that are emerging. They are starting to offer features that crypto also offer. They are offering crypto themselves as well.

You are right. I can still remember the years in my country when banks restricted crypto-related transactions. Even till today, people still try not to include anything crypto in their transaction narrations to avoid being sanctioned. Right now, the situation is different, as the same banks that were once very strict are now more lenient with their restrictions, offering crypto services while still maintaining the same centralized system they are known for. We will still witness many banks all over the world integrating blockchain technology into their systems. With the way banks now offer digital banking services and the improved transaction speeds, it is obvious that banks are learning a lot from crypto technology.

[SPIDERMAN008]

The world controls the economy of people through the banking system. The government keeps the country's economy under its control. People do not get freedom in the banking system. But in bitcoin, everyone has complete freedom and security.

From the beginning, the concept of bitcoin cannot be found to be similar to the concept of the banking system. So I do not think it is necessary to compare these two. People use the banking system to transact the wealth they have earned through their own hard work. But bitcoin works against this first and foremost.

And that is why transactions through bitcoin have increased a lot now. It will become more popular in the future. And I think people will have two options. If they want, they can exchange through the banking system or they can transact through bitcoin.

The government may be forced to approve bitcoin in the future due to the pressure of popularity, but fiat currency will also remain. It has not yet been replaced, I do not know if it will be in the future.

[Faisal2202]

When there is competition everybody becomes serious and at this point we haven't seen any thing that would make Banks sit up in some areas they are not doing well. Let's say every country in the world they have legalized the use of Bitcoin and it have a Bank like our normal Banks we know. There are some issues we face at the Bank that when it comes to Bitcoin Bank it won't be the same like Bitcoin Bank will gain more customers than the normal Banks, transactions will be faster than ever. The issue of standing for the whole day at the Bank won't be the same with Bitcoin Bank, the process of doing things would be faster than that of our normal Banks. With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

Haha what a stupid idea. Sorry, but how can you expect someone to visit a bank while they are seeking decentralization and privacy? Not everyone but it gives some level of it. Don't forget the security, which will still be there is the BTC bank of yours will be based on the BTC blockchain haha.

Sorry, I am being rude because banks have a problem ok that's fine. Everything has a problem but BTC is not there to replace it, it is there as an alternative as far as I think, and this idea is not practical because of its logic and how it contradicts with the idea of BTC.

I think we are fine without BTC banks haha.

[TheUltraElite]

Well the banking system has not shut down yet and the people who are running them are cunning enough to take measures to mitigate this problem before we know it. Many of them have been using blockchain tech to serve their products already. Loans, credit cards, fixed deposits and all that will never go out of action.

Bitcoin does not need a bank to function, that is the basic point of it. It can be spent without any centralized authority to monitor it.

So if in future anything like bitcoin bank would even exist, the functions of that would be something different, not like traditional banking.

[Awaklara]

With all these, would the presence of Bitcoin Banks make our normal Banks sit up?

I can only imagine if all of that happens, could it be possible that those banks eventually adjust their functions to become like centralized exchanges? Of course, this is not a recommendation to keep Bitcoin on exchanges, but when Bitcoin is ultimately used by everyone, we know we can hold Bitcoin ourselves. But in the end, the state will still take steps to appear as an institution that secures its citizens' money. Just like fiat that we keep in banks. The state will appear as a Bitcoin bank that still collects taxes from its citizens.