Bitcoin vs Bank

[Smack That Ace]

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.

The interest that banks pay us when we deposit our saving is not enough to help us cope with the devaluation of the currency. Therefore, it can be said that banks do not generate profit, but only provide convenience.
They were not born to enrich everyone. They are not places to invest and make profits, instead, they provide financial solutions such as credit, loan and cash flow management...

Meanwhile, Bitcoin was created as an alternative, but today most of us only see it as an asset, an investment. So, there is no need to compare them because they play different roles in the economy.

[HajiBagi]

Bitcoin can not be like the banks, but bitcoin has the characteristics that can make people use it instead of depending on the banks, but people prefer to use bitcoin as investment instead of making use of it also as a currency.

What I think can happen are the banks to also having bitcoin businesses like allowing their customers to have bitcoin with them. But the funniest thing is that you can have bitcoin on your own without any second party.

I agree with you, the best thing the banks can do is also having a bitcoin business and things that will attract many customers that are very attracted to cryptocurrency, Bitcoin will remain the best investment in the world but thinking about having bitcoin banks like the way we have banks in every countries and every areas will be difficult because we know how that some countries will never accept bitcoin because government will not benefit from it as they are benefiting from the banks.

But to be honest don’t want Bitcoin should have started operating like banks because we will not enjoy it like the way we are enjoying it now, government will definitely want to control it and at the end it will be the same thing as the government is controlling banks and if they can not control it it will definitely cause a problem, it will be good if bitcoin remains the way it is without no any problems, you can do what you like and make any transactions without no problem because no one can control your bitcoin.

[Byebyebtc]

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?

Let me say you just wanted to write something positive about Bitcoin, but you should at least be constructive enough about it. Are you saying Bitcoin's transaction that takes at least 10 minute will be faster than that of the banks which happen in milliseconds in most cases?

I think he is trying to say something different from that
His saying that the way local Banks stresses customers out in terms of services is wrong and they are not willing to sit up until they have a competition like Bitcoin banks,
When Bitcoin banks are present they are at risk of loosing customers so they will sit up
The main point is about local bank's performing better.

[Abu-Naim]

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?

I don’t see any meaning in this write up, you mixed everything up. Banks and Bitcoin are not in the same category; banks are where people save money, while Bitcoin is a digital currency built to create financial freedom, this simply means that your Bitcoin is under your own control and you are your own bank yourself.

If we have Bitcoin bank as you are trying to say, then it means the aim of Bitcoin has been defeated since bankers will now be in charge and will control our Bitcoin transaction which will give government the audacity to demand for tax because in banks, you will have to submit your details to open an account t which will not be different from normal fiat banks.

[Orpichukwu]

Bitcoin and banks are two different financial tools which are not supposed to be paired together. This one you are referring to is Bitcoin bank and bank Bitcoin; they are both into finance and should remain separate. Banks should work on their network and reduce the delay in some large transactions' confirmation.

Bitcoin, on the other end, is just there and not in competition with the banking sector like some of the bankers are viewing it. If one wants to make large sum transactions and to someone who is far away and at the same time understands Bitcoin, they should use blockchain to save them the stress of undergoing any form of confirmation.

[EFS]

Banking system is so big that once they realized they couldn't compete with Bitcoin, they started trying to integrate it into their own system. Today many banks let you buy Bitcoin and even hold your coins for you. How ironic, right? People actually don't need this, but since most people don't understand how technology works, banks take advantage of their weakness. People feel safer holding their savings in banks.

[kawetsriyanto]

Bitcoin and banks are two different financial tools which are not supposed to be paired together. This one you are referring to is Bitcoin bank and bank Bitcoin; they are both into finance and should remain separate. Banks should work on their network and reduce the delay in some large transactions' confirmation.

Exactly, there is no way that banks are Bitcoin will be paired. They are running in a different system, they have their own ways. However, both of them can complement the existing financial system. So, we will have a better financial system in the future. If Bitcoin can provide a solution of the weaknesses of conventional finance, Bitcoin can be another mainstay in terms of the financial system. So why not to have both of them!

Bitcoin, on the other end, is just there and not in competition with the banking sector like some of the bankers are viewing it. If one wants to make large sum transactions and to someone who is far away and at the same time understands Bitcoin, they should use blockchain to save them the stress of undergoing any form of confirmation.

You are right. Bitcoin doesn't compete with banks. Bitcoin is an alternative of our financial system, it isn't trying to against the current financial system. With Bitcoin, we have another option for our transactions. Sure, someone can choose Bitcoin or use the blockchain system for a more private transaction and it enables to hold any transaction around the world.

[Rgram]

Banking system is so big that once they realized they couldn't compete with Bitcoin, they started trying to integrate it into their own system. Today many banks let you buy Bitcoin and even hold your coins for you. How ironic, right? People actually don't need this, but since most people don't understand how technology works, banks take advantage of their weakness. People feel safer holding their savings in banks.

What’s more funny is the fact that, they haven’t found a better way to place it with the SEC, they are always out there looking for a name to tag it or some category in a way that, it would always pose it for a risky asset or try to undermine the integrity of Bitcoin and they just haven’t made any good success on that path as, Bitcoin every now and then, tends to prove true it’s benefit and those individual Bitcoin investors understands it, that’s how it continues to build a rock solid foundation.

[Smack That Ace]

Bitcoin, on the other end, is just there and not in competition with the banking sector like some of the bankers are viewing it. If one wants to make large sum transactions and to someone who is far away and at the same time understands Bitcoin, they should use blockchain to save them the stress of undergoing any form of confirmation.

You are right. Bitcoin doesn't compete with banks. Bitcoin is an alternative of our financial system, it isn't trying to against the current financial system. With Bitcoin, we have another option for our transactions. Sure, someone can choose Bitcoin or use the blockchain system for a more private transaction and it enables to hold any transaction around the world.

Satoshi designed Bitcoin as an alternative for people who were fed up with the traditional financial system. A system that can operate independently without relying on bank, rather than being created with the intention of opposing bank.

Satoshi never stated that bitcoin would compete with, threaten, or replace bank. The idea that Bitcoin will compete with and replace bank is merely a consequence of a group of Bitcoin investor, not its original purpose.

Over 17 year have passed, and the two have coexisted and developed side by side. It is hard to understand why some people still want them to compete and replace each other.

[Kakaza55]

I think that as Bitcoin and other cryptocurrencies become popular, banks will also start to adapt and add services to make crypto work. However, the main problem for banks, for me, is their excessive interference in the financial affairs of their users. They have too much power, they can block accounts, restrict access to funds, or set limits that create unnecessary pressure. In many cases, it feels like the client is not fully in control of their money. This is frustrating. I hope that the emergence of healthy competition through decentralized finance companies will bring better services to customers.

[Rustam Meraj]

Main thing that is wrong with banks at present is red tape involved, queues for most transactions, amount of paper work and time it takes for money to be transferred. As you rightly suggested, Bitcoin based system would definitely be quicker and more efficient because system does not sleep and does not need broker for each little step.

But is it something that would really make these banks snap to attention? I think so. New challenges always challenge status quo Some banks are even attempting to harness blockchain to speed up internal transactions. If they see Bitcoin Bank steal all their business because it is cheaper and there are instantaneous transactions available 24/7, then they will have to either adopt new technology or drive down their costs.

But there is one edge banks hold over Bitcoin Bank security. People have confidence that their money is insured by government. To become successful, Bitcoin Bank would have to offer same trust, yet retain speed and efficiency of BTC. If they can achieve this, then today bankers would either have to adapt or retire.

[Inwestour]

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?

First of all, I think there will not be such a division as you are talking about. Traditional banks will simply add Bitcoin to the list of their services, so users will always have a choice of what exactly to use. And I think that most likely Bitcoin will also be integrated into the same cards. Or, just as there is currently a card for the national currency and a card for a foreign currency from the bank, there will also be a Bitcoin card. So there will not be any overly big difference.

As for transaction speed, you can see yourself that sometimes it takes a few minutes to confirm a Bitcoin transaction, while fiat funds are transferred instantly. Or even if we take some altcoins like XRP, is also significantly faster. Therefore, I think that over time banks will adapt and expand their services by adding Bitcoin and other top coins.

[arwin100]

Bitcoin, on the other end, is just there and not in competition with the banking sector like some of the bankers are viewing it. If one wants to make large sum transactions and to someone who is far away and at the same time understands Bitcoin, they should use blockchain to save them the stress of undergoing any form of confirmation.

You are right. Bitcoin doesn't compete with banks. Bitcoin is an alternative of our financial system, it isn't trying to against the current financial system. With Bitcoin, we have another option for our transactions. Sure, someone can choose Bitcoin or use the blockchain system for a more private transaction and it enables to hold any transaction around the world.

Satoshi designed Bitcoin as an alternative for people who were fed up with the traditional financial system. A system that can operate independently without relying on bank, rather than being created with the intention of opposing bank.

Satoshi never stated that bitcoin would compete with, threaten, or replace bank. The idea that Bitcoin will compete with and replace bank is merely a consequence of a group of Bitcoin investor, not its original purpose.

Over 17 year have passed, and the two have coexisted and developed side by side. It is hard to understand why some people still want them to compete and replace each other.

They over exaggerated everything and think that those situations they project would really happen. If they really think how almost impossible for that situation to happen for sure that they would never came to the point on which they conclude that Bitcoin would replaced the traditional banking system.

I believe it will coexist together and its good to be like that, since creating conflict might result on something bad that we provably don't like to happen.

[alastantiger]

What’s more funny is the fact that, they haven’t found a better way to place it with the SEC, they are always out there looking for a name to tag it or some category in a way that, it would always pose it for a risky asset or try to undermine the integrity of Bitcoin and they just haven’t made any good success on that path as, Bitcoin every now and then, tends to prove true it’s benefit and those individual Bitcoin investors understands it, that’s how it continues to build a rock solid foundation.

The banking sector will always have problem with Bitcoin because they see Bitcoin as that direct competition but what they don't understand is that Bitcoin was not created to compete with them but was created to collaborate with them. People that are still interested in centralised ways of using money are still entitled to the banks but those that have found a new way which is the decentralised way of using money are the lovers of Bitcoin, the banks can still use Bitcoin in the decentralised way to help people to move their money through the blockchain technology. The blockchain technology is not limited to just Bitcoin but it has various things that it can do and some banks have already started adopting this technology.

[TheUltraElite]

They have too much power, they can block accounts, restrict access to funds, or set limits that create unnecessary pressure.

If ever the banking system would have bitcoin in it and would run with full scale bitcoin and no fiat, then they will impose certain regulations to keep bad people in check, which is necessary or else crime will continue to happen with bitcoin as well, just like it happens with fiat.

In many cases, it feels like the client is not fully in control of their money. This is frustrating. I hope that the emergence of healthy competition through decentralized finance companies will bring better services to customers.

It is not happening anytime soon. Bitcoin usage is still not that high to consider the banks to get involved actively in it. For now we can just continue to collect bitcoin and grow it in volume.

Like most people here, I also think the two systems will coexist because of ideals being different and people having a bigger spectrum of choice.

[Danica22]

Main thing that is wrong with banks at present is red tape involved, queues for most transactions, amount of paper work and time it takes for money to be transferred. As you rightly suggested, Bitcoin based system would definitely be quicker and more efficient because system does not sleep and does not need broker for each little step.

But is it something that would really make these banks snap to attention? I think so. New challenges always challenge status quo Some banks are even attempting to harness blockchain to speed up internal transactions. If they see Bitcoin Bank steal all their business because it is cheaper and there are instantaneous transactions available 24/7, then they will have to either adopt new technology or drive down their costs.

But there is one edge banks hold over Bitcoin Bank security. People have confidence that their money is insured by government. To become successful, Bitcoin Bank would have to offer same trust, yet retain speed and efficiency of BTC. If they can achieve this, then today bankers would either have to adapt or retire.

It is true that bank currently have rather cumbersome procedures, but in my opinion, that is necessary. Especially when it comes to loans and financial support, because even a small mistake can lead to serious losses.

Furthermore, bank today no longer face problem such as long waiting time, long queues, or time consuming money transfer. Most of their service have moved online, and domestic transactions are processed almost instantly and completely free of charge.

Regarding Bitcoin banking, it is a bad idea. If you store your bitcoin in a non custodial wallet, you are your own bank. Why do you need a centralized Bitcoin bank controlled by the government?

[kawetsriyanto]

Satoshi designed Bitcoin as an alternative for people who were fed up with the traditional financial system. A system that can operate independently without relying on bank, rather than being created with the intention of opposing bank.

Very true. Satoshi's idea was to use Bitcoin as an alternative choice for transactions. It is easier to do and it has no limit for any person around the world. This will reduce our dependence on banks and such third parties in each transaction. Sure, Satoshi never said that this will against banks and remove the conventional financial system. He is aware it is impossible to remove bank system or current financial system. This will also harm Bitcoin because all the governments will consider it as a threat.

Satoshi never stated that bitcoin would compete with, threaten, or replace bank. The idea that Bitcoin will compete with and replace bank is merely a consequence of a group of Bitcoin investor, not its original purpose.

Indeed, Satoshi never stated it. 
It is just an issue spreading by random people. However, this is an old issue, people no longer consider it as a serious issue nowadays.

[ThemePen]

It is true that bank currently have rather cumbersome procedures, but in my opinion, that is necessary. Especially when it comes to loans and financial support, because even a small mistake can lead to serious losses.

Furthermore, bank today no longer face problem such as long waiting time, long queues, or time consuming money transfer. Most of their service have moved online, and domestic transactions are processed almost instantly and completely free of charge.

Regarding Bitcoin banking, it is a bad idea. If you store your bitcoin in a non custodial wallet, you are your own bank. Why do you need a centralized Bitcoin bank controlled by the government?

Although banks use intricate rules and artificial intelligence to prevent hacking and help speed up domestic payments system but same rules allow government to control you more and make it more difficult to keep your financial business private. I think being your own bank with non custodial wallet is only way to truly control your own wealth, but it is much of responsibility, because if you misplace your password keys or make error then there will be no help desk to assist you. Banks are designed to safeguard you from criminals and accidents while Bitcoin is designed to safeguard you from inflation and government control. So best strategy is to rely on banks for convenience and credit, and personal wallet for your long term savings where you can do what you want.

[Alonso_]

I think bitcoin can be very different compared to the bank, bitcoin is more like you have it in your wallet and you can always have access to it anywhere that you find yourself, and bitcoin is more like you’re making investments when you keep buying on a regular basis, you have an opportunity of having profits and you can become successful through that way with bitcoin.

However in a bank is totally and entirely different, you’re not making an investment instead you’re just saving your money, and the banks use your money for business and then probably you get a small annual bonus, which you can’t compare with bitcoin in any way.

[As-Soon-As]

Banking system is so big that once they realized they couldn't compete with Bitcoin, they started trying to integrate it into their own system. Today many banks let you buy Bitcoin and even hold your coins for you. How ironic, right? People actually don't need this, but since most people don't understand how technology works, banks take advantage of their weakness. People feel safer holding their savings in banks.

No matter how much people keep their money in banks, thinking that they are safe, I have already seen an incident on social media, this incident has shaken my heart. Perhaps it is an incident that happened in India, I saw on social media that Social Media X could not withdraw money from the bank, but instead came to the bank with his dead sister who died a few months ago. But how easy and confidential is the transaction of Bitcoin. So I do not believe in banks in any way, it is just to harass people, so it is much safer to keep money in Bitcoin than keeping money in the bank.
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