Bitcoin vs Bank

[abaeze]

I don't really understand the Bitcoin bank you are saying, because from what I see the government does not really support Bitcoin being legalized into a technology that will replace the role of banking, in fact now Bitcoin is seen more as a store of value. so banks will still be empowered since they get full government support, meanwhile, we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

Agreed, Bitcoin was originally created as an alternative to a centralized financial system. And that was the main purpose of creating Bitcoin, but in reality, people are now using it most as a store of value, much like digital gold. Especially in countries where inflation is high or local currencies are weak, people are using Bitcoin to preserve wealth. The current world's governments and banking systems are still so strong that comparing Bitcoin to a complete alternative to banks is backwards and in some cases illogical. And if this happens too quickly, Bitcoin will lose its position.

[Zanab247]

I don't really understand the Bitcoin bank you are saying, because from what I see the government does not really support Bitcoin being legalized into a technology that will replace the role of banking, in fact now Bitcoin is seen more as a store of value. so banks will still be empowered since they get full government support, meanwhile, we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

BTC is a decentralized currency that is not control by government which is the reason some governments don't want to make it legalized in their countries, because they know that it will open many people eyes to value BTC more than fiat money. It will be hard for everybody to like BTC in a country, because BTC is different from fiat money government is controlling both the printing of money to be in circulation in the country.

Those government that made BTC legalized have nothing to worry about, because is not affecting their fiat money other countries are afraid of, which is the reason some governments are still stopping BTC and other cryptocurrencies not to be legalize in their countries.

[kawetsriyanto]

Yes, we never had full control over our asset when we deposited in a bank, and that is been the case for a long time. They never changed that or tried to tighten it, it was only since Bitcoin came along and the concept of decentralization was introduced. We gradually realize that when we deposit into a bank, we do not actually own those assets.

If you mean storing fiats into banks, it is even not a part of assets. You must know that the goal for assets is to raise its value. Meanwhile the value of our money in banks, it is declining over the time. We only can assume storing money into bank as saving. Sure, once we store our money into banks, banks which have full control or our money.

Bitcoin help us better understand centralized system and offer us an alternative solution.

Exactly. Bitcoin offers an alternative for transaction. We can transfer Bitcoin to anyone in any country around the world without limitation. It is different than banks that may have some limitations. Yep, this is the advantage of decentralization system.

~ we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

You're right. It is unlikely to be a digital banking. It will remain as an alternative for transaction/asset.

[Iranus]

~ we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

You're right. It is unlikely to be a digital banking. It will remain as an alternative for transaction/asset.

Bitcoin is unlikely to become a digital bank in the traditional sense. However, using a non-custodial wallet to store Bitcoin, it has also turned us into our own banks. Because at that point, we have full control over our assets and do not need any third party.

Thanks to its decentralized nature, Bitcoin can play many roles and be used in a variety of situations. It is not only a p2p currency and a store of value, but it can also be used as your own bank.

[Olatundespo]

I don't really understand the Bitcoin bank you are saying, because from what I see the government does not really support Bitcoin being legalized into a technology that will replace the role of banking, in fact now Bitcoin is seen more as a store of value. so banks will still be empowered since they get full government support, meanwhile, we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

BTC is a decentralized currency that is not control by government which is the reason some governments don't want to make it legalized in their countries, because they know that it will open many people eyes to value BTC more than fiat money. It will be hard for everybody to like BTC in a country, because BTC is different from fiat money government is controlling both the printing of money to be in circulation in the country.

Those government that made BTC legalized have nothing to worry about, because is not affecting their fiat money other countries are afraid of, which is the reason some governments are still stopping BTC and other cryptocurrencies not to be legalize in their countries.

Due to the decentralization of Bitcoin, the central government or any individual cannot exert influence over it. Due to the limited supply of Bitcoin, no individual can increase its supply. 21 million supply is a fixed position. Despite the campaign against Bitcoin, there are many investors in my country who regularly accumulate Bitcoin. The fact that the value of fiat decreases due to inflation is something that many less experienced people can understand. Many investors are accumulating Bitcoin based on this principle that Bitcoin is a store of value.

Fiat is being devalued as a result of the wrong financial strategy taken by the central government, so accumulate Bitcoin with future potential because governments cannot control decentralized assets.

[puloweh555]

~ we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

You're right. It is unlikely to be a digital banking. It will remain as an alternative for transaction/asset.

Bitcoin is unlikely to become a digital bank in the traditional sense. However, using a non-custodial wallet to store Bitcoin, it has also turned us into our own banks. Because at that point, we have full control over our assets and do not need any third party.

Thanks to its decentralized nature, Bitcoin can play many roles and be used in a variety of situations. It is not only a p2p currency and a store of value, but it can also be used as your own bank.

What you say makes sense. In fact when you own Bitcoin and store it in a non-custodial wallet you indirectly own your own bank because you are responsible for your assets not someone else. This is very different from traditional banks which are managed by a third party. So, if you say that traditional banks will be replaced by Bitcoin banks this is highly unlikely because the two are different. As you stated Bitcoin is decentralized, so it's impossible for Bitcoin to disappear and become a replacement for traditional banks.

Bitcoin will remain an asset that can store value as an alternative to currency. Therefore, Bitcoin doesn't need to replace traditional banks it will continue to grow and develop alongside them as a new layer in the financial system. Banks will remain because they are part of a nation economy. Bitcoin on the other hand, is for long term wealth storage and most importantly it provides personal financial sovereignty.

[ruykeri]

I don't really understand the Bitcoin bank you are saying, because from what I see the government does not really support Bitcoin being legalized into a technology that will replace the role of banking, in fact now Bitcoin is seen more as a store of value. so banks will still be empowered since they get full government support, meanwhile, we will only see that bitcoin will be a store of value or as an alternative to payments, not a digital banking like you imagine.

Agreed, Bitcoin was originally created as an alternative to a centralized financial system. And that was the main purpose of creating Bitcoin, but in reality, people are now using it most as a store of value, much like digital gold. Especially in countries where inflation is high or local currencies are weak, people are using Bitcoin to preserve wealth. The current world's governments and banking systems are still so strong that comparing Bitcoin to a complete alternative to banks is backwards and in some cases illogical. And if this happens too quickly, Bitcoin will lose its position.

People can use Bitcoin freely, this is the biggest benefit. But at some point, Bitcoin will also be used alongside the banking system. Yes, it is true that the banking system will not disappear overnight. Because the governments of all countries in the world follow the banking system. Because they can have complete control over it. They are more interested in controlling themselves than wanting to do good things of the people. But I want this to change in the future. People should be able to control their financial system as if they were .

[monetizator4]

Bitcoin's decentralized nature does make it an alternative for storing value and making payments. But as far as banking goes, governments and established financial systems still hold the upper hand. Non-custodial wallets give you control over your funds, but they're not replacing traditional banks entirely. They’re more like a sidekick to conventional banking rather than a replacement

[kawetsriyanto]

Bitcoin is unlikely to become a digital bank in the traditional sense. However, using a non-custodial wallet to store Bitcoin, it has also turned us into our own banks. Because at that point, we have full control over our assets and do not need any third party.

Bitcoin is only a coin, it won't be a kind bank. Even we have a digital bank, I think it won't be for Bitcoin only. Bank and Bitcoin are actually very different things. 
IMO, its function isn't the same as a bank. If we put Bitcoin into a wallet, it is just like an alternative place for storing wealth. Sure, we have a full control if we put Bitcoin into private wallet (non-custodial wallet). But if put Bitcoin into custodial wallets, it will remain the same as storing money into banks.

Thanks to its decentralized nature, Bitcoin can play many roles and be used in a variety of situations. It is not only a p2p currency and a store of value, but it can also be used as your own bank.

Yep, it is lucky that we have a decentralization system nowadays. This can have a more roles in the future. However, we must be also aware of the risks. Decentralization also has the risks, for example we still can lose Bitcoin if we forget the private keys.

[Iranus]

Bitcoin is only a coin, it won't be a kind bank. Even we have a digital bank, I think it won't be for Bitcoin only. Bank and Bitcoin are actually very different things. 
IMO, its function isn't the same as a bank. If we put Bitcoin into a wallet, it is just like an alternative place for storing wealth. Sure, we have a full control if we put Bitcoin into private wallet (non-custodial wallet). But if put Bitcoin into custodial wallets, it will remain the same as storing money into banks.

As I said, bitcoin is unlikely to become a bank in the traditional sense. Banks are institutions that provide a wide range of financial services, not just simply savings account as many people think. However, most people’s demand for banks is still mainly to deposit savings.

Therefore, Bitcoin can still serve as a bank for those who want to store their value instead of relying on traditional bank.

Yep, it is lucky that we have a decentralization system nowadays. This can have a more roles in the future. However, we must be also aware of the risks. Decentralization also has the risks, for example we still can lose Bitcoin if we forget the private keys.

When we store and fully control our own assets. This means the responsibility falls entirely on us. Whatever happen to our assets, we own it.

[B2Z]

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.

Most of those who know about Bitcoin may find it more acceptable to keep money in Bitcoin instead of in the bank. It is not that you cannot keep all your money in the bank, you should keep some money in the bank thinking that you may have some urgent need, but I think keeping all your money in the bank is foolish, especially those who know about Bitcoin. We are constantly seeing that the US dollar is gaining more acceptance, on the contrary, the local currencies of different countries are losing their value and the prices of daily necessities are constantly increasing. So keeping money in the bank means unknowingly harming yourself, but if customers do not keep money in the bank and keep buying Bitcoin, then they may have the possibility that something good will happen in the future.

[serjent05]

Yes, we never had full control over our asset when we deposited in a bank, and that is been the case for a long time. They never changed that or tried to tighten it, it was only since Bitcoin came along and the concept of decentralization was introduced. We gradually realize that when we deposit into a bank, we do not actually own those assets.

If you mean storing fiats into banks, it is even not a part of assets. You must know that the goal for assets is to raise its value. Meanwhile the value of our money in banks, it is declining over the time. We only can assume storing money into bank as saving. Sure, once we store our money into banks, banks which have full control or our money.

Asset may increase or decrease in value.  Asset as we know is something that one holds that has value.  Although we wanted our asset to increase in value, an item that is devaluing over time can still be considered an asset.  So not because the fiat deposited in banks is decreasing in value, it is not an asset anymore, it is still an asset called depreciating asset.

Bitcoin help us better understand centralized system and offer us an alternative solution.

Exactly. Bitcoin offers an alternative for transaction. We can transfer Bitcoin to anyone in any country around the world without limitation. It is different than banks that may have some limitations. Yep, this is the advantage of decentralization system.

Yes, Bitcoin can be sent globally but still it has limitation in terms of conversion.  Some countries do not accept Bitcoin and even banned Bitcoin and I think that is one limitation that is almost identical to what you are portraying as a limitation of banks.

[Cookdata]

Bitcoin is unlikely to become a digital bank in the traditional sense. However, using a non-custodial wallet to store Bitcoin, it has also turned us into our own banks. Because at that point, we have full control over our assets and do not need any third party.

Thanks to its decentralized nature, Bitcoin can play many roles and be used in a variety of situations. It is not only a p2p currency and a store of value, but it can also be used as your own bank.

Bitcoin can't be like the traditional finance, in fact it was never built to be like one, an attempt to be one will consider Bitcoin as a centralized system which the government will have power over which is far from reality, it's never happening. If the governments makes their financial system decentralized and allow people to make their own choice, the changes will be revolutionary beyond what governments know nothing about how bad their financial institutions has becomes.

Have you tried to send money to US through bank with any of their service? Do you know you can't get transaction instantly, commercial banks will make life so difficult for you, the fees is another thing over fiat they control, over fiat you give them that they lend to other companies at high interest rate. There are some banks that you can't get more than 50% of your money from them if you want instant cash, that tells you how bad it's to use banks.

[Furious 7]

Yes, Bitcoin can be sent globally but still it has limitation in terms of conversion.  Some countries do not accept Bitcoin and even banned Bitcoin and I think that is one limitation that is almost identical to what you are portraying as a limitation of banks.

I personally still feel that it is only a matter of time because sooner or later with the circulation of bitcoin and the wave of adoption getting bigger, the regulations for some countries will change even though in this case the view may only be based on their personal benefits.

Moreover, at this time several large countries have also begun to adopt so that this will facilitate the adoption movement in the next period for bitcoin because we certainly know that over time when something will be considered profitable then it will be contested so that in the end even though there will be risks that will be taken but it will be worth the results for the country that adopts even though this is contrary to the bank system which is always driven as the core axis.

[Curious T]

Bitcoin was created to completely replace the fiat banking system,

Bitcoin was not created to replace the traditional system. It was created to be an alternative. The traditional systems and Bitcoin can coexist side by side. If it were meant to replace, one would have to make way for the other. Bitcoin was created so we can have a way to have total control of our money and spend it how we want without needing a third party that can mismanage that money. Bitcoin was created as an alternative.

[vs2014]

For me Bitcoin is undoubtedly a good way but for those who want to save funds with absolute certainty banks are the best. Because there is no fear of your money being reduced from the bank and you will get more or less profit at the end of the year. The Bitcoin market is extremely volatile so here you can lose money if you cannot buy and sell at the right time. Bitcoin is completely decentralized and no government or bank can control it. No one needs permission to use Bitcoin and the profit from Bitcoin is high. Banks in many countries are now accepting Bitcoin because they understand that it will be the digital gold of the future. I am not advising you to invest in it at all because it depends on you.

[AprilioMP]

Bitcoin can be sent globally but still it has limitation in terms of conversion.  Some countries do not accept Bitcoin and even banned Bitcoin and I think that is one limitation that is almost identical to what you are portraying as a limitation of banks.

Not all countries accept Bitcoin as a means of payment or ban it; to me, that could be seen as a limitation, but there are other options as long as a particular country doesn’t completely ban Bitcoin. For example, we can treat Bitcoin as a commodity asset—using it for purposes other than payment—which allows us to invest in and trade it.

Perhaps the ban on Bitcoin in certain countries—aside from government and private banks—is because those in power, as the administrators of the state, still hope to profit from it. In reality, if Bitcoin could serve as an alternative, they certainly wouldn’t object to it.

[Z-tight]

For me Bitcoin is undoubtedly a good way but for those who want to save funds with absolute certainty banks are the best. Because there is no fear of your money being reduced from the bank and you will get more or less profit at the end of the year.

Absolute certainty you say? Okay, let's see, do you mean certainty of your money depreciating in value due to inflation. Do not be fooled, yeah, you still see the same figure you deposited, with a few dollars in interest depending on how long you've held it, but you may have lost a greater percentage in purchasing power. That is what inflation does to the value of your money.

The Bitcoin market is extremely volatile so here you can lose money if you cannot buy and sell at the right time.

BTC is volatile, but if you are ready to buy it and hold for the long term, then it protects your funds from fiat inflation.

[Fiatless]

For me Bitcoin is undoubtedly a good way but for those who want to save funds with absolute certainty banks are the best. Because there is no fear of your money being reduced from the bank and you will get more or less profit at the end of the year.

Maybe you have not heard about banks freezing people's bank accounts because of some flimsy reasons. Some bank customers have also complained of their funds being missing in the bank due to some fraudulent bank practices. There are also bank charges that could be very annoying which would lead to a reduction of your bank deposits. Bitcoin is not just a hedge against inflation, it gives people freedom to use their money anyhow you want without limitations.