Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: emmybd on February 06, 2021, 07:54:45 PM
-
The Banks are controlled by central authorities. Every transaction is recorded in banks. A bank is a trustworthy place for most people around the world. On the other hand, a lot of people haven't heard about bitcoin as yet. As it is not regulated, so many people don't feel confident in dealing with this system. The Banking industry is much bigger than the cryptocurrency industry. The largest cryptocurrency is bitcoin. Still, bitcoin is a very small industry if we compare it with banks. The entire cryptocurrency market can't be compared with banks as it is too small. So, it is not possible for bitcoin to trigger the banks' collapse.
-
When you are talking about the bank collapse here, I want to believe you are talking about the banking functions, the transactional effects, trading etc. Cryptocurrency can collapse the banking effect overtime, the only thing that may be left needed may be the ATM functions, by this time a lot of bank transactions has been made digital (online) and bankers has been reduced. When cryptocurrency gain more ground you may not have much deal with the bank again.
-
No. Bitcoin may make or influence people to focus on crypto, not on fiat. However it doesn't mean that going to make banks collapse, This is too early to ake it collapse because the market is just beginning. SO, better to choose and wait for the future of Bitcoin itself.
-
It is never possible for Bitcoin to destroy the banks. There are still many people around the world who do not know about Bitcoin. So how do they transact with bitcoin. There are many who are not interested in trading with bitcoin because there is some risk involved. Bank transactions will last as long as they last in the world.
-
That is a very far-pitched dream and for now it remains to be an illusion. Bitcoin is not yet even a functioning money accepted by many people everywhere. There are big countries that do not recognize Bitcoin and the only way for them to accept it is to melt the government away. Will that be possible? Yes, but I am not sure if that can happen in our lifetime. Just because Bitcoin is increasing in value does not mean that banks will be collapsing soon. Inf act, soon banks will be doing business with Bitcoin and who knows what can happen when more and more institutions are adopting it. I am even thinking that there can be a time when banks will be joining the Bitcoin party and stake some amount of control on it. Remember that if you have the money to buy Bitcoin then you can have it as we are an open market.
-
Cryptocurrency but now has not diminished in popularity. The way transactions are done through cryptocurrency especially through bitcoin. Even then most of the transactions are done through banks so it is never possible. So I think the need for bitcoin is more than the need of the bank. The current situation is that everyone accepts most of the bank transactions.
-
I think it is impossible, do you buy bitcoins without using money ???, and where do you pay it ??? banks and bitcoin even though they need each other and benefit from each other in my opinion, and also bitcoun is virtual money that is only used for the digital world, while the bank is the main point of economic turnaround
-
Bitcoin does not have such an impact on the banking system to provoke its collapse. Banks are protected by the state, since they serve the economy of each state. The task of Bitcoin and other decentralized cryptocurrency is not to destroy the current system of financial payments, but to be a worthy alternative to them. Cryptocurrency and traditional currency must coexist. Only then will the possibilities of cryptocurrency fully manifest themselves.
-
Bitcoin will never be able to bring down the bank. I am describing my own words when I first invested in Bitcoin but saved dollars with payment through bank. All over the world but any payment is accepted through banks. It is seen that there is no circulation of dollar in the country but of course they need money. So it can be said that Bitcoin will never be able to destroy the bank.
-
Maybe you are right but only if we are talking to a world bank vs bitcoin. But when it comes to a national bank vs bitcoin I believe bank is losing and so this is the very reason why bank is trying to keep on spreading negative things against crypto specially to bitcoin because aside from their personal interest to invest in bitcoin they don't want the community to learn bitcoin as much as possible to avoid the collapse of the bank investors. Why because heir money has no profit in the bank compare to bitcoin which is the very thing that will attract the investors.
-
I really doubt such an event will occur anytime soon. Cryptos, however, could drop down to zero (https://www.forexbrokerz.com/news/ubs-cryprot-prices-zero) at any given point.
-
I don't think so because the bank is a big institution backed by the government. That is why government may not be able to stop the bank system and operation so easily. However they can make different rules and changes depending on the condition at that time
-
No, I don't thin so. Although Bitcoin has improved significantly, banks still have crucial functions to help Bitcoin holders get fiats from bank accounts. So, there is no reasons to be afraid with thw improvement of Bitcoin. Instead, banks can get another income from transfer fees of Bitcoin holders.
-
No, of course not. Bitcoin is a very worthy cryptocurrency, but this doesn't have that enough power to fight against the government moreover certain government. The banking industries have been here for long years. And many problems there but it doesn't mean to be collapse because of BTC
-
No, Bitcoin cannot pass or trigger a bank collapse because Bitcoin and the Bank have different paths to life.
Bitcoin is on the cryptocurrency pathway and it certainly has a good time to live because many investors are scattered about owning Bitcoin.
Then now the Bank is compared to Bitcoin, it is clearly different and both of them also have their own way of looking for profit.
-
I had no idea about Bitcoin Kiata but I got a lot of ideas after reading the posts of senior brothers. Bitcoin can cause banks to collapse. Because the way money is transacted from this bitcoin is only through this bank.
-
quote author=emmybd link=topic=191213.msg1080372#msg1080372 date=1612637685]
Still, bitcoin is a very small industry if we compare it with banks. The entire cryptocurrency market can't be compared with banks as it is too small. So, it is not possible for bitcoin to trigger the banks' collapse.
[/quote]
The competition between crypto & fiat or DeFi with the banking system does not depend on capitalization but on the values it brings to users. Currently fiat is devalued, the value of crypto is continuously increasing, users of DeFi applications increase, making the banking system forced to consider joining or supporting DeFi.
I do not dare to think that all banks will collapse, just that crypto will force banks to work differently, in a more decentralized ecosystem.
-
In the modern world, the banking system is also developing and in some countries, such as China, they have already created a test national currency based on the blockchain. And this suggests that the benefits of blockchain technology are understood by the heads of state. Therefore, I think bitcoin can not provoke the collapse of banks. This is an alternative to banking operations.
-
Yes brother you are right bank is a very trustworthy institution. Many people still do not know about Bitcoin. Bitcoin is the largest cryptocurrency. But compared to banks or the crypto market looks very small. That's why Bitcoin can't be the cause of bank failure. I agree with you. But I think one day Bitcoin will gain a reputation as an international currency.
-
The Banks are controlled by central authorities. Every transaction is recorded in banks. A bank is a trustworthy place for most people around the world. On the other hand, a lot of people haven't heard about bitcoin as yet. As it is not regulated, so many people don't feel confident in dealing with this system. The Banking industry is much bigger than the cryptocurrency industry. The largest cryptocurrency is bitcoin. Still, bitcoin is a very small industry if we compare it with banks. The entire cryptocurrency market can't be compared with banks as it is too small. So, it is not possible for bitcoin to trigger the banks' collapse.
You are comparing with something that has no equal. Bitcoin is not a company or financial institution. Bitcoin is an independent investment commodity. Not under anyone's control. Only market mechanisms influence it ...
-
Yes brother you are right bank is a very trustworthy institution. Many people still do not know about Bitcoin. Bitcoin is the largest cryptocurrency. But compared to banks or the crypto market looks very small. That's why Bitcoin can't be the cause of bank failure. I agree with you. But I think one day Bitcoin will gain a reputation as an international currency.
That's true, I also believe one day Bitcoin will gain a reputation as an international currency. Bitcoin has been predicted to replace fiat cash. I think It is possible, when bitcoin is so popular and more valuable at the coming future.
-
Yes, as things are going on the crypto world, I will not be surprise to see bitcoin making the banking sectors of no effect in near future. Things are gradually moving very fast in the direction digital currency and with the blockchain technology, a situation that may affect the banking sector adversely. I thing bitcoin will gain more popularity which will reduce the business of banks especially transactions on sending and receiving money globally.
-
Bitcoin may influence many people to use this and let them forget the bank system. However inf act, there still cannot make bank collapse The government will never d this their country is on the high trouble of the country systems, not really enough with everything that it needs certainty
-
The way Bitcoin is going to gain popularity around the world, it seems that Bitcoin will bring a lot of changes to banks around the world. We have seen that now people are transacting Bitcoin directly through banks. Thus, if Bitcoin is transacted through banks, then one day the bank will not be needed so much. Then people will do all the work with this bitcoin.
-
I think that some sources of bank income will indeed decrease due to the increasingly rapid use of bitcoin, especially in global transactions. However, it will not make banks collapse or collapse, because banks still have a much larger source of income, namely from the retail sector in the domestic market ...
-
Soon the banks adopts the crypto currency and they know that the Bitcoin and also the crypto coins is the future of the world and so many peoples will start trading in this market and it true and they make good money in it.
-
Soon the banks adopts the crypto currency and they know that the Bitcoin and also the crypto coins is the future of the world and so many peoples will start trading in this market and it true and they make good money in it.
In order to trade bitcoin at a bank, maybe it could still be considered and it could be done but of course it requires a renewable mechanism that banks must adopt. however, if it is adopted as a whole, it may be difficult for banks to do so because it seems imposing. let two different systems not be combined, because the mechanisms that have been running are very different, but to strengthen each other is the best way.
because there are still many who need banking with the system they have built.
-
This is a very advanced kind of thinking. Bitcoin and cryptocurrency has not yet make a very noticeable decrease in the market being serviced by the bank, no matter how we are so noisy in this industry. Plus we know that banks will eventually be dealing with cryptocurrencies as they are just doing business, and they are here to make money. Soon, there can be seamless integration between banks and some legitimate cryptos...so talking about collapse is a very so far-pitched kind of dream. Not to mention that bank collapse can have economic repercussions and the government usually bail out banks. Maybe we should be looking at the mirror and really determine our size...we are still a seed sprouting, and it can be taking many years before we can see the big tree having its canopy and make a rule of its kingdom. The potential is there but we are not there yet.
-
Bitcoin cannot do that because doing so is negative for all banks.
So in my opinion this Bitcoin cannot be conditioned with negative things to collapse the Bank because Bitcoin is clearly different paths and understands with the Bank.
This Bitcoin is an investment tool by those who believe and understand how cryptocurrency works, while the Bank is an intermediary for storing money and this money is what is kept by the public in the bribe bank secured.
-
I think that before answering this question, you need to answer other questions, namely, what exactly does the banking system do and what is the advantage of using Bitcoin and what is its functionality not only in the cryptocurrency market, but also for society. To a large extent, today Bitcoin is used as a valuable asset, not only for investment, but also for storage. and the banking system provides lending, financing and other financial services. If the banking system adapts to the new realities, then at any time it will be able to provide services to cryptocurrency users for storing Bitcoin and other services, since there will be a lot of cryptocurrency users who will want to have cryptocurrency, but will not have enough knowledge and experience.
-
The bank is a centralized system and Bitcoin is not. Whatever the power of Bitcoin, it can't never trigger banks because this has a big ecosystem, protected by the government and also under the law. As long as banks still work under the rules, they will always exist. In this case, we don't want to trigger banks but to make easier life with BTC
-
The bank is a centralized system and Bitcoin is not. Whatever the power of Bitcoin, it can't never trigger banks because this has a big ecosystem, protected by the government and also under the law. As long as banks still work under the rules, they will always exist. In this case, we don't want to trigger banks but to make easier life with BTC
The two systems are made differently and it is unlikely that there will be overlapping treatment between the two because the systems that have been made have differentiated there will be no contact between them. as long as it is carried out with existing corridors.
It is true that you say that the bank is a state asset which is clear there are rules made to ensure that no one can intervene by anyone because the state really needs to move the wheels of the economy and is made based on clear laws so that the force of law is attached to it.
let the system run on its own but support each other for progress, especially clear for bitcoin so that there is convenience that can be provided by the state, because recognition by each country for bitcoin is not the same.
-
I don't think the central banks allow this to happen because we all know that they want to control everything we have as long as it is a centralized asset. Bitcoin can only trigger if the people in a country will no longer use the local currency in some transactions but that is not possible for now because the ratio of those who use crypto in a country is lower compared to the fiat users. Even us crypto enthusiasts still use fiat in our everyday lives.
-
Soon the banks adopts the crypto currency and they know that the Bitcoin and also the crypto coins is the future of the world and so many peoples will start trading in this market and it true and they make good money in it.
I don't think so. Banking regulations will refer to the rules made by the local government. Meanwhile, until now there are still many countries that have not legalized bitcoin.
-
Until whenever bitcoin will not be able to destroy the banking industry. Unless all countries in the world have recognized, accepted and formalized bitcoin as a legal means of payment
-
Banks might collapse once bitcoin dominate the entire economic financial world status and banks will not merge to Bitcoin platform collapse is possible. Investment in Bitcoin now is in demand due to corona virus that hit the globe whether rich and poor both are possible victim of virus. Banks now are on the process to upgrade and apply the digital aspect to reach the costumers.
-
I really hope we don't see such cataclysms. That would be bad for a whole lot of people.
-
Banks might collapse once bitcoin dominate the entire economic financial world status and banks will not merge to Bitcoin platform collapse is possible. Investment in Bitcoin now is in demand due to corona virus that hit the globe whether rich and poor both are possible victim of virus. Banks now are on the process to upgrade and apply the digital aspect to reach the costumers.
The banking system will not collapse because it is actually part of the state. For the banking system to collapse, bitcoin must simultaneously destroy the state structure of our society. Bitcoin has not the slightest chance against states. States can easily destroy Bitcoin, and with it the entire cryptocurrency market, especially if they unite for this purpose.
Therefore, the task of bitcoin is not to conflict with states and their banks, but to become an alternative payment system that will complement the existing payment system.