Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: bayu7adi on July 30, 2024, 01:33:15 AM
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.
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Bitcoin will not disrupt the conventional financial system, bitcoin will always be an alternative. To answer this, I have a question: how much potential will people use bitcoin for daily (retail-scale) transactions?
It is important to remember that bitcoin's dependence on the internet and devices can't be removed because the network and its use run on that infrastructure.
There are times when bitcoin can't be relied on, such as the absence of an adequate internet connection or the power of the device storing your bitcoins running out.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
I think it depends on the bank in your country, Bitcoin has a very complex technology and is very useful as financial security and transactions. If banks start to look at the technology owned by Bitcoin then they will only adopt, not replace the whole thing. So absolutely Bitcoin and Banks will never be able to unite. Banks also cannot be replaced by Bitcoin, We know that the very limited supply of Bitcoin is also an important problem and the condition of society is still very dependent on local banks and only people who understand technology will use Bitcoin to make transactions.
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No, Bitcoin is not trying to be a replacement for banks and its scalability does not allow it to be a decentralized network that processes daily transactions for more than 5 billion people. Also, the current price volatility makes Bitcoin more suitable as an investment than a means of making daily payments and even if the fees were low it would not be attractive because people prefer to spend money that is decreasing in value and hold the asset that is increasing in value.
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No, both of them have different purpose and usage. Bitcoin price and TX fee volatility also hinder Bitcoin used for daily transaction, which makes fiat remain better choice for average people who prefer stability and more consistent TX fee. At this stage, i expect only Bitcoin or privacy enthusiast would make payment with Bitcoin anyway.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
If we go on the tradition, banking system are essential to one nation's growth, just like the justice system with the police and others and then our congress or parliament.
And with that, it's going to be very difficult to replace the traditional banking system. Maybe we might have to rely on them less and less and there are a lot of un-bank people who goes 100% full crypto. But still though, for me as baking can't be replacement right away as there are things that people need bank. Maybe it can help with the CBDC as our center ground to have crypto individuals still trusting our old and reliable banking guys.
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Having a currency that allows you to send money internationally at low costs and increasing value will pose a risk to commercial banks and local currencies of countries with economic problems or hyperinflation. In such countries, citizens will lose confidence in the local currency and start hoarding dollars, bitcoins, gold or buying assets instead of trading using local currency.
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Sometimes it is just a process of understanding the technological tool, banks are certainly the formal medium between governments and individuals based on legal status.
What I said in my first paragraph has nothing to do directly with the use of individual bitcoin, that is, bitcoin can exist without the overlap of existing financial means.
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While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.
Yeah, although BTC was created to decentralize finance, centralized banks can still exist and profit if they support crypto services. J.P.Morgan used to dislike crypto but they've joined the BTC Spot ETF wave, Visa used to criticize crypto but they've also supported crypto users... These companies operate to make profits and they won't refuse profits from crypto market.
Many crypto-bank projects have failed and currently we only have DeFi with a few lending protocols in the market, which is not enough to threaten the existence of traditional banks. For me, high interest rates and CBDC are the main threats to commercial banks in the economy, not BTC and crypto.
- Crypto bank Sygnum posts profit after doubling crypto trading volumes (https://cointelegraph.com/news/crypto-bank-sygnum-reaches-profitability-amid-trading-volume-spike)
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Many crypto-bank projects have failed and currently we only have DeFi with a few lending protocols in the market, which is not enough to threaten the existence of traditional banks. For me, high interest rates and CBDC are the main threats to commercial banks in the economy, not BTC and crypto.
If there is such a thing as crypto-bank projects, I suppose platform coins like BNB, OKX, etc. could be a good example. In the end, there is a similarity between Binance and J.P. Morgan as centralized entities that aim to profit and provide financing. Some of these projects are successful so far, but their success is always linked to the strength of the service[/li]
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No, Bitcoin cannot threaten the existence of central banks neither fiat will do the same to Bitcoin. They do have different purpose of existence and of course nature so it doesn't seems they are making threats to each other because it will still depends on the people that is interested in using both systems. As investment I think fiat has no chance on this but if we are talking about the stability then Bitcoin won't stand a against fiat as well.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
While knowing and understanding the potential of Bitcoin to act like a bank under our fingertips, I don't see it to be replacing the usual banks soon. In fact, what we are seeing is that banks are adopting into Bitcoin as they know they can make big money with it. Bitcoin and banks can co-exist without any problem at all. The only way Bitcoin can threaten banks is when all people will be shifting to Bitcoin and will stop dealing with banks and their services/products...and realistically speaking I am not seeing that coming anytime soon. As time goes on, we can see that traditional banks and Bitcoin can even be complimenting each other and not really enemies by definition and intent.
Well you are right for me I don't see any chance of Bitcoin taking the place of banks in the society or nation, Bitcoin can't issue cash for me I see Bitcoin as a platform for investment and I agree that in time coming Bitcoin and banks will compliment each other.
Bitcoin has really helped in May ways in times of transaction and savings some banks have started to step up there games because of the creation of Bitcoin and how it is going and that is a welcome development.
Bitcoin is an investment and can't threaten the existence of bank, people are into Bitcoin because they see it as an investment and they buy and hold, some even trade Bitcoin, banks function in a different way from Bitcoin, let all remember that Bitcoin falls and also rise and this process takes a long time, just imagine you bought $1k worth of Bitcoin and you are planning on using that money to purchase a particular thing and Bitcoin falls what will be your hope, will you wait for months for it to rise and maybe lose what you wanted to purchase. So Bitcoin and Banks are two different thing and there's no way Bitcoin can replace Bank in a society or nation.
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I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.
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I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.
Different, but why are there CBDCs launched by China, US, UK, Canada and other big countries?? It is true that CBDC is not Bitcoin, but there is interference from Blockchain technology brought by Bitcoin... we all know that the real power for privacy issues is decentralized blockchain technology, while some banks are starting to respond to blockchain technology, but do not want to prioritize privacy...
Although Bitcoin is not really the same as a bank, the concept is enough to make some banks think it is a dangerous concept so that they choose to adopt it with certain limitations, such as the adoption of blockchain technology in the banking system in CBDC.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
If every shop, vendor, customer in my country accepted or made payments in the form of BTC directly, and the fee would be lower because I don't want to pay a $3+ fee to every shopkeeper for the thing that I bought for $1. Then I will say, Bitcoin is a big threat to the existence of central banks. But the fee can't be lower than the actual price of the product being bought or sold, and not every customer, vendor, or shop will be accepting BTC as a payment method.
So until things are like this, I don't think BTC is a threat to the central Bank. Because in this world, we need necessary things to live, like food, clothes, etc., etc. And to get these things we need currency in use. If BTC can't be used to buy or sell then I need fiat, and until their is demand for fiat BTC is not threat to Central Banks.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
I don't think it's possible, for the simple reason that banks are much more powerful and are supported by national states compared to Bitcoin. On the other hand, after 15 years, Bitcoin has come a long way if we take into account the price, but globally in terms of the number of users, we are still probably below 5%, and of that number, very few people use BTC as a currency.
This tells us that most people still trust banks, which, if we're honest, are much simpler for every client than Bitcoin in terms of wallets, private and public keys, fees, mempool, RBF, legacy or segwit addresses and much more...
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I think there is no benefit to the general public in creating a central bank digital currency. This is just misleading to the public. If a currency has a central authority then it cannot be matched with a cryptocurrency. The situation will be similar when a central bank creates digital currency in the same way that a central bank regulates commercial banks. People will never regain the confidence in that type of currency that they have in cryptocurrencies. I think none of the central banks that have taken such initiatives have succeeded in their currency.
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Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.
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Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.
Although bitcoin was not created to eliminate fiat, it is likely that this will happen in the future if the popularity of crypto dominates. But it won't be easy to happen because the government won't allow it. The government continues to maintain their fiat
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Bitcoin is not created to compete with fiat neither is it created to eliminate and replaced fiat instead it's created to boost the usage of cash like to give rise and speed up transaction where cash seems inaccessible bitcoin would give lift to it. Usually lot of people found Bitcoin to be worthy of holding instead of using it for the main purpose it was created, but today you hardly see people release the little they have instead they would keep accumulation.
Although bitcoin was not created to eliminate fiat, it is likely that this will happen in the future if the popularity of crypto dominates. But it won't be easy to happen because the government won't allow it. The government continues to maintain their fiat
Already we know it can never happened because it's not our primary currency even as that is not the true vision of bitcoin so it could be hard to likely happened. Bitcoin can replace fiat since people needs it in a paper form and of course if Bitcoin and any other cryptocurrency can be printable physical and accepted by everyone then there could be small challenges because not everyone who would afford to hold it but however, the government would protect their interest towards fiat since they had the central authority.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
An alternative if we hate the banks? Yes probably. Bitcoin replacing the banks? I don't think so.
Let's also add the fact that not all of the people around the world has an access to Bitcoin or even smartphone or even the internet at all. Banks might be centralized, but there's a reason why some people still prefer to put their money on their banks and that's security. Of course, those who don't know that much about financial literacy are the ones that will only put their money there, but still, I don't see any way of Bitcoin replacing the banks. Fiat currency will stay as long as it want to.
Soon, I believe there will be at time that Bitcoin will be used as an alternative payment more than what it is right now.
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In the past, that was the opinion of many countries, but it been proven that they can co exist and Banks can adopt Bitcoin I can still cannot imagine a world without banks.
We still need banks, There are so many functions where we still need banks, We cannot be 100% reliant to Bitcoin, because it will create chaos and collapse in a country's finances and monetary structure, They are better to coexist but not replace each other.
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That's what many people think about bitcoin that it will threaten the existence of central banks but not anymore. In my country, central banks even regulated a wallet which they earn because of it when people use the wallet. Lucky for us that they also supported different crypto which saves us the hassle to pay huge amount of money just for the transaction fee when you want to send crypto to other wallet. Bitcoin isn't the main currency so people will have to sell their crypto in order to cash out their assets.
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I think the question is too late to ask now. The banking financial system is adjusting (or have adjusted already) to the presence of BTC and the threat it poses to them. While some of them still refuses to offer crypto-related services, you can already see custodial and swapping. In short, people will continue to use banks and BTC/crypto at the same time.
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Central banks are not going anywhere, because governments need central banks since they are the ones who give the government money, not Bitcoin.
Bitcoin would be good in a libertarian-run country, but this is not the model with which any country operates in right now, so you have to work with what you have, and Bitcoin is an impractical option for many governments' finance ministries.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
If you ask me, I did say that Bitcoin doesn't have to take the central banks out of business to become, and stay relevant in our society, banks; which represent our current fiat money system, can still be in operation, while bitcoin co-exist with it.
So, in the nutshell, I did say that Bitcoin is not a threat to central banks, even though central banks see it as one, bitcoin is only making the financial industry more competitive by offering a great alternative to services provided by the central banks, and like I said before, both can co-exist, since not everyone will use bitcoin, and not everything can possibly be bought with, or sold for bitcoin.
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In my opinion, although Bitcoin is decentralized and can really be beyond government control. But so far, Bitcoin has not been able to treat the existence of banks that deeply. because yes, the government and the world bank have very high power, so it will be very difficult with the various intrigues and strategies they have put together to be able to limit the movement of Bitcoin.
Indeed, we may always be optimistic that Bitcoin can do it, but again it often collides with various interests that are arranged in a law that complicates or limits the movement of Bitcoin and crypto in general, and unknowingly we also have to do it. Although we can indeed do various transactions with crypto without bank intermediaries, there are still many countries that prohibit it and as a result, not many merchants do it. so for now, it still cannot be said to be threaten. Only if it has an influence, maybe there has been an influence.
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In my opinion, although Bitcoin is decentralized and can really be beyond government control. But so far, Bitcoin has not been able to treat the existence of banks that deeply. because yes, the government and the world bank have very high power, so it will be very difficult with the various intrigues and strategies they have put together to be able to limit the movement of Bitcoin.
Indeed, we may always be optimistic that Bitcoin can do it, but again it often collides with various interests that are arranged in a law that complicates or limits the movement of Bitcoin and crypto in general, and unknowingly we also have to do it. Although we can indeed do various transactions with crypto without bank intermediaries, there are still many countries that prohibit it and as a result, not many merchants do it. so for now, it still cannot be said to be threaten. Only if it has an influence, maybe there has been an influence.
We know that Bitcoin is not the only cryptocurrency that can work with some of the world's largest banks. We know that there are still several other cryptocurrencies that have successfully worked with large banks and are currently still being used well. An example is ripple (xrp) which is still working with various large banks.
Although the direct use of Bitcoin by banks is still limited, the underlying blockchain technology has enormous potential to revolutionize the financial industry. Many banks have begun experimenting with this technology and it is expected that in the next few years there will be wider adoption.
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So.. do you believe that Bitcoin has a chance to replace banks??
maybe in the next 100 years but for now not really as long as fiat exists banks will always have a purpose in the world. there are many unbanked but they are not the majority the majority of people still use banks.
In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
this is what real adaption means anyway but i think banks and blockchain technology should coexist and it is what we will see fiat and crypto coexisting and not literally replacing one another but who knows what the future may bring?
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Central banks are not going anywhere, because governments need central banks since they are the ones who give the government money, not Bitcoin.
Bitcoin would be good in a libertarian-run country, but this is not the model with which any country operates in right now, so you have to work with what you have, and Bitcoin is an impractical option for many governments' finance ministries.
Bitcoin is one of the best investment in the world right now and the best crypto coin, Bitcoin has really made some investors rich and has increased the economy of the world, Bitcoin can never overthrown the central banks of countries as I'm speaking to you there are countries that has not accepted Bitcoin to be used in there country and has even made it illegal and if caught using will be arrested and prosecuted.
The function of central banks of any country is different and can never be performed by Bitcoin, the central banks of countries are responsible for printing money,
Bitcoin can function in a particular way and can be used as a means of payment.
Bitcoin should be accepted as a means of payment, some countries has already made it legal and has started using it as a means of payment and it has helped to develop and build there economy,
The reason why some countries has not accepted Bitcoin as a form of payment is because they see Bitcoin as promoting crime for example if you make a transaction with someone using Bitcoin and may later they want to fine the person you made the transaction with you can not find or track down the Parson Because of the way crypto functions no trace, no identity can be discovered.
And also some countries feels Bitcoin will destroy or bring down there economy.
Bitcoin can never replace central banks of countries because it can't perform it's functions.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin cannot replace banks and it was never created to replace banks but to serve as alternative to the traditional fiat currency. The introduction of CBDC by banks was done to create a competitive environment for bitcoin adoption that is already winning over. If banks introduce the CBDC and its centralised which I know it is already, if had already violate the rule of decentralisation, so it becomes like the traditional currency again. Bitcoin cannot replace banks and banks are their biggest competitor which bitcoin never aimed at that. Bitcoin has provided a lot of anonymity, security and self custody for users, so that is what the traditional banks cannot beat and will fight it till the end.
No, both of them have different purpose and usage. Bitcoin price and TX fee volatility also hinder Bitcoin used for daily transaction, which makes fiat remain better choice for average people who prefer stability and more consistent TX fee. At this stage, i expect only Bitcoin or privacy enthusiast would make payment with Bitcoin anyway.
This is just perfect, they both have their purposes and anyone that wish to go for any will look into what they’re after and what they want that to solve for them at that moment. It is very important to not add hatred to any thy you might dislike, they both serve their purposes and your niche will determine the one to use at that time or the one you want to continue using. Having two options is great because Satoshi never created bitcoin to competitive or replace banks but to serve as an alternative to it.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
I think that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
I think that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.
I don't think central banks will be abandoned because after all we still need banks for daily transactions. Maybe in the future when crypto dominates, banks will be left behind, but that will take a long time, because not all governments can accept bitcoin as a payment method.
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I don't think central banks will be abandoned because after all we still need banks for daily transactions. Maybe in the future when crypto dominates, banks will be left behind, but that will take a long time, because not all governments can accept bitcoin as a payment method.
I think it could happen, bitcoin is a threat to central banks. This happens if central banks do not implement crypto technology. We see that the government has also started to adopt blockchain technology by creating digital currency. So I think the government has actually thought about this, but I don't know the government that prohibits bitcoin in their country, are they afraid?
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
The intention of bitcoin creation was not to disrupt the existence of fiat currencies or the central banks and the government, instead, bitcoin was created just to serve as an available and decentralized alternative for the people to use instead of the traditional fiat currencies, it was the presence of bitcoin and the unique roles it's playing in the economy and financial support driven to every users who adopt for it's uses and needed the change regarding the way governments handles the financial regulations and system entirely.
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Haha, power is always superior to money, i know many people dont buy such comments but in my view, modern financial structure is also a new game for us and you never know the real agenda behind the new regulatory era. TBH Bitcoin s Bitcoin and central banks are central banks, nothing is gonna completely wiped out as far as there's the need of them.
i can put some more words this topic is super recurrent, so i think my words would be same as others.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
I think that at first banks and bitcoins can coexist, then little by little people might ask themselves why pay a bank when I can keep my bitcoins myself? That will happen little by little afterwards, a gradual abandonment of banks in favor of self-custody. Clearly, many years if not decades will pass after the mass adoption of bitcoin.
True and that is very possible anf take note that change is the only constant so meaning we change maybe because of experiences and it could also be that some might find potential in Bitcoin compared to the traditional banking system.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
It has the chance of replace of the traditional banking system. Because if we look back to the history then we will seen that the days gone and the system of these ecomic exchanges make changes on it self now world is already in digital phase, And the days it's going it is also looking forward to the decentralized eco system and I think in the future era the Bitcoin will replace the traditional banking system.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
BTC is decentralized, but it was never created to become the major currency in the world, neither can the BTC network overtake the banks. BTC was created to be an alternative, an alternative for people who don't want to be censored, BTC is censorship resistant and permissionless, so it is an alternative for people who are interested in its use cases.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
BTC is decentralized, but it was never created to become the major currency in the world, neither can the BTC network overtake the banks. BTC was created to be an alternative, an alternative for people who don't want to be censored, BTC is censorship resistant and permissionless, so it is an alternative for people who are interested in its use cases.
In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....
BTC will indeed not be able to outperform banks, but the system in BTC can change bank behavior to the point of having a significant influence on the banking system... this is what I mean by the presence of BTC being able to take over several functions of banks and force banks to change their systems a little.
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In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....
BTC will indeed not be able to outperform banks, but the system in BTC can change bank behavior to the point of having a significant influence on the banking system... this is what I mean by the presence of BTC being able to take over several functions of banks and force banks to change their systems a little.
For now, decentralized bitcoin is not a threat to banks, but it is possible that it could happen in the future. CBDC is proof that banks have started to adopt crypto technology, we will likely see many more coins like CBDC. The government actually understands that crypto is a modern technology that they must adopt, maybe they are still doing research.
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The government actually understands that crypto is a modern technology that they must adopt, maybe they are still doing research.
i am sure that the government knows what is crypto, what it does do, and what it can do which is why a lot of governments are scared of potentially what it can mean to their citizens’ privacy and anonymity
some governments though rely to support crypto and take advantage of what it can bring to the table however governments supporting crypto does not take out the centralization out of it which is why people still do not fully trust cbdc for example
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In some cases, BTC itself cannot be better than a bank... however, the mechanism brought by Bitcoin should be used as a benchmark for whether Bitcoin really intervenes in banks.... indeed, banks will never be decentralized, but there are several mechanisms of cryptocurrency that are finally adopted by banks, thus giving birth to CBDC....
What mechanisms are you talking about bro, it is true that different governments want to launch their own digital currency soon, but that is not changing anything about the banking system. Cbdc's would simply be fiat currencies, but in a digital form, which is even worse than paper money, because it is anti-privacy and pro-surveillance and will give the authorities more ease in tracking people's finances. You are i can sure agree that it has no similarity with BTC, eh?
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin can only replace banks if it becomes independent of them but current developments are not making Bitcoin independent of banks instead they are integrating banks with BTC and other crypto currencies like the news of Safepal wallet integrated with Swiss bank. This development is good for the industry but it has made people more dependent on the banks.
Taking this example in mind we can understand that the banks will do everything to make us dependent on them. They will give us loans with lesser interest, they will give us insurance, they will give us other subsidies, etc. But BTC cannot replace banks in the next 50 years even because we are so dependent on banks.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin can only replace banks if it becomes independent of them but current developments are not making Bitcoin independent of banks instead they are integrating banks with BTC and other crypto currencies like the news of Safepal wallet integrated with Swiss bank. This development is good for the industry but it has made people more dependent on the banks.
Taking this example in mind we can understand that the banks will do everything to make us dependent on them. They will give us loans with lesser interest, they will give us insurance, they will give us other subsidies, etc. But BTC cannot replace banks in the next 50 years even because we are so dependent on banks.
For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.
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First thing first, you must know that bitcoin is not design to replace the financial system like the bank, but to provide an alternative avenue to our financial need.
While banks are third party financial system, bitcoin on the other hand is known to you being your own bank, so the two are totally different from each other.
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First thing first, you must know that bitcoin is not design to replace the financial system like the bank, but to provide an alternative avenue to our financial need.
While banks are third party financial system, bitcoin on the other hand is known to you being your own bank, so the two are totally different from each other.
Bitcoin offers financial freedom because it is decentralized, while banks always have government intervention in them. Right now I don't think bitcoin will replace banks, but we don't know what will happen in the future. This could happen when people already know a lot about crypto and it becomes more popular, they are more comfortable using crypto than banks, it could be that banks will be replaced
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For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.
The BTC network is never going to function like the traditional banking system, as long as it continues to be decentralized. BTC was not created to replace the banks, it cannot do that, BTC is an alternative and the both system have what they offer.
I have BTC's in my self custodial wallet and i also have fiat in my bank account, i use the two systems, and it is the same for 99.9% of bitcoiners.
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For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.
The BTC network is never going to function like the traditional banking system, as long as it continues to be decentralized. BTC was not created to replace the banks, it cannot do that, BTC is an alternative and the both system have what they offer.
I have BTC's in my self custodial wallet and i also have fiat in my bank account, i use the two systems, and it is the same for 99.9% of bitcoiners.
Currently, Bitcoin cannot replace banks, because the government still likes centralization. While we know Bitcoin is decentralized. We can have both to store our assets, because as long as Bitcoin can be used for payment methods because it is not permitted by the government, we still need fiat.
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Currently, Bitcoin cannot replace banks, because the government still likes centralization. While we know Bitcoin is decentralized. We can have both to store our assets, because as long as Bitcoin can be used for payment methods because it is not permitted by the government, we still need fiat.
Bitcoin should be comparable to Gold which traditional market consider the best asset, Bitcoin and banks comparison is only asset transfer, there is nothing comparable with bank and Bitcoin after that. It can't replace the work bank has establish but it can beat any hedge fund and any investment that has existed years before now. Bitcoin is decentralized, censorship resistance and many more while banks are complete opposite of what Bitcoin believes in.
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Bitcoin should be comparable to Gold which traditional market consider the best asset,
And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.
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Bitcoin should be comparable to Gold which traditional market consider the best asset,
And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.
Honestly, I prefer bitcoin for investment than gold. I don't have a large capital so I don't buy both but choose one that I think is more profitable and bitcoin is my choice. I never thought bitcoin would be a competitor to gold in the future, but I believe it will happen.
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Bitcoin should be comparable to Gold which traditional market consider the best asset,
And this comparison has been on for sometime, i always recommend that people should buy the two assets if they can. However, if they must buy only one of them, then it would depend on what they want, if they don't mind volatility and are ready to be patient in waiting for profit, then they should buy BTC, but if they want an asset that is stable, though the returns are not so big, then gold is for them.
Honestly, I prefer bitcoin for investment than gold. I don't have a large capital so I don't buy both but choose one that I think is more profitable and bitcoin is my choice. I never thought bitcoin would be a competitor to gold in the future, but I believe it will happen.
Gold is an old investment that is very much liked by the older generation, it is very difficult to change the older generation to accept bitcoin because they already have high confidence in gold. I invest in both, even though I am not a person who has a lot of capital but I try to invest for my future and my family.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
no they won't replace banks. btc can't do the volume banks can do. but crypto likely has forced banks to do better money transfers.
take zelle in the usa. it is bank to bank it is free and it is under 1 minute time. I firmly believe btc and other coins pushed zelle into existence to let banks compete.
yeah it is inside USA not world wide but it is a big improvement for the USA banks.
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You want to look at usability aspect first before talking about other positives of Bitcoin.
At the moment, if you want to spend BTC, you have to go through banks, so you can't even spend it independently without going through banks then how can you say it can threaten the existence of banks?
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I think Bitcoin will really threaten the banks at some point because slowly but surely people are moving towards Bitcoin and towards banks but people are slowly leaving the banks for the hassle. And the rush to Bitcoin. Bitcoin presents a significant challenge to central banks and has had an impact on the monetary policy landscape, but whether it poses a direct threat to their existence is hard to say. In turn, this has forced central banks to adapt their economic models and adapt to technological change. In the future, both central banks and cryptocurrencies may coexist, with cryptocurrencies providing an alternative financial system, while central banks maintain their traditional roles. If this continues, the banks may be out of business.
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The purpose of creating bitcoin is not for it to battle the bank or undo the banks. Bitcoin is created as an alternative currency to fiat. It is created for decentralization purpose. It gives one freedom to manage their finance but this does not mean that banks are not needed. Bitcoin is not government project and government will therefore not wholy adopt it. Since there will always be a government, bitcoin cannot undo the banks. Do not forget that the bank is the means by which the government enrich themselves by printing more paper called fiat with value. There is no doubt, bitcoin is going to revolutionaries the financial system but it will not eradicate the banks and fiat.
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You want to look at usability aspect first before talking about other positives of Bitcoin.
At the moment, if you want to spend BTC, you have to go through banks, so you can't even spend it independently without going through banks then how can you say it can threaten the existence of banks?
Even banks are only used as tools for someone to dance in the cryptocurrency world... after buying Bitcoin, the bank no longer knows the track record of where our money has gone because the bank never has access to the bitcoin blockchain... the bank feels that it controls everything, but in reality it is beyond its ability to monitor its customers' assets...
The gate can never know what the chef is cooking in the kitchen... so the bank is only present at the beginning, not present during the main event related to freedom in the cryptocurrency world.
Some people consider privacy to be more important, and banks are not perfect enough to protect someone's privacy.
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No no no . People are getting the whole concept wrong. Bitcoin won't overcome fiat besides it's a crypto currency more like a break through to the digital banking system yeah it's decentralised but it's obviously wasn't created by SATOSHI to overcome fiat. Bitcoin was created as an alternative for of digital currency that doesn't require and third party like a bank or even the government.
Even as much as we make bitcoin important more and more with it's Value increasing, fiat is still as much important as it will always remain a legal tender. Plus bitcoin itself is priced in fiat too if you come to think of it.
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For now, banks still play an important role in our lives and are needed by many people. As you said, banks provide loans, insurance, etc. so at this time bitcoin cannot replace banks. it still takes a long time to integrate bank functions into crypto and people are also more familiar with fiat from banks than bitcoin.
Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.
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I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.
Different, but why are there CBDCs launched by China, US, UK, Canada and other big countries?? It is true that CBDC is not Bitcoin, but there is interference from Blockchain technology brought by Bitcoin... we all know that the real power for privacy issues is decentralized blockchain technology, while some banks are starting to respond to blockchain technology, but do not want to prioritize privacy...
Although Bitcoin is not really the same as a bank, the concept is enough to make some banks think it is a dangerous concept so that they choose to adopt it with certain limitations, such as the adoption of blockchain technology in the banking system in CBDC.
Yes, CBDC has been launched in several big countries such as China, US, UK, Canada and other big countries, Bitcoin technology has been adopted into CBDC. I think governments and banks have started to adopt crypto technology and in the future we will see many digital coins made by governments and banks.
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You want to look at usability aspect first before talking about other positives of Bitcoin.
At the moment, if you want to spend BTC, you have to go through banks, so you can't even spend it independently without going through banks then how can you say it can threaten the existence of banks?
Plenty of ways to not use a bank yet use btc.
I sold lots of gear for btc and I sold over 325 oz of silver on bitcointalk this year. One sale was doge the other two were btc.
I doubt btc can replace banks because it runs out of coins down the road. I AM yet to see a long term solution for btc to work as p2p for centuries
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Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.
Yes that is right Bitcoin was created to work alongside banks not replace them. It has special features that make it good choice for certain financial tasks. Many people around world use and recognize Bitcoin which shows its value. Banks are still better in some areas like following rules and being widely accepted. But Bitcoin has its own strengths like being independent secure and easy to access.
We should not compare banks and Bitcoin if one is better and other is not. Instead of this we should see good things about both and let them exist together. Each one can serve different purpose. Use bank or Bitcoin depends on you what you need and prefer. By seeing value in both we can create financial system that offers more choices and is fairer for everyone.
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Banks cannot be override or taken out of the way for bitcoin to excel only in the financial system. Bitcoin was never meant to replace bank but to serve as alternatives to bank. The many features of bitcoin makes a more efficient option to banks and has gain global recognition and use from inception. Banks still has their advantage over bitcoin in the points you’ve just mentioned, but that does not mean we will do away with any one of them at anytime now, they both have their individual strengths and advantages over each other. It is what you value more and need that will determine which of them to go for at that time.
Yes that is right Bitcoin was created to work alongside banks not replace them. It has special features that make it good choice for certain financial tasks. Many people around world use and recognize Bitcoin which shows its value. Banks are still better in some areas like following rules and being widely accepted. But Bitcoin has its own strengths like being independent secure and easy to access.
We should not compare banks and Bitcoin if one is better and other is not. Instead of this we should see good things about both and let them exist together. Each one can serve different purpose. Use bank or Bitcoin depends on you what you need and prefer. By seeing value in both we can create financial system that offers more choices and is fairer for everyone.
Yep. I use Doge and Ltc and BTC For payments and wealth storage.
I also use credit cards and PayPal and Zelle from my bank. I even use checks but very rarely. Maybe 10 a year.
I am leasing a car today. I will pay most of the lease upfront with a check. Finance it with Hyundai and use a direct pay from my bank to pay the lease.
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Yep. I use Doge and Ltc and BTC For payments and wealth storage.
I also use credit cards and PayPal and Zelle from my bank. I even use checks but very rarely. Maybe 10 a year.
I am leasing a car today. I will pay most of the lease upfront with a check. Finance it with Hyundai and use a direct pay from my bank to pay the lease.
So no one threatens anyone, Bitcoin remains decentralized and can be used for payments and wealth storage for long-term investments and the central bank stays with the system and remains the main payment for your rent payments and other payments.
Everything goes according to their respective rules and systems, Bitcoin will not threaten the existence of a central bank and even Bitcoin becomes a more transparent alternative payment option and becomes a decentralized long-term investment.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world. But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.
But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world. But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.
But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.
The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world. But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.
But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.
The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.
Yeah you are right there are people who still don't know about Bitcoin and if you tell them Bitcoin is the best place to keep there life savings they will never believe because they will feel there money will be stolen, a man told me since he don't know the owner of Bitcoin and since the creator has disappeared is not something to put your money into and since they don't have any office like banks do one can't trust Bitcoin he also said when you have any issue about missing money in your account you can run to bank office anywhere in the country and the issue we be resolved but in Bitcoin who will one run to and which office will one go to, he also told me about his friends who has invested in some coins that lost there Money even when i told him those were shitcoins he didn't listen to me because he believed all are all the same, shitcoins has caused a lot of damage to Bitcoin people who has lost money in shitcoins feel even Bitcoin is a shitcoins and should not be taken seriously and that is a big problem for Bitcoin and that is why Bitcoin can never take over Banks.
We all know Bitcoin is volatile in nature you can save $1,000000 in Bitcoin and a month later you are seeing $900,000 this always scare people away but they forget a dip in Bitcoin is part of it's growth and that it is certain that Bitcoin will still rise again and that 1 million dollars can turn to 2 million dollars in a year or two.
A time will come when banks and Bitcoin will work together and one can convert Bitcoin to cash in Banks.
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The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.
Actually, the banking system will exist as bad people have existed since the beginning of the world. I don't mean that banks are those bad peoples example.
The thing is I mean that some time we can't remove of the existence of a things what we want not to be exist and banks are the those facts we can't remove from our society or from world because even bitcoin is popular have decentralized ecosystem but it has volatile market price and that is not perfect for everyone to use in personal life because some time they can fall into a big problem while bitcoin market dump.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world. But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.
But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.
The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.
Yeah you are right there are people who still don't know about Bitcoin and if you tell them Bitcoin is the best place to keep there life savings they will never believe because they will feel there money will be stolen, a man told me since he don't know the owner of Bitcoin and since the creator has disappeared is not something to put your money into and since they don't have any office like banks do one can't trust Bitcoin he also said when you have any issue about missing money in your account you can run to bank office anywhere in the country and the issue we be resolved but in Bitcoin who will one run to and which office will one go to, he also told me about his friends who has invested in some coins that lost there Money even when i told him those were shitcoins he didn't listen to me because he believed all are all the same, shitcoins has caused a lot of damage to Bitcoin people who has lost money in shitcoins feel even Bitcoin is a shitcoins and should not be taken seriously and that is a big problem for Bitcoin and that is why Bitcoin can never take over Banks.
We all know Bitcoin is volatile in nature you can save $1,000,000 in Bitcoin and a month later you are seeing $900,000 this always scare people away but they forget a dip in Bitcoin is part of it's growth and that it is certain that Bitcoin will still rise again and that 1 million dollars can turn to 2 million dollars in a year or two.
A time will come when banks and Bitcoin will work together and one can convert Bitcoin to cash in Banks.
BTC and banks already work together. In the USA
Wells Fargo works with coinbase
PayPal works with syncronitcy bank and coinbase.
and Citibank works with Coinbase.
Banks are not going anywhere but they have been improved due to BTC. As Zelle now works in the USA and allows instant cash sends bank to bank
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BTC and banks already work together. In the USA
Wells Fargo works with coinbase
PayPal works with syncronitcy bank and coinbase.
and Citibank works with Coinbase.
They don't work together, Banks work with other services that provide services to customers owning Bitcoin.
By the same analogy, Well Frago works with euros or Mastercard works with Coca-cola because you can buy an of juice with a card.
Bitcoin is a tool, everyone can use it as they see fit, that's the beauty of it, but a tool doesn't decide a thing, it can't act on its own and it can react to something, that's why no matter what a cryptocurrency will never be able to replace a central bank since it's not a sentient or run by a sentient being. Gold has not replaced central banks, quite the opposite, nor will Bitcoin.
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
Bitcoin is an investment asset so nobody will ever use Bitcoin as fiat money because its price is unstable. But since Bitcoin is a very profitable investment asset. So the bank's funding may decrease as people invest heavily in it. So this could be a problem due to the rise in popularity of Bitcoin
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Banks will always be banks, banks will never be replaced with Bitcoin. Because, Bitcoin is a completely decentralized currency and its control is always with each holder. so it has no chance of being replaced with banking. However, its massive amount of publicity can increase people's investment in Bitcoin. Like investing in assets like gold or land
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I think Bitcoin is not a threat to central banks. However, many believe that the Bitcoin market is still small and underutilized. So it cannot have a major impact on central banks. However, some banks and government agencies are trying to take advantage of blockchain technology.
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in my opinion BTC has the potential to become a rival to conventional banks now. considering that the structure presented by crypto is broader and safer than conventional banks. so it is not surprising that people are starting to invest in crypto because there have been no incidents of BTC being hacked unlike conventional banks which are often hacked by people. And even though the price is still unstable now, because it hasn't been completely legalized yet, I'm sure, in the future it will replace conventional banks if it is completely legalized, right?
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Bitcoin is decentralized and we all believe it still has the potential to take over central banks if people start to understand modern financial structures...
Some people feel that banks are quite detrimental to consumers... mafia and very complicated administrative schemes make it a very detrimental challenge... and the presence of Satoshi Nakamoto with his Bitcoin has made some people start to explore further about its potential...
So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
Bitcoin bring the freedom to the financial system and the main goal of the Satoshi Nakamoto is this. And day by the it also spreading in the world. But there is a large area what are out of the range of internet and where no internet access they could familiar with the digital currencies i.e. the cryptocurrencies.
But if we look back to the past history then we will see there are lots of changes of ours financial eco system so in this regard I want to say that may we can see the bitcoin usage in a large scale but Banking system will stay in the world.
The banking system will still exist in this world, because not everyone knows and invests in bitcoin. Bitcoin offers financial freedom, this is what worries the government. but I believe in the future banks and bitcoin will coexist and complement each other.
Yeah only few are investing in Bitcoin and majority still prefer the traditional way and yeah financial freedom is what drives most of us here and I can see traditional banking and Bitcoin coexist in the future because they are best in that way but I am just concerned about government restrictions on cryptocurrency in general because based on my observation they started to put pressure on some private things like Telegram so I am just hoping it ends there not to the point of crypto getting kicked out of business.
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BTC and banks already work together. In the USA
Wells Fargo works with coinbase
PayPal works with syncronitcy bank and coinbase.
and Citibank works with Coinbase.
Banks are not going anywhere but they have been improved due to BTC. As Zelle now works in the USA and allows instant cash sends bank to bank
I'm sure that's true, but we can only find this collaboration between banks and Bitcoin or cryptocurrency in few countries, a lot of governments/ countries despise the existence of crypto currency, and because of that, they restrict banks and other financial institutions to avoid any form of collaboration with Bitcoin and crypto currency at large, this is because they believe that the existence of crypto currency posses a threat to them because of its decentralized nature, since they won't be able to control the financial affairs of individuals within their jurisdictions. It takes only those countries that understand the concept of crypto and how much positive impact it can make will be able to accept and completely legalise crypto in their country and allow them to collaborate with banks.
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If Bitcoin were to gain more and more influence and take it away from banks, I would be only happy. After all, banks are controlled by the external geopolitical situation. And if something is wrong, then any person can be deprived of their right to send money abroad. Not to mention that they can freeze accounts. And cryptocurrencies give us confidence that we will stay with our money.
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I think Bitcoin is not a threat to central banks. However, many believe that the Bitcoin market is still small and underutilized. So it cannot have a major impact on central banks. However, some banks and government agencies are trying to take advantage of blockchain technology.
BTC was created to be a currency, and each individual would become their own bank by self-custody rather than relying on intermediary banks. Therefore, it is the users and their financial habits that pose a threat to the existence of banks. If all users only trust crypto and trade BTC with each other, banks would have no revenue and would soon go bankrupt. BTC is merely a financial tool and not a risk to banks.
Currently, while investors are still tied to CeFi, banks continue to exist and profit from traditional finance. However, I believe they are interested and ready to support crypto services for customers to generate additional revenue from crypto as soon as governments have legal frameworks for crypto assets.
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Yeah only few are investing in Bitcoin and majority still prefer the traditional way and yeah financial freedom is what drives most of us here and I can see traditional banking and Bitcoin coexist in the future because they are best in that way but I am just concerned about government restrictions on cryptocurrency in general because based on my observation they started to put pressure on some private things like Telegram so I am just hoping it ends there not to the point of crypto getting kicked out of business.
Can you say why the majority still prefer the traditional way or used the traditional banking?
Most of the people are not know about the bitcoin and the internet in the world and I think the authorities are also in the behind to not familiarize people about the decentralized ecosystem because here may be they loose their business on banks?
Because if peoples will use the decentralized eco system the they might also loose the control on the ecosystem. All of these outcome result we are seeing that bitcoin are not familiarising to the peoples
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If all users only trust crypto and trade BTC with each other, banks would have no revenue and would soon go bankrupt.
Banks are more than just trading or depositing money.
They offer credit lines, they offer loans, no crypto can do that unless you have collateral, so for 90% of the population banks are the only solution for a mortgage or a loan, and this will not change ever, you still need some to take those even in Bitcoin world.
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Bitcoin and banks are two different ways of financial systems, and they both work for the benefit of people. However, the thing that separates them is their approach to financial freedom. Banks do not provide financial freedom; in fact, they bind you and use your money for their investments while also giving you limited access when you try to withdraw your money. On the other hand, Bitcoin offers a free system and freedom, putting everything at your fingertips.
If people understand this and learn how to use Bitcoin for their daily needs, then, of course, it will threaten the banking system. However, it may not be possible because fewer people know about the use of Bitcoin, and banks involve them in a trap system. I believe the next generation will fully understand Bitcoin, and if that happens, there may be no banking system at that time.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
For the most part, banks are not threatened by bitcoin but by stablecoins like USDT, and they are constantly fighting them, constantly launching negative news that they either have no collateral or it is fake or it is insufficient in their opinion. I don’t think this should be believed and taken as the truth, but such anti-advertisement works and because of this, fewer people come to cryptocurrency and therefore they continue to feed people with false news about bad cryptocurrency.
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The potential for Bitcoin to replace traditional banks is an interesting idea, but it is complex and has some challenging issues to implement.
Bitcoin's decentralized nature and ability to operate without intermediaries has given it a unique position in the financial world. It can give consumers more control and reduce reliance on centralized institutions like banks. It is attractive to those who find conventional banks opaque, overly complex, exploitative. However, completely replacing banks with Bitcoin is unlikely in the near future. Banks provide a range of services beyond simply storing and transferring money, such as credit, loans, and financial planning, which are deeply connected to the economy. Moreover, governments and regulatory agencies have significant influence over the financial system, and they will likely adapt or modify Bitcoin rather than replace it. Central Bank Digital Currency (CBDC), which is a digital form of traditional currency using blockchain technology, is one way that traditional banks and governments are responding to the rise of cryptocurrencies. A CBDC can offer some of the advantages of Bitcoin, such as faster transactions and lower costs, while maintaining central control.
Ultimately, while Bitcoin has the potential to challenge and even disrupt the traditional banking system, replacing banks entirely is long-term and uncertain. Instead, we may see a future where both coexist, with Bitcoin providing an alternative to and complementing the conventional financial system.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
For the most part, banks are not threatened by bitcoin but by stablecoins like USDT, and they are constantly fighting them, constantly launching negative news that they either have no collateral or it is fake or it is insufficient in their opinion. I don’t think this should be believed and taken as the truth, but such anti-advertisement works and because of this, fewer people come to cryptocurrency and therefore they continue to feed people with false news about bad cryptocurrency.
Regarding USDT, the only trust that stablecoin users have is if the manager actually buys USD equivalent to the related stable coin. And proving that is certainly the responsibility of the related stable coin manager... if the accusations from the bank are successfully refuted by the manager and it is announced, then the next accusations will be weakened and people will trust the related stable coin manager more.
It seems that from the existence of stable coins, it is quite troublesome for banks. Considering its current circulation which is quite large and many blockchains that support stable coins.
+1 karma for you.
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So.. do you believe that Bitcoin has a chance to replace banks?? In fact, some banks are adopting an important element of Bitcoin, namely blockchain technology... we know it as CBDC...
For the most part, banks are not threatened by bitcoin but by stablecoins like USDT, and they are constantly fighting them, constantly launching negative news that they either have no collateral or it is fake or it is insufficient in their opinion. I don’t think this should be believed and taken as the truth, but such anti-advertisement works and because of this, fewer people come to cryptocurrency and therefore they continue to feed people with false news about bad cryptocurrency.
Regarding USDT, the only trust that stablecoin users have is if the manager actually buys USD equivalent to the related stable coin. And proving that is certainly the responsibility of the related stable coin manager... if the accusations from the bank are successfully refuted by the manager and it is announced, then the next accusations will be weakened and people will trust the related stable coin manager more.
It seems that from the existence of stable coins, it is quite troublesome for banks. Considering its current circulation which is quite large and many blockchains that support stable coins.
+1 karma for you.
Yes, it's not even about who and how provides the stablecoins, but the essence of the news itself, for example, we won't go far and remember how Pavel Durov was arrested the other day, after his arrest you probably noticed how the rate dropped, these were not simple token holders but network validators, because of whom the network began to slow down a lot because some of them pulled out their coins from there and the throughput dropped a lot, I gave this example so that you understand that even bad news that doesn't have much of an impact (or doesn't have any impact at all) can cause serious damage and the same banks saying that others don't have collateral can also cause serious damage because some believe everything bad and don't even think to double-check.
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I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.
I also don't think that bitcoin will replace banks, because I think it will take a long time and the government will not let it happen. The government will definitely always protect banks and FIAT. Although we know many advantages of using bitcoin, I am sure the government will also issue its digital currency.
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I say no, because banks and bitcoins are different. If BTC can replace banks, then BTC is regulated by the government. There is no longer any secret about its ownership. So it is impossible for BTC to replace banks. There will definitely be an imbalance in the comfort of transactions if it is monitored.
I also don't think that bitcoin will replace banks, because I think it will take a long time and the government will not let it happen. The government will definitely always protect banks and FIAT. Although we know many advantages of using bitcoin, I am sure the government will also issue its digital currency.
Why do you focus on the differences? While between BTC and banks there are some similarities that could actually be an opportunity for BTC to take over the position of banks that lead in certain sectors, yes because maybe most people think that banking is quite boring and complicated...
For example, the similarities between Bitcoin and banks are, both can be used as payment gateways, which means both must have their own fans, indeed overall, the total transactions using BTC are still small, but it does not rule out the possibility that banks are starting to be threatened because cryptocurrency still has the potential to grow and attract other users who love privacy.
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Bitcoin is best profitable crypto in cryptocurrency world. I think that bitcoin is also a digital crypto bank in cryptocurrency market. But another we saw it’s price will up and down sometimes. But almost time bitcoin price is high than others crypto currency. I also believe that bitcoin is not threaten for central bank’s. But we can see that people also want to know which is the best profitable for, so they selected bitcoin. So i believe that existence in central bank’s is not threaten to bitcoin.