Do you think Bitcoin has put the banking sector on Checks?

[Aanuoluwatofunmi]

Left on banking sectors now, because bitcoin has already placed them on a lifetime check, there are many regulations tied to the use of a banking system which cannot work in cryptocurrency that same way, Bitcoin is now a game changer of all these and never again can we be in such trauma of using the commercial banks without remedy, ever since the introduction of bitcoin, they already know that people have shifted from using them mostly for bitcoin.

[sampoerna]

That's why, various parties related to banks don't like crypto, one of the reasons is this, more and more people are self-aware to choose to save their money in crypto rather than deposit in the bank. Because so far, this is more profitable, and also we are the only ones who really hold our money. While in the bank> After we invest the money, we don't even know where the money goes because it will definitely be circulated by the bank. but if we invest in crypto and hold it alone in our personal wallet, then we ourselves can regulate the movement of our crypto assets.

[MrSpasybo]

That's why, various parties related to banks don't like crypto, one of the reasons is this, more and more people are self-aware to choose to save their money in crypto rather than deposit in the bank. Because so far, this is more profitable, and also we are the only ones who really hold our money. While in the bank> After we invest the money, we don't even know where the money goes because it will definitely be circulated by the bank. but if we invest in crypto and hold it alone in our personal wallet, then we ourselves can regulate the movement of our crypto assets.

Currently, banks have been more actively involved in the crypto market to serve customers and generate more revenue. The period of banks resisting crypto has passed, although the ECB still maintains an extreme and outdated view of BTC as it has for over a decade.

The operating mechanism of banks is essential to increase the circulation speed of money and promote the economy. It is the lending activity that brings profits to pay deposit interest to depositors. If banks only help customers keep money safely, customers will have to pay for the bank "asset protection" service.

We should accept this, because there is no more suitable and feasible mechanism. If in the future, StrategyB opens a BTC banking service, customers BTC will also be lent to generate profits, similar to what traditional banks are doing.

[dave_strider]

Left on banking sectors now, because bitcoin has already placed them on a lifetime check, there are many regulations tied to the use of a banking system which cannot work in cryptocurrency that same way, Bitcoin is now a game changer of all these and never again can we be in such trauma of using the commercial banks without remedy, ever since the introduction of bitcoin, they already know that people have shifted from using them mostly for bitcoin.

Bitcoin makes you your own owner of your value and operations.
That's why many traditional guys can't stand BTC 

[yhiaali3]

Of course this is true, Bitcoin is the best way to keep your money safe in the short and long term, I have no doubt that it cannot be compared to banks because it is superior to them in many features.

In addition to preserving value, privacy and transparency, Bitcoin is also decentralized and you own all your money in your non-custodial wallet that you own the keys to, this means that you own all your money while the banks do not actually own your money.

Do not forget also that in the long term the value of your Bitcoin increases while the value of your money stored in banks decreases.

[Z-tight]

Many of us know that banks operate through fractional reserve, but most of your money in the bank is insured, so it is surely better than centralized exchanges in a situation of collapse. It is great that we have BTC, and holding BTC gives you the opportunity to make returns on your money and also keep it safe in your own bank. However, BTC is an alternative and it cannot replace fiat or banks.

[doc]

Of course this is true, Bitcoin is the best way to keep your money safe in the short and long term, I have no doubt that it cannot be compared to banks because it is superior to them in many features.

In addition to preserving value, privacy and transparency, Bitcoin is also decentralized and you own all your money in your non-custodial wallet that you own the keys to, this means that you own all your money while the banks do not actually own your money.

Do not forget also that in the long term the value of your Bitcoin increases while the value of your money stored in banks decreases.

If you compare storing assets in bitcoin and FIAt, of course storing in bitcoin is much more profitable. because we can buy when it is bearish and sell it during the bullish season. the price of bitcoin will become more expensive over time, and protect us from inflation.
Bitcoin is the best asset for the long term, while for the short term I prefer altcoin.

[Z-tight]

Bitcoin is the best asset for the long term, while for the short term I prefer altcoin.

Yeah, BTC is great for long term investment, i usually recommend to newbies that if they are going to buy BTC, they should ensure that they have plans to hold it for a long time, because there are short term corrections in price and if you are a short term investor, you might panic and lose. Some altcoins are good for short term investment, but you have to be lucky to buy the right ones.

[sampoerna]

----

Currently, banks have been more actively involved in the crypto market to serve customers and generate more revenue. The period of banks resisting crypto has passed, although the ECB still maintains an extreme and outdated view of BTC as it has for over a decade.

The good thing is that, the sentiment of some parties has decreased compared to a few years ago. And maybe in some countries it has gone well. But in some others there are still various pros and cons, there are rejections and also prohibitions on activities in crypto. And there are some who make different regulations, between legitimate as this and illegitimate as that.

There are many things that happen in the development of the crypto world. and for banking and government, previously it has been diligently reported about the existence of CBDC, but until now, for example in my country, it seems that it has not happened well. Well, we will see how this will develop further, there will be various interests that surround this sector, and it is still a matter of profit that may occur in the long term.

[Bobcrypto]

Bitcoin has never been intended to replace banks or eliminate banks since its inception. There could be a world where banks and Bitcoin coexist. On the contrary, Bitcoin has made it possible to conduct peer-to-peer transactions with low fees and in a decentralized manner. Therefore, comparing Bitcoin and banks is a topic that has been discussed a lot, and there is no direct link between Bitcoin and banks.

First, Bitcoin and banks are coexisting, though banks has been around before Bitcoin was invented but was able to turn many things around for everyone. For example, individuals financial freedom!
Now, i disagree with you on the area that has to do with bitcoin having links with banks. In facts, Bitcoin has link with bank (though not directly), and this is because Btc has not been generally accepted as medium of exchange, and to use your Bitcoin as a means of payments for goods and services, you must convert Btc to Fiats to effect your transaction internationally.
In addition, i think bitcoin has the capacity to dominate the banking sector, especially if it is generally accepted as a means of payments but will not eliminate the bank existence.

[joniboini]

In addition, i think bitcoin has the capacity to dominate the banking sector, especially if it is generally accepted as a means of payments but will not eliminate the bank existence.

I don't think that's going to happen unless the network scales higher unless we're limiting the "domination" to high-value transfer. That being said, I doubt most banking transactions are in millions. Retail users probably have an average of $10k transaction volume or less, depending on where they live. Can you imagine the network sustaining that many transactions? Not to mention most users will probably hold their Bitcoin and use their fiat to pay stuff instead.

I use Bitcoin to pay for stuff regularly, but I doubt I will use it if using fiat is faster and cheaper. At least I still prefer other options unless we're talking about international payments because my options are quite expensive compared to Bitcoin.

[Zed0X]

I have read about this theory, where the circulation of money in the bank is for loans, so that the assets owned by the bank are in the form of receivables... honestly I have forgotten a little about how this bank works, if there is a link that allows me to learn why they can only save 10%, please quote this post with a relevant source...

Read up on Fractional Reserve Banking. They are mandated to keep a portion (10%, 13%, or 7%) of the depositors money in reserve as kind of 'protection'. If there's no law that says that, banks might actually loan everything As to how they came up with the percentage, I haven't read about that.