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

[Bobcrypto]

Bitcoin through the blockchain has been doing great things, and i want to bring to your memory that the banks has been in control of customer funds all these years, but Bitcoin through the blockchain has systematically put the banks on Checks.
Now, do you recall that banks only hold 10.5% of your deposit in reserve? It means that for every $100 you deposited, only $10.5% is actually in your account, the rest of the money is loaned, leveraged, or at risk, if there arises any form of banking crisis your money could be gone. I think that Bitcoin through the blockchain is the alternative to keep your funds.
what do you think?

[TomPluz]

Yes, you are right in some ways than one. The banking industry has had been controlling the flow of money and resources since time immemorial and because they are centralized organizations people who are trusting them may end up dismayed during the time of crisis (just like what happened in 2008) but thanks to the government who always step in people's money were saved and only a few lost a lot. Fractional banking can indeed be a big source of weakness but this is also where banks are making a big portion of their money. I said one thing here and that is CONTROL and this is where Bitcoin has become like a revolutionary option as we have now more control with our money and finances with the help of cryptocurrency and the blockchain technology. However, this does not mean that banks will be evaporated no it means that there is now a parallel option anybody can use anytime. Ironically, many big banks are now also into Bitcoin and they do not want to miss something they now sure they can make money from. Banks and Bitcoin may end up to be the LOVE TEAM of the decade (pun intended).

[Faisal2202]

Bitcoin through the blockchain has been doing great things, and i want to bring to your memory that the banks has been in control of customer funds all these years, but Bitcoin through the blockchain has systematically put the banks on Checks.
Now, do you recall that banks only hold 10.5% of your deposit in reserve? It means that for every $100 you deposited, only $10.5% is actually in your account, the rest of the money is loaned, leveraged, or at risk, if there arises any form of banking crisis your money could be gone. I think that Bitcoin through the blockchain is the alternative to keep your funds.
what do you think?

I think the same as you think instead we all BTC enthusiasts think the same and we all have this mind set that the BTC was especially made for this to be used in times like this. If I hold my money in banks that can definitey go as I can lose it all no matter how trusted the bank is.

With BTC it cannot happen as it gives us the full owner ship of our money and we can do whatever and whenver we want with it. With banks besides the ownership they take lot of time to make the transaction from one bank to another like in hours which BTC don't take BTC is far better than banks.

[Crwth]

I believe some banks deal with cryptocurrencies themselves and make them check, invest, and maybe even profit from them. Some banks mostly try out different stuff, so I bet there could be crypto applications.

It makes sense that some people prefer crypto over banks because you hold your money. It probably made sense to people. Maybe more people like that?

[Aanuoluwatofunmi]

Bitcoin through the blockchain has been doing great things, and i want to bring to your memory that the banks has been in control of customer funds all these years, but Bitcoin through the blockchain has systematically put the banks on Checks.
Now, do you recall that banks only hold 10.5% of your deposit in reserve? It means that for every $100 you deposited, only $10.5% is actually in your account, the rest of the money is loaned, leveraged, or at risk, if there arises any form of banking crisis your money could be gone. I think that Bitcoin through the blockchain is the alternative to keep your funds.
what do you think?

Bitcoin has been seen in many ways as an improvement over the use of Banks, one of the things I first dislike about banks is their monetary policies, which is totally absurd on human fundamental rights, there is need for us to know exactly how our funds are being used and have the accountability within our jurisdiction, then also be able to control over the use of our finances, take measures over the security and privacy as may be applicable on us, all these are what the banks can't offer us while bitcoin do and the people appreciates.

[0t3p0t]

Most of us will agree since we already know what will happen when we store our fiat money in the bank. This is the reason why most depositor just want to put the exact amount that can be insured by the bank so in times of crisis or bankruptcy you will get exactly the same as the  insured amount. But since Bitcoin existed we now have a choice instead og storing it on banks we will now go decentralized and no one will ever use your assets or made money from it because you yourself are in control.

[bayu7adi]

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...

Well, the centralized banking system is considered a little risky, but until now the government has assured with a guarantor agency that it seems the bank has reserve funds if it is to save it from bankruptcy.

[Wiwo]

Bitcoin through the blockchain has been doing great things, and i want to bring to your memory that the banks has been in control of customer funds all these years, but Bitcoin through the blockchain has systematically put the banks on Checks.
Now, do you recall that banks only hold 10.5% of your deposit in reserve? It means that for every $100 you deposited, only $10.5% is actually in your account, the rest of the money is loaned, leveraged, or at risk, if there arises any form of banking crisis your money could be gone. I think that Bitcoin through the blockchain is the alternative to keep your funds.
what do you think?

That is a known fact over the years, Bitcoin has been playing the role of alternative to traditional banks and that has granted its holder freedom from every form of interference from the Bank, this is why in times of crisis most people prefer holding their money in Bitcoin if there know how to properly manage their wallets, and for the fact that Bitcoin is a global currency that can be spent anywhere by exchanging it to local currency at any point in time and using, these features make Bitcoin more better that traditional currency since I can't use my country currency in the United States, but I can exchange my Bitcoin to USDT and using it in the United States.

[Mia Chloe]

Bitcoin through the blockchain has been doing great things, and i want to bring to your memory that the banks has been in control of customer funds all these years, but Bitcoin through the blockchain has systematically put the banks on Checks.

I never really got to think of it much because I think the bank still is hit as hard as it may seem. Besides that the bank never had much of a problem printing cash out of thin air by the day basically before they gradually replaced the gold banking system with notes that has even contributed more to inflation than gold did back in the day.

Nevertheless that aside the amount of the money in the world is more or less considered as digits rather than cash.

[SmartGold01]

Bitcoin and fiat operates independently and as we know we can't do without bank neither anyone sell/buy without fiat. Bank is no longer having the percentage they should because Bitcoin has gradually been replacing most of the transactions as more people finds it interesting to transact using Bitcoin than Fiat because there are more scrutiny using Fiat for transactions and payment, therefore majority of people wouldn't want to go under much check and review before their transaction could be appropriate. Again, I do not longer trust bank due to their behavior or operations they could easily plot an attack for their customers to be robbed.

[joniboini]

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...

I don't think that's the right word. It's not that they can't save more than 10%, they just decide to do so for various reasons. Loan for business is one of them afaik. The number probably changes depending on which bank you ask.

Back to the OP question, maybe we need to set criteria first before we can judge whether Bitcoin puts the banking sector on checks or not. For example, the number of transactions/international payments in my country is dominated by fiat, there's little to no crypto so I don't think Bitcoin affects banks that much. I think it's competing with gold as a trading asset instead.

[bitterguy28]

Now, do you recall that banks only hold 10.5% of your deposit in reserve? It means that for every $100 you deposited, only $10.5% is actually in your account, the rest of the money is loaned, leveraged, or at risk, if there arises any form of banking crisis your money could be gone. I think that Bitcoin through the blockchain is the alternative to keep your funds.
what do you think?

since you are saying this in a forum where people go to talk about cryptocurrencies i would say that a lot of us know this already hence why we have decided to go for cryptocurrency instead because we know exactly what is happening in our money and where it’s going we even see it in the blockchain unlike in the banks where often times we can’t see what they are doing to our money and we need to go to a bank and basically ask permission to take our money so unlike holding crypto where you don’t even need to go through a third party to make a transaction

[hugeblack]

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.

[Findingnemo]

Bitcoin created a scare among the banking but yet to influence any systematic changes in the way how bank works. Bitcoin is better in terms of keeping our funds safe, there's no doubt in that but the loan feature is what keeping the banks alive and it's likely to remain in the way for long time cause every business in the world has debt so until those debts are paid we can't eradicate them from existence.

[Rruchi man]

what do you think?

The awareness that there is a technology that threatens their relevance is a wake-up call to improve on their service delivery. The government, through the banks, has been forced to be innovative to try to maintain the interest that people have in using them.