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Author Topic: Banking system and BTC  (Read 4432 times)
oneman12
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September 05, 2019, 05:45:10 PM
Merited by LFC_Bitcoin (1)
 #1

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.
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September 05, 2019, 06:19:01 PM
 #2

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Inflation in a broader sense is actually a good thing for the economy if controlled, and if growth is maintained as well. It pushes the people to spend more and more of their money resulting into a faster economic growth (again, if maintained.) In a deflationary setup, everyone would be just hoarding their money since the incentive is there: their assets would continue appreciating in value even if they just hid it and not spend a single penny of it. Banks work in our current world since it is designed to do so. Economic policies etc. are also designed to work with fiat in a complementary manner, however for bitcoin, it is not.

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September 05, 2019, 07:09:33 PM
 #3

Hello traders. What's your opinion could BTC kill banking system?

No.
The banking system existed with the gold standard, continued with fiat and even if we all switch to bitcoins banks will still exist and it won't kill anything.

That's why banks are afraid of BTC.

No, they are not and they really don't give a damn about.
Is the usual over-exaggeration bitcoin cultist like to believe is true but is too far away from reality.

Quote
Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized.

There are not just central banks that make the banking system, there are also normal banks with no saying in inflation or government policies and those don't care about how money is called or if it's digital or physical.

Why would those banks be afraid of bitcoin?
Currently, there are 823,344 addresses with more than 1 BTC worth inside.
Compared to that around half of Millenials in the US have more than 10k in their bank account. That alone is 10 times more.

Of course, there are some users who don't hold their coins in their own wallets but on an exchange...which acts like...a bank!
So..how is bitcoin going to kills banks when people want to keep bitcoins in banks?
Who are you going to ask for a loan with no banks around? Satoshi, Gotti or Salvatore Riina ?


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September 05, 2019, 08:52:11 PM
Merited by LFC_Bitcoin (1)
 #4

When it comes to inflation in financial terms, it has a broader meaning thus mentioning it  in the OP was confusing. The reason why majority of  stakeholders in the traditional banking sector are not in support of bitcoin is mainly because the banking sector wants to enjoy the continuous manipulation of the financial sector.
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September 05, 2019, 08:53:47 PM
 #5

How can banks be afraid of Bitcoin if it processes ~11 transactions per second at max, while fiat payment systems process thousands of transactions per second on average? Bitcoin can't replace fiat even if all people in the world wanted it to happen. And with how common centralized platforms are in Bitcoin's ecosystem, it's very likely that in the future banks will just offer options for holding Bitcoin and will profit off it, instead of trying to fight it.

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September 05, 2019, 09:40:17 PM
 #6

Hello traders. What's your opinion could BTC kill banking system?

Nope. If anything, banks will start accepting bitcoin deposits and they'll apply fractional reserve banking to them.

Unfortunately, the "be your own bank" idea is only gaining so much ground. Like Hal Finney once predicted, I expect bitcoin banks to operate just like traditional banks today.

Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Commercial banks have no problem with Bitcoin. They can just integrate it into their current operations like any other asset or currency. They can take deposits, issue loans, collect commissions for brokerage services, provide underlying custodial services for financial products, etc. Banks can make a lot of money off Bitcoin.

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September 05, 2019, 11:46:49 PM
 #7

Firsty banking is strong establishedment over bitcoin as of now
Secondly thie current relationship bank and bitcoin is in good why I tell these because th proof is I can transfer and convert my bitcoin via online into fiat money.
I think no need to worry about that threat banking system now realize the important or bitcoin and how bitcoin can help to them.
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September 05, 2019, 11:57:40 PM
 #8

What's your opinion could BTC kill banking system? That's why banks are afraid of BTC.
Hard to say, its possible in far future. They should be afraid a little, but i doubt they are yet.
I know for sure one thing, future is bright for Bitcoin.

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September 06, 2019, 02:26:18 AM
 #9

Banks gave the financial infrastructure to an economy, following this we've travelled till date. Based on different monetary policies the functionalities differ between banks operating on different countries. If banking system haven't existed surely we all would've lacked growth.

Everytime everything can't be perfect. This way banking system too has got flaws. This can be rectified with the advancing technology. Some has got used to it while some are in the early days of adopting the new technology. So banking system overcoming by bitcoin isn't gonna happen.

Simple thing, bitcoin gave the base for Cryptocurrency. There were more advancing technology used on different altcoins and some even promote themselves as competence to bitcoin. Will this get the altcoin the place of bitcoin. Same is the scenario with banks and bitcoin.

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September 06, 2019, 03:01:14 AM
 #10

Banks do not fear Bitcoin but fear the technology that runs it.

Bitcoin is supposed to work like a payment system but is too slow to compete with the Banking payment system. It is now considered more as an asset/commodity than a payment system. Assets/commodities are controlled and owned by Banks, If regulation comes into existence than the Banks will be able to control and own Bitcoin as they did for Gold.

So my friend, Banks never feared Bitcoin but, we as a community do fear Banks.
 

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September 06, 2019, 03:31:20 AM
 #11

Bitcoin is supposed to work like a payment system but is too slow to compete with the Banking payment system.
If only you knew how slow and expensive the settlement layer of banks is.

If regulation comes into existence than the Banks will be able to control and own Bitcoin as they did for Gold.
Banks can only regulate the ownership of bitcoin, but they definitely won't be able to control it. If banks will be able to control bitcoin, they probably would've done it in the past already, and that would automatically make bitcoin a failure. As time goes, it only gets harder and harder for them.

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September 06, 2019, 05:10:44 AM
 #12

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.
Banks don't afraid of bitcoin, and from the technology at all.
They will use the technology to make their services cheaper (I mean to run the bank on lower cost, not cheaper to the customers). Customers won't have a clue about the back end system, so they don't know the costs of running a bank, even if the cost has decreased over the time. So if banks will start to use the blockchain to cut their costs, if won't make banks fear of bitcoin/blockchain, but to enjoy the benefits of it...
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September 06, 2019, 05:26:52 AM
 #13

Even if bitcoin is able to kill the banking system, for what? If there will be fiat money and cryptocurrency, what's wrong with that?

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September 06, 2019, 05:40:45 AM
 #14

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.
inflation can mean a lot, inflation below 10% is stimulating transactions, stimulating growth, it is inflation that the government can control, and over 10% is the government losing control of  Paper money printing, for Bitcoin, does not have inflation, but when the demand increases, it will cause a scarcity of bitcoin, and may also be manipulated by a rich country.

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September 06, 2019, 06:01:51 AM
 #15

It would kill the current traditional system the banking has. Because they will see bitcoin as a threat or they really are looking into it right now and on how they can join and adopt it as their product or something that they can take care of while without sacrificing their customers that do like it and those that it didn't.

They might even attract more bitcoins users to try out their service if ever they have come up something that would benefit them out of bitcoin.

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September 06, 2019, 07:19:35 AM
 #16

Banks are not afraid of Bitcoin my friend, they are currently working on technology to compete with Bitcoin. The R3 consortium started on September 15, 2015 with nine financial companies: Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan,[citation needed] Royal Bank of Scotland, State Street, and UBS.  - Source : https://en.wikipedia.org/wiki/R3_(company)

Mike Hearn (Previously a Bitcoin Developer) are working on this project called, Corda that would be used by financial services, insurance, healthcare, trade finance, and digital assets.

So, they are not going down without a fight. They simply used one of the best features of Bitcoin, namely the Blockchain principle and they are building a new system that would compete with that.  Tongue

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September 06, 2019, 08:02:34 AM
 #17

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

There is a lot of misconceptions here:

[1] Bitcoin could not kill a system that has been in existing for many years.
[2] Banks doesn't think that bitcoin is competition, in fact they are can make money out of crypto
[3] Banking system loves Blockchain technology, I would say that they are going to be the beneficiary of this technology.

So in the beginning there are a lot of flaw in the argument.

It's just the media who blow this out of proportion and picture as if bitcoin is trying to take over or Banking system seeing crypto as a threat to their very existence.

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September 06, 2019, 08:18:13 AM
 #18

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

All Bitcoin can do is is to force the banking system get out from the comfort zone and provide better services at lower fees.
Bitcoin will not kill the banking system. The banking system is not afraid, they are working against Bitcoin because:
* Bitcoin system can get a slice of their share/revenues in certain operations like money transfer.
* the way the businesses can operate with Bitcoin is not properly regulated (usually not regulated at all) and the Banking system will always go on the safe side (for them) in certain subjects, most known being AML.

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September 06, 2019, 08:30:13 AM
Merited by LFC_Bitcoin (1)
 #19

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and  high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

I think it has already been said but the banking system will never ever dissapear even if BTC becomes mainstream and accepted. The control factor that you mentioned is one of those reasons.
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September 06, 2019, 08:36:05 AM
 #20

In my opinion, these two things absolutely can not be combined. Therefore, only one must win
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