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Author Topic: Banking system and BTC  (Read 4432 times)
muslol67
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September 06, 2019, 08:42:27 AM
 #21

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.


This topic has been discussed many times here. I think the general view is that the banking system will either disappear in the future or expand to include cryptos. In addition, as the use of Bitcoin and other similar crypto assets increases, many functions of banks will become unnecessary. However, for this, we should not consider the USD value of Bitcoin.

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September 06, 2019, 08:48:43 AM
 #22

Nope, not in the next 2 years I think. Because of people aren't much aware about using BTC. They usually depends on bank for any kind of transaction and receiving money. But people started using exchange website to convert their crypto coins. It's free without hassle exchange.all-stocks.net . Some of the exchange website offer free coupon code for the new users.
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September 06, 2019, 04:00:33 PM
 #23

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 is produced by the leading school of economy, the Chicago school, which is afraid, VERY afraid (and teaches the fear) of deflation. The only school of economy that embraced deflation is the Austrian school, read no further than this web site full of library explaining how it works: https://www.mises.org

Everything is linked. Current banks don't keep the money, in fact most of the money doesn't exist anywhere, it is called fractional reserve banking, too long a subject to explain here, but because of it a bank of banks (which also uses fractional reserve) exists called the "central bank". To summarize, it's not too different to a "ponzi" scheme. People just can't withdraw all their money at once, because it doesn't exist.

The real "Bank killer" is people learning this truth. If you read the Austrians, you will get familiar to another type of bank, which existed until a century ago, called a "full reserve bank". This is the only type of bank that can exist in a deflationary economy, so its not like banks have to die, buy they will shrink, because, banking becomes optional.

Banking is a service, and you should pay for it, not the other way around. The fact that a bank pays you for you to to give them money, should alert you of the real fishiness involved. Modern banking is pretty much a legalized ponzi scheme.

There are long bitcointalk experienced users here completely unfamiliar to deflationary economy, some even panicking over the fact that a bank would actually ask you fees for keeping (ALL) your money safe. That is in fact how it should be, any lending should be at the discretion of the account owner, AND that money must become unavailable until the lending ends and is returned, otherwise its the fractional reserve scheme again.

Note: A full reserve bank cannot go bankrupt by account owners simply withdrawing all their funds. They might need to close doors if no new clients come, but nobody will be left without their money. A typical fractional reserve bank cannot withstand a mere 10% of funds withdrawn, often less. But they get leveraged by the central bank, so in that country a mere 10% cannot do the same, but they get leveraged by the world bank, so in that planet...

Believe it, (fractional reserve) banks have something far more important than Bitcoin to fear: knowledge.



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September 06, 2019, 05:13:01 PM
 #24

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.


This topic has been discussed many times here. I think the general view is that the banking system will either disappear in the future or expand to include cryptos. In addition, as the use of Bitcoin and other similar crypto assets increases, many functions of banks will become unnecessary. However, for this, we should not consider the USD value of Bitcoin.
With the banking system, nothing will happen either in the near or in the distant future. Regardless of the spread of cryptocurrency in our world, cryptocurrency is not threatened by banks, they will continue to work in their usual mode and no functions will disappear in them. The state needs banks and therefore they will maintain their efficiency and protect their existence from any external threats. Banks will provide those cryptocurrency services that will be beneficial to them.

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September 07, 2019, 10:45:35 AM
 #25

Bitcoin won't replace banking systems, banking system running more than 5 decade and help peoples. Banking system more easy to use, tracking, and more secure for some peoples, and i think your grandma also can use bank more easyly than crypto. There're many complex system integrated between banking and business, or even between country to country.

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September 07, 2019, 12:13:07 PM
 #26

Bitcoin won't replace banking systems, banking system running more than 5 decade and help peoples. Banking system more easy to use, tracking, and more secure for some peoples, and i think your grandma also can use bank more easyly than crypto. There're many complex system integrated between banking and business, or even between country to country.
All the terms are say the single world that is education. Because it is new system and little hard to understand everyone so banking system is easier handle on day to day life. Bitcoin is the most trusted cryptocurrency so it is better option for future environment. I hope it will reach entire world on future.

 
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September 07, 2019, 12:27:12 PM
 #27

Bitcoin will not kill the banking system, I'm sure, but it can make bankers do something for better services
I'm not fan of any conspiration theory, but you know and it's obvious that bankers rules the world and this is almost impossible to break
To invest in BTC for example, look, we need banks to transfer to exchange and buy BTC
To convert in fiat money, we need banks again  Grin

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September 07, 2019, 12:42:21 PM
 #28

I don't see any reason to kill the banking system especially with Bitcoin. It will be better if they will be use at the same time for me. Bitcoin is not intended to kill banking system but the main purpose of it is to have a peer to peer transaction without the use of the third party (in this case banks) but it is not stated that it will kill the banking system. Banks will still be there and that is not a problem I think.

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September 07, 2019, 12:58:14 PM
 #29

In my opinion, these two things absolutely can not be combined. Therefore, only one must win
Why do you say so? Why are crypto and banking system cannot co exist?

Crypto could be an option for payment system but still we need banks to exchange our crypto to fiat. With that said, I don't think that bitcoin will make banking system obsolete in the future. Even countries who are gearing towards a cashless society still needs the banking system to help them out facilitate everything. So that could also be the same for crypto-currency.

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September 07, 2019, 02:06:23 PM
 #30

I don't see that bitcoin will affect the development of banking. because it is a separate difference that exists in both systems. not to mention the government's influence over the policies applied to bitcoin, obviously very different from the banking that has been managed by the government.
let it be the best that has been running now.

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September 07, 2019, 03:53:19 PM
 #31

It can't be said that BTC will completely replace the banking system. Bitcoin has a long way to go in terms of its faith in investor due to volatile nature. Tradition banking has wide range of products which BTC may not offer but yes good percentage of traditional banking business may be taken over by BTC like making paying through crypto at retail points, money transfer nationally and internationally or as an investment. If taken in a positive way banking system has much more the learn and develop from BTC.

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September 07, 2019, 04:14:00 PM
 #32

With 30 payment procceing time btc cant beat anything. Its store of value and nothing more
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September 07, 2019, 04:31:16 PM
 #33

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.
It cannot kill banking system because fiat cannot die, if you ever think that fiat will die, it is a lie, fiat has eaten so deep into the financial system that it will take so much decades to take it off people’s mind and government that would have enforced cryptocurrency would not do it because they understand that it is an internet based money and not everyone would be able to have access to it.

For as long as fiat still exists, banks will always exist, but because bitcoin is gaining so much attention of the internet base people, they might lose their relevance over the internet while they continue to gain their solid ground on the physical world where you have so many illiterates that are also using bank. Bitcoin too came not as a replacement, but as an alternative.



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September 07, 2019, 08:38:46 PM
 #34

In my opinion, these two things absolutely can not be combined. Therefore, only one must win
It seems to me that they can be perfectly combined in the way that the Ripple team wants to work with the XRP token.

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September 07, 2019, 11:07:42 PM
 #35

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.

maybe you're right that bitcoin is free from inflation
BUT you must remember that bitcoin is not suitable for store of value
imagine if bitcoin is used as a store of value, you can get very rich instantly but you can also be poor right away
only because of the WHALE game

so let both co exist
bitcoin as an investment and a bank as a store of value (fiat)

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September 07, 2019, 11:18:28 PM
 #36

It’s something impossible to destroy paper money banking system by crypto-currencie,  because it’s not yet acceptable all over, and also paper money demnded more then crypto-currencies yet! so wait for long time future!   
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September 08, 2019, 03:21:38 AM
 #37

btc is investment,and i think the biggest application of Bitcoin is to exchange money.example:jpy->usd,usd->jpy, so btc base legal money.
bank system is legal money,so btc cann't kill bank system.
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September 08, 2019, 04:01:23 AM
 #38

If we look at the current conditions it will be difficult because someone will say how BTC is killing the banking system that is used in all countries in the world, but anything can happen because of rapid technological developments.

The most difficult thing is if that happens then there could be 50% of the world's population who will not use BTC as a substitute for the banking system because there are still many people in the world who do not have internet access and know about BTC and blockchain technology.

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Menawi12
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September 08, 2019, 04:07:57 AM
 #39

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.

In my opinion, it's too far to say that bitcoin will kill the bank system. The bank has a system of hundreds of years with experience of various crises and still survive and grow. In my opinion, with some statements that bitcoin is a digital asset, the bank system will remain a part of our monetary system

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September 08, 2019, 04:32:42 AM
 #40

We see that now international financial organizations conclude that cryptocurrency does not pose any threat to global financial stability. This clearly indicates that banks should not be afraid of cryptocurrency. Anyway, in the near future. However, even if such a danger arises for banks, the state will necessarily protect the normal functioning of banks, since now the state cannot exist without banks.

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