I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?
Bitcoin is a write-uncontrolled, read-uncontrolled database. That means anyone can write a new block into the chain, and anyone can read a block in the chain.
Blockchains allow different parties that do not trust each other to share information without requiring a central administrator. Transactions are processed by a network of users acting as a consensus mechanism so that everyone is creating the same shared system of record simultaneously.
The value of decentralized control is that it eliminates the risks of centralized control. With a centralized database, anybody with sufficient access to that system can destroy or corrupt the data within. This makes users dependent on the administrators.
A permissioned blockchain, like a centralized database, can be write-controlled and read-controlled. That means the network or the protocol can be set up so only permissioned participants can write into the database or read the database-banks are operating base on this model making it very vulnerable!!....of course it will take some time for massive adoption....notwithstanding all the great features of decentralisation and a permissionless mechanisms it will definitely take some time for some major changes to take place...for now move with the two( banks and cryptocurrencies) is the way forward.....gradually one will die on the way!! Lol thank u!