Quote from: tippytoes on October 22, 2020, 10:35:06 PM

Quote from: wxa7115 on October 22, 2020, 05:01:19 PM

I disagree, they do see it as a threat, maybe not right now but they see the potential of the technology and they know they could be against their most fierce adversary yet, and just to show you how this can become true, banks charge a fee for many transactions, some are free but the major ones cost money and they take a percentage out of it, in the case of bitcoin the cost of the transaction will depend on how much you want to pay but the bigger the amount you want to move the cheaper it becomes and eventually a point is reached in which moving your money in bitcoin is the cheaper alternative.

Meaning that a wealthy person trying to make a transaction or simply move his money from one address to another will find this to be cheaper on bitcoin than in a bank and people for the most part will always choose the cheaper option which means that if bitcoin gets enough adoption people will begin to send more money through bitcoin than with banks and they cannot allow this to happen.

I believe this one factor is one benefit of crypto, transferring from one wallet to another will incur minimal fee as compared to using banks or other traditional remittance centers. I have seen that in some countries, the usage of crypto is more on remittance purposes. Some find out that sending money to their family via crypto is very favourable as they are not paying high transaction fees. And it doesn't matter if you will send good amount of money or not. And then from the other end of the world, what your family can do is just exchange the crypto to their local fiat. A lot of crypto exchanges are already offering the conversion of crypto to your local fiat. Just make sure to find a legit site. So I believe, banks don't like that because they can't charge high fees anymore if crypto will become mainstream.

I think the same, we can talk about freedom, the history of fiat currencies and their failure and the ideology of bitcoin all we want but for most people that holds no meaning, they are only interested in what helps them now, this is why trading and investing are so popular in the market because people see a very direct way in which they can benefit with bitcoin.

And this is the same case, moving your bitcoin can be cheaper than moving it through banks and once enough people become part of the bitcoin ecosystem they will see it is cheaper to move money that way and then they will choose bitcoin naturally as the best alternative for that kind of service and banks will be affected negatively because of this.