So Boiling it down to Bitcoin and banks, actually the existence of Bitcoin has greatly improved the mindset of people especially on investment diversification such as profits making because is obvious that any money we put or save on the bank will not yield any profit so instead of people saving much money on the bank when there is a great opportunity offered by Bitcoin to channel all our money with the possibility of making or multiplying our capital in the future. So perhaps do you guys think the reason why most countries are having some restrictions on Bitcoin is because of the effects it has on the bank that people prefer to invest there funds on Bitcoin instead of banks?.
I do not always understand it when people compares bitcoin to bank. There is no direct comparison between bitcoin and bank rather the comparison is between bank and exchanges. Then, bitcoin and fiat. Talking about bitcoin and fiat, there is never a time that bitcoin will overthrow fiat, is because every country has their own fiat which is their national identity. So, bitcoin can never at a time overtake all the fiats of different countries. Besides, the mindset or the goal of Satoshi Nakamato was not that bitcoin should overthrow or fight with fiat, but rather for bitcoin to provide an alternative means of payment. So, it is likely that both bitcoin and fiat will co-exist only if the government will allow.
There is no doubt that the world is advancing technological, and I am very much optimistic that the best use of bitcoin is yet to be uncovered or discovered. Bitcoin is still an unharnessed young invention.