Quote from: red4slash on April 08, 2024, 07:04:47 PM

Quote from: Briankimp1 on April 08, 2024, 12:32:46 PM

My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???

That is clearly impossible . We must know that Satoshi not Satochi

created bitcoin is not to make this a competition and to replace the existing banking scheme because after all this is only used as a legal payment option which is already clear that it is not to replace but to complement because if at the beginning bitcoin was used as a tool to replace the current banking system then bitcoin would have been banned from the start because it would be considered as an attempt to overthrow what the government currently has so that bitcoin could not replace it at any time because its original purpose was not as a substitute but as a complement .

Yes Bitcoin wasn't created as a competition or a medium to eradicate the existing banking scheme but to serve as a decentralised alternative for easier transactions and mode of payment and we all know that Satoshi's aim is gradually becoming a reality but then I believe if become generally adopted there's a tendency that it could be serve the purpose of being used as a general currency in the future though the possibility is not very high.

But then the only obstacles against that is the government, the government needs a monetary system they could influence and since they can't influence Bitcoin it would be quit difficult for Bitcoin to erase the commercial banking system, except the government have no option but to accept it like El Salvador has done.