My question to us right now do you think Bitcoin will eventually erase the commercial banking sector???
Bitcoin can become successful on annual basis but they cannot completely erase the use of banking system because still people are in favor of using bank. Most of the people are not familiar with bitcoin so I think acceptance of bitcoin for them will be difficult at start as old people rarely trust digital money and digital investment.
Bitcoin was considered as a currency in past but now you will know that instead of using it as a currency people are using it as an investment tool and I think in future it will just be use to increase the value of cash.
Exactly, banking is in fact the most important part of the financial system in the world. We have a world bank where different countries borrow money. Basically, the banking system is very essential and important to all people and different sectors. That's why I don't understand many people who are in crypto or bitcoin. Why are they thinking that banking will be replaced by bitcoin? I'm not against bitcoin or the adaptation of bitcoin; in fact, I want bitcoin to be mainstream and openly used in different countries, but the idea of bitcoin replacing all things, such as banking, is, I think, not a good idea. We all have what we have now in society because of the past systems, and banking is one of them. If you are to replace this system, then there will be a very huge adjustment, and we will never be sure if the transition will be successful. Just treat bitcoin as a unique system to be implemented, not to replace something.