Quote from: retreat on Today at 07:34:40 AM

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

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

No, and it won't. Because the commercial banking sector and Bitcoin are two different things and do not actually overlap. Even though there are some people who say that Bitcoin can replace the banking sector, the reality is that most Bitcoin holders still need banking to withdraw/deposit their money and there are still many people who need banking services. Moreover, Bitcoin was not designed to be used as banking which provides various financial services to users. It is only used as "A Peer-to-Peer Electronic Cash System" not for banking where people can make loans, credit, etc. So even though Bitcoin adoption will increase globally, it will not be able to eliminate the commercial banking sector.

Banks' roles and services are diverse, they are more than just places for people to put their savings. Most ordinary users only use services such as savings and money transfers, so they do not know that banks provide more than what they need. I wonder if there were no banks, where would businesses and entrepreneurs borrow capital to support their business activities? You are very right, loans, credit, insurance...all these services who would provide us if banks did not exist? Those who think that bitcoin can wipe out the banking industry or the current monetary system have a short-sighted view and even lack financial knowledge.

Bitcoin is just a peer-to-peer currency and today it is just an asset for investment, how can it change this world? Many people are over-exaggerating the power of bitcoin.