Quote from: Marvell1 on Today at 04:21:30 AM

Quote from: avp2306 on July 27, 2025, 11:20:15 AM

Quote from: The Cryptovator on July 27, 2025, 10:09:43 AM

What was the goal of Bitcoin? Bitcoin works for financial solutions, definitely, like cross-border transactions without any third party. It's a big revolution for the financial industry; Bitcoin won't replace the traditional banking system overnight anyway. Bitcoin helps to rebuild the foundation of those providing financial solutions, like banks and other financial organisations, in a more open and decentralised way.

Yes, banks provide you loans and insurance, but Bitcoin gives you the opportunity to be your own bank. You can claim ownership of your Bitcoin when it has been held in your noncustodial wallet. Bitcoin is rebuilding financial solutions without third-party involvement. Recently even some DeFi are offering loans and insurance as well, though they aren't very popular or trusted. It will really take time, because the traditional banking system has existed for a long time; it can't be replaced too quickly.

That's crazy assumption for anyone that Bitcoin would replace the traditional banking system since the fact is this situation is really hard to happen. Maybe it might be good option same like other valuable asset use or invest by government.

DeFi is actually brought some nice innovation out there. But unfortunately its major stints is close to failure because there are lots of scammers take advantage on the scene and many people lose their trust when people talk about it due to scams happened. Banks would just adopt and maybe they accept Bitcoin deposit same as what they did on fiat. But they provably won't replace it on Bitcoin since this is protected by law.

As I said, I even believe bitcoin is not capable of doing that and it will never replace the banking system, the traditional financial system.

In addition to the fact that bitcoin cannot provide financial services that support individuals, businesses to grow, and thereby boost the economy. Bitcoin also cannot provide and enforce monetary policies to curb inflation and crisis...
Like during the covid pandemic, if there were no banks and governments implementing policies like monetary easing, printing and pumping money into the economy. What will happen to us and bitcoin? In that case, what can bitcoin do and how will it help us?

It is no coincidence that banks are called the backbone of the economy. For our economy to run as smoothly as it does today, it all depends on them. Without them, along with their monetary policies to regulate, manage and balance the economy. The economy has collapsed and we are in dire straits, let alone having the opportunity to invest in bitcoin.

In short, Bitcoin cannot provide financial services, cannot conduct monetary policy, cannot regulate the economy...how can it replace banks?

Without stimulus, without the printer running overtime in a crisis, the vast majority of society would probably face economic crisis that makes 2021 look gentle. That solution works, until it doesn't. Any financial fix piles up unseen side effects over the long term: inequality, financial speculation, the nagging sensation that perhaps money is not as real as we would like to believe

You say bitcoin cannot do what banks do, and that is accurate. But we want a digital thing to be able to do the same tricks that an institution centuries old does. Bitcoin is not meant to substitute the toolset of the Fed. It is designed as an opt-out, a counterweight, an experiment in trustless consensus. Think of it as the economic version of open-source code: no customer service, but it gives power back to the user who is willing to learn. That changes the psychology of money entirely. Bitcoin will not manage a crisis the way banks do. It does not print money or "save" the system. Instead, it is a lifeboat for those who do not want their value diluted, a bet on self-sovereignty over centralized convenience