Re: Can Bitcoin eliminate local banks?

Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency

This is the main reason why I don't think bitcoin will replace fiat and elimate banks. Even if our fiat currency is decreasing in value over the past years because of inflation, it will still continue to exist together with banks since using bitcoin on a daily basis is still very difficult.

Aside from its volatility, businesses also not want to accept it on their payment system since they avoid conflict with the authorities.

And besides, the government won't just accept any other currency other than their fiat. It is like their identity that can separate from others. Traditional banking will stay as they have purposes that ordinary people need like banking services for mortgage, real-estate loans among others.

Indeed, those factors will keep the existence of traditional banking as there are many people who still not fully aware about bitcoin, and same with what you said, fiat is an entity of a country they will keep that way and traditional banking is what most businesses are using to keep their money safe, both banks and bitcoin will co-exist if more and more people around will accept and start using Bitcoin.