Some dude asked me if Bitcoin could eliminate local banks, I thought of it,
I told him that no
From my own point of view, banks have alot to give more than just money transfers, they offer loans and mortgage, business banking services, costumer service and dispute resolution. So this banks are really doing a good job and I don't think they can be eliminated soon. Bitcoin is not widely used for dally payments yet, so volatile prices makes it difficult to use as a stable currency
I hope I made a good point there
Can Bitcoin eliminate local banking system? That's a big NO, our local banking system has been in existence long before the creation of Bitcoin. And aside Bitcoin's volatility being a major issue in its everyday use it also has a limited adoption for daily use, and there are still old people that doesn't know that Bitcoin is in existence and they don't even know how it works and there only means of payment for buying and selling is through our traditional banking system so I don't see Bitcoin eliminating our traditional banking system in the future, even the government will never let that happen because they know what is at stake as they have a vested interest in maintaining control over financial system and would never allow Bitcoin to take over the financial system completely.