Quote from: alastantiger on August 08, 2025, 04:08:00 PM

Quote from: CamilaStar on August 02, 2025, 04:26:46 PM

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

Assuming I was asked this question my answer will be no, Bitcoin can't eliminate the bank but the cryptocurrency industry can eliminate the banks because it doesn't matter what the banks think they're doing, we can have a cryptocurrency project that'll do it better than the banks hence we shouldn't be relying on the banks anymore. Banks are centralized and they're making things hard for people instead of making things easier. It isn't easy to get a loan with banks because they'll need collateral and also to do some verification that isn't easy for the avaenge people to get but with cryptocurrency, only owning a Bitcoin can give you access to loans with your Bitcoin as collateral, some platforms take other cryptocurrency that isn't Bitcoin and this makes it easier to get loans.

Bitcoin is playing is role and making things easier for people to invest and get profit. Bank can not be eliminated expect all the government in a country as allow bitcoin to take over, meaning they should be using it as a means of payment and gradually bank can be eliminated. but currently he can be possible because not all government need bitcoin, since they don't have any power to control it and making it difficult for them to handle. Bitcoin as already making things easier for many people is just few people that are saving there money in the bank, that don't Really know about Bitcoin investment. Because keeping money in the bank don't really favour, you won't get any benefit, is the bank that will be getting profits from there customers and that is why many country don't want bitcoin to take over. Getting a loan in a bank is not really easy and anytime you get the opportunity to get the loan you will pay bank with alot of interest and making it difficult for some customers that don't really have enough money to pay back. Bitcoin is the best and easy investment and let us focus on it and forget about the bank we can just used the local currency to buy our daily needs since bitcoin can't be used in some places.