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16/08/2025, 23:23:14 UTC POST DELETED
Original archived Re: Can Bitcoin eliminate local banks?
Scraped on 09/08/2025, 23:23:54 UTC
The biggest advantage of Bitcoin over banks is that it is not controlled by a small group of people who can decide whether or not to restrict depositors' ability to withdraw their money.
But banks are such a well-developed infrastructure that they provide a large number of jobs, and I understand that the more the world progresses, the fewer people you need in the workplace, as processes can be replaced by automation.
But in addition to this, banks help the population a lot through mortgages, which allow many people to avoid renting and pay for an apartment that will eventually become their own. Banks also accept deposits, and they offer a variety of financial products that Bitcoin cannot provide, but this is only temporary.
Bitcoin's primary advantage as a decentralized currency is its ability to operate without a central authority that could restrict user access. This differs from banks, which have the power to control customer funds. However, the role of banks in the economy cannot be ignored. Banks are significant job creators, although this role is threatened by automation. Furthermore, banks provide significant social benefits through mortgage services, which pave the way for many people to own homes. Banks also offer a variety of complex financial products, such as deposits and investment instruments, which Bitcoin currently cannot fully provide. Therefore, while Bitcoin offers financial autonomy, banks remain a pillar of economic infrastructure, providing a variety of essential services to society.