Quote from: Don Pedro Dinero on August 02, 2025, 04:32:46 PM

I don't think so. In a hypothetical future where bitcoin becomes a globally used currency it could, but it is very hypothetical and there are too many drawbacks to reach that future such as scalability, ease of payment with other alternatives and that it is increasingly used as a store of value.

=True,, things Bitcoin could do to reduce people's need for banks include;

1. Provide a greater reach, i.e with just a phone and network you can get access to your Bitcoin anywhere in the world reducing the need to go to a bank per say.

2. Allow direct transactions amongst users without the need of a middle man, i.e another body to aid the transaction.

3. Bitcoin grants you full access to your funds without strict regulations or policies like banks and it cannot be inflated by a regulatory body like the central bank, unlike currencies that can be inflated.

=Why Banks are still very difficult to replace;

1. Bitcoin stability is in question hence it's risky to save money their unlike traditional banks.

2. Banks also can provide lending services and mortgage, Bitcoin has not been able to do that yet.

3. The banking systems is in sync with government policies which is a regulatory body, businesses as well as the judicial system all built around the traditional bank, hence very difficult to replace.

4. The cost of carrying out transactions using Bitcoin is higher than traditional banking system and also transactions using Bitcoin is a bit slow unlike current payment facilities like mobile banks.

5. Unlike traditional banking system if you lose your pin or something you can easily request for another and your money is still safe but with Bitcoin once you lose your private key just start crying.

However, I feel the idea of Bitcoin replacing banks is still a talk for another day, but I think coexisting together for now is likely with banks accepting that Bitcoin has come to stay and also offering crypto-related services. Bitcoin cannot remove the traditional banking system, at least not yet.

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