Bitcoin vs Banks
The cluster debates whether Bitcoin and cryptocurrencies can replace traditional banks, comparing aspects like transfer speed, accessibility, censorship resistance, stability, and the ongoing need for fiat on-ramps and financial services.
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Why do you need banks, when you can just transfer Bitcoin?
why would we need banks to back crypto? isn't the point of bitcoin to not have to rely on banks?
There is no way back to fiat from cryptoCurrencies. They work 24/7 with minimal overheads. Technology has disintermediated a lot of other industries, why do you think it wont do so for banking (other than your cultural beliefs)?
Crypto isn't a currency so you still need exit nodes to fiat at some point, and these are banks (or exchanges using banks on your behalf). New fintech services like Cashapp, Venmo, Paypal, Sofi, etc have done much more to improve banking access with technology than any crypto so far.
It's an exchange, the cryptocurrency itself is the bank. Banks don't require dollars or any fiat currency to exist, hell they invented paper money. The major difference is that banks had the advantage of gold and other precious metals as a pre-existing common medium of exchange. Cryptocurrencies need a verifiable way to say that you transferred X value from chain A to chain B. I'm sure this is a solvable problem.
Who needs bitcoin when Deutsche Bank and HSBC exist?
Serious question -- how is crypto more accessible to people without banks?
It's a thought - but I'm not convinced on scale. The market needs to be liquid enough to convert btc into target currencies easily. Otherwise, banks basically get btc, convert to domestic (regulated / 'insured') currency at point of receipt and then you're back in old world payments. N.b. I am straying from my area of knowledge but I am confused as to what would stop a btc based bank going bust or suffering from the same currency controls Cyprus put in place if you
He is taking the example of a bank transfer to show how bank are efficient and bitcoin is inefficient... Well is France BTC transfer are much faster than traditional bank transfer, and we are not talking about international bank transfer that could take up to a week, and require 5 or 6 banks and institutions to work together (and you have to trust each of those institution), and the cost will be mush higher than an (already expensive) BTC transaction...But Bitcoin is not really a currency use
You proposed using bitcoin to replace your need for a bank. And nothing in the bitcoin world can do that. Bitcoin can't securely store your money with a guarantee that they won't be lost or significantly reduced in value beyond inflation, bitcoin can't give you a loan, bitcoin can barely help you securely transact.