We need to understand and accept the fact that Bitcoin cannot completely replace the current monetary system because it's not only the people who are using fiat currencies and banks for their financial activities; how do you think governments and countries will manage everything with an unstable currency? A country having reserves in Bitcoin will always be in danger of losing value for its reserves if the price falls, which we know happens.

So, even if Bitcoin becomes globally accepted as a payment method, fiat currencies and current financial institutions will still be around. It will just be your choice for when you want to use them and when you don't. If you, as an individual, don't need them at all, you can abandon their services and use cryptocurrencies for all your financial activities if you know it's possible.

And, even for that to happen, we will need to wait for years and decades, because it won't be easy for all governments to let that happen, and without all countries accepting and allowing it, it won't be a global thing.

Bitcoin is already mainstream, many people have an idea of what it is. But it would be delusional to think that Bitcoin will replace the entire banking system. Bitcoin can only be an alternative payment system, which is currently possible. You can send money all over the world, you don't need banks. This doesn't mean that the whole banking sector will disappear and crypto currencies will be the only option.

If bitcoin becomes the overall universal exchange for goods and services it will have positive impact to the society by giving everybody the total control of their money, reducing taxes and corruption but looking at it in different dimension it will bring high level of unemployment because all the financial institution and agencies will fadeout and as such it will bring a serious economic crisis. However, for us to achieve a world where Bitcoin will be the only means of transaction it's certain that everybody will be a Bitcoin holder which may likely not be possible.

Traditional banking won't go away anytime soon. The blockchain tech is here but this is just an additional means for now not the main financial attraction in the world of finance. So we can't discard the fact that banking system will still be a part in major financial transactions.


Replacing the traditional banking system is indeed not yet the mission of having bitcoin in the market. We are just giving alternative option to people and it is not compulsory to utilize this payment method. But if you happen to see the advantage of using btc or other alts in your financial transactions, then, you are lucky to learn about this market. Because not all people can appreciate this technology at the moment because of so many reasons.

The monetary system that's been followed all around the world has a big history. It can't be easily vanished with the innovation that existed around 15 years back. Slowly people get used to it, for which we can't say that the people have left the traditional system and moved to the bitcoin usage. In most parts of the world, digital growth has happened in recent years, and the same has popularized bitcoin. Banks are the major functional units of the government. Banks getting out of usage and bitcoin taking the role won't happen. This is kind of a government functioning as a puppet. No government wishes to have such a role. Bitcoin might go mainstream, but the main purpose for which it has been innovated has got transformed towards a form of investment. If the specific purpose is fulfilled, it might make a big change in the entire system.

Bitcoin won't replace banking system, and many people don't want to use Bitcoin, many governments don't allow it to happen. These things are biggest barriers for Bitcoin to replace banking system completely.

It won't happen in my opinion because governments will exist, and they will govern societies through many things exclusively banking system. Another big challenging factor, is the people in societies who belong to two main sides: want to use Bitcoin, and don't want to use Bitcoin. You can not change all people or force them to use Bitcoin.

I don't see the possibility of Government making Bitcoin a mainstream payment system over what they don't control or print because as we know, Government runs a centralized system and Bitcoin is decentralized, and its technology opposed to the traditional fiat money typical system, if this will happen they have acquired almost all the total supply of Bitcoin to try to gain more control, which I doubt they force people to sell as more people have become aware the power and freedom they've got owing Bitcoin in this 21st century.

There's no way you can send a payment without fees that's attached to it because  Miners are rewarded via transactions fees since the Bitcoin they mine gets cut into halves every four years.

Even if  bitcoin is massively adopted by Government, it will never take over our traditional transactions, Satoshi Nakamoto created bitcoin as an alternative method of payment that will throw out middlemen from examining our transactions and deciding when we will have access to our money in the financial institution and not totally mainstream the traditional transaction in any country that bitcoin is accepted as a means of payment. So the use of our currency and bitcoin will work hand in hand in paying for transactions in any country because there are some transactions that you can't possibly pay with bitcoin because of how small the money is, and then you can use some other currency to pay for the transaction. For instance, when you want to pay for a transaction of very small amounts, you will easily use some traditional method of transactions like in Nigeria,Ghana,Benin republic,cameron and Qatar to pay for that transaction because you know if you use bitcoin, it will cost you more because of the transaction fee.
In addition we can force any individual to use bitcoin but when changes arise from investors and holders they will accept the bitcoin massively.

It's better to be used for some big buys - phones, cars, etc, otherwise, sometimes, network congestion will make your experience not as good as it can be.