Thread by @Islander_io

There has been some speculation about what would happen if the traditional banking system disappeared and whether Bitcoin could be a viable replacement.

Here are a few thoughts on the matter: ⬇️⬇️
#Avalanche #Arbitrum #Ethereum #BankCrash

1/ First, it's essential to recognize that the traditional banking system provides a wide range of services beyond just holding and transferring funds.
These services include everything from issuing loans and mortgages to facilitating international trade and managing risk.

2/ While #Bitcoin can undoubtedly transfer funds, it is only equipped to provide some of these other services.
So if the traditional banking system were to disappear, we would need to develop new institutions and plans to replace these functions.

3/ With that said, Bitcoin does have a number of unique features that could make it attractive in a post-banking world.
For one thing, Bitcoin transactions can be conducted quickly and securely without the need for intermediaries.

4/ Additionally, Bitcoin is decentralized, meaning that it is not controlled by any central authority.
This could make it more resilient to disruptions and less susceptible to corruption than traditional financial systems.

5/ However, it's important to recognize that Bitcoin is still a relatively new and untested technology, and there are a number of challenges that would need to be overcome in order to make it a viable replacement for the banking system.

6/ For one thing, Bitcoin's volatility could make it difficult to use as a store of value or as a means of conducting stable transactions.
Additionally, Bitcoin's infrastructure is still relatively underdeveloped, and there are concerns about scalability and security.

7/ Ultimately, it's difficult to predict whether Bitcoin could serve as a replacement for the traditional banking system.
While it certainly has some unique features that could make it attractive in a post-banking world, it's important to recognize that it is not a panacea 🤫