Comment by olalonde

Although Bitcoin is often marketed as such, it doesn't necessarily compete with banks. I personally see it as a currency which competes with other currencies. It's a bit like paper cash except that it can be stored digitally. I don't see what would prevent "big bad banks" (although unlikely) from adopting BTC as one of the many currencies they support and offer all the protections and services they offer with other currencies. This is actually the direction that Coinbase seems to be taking.