Banking system and BTC - page 5. | Bitcointalksearch.org

Linkkoin

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Quote from: Gotumoot on November 05, 2019, 08:42:23 AM

Additionally bitcoin is completly anonymous so no one knows who holds large volumes of bitcoin. Unless they know the owner of the address, that's why they prefer bitcoin.

No, it is not, already we had a number of cases where scammers and rings of paedophiles were tracked thanks to the records of transactions on blockchain and wallet addresses. The more transaction the wallet makes, the easier it is to detect it.

cotton ball

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Banking system with bitcoin is very good for investor, they can keep safety bitcoin assets in the bank without worry with hacker, for bank maybe get risk with bitcoin price speculative with higher and lower, how when bank giving loan for investor with bitcoin on lower price and get payment after bitcoin have raise up, make investor very risk with bitcoin not stable price.

Olaphash

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Quote from: puertorikosena on November 05, 2019, 10:15:04 AM

The emergence of bitcoin laid the foundation for long-term global and inevitable changes in the financial world. Maybe now this is not felt at all, but 10-20 years will pass and we will forget what fiat and centralization are.

Banking will never be forgotten because not everyone loves crypto and vice versa.
There's a freedom for what ever we do our funds and there's also regulations guiding how we store our funds.

error08

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Quote from: puertorikosena on November 05, 2019, 10:15:04 AM

The emergence of bitcoin laid the foundation for long-term global and inevitable changes in the financial world. Maybe now this is not felt at all, but 10-20 years will pass and we will forget what fiat and centralization are.

Bitcoin and banking system doing well side by side all this time, bitcoin can't replace the banking system the same as bitcoin can't replace cash and vice versa.
Not in 10-20 years, even in 100 years, the central bank and banking system will always remain backed by the country.
Bitcoin meant to be an alternative, cannot be compared to cash in terms of daily usage, unless there is a hard fork to change the fundamentals of bitcoin to accommodate massive adoption.

puertorikosena

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The emergence of bitcoin laid the foundation for long-term global and inevitable changes in the financial world. Maybe now this is not felt at all, but 10-20 years will pass and we will forget what fiat and centralization are.

Gotumoot

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Additionally bitcoin is completly anonymous so no one knows who holds large volumes of bitcoin. Unless they know the owner of the address, that's why they prefer bitcoin.

But these are not the reasons why bitcoin can kill banks. Because banks will not disappear and maybe this could be the number one contender of bitcoin in the future.

karanggatak

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I never thought bitcoin would kill a bank. because the bank has been around for a long time and is protected by the government and also has a large number of customer members. I always thought that banks and bitcoin could run together without having to eliminate one of them. banks can adopt a blockchain system and make transaction processes more efficient, transparent and fast. while bitcoin can also be used for daily transactions, investment and trade.

Linkkoin

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We posted on our FB profile a piece of news about the negative interest rate on savings accounts in Germany (Deutsche Bank).

In a time of very low inflation rate/states printing money in enormous amounts, you will see that the interest rates at banks are a huge discouragement for investing. Therefore if you store money at the savings account, you either see no profits or even as in the case of Deutsche bank a literal loss when storing your money (bank fees+negative interest rates).
This can lead many (especially younger ones) to take money out of the bank and look for alternatives - like BTC.
If thousands of people do that at the same time this undermines the stability of a single bank, or even for the whole industry is about to lose its fluidity. And like in Cyprus or Greece a couple of years ago - banks will impose very low daily payout limits in order to survive or even bankrupt without making enormous panic.
In 2010 this was a crucial problem, right now (if you are not too late), this is a chance for BTC.

And this is as well why with all these FATF rules and Anti Money laundering directives BTC environment is becoming closer to the banking sector, to increase the possible scope of control over it, like there is one related to the banking system.

Zeke_23

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Quote from: putukin on November 05, 2019, 06:08:58 AM

Quote from: dimonstration on November 05, 2019, 05:24:40 AM

Quote from: nreal on November 04, 2019, 10:17:14 PM

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

It will not be killed but atleast we have already an option now to stay away from banks that feels that we are so entitled to please and wait for our turn to give their service to us. We're so done now in long ques and many times of lag and maintenance of their mobile banking. I'm trying not to use banks every now and then in sending payments or paying bills but there is still need for ATM Machines for some cash. Soon if bitcoin ATM will be present in many area I can say that many will be curious and might switch into it than banking.

At this stage, it is difficult to overcome the banking system, I would say that it is impossible to do this. However, I agree with the view that the increase in Bitcoin ATMs will be a great way to popularize a coin and attract new people to this area, and maybe someday centralization starts to lose this confrontation

For now, it will be impossible. Bitcoin is still a lot more ways to overcome the banking system.
Our vision for Bitcoin ATM to spread worldwide will happen if mass adoption will happen. And I think, it's possible for the government to combine the power of the banking system to the use of bitcoin atm.

putukin

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Quote from: dimonstration on November 05, 2019, 05:24:40 AM

Quote from: nreal on November 04, 2019, 10:17:14 PM

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

It will not be killed but atleast we have already an option now to stay away from banks that feels that we are so entitled to please and wait for our turn to give their service to us. We're so done now in long ques and many times of lag and maintenance of their mobile banking. I'm trying not to use banks every now and then in sending payments or paying bills but there is still need for ATM Machines for some cash. Soon if bitcoin ATM will be present in many area I can say that many will be curious and might switch into it than banking.

At this stage, it is difficult to overcome the banking system, I would say that it is impossible to do this. However, I agree with the view that the increase in Bitcoin ATMs will be a great way to popularize a coin and attract new people to this area, and maybe someday centralization starts to lose this confrontation

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Quote from: nreal on November 04, 2019, 10:17:14 PM

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

It will not be killed but atleast we have already an option now to stay away from banks that feels that we are so entitled to please and wait for our turn to give their service to us. We're so done now in long ques and many times of lag and maintenance of their mobile banking. I'm trying not to use banks every now and then in sending payments or paying bills but there is still need for ATM Machines for some cash. Soon if bitcoin ATM will be present in many area I can say that many will be curious and might switch into it than banking.

Mammothcoin

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Although the comparison is a good one, I think 'Cryptocurrency and Banking systems' would be a better comparison. If Bitcoin could have scale infinitely then the comparison would be appropriate. The advantages of Bitcoin and cryptocurrency does threaten to completely render obsolete traditional banking systems. There would be no need for banks as cryptocurency would be the acceptable means of payment, international financial transactions which take hours to process require only minutes with cryptocurrency. That's not mentioning the benefits of anonymity and others.

Questat

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Quote from: nreal on November 04, 2019, 10:17:14 PM

Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

But the adoption will certainly grow and that will force the government to regulate crypto.
We might not be able the present financial system but with crypto I adoption I am pretty sure there's a major changes that will benefit the people, not only in a certain county but from country to country as its easier to transact worldwide with crypto.

nreal

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Central banks are now the dominant structure that nations use to manage their economies. They have monopoly power and will not give up that power. While the adoption rates for Bitcoin and other digital currencies are small and the government's support for them is virtually nonexistent. So it is impossible for BTC to kill banks, which in my opinion is most likely one day that central banks will issue cryptocurrencies.

EdenHazard

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Quote from: Olaphash on November 04, 2019, 12:36:03 PM

Quote from: EdenHazard on November 03, 2019, 06:20:23 PM

There's several big banks around the world have made research about blockchain technology to be applied in their next banking system upgrade.

I even know some bank staffs that own one or two crypto assets in my country but they can't show themselves in the public because of government rules.

Exactly! They knew cryptocurrency is the future ... i mean the current banking system is sucks they as bank staff much more understand about it that's why they choose some crypto to invest in and to follow its project.

Even I heard that numerous bank staff moving to start their own cryptocurrency project which it's just shows how they losing interest in the banking system that mostly is boring and sometimes there too much dirty work , a transaction that supposed to be free in crypto, bank would always ask for the fee and the amount they ask is not a joke , a very high one!

Olaphash

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Quote from: EdenHazard on November 03, 2019, 06:20:23 PM

There's several big banks around the world have made research about blockchain technology to be applied in their next banking system upgrade.

I even know some bank staffs that own one or two crypto assets in my country but they can't show themselves in the public because of government rules.

EdenHazard

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Quote from: senin on October 28, 2019, 12:21:35 PM

If the bankers themselves believe that cryptocurrency is not a threat to global financial stability, this is clear evidence that the banking system does not feel any threat from the cryptocurrency. Why be afraid of the banking system, because it is fully protected by the state. Banks will have enough work even if people use banking services less. Banks and cryptocurrencies will exist in parallel and complement each other. There are no other options.

There's several big banks around the world have made research about blockchain technology to be applied in their next banking system upgrade, Japan is well known with its frontal innovation are the one who do.

The banking system and bitcoin wouldn't kill each other at least for now ... both is currently (at some point) working side by side yeah even though at some places there's plenty rejection and some fears about the bitcoin invasion could be so destructive not only on their financial situation . They are just overthinking though.

Asmonist

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I think they can do business both. There maybe changes that banking system will do to involve btc in there business. They can revise there products that suits both btc and banking system. That is why some banks or mostly of the banks are very particular now in online banking. There are changes happening in financial market thus banking system are slowly adopting to it. It cannot be avoided. Change is constant. BTC is the change that carries the crypto world.

Olaphash

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They are not afraid of Bitcoin but Blockchain Tech in general. But I don't see any of them leaving each other because they need each other no matter what.
It's not everyone what that is internet literate to the extent of operating or owning a wallet.

Darooghe

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Quote from: ?? on ??

Banks will be forced to adopt crypto currency in the event of such a situation.
This is what I see as the solution to the banking industry's continued survival because if they do not accept bitcoin the banks may disappear and they will now be replaced with new ways of investing money such as crypto curenncy wallet.

I think banks will look the same superficially, but the underlying infrastructure will be very very different. they will just be leaner. a better understanding of Banking will help you know that cryptocurrency doesn’t change anything for the majority of their business. For example, cryptocurrency does not replace loans for uses like mortgage or business loans. Cryptocurrency could one day viably replace debit cards with USB wallets, but cryptocurrency can’t replace credit cards. Even if cryptocurrency does replace traditional currency, that doesn’t change the role of the bank, they still can perform their services just using cryptocurrency wallets instead of money.

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