Banks and Bitcoin - page 4. | Bitcointalksearch.org

bryant.coleman

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Quote from: Amph on April 10, 2015, 05:31:25 AM

they could earn by asking users to deposti bitcoin on their bank, and instead of playing with fiat they play with bitcoin(invest them) they in exchange will offer you interest on your deposit(like 2-3%) and security

Interests are paid on fiat deposits, because fiat is susceptible to inflation. It loses value every day. Inflation is not a problem with Bitcoin, as the monetary supply is limited. So there is no need to pay interests on BTC deposits.

magic ice

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Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

Banks already accept that the technology behind bitcoin has a lot of potential.

Some banks are already testing it like BNY Mellon of Wall Street:

Unionbank of Switzerland even made a lab for the study of the technology

Read more: http://www.newsbtc.com/2015/04/02/swiss-giant-ubs-announces-bitcoin-technology-research-lab/

Q7

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As long as bitcoin is priced in fiat, exchanges will continue to take place. From here, banks could profit by providing additional services like what exchanger does to convert to fiat and earn from commission. They could even offer bitcoin accounts and change monthly maintenance fee for that. The question is here whether they want to do it considering bitcoin is in direct competition to fiat and having the potential to replace current system some day.

thejaytiesto

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Quote from: redsn0w on April 10, 2015, 05:19:45 AM

Quote from: rememberme on April 10, 2015, 05:14:22 AM

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

Only who have the private keys can "freeze" it, how? By forgot the private key itself Cheesy

. If we are thinking that bitcoin can replace (kill) the actual economic system based with intermediary (banks) we should also think how to teach who don't have any knowledge on how to use a PC/device and related wallet/client.

PS: remember who owns the private key owns the bitcoin!

Thats why if you have your coins in an exchange, you don't own the bitcoin, they do... something that a lot of people seem to forget.
Unfortuantely tho, leaving your BTC in an exchange is the only way to benefit from quick pumps, otherwise you miss the opportunity since it takes too long to deposit BTC.

Amph

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Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

they could earn by asking users to deposit bitcoin on their bank, and instead of playing with fiat they play with bitcoin(invest them) they in exchange will offer you interest on your deposit(like 2-3%) and security

basically same thing they are doing nowaday but with bitcoin

redsn0w

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#Free market

Quote from: rememberme on April 10, 2015, 05:14:22 AM

Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

Only who have the private keys can "freeze" it, how? By forgot the private key itself Cheesy

. If we are thinking that bitcoin can replace (kill) the actual economic system based with intermediary (banks) we should also think how to teach who don't have any knowledge on how to use a PC/device and related wallet/client.

PS: remember who owns the private key owns the bitcoin!

rememberme

sr. member

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Damnit that sucks if that happens. Thats why BTC is better (no one can freeze your account)

belmonty

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Quote from: rememberme on April 10, 2015, 04:32:32 AM

Quote from: Oscilson on April 10, 2015, 04:24:56 AM

Quote from: Kazimir on April 10, 2015, 02:41:05 AM

Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

Offer Bitcoin storage (vault) with insurance. Invest in Bitcoin startups. Bitcoin loanss. Tons of other applications that aren't possible with fiat. Plenty of opportunities.

In fact, for them it's the same as for anybody else. With cryptocurrency, banks no longer have a privileged elite position, they're essentially just companies with the same possibilities and limitations as any other company or person. So if others can earn with Bitcoin, so can banks. Sounds fair to me!

You can also save bitcoins in those banks and they can loan out. You can also have bitcoin credit (debit) cards. The fee could be lower.

And why would they want smaller fees, for "customer satisfaction?" lol

The banks make a fortune from credit (debit) card fees and wire transfer fees. They will fight anything that jeopardizes that income, especially Bitcoin. That's the reason they are sometimes closing accounts with any transfers from Bitcoin businesses or exchanges without giving any reason.

coinpr0n

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A bank-turned-exchange is something I could see myself using. If the rates are fair and they offer insurance, security, etc. I could see it very convenient to hold (at least some of) my funds there.

rememberme

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Quote from: Oscilson on April 10, 2015, 04:24:56 AM

Quote from: Kazimir on April 10, 2015, 02:41:05 AM

Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

Offer Bitcoin storage (vault) with insurance. Invest in Bitcoin startups. Bitcoin loanss. Tons of other applications that aren't possible with fiat. Plenty of opportunities.

In fact, for them it's the same as for anybody else. With cryptocurrency, banks no longer have a privileged elite position, they're essentially just companies with the same possibilities and limitations as any other company or person. So if others can earn with Bitcoin, so can banks. Sounds fair to me!

You can also save bitcoins in those banks and they can loan out. You can also have bitcoin credit (debit) cards. The fee could be lower.

And why would they want smaller fees, for "customer satisfaction?" lol

Oscilson

sr. member

Activity: 434

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Quote from: Kazimir on April 10, 2015, 02:41:05 AM

Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

Offer Bitcoin storage (vault) with insurance. Invest in Bitcoin startups. Bitcoin loanss. Tons of other applications that aren't possible with fiat. Plenty of opportunities.

In fact, for them it's the same as for anybody else. With cryptocurrency, banks no longer have a privileged elite position, they're essentially just companies with the same possibilities and limitations as any other company or person. So if others can earn with Bitcoin, so can banks. Sounds fair to me!

You can also save bitcoins in those banks and they can loan out. You can also have bitcoin credit (debit) cards. The fee could be lower.

Troonetpt

sr. member

Activity: 322

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Quote from: randy8777 on April 10, 2015, 04:13:14 AM

i think banks will create their own blockchain at some point in the future. this way they get all the benefits without dealing with bitcoin. also important is that they can still maintain full control of everything.

What the point?
If the Banks or government want to issue their own crypcurrence, ripple or steller like coin is much suit them, a totally centralized system.

randy8777

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i think banks will create their own blockchain at some point in the future. this way they get all the benefits without dealing with bitcoin. also important is that they can still maintain full control of everything.

Troonetpt

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Quote from: arlekyn13 on April 10, 2015, 03:44:28 AM

As long as BTC and fiat co-exist, banks do not worry about BTC. We all still evaluate the BTC in fiat. And banks control the fiat

And therefore, banks can and will take huge advantage of this new "stock" or "commodity" or whatever the label the BTC gets in various jurisdictions.

Have the fiat replaced entirely by BTC and you have a completely different story: a new society, almost impossible to imagine the implications of such a scenario. That's why I don't believe this will ever happen or if it happens, it would require a massive social movement, a global wide event to trigger the necessity and desire for this to happen. Very, very unlikely.

I don't think bitcoin can replace Fiat, at least in this century.
The simple reason is no country will allow that. And bitcoin don't need to replace Fiat, it would be good they are co-exist.

arlekyn13

sr. member

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As long as BTC and fiat co-exist, banks do not worry about BTC. We all still evaluate the BTC in fiat. And banks control the fiat

And therefore, banks can and will take huge advantage of this new "stock" or "commodity" or whatever the label the BTC gets in various jurisdictions.

Have the fiat replaced entirely by BTC and you have a completely different story: a new society, almost impossible to imagine the implications of such a scenario. That's why I don't believe this will ever happen or if it happens, it would require a massive social movement, a global wide event to trigger the necessity and desire for this to happen. Very, very unlikely.

Daniel91

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Quote from: redsn0w on April 10, 2015, 03:04:47 AM

Quote from: Daniel91 on April 10, 2015, 03:00:11 AM

In my opinion, banks will never accept BTC.
BTC is for the banks actually competition and threat, not something that can be offered as an additional financial product.
It is much more likely that banks offers its own virtual currency than BTC.
Banks do not like the things over which they do not have complete control.

It is a controsense that the banks will start to use bitcoin. Because with bitcoin I can send payment from A to C without pass to B, instead with banks I am obliged to pass from B. This is way bitcoin and banks can't coexist if we are thinking in a global adoption.

Exactly!
Bitcoin and banks simply are not compatible.
There are no profits for banks here.
No profit no interest

rememberme

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Exactly. And how do they plan to do so, only by giving it a bad image. and telling people they are more trustworthy because of the hundreds of years of service. But Math beats words.

muhrohmat

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well banks can win by trading the btc to for instances pay pal and then acount will be turnerd into dollars and euros in bank but thats a market of like 1 billion per year distribuited by all bank in world soo and acording to the fact that bitcoin its too decentralized and personla power i mean if theres no good way to turn btc = euros in bank they will never earn and porbably try to diminuich the coin

rememberme

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They can adapt and very likely will if bitcoin becomes a threat.

Elaborate

tatu

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Quote from: edo777 on April 10, 2015, 02:32:44 AM

Hi evrybody,

i have a general question.

in your opinion, how banks can earn with bitcoin?

How do they earn from anything else? From fees providing services. They can just offer services tailored to various aspects of bitcoin.

Quote from: rememberme on April 10, 2015, 02:35:34 AM

They are afraid of it, because it contradicts their whole system. I.E. If there are holidays and you have limited access to your bank, BTC will always provide full access to it's users.

Thats as simple as it gets.

They can adapt and very likely will if bitcoin becomes a threat.

Topic: Banks and Bitcoin - page 4. (Read 3577 times)