Banks and Bitcoins: Is it possible in th future? - page 4.

stompix

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Quote from: moviebuff777 on July 17, 2017, 02:15:54 PM

Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I don't see why this couldn't work. There have already been bitcoin ATM's, this it not so different. It would help those that are not technically savvy to get in on this new technology. These banks could have live people that can answer questions about cryptocurrencies.

Bitcoin atms are not related to banking atms.
They are just vending machines.

There is no bank behind them, you insert money you get coins. Just like with a pack of cigarettes or a can of soda.

zulkarnaen

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The possibility for that is certainly there but but no one knows for sure what will happen with bitcoin later. So far all hope the bitcoin will continue to grow and grow in many countries until all can benefit greatly on bitcoin

moviebuff777

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I don't see why this couldn't work. There have already been bitcoin ATM's, this it not so different. It would help those that are not technically savvy to get in on this new technology. These banks could have live people that can answer questions about cryptocurrencies.

Zenithar

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Quote from: BingoDog on July 17, 2017, 02:06:33 PM

I beleive this is a very close future. Banks have already shown their interest for bitcoin and some are activley ecperimenting with it. They are looking for their own interest and profit and they will be ready to offer to the clients Bitcoin services at the moment they find it profitable and with risk they can take.

yes that is possible, but i think it is time consuming because even in some countries people still do not have any idea about bitcoin, not more than 1 percent people are using bitcoin. i am sure that if the number of bitcoin users will increase then government will also start thinking about bitcoin to legalize it and therefore we can expect that banks will also start accepting bitcoin for depositing and withdrawal.

BingoDog

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I beleive this is a very close future. Banks have already shown their interest for bitcoin and some are activley ecperimenting with it. They are looking for their own interest and profit and they will be ready to offer to the clients Bitcoin services at the moment they find it profitable and with risk they can take.

cramcram21

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

There are some local wallets that let's you use bank's for withdrawing your bitcoin and also you could use it for depositing some,
Here in the Philippines our famous bitcoin wallet is coins.ph that allows as to withdraw or transfer our bitcoin to our bank accounts.

megynacuna

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

It's defeats the purpose of decentralization completely because Bitcoin was made to bring financial freedom by preventing any form of central control and so having the banks keeping them so we go to them to withdraw is completely defeating the purpose for which it was made.

stompix

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Quote from: adzino on July 17, 2017, 11:44:01 AM

Bank = centralized.
Bitcoin = decentralized.
Deposit your bitcoins in bank and you lose control over your money whereas the bank will have full control of your coins and maybe deny access to it anytime they wish, meaning your bitcoin being no more decentralized. Might happen in future, but the question is how many people will opt in?

Take a look how many use online wallets.
How many use 3rd party not open source wallets on thier laptops or phones.
How many are leaving funds on exchanges.

Probably more than 80% of users.

Who will use banks? At least half of them

fullypak

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Quote from: adzino on July 17, 2017, 11:44:01 AM

Bank = centralized.
Bitcoin = decentralized.
Deposit your bitcoins in bank and you lose control over your money whereas the bank will have full control of your coins and maybe deny access to it anytime they wish, meaning your bitcoin being no more decentralized. Might happen in future, but the question is how many people will opt in?

Yes we will ultimately lose our control in our Bitcoin transaction. Now everything in our hands we can change how ever we want to like that. But once the bank enters in this matter there is no hold on our bitcoins. Everything will go under bank management. And they will start to collect tax from us for our transaction. Is this what we are expecting from bitcoin bank?

Gameroid

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Quote from: YOYOY on July 17, 2017, 11:11:12 AM

If that is possible that would be awesome but for me it is not happening because first and foremost they are all alike and one of them are like boon and bane, they don't cooperate with each other but there are some banks that do but I think they are not involve in bitcoin trading. And also if that will happen then there's nothing to worry about regarding if you trade at poloniex for example then withdraw directly to your bank account and that would be nice to see.

to me i think it is possible but it will take a little more time. it will only be possible when the number of bitcoin users will increase too much. and when governments will declare bitcoin as legal currency then we can expect that it will become possible that banks will start accepting bitcoin. but i think while going to accept bitcoin as legal currency they will surely do special arrangement for that and may be they create their own wallet for depositing bitcoin in banks.

adzino

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Bank = centralized.
Bitcoin = decentralized.
Deposit your bitcoins in bank and you lose control over your money whereas the bank will have full control of your coins and maybe deny access to it anytime they wish, meaning your bitcoin being no more decentralized. Might happen in future, but the question is how many people will opt in?

YOYOY

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If that is possible that would be awesome but for me it is not happening because first and foremost they are all alike and one of them are like boon and bane, they don't cooperate with each other but there are some banks that do but I think they are not involve in bitcoin trading. And also if that will happen then there's nothing to worry about regarding if you trade at poloniex for example then withdraw directly to your bank account and that would be nice to see.

coynedterm

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I think this is possible but I don't think that it would be better for all the bitcoiners .
Here in the Bitcoin many people are making the money through trading ( buy at small less and sell at small High price ) .
But if the Bitcoin and bank will join each other then many of the Bitcoin only trader will loss Thier job of trading and then
They needed to leave the Bitcoin by half , and also banking sector will be make the price of the Bitcoin according to their stock
, Regardless of the rate in international level .
So here it is more better as uch as possible we can use it between person to person . Otherwise price will be introduce in the banking sector for the Bitcoin and may be not profitable for everyone .

wallstone

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I think bitcoin will accept in bank as a deposit of their client and it will help them to gain more funds. In addition to that, I think it is a good idea because you can totally sure that your bitcoin is safe and secure, and then no one will try to stealth it. Lastly, I hope all banks in the world will allow bitcoin and even government will legalize the bitcoin and I think by using bitcoin it will help your economy to grow up.

AK47-

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Recently there was a news that a bank in Switzerland is going to start accepting Bitcoin. This is the first in the league. Lets see what are the outcomes because this will lay foundation for other banks into accepting bitcoin. Bitcoin have become an important in financial system. Banks cannot ignore it. There was another news from South Korea that government has permitted Bitcoin firms for international money transfer and thus enabling transaction faster and with less fees. This has created problem for banks there because they used to charge more fees. There are all sorts of news from various corners of the world. So, it is hard to predict what will be the collective step of the banks as every country sees bitcoin differently.

Iranus

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The point of a bank is convenience.

Originally, Bob would deposit 1 ounce of gold or whatever into the bank, because Bob finds it difficult to carry that gold around with him when buying the goods. In exchange for that gold, Bob receives a paper note which the public knows represents one ounce of gold, which Bob can then spend or redeem for his physical gold at will.

In the modern system, you deposit your cash notes and receive digital money. Banks also create digital money when they give loans, and it disappears when loans are paid back.

Bitcoin already is digital money, and because of the blockchain, banks are not needed to provide that convenience. Bitcoin already has it.

So Bitcoin is a replacement to the banking system, and therefore Bitcoin doesn't have to be used in banks.

Anyway I'd better vanish from this topic, because it's rapidly becoming a spamfest.

ivrynx

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it is possible, but i think if banks will also offer bitcoins, they would require for it to be centralized, and they will add fees and taxes every transactions. it is a possibility that will take much time and hopefully everyone will use bitcoin so it will become a global currency so we no longer need foreign exchanges, whenecer we travel outside oir country.

Phyton76

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Quote from: bubblebit on July 17, 2017, 02:43:57 AM

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

No need of banks if bitcoin was already popular because it will be a great way to buy thing if you can use bitcoin to buy thing in any store you will not need anycash that means you dont need it if everything was high tech in bitcoin your wallet or bitcoin wallets was already a bank.

Kprawn

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Why do we need banks to exchange bitcoins? It was designed in a way to bypass all third parties and to have a alternative P2P payment network.

Bob can pay Bill without any intermediaries. Wink

Banks and third party services will just add a bunch of extra fees and this will make Bitcoin use

more expensive. Just look what happened with wallet providers when the MemPool was full... they charged high fees and when the MemPool was

empty, they still charged high fees for no reason but to exploit people and to increase their profits. Sad

diego10

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It may be possible. Banks will be based on Bitcoin technology to do transactions and for any other banking services. Still, banks are analyzing with the crypto currency technology to accept it. But, it will take the time to process.

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