Thanks for the thoughts guys.
Will definitely be interesting to see how it plays out. Which of them are successfull in adoption and which ones stuff it up. haha
Topic: Banks and Non-Reversible Transactions (Read 346 times)
I think there will be a lot of change in the banking industry once Bitcoin becomes more widely adopted. Security measures that we aren't even aware of today will emerge, additional scrutiny will be enforced, and very select people will be given the keys to that castle.
As the previous person mentioned, cash isn't much more than digital currency today. Think about your debit card purchases. When you swipe your card the bank facilitates it, but they don't actually hand the seller cash directly, they simply move a few 1's and 0's from one account to another.
All that being said, I suspect big banks fighting this adoption tooth and nail.
As the previous person mentioned, cash isn't much more than digital currency today. Think about your debit card purchases. When you swipe your card the bank facilitates it, but they don't actually hand the seller cash directly, they simply move a few 1's and 0's from one account to another.
All that being said, I suspect big banks fighting this adoption tooth and nail.
Cash withdrawals are irreversible too. If you let someone withdraw 100k or 1M dollars, then it is gone forever(even if a little more bulky than with Bitcoin). But still the bank operates with cash since forever.
They highly regulate it and any falsely credited amount is blocked
Cash withdrawals are irreversible too. If you let someone withdraw 100k or 1M dollars, then it is gone forever(even if a little more bulky than with Bitcoin). But still the bank operates with cash since forever.
Given that Bitcoin transactions are touted as being non-revisble, is it likely to be a big hurdle for large financial institutions to get on board with Bitcoin?
i.e. if a bank staff member transfers all the bank's bitcoin into the staff's private wallet and the transaction is in no way reverisble, the bank would be up s&*t creek. They could fire the employee and maybe the government in their country could put them away in gaol (jail) for the theft but the bank probably wouldn't get their money back.
Is this a barrier to entry for large financial institutions from getting involved with Bitcoin or just technical step that can be solved?
Thanks and kind regards,
Pat
i.e. if a bank staff member transfers all the bank's bitcoin into the staff's private wallet and the transaction is in no way reverisble, the bank would be up s&*t creek. They could fire the employee and maybe the government in their country could put them away in gaol (jail) for the theft but the bank probably wouldn't get their money back.
Is this a barrier to entry for large financial institutions from getting involved with Bitcoin or just technical step that can be solved?
Thanks and kind regards,
Pat
It sure is.
And larger than that is the anonymous nature of bitcoins and the way block-chain works.
It's nearly impossible to track how the coin move and between whom.
This way government can not take tax on it.
Given that Bitcoin transactions are touted as being non-revisble, is it likely to be a big hurdle for large financial institutions to get on board with Bitcoin?
i.e. if a bank staff member transfers all the bank's bitcoin into the staff's private wallet and the transaction is in no way reverisble, the bank would be up s&*t creek. They could fire the employee and maybe the government in their country could put them away in gaol (jail) for the theft but the bank probably wouldn't get their money back.
Is this a barrier to entry for large financial institutions from getting involved with Bitcoin or just technical step that can be solved?
Thanks and kind regards,
Pat
i.e. if a bank staff member transfers all the bank's bitcoin into the staff's private wallet and the transaction is in no way reverisble, the bank would be up s&*t creek. They could fire the employee and maybe the government in their country could put them away in gaol (jail) for the theft but the bank probably wouldn't get their money back.
Is this a barrier to entry for large financial institutions from getting involved with Bitcoin or just technical step that can be solved?
Thanks and kind regards,
Pat
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