Banks are changing ..... Bitcoin should wake up and innovate more! - page 2.

naira

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

Of course we want Bitcoin to remain on the cutting edge of modern innovation. However, it does not necessarily stand if we do not have great power. For example, cohesiveness and adoption rates are still more. Marked by activities such as those carried out by countries that have adopted Bitcoin. They started so well that they formed a force where even banks didn't interfere with Bitcoin. Disturbing in terms of individual control over their money. Or maybe in the future, the Bank will also make peace with Bitcoin. It is possible when the younger generation who currently controls technology and innovation emerges from those who know the potential of Bitcoin, they can slip an understanding of how important Bitcoin is in the future.

Fara Chan

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We don't think bitcoin should innovate as fiat currency banks are starting to make some improvements, bitcoin has nothing to do specifically with anything, let alone a form of state run bank. Bitcoin innovation is not done for banking reasons, but the increasing demand for a more open and accepting community of bitcoin. Because people know that bitcoin is the best investment solution.
So there is very little connection between Bitcoin and BANKING, as people associate today.

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Quote from: Mauser on September 19, 2022, 08:05:39 AM

Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

It would be great if crypto currencies take a more leading role in the financial service industry. The banking model is outdated and will disappear eventually. I see this my own city where only old people still go to the bank and talk to the employees. Among my friends everybody is using a direct bank that only operates online, it's faster and cheaper. The second most important feature after providing credit and debit cards, is to offer loans. Especially now during economic difficult times the access to loans is very important. Maybe bitcoins could help to offer services in that area. Many HODL investors are looking for ways to earn passive income, this would be a good match for people looking for loans.

We need a generational change, it as simple as that, I have noticed as well that those which are younger do not like to go to the bank and prefer to settle everything online, while those which are older have a preference to do everything on the banks and avoid settling things online or on the phone, but this model is outdated as it is simply too costly to maintain, which is why bitcoin has a huge advantage over traditional banks as it has no need to keep a physical presence anywhere in order to fulfill the needs of those which have decided to adopt bitcoin.

Mauser

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

It would be great if crypto currencies take a more leading role in the financial service industry. The banking model is outdated and will disappear eventually. I see this my own city where only old people still go to the bank and talk to the employees. Among my friends everybody is using a direct bank that only operates online, it's faster and cheaper. The second most important feature after providing credit and debit cards, is to offer loans. Especially now during economic difficult times the access to loans is very important. Maybe bitcoins could help to offer services in that area. Many HODL investors are looking for ways to earn passive income, this would be a good match for people looking for loans.

Gayong88

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

The Banking industry now realized that the traditional Brick n Mortar Banking model are outdated and expensive, so they are closing a lot of their Brick n mortar branches and moving towards an online Banking alternative. They are not waiting for "digital" technologies to disrupt their business.... they are actively changing their whole operation.

Generation Z is a lot more digitally savvy than Millennials, so their target market are changing ...and they are changing to adapt to the changing customer needs.

They also realized that Brick n mortar operations are very expensive to operate and that those expenses has to be funded by high fees. The competition in the form of alternative digital payment offerings and Bitcoin's "Be your own Bank" principle....added to the threat of not having these high fees.

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

Yes,, maybe nowadays there are a lot of people who are constantly nagging bitcoin and the lack of innovation, it is not easy and to say the truth is not to be expected with bitcoin at this stage. The core team behind this new bank transaction and even VISA/Mastercard are working in the background with other tech companies to integrate their platforms with bitcoin, so when the time comes you may not see or feel it, but bitcoin will be ready for scalability.

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Crypto currency should take a control over the bank.Crypto currency was adopted by most of the people around the world.So all the people had the crypto currency as like the dollars.So it’s right time to have some adoption of crypto currency by the bank.Unless bank take the control of the crypto currency,the crypto currency take over the bank.

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Quote from: Fivestar4everMVP on September 16, 2022, 10:58:55 PM

Bitcoin and the banking system of our current time can not be compared, to me, I feel this are two different systems headed towards different directions, but out to solve one problem, and that problem is money.
Bitcoin is the new innovation and has indeed, made a very nice progress.
The banking system trying now to re-innovate by come out with online banking is like pouring an old wine in a new bottle, only those who are new to the system will fall for that trick, bitcoin is making a very nice progress in winning the hearts of the people, it's just a Matter of time.

Banks could see Bitcoin as its highest competitor so as many adaptions and innovations appear, it also innovates its system to be more competitive towards it. But as for me, banks have a higher trust rate but Bitcoin has an edge when it comes to a profitable investment. People still have the freedom to choose the kind of progress and innovation that they want. For me, I would rather focus on the assurance of better profit in the coming days.

He just said that both aren't related. I think I'll agree with that but maybe some people can't, just like the people behind banking. They haven't use a btc or properly done a research but they can end up with a conclusion that btc is the biggest rival of them.

It's normal for btc to get an adaption and innovation because they are newer compared to the banks which are already been there ever since, and they already experienced the same thing so they shouldn't be jealous on what btc is going through or achieving lately. For now many banks is more trusted but once btc became really known then that view will change as banks are also involved in some issues.

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Quote from: Fatunad on September 16, 2022, 06:17:40 PM

Quote from: coupable on September 16, 2022, 06:14:14 PM

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.

He is not required to make drastic changes. And at all, it will not be able to do this alone due to its decentralized nature.
Developers on the blockchain network can provide a variety of media that facilitate the process of understanding and use and ensure a high degree of protection. There are actually those who are working on this, but most of them are active under a central cover to necessarily achieve personal benefits, and this is what slows down the development process. The opposite of what happens with the banking system that supports many developers working under its command to reach the goals in a shorter time and extend the life of banking services for a longer time .

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Quote from: Fatunad on September 16, 2022, 06:17:40 PM

Quote from: coupable on September 16, 2022, 06:14:14 PM

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.

This is key, even if bitcoin is a great innovation in the field of money many people are simply not going to be able to adapt to it, they're going to see in bitcoin and its inability to chargeback transactions something they don't like, after all this is a safety net for them and if they happen to make a mistake they can always call their bank to help, in bitcoin this isn't possible, if you get hacked or you make a mistake those coins are basically lost, so we'll need a generational change so people aren't as used to those protections and people are able to accept the paradigm shift of being their own banks.

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

Bitcoin and the banking system of our current time can not be compared, to me, I feel this are two different systems headed towards different directions, but out to solve one problem, and that problem is money.
Bitcoin is the new innovation and has indeed, made a very nice progress.
The banking system trying now to re-innovate by come out with online banking is like pouring an old wine in a new bottle, only those who are new to the system will fall for that trick, bitcoin is making a very nice progress in winning the hearts of the people, it's just a Matter of time.

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

It's nonsense, because it's the other way round. Banks are partly doing that as a reaction to bitcoin and cryptocurrencies. It is not the only reason, because adapting to digital has other advantages.

Firstly, it is imposed by the times, society is becoming increasingly digitalised. It also helps them to reduce costs, in terms of staff and offices. And finally, it helps them to reduce the use of cash and its possible disappearance in the future, which makes their mouths water.

Bitcoin has unique properties that a bank will not be able to counter, no matter how much it modernises.

philipma1957

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Quote from: cabron on September 02, 2022, 10:53:05 AM

Banks are adopting which we were wrong in thinking they'd be iirelevant one day when cryptocurrency is adopted. If they all have stablecoins like the USDT, they'd be trusted by the customers who had been their clients for years.

If BTC is here to stay so are banks. They may probably become an exchange.

Stable coins at this moment in time are the stupidest investment for a USA citizen.

I Bond on April 1 2022 pays 9.62% for six months.

You can buy up to 10k.

every usa citizen can buy up to 10k

a possible total of 3.3 trillion dollars every year.

Six you can buy any amount buy 1600

apr 1 1600
may 1 1600
june 1 1600
july 1 1600
aug. 1 1600
sept 1 1600

on oct 1 new rate it will be over 8%

this simply creates lots of pressure against all stable coins.

I can do all of this online with a bank account like chase and a treasury account.

posts in under 10 minute not a single cent in fees to do it.

why on earth stake eth or hold a stable coin?

stack the i bonds .
as long as rates are this high all crypto will suffer.

stack the i bonds till rates crash then sell them and buy back into crypto as it heats up.

people are missing this.

Xampeuu

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Quote from: Fatunad on September 16, 2022, 06:17:40 PM

Quote from: coupable on September 16, 2022, 06:14:14 PM

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.

In the future, changing times will require everyone to change their attitude, or for those who still think conventionally about the function of banks, they will certainly be displaced by the emergence of the millennial generation that follows the times. therefore the process will continue until finally the time and situation require to change the banking system that can be accessed independently and managed independently, and each is accountable, we will just have to wait for that time to come

Fatunad

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Quote from: coupable on September 16, 2022, 06:14:14 PM

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.

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Quote from: cabron on September 02, 2022, 10:53:05 AM

Banks are adopting which we were wrong in thinking they'd be iirelevant one day when cryptocurrency is adopted. If they all have stablecoins like the USDT, they'd be trusted by the customers who had been their clients for years.

If BTC is here to stay so are banks. They may probably become an exchange.

An exchange getting transition to bank will happen, but a bank won't turn to be an exchange. Maybe services can be added according to the users requirement. Already there are a good list of banks using the XRP. Now more stablecoins will make banks more advanced and supportive to cryptocurrency services understanding the need of common people.

coupable

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Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

nurilham

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Quote from: Kakmakr on September 02, 2022, 01:15:56 AM

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. Wink

How banks will disrupt Bitcoin? Although there will be massive online banks, we are in a different fundamental.
Banks are centralized, they are engaged with the government. While Bitcoin is decentralized, no one or institution controls it, nor even the government. Holding Bitcoin is purely a freedom way to manage own finances. It is too different from using banks, our finances are managed by them. So, why we must be worried about the bank's innovation? Huh

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Quote from: TelolettOm on September 10, 2022, 06:45:28 PM

Yes, exactly bank is changing because they know what is needed by their clients so far, due to the development of technology. Banks are now more advanced moreover with some of their online features that really bring easiness, more speed, and also access instantly without going to the bank itself. That is why the bank is always accepted.
However, Bitcoin is different, this is not only a currency for payment, Bitcoin is more than it, and this is also a very valuable asset for investment. Many people can earn money also from trading Bitcoin and also use several other features offered related to Bitcoin. Bitcoin is also developing,moroever related to how they are able to transfer with lower fees by seevral methods like lightening network.

Banks are changing so are scammers.
There are so many scammers around you - who can rob you and leave you in such a troublesome condition that you will keep on wondering for the rest of your life for what has happened with you!

If anything scammers change even faster than banking institutions, and this is because they're always trying to find any vulnerability on their systems from which they can take some advantage, it’s because of this we need to be very careful when we’re about to make any transaction as we don't want to fall victims of those scammers and then be mad about all the money we’ve lost, however for some people this is easier said than done which is why we see scammers getting new victims every single day.

TelolettOm

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Yes, exactly bank is changing because they know what is needed by their clients so far, due to the development of technology. Banks are now more advanced moreover with some of their online features that really bring easiness, more speed, and also access instantly without going to the bank itself. That is why the bank is always accepted.
However, Bitcoin is different, this is not only a currency for payment, Bitcoin is more than it, and this is also a very valuable asset for investment. Many people can earn money also from trading Bitcoin and also use several other features offered related to Bitcoin. Bitcoin is also developing,moroever related to how they are able to transfer with lower fees by seevral methods like lightening network.

Vaskiy

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Banks are making big plan changes and are getting used to it. As the above user mentioned, some have started to reduce its offline presence and begun to concentrate as an online bank. In the past there used to be controversy on the loss of revenue for the banks due to the transaction taking place in terms of cryptocurrencies. People want the best and makes use of it. The Change continues as the common man have begun to understand the real purpose of bitcoin and have begun to use it against the inflated fiat.

Topic: Banks are changing ..... Bitcoin should wake up and innovate more! - page 2. (Read 1073 times)