Topic: Banks are changing ..... Bitcoin should wake up and innovate more! - page 3. (Read 1152 times)

Banks are seriously changing with more and more of them being operated solely online while trying to reduce fees, makes it easy to open and grant users access to there funds as much as they could. Of course this is very necessary in the monetary system of the world and expected too but there will always be one issue and that is, the issue of accepted currency and the issue of centralization.
When it comes to across borders, even a particular nations recognised currency is not useful not until you change it to the localitys base currency and that remains an advantage for cryptocurrencies.
Another one is the issue of centralization as the CB can just up any delay and make declarations that might have effects on customers funds in various banks.
These are aspects that is seems can't be kicked out in the history of banks and its another limitation fir which cryptocurrency fills in.

Of course, Bitcoin must move forward with its development and the responsibility lies on the Main developers and independent developers that are contributing to the technology development of Bitcoin.  No matter how wanting we are in pushing the development of Bitcoin, we can't do anything since all the decisions depend on the consensus of developers and miners if I am not mistaken.

Instead of worrying, let's take the fast development of the financial institution as positive because it will benefit us somehow.

let us accept the fact that the fast evolving technology has great impact in the banking industry. if they will not adapt, they will be left behind. so even if some are against their traditional banking system, they need to think about their clients also. as their customers are influenced by the new technology, they can't stop them from looking at new innovations when it comes to financial options.

For now, The Bank may be more than willing to adapt and adapt to meet the needs of the future financial system, but because many elements of Bitcoin are unique, we often find ourselves playing more defensively than attacking. There's nothing wrong with keeping it.

I think yes. Big banks need to innovate so they can stay competitive in this new space and retain customers – and ultimately bring in new customers. It is likely that they will also be eyeing Bitcoin as a potential gateway to payments. Mobile payments. I think it's smart to stay ahead of the curve, rather than waiting for distractions – right?

Ultimately it may be the innovative spirit that gives Bitcoin its edge over the world's banks. I'd rather see it stay that way.

Since 2020, banks have planned many changes in the banking system. even then they were already interested in the blockchain system. because they are aware that the ancient system used by the bank will make the bank's customers decline. And to overcome this, of course the Bank will make many changes in its system to attract their customers back to continue using the Bank's services. because the Bank relies heavily on increasing customers.

Some of the changes that have been and have been made by the banking industry are as clear on the Forbes⁽¹⁾ news page. That is :

- Leveraging Fintechs For A Better Customer Experience
- More Technology-Driven Consolidation
- The Advent Of Digital Lending
- The Rise Of Neobanking
- Automated And Personalized Customer Experiences
- and more.

The banking industry has even now touched the Blockchain system. For example, CBDC adoption has begun to be developed and there are several banks that have implemented it.
industry Can do a lot of improvement because they have strong support in government finance and legality.
but still the Bank will just be a Bank. they still want their centralized system. so they can still control all the people and customers who approach them.
but people will still like freedom and hate centralized systems. so Bitcoin and Cypto will remain superior because they have a non-centralized system.

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(1) https://www.forbes.com/sites/forbesfinancecouncil/2020/01/02/13-changes-coming-to-the-banking-industry/?sh=4b2945df7ebe

It seems that OP went of out context, or the contributors to the topic misunderstood ok or Op didn't make his points very clear. On seeing your reply, I had to think from another angle on behalf of Op.

When Op said bitcoin should wake up and innovate more, he meant so in competition with banks, but on the contrary and in the real sense, bitcoin has been innovating.

From what used to be 1mb block size, there was innovations to foster scalability. We have witnessed Lightening Network in off blockchain, we could see a good innovation in Seg wit and signatures. Also the November last year Taproot are all innovations or transformation. So, bitcoin is not stagnant, it is a growing technology and will continue to undergo innovations till it attains its finest form.

Bitcoin is a medium, so users can innovate with it. I'm not sure what innovation we're talking about, but it's definitely something like a means of payment. But at the same time I don't know what to do because bitcoin is not legal as a currency in my country, it is an investment asset which is included as a commodity. Even if the bank is very bad, but I have to accept that I still need the bank and its centralized system to transact finance across national and local levels. Fiat is inseparable so far even though more and more banks are losing the trust of their customers.

I would not object to better developments especially regarding the payment system, but certainly would never feel compelled if the government did not legalize bitcoin as an alternative payment option. Here I don't have much of a problem with banks, but maybe not out there.

The problem with banks is not only that they are centralized institutions that can take unilateral decisions about your money without consulting you and there's nothing you can do about it once your money is inside the bank, an additional problem with banks is that they are dealing with fiat currency, a currency that we know can go through periods of very intense inflation, which is what's happening right now, and as such your wealth is evaporating every single second you are holding fiat in a bank, so the people that are aware of this will try to find alternatives, and bitcoin is an attractive alternative to the fiat system.

No matter how banks improved and changes to stay connected to the people’s needs, it will always remain that banks are centralized and are controlled by the government, while bitcoin will always be centralized and will always allow people the banks of their own. So there’s still an advantage if we focus on bitcoin, especially if we aim more to become independent of our finances.

Physical banks has their own purposes so they shouldn't say that it was outdated only because they see that many businesses have now opened up online. If they want to, they can always open up a branch online but they shouldn't close their previous branch because not all people have the ability to transact online especially elder people.

They shouldn't mind their expenses because they are a bank. Not that they hold a lot of money but they can charge a service fee for their service. They can always afford to pay their employees and other expenses. Banking sectors won't disrupt bitcoin but bitcoin are the ones that can disrupt them.

Banks innovations are more easily accepted by the mainstream since most people are already familiar with them. It is expected that current digital banking systems are designed to be way more approachable to the current potential generation, so obviously they are onto it.

In another hand, Bitcoin is a completely different thing compared to bank innovation, it's not even a head-to-head. And so do both things have their own urgency. So, if the competition is dictated by each own motive, I think it rather will give a bad consequence.

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For what it's worth, Satoshi once talks about freedom motive.

This should not be a new revelation that brick and mortar operations are expensive and if you look at the developing countries majority of the banks have branched out their operations in major towns and cities and there was a rampant job opportunities in the banking sector in the past ten years. Banking sector will not disrupt BTCitcoin no matter how hard they try because transacting outside a country is still expensive and time consuming and i do not see any change in that aspect.

Every government is promoting online payment for the past decade and the simple reason is to have more control over an individual spending habits and transparency,  BTCitcoin gives you pseudo anonymity and you can take care of your privacy up to an extend.

I think you're wrongly quoting me. Those are somebody else's words.

In any case, nowhere in the entire Bitcoin whitepaper did Satoshi mention about Bitcoin as "an alternative currency." Neither did Satoshi even directly mention either liberty or freedom. Of course, Satoshi didn't also mention that Bitcoin is invented to "kill fiat or will replace bank." What is clear is that Satoshi proposed an innovation that isn't based on a trust-based system in relation to e-commerce transactions. So this isn't really against brick and mortar banking services.

Bitcoin has given us the facility, so now it's our job to explore the innovations that come with it. As a payment system, bitcoin is good enough, it's just that its low global adoption still makes it not stable enough as a currency.

I think that adopters of bitcoin as a means of payment expect lower volatility than what we are seeing now. That is something that is expected to be different from our desire to use it as an investment asset because bitcoin also needs to keep its adopters safe from the risk of high volatility. If this volatility is still high, then I'm sure some people will consider other cryptocurrencies with low volatility like stablecoin or others. Let's assume bitcoin adopters are dominated by people who don't really care about decentralization and financial privacy, so a centralized or altcoin stable will be considered.

Banking system is evolving all the time depends on the needs of their customers all the time, especially private banks but completely under the government regulations cause their only intention is to make money so they are finding new ways to keep their customers satisfied now anyone can open bank account from their home itself but its not enough to compete with the scenario of be your own bank. Bitcoin and other cryptos are under the control of the users while in the banking system the funds are stored in their vault and ledger but only thing evolved is we can access the funds anytime with the help of smart devices and internet.

If you think that BTC and other popular cryptocurrencies will overtake traditional banks at any point in the future, you are seriously out of your mind. That will never happen in my honest opinion.

BTC was developed to serve as an alternate, anonymous payment method op(Not overtake Banks or other centralised entities).

The banks have realized this years ago, but I don't think that they would completely close all their branches. The human factor is undeniable when it comes to lending money. No app or digital platform could replace a bank office that is directly communicating with the customers about their consumer loans, mortgages, credit cards, different sorts of paperwork, etc.


Do you have any bright ideas about how Bitcoin could beat the digital businesses?
The whole point of Bitcoin is to not let any business or financial institution steal your savings. That's the whole point of "be your own bank".
Having cheaper fees is great, but Bitcoin isn't about cheaper fees. It's about security and financial independence.
The banks might become more digital, but they will be as centralized as before and you still have to rely on them to not legally steal/confiscate/block your funds .

So, after reading most of your comments.. I realize that most Banks are just wrapping shit in new colorful paper and selling it as new innovation. I think they are closing Brick n mortar casinos, because it is too expensive for their investors.

The customers are not going to see the benefits of their actions, because the higher profits are just going to benefit the shareholders. I opened a Bank account with the arrangement that if I kept a certain amount of money in the Banks account... I would not pay any tx fees... but they increased that amount every year... and suddenly stopped offering that option. 

This is what many people don't understand. Even Satoshi the creator of bitcoin stated it clearly in bitcoin white paper that bitcoin is an alternative currency that will give people liberty to control their finance. He didn't state that bitcoin will kill fiat or will replace bank. Bitcoin is not in war with banks and not in any competition for innovation.

What kind of innovation does OP what for bitcoin. Is it to move from PoW to PoS?

Most of the less complicated solutions related to banking are implemented by using their centralized nature to the max. In bitcoin world this may not be the best direction.

I won't deny it, some things could be done to make things easier for non-technical people. But I will be honest and I would not expect people invest time and work "for fame"; let's be honest, the most fool-proof solutions are commercial ones (i.e. ones for which the developers got paid).