Banks are changing ..... Bitcoin should wake up and innovate more! - page 4.

Zlantann

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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

I understand perfectly your observations sir. Bitcoin is one of the most outstanding innovations or inventions of this age and nobody can deny this fact. But that was how telephones, television, typewriters, coal-powered machines, and gramophones, were all wonders of their time. But people decided to invest their time and resources to modify and advance these discoveries to make them better and easier to use. Banks are also doing the same thing to make their services better and faster. Consciously or unconsciously one of Bitcoin's most significant competitors are banks. Hence, Bitcoin services and transactions should keep improving. We must keep setting the pace and finding the path making it impossible for the conventional banking system to catch up with Bitcoin's innovative strides.

Hydrogen

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The problems bitcoin faces aren't so easy to solve that they can be addressed with basic software updates or future development.

If it were that simple, we would already have seen these features implemented on crypto platforms better suited for rapid development and deployment.

There hasn't been much development in crypto or more discussion of concepts and ideas that I have seen. Most of the published content revolves around proof of work versus proof of stake and basic points. There hasn't been anything published on a future of crypto for crypto. Nothing with the potential to improve fundamental and basic principles.

Satoshi Nakamoto was very independent developer. Which allowed him to work from outside having conflicts of interest. Not many today appear to have that freedom, motive or idealism. Which unfortunately are some of the main ingredients needed to improve bitcoin and develop something that could legitimately be called next generation crypto.

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Quote from: uchegod-21 on September 02, 2022, 04:44:23 PM

Quote from: Darker45 on September 02, 2022, 03:37:46 AM

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Likewise myself. I don't truly see the connection between bitcoin and traditional banks. They are not related in ownership, they are not related in manner of operations and they are not related in the method of storing value. They are also not in competition of any kind. Even if the government liase with the banks for CBDC, it is not also in competition with bitcoin. CBDC can compete with stable coins like USDT and not BTC. Banks can compete with exchanges and not bitcoin. In all bitcoin is not threatened.
Whatever the bank I doing doesn't translate that they are no longer centralized. Their innovations are for smooth running of their business and not for the betterment of the common man.

Come to think their main differences

-Centralize- have a central control or command/everything could be watched out
-Decentralized - no central authority or something related

You could able to point out and tell that Bitcoin is something cant be waked up and tell made out some changes because banks are stepping up on the game?
It was never been the primary objective on the first place on competing against banks.This should be bare up on mind.

Mate2237

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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

Fiat Banking system can not disrupt Bitcoin. And also Banks will not close branches for online transaction only because the must eat and buy other things. and online transaction can not solve that problem for now. Innovation must but you don't have to spearhead the technological space to change the atmosphere. The more innovations come to the world the more change it become.

uchegod-21

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Quote from: Darker45 on September 02, 2022, 03:37:46 AM

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Likewise myself. I don't truly see the connection between bitcoin and traditional banks. They are not related in ownership, they are not related in manner of operations and they are not related in the method of storing value. They are also not in competition of any kind. Even if the government liase with the banks for CBDC, it is not also in competition with bitcoin. CBDC can compete with stable coins like USDT and not BTC. Banks can compete with exchanges and not bitcoin. In all bitcoin is not threatened.
Whatever the bank I doing doesn't translate that they are no longer centralized. Their innovations are for smooth running of their business and not for the betterment of the common man.

nakamura12

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I see some banks in my country that is now also available online which means they did take advantage of the situation that many people are using mobile phones so many banks started to use digital technologies to their advantage which provides much faster compared to going in their building. The banks works the same as it is but the difference is that people can now check their balance through online or the bank's APP. In short, they just made their service available in digital world.

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Quote from: Darker45 on September 02, 2022, 03:37:46 AM

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Whether the banks shift to online operations or remain in brick and mortar operations, they remain as banks, intermediaries, third parties that have to be trusted by the people and where transactions will have to pass through. Moreover, they remain to be fiat entities.

In science, this is like physical change and, as opposed to chemical change, nothing has actually changed in the substance.

I think the same as you, on the surface banks seem to be changing but that is not true, at their core banks are still centralized institutions which can at any moment change the rules you have to follow unilaterally and you have no option but to accept them, without a doubt they are doing this in an effort to try to deceive people into believing that banks have become a better option than bitcoin, will people get deceived? I think a decent portion of people will get deceived, but those that understand what bitcoin is really about are going to see through this and they will still decide to use bitcoin as they know it is best option out of the two.

BIT-BENDER

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Well I would address you post by first beginning with your post topic, unlike the banks that are owned by individuals, cooperate board, government e.t.c Bitcoin isn't owned by a identifiable entity and for so long we haven't heard from any one who can say they would update bitcoin performance or functionalities so I don't understand what you mean by Bitcoin should awake.

Yes you right The bank system is pushing vigorously towards digitalization not only the banking sectors almost all other sectors that used to be orthodox are now evolving and I am not surprised seeing the world we live in today, but the distinguishing factor between Crypto-currency and the banking system won't be speed, technology but it would be decentralization and as long as that remains Bitcoin is ahead of the banking system.

ShowOff

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The bank is facing too many trust issues which I think will cause a crisis of confidence in the future. People need innovative solutions to manage, store and conduct financial transactions because banks can no longer be trusted. At this point it is clear that the option is a new financial system and there is bitcoin which is increasingly being trusted as the best option.

Yes, bitcoin is the best solution and I totally agree. Currently bitcoin is still an alternative solution but sooner or later its dominance will increase so that competition with banks can be expected. Many countries are starting to think of ways to prevent that from increasing, and one of the things they are starting to think about if banks don't attract more users is to issue their own cryptocurrencies. This is a CBDC, but it will not restore public confidence in the bank.

fiulpro

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Bitcoins is entirely digital, it already follows -be your own bank norm-
The market is indeed move favourable for gen z since they can navigate with ease on models based on digital sets, considering the banking system we already have banks like: digibank which is amazing and i have been using it for ages to trade in cryptocurrencies even when the local banks stopped letting people use it for crypto trading, digital banks were more lenient thus I wanted to ask about what you meant by the brick and mortar model perse? Since bitcoins is already way above it, ofcourse not considering the less greener mining practices.

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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

Bitcoin was a bit of a shock to banks and you're definitely right - it spurred them to wake up a little. They did well to trim back a lot of unnecessary expenses like front end operations and also drop their fees a little bit, to beat off the competition of cryptocurrencies. It can vary by country, but inter bank and even international bank transfers were always riddled with overly expensive fees which they really had to think twice about now. They always needed this little push and a modernization, Bitcoin has caused them to react in that respect. Bitcoin itself now it the one that needs to keep evolving to bring down fees and speed up the transaction times if it wants to stay relevant.

jackg

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I don't think banks are innovating that fast at all. If they're moving online it's to cut spending and the services they offer.

They still have a lot more power over your money than crypto does and still habe a lot slower transaction speeds (uk transfers are instant but I don't think that's the same anywhere else and it's certainly not the same internationally).

Generally also, banks do better if they can make it harder for you to withdraw cash as it means they have a higher amount of money they're able to lend and earn interest off.

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The generations! well, there are with its virtues and disagreements (mistakes).

The OP, it is something specific and I think that this specific reaction that you mention from that bank is somewhat late, things are changing technologically from that point of view a long time ago, for example, technical support or the physical offices of most of the companies of cell phones in my country do not exist, if you need a chip they send it to you, so offices does not exist, you solve everything on the web page or in its app, a virtual advisor (bot), the banks are that way, they have enabled ATMs with deposit options, check payments, everything can be done at the ATM and those offices are now centers that contain up to 20 ATMs, there are some branches, but mainly in the big cities, it was not like before that there was a bank in every town, shopping center, etc.

Now, bitcoin did not wake up if you ask me, it was born and is growing and thriving, it has never fallen asleep, if us use its term in a figurative sense, in any case if banks improve or deteriorate from a technological point of view it is irrelevant in the existence of bitcoin, the change that is needed is in the individuals, the people, the change of mentality.

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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.

dothebeats

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The banks that I've been dealing with for over a have since moved to a more digital approach on their banking services. Since the smartphones became more and more popular, and a lot of people have become more connected to the internet, it's a no-brainer for banks to really move into that space. It's just that a lot of their customers are still stuck with passbooks and the old ways that they cannot do a full overhaul of their services.

Bitcoin remains as is because it is not actively competing with the traditional banking system. If anything, it just offers an alternative to people who are looking to store/invest their money elsewhere.

electronicash

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if what you mean by more innovatoin is smart contract, there are teams already doing it like the RSK and Taro. but if you mean modifying BTC code itself to its protocol, it will bring down its market with broken trust. spare the decentralization to Bitcoin and give governments control to Eth POS.

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Quote from: bakasabo on September 02, 2022, 04:19:30 AM

I dont see any major changes in banking sector nowadays. From banks, I only get notifications that my account monthly fee will be higher, and changes of plastic card limits. I understand that every bank in every country is different, but except an option to buy car insurance, I cant remember nothing innovative during last 5 years.

No not true that banks could be different from countries because they are set up to make profit therefore they are business oriented. If your bank is charging you on unexplainable bills so likewise other countries. To shock you on this just yesterday I got a debit alert from my bank deducting equivalent of $2 from my account on no good reason. However one of the challenges that bank worker will face in near future is downsizing of staff because the brick walls are no longer patronised as much with digital currency

Quote from: bakasabo on September 02, 2022, 04:19:30 AM

As to Bitcoin, what new can it innovate? We are only waiting for mass adoption and that is it.

Despite the banning from countries, the importance of bitcoin is not to be overemphasized. Bitcoin and freedom are like joint ventures, no hidden charges or unexplainable charges. Is open source and you see every in blockchain.

Gyfts

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What innovations are you proposing? The banking industry's only disruption to Bitcoin will be the introduction of CBDC's and they aren't necessarily a direct threat would require Bitcoin to be any different (not that you could make BTC inherently different anyways). Seems to me that Gen Z are less skeptical of government intervention in economic affairs than older generations that have lived through legitimate oppressive regimes, so the banks have open access to a naive market that is willing to deprive themselves of any autonomy. This isn't a slight directed at Bitcoin.

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Bitcoin does not have to change, the same way money does not have to change the front end services to some extent need to become more user friendly and give people more options.
There are many small banks and banking services and brokerages that have customer service and customer facing interfaces that are IMO generations ahead of some exchanges and other bitcoin services.

Sorry but it's true, not saying that they are all that way, just that enough are that way to drive people away.

-Dave

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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.

Only those who adapt will survive, and banks always adapt and survive, this is a fact that can be verified throughout history. It would be unusual if this did not happen and unreasonable from the perspective of anyone who wants to remain competitive on the market.

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

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.

I would not agree that this is the biggest threat to them, at least not in the near future, considering that most people are not ready to be their own bank, and many do not want it, no matter how you offer it. Banks will continue to be present and dominant, they will only reduce the number of physical branches and employees, because everyone will have a bank in their pocket in the form of an app, or will use online banking on their personal computer.

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

I don't know who you mean when you say "are we going to wait..." because what can an ordinary person do in that sense? If I go and close the bank account, how will I receive my salary? Banks are still a necessary evil, nobody likes them, but you can't live without them unless you cut yourself off from the world and go live in the wild.

Topic: Banks are changing ..... Bitcoin should wake up and innovate more! - page 4. (Read 1152 times)