I have seen some answers but they do not satisfy what I am trying to find out. So here is a follow up question relating to the topic. If banks already have their implementations of blockchains including their features, would there be a need for the use of alternative cryptocurrencies like LTC?
BTC already seems to have a growing user base so maybe it will survive, but what of the other cryptocurrencies?
Topic: Banks' private blockchain initiatives and public blockchains (Read 502 times)
What will happen when every bank have their own private blockchain and alt coins. Who will be the medium of exchange then?
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
Banks are collaborating to develop blockchains.
So they won't be looking at bitcoins. They will have their 'common' alt for settlement.
Bitcoin is anathema to banks.
What will happen when every bank have their own private blockchain and alt coins. Who will be the medium of exchange then?
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
why can't USD be the medium to buy them, we are talking about banks you remember?
besides these blockchain and their coins are private which means they run inside the bank system and the value of the coins are only set by the bank inside the bank so there is no trading going on.
What will happen when every bank have their own private blockchain and alt coins. Who will be the medium of exchange then?
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
Definitely USD can not play with cryptocurrencies so only bitcoin could be the right solution. Instead of having bitcoin as medium why not have bitcoin as primary ? Banks will understand this and adopt bitcoins soon.
I was reading about the Hyper Ledger project, a project that is overseen by the Linux Foundation and is supported by the likes of IBM, Intel and other known banks all over the world. Then it occured to me that it could lessen the chances of Bitcoin's adoption to the mainstream because the banks' clients which is comprised of the people who are productive to society would be diverted to their private blockchains instead of using Bitcoin directly.
Bitcoin is lucky to have first mover advantage so it just happened to become somehow competitive and gained a following because of it. Now here is my question from all this. Is the ticket to gain massive adoption for Bitcoin or some other cryptocurrency project possible only thru the banks? But how is that possible when they do not want anything to do with them and are already supporting the development of private blockchains?
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
Bitcoin is lucky to have first mover advantage so it just happened to become somehow competitive and gained a following because of it. Now here is my question from all this. Is the ticket to gain massive adoption for Bitcoin or some other cryptocurrency project possible only thru the banks? But how is that possible when they do not want anything to do with them and are already supporting the development of private blockchains?
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
This is more to do with adopting blockchain to their banks existing systems - settlement of trades in stocks, bonds, etc. This in any case could not have been done with Bitcoin. Will all these banks implementing blockchain tech, the negative aura around crypto in general has lessened.
There are many private chain prototypes already under test by several banks worldwide according to several bitcoin magazines. And each of them have specific functions as well as limitation according to the demand of the developing company or bank but may have included fewer features of bitcoin/blockchain tech. I don't think to get better adoption and also better exposure any altcoin have to have partnership or support from banks/companies, true support for crypto currency like bitcoin will be of public support making it more decentralize and have fair distribution.
However there are not much altcoin that are better and unique than just clones of bitcoin. If any alt can deliver solution for enterprises and companies than they will be in demand for sure but bitcoin may rule crypto world always.
However there are not much altcoin that are better and unique than just clones of bitcoin. If any alt can deliver solution for enterprises and companies than they will be in demand for sure but bitcoin may rule crypto world always.
Bitcoin is a little different because the blockchain is an open ledger whereas the banks are doing a private blockchain. I could still see it as having some negative impact, but a private blockchain cannot serve the same purpose as a public independent blockchain.
I was reading about the Hyper Ledger project, a project that is overseen by the Linux Foundation and is supported by the likes of IBM, Intel and other known banks all over the world. Then it occured to me that it could lessen the chances of Bitcoin's adoption to the mainstream because the banks' clients which is comprised of the people who are productive to society would be diverted to their private blockchains instead of using Bitcoin directly.
many of these things that we hear or read about somewhere are only alternative ways that these companies or banks are trying to make for their own internal transactions and since bitcoin blockchain technology is a open source project nothing is stopping them
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Bitcoin is lucky to have first mover advantage so it just happened to become somehow competitive and gained a following because of it. Now here is my question from all this. Is the ticket to gain massive adoption for Bitcoin or some other cryptocurrency project possible only thru the banks? But how is that possible when they do not want anything to do with them and are already supporting the development of private blockchains?
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
what you are forgetting is that bitcoin is decentralized and it is good and popular as long as it stays that way.
going to the banks and doing it through banks would be using fiat again so what is the point of having bitcoin in the first place!
This is great news, it legitimizes the idea that makes bitcoin possible.
Banks creating blockchains doesn't compete with bitcoin. Blockchain is a technology that can be used for all sorts of great applications in business - particularly in finance and accounting.
These banks don't gain anything by creating an alternative crypto currency, frankly they don't think bitcoin has much future. What they want to do is offer more security and lower costs for their own internal transaction and accounting systems.
Fear not, and hodl on!
Banks creating blockchains doesn't compete with bitcoin. Blockchain is a technology that can be used for all sorts of great applications in business - particularly in finance and accounting.
These banks don't gain anything by creating an alternative crypto currency, frankly they don't think bitcoin has much future. What they want to do is offer more security and lower costs for their own internal transaction and accounting systems.
Fear not, and hodl on!
I was reading about the Hyper Ledger project, a project that is overseen by the Linux Foundation and is supported by the likes of IBM, Intel and other known banks all over the world. Then it occured to me that it could lessen the chances of Bitcoin's adoption to the mainstream because the banks' clients which is comprised of the people who are productive to society would be diverted to their private blockchains instead of using Bitcoin directly.
Bitcoin is lucky to have first mover advantage so it just happened to become somehow competitive and gained a following because of it. Now here is my question from all this. Is the ticket to gain massive adoption for Bitcoin or some other cryptocurrency project possible only thru the banks? But how is that possible when they do not want anything to do with them and are already supporting the development of private blockchains?
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
Bitcoin is lucky to have first mover advantage so it just happened to become somehow competitive and gained a following because of it. Now here is my question from all this. Is the ticket to gain massive adoption for Bitcoin or some other cryptocurrency project possible only thru the banks? But how is that possible when they do not want anything to do with them and are already supporting the development of private blockchains?
I believe Bitcoin will live on because it has a solid foundation but the same cannot be said with altcoins.
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