Topic: Bitcoin & Banks (Read 1583 times)
banks in the world should be willing to collaborate and complement each other with digital currencies like bitcoin. if this happens it will create a new economic system order, a system of exchange or future currency, this can lead to a very good era of the future.
If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?
It would definitely use Blockchain instead of the regular web applications to do bank operations.
Of course that wouldn't come overnight, it will be a big switch and slow change but it will definitely happen due to all the advantages of Blockchain over the regular interconnection of today. And when Bitcoin is one of the main waves if not the main one then everybody will take Bitcoin seriously.
the banks and bitcoins in my own perspective i will say they are not best of friends at all since they do not work collaboratively and such will bring about a degree of non compliance as they do not have what connects them as there is no room for the bank in the blockchain technological design and there is non to be considered anytime soon.
Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank.
Do tou have a point that is common use bitcoin and banks herein my location i convert bitcoin into fiat money through banking parthnership through online its good and convience for me.
Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.
Bitcoin and Banks are two things with slit difference, bitcoin is mainly used for transactions and its decentralized, carry out its operation based on blockchain technology While banks operate in a centralized system and their transactions involved third party which makes it to be slow and also incurs high fee. As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.
Bitcoin is a digital currency that is decentralized and peer to peer so that in its activities it does not use banking services. However, the blockchain technology that accompanies Bitcoin is very much in demand by banks because it works so efficiently that it can increase productivity and suppress waste in various fields. If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?
Of course, the introduction of Bitcoin into Banks will cause a change in protocol because Bitcoin and banks works on different principles, thus decentralization and centralization respectively. The Banks may not act as intermediaries during BTC transaction but will own access to the account and balance of the owner/user. The central Bank of India has authorized cryptocurrency and hopefully most of the banks in India will begin to integrate cryptocurrency into their services. 
Banks were the primary financial service renders on whom the common people rely on, if this hasn't existed there would be no good financial infrastructure till date. Some things weren't able to be fulfilled by the banking system and for the same the bitcoin backed by the blockchain technology came as a evolution in the banking industry. So, both were doing similar services on different platforms.
As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.
It fits to them because their system is centralized, bitcoin is not.
If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?
First Banks will never introduce an invention like bitcoin because how can a centralized system like banking system will introduce a decentralized currency like bitcoin which is impossible to happen but if some how they introduce bitcoin the holders will be only rich people in the world but not common citizens like us because Banks doesn't want to help you there are doing businesses and there priority targets is the make money not to help us or do some good to the world by changing something
As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.
Banks could offer a holding system for their private keys but it would be no different from putting them in a safety deposit box. Unless bitcoin becomes an official currency it would be difficult for banks to get involved, better off using coinbase and gemini instead
Once bitcoin will be mass adapted it will be easy for banks to make transaction like us dollar or any fiat currency in the economy. Banks and bitcoin or cryptocurrency will be a big legit transaction worldwide once adaption is in effect.
Of course adoption into businesses is the key fact for bitcoin to develop as a currency and with that other things like usability, acceptance comes easily so banks will definitely combine there core business with bitcoin but without adoption nothing can happen but considering today trend bitcoin has a good adoption rate than the past because earlier it was mainly used as a trading commodity rather than using with business processes but now some companies are combining bitcoin with there core transaction systems which is a good thing
bitcoin with the bank are interrelated. because bitcoin has grown to date because of the bank. so btc if there is no bank then the possibility of bitcoin will not grow as it is today. but even though bitcoin and banks are interconnected but the government still has not agreed with the circulation of bitcoin.
bank is not connected to bitcoin . they even hate it because they think btc is like a bank that people use for investing . bitcoin only grow because people buy and invest on it .
It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency.
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It's not about protocol. Bitcoin simply cannot be channelled through the banking system
i think it is possible . we did already have btc powered atm's . we can deposit or withdraw btc using banks
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Banks deal with a trust system whereas bitcoin is trustless
if btc is trustless then why people buy and invest on it ? btc is trusthworthy because it is existed for a long time but banks , not all banks are trusted because they are only controlled by people .
It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency.
I think bitcoin in the bank is nothing else like currency exchange, that's all. Where I live, bitcoin will be introduced into the work of the bank, in fact, nothing has changed.
Yes, the majority of state-owned banks are likely to provide mainly services for the exchange of cryptocurrency for common currency. Commercial banks are more free to choose additional services in cryptocurrency, however this can only be after the legalization of cryptocurrency by the state. For banks to use cryptocurrency in their activities, they need clear instructions from the relevant government agencies.
Some banks will maybe accept bitcoin
Example is German Solaris bank what is now partnership with Bitwala
Thanks that Solaris bank will get extra customers and Bitwala has got licenses to issue cards
But your privacy is gone if you mix banks and bitcoin
I think that bitcoin can be integrated with financial services like Revolut Skrill etc
To be honest i don't trust banks i want to have good financial service what will take care of his customers
Example is German Solaris bank what is now partnership with Bitwala
Thanks that Solaris bank will get extra customers and Bitwala has got licenses to issue cards
But your privacy is gone if you mix banks and bitcoin
I think that bitcoin can be integrated with financial services like Revolut Skrill etc
To be honest i don't trust banks i want to have good financial service what will take care of his customers
Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it.
it's impossible for banks to accept bitcoin
Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin
Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it.
it's impossible for banks to accept bitcoin
Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin
If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?
Bitcoin is currently not officially recognized and has not been protected by any organization. The government guarantees banks for investors, so it attracts investors more than Bitcoin regarding trust and security. Bitcoin can be a risky investment, but it is very profitable for investors. Jump to: