Topic: Bitcoin & Banks - page 3. (Read 1583 times)
the technology been deployed in banks today are technologies of ancient times and the banks have so relied on these technologies over the years and they have decided to become myopic about technological innovations. they are not cool with the blockchain technology and bitcoin because they feel they can not control the resources that goes in and out since it works as a decentralised system. it is ok but they should also know that they banks are functional because the mases uses them. when they opt for blockchain they should not complain
There is no hope for the state and private banks at all, remember the year 98 and what happened, how people stood for several days to get their money from the bank, it was lucky for him and his bank survived by a miracle. It's all about those who had savings in the bucks, about those who sat in the ruble generally keep quiet.
About the previous mows of our population, when people spent their whole lives on the savings bank postponed for old age or some dream, but in the end everything turned into shards, who are young simply google as people shod many times.
This crisis will not be local but global, and not as easy as 2008, then there was a rehearsal, Russia then had almost no problems at all, compared to others, this time will be different, and although we are more persistent in this regard, this time this will be a serious papadalovo, still aggravated by the situation in the resource markets and the most inept foreign policy that in general can lead to a catastrophe.
About the previous mows of our population, when people spent their whole lives on the savings bank postponed for old age or some dream, but in the end everything turned into shards, who are young simply google as people shod many times.
This crisis will not be local but global, and not as easy as 2008, then there was a rehearsal, Russia then had almost no problems at all, compared to others, this time will be different, and although we are more persistent in this regard, this time this will be a serious papadalovo, still aggravated by the situation in the resource markets and the most inept foreign policy that in general can lead to a catastrophe.
If banks integrate BTC into their systems, it will be usual money.
Perhaps it will have a different name. But we will lose the idea of cryptocurrency. The idea of decentralization and anonymity of wallets.
On the other hand, maybe we will see a new kind of banks. And these banks will be able to embody the idea of cryptocurrency and banks in one system as it should.
Perhaps it will have a different name. But we will lose the idea of cryptocurrency. The idea of decentralization and anonymity of wallets.
On the other hand, maybe we will see a new kind of banks. And these banks will be able to embody the idea of cryptocurrency and banks in one system as it should.
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?
Current banks system using SWIFT system and that why banks need central banks to process every transaction. Different with bitcoin, its peer to peer transaction and no need third party to confirm the transaction. But if government regulate bitcoin, its not possible banks will accept bitcoin in their system
I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption.
As with any disruptive technology, you can fight it until it overpowers you, or you can embrace it and figure how to keep doing business in a new world.
Banks could embrace bitcoin, but they can't treat it like fiat coins. They are forced to treat it like assets. They can't produce bitcoins out of thin air, like they do with fiat. Most likely the way they can embrace it is to act like exchanges. They can implement online wallets and earn fees in exchanging, and perhaps offer financial services, mutual funds and the like. Also lending (like a few exchanges let you do).
They also have their own altcoins for moving capital among themselves, but i don't think that would be very interesting to clients. We are in the transition period, but with time and maturing, things that seemed impossible 10 years ago would become everyday. Like, say, smartphones.
Bitcoin and banks, two factors are different in nature and act opposite in some issues but vari from countries to countries. Banks accept bitcoin in bitcoin friendly countries and denied where not legal.
The most likely is to centralize the process more, also, I think bitcoin is not compatible with banks, so I doubt very much that someday they will combine, perhaps ripple if it is developing joint technologies, but that would be almost the same because ripple is also centralized.
I don't think so. Bitcoin has not any direct connection with traditional banking system. Banking system is rigged and big bankers created their wealth in expense of others. Cryptocrrency can be future of banking system and there are bigger problems which blockchain technology can solve.
If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization.
Hardly. If bitcoin is used in banking system, it can be just stored by banks on their hot and cold wallets. But the banks themselves are not able to control the bitcoin's network. No way. It's likely that bitcoin will be used as an instrument for investments - bank deposit, for instance. Or an instrument for taking a mortgage or credit. So, it doesn't seem so black and white.
If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization.
it is the crypto-currency(bitcoin) do pose a threat to banks. They may not be able to replace all functions bank. However, they can certainly undermine the vast majority of the financial industry's purpose. Banks could plays the game but think it could provide services like issuing tokens or work like a exchanges.
if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank
Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then.
The implementation of Bitcoin in banks had so much of technical issues and problems are there that's why Bitcoin will be not implemented by banks till today but there are some government issues will also be late for that but in future maybe it can be changed by the government at banks.
if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank
Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then.
if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank
Bitcoin has its bank, it is the Blockchain. Since when it has been created in 2008, Blockchain was the dedicated bank of Bitcoin.
Blockchain is situated in Luxembourg, a good country for International Banking. The European representative of PayPal is situated in Luxembourg. Other international banks are situated in Luxembourg.
Coinbase and other similar banks are alternatives to Blockchain. If I am not mistaking Coinbase is situated in USA.
If you want to cash out bitcoin (from Blockchain or Coinbase), it is sufficient to go to a dedicated Bitcoin ATM. There are plenty of them, in every country.
If you want to spend bitcoin with a credit card, it is sufficient to obtain a credit card that can be loaded with every accepted national currency (Euros, Dollars, etc), with bitcoin.
If you want to deposit money in a bank that has national currency it is sufficient to make wire transfer, from Coinbase for example to your bank.
Blockchain is situated in Luxembourg, a good country for International Banking. The European representative of PayPal is situated in Luxembourg. Other international banks are situated in Luxembourg.
Coinbase and other similar banks are alternatives to Blockchain. If I am not mistaking Coinbase is situated in USA.
If you want to cash out bitcoin (from Blockchain or Coinbase), it is sufficient to go to a dedicated Bitcoin ATM. There are plenty of them, in every country.
If you want to spend bitcoin with a credit card, it is sufficient to obtain a credit card that can be loaded with every accepted national currency (Euros, Dollars, etc), with bitcoin.
If you want to deposit money in a bank that has national currency it is sufficient to make wire transfer, from Coinbase for example to your bank.
if that happens, existing digital assets cannot be called cryptocurrency, only limited to the ecosystem of new digital financial features created by banks, in the sense that all movements of fixed transactions are limited and regulated by banks in accordance with their interests. this is the same as there is no freedom and ease in transacting with each other, because in fact in this world there are so many banks, and each other has its own interests.
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?
Banks, in any case, will use Bitcoins and other types of cryptocurrency in their operations. At least for the provision of services for the exchange of cryptocurrencies for conventional currency. Any use of cryptocurrency by banks will not change its nature. Therefore, in this regard, we should not be afraid. For their internal activities, banks will use a centralized cryptocurrency such as ripple. 
Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now
Even banks will adopt the system still it won't be change. It won't make into decentralized one unless regulated by the government. It actually, some banks are accepting crypto coins most specifically for bitcoin as a third party, where we can used to do bill payments. It is a good move for banks and can encourage others to join as well.
bitcoin for the deposit or withdrawal method. it will be good for both
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?
Banks have already tried to work on the "problem" of implementation Bitcoin to their system:
https://en.wikipedia.org/wiki/R3_(company)
Quote
Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the cryptocurrency bitcoin.
Unfortunately, or fortunately, they still fail to find a way how to do that. In short, Bitcoin is the opposite and at the same time the enemy of banks.
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 won't be anonymous anymore, I sure we will be required to comply with their requirement, especially the KYC just like an ordinary bank depositors.IMO, this is not needed anymore, we have our exchanges both local and international who can provide the service of the bank, the bank's function then would be between the exchanges to facilitate the cash out.
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