Bitcoin & Banks - page 4. | Bitcointalksearch.org

andika2018

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Quote from: den50 on December 30, 2018, 09:31:50 AM

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 or fiat money transaction always using SWIFT protocol that controlled by central banks and bitcoin is peer to peer transaction that no need third party for transaction confirmation. But i am agree that soon or later, banks will accept bitcoin. Big investment banks like Goldman Sachs already involve in crypto bussiness and i think many will follow

jojohamasa

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The question is easy but the answer is puzzling
The XRB model may not be compatible with PTC
It is therefore necessary to agree on a unique model that preserves the BTC entity
It keeps the interests of banks and this is not easy but it is possible.

miner32342

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PointPay.io

Quote from: susuberuang on January 05, 2019, 11:13:27 AM

now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough.

Some banks tested Ripple technologies in the previous year, but the solutions were not implemented in every-day banking. Unless legal cryptobanks appear, nothing will change dramatically in the context of cross-bording payments. One needs to admit that global payments industry is ruled by banking oligopoly led by such players like JPMorgan or Citi. Once they start using blockchain technoligies, all the others will follow their example. I believe it'll be a turning point for the whole cryptocurrency market.

susuberuang

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now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough.

kucritt

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i thnk bitcoin will never introduces in banks, why? because i think that bitcoin is the digital currency, and banks only manage the real currency that have physic. it doesnt manage a digital currency like that

Altero

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Quote from: Upgate on January 05, 2019, 09:23:15 AM

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.

JohnBitCo

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Quote from: Paashaas on January 03, 2019, 11:46:15 PM

Like it ore not, banks will be offering Bitcoin services to their cusomer one day.

Bitcoin is very different than fiat and I do not see any possibility of bitcoin and banks being combined. Bitcoin do not need any bank as bitcoin wallets already act as a bank for the people and we do not need anything which controls our bitcoins. Its better to keep bitcoin in our private wallet rather than keeping it in banks.

Upgate

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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

VitKoyn

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Quote from: den50 on December 30, 2018, 09:31:50 AM

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?

If it was introduced in banks, of course they will not allow it to become a decentralized cryptocurrency because it cuts all the purpose of the banks which is being the middleman and allowing all people to make transactions directly without the needs of their service. They will change it to a centralized coin and people will still need to provide their information to own Bitcoin, of course they will not allow owning it anonymously because they will not be able to tax people.

funchiestz

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Quote from: den50 on December 30, 2018, 09:31:50 AM

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?

Technically, it is not easy to think about Bitcoin and the banking sector together. Bitcoin works with a system that we call completely decentralized. Banking is just the opposite.

fosco333

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Quote from: den50 on December 30, 2018, 09:31:50 AM

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?

Do you mean bank supporting bitcoin ? I think this is likely will hard to happening in the future.
Peoples if already feel convenient using bitcoin or crypto, they will not using central banks and fiat currency anymore.

sirohige

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if bitcoin is introduced by the bank, maybe the bank will be reluctant to use it even though there are already several banks that use blockchain technology, some time ago there were many pros and cons that happened between bitcoin and banks, but until now it seems like some banks have started to make progress to start using cryptocurrency technology.

Paashaas

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Like it ore not, banks will be offering Bitcoin services to their cusomer one day.

bp124

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Banking Sector has play Major when it come to money , But the true and matter is that they must accept there is always going to be new technology in every generation . At first there was no banking sector in the world but now there is bank , in fact when banking started there was no electronics banking but there is ! in the year 2000 i was no bitcoin but now there is ! they must accept the concept and the technology and adopt it .. Bitcoin and other crypto Currency is the future of money now that we are in digital world . no body can stop it !!!

livingfree

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Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: CryptoKush on January 03, 2019, 06:56:13 PM

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.

No, they won't fight bitcoin. What the banks can see right now is the blockchain technology not bitcoin itself. And if they see that their banking system fits bitcoin, they would adopt it but I'm thinking how they would use it? as creating our wallets can be done by ourselves alone.

They aren't afraid of bitcoin, it's either they will embrace individually or hates it much but they won't compete with it.

Malam90

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Quote from: OmegaStarScream on December 30, 2018, 10:16:12 AM

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.

Ripple is already connected with bank as it is centralized coin. Bitcoin is not connected with bank yet but blockchain technology already connected with few banks. More banking activities are being introduced with blockchain technology.

cellard

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To quote Hal Finney:

Quote from: Hal on December 29, 2010, 08:38:40 PM

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

He predicted the role of banks in Bitcoin, just imagine lightning network and then different competing banks running nodes and users choosing whatever fits better their needs, so it would be as he said, fair banking again (before it got ruined by fiat)

The thing is lightning network is way better than what he ever imagined back then.

Marcsymon

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Quote from: den50 on December 30, 2018, 09:31:50 AM

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?

Here in our country we could used the banks withdrawal facilities every time we convert our Bitcoin to fiat in our local exchanges therefore i see no protocol but its just like Bitcoin is will be one of those fiat denominations that can also be easily converted into dollars.

Janation

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Quote from: CryptoKush on January 03, 2019, 06:56:13 PM

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.

How can they be a competitor to Bitcoin?

We all know that Bitcoin is a cryptocurrency and its value depends on the movement of the market and its investors. Banks are of great help at a country and Bitcoin is not that well. We should not compare these two as we all know they are different and Banks are not looking at Bitcoin or any other cryptocurrency as a competitor, they are looking at it as a good technology that can be used to improve or develop the future transactions.

CryptoKush

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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.

Topic: Bitcoin & Banks - page 4. (Read 1583 times)