Bitcoin connected to our banks!!! - page 9.

bitbunnny

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Quote from: pozmu on October 15, 2018, 02:15:08 PM

Banks can't work with bitcoin, search "fractional reserve". Banks may offer some Bitcoin services in future but it won't replace fiat services nor it will be possible to seamlessly juggle/ exchange between bitcoin and fiat.

That is true, banks can't fully operate on Bitcoin or any other cryptocurrency and fiat currencies will keep their position. But that is not the goal of Bitcoin or the banks.
Still I think banks will start to offer Bitcoin connected services to their clients because they are well aware this is the future and potential good source of profit.
One of the important obstacle to go live with such services is lack of regulation and position of central banks but I think this will also change in the future.

gamechangers

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Bitcoin and fiat currencies operate in two entirely different settings. While bitcoin operates with decentralization, fiat currency is centralized, so I doubt that banks can directly handle your cryptocurrency wallet. What should be important is buying and changing your bitcoin without any problems.

manfredmann

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Quote from: rishad quraishi on October 15, 2018, 02:12:05 PM

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

Yeah cryptocurrency would be the future of banking system but it should still need a third party like the bank institution for it to promulgate securities on exchange from crypto to fiat money. I do not believe that fiat will be replace with cryptocurrency and cryptocurrency should be paired with fiat to survive. In this way banks can be the third party for this to connect bitcoin and banks.

guybrushthreepwood

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Quote from: rishad quraishi on October 15, 2018, 02:12:05 PM

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

I think you're missing the point of bitcoin entirely. Bitcoin allows you to be your own bank and payment processor like Paypal, so there's no need for third parties to hold onto or process your money, and I'm not sure why you would even want them to do this. With that being said, you can already transfer money to your bank account via an exchange, but I'm not sure if this is something actual banks would ever offer directly unless there's some benefit to them, but if you want to turn your coins into cash then just use an exchange.

wongdeso

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If this happens, it will make it easier for holders in exchange, but will the bank be able to manage it?
But Ripple also has a bank that is willing to be used for transactions, this will later provoke other coins in the bank.

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Quote from: rishad quraishi on October 15, 2018, 02:12:05 PM

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

Bitcoin cannot work with banks because of its anonymous and also the price of it volatile and cannot control unlike PayPal only focuses on fiat currency like dollar and EUROS, But if you want to work with the bank using cryptocurrency try Gemini Dollar who is partnered and working popular big banks in the world.

EdenHazard

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Quote from: revive7up on October 16, 2018, 02:51:39 AM

If this technology is applied to the bank. This will help banks better manage their financial system.

it won't never happen, the concept of cryptocurrency with banks is very different and even contradictory. Like @Indrawan77 said the concept of cryptocurrency is anynomous, so as every user can keep their identity confidential to have a cryptocurrency whilst the banks need an identity for someone who wants to create an account. Look likes most of cryptocurrency users will reject if there is a coin that works with the bank.

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Quote from: coinwizard_ on October 16, 2018, 02:46:44 AM

If bitcoin were connected to banks satoshi will either turn in his grave or go public screaming at all those betrayers who ruined his global decentralised currency

actually that would only prove that bitcoin is permissionless. which means anybody, or any group is free to use bitcoin without any restrictions and preventions. banks included. in other words if you prevent banks from using bitcoin it means you are removing one of the main features of bitcoin since banks are only a certain group and like anybody else are free to use bitcoin any way they like.

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Quote from: pozmu on October 15, 2018, 02:15:08 PM

Banks can't work with bitcoin, search "fractional reserve". Banks may offer some Bitcoin services in future but it won't replace fiat services nor it will be possible to seamlessly juggle/ exchange between bitcoin and fiat.

Yes probably it has a point. I also believe that Bitcoin do not need banks in order to do transactions, it implies that bitcoin and bank cannot be a partner just like what fiat and bank has. The characteristics of bitcoin is the join force characteristics of bank and fiat. Bitcoin can work alone.

revive7up

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If this technology is applied to the bank. This will help banks better manage their financial system.

coinwizard_

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If bitcoin were connected to banks satoshi will either turn in his grave or go public screaming at all those betrayers who ruined his global decentralised currency

kiemponxs

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It's possible, if in the future all countries accept bitcoin and make it a global currency such as paper money, banks around the world will also receive bitcoin, but every bank must be able to control it first, because bitcoin is a decentralized eye that is difficult to control.

Kaznachej123

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Quote from: rishad quraishi on October 15, 2018, 02:12:05 PM

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

Hey rishad quraishi! Both markets are useful. Plus they were right about the overvalued Bitcoin bubble. Warren Buffet was actually right. Crypto is the future but there's a looong way ahead. Take it easy. And yeah, hyperinflation is going to destroy the banks at some point.

giantrobot

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This is a challenge for Bitcoin with the desire to be globally popular. We all know that banks around the world do not like Bitcoins, even hate it. But if Bitcoin cooperates with banks, this is a good thing. Bitcoin will be universally accessible, so we can trade more easily with Bitcoin.

3x2

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Quote from: Kakmakr on October 16, 2018, 01:32:21 AM

If you read between the clues that Satoshi dropped in the Blockchain, when he released this technology for the first time, then you will realize that he wanted to offer people a alternative to Banks. He linked to a article about another bailout to Banks and he wanted people to have a alternative to these corrupt institutions.

Why do we want people to depend on these institutions, if you can just use Bitcoin? Bitcoin is the alternative payment solution for people who are sick of Banks. Wink

Exactly, but not precisely.
Satoshi kick started Bitcoin ~Blockchain(NOT).
Bitcoin was meant to be used as P2P money but later Greedy people who had bitcoins(bag) started using Bitcoin/blockchain interchangeably. To make your bitcoins legal they started using blockchain this that...
We do need blockchain in banking institution but no use of BTC and other crypto there, we just need the tech part there and its implementations.

Kakmakr

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If you read between the clues that Satoshi dropped in the Blockchain, when he released this technology for the first time, then you will realize that he wanted to offer people a alternative to Banks. He linked to a article about another bailout to Banks and he wanted people to have a alternative to these corrupt institutions.

Why do we want people to depend on these institutions, if you can just use Bitcoin? Bitcoin is the alternative payment solution for people who are sick of Banks. Wink

3x2

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Quote from: Indrawan77 on October 16, 2018, 01:24:44 AM

It will create some concern, people love crypto because its anonymous and the purpose of crypto is we able buy things without need to reveal our identity, and by connecting our wallet with bank, then we are exposing our identity to the government, its not a good idea at all, and by allowing bank to cooperate with crypto means there will be regulations, which I think will weaken the crypto feature and existence

Correct till some point, you can actually see the downfall of crypto banks because of the efforts of relating crypto with banks. It is not advisable to invest in such ICOs which are trying to achieve such goals.

Indrawan77

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It will create some concern, people love crypto because its anonymous and the purpose of crypto is we able buy things without need to reveal our identity, and by connecting our wallet with bank, then we are exposing our identity to the government, its not a good idea at all, and by allowing bank to cooperate with crypto means there will be regulations, which I think will weaken the crypto feature and existence

Dimas99

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Quote from: pozmu on October 15, 2018, 02:15:08 PM

Banks can't work with bitcoin, search "fractional reserve". Banks may offer some Bitcoin services in future but it won't replace fiat services nor it will be possible to seamlessly juggle/ exchange between bitcoin and fiat.

maybe your opinion is correct but all can and may occur if the world economic system and the entire country accepts bitcoin or other crypto currencies into a valid currency and can be used as a fiat currency, the bank will also receive crypto currencies

bering

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Banks might be adopted blockchain technology and i heard too in the several countries there was banks who already adopted blockchain technology to increase their securities or similar of it but i was highly doubt if banks someday linked to our bitcoin wallet but actually i don't mind if this is happened because which mean the government fully accept cryptocurrency and as the bitcoiners i will very welcome about that

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