Topic: Can Bitcoin make Banks disappear? - page 263. (Read 427614 times)
banks are parts of the real life, only a world war (3?) could destroy bank power.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
Even if people are aware about bitcoin they will prefer to use both, as they feel that their money in bank is safe and they will surely hesitate to invest money in bitcoin at initial stage.
People tend to think money are much safe in the bank, well that's the reality and bank has the responsibility of your money, if your money was lost
while it is on their jurisdiction. They will just return your money.
Unlike in bitcoin, if someone gets your money not knowing who is that person, you can't return it.
The only bad thing about bitcoin is that its transactions are irreversible, and if someone steals or hacks your wallet its very difficult to find that person.
Well you are right dude, that's the disadvantage of bitcoin. I hope developers will try to improve about that issue.
And if you send a payment to an incorrect receiver, you can't cancel it. This should be fix also.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
Even if people are aware about bitcoin they will prefer to use both, as they feel that their money in bank is safe and they will surely hesitate to invest money in bitcoin at initial stage.
People tend to think money are much safe in the bank, well that's the reality and bank has the responsibility of your money, if your money was lost
while it is on their jurisdiction. They will just return your money.
Unlike in bitcoin, if someone gets your money not knowing who is that person, you can't return it.
The only bad thing about bitcoin is that its transactions are irreversible, and if someone steals or hacks your wallet its very difficult to find that person.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
Even if people are aware about bitcoin they will prefer to use both, as they feel that their money in bank is safe and they will surely hesitate to invest money in bitcoin at initial stage.
People tend to think money are much safe in the bank, well that's the reality and bank has the responsibility of your money, if your money was lost
while it is on their jurisdiction. They will just return your money.
Unlike in bitcoin, if someone gets your money not knowing who is that person, you can't return it.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
Even if people are aware about bitcoin they will prefer to use both, as they feel that their money in bank is safe and they will surely hesitate to invest money in bitcoin at initial stage.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
But the bad thing of Bitcoin is that you must wait a long time until it will be more worth.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
That would happen for a long time that bitcoins will change banking system or will make banks to disappear and people will hard time to adopt for it
especially for those far places, provinces who are not yet innovated with technology or doesn't even know what bitcoin is.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
I see the only one right way to make banks dissappear, to stop using it but nobody will stop using banks, i am sure about it. Also many people will say that bitcoin is useless and bla bla bla.
And the bad thing is that you also have to learn people how to work with Bitcoin.
for now it is still very difficult. banks have a level of security and also a producer of the dollar which is the whole community needs. other than that bitcoin is still not as popular as the dollar
What? Are you kidding me? Banks have less level of security to bitcoin, and there is literally no demand for more paper dollars. The community does not need itself flooded with useless paper notes. They will come to despise it.
Bitcoin on the other hand is secure, more anonymous, offers better privacy, and is irreversible. So it is impossible to commit bitcoin chargebacks while you can chargeback paypal, or card credit cards.
As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country
yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.But it can happen if bitcoin become the only currency that being accept by some country
so the bank will be compared with bitcoin wallet because it has the same function
1 country using bitcoin only? If I will be the president of that country that would really be a hard work. It is an online currency so how to work this out for the people to use it with convenience will really be the hardest part.
I think Japan is trying to consider to accept btc soon to their community since Satoshi is a Japanese (I'm not sure).
But bitcoin cannot make disappear banks as banks accepts only fiat and fiat is really the most used money rather than bitcoins.
Bitcoin can replace banks so easily.
How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.That person doesn't know what he is talking about.
Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.
As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country
yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.But it can happen if bitcoin become the only currency that being accept by some country
so the bank will be compared with bitcoin wallet because it has the same function
1 country using bitcoin only? If I will be the president of that country that would really be a hard work. It is an online currency so how to work this out for the people to use it with convenience will really be the hardest part.
Bitcoin can replace banks so easily.
How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.That person doesn't know what he is talking about.
Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.
Bitcoin can replace banks so easily.
How can you say that? Do you have any valid reason to say that? That is simply impossible and bank will always be part of our community and society in future too, bitcoin is too small in front of banking system.That person doesn't know what he is talking about.
Today bitcoin is too small but how about if it booms two years later. I am also was a paypal user until I used bitcoin. I saw the big difference so I switched to bitcoin. The same may happen to those who will discover bitcoin. And if bitcoin continues to establish itself, it may get past paypal and may also do damage to banks.
Hmm.There are already times that bitcoin wallet and bitcoin is being hacked by hackers online.But bitcoin and bitcoin wallet is more protected.Higher security and small problems are being fixed fast.But still there is possibilities that bitcoin wallets and bitcoin may disappear one day from now.But dont hope for its lost.Hope for best
First of all bitcoin security depends on YOU and by choosing your own wallet. If there's something happen the only one to blame is you or that wallet. Also you don't have any chance to make it back. So all in all, you are mainly the security here.
On the other hand, banks will give you return if ever there is a loss since that is their priority. Also why choose banks that haven't built any strong financial institution.
As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country
yeah agree with you. bank is a place to save money so it will be different with bitcoin because bitcoin is a currency.But it can happen if bitcoin become the only currency that being accept by some country
so the bank will be compared with bitcoin wallet because it has the same function
Hmm.There are already times that bitcoin wallet and bitcoin is being hacked by hackers online.But bitcoin and bitcoin wallet is more protected.Higher security and small problems are being fixed fast.But still there is possibilities that bitcoin wallets and bitcoin may disappear one day from now.But dont hope for its lost.Hope for best
As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country
i think still not a single country have a bitcoin bank . so think i will no do so. because it is avertual currency and not a physcal one. so we can say that bitcoin will no disappear the banks etc.But it can happen if bitcoin become the only currency that being accept by some country
As I know bitcoin and bank are have a different function so I think they will keep exist.
But it can happen if bitcoin become the only currency that being accept by some country
i think still not a single country have a bitcoin bank . so think i will no do so. because it is avertual currency and not a physcal one. so we can say that bitcoin will no disappear the banks etc. But it can happen if bitcoin become the only currency that being accept by some country
Bitcoin will flatly refuse to become what banks need, which correctly represents the desire of its community.
Therefore banks will use a different block chain, with additional transaction types, that does the things they need. It's that simple.
You pretty much can't create money by loaning at fractional reserve in Bitcoin. (Mark Karpeles managed it, but he lied about the risk, and there's three different countries lined up to put him in jail for fraud.) And that is what banks do. Further, that is what people RELY on banks to do. Harold and Harriet go down to the bank to borrow money when they need a new car or when they're buying a house, and they WANT to be loaned money, and they want a low interest rate, and they can get the best interest rates at a place that makes loans on fractional reserves, because having that leverage means banks can meet operating expenses.
Furthermore, governments rely on banks to loan at fractional reserve because adjusting the reserve rate is their goto method for regulating money supply.
Now, most Bitcoiners regard no loaning at fractional reserve and no government regulating the money supply as good things, and therefore Bitcoin will never do it.
But if banks can't do it with bitcoin, they'll just do something else besides Bitcoin, and they'll survive just fine because they'll provide services Bitcoin won't.
Likewise, banks want to be dealing in money that police can trace and courts can recover. If they get ripped off, they want to be able to sue the bastard who did it, have their assets frozen until the case is settled, and get their money back. It lowers their operating expenses and there's an existing legal framework that does it. Harold and Harriet want the ability to stop payment if a vendor sells them a network cord that doesn't work. Banks want to be able to sell mortgaged assets if it turns out that Harold and Harriet default on their mortgage.
And once again, if they can't do that with Bitcoin, they'll do it with something that isn't Bitcoin. And they'll prefer that other thing over bitcoin.
Because bitcoin will never do these things, and both Government and Bankers see great value in an open central ledger (because quite correctly none of them trust the others), they will create an open ledger, using block chain technology, that has little or nothing to do with Bitcoin.
That open ledger will support transactions like courts freezing assets, police recovering assets, loans at fractional reserve, txOuts destroyed as bad debt, transactions spending the money of people who don't divulge their keys as a result of court judgments, etc. Block chain technology can do all of these things; you just record a transaction and the nodes check that it falls within whatever rules they check.
If Bitcoin doesn't add these transaction types to its block chain, and it most emphatically won't, then banks will just make their own block chain and ignore Bitcoin.
Therefore banks will use a different block chain, with additional transaction types, that does the things they need. It's that simple.
You pretty much can't create money by loaning at fractional reserve in Bitcoin. (Mark Karpeles managed it, but he lied about the risk, and there's three different countries lined up to put him in jail for fraud.) And that is what banks do. Further, that is what people RELY on banks to do. Harold and Harriet go down to the bank to borrow money when they need a new car or when they're buying a house, and they WANT to be loaned money, and they want a low interest rate, and they can get the best interest rates at a place that makes loans on fractional reserves, because having that leverage means banks can meet operating expenses.
Furthermore, governments rely on banks to loan at fractional reserve because adjusting the reserve rate is their goto method for regulating money supply.
Now, most Bitcoiners regard no loaning at fractional reserve and no government regulating the money supply as good things, and therefore Bitcoin will never do it.
But if banks can't do it with bitcoin, they'll just do something else besides Bitcoin, and they'll survive just fine because they'll provide services Bitcoin won't.
Likewise, banks want to be dealing in money that police can trace and courts can recover. If they get ripped off, they want to be able to sue the bastard who did it, have their assets frozen until the case is settled, and get their money back. It lowers their operating expenses and there's an existing legal framework that does it. Harold and Harriet want the ability to stop payment if a vendor sells them a network cord that doesn't work. Banks want to be able to sell mortgaged assets if it turns out that Harold and Harriet default on their mortgage.
And once again, if they can't do that with Bitcoin, they'll do it with something that isn't Bitcoin. And they'll prefer that other thing over bitcoin.
Because bitcoin will never do these things, and both Government and Bankers see great value in an open central ledger (because quite correctly none of them trust the others), they will create an open ledger, using block chain technology, that has little or nothing to do with Bitcoin.
That open ledger will support transactions like courts freezing assets, police recovering assets, loans at fractional reserve, txOuts destroyed as bad debt, transactions spending the money of people who don't divulge their keys as a result of court judgments, etc. Block chain technology can do all of these things; you just record a transaction and the nodes check that it falls within whatever rules they check.
If Bitcoin doesn't add these transaction types to its block chain, and it most emphatically won't, then banks will just make their own block chain and ignore Bitcoin.
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