Topic: Can Bitcoins Survive Without Bank Or Any Financial Institution? - page 2. (Read 1159 times)
January 14, 2016, 08:48:52 AM
Bitcoin are independent,but remeber to buy bitcoins people need to deposit money online,soo paypal or other place were need to give you virtual balance,banks tranfers and deposits into exchanges to get bitcoins.. soo without the banks in the past i doubt bitcoin would ever exist....fiat are sticked to bank and bitcoin need fiat ,since there arent yet places enought to spend it.
January 14, 2016, 08:13:25 AM
There will be this shitty hybrid system for a while. About 90% of the problems with Bitcoin are related to the part where you go back and forth between fiat.
In the end, the only thing banks will be needed for is the go between for a few companies that offer to pay your taxes in bitcoins. Maybe 3 or 4 companies. And banks hanging on to that last bit of life provided to them by the government. But that may be just a few banks. Maybe just the Federal Reserve banks in the main cities. No customers other than these few companies paying a percentage for the tax payments.
In the end, the only thing banks will be needed for is the go between for a few companies that offer to pay your taxes in bitcoins. Maybe 3 or 4 companies. And banks hanging on to that last bit of life provided to them by the government. But that may be just a few banks. Maybe just the Federal Reserve banks in the main cities. No customers other than these few companies paying a percentage for the tax payments.
January 14, 2016, 08:07:03 AM
the purpose of bitcoin was not meant to break the bank and financial institution? so why bitcoin should need those things to survive?
those unknown services are not embracing bitcoin because of regulation, if they embrace somethign that is not easily traceable and taxed, they cna have problem with their government
this is the only reason, but for common private people, this is not a real issue, big institution instead have the obligation to declare everything at the end of the fiscal year, they are monitored more strictly, than an "average joe"
those unknown services are not embracing bitcoin because of regulation, if they embrace somethign that is not easily traceable and taxed, they cna have problem with their government
this is the only reason, but for common private people, this is not a real issue, big institution instead have the obligation to declare everything at the end of the fiscal year, they are monitored more strictly, than an "average joe"
January 14, 2016, 07:46:29 AM
Bitcoin is totally antonomous system w/o the need of third party's intervention. But the problem is that bitcoin is completely new invention, need to have some sort of value or utility to incentivize ppl to adopt it and runing miners to secure its network otherwise it will be dumped and worthless. It can be dependent from the banks and cannot live without the fiat money.
January 14, 2016, 07:04:20 AM
My answer is Yes considering the fact that there are lot of local exchange on site i.e localbitcoin and on exchange forum like this!
While bank's and other form of payment are dependant on bitcoins. Bitcoins is independent of them.
Is the First banking system in existence without the need of government policy or any financial medium
This is one of the main objective of bitcoins (total control,Freedom)
☞Now, why are most financial institution launching series of bit-related prepaid & debit? The answer is simple and straight forward. They want to introduce rules. Mark My Word!
Inotherword's they want to break the main objective of bitcoins. And most bit user's are unaware of this.
Bank's cannot function fully with a virtual currency whose objective is to remain anonymous. This is against the financial rules. And, no bank will be willing to break such rules.
Below is a snapshot forwarded to me via email by a colleague who placed order for one of such prepaid card.
He was force to submit personal document & proof of resident address during this process.
The summary of it all, he had to cancel this order at the end because he was told such payment does not support bitcoins and other virtual-related currency.
Regard's
While bank's and other form of payment are dependant on bitcoins. Bitcoins is independent of them.
Is the First banking system in existence without the need of government policy or any financial medium
This is one of the main objective of bitcoins (total control,Freedom)
☞Now, why are most financial institution launching series of bit-related prepaid & debit? The answer is simple and straight forward. They want to introduce rules. Mark My Word!
Inotherword's they want to break the main objective of bitcoins. And most bit user's are unaware of this.
Bank's cannot function fully with a virtual currency whose objective is to remain anonymous. This is against the financial rules. And, no bank will be willing to break such rules.
Below is a snapshot forwarded to me via email by a colleague who placed order for one of such prepaid card.
He was force to submit personal document & proof of resident address during this process.
The summary of it all, he had to cancel this order at the end because he was told such payment does not support bitcoins and other virtual-related currency.
Regard's
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