I believe in Bitcoin, I don't believe in a cashless society.
The further advancement towards digital payments is actually what scares me.
The only digital payment I'm willing to use is Bitcoin. I don't like everything having a 100% non-anonymous trace (yes, I know BTC isn't 100% anonymous, but it's not comparable to, for example, a credit card), and I feel like the direction of payments is going that way.
Topic: CEO of Bank of America: “We Want a Cashless Society” - page 3. (Read 8783 times)
since the beginning I have seen that crypto is indeed the newest development that need not be feared to be a competition, even this we really need to support so that this really can coexist, unlike nowadays there are still some people who are worried about crypto.
It's just that they would like to penetrate the digital market but it doesn't mean that they will support cryptocurrency as they will still use fiat.
They could also remove all the fait currencies and replace it with another centralized currency instead. In that case, the decentralized cryptocurrecies will be affected but I am not sure of this. It's just that, it might also happen. Of course, they own the bank and they have to keep their spot at the top. They will do their best to crash all their competitions and cryptocurrency is their antagonist.
They could also remove all the fait currencies and replace it with another centralized currency instead. In that case, the decentralized cryptocurrecies will be affected but I am not sure of this. It's just that, it might also happen. Of course, they own the bank and they have to keep their spot at the top. They will do their best to crash all their competitions and cryptocurrency is their antagonist.
their idea of a cashless society is totally different of what we want
their idea is a form of an electronic prison where you can be wiped with a press of a button and controlled every single moment of your life
where all of your data , money etc. is in a database and you won't be able to buy or sell or get a job if you are not on it
or have a bad record , look at the chinese social ranking system , its the reality already
their idea is a form of an electronic prison where you can be wiped with a press of a button and controlled every single moment of your life
where all of your data , money etc. is in a database and you won't be able to buy or sell or get a job if you are not on it
or have a bad record , look at the chinese social ranking system , its the reality already
That should have been how they think afteer the 1st year of bitcoin being discovered.
Why the hell it took them too long before they could consider it.
This is how the mentality of people are. They wont risk much and stay with the safer method even if all the good things can be seen with the new one.
It will be a sad case though if they will just make it like a copy of Paypal. I want to see them going beyond that.
Crypto is already the answer and they will just need to read the whitepaper of bitcoin for some answers regarding this kind of matter.
Why the hell it took them too long before they could consider it.
This is how the mentality of people are. They wont risk much and stay with the safer method even if all the good things can be seen with the new one.
It will be a sad case though if they will just make it like a copy of Paypal. I want to see them going beyond that.
Crypto is already the answer and they will just need to read the whitepaper of bitcoin for some answers regarding this kind of matter.
Their cashless society is a little different from our cashless society. They would like it because it's easy to monitor transfers. Get rid of all cash and you will get rid of gray and black markets. There will be much harder do do anything off the books.
Our cashless society is more libertarian where people hold their own money and can move and spend it freely. Banks don't want that.
Our cashless society is more libertarian where people hold their own money and can move and spend it freely. Banks don't want that.
Cashless society is Mormons plan with a new world order. And crypto only will help them to do that. If you remember the movie Time, there every person has a time in their hands, thats alternative of crypto.
Many banks want cashless society but that doesn't necessary mean crypto society too. Many banks are developing services that avoid cash flow and you can do all your business with banks online and with virtual cards etc.
Still very few banks are ready at the moment to accept cryptocurrencies. But with time that will definetely change and sooner or later they will offer crypto based services to their clients.
Still very few banks are ready at the moment to accept cryptocurrencies. But with time that will definetely change and sooner or later they will offer crypto based services to their clients.
Bank of America has already started training their staff about crypto and Bitcoin, they're obviously preparing for the future. These are allies we need, that have sway to keep Bitcoin from ever facing a silly emotionally charged ban in the US.
If this is true then this is welcoming news as other banks are really shunning away if they heard that one of your source of income is crypto. I remember one thread here saying that this xxx bank didn't allow them to open accounts they put the word 'crypto' in their application.
As long as people only use Bitcoin as store of value and an investment tool, banks and governments don't see it as competition, therefore they will tolerate it to some degree and I think we should be happy with that.
I strongly believe that if people would use Bitcoin as a currency, and it also scaled to onboard hundreds of millions of people, governments would have gone full nuts against it.
Fiat as stable token and crypto will harmoniously complement each other. Bitcoin doesn't scale and probably never will to the aforementioned degree. We need something else as day to day currency.
I strongly believe that if people would use Bitcoin as a currency, and it also scaled to onboard hundreds of millions of people, governments would have gone full nuts against it.
Fiat as stable token and crypto will harmoniously complement each other. Bitcoin doesn't scale and probably never will to the aforementioned degree. We need something else as day to day currency.
https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
Cryptocurrency doesn't have to be direct "competition" for retail and investment banks. Maybe it is for central banks who issue their own currency, but not so much for depository institutions like Bank of America. They don't care what currency you use; they just want to find a way to monetize it. People wanted Venmo, so the banks created Zelle. If people start using cryptocurrency, they'll create depository accounts and an internal network for instant payments that cuts out fees. There will always be a niche for this because people want convenience and ease of use -- even if it is antithetical to what Bitcoin is.
One day the coexistence of fiat system and cryptocurrency will take place. As a beginning more large scale firms have begun to have their own blockchain as well have partnered with other companies that function completely on blockchain. Already the world is getting chnaged to be a cashless society with majority of the transactions happening through mobile wallets that can be accessed with ease. Understanding the need of the people CEO of Bank of America might have come forward with the statement.
Quote
Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.
“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.
He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.
The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”
“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.
He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.
The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”
https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
What i love about the article is the fact that the CEO of Bank of America is: no matter which way are to go, we will definitely go, in as much we are going along the cashless society. Hey!!!, they have come to their right sense that, they can no longer act as a threat to the world of cryptocurrency rather allow it to grow. We have won the battle with the government.
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
I think his hint is that he doesn't mind the direction of the world as in digital money that will be taking over.
The main thing here is that banks won't go away despite a lot of people here thinking they will. Banks can easily adapt to the changed money climate, and they are faster than we are in doing so. In the end, it doesn't really matter what form of money we're using, they just want to make sure they can be part of it and charge fees in the process.
I see a time where banks will be the main entry points to crypto for people. It's convenient, you don't have to wire money to foreign bank, and KYC/AML isn't necessary because your bank has all your information already. I'm sure they'll throw in insurance as well as extra service.
I agree with you on all the things you've said especially the KYC and AML. People will technically abide by the law and not think about anything except if they are paying their taxes.
CEO of Bank of America could've seen wonders on the current situation of blockchain technology.
what people do not realise is this.
1. banks are not the government, they are businesses
2. governments make banks notes for pennies and banks buy the bank notes at face value which puts funds into the treasury. without bank notes the treasury gets less. meaning the treasury will need to offset this via tax increases.
3. banks create value digitally by getting people to sign mortgage/credit agreements.
4. banks want to continue creating value but at less cost to themselves. and at an increased cost to taxpayers and bank users
the advantage crypto has for banks is that the banks can cut staff, shut local bank branches and not have to have large server farms.. but none of this benefits or changes the bank customers experience of banking (take LN as an example, require co-authorisation and opening hours)
1. banks are not the government, they are businesses
2. governments make banks notes for pennies and banks buy the bank notes at face value which puts funds into the treasury. without bank notes the treasury gets less. meaning the treasury will need to offset this via tax increases.
3. banks create value digitally by getting people to sign mortgage/credit agreements.
4. banks want to continue creating value but at less cost to themselves. and at an increased cost to taxpayers and bank users
the advantage crypto has for banks is that the banks can cut staff, shut local bank branches and not have to have large server farms.. but none of this benefits or changes the bank customers experience of banking (take LN as an example, require co-authorisation and opening hours)
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
Centralized crypto just like the JPM coin maybe but not the decentralized cryptos. Those American banks will remain hostile to bitcoin and other major cryptocurrencies. 
I'm pretty sure that when Moynihan said "We want a cashless society", I don't think he was automatically referring to cryptocurrencies. Like what it says on the article, cashless and digital also includes non-cryptocurrency platforms like PayPal and such. There's a good chance that he's referring to countries like Sweden whereas transactions are pretty much mostly through credit/debit cards and non-crypto mobile payment platforms.
Same thought. I believe the cryptofanatics do not have a reason to celebrate on this statement. They are more incline to use VISA, CC,Paypal and other method of online payment than cryptocurrency unless this cryptocurrency are self made by the state. Cryptocurrency especially Bitcoin is yet to be proven and needs alot of improvement to scale against this major online payment sytem.
Ironically I'm finding it harder to pay by credit card at the moment. Several of the systems seem to fail regularly, and many smaller shops and cafes are starting to become cash only. They state that Visa charges are too high.
Yes, visas payment services are constantly failing. Its what happens when you have little competition and charge £4.90 a card...
If you pull money out at a cash machine then it's normally the best way to go as LINK is much less likely to be down... I keep facing issues with my contactless card and phone not being recognised by the machine...
Banks have an enemy in cash because if you have a number on your account you're more likely to spend, more likely to not use cash so the banks get bigger due to a lack of Deflation from burnt money and an incentive to not have it backed by anything...
A banker with actually good intentions for crypto? This seems to be new in my books, although I must say that he is correct. Most things are already digitized, and if cash were to follow next then I guess we're on the right direction already, starting from Paypal up to cryptocurrencies. Good thing one with enough reason and is sane enough to know that there are always two sides of a coin--even if belonging to the group bitcoin despises most--speaks the truth and not just all bias just to support their organization.
Yes, it happens every so often, and that, I think, is where bitcoin and cryptocurrencies might come in handy if you don't have those cash with you at all times.
Ironically I'm finding it harder to pay by credit card at the moment. Several of the systems seem to fail regularly, and many smaller shops and cafes are starting to become cash only. They state that Visa charges are too high.
Yes, it happens every so often, and that, I think, is where bitcoin and cryptocurrencies might come in handy if you don't have those cash with you at all times.
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