Topic: How Bitcoin Makes Banks Obsolete - page 2. (Read 3345 times)
The banks will keep thinking for their slice of the pie, make no mistake. But I think there is a place for banks in the future, and when I mean banks i mean companies like Xapo which basically are Bitcoin banks.
You do notice that the banks make their own rules, buy politicians to not be obsolete.
And always stay ahead and being in profit, despite their federal reserve itself is a bank as well lol.
And always stay ahead and being in profit, despite their federal reserve itself is a bank as well lol.
I am sure in the future when any form of crypto/virtual currency will take the lead there will be digital banks (even though it is totally not needed).
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
The other one would be to totally ban bitcoin, and setup a spygrid tracking everyone who uses bitcoin and putting them into cages.
Assuming that such a situation could only takes place when mass adoption is taking place regarding bitcoin and banks can definitely feel the heat, publicly determined to eliminate such a service labeling it a scam and hence determined illegal. Idk how the govt can have the power to track every bitcoin user, I thought the btc technology promotes anonymity and protects users. Oh, and once such a mass adoption would be taking place, let's assume around 10 times than the population of users now, good luck trying to arrest 5-30 million people, maybe more.
They dont have to arrest 30 million people, its enough to arrest 100-200 of them to make an example and every other person will just obey.
Thats what always happens in any crime, if you were to arrest every person on the planet that has comitted a crime, no matter how small then the planet would instantly turn into a prison planet.
Funny though we already live in a prison planet, so i think justice has already been served...
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But joke aside, that is how population is controlled, you make an example of 1-2 people, then the 1 million other sheeple will be too scared and it will obey.
I am sure in the future when any form of crypto/virtual currency will take the lead there will be digital banks (even though it is totally not needed).
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
The other one would be to totally ban bitcoin, and setup a spygrid tracking everyone who uses bitcoin and putting them into cages.
Assuming that such a situation could only takes place when mass adoption is taking place regarding bitcoin and banks can definitely feel the heat, publicly determined to eliminate such a service labeling it a scam and hence determined illegal. Idk how the govt can have the power to track every bitcoin user, I thought the btc technology promotes anonymity and protects users. Oh, and once such a mass adoption would be taking place, let's assume around 10 times than the population of users now, good luck trying to arrest 5-30 million people, maybe more.
I am sure in the future when any form of crypto/virtual currency will take the lead there will be digital banks (even though it is totally not needed).
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
Sure, i`m very happy with that, that will be the most civilized, and probably the most likely outcome.
The other one would be to totally ban bitcoin, and setup a spygrid tracking everyone who uses bitcoin and putting them into cages.
I`m sure the first one is the future we all want. We want a civilized humanitarian society.
-snip-
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
What you think?
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
What you think?
Do you honestly think that after hundreds of year of 'banking' people suddenly will stop using their services? It is not about that we don't know that our money are used to grow wealth of the banks.
Most people just don't care and accept it as a normal state. I am sure in the future when any form of crypto/virtual currency will take the lead there will be digital banks (even though it is totally not needed).
Virtual banking will be our reality just because banksters and corporation will make it look trendy and needed so people would follow.
If everyone started using Bitcoin and removed banks out the factor would be a very moment for banks to close down and BTC to rule and dominate the world for transactions.
Thats why bitcoins growth can be gradual so that banks can integrate themselves. We dont need to abolish banks, but to steer them in the right directions.
I doubt that the oligarchs ruling the banks care about it, they just care about money, and if we allow them time to reposition their investments in bitcoin then they will have no reason to shut it down, but it will just let them invest in it so nobody loses money.
If everyone started using Bitcoin and removed banks out the factor would be a very moment for banks to close down and BTC to rule and dominate the world for transactions.
well bitcoin never repalces a bank in at least this 10 years it could require a BT to 3000$ and like 3 billion users and lots of BT to be made its can get very bad for btc after this 12.5 per Block halfs
Why would anyone keep bitcoins in a bank? The whole concept of bitcoin revolves around using peer-to-peer technology to operate with no central authority or banks. It eliminates the nasty charges and unnecessary money sucking procedures that banks carry out in the name of providing you a storage for your money. You're giving banks power and underestimating bitcoins if you're keeping them with banks. Disgrace!
One word - Interest.
Right now, there are no avenues for me to safely invest my bitcoins. If a bank started accepting bitcoin deposits and pays interest on them, I would be ready to give them a chance.
well then you should check out platforms which lend btc, there are many websites for that which can even provide you quick interest over your bitcoins. Some examples of such website would be btclend, btcpop, etc. Check them out, maybe you can check out and browse some deals, it is a profitable opportunity for businessmen and private investors. An example of a btc lending post: https://bitlendingclub.com/loan/browse/lid/17584/30-btc-for-30-days-3-64
You can't compare bank deposits with lending platforms such as btclend.
My expertise is not in determining creditworthiness of borrowers - that is why I outsource it to a bank.
Plus with my bank I know that my deposits (to some extent) are covered by insurance.
I think that it is easy to determine the credibility of borrowers, just simplify it with factors like how much popular they are, if they are popular in the community it is obviously because they have always returned their money on time along with interest. Such people with trust points are a better investment, I keep investing and also borrow. It has helped me tremendously and it actually is beneficial, don't be too pessimistic about it. Its a little risky, but there are thousands of people using such services everyday, they profit. You can too, sir
Why would anyone keep bitcoins in a bank?
Regardless of your vision of bitcoin, people would (and do) keep bitcoins in a bank for security, convenience, and interest.
would not be the same as keeping them on a exchnge? they can't offer a better security, especially if we are talking about exchange that offer full offline storage like xapo
interest also will be very low like they are now for fiat...
Why would anyone keep bitcoins in a bank? The whole concept of bitcoin revolves around using peer-to-peer technology to operate with no central authority or banks. It eliminates the nasty charges and unnecessary money sucking procedures that banks carry out in the name of providing you a storage for your money. You're giving banks power and underestimating bitcoins if you're keeping them with banks. Disgrace!
One word - Interest.
Right now, there are no avenues for me to safely invest my bitcoins. If a bank started accepting bitcoin deposits and pays interest on them, I would be ready to give them a chance.
well then you should check out platforms which lend btc, there are many websites for that which can even provide you quick interest over your bitcoins. Some examples of such website would be btclend, btcpop, etc. Check them out, maybe you can check out and browse some deals, it is a profitable opportunity for businessmen and private investors. An example of a btc lending post: https://bitlendingclub.com/loan/browse/lid/17584/30-btc-for-30-days-3-64
You can't compare bank deposits with lending platforms such as btclend.
My expertise is not in determining creditworthiness of borrowers - that is why I outsource it to a bank.
Plus with my bank I know that my deposits (to some extent) are covered by insurance.
Yep but there is a distinction between commercial banks and investment banks.
While commercial banks may become obsolete, they can just switch themselves into investment banks, and continue their existence but with bitcoin.
As a broker or investment/liquidity provider in various bitcoin investment.
That is of course a decentralized investment platform doesnt come out, then the banks are really in big trouble.
While commercial banks may become obsolete, they can just switch themselves into investment banks, and continue their existence but with bitcoin.
As a broker or investment/liquidity provider in various bitcoin investment.
That is of course a decentralized investment platform doesnt come out, then the banks are really in big trouble.
My coins are already with a bitcoin bank and I'm very happy with the level of service thus far.
They offer very good security but their interest rate on deposits suck big time but guess that's the price you pay to have full control over your own funds.
The bank has nice business hours, they are open 24/7/365 and their support desk is not bad either.
Their internet banking is excellent and you can do banking directly from your mobile at no additional cost.
Opening new accounts are so quick its almost instantaneous and there is no paperwork required.
The best however is the low fees. There is no monthly account maintenance fees and the other fees on transfers etc.. are ridiculously low.
International transfers used to take anything up to 5 or 7 days, my bank now does a complete secure transaction in under an hour.
Need I go on? Anybody interested?
The bank is called Trezor
They offer very good security but their interest rate on deposits suck big time but guess that's the price you pay to have full control over your own funds.
The bank has nice business hours, they are open 24/7/365 and their support desk is not bad either.
Their internet banking is excellent and you can do banking directly from your mobile at no additional cost.
Opening new accounts are so quick its almost instantaneous and there is no paperwork required.
The best however is the low fees. There is no monthly account maintenance fees and the other fees on transfers etc.. are ridiculously low.
International transfers used to take anything up to 5 or 7 days, my bank now does a complete secure transaction in under an hour.
Need I go on? Anybody interested?
The bank is called Trezor
Why would anyone keep bitcoins in a bank?
Regardless of your vision of bitcoin, people would (and do) keep bitcoins in a bank for security, convenience, and interest.
Why would anyone keep bitcoins in a bank? The whole concept of bitcoin revolves around using peer-to-peer technology to operate with no central authority or banks. It eliminates the nasty charges and unnecessary money sucking procedures that banks carry out in the name of providing you a storage for your money. You're giving banks power and underestimating bitcoins if you're keeping them with banks. Disgrace!
One word - Interest.
Right now, there are no avenues for me to safely invest my bitcoins. If a bank started accepting bitcoin deposits and pays interest on them, I would be ready to give them a chance.
well then you should check out platforms which lend btc, there are many websites for that which can even provide you quick interest over your bitcoins. Some examples of such website would be btclend, btcpop, etc. Check them out, maybe you can check out and browse some deals, it is a profitable opportunity for businessmen and private investors. An example of a btc lending post: https://bitlendingclub.com/loan/browse/lid/17584/30-btc-for-30-days-3-64
Why would anyone keep bitcoins in a bank? The whole concept of bitcoin revolves around using peer-to-peer technology to operate with no central authority or banks. It eliminates the nasty charges and unnecessary money sucking procedures that banks carry out in the name of providing you a storage for your money. You're giving banks power and underestimating bitcoins if you're keeping them with banks. Disgrace!
One word - Interest.
Right now, there are no avenues for me to safely invest my bitcoins. If a bank started accepting bitcoin deposits and pays interest on them, I would be ready to give them a chance.
Banks are only necessary if people need to deposit their money in them. With bitcoin there is really no reason to keep your bitcoins in a bank.
However, it is foreseeable that people may want to keep their bitcoins safe by keeping them in a bank that they trust. Even if this occurs, bitcoin allows for PROOF OF SOLVENCY which means that everyone can verify that the bank is actually storing their bitcoins for them.
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
Only those banks that embrace PROOF OF SOLVENCY will survive with bitcoin. Those banks that try to hide what they are doing with people's money or try to give some reason why people should allow them to keep only 3% of deposits in reserve and lend the rest out, will not survive. Nobody will use these when there are PROVEN SOLVENT banks now in existence.
What you think?
However, it is foreseeable that people may want to keep their bitcoins safe by keeping them in a bank that they trust. Even if this occurs, bitcoin allows for PROOF OF SOLVENCY which means that everyone can verify that the bank is actually storing their bitcoins for them.
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
Only those banks that embrace PROOF OF SOLVENCY will survive with bitcoin. Those banks that try to hide what they are doing with people's money or try to give some reason why people should allow them to keep only 3% of deposits in reserve and lend the rest out, will not survive. Nobody will use these when there are PROVEN SOLVENT banks now in existence.
What you think?
Why would anyone keep bitcoins in a bank? The whole concept of bitcoin revolves around using peer-to-peer technology to operate with no central authority or banks. It eliminates the nasty charges and unnecessary money sucking procedures that banks carry out in the name of providing you a storage for your money. You're giving banks power and underestimating bitcoins if you're keeping them with banks. Disgrace!
I think you under estimate the apathy of the general public. They don't care what the banks do to them or their money, just like they don't care what their government does with their taxes.
Not necessarily apathy, the general public is simply pretty ignorant about concepts such as Fractional Reserve Banking
Your average Joe doesn't even realize that the Federal Reserve is as federal as Federal Express
for those who are still bemused by the banking system, here is a humorous half-hour cartoon explaining it
https://www.youtube.com/watch?v=mII9NZ8MMVM
What kind of legal measures could someone take if the borrower defaults on a loan?
Services like btcjam and BLC use Net-Arb which is useless in many cases
Bitcoin needs wider adoption and recognition in order for governments to create the legal framework needed for btc lending to truly scale
However the current lending model based on reputation has been working better than most expected
This effectively eliminates the possibility of Fractional Reserve Banking. Who in their right mind is going to give their bitcoins to a bank that turns our around and lends them to other people and makes bets in the stock market with them? Nobody.
What you think?
What you think?
I think you under estimate the apathy of the general public. They don't care what the banks do to them or their money, just like they don't care what their government does with their taxes.
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