Topic: If you believe banks will work with Bitcoin, you're delusional - page 4. (Read 4107 times)
October 08, 2016, 09:20:43 AM
When you mentioned about banks holding our dollars and lending it to those who require loans for interest, it's not only to make money for themselves but also give us the interest for using our funds. It's how the banking system works in my place and seems to be pretty good since we a get a good ROI for depositing funds in fixed deposit schemes or a savings account. Most people earn their living with the interest they earn from banks after they retire. In the case of Bitcoins this currently isn't possible cause there are no such schemes that provide least risk and good returns.
October 08, 2016, 09:11:46 AM
Definition of "Bank"
A bank is a financial institution that accepts deposits from the public and creates credit. Financial institutions provide services as intermediaries of financial markets and can denominate their services in any currency. Broadly speaking, there are three major types of financial institutions:
Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;
Contractual institutions – insurance companies and pension funds
Investment institutions – investment banks, underwriters, brokerage firms.
Definition of "Bitcoin"
A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.
Banks are HIGHLY REGULATED institutions that operate with the permission and oversight of government. The only fucking way a "bank" could use Bitcoin to denominate its services is if Bitcoin was the national currency of that country.
/thread
A bank is a financial institution that accepts deposits from the public and creates credit. Financial institutions provide services as intermediaries of financial markets and can denominate their services in any currency. Broadly speaking, there are three major types of financial institutions:
Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;
Contractual institutions – insurance companies and pension funds
Investment institutions – investment banks, underwriters, brokerage firms.
Definition of "Bitcoin"
A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds.
Banks are HIGHLY REGULATED institutions that operate with the permission and oversight of government. The only fucking way a "bank" could use Bitcoin to denominate its services is if Bitcoin was the national currency of that country.
/thread
October 08, 2016, 06:24:48 AM
Counter question.
What if, when Bitcoin is getting this popular and adapted by people so that banks and regulators do not have an other choice to work with Bitcoin?
What if, when Bitcoin is getting this popular and adapted by people so that banks and regulators do not have an other choice to work with Bitcoin?
They will stop this from happening, way before we see mainstream adoption. The governments will implement regulations to slow Bitcoin
down and to stunt their growth. The Banks will block Bitcoin associated accounts, like they did in Australia. The race is on, between Bitcoin
going mainstream and the banks releasing their private Blockchains. While we are struggling to gear up with scaling issues, the banks are
working hard to catch up. This whole block size issue, is going to bite us on the ass.
October 08, 2016, 06:17:00 AM
Not necessarily, they could still 'embrace' Bitcoin by implementing it as an alternative deposit method. They wouldn't be keeping your funds in Bitcoin, your Bitcoin deposit would immediately get converted to dollars/local currency. But I think most likely they will come up with their own digital currency at some point. Beyond the petty people vs government war, the blockchain technology is a fundamental upgrade and benefits everyone. Except maybe criminals/fraudsters 
October 08, 2016, 05:43:56 AM
Banks accepting bitcoins would be the same as how we have demat accounts where we open a demat account, buy shares via bank cash and sell them via the banking website itself and the bank charges fees for the transaction. If banks work with bitcoins, they too can charge a fee for each transaction that would be profitable for them. It's not like owning a USD account but more like stock market shares. Money that is used for loans come from our fixed deposits and what interest rates they earn from the loans are given to the FD holders (cutting off their own profit).
October 08, 2016, 04:53:16 AM
Banks are legal thieves. Yes they are sponsored from the state or are the state like in the case of Federal Reserve bank of America. I think bitcoin will never be accepted by banks and I couldn't agree more with the OP.
My bank in my country a developed one in Europe, made me an offer to get a credit card and told me if I pay everything within 30 days from time of purchase was without interest. I was interested and started my application only to find out the bank charged interest even if I paid my credit debts before 30 days.
I want to say that the banks, sell trust, they keep your money and with that money they give it for loan with extremely high interest rates (at least in Europe) and that's the main area where banks make money.
Banks are our enemy. I only use them just to exchange my bitcoins and get cash in hand when I need it.
My bank in my country a developed one in Europe, made me an offer to get a credit card and told me if I pay everything within 30 days from time of purchase was without interest. I was interested and started my application only to find out the bank charged interest even if I paid my credit debts before 30 days.
I want to say that the banks, sell trust, they keep your money and with that money they give it for loan with extremely high interest rates (at least in Europe) and that's the main area where banks make money.
Banks are our enemy. I only use them just to exchange my bitcoins and get cash in hand when I need it.
October 08, 2016, 04:45:02 AM
Of course banks won't negotiate with XBT.
October 08, 2016, 04:44:03 AM
i think bitcoin can not accepted by bank . because both are opposite to each other . usually banks makes money with our money by trading . but in bitcoin we make money through trading of bitcoin . but these are opposite , so i think btc can't accepted by bank .
October 08, 2016, 04:15:34 AM
I also don't think they ever will do so, but to be completely honest, I don't even want it to happen. I am in Bitcoin because I don't want to deal with banks and stuff. I like the fact that I have full control over every aspect of my financial situation. No need for banks adopting Bitcoin. I am my own bank.
Thats what the beauty of bitcoin which you have your own bank and you have full control of your money compared to bank but still when it terms to fiat banks are much better in security and moving prices. As we know bitcoin still have disadvantages when it comes to price movement. October 08, 2016, 01:34:11 AM
Totally agree ! Thats why banks make their own blockchains , and have their own tokens, no one get mess with their networks, they are centralized , (well bitcoin is also centralized , but thats another story ) .
But smoke some weed and imagine big banks trying to make a position in bitcoin , insta rich ! (sci-fi scenario i know)
But smoke some weed and imagine big banks trying to make a position in bitcoin , insta rich ! (sci-fi scenario i know)
October 07, 2016, 01:49:50 PM
I also don't think they ever will do so, but to be completely honest, I don't even want it to happen. I am in Bitcoin because I don't want to deal with banks and stuff. I like the fact that I have full control over every aspect of my financial situation. No need for banks adopting Bitcoin. I am my own bank.
October 07, 2016, 01:13:11 PM
I don't agree this is delusional. You realy think that banks haven't tried to make money with Bitcoin so far and that they've missed the huge opportunity to make a lot of money? They are aginst the Bitcon, yes, but this is only show for the public. I'm sure that secretly they are financing mining farms and investing in Bitcoin big time. One day, togethter wit regular account we would be able also to open the Bitcoin wallet in our bank branches.
October 07, 2016, 01:05:45 PM
Never say never. I'm sure that banks are talking against the Bitcoin because it's their competition and danger to their business but I've learned in my life that nothing is impossible. They are secretly probably exploring possibilities how to earn with Bitcoin.
October 07, 2016, 12:30:55 PM
banks make money on things other than fractional reserve. plenty of money is made on forex and bitcoin can be a form of that. it has a long, long way to go before any bank would ever take it seriously but there are plenty of fees to be made by people going in and out of bitcoin and that need'll never go away.
October 07, 2016, 12:02:59 PM
Yes, if Bitcoin grow up and all the people began to know bitcoin they'll lose users, because they know the people will prefer bitcoin than banks, therefore many countries are banned Bitcoin. May also in the future bank will make his own cryptos.
October 07, 2016, 10:13:28 AM
Right now banks don't care about Bitcoin.
But if enough people are using it, and Bitcoin gains enough value, they may become scared and try to kill crypto coins.
Banks are mostly interested in Blockchain technology.
Every large financial institution is spending a ton of money to develop and test blockchain.
If you can find a company developing this kind of thing and get in on the ground floor, you might stand to make a lot of money.
But if enough people are using it, and Bitcoin gains enough value, they may become scared and try to kill crypto coins.
Banks are mostly interested in Blockchain technology.
Every large financial institution is spending a ton of money to develop and test blockchain.
If you can find a company developing this kind of thing and get in on the ground floor, you might stand to make a lot of money.
October 07, 2016, 10:10:32 AM
I know of a bank that works together with a bitcoin site.
Of course the bank does not store the coins or converts them into fiat.
But it helps buying and selling bitcoins with a normal bank account and neutralises the chance of being scamed in the process.
They take a little fee, of course.
I think in these hard times of very low interests that is a business model a bank can have.
Of course the bank does not store the coins or converts them into fiat.
But it helps buying and selling bitcoins with a normal bank account and neutralises the chance of being scamed in the process.
They take a little fee, of course.
I think in these hard times of very low interests that is a business model a bank can have.
October 07, 2016, 10:03:07 AM
of course bank won't work with bitcoin, they have a different priority, bank is centralize, bitcoin is decentralize, bank needs identity, bitcoin is anonymity, putting bitcoin and bank will cause chaos to crypto currencies world, the reason bitcoin created was to toward freedom, if we cooperate with the bank then we lost the main idea of bitcoin
October 07, 2016, 09:58:51 AM
Yes and I have another point regarding this debate that, if banks starts working with bitcoin then how it’s going to remain anonymous since banks will keep track record of our balance and expenditure. It’s really tough for banks to deal with bitcoin but on the other hand I am curious about major players of ecommerce industry, if they start accepting it then we would seriously see a measurable impact on crypto currency world. Let’s hope for the best.
October 07, 2016, 09:50:59 AM
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