Topic: Is it possible that banking institutions will monopolize bitcoin in the future (Read 1030 times)
July 03, 2016, 06:36:12 PM
i think that it is only possible when the state will legalize bitocin. other wise it is impossible. one thing can be done like onecoin . if the forum built the bitocins banks in different state with the permission of the state.
July 03, 2016, 05:06:36 PM
Death to the current banking system! Though, I don't think they will go out easy without saying a word. In the end they will probably try killing crypto.. and in the long run it won't work lol.
July 03, 2016, 11:00:32 AM
i wouldnt say impossible, but almost impossible 
if banks start to use bitcoins, people would have more faith in bitcoin (i'm talking about people who doesnt know nothing about technology) and that would be good, these people would be always conected to a bank. But most of bitcoin users would still have their home wallet and/or their miner so they would never need a bank to use bitcoins.
people are skeptical with money, and unfortunately they trust banks.
if banks start to use bitcoins, people would have more faith in bitcoin (i'm talking about people who doesnt know nothing about technology) and that would be good, these people would be always conected to a bank. But most of bitcoin users would still have their home wallet and/or their miner so they would never need a bank to use bitcoins.
people are skeptical with money, and unfortunately they trust banks.
July 03, 2016, 10:55:01 AM
everything it's always possible especially if banking institutions collaborate with the government working together this is very possible to do so because we all know bitcoin users not controlled by governments also every bitcoin transactions not taxable by the governments and may be in the future we will see bitcoin users fully controlled by governments and banks and paying tax for every transactions
Banks have lots of funds. They are lobbying with governments round the clock and won't stop till their wish becomes a new law. It was for that reason bitcoin has seen a lot of resistance.
From both the governments as the media. Their reach is getting bigger now, with bitcoin getting competition from the banks now. BoE is already developing it's own virtual currency based on blockchain technology.
July 03, 2016, 10:39:37 AM
everything it's always possible especially if banking institutions collaborate with the government working together this is very possible to do so because we all know bitcoin users not controlled by governments also every bitcoin transactions not taxable by the governments and may be in the future we will see bitcoin users fully controlled by governments and banks and paying tax for every transactions
July 01, 2016, 12:46:58 PM
To me this is similar to a chicken and egg thing... bitcoin is meant to replace bank. If you understand how bitcoin works, you do not need a bank!
However, most people from our generation are so used to the banking system so I guess the bank might one day start to accept bitcoin deposit-- which will in fact accelerate the extinction of banks!
Correct,bitcoin lead us to freedom,free from bank account,free from debt related banks. i think bank have no possiblity to monopolize bitcoin,that why banks will not adopt bitcoin as main currency. However, most people from our generation are so used to the banking system so I guess the bank might one day start to accept bitcoin deposit-- which will in fact accelerate the extinction of banks!
July 01, 2016, 11:09:23 AM
If banks try to get full control of bitcoin they will force the price to sky rocket. which means the average person will be dealing in sats not full bitcoins.
July 01, 2016, 10:51:23 AM
The only way for them to monopolize bitcoin, would be for them to strengthen their hold on 3rd party service providers like Coinbase and Xapo etc.. I see Circle partnered up with Barclays Bank to
develop banking services that are more "Social" ... but things have been very quite on that front lately. I was hoping a lot more banks will be doing the same, but it seems as though they are going to
go with other Alt coins. { Ethereum / Ripple ... } Well, we will just have to wait and see.
develop banking services that are more "Social" ... but things have been very quite on that front lately. I was hoping a lot more banks will be doing the same, but it seems as though they are going to
go with other Alt coins. { Ethereum / Ripple ... } Well, we will just have to wait and see.
July 01, 2016, 08:39:21 AM
they might well monopolize bitcoin services. i'd love to see the proportion of coinbase and similar services vs people who control their own keys. coinbase and friends already are a type of bank.
i don't really know how the lightning network's gonna operate but the creators themselves were talking about people opening channels through coinbase to route payments elsewhere.
i don't really know how the lightning network's gonna operate but the creators themselves were talking about people opening channels through coinbase to route payments elsewhere.
July 01, 2016, 08:24:34 AM
With the recent trend at bitcoin the financial institutions like the banking system existing around the world are starting to feel the impact of the so called financial decentralization revolution. With this at hand the monetary advantages are already being analyzed by the financial experts of banking systems. In my opinion, soon the banking system will integrated bitcoins in their transaction so they will not be left behind, and soon huge amount of bitcoins will be owned by the banking institutions. Will you agree on this?
No, bitcoin can traceable. Although banking start to integrate with bitcoin. Also banking system who integrated with bitcoin, integrate with blockchain(mostly they prefer to blockchain) too, it's proved if the bank wants better system.
July 01, 2016, 07:16:51 AM
In my opinion, soon the banking system will integrated bitcoins in their transaction so they will not be left behind, and soon huge amount of bitcoins will be owned by the banking institutions. Will you agree on this?
I don't think that owning a large amount of Bitcoin by itself constitutes a real problem and I don't think, this can be called a monopoly. The essential aspect is that banks will have no role in creating Bitcoin i.e. by changing coin release parameters. So banks can not easily profit from a fractional/zero reserve system, where they are allowed to create money out of thin air based on credit demand. Bitcoin's monetary base follows a release algorithm with a fixed upper limit at ~21 million coins. Banks have no say in this.
Another question is, if the assumption that Bitcoin's use by banks will really lead to the accumulation of Bitcoin by banks. It is questionable, if banks will be able to offer services around Bitcoin that will be profitable for them. Bitcoin as a native payment solution is simply too flawless and efficient to allow intermediaries to exist.
ya.ya.yo!
July 01, 2016, 04:01:36 AM
I don't think banks will take over bitcoin but i can quite easily see them creating their own for use in just their Bank syste. If they wanted to actually take over bitcoin then they would need to start buying bitcoin now while the price is low..
July 01, 2016, 03:55:08 AM
The bankers are already busy developing their own in-house private version of the Blockchain, and we will soon see them, bringing out their own Blockchain based technologies. Why would you want to buy Bitcoin at premium cost, if you can create your own pump n dump coin, and configure the code to suit your needs?
That is new.Where did you get that one from ? If banks are starting their own "Blockchain" then they won't be banks anymore,the first rule of blockchain you know ,anonymous/decentralized ,banks could never ever comply with it.Regarding your bitcoin buying statement,why are you here anyway if you think you can't afford to buy bitcoin at a premium cost ,you should be off the forum already.But no,you're happy with few satoshi's you're making with your sig campaign.You can't be a hypocrite,either you support bitcoins or you don't.Pump and dump coins as the name says.You're honestly too young for this discussion. These banks will never dump millions into buying bitcoins, because shareholders wants to see returns on their investments and they will get more profit from fractional reserve practices, where they create money from thin air. ^hmmmmm^
So you mean banks buy the fiat currency ? Do you know how a bank works or what a bank is actually ?Every news article for about 6 months was ignoring Bitcoin (because the price was not exciting) and instead talked all about "blockchain".
Banks are creating their own private "blockchains" because "blockchain".
It will do about as well as all of those companies that store their files in BitTorrent. Oh ya, none do.
July 01, 2016, 03:18:54 AM
The bankers are already busy developing their own in-house private version of the Blockchain, and we will soon see them, bringing out their own Blockchain based technologies. Why would you want to buy Bitcoin at premium cost, if you can create your own pump n dump coin, and configure the code to suit your needs?
That is new.Where did you get that one from ? If banks are starting their own "Blockchain" then they won't be banks anymore,the first rule of blockchain you know ,anonymous/decentralized ,banks could never ever comply with it.Regarding your bitcoin buying statement,why are you here anyway if you think you can't afford to buy bitcoin at a premium cost ,you should be off the forum already.But no,you're happy with few satoshi's you're making with your sig campaign.You can't be a hypocrite,either you support bitcoins or you don't.Pump and dump coins as the name says.You're honestly too young for this discussion. These banks will never dump millions into buying bitcoins, because shareholders wants to see returns on their investments and they will get more profit from fractional reserve practices, where they create money from thin air. ^hmmmmm^
So you mean banks buy the fiat currency ? Do you know how a bank works or what a bank is actually ? July 01, 2016, 03:14:16 AM
The bankers are already busy developing their own in-house private version of the Blockchain, and we will soon see them, bringing out their own Blockchain based technologies. Why would you want to buy Bitcoin at premium cost, if you can create your own pump n dump coin, and configure the code to suit your needs?
These banks will never dump millions into buying bitcoins, because shareholders wants to see returns on their investments and they will get more profit from fractional reserve practices, where they create money from thin air. ^hmmmmm^
These banks will never dump millions into buying bitcoins, because shareholders wants to see returns on their investments and they will get more profit from fractional reserve practices, where they create money from thin air. ^hmmmmm^
July 01, 2016, 03:08:08 AM
With the recent trend at bitcoin the financial institutions like the banking system existing around the world are starting to feel the impact of the so called financial decentralization revolution. With this at hand the monetary advantages are already being analyzed by the financial experts of banking systems. In my opinion, soon the banking system will integrated bitcoins in their transaction so they will not be left behind, and soon huge amount of bitcoins will be owned by the banking institutions. Will you agree on this?
if you mean banks are going to become whales someday, then I guess that day is going to be so late because there are already so many whales in the bitcoin market who have a lot of bitcoin accumulated and have been playing around with the price and even if banks enter the scene there would be already enough spread that they can not have a big say
July 01, 2016, 03:03:03 AM
It's like asking if the big retail stores will some day take over online sales in the future back in 2000.
In a way, some adapted and did well online. Others withered and died.
In a way, some adapted and did well online. Others withered and died.
June 30, 2016, 11:17:57 PM
With the recent trend at bitcoin the financial institutions like the banking system existing around the world are starting to feel the impact of the so called financial decentralization revolution. With this at hand the monetary advantages are already being analyzed by the financial experts of banking systems. In my opinion, soon the banking system will integrated bitcoins in their transaction so they will not be left behind, and soon huge amount of bitcoins will be owned by the banking institutions. Will you agree on this?
what you have heard about these financial institutes like banks is not about integerating "bitcoin" in their system but instead they want to integrate "blockchain technology without bitcoin" into their system. so it has nothing to do with bitcoin and they wand just a controlled (centralized) version of bitcoin for their own usage.
June 30, 2016, 10:57:25 PM
I think it is impossible. financial institutions clearly different from the bitcoin. bitcoin bitcoin is more independent and have different strengths compared with financial institutions.
Well, we know the different intentions of bank and bitcoin, if bitcoin wants to secure their users with an anonymously, bank secure their customer with personal data to detect the suspicious activities. 
June 30, 2016, 10:50:05 PM
With the recent trend at bitcoin the financial institutions like the banking system existing around the world are starting to feel the impact of the so called financial decentralization revolution. With this at hand the monetary advantages are already being analyzed by the financial experts of banking systems. In my opinion, soon the banking system will integrated bitcoins in their transaction so they will not be left behind, and soon huge amount of bitcoins will be owned by the banking institutions. Will you agree on this?
I not agree if for soon huge amount of bitcoin will be owned by bank because i think bank it's not interest in bitcoin but bitcoin system can make bank interesting with them. we can see on some bitcoin news site some banking institutions in the world is starting to adopt bitcoin. maybe bank will always become a rival for bitcoin. Jump to: