Merging of bitcoin and banks - page 2.

botany

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Quote from: cpfreeplz on August 05, 2016, 09:17:45 PM

Quote from: Ultrabat on August 05, 2016, 06:16:00 AM

Quote from: Kotone on August 03, 2016, 03:55:15 AM

Quote from: jak3 on July 21, 2016, 01:17:45 PM

it will be great if banks can adopt the blockchain technology but it is impossible for them to do so because they can not show their transactions to everyone and then will never let anyone see each others balance

No, Banks dont need to adopt the blockchain technology because this will make the bank accounts anonymous. How about the government accounts ? What will happen to them ? How to know if this government officials are corrupting the country ? We need to know all the transactions of all the banks in a country and we need to know whos can be punished or not. And bitcoin will always be anonymous no matter what.

The blockchain does not make the banks account anonymous. The banks can correlate the account and user.

Lol this exactly. Is your account number 1234567 anonymous right now? Nope. Neither is your bitcoin address. If you don't know who is behind the address it's still not anonymous as you can follow the transactions. Anonymous would be people passing around a paper wallet and never actually spending it on the blockchain.

Or physical bitcoins (essentially the same thing as a paper wallet). Alternatively, if coinjoin and other privacy-enhancing measures take off, bitcoin's anonymity/pseudonymity could be improved much further.

cpfreeplz

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Quote from: Ultrabat on August 05, 2016, 06:16:00 AM

Quote from: Kotone on August 03, 2016, 03:55:15 AM

Quote from: jak3 on July 21, 2016, 01:17:45 PM

it will be great if banks can adopt the blockchain technology but it is impossible for them to do so because they can not show their transactions to everyone and then will never let anyone see each others balance

No, Banks dont need to adopt the blockchain technology because this will make the bank accounts anonymous. How about the government accounts ? What will happen to them ? How to know if this government officials are corrupting the country ? We need to know all the transactions of all the banks in a country and we need to know whos can be punished or not. And bitcoin will always be anonymous no matter what.

The blockchain does not make the banks account anonymous. The banks can correlate the account and user.

Lol this exactly. Is your account number 1234567 anonymous right now? Nope. Neither is your bitcoin address. If you don't know who is behind the address it's still not anonymous as you can follow the transactions. Anonymous would be people passing around a paper wallet and never actually spending it on the blockchain.

Doamader

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Look bitcoin doesnt need any bank, bitcoin need to be accepted and not considered as a dark currencie as media are making bitcoin. Sure would be good to be able to moove bitcoins to banks without worry if the bank will frozen the funds or not, but we got already our bank.

rajasumi2

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Quote from: groll on July 21, 2016, 01:50:40 AM

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

it will the happiest moments for the bitcoin users in india if they come to here state bank has merged with bitcoins for currency ..well then we dont have to worry anything about the tax evasion ..and it wil be the best moment for everyone .. ☺

Gahs

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Quote from: groll on July 21, 2016, 01:50:40 AM

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

Yes it's feasible, I strongly believe this will take place in the future. The world is going cashless, the next step is to become decentralized.

ethereumhunter

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if this is really happen, then its a good news for bitcoin, because this will make every people accepted bitcoin and bitcoin will be know in any country and maybe bitcoin will be one solid currency that can be used in all country. so people is only have bitcoin and they can be travel in many country and places without carrying phisical money, all they need to do is go to local exchanger and exchange bitcoin with local currency to buy something in that place. i hope this will happen soon Grin

saiha

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If bank and bitcoin is going to have merging agreement then for me that is really going to be a good opportunity for all of the people.

And that is going to help the endorsement and adoption of bitcoin in the world for the people who doesn't even know what bitcoin really is.

I'm pretty sure that this is going to happen in the future when everything is on cashless society.

Ultrabat

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Quote from: Kotone on August 03, 2016, 03:55:15 AM

Quote from: jak3 on July 21, 2016, 01:17:45 PM

it will be great if banks can adopt the blockchain technology but it is impossible for them to do so because they can not show their transactions to everyone and then will never let anyone see each others balance

No, Banks dont need to adopt the blockchain technology because this will make the bank accounts anonymous. How about the government accounts ? What will happen to them ? How to know if this government officials are corrupting the country ? We need to know all the transactions of all the banks in a country and we need to know whos can be punished or not. And bitcoin will always be anonymous no matter what.

The blockchain does not make the banks account anonymous. The banks can correlate the account and user.

Kotone

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Quote from: jak3 on July 21, 2016, 01:17:45 PM

it will be great if banks can adopt the blockchain technology but it is impossible for them to do so because they can not show their transactions to everyone and then will never let anyone see each others balance

No, Banks dont need to adopt the blockchain technology because this will make the bank accounts anonymous. How about the government accounts ? What will happen to them ? How to know if this government officials are corrupting the country ? We need to know all the transactions of all the banks in a country and we need to know whos can be punished or not. And bitcoin will always be anonymous no matter what.

Ultrabat

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Quote from: Finestream on August 02, 2016, 04:10:23 AM

Quote from: Ultrabat on August 02, 2016, 01:36:47 AM

Quote from: Pab on August 01, 2016, 08:39:57 AM

Bitcoin can mergin with some banks,but thay will rather develop his prvate chain,btc is transparent with hs public blockchain,bans prefer to hide eveything in his banks books

The banks will have own private chains to record the internal transactions. But that has to connect to the public chains.

Banks will not adopt with bitcoin because they will not make money promoting the use of bitcoins, they just rely on their own system so they can continue to do their thing, some banks are corrupt and would charge hidden charges to its clients so in using blockchain they can do that as they cannot modify the system.

Using the bitcoin can cut the banks operating cost. That is due to the usage of the block chain technology.

Finestream

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Quote from: Ultrabat on August 02, 2016, 01:36:47 AM

Quote from: Pab on August 01, 2016, 08:39:57 AM

Bitcoin can mergin with some banks,but thay will rather develop his prvate chain,btc is transparent with hs public blockchain,bans prefer to hide eveything in his banks books

The banks will have own private chains to record the internal transactions. But that has to connect to the public chains.

Banks will not adopt with bitcoin because they will not make money promoting the use of bitcoins, they just rely on their own system so they can continue to do their thing, some banks are corrupt and would charge hidden charges to its clients so in using blockchain they can do that as they cannot modify the system.

Ultrabat

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Quote from: Pab on August 01, 2016, 08:39:57 AM

Bitcoin can mergin with some banks,but thay will rather develop his prvate chain,btc is transparent with hs public blockchain,bans prefer to hide eveything in his banks books

The banks will have own private chains to record the internal transactions. But that has to connect to the public chains.

Pab

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Bitcoin can mergin with some banks,but thay will rather develop his prvate chain,btc is transparent with hs public blockchain,bans prefer to hide eveything in his banks books

Nimbulan

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Quote from: Ultrabat on August 01, 2016, 05:22:27 AM

The merging of bitcoin and banks will happen in 10 to 20 years. It is in the banks interest to make more profit.

well im mix minded, i dont even know if bitcoins and banks should go along because that would mean that banks will never disappear in the future

Superbitzz

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Quote from: pearnapple on August 01, 2016, 06:20:14 AM

Quote from: Ultrabat on August 01, 2016, 05:22:27 AM

The merging of bitcoin and banks will happen in 10 to 20 years. It is in the banks interest to make more profit.

well i cannot agree with you to be honest, i dont think that it is possible that banks and bitcoin will merge because these to things are really different

but i think it is possible, although it will take so much time but still it is not impossible, if people start the using of bitcoin in local markets and they start using wallet instead of and, i think banks will think about of create their own online wallet system, i think they will already be thinking about this, i think it will reduce the use of bitcoin to much, and ultimately well be merged in online system.

pearnapple

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Quote from: Ultrabat on August 01, 2016, 05:22:27 AM

The merging of bitcoin and banks will happen in 10 to 20 years. It is in the banks interest to make more profit.

well i cannot agree with you to be honest, i dont think that it is possible that banks and bitcoin will merge because these to things are really different

Ultrabat

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The merging of bitcoin and banks will happen in 10 to 20 years. It is in the banks interest to make more profit.

ASHLIUSZ

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Quote from: Finestream on August 01, 2016, 02:11:20 AM

Quote from: groll on August 01, 2016, 01:57:26 AM

Quote from: cpfreeplz on July 31, 2016, 02:16:05 PM

Quote from: helloeverybody on July 21, 2016, 01:52:59 AM

Theres no doubt in my mind that banks will implement some form of "blockchain technology" but it wont be bitcoin obviously. They are too late to actually buy up and use bitcoin and i doubt they would even like a decentralised approach. their blockchain would be integral to their chain of banks only probably and i doubt the end user would get any benefits over the current system they use.

Exactly this. It would save the banks money. That's the only reason they would be interested. They're going to be using a centralized version of bitcoin based on their ever-failing fiat. Who knows how that's going to work our for miner's fees though. I guess if you can Stanly make new money then there's always going to be miner's fees (paid solely to the bank of course).

Yes that is the most probable idea that the new generation of banks will achieve as a means to adapt to the new system of financial technology. Its either to use bitcoin or to make their own version of bitcoin that is unlimited and is controlled. A centralized bitcoin will the result of the marriage between bitcoins and the banking system. If it happens or not, as long as we benefit and not be enslaved by banks then its alright I guess.

Banks cannot replicate bitcoin because they can't be decentralized, they are control by the government and the government wants their rules to be followed. We have more freedom if we are using bitcoin because it is not controlled by anyone and we can transact transparently.

Since its inception, the bitcoin has been lauded for its potential to circumvent the existing centralised banking system.
Recently however, interest has also shifted to the underlying blockchain technology, and the potential it offers to banks both in terms of payments and optimising certain processes.

Finestream

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Quote from: groll on August 01, 2016, 01:57:26 AM

Quote from: cpfreeplz on July 31, 2016, 02:16:05 PM

Quote from: helloeverybody on July 21, 2016, 01:52:59 AM

Theres no doubt in my mind that banks will implement some form of "blockchain technology" but it wont be bitcoin obviously. They are too late to actually buy up and use bitcoin and i doubt they would even like a decentralised approach. their blockchain would be integral to their chain of banks only probably and i doubt the end user would get any benefits over the current system they use.

Exactly this. It would save the banks money. That's the only reason they would be interested. They're going to be using a centralized version of bitcoin based on their ever-failing fiat. Who knows how that's going to work our for miner's fees though. I guess if you can Stanly make new money then there's always going to be miner's fees (paid solely to the bank of course).

Yes that is the most probable idea that the new generation of banks will achieve as a means to adapt to the new system of financial technology. Its either to use bitcoin or to make their own version of bitcoin that is unlimited and is controlled. A centralized bitcoin will the result of the marriage between bitcoins and the banking system. If it happens or not, as long as we benefit and not be enslaved by banks then its alright I guess.

Banks cannot replicate bitcoin because they can't be decentralized, they are control by the government and the government wants their rules to be followed. We have more freedom if we are using bitcoin because it is not controlled by anyone and we can transact transparently.

groll

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Quote from: cpfreeplz on July 31, 2016, 02:16:05 PM

Quote from: helloeverybody on July 21, 2016, 01:52:59 AM

Theres no doubt in my mind that banks will implement some form of "blockchain technology" but it wont be bitcoin obviously. They are too late to actually buy up and use bitcoin and i doubt they would even like a decentralised approach. their blockchain would be integral to their chain of banks only probably and i doubt the end user would get any benefits over the current system they use.

Exactly this. It would save the banks money. That's the only reason they would be interested. They're going to be using a centralized version of bitcoin based on their ever-failing fiat. Who knows how that's going to work our for miner's fees though. I guess if you can Stanly make new money then there's always going to be miner's fees (paid solely to the bank of course).

Yes that is the most probable idea that the new generation of banks will achieve as a means to adapt to the new system of financial technology. Its either to use bitcoin or to make their own version of bitcoin that is unlimited and is controlled. A centralized bitcoin will the result of the marriage between bitcoins and the banking system. If it happens or not, as long as we benefit and not be enslaved by banks then its alright I guess.

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