Topic: Merging of bitcoin and banks (Read 3004 times)
No it will not happen anywhere .as bitcoin is decentralized and banks are under the government,thats y people should go for bitcoins and make it more popular and make it a global currency .
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable 
Bitcoin may not be able to destroy banks since banks adopts to new technology, but soon they will be competing with bitcoins or enjoy surcharges in converting bitcoins to cash.
To say banks is stable it is not very a reliable statement, many banks have already closed. It just means that no financial institution are stable enough to survive forever and so is bitcoin
Any single bank is not reliable of course, but we should always remember at least two things in this regard. First, there are banks that are considered by the government as "too big too fail", so they are basically insured by the government at large. This is not very good for the economy on the whole (laissez-faire economy and such things), but quite good for their clients. If such a bank fails, its losses are socialized, i.e. paid by the ordinary tax-payers. And, second, banks are an integral part of the bigger banking system (read your deposits are insured by all the banks in the system), and this system with a central bank at its top is pretty stable...
In fact, it is as stable as the government itself, economically-wise at least
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
Bitcoin may not be able to destroy banks since banks adopts to new technology, but soon they will be competing with bitcoins or enjoy surcharges in converting bitcoins to cash.
To say banks is stable it is not very a reliable statement, many banks have already closed. It just means that no financial institution are stable enough to survive forever and so is bitcoin.
Well, soon banks will be the one to launch btc atm in big projects if cryptocurrency is at its height and Im looking froward to it.
This merger is a recipe for disaster on both sides. 
Bitcoin was meant to be a free form of payments on a global scale.
While the banks are the exact opposite being a fee charing/ pay for everything that is offered (no freebies for any of their services)/ conglomerate of an institution that does not like to be global. Just look at how much they charge you to send money to anyone overseas! :
Does bitcoin currently face any of these problems? No!
But that might change if the banks have anything to do with it! I guaranteed this to anyone who says differently.
Bitcoin was meant to be a free form of payments on a global scale.
While the banks are the exact opposite being a fee charing/ pay for everything that is offered (no freebies for any of their services)/ conglomerate of an institution that does not like to be global. Just look at how much they charge you to send money to anyone overseas! :
Does bitcoin currently face any of these problems? No!
But that might change if the banks have anything to do with it! I guaranteed this to anyone who says differently.
Your guarantee is not worth a dime
The difference between banks using fiat and banks using Bitcoin is that you basically can't send fiat to another side of the world without banks or similar payment systems. But it is entirely different with Bitcoin. Bitcoin is a payment system in its own right, so no one can force you to use banking services if you want to send your bitcoins, say, from Europe to America. If banks are going to charge hefty commissions for sending bitcoins, no one will be using them. As simple as it gets. Why do you think web wallets pay the transaction fees for their clients?
This merger is a recipe for disaster on both sides.
Bitcoin was meant to be a free form of payments on a global scale.
While the banks are the exact opposite being a fee charing/ pay for everything that is offered (no freebies for any of their services)/ conglomerate of an institution that does not like to be global. Just look at how much they charge you to send money to anyone overseas! :
Does bitcoin currently face any of these problems? No!
But that might change if the banks have anything to do with it! I guaranteed this to anyone who says differently.
Bitcoin was meant to be a free form of payments on a global scale.
While the banks are the exact opposite being a fee charing/ pay for everything that is offered (no freebies for any of their services)/ conglomerate of an institution that does not like to be global. Just look at how much they charge you to send money to anyone overseas! :
Does bitcoin currently face any of these problems? No!
But that might change if the banks have anything to do with it! I guaranteed this to anyone who says differently.
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?
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?
Bitcoin was designed so that there would be no need for banks. We ourselves will have absolute control of our money. If you decide to use it or not is up to you. Let us just say that BTC is a safer alternative compared to banks but it is not out there to destroy them.
With R3 saying that they will utilize blockchain technology, surely that will be beneficial to them and their clients. They could even invent new types of products and services. So there's no problem. Actually it is good for society as a whole.
Maybe it is not intended to be used with banks. But with banks, the bitcoin will prosper. The banks are regulated, much safer than scam sites.
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?
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?
Bitcoin was designed so that there would be no need for banks. We ourselves will have absolute control of our money. If you decide to use it or not is up to you. Let us just say that BTC is a safer alternative compared to banks but it is not out there to destroy them.
With R3 saying that they will utilize blockchain technology, surely that will be beneficial to them and their clients. They could even invent new types of products and services. So there's no problem. Actually it is good for society as a whole.
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
Bank seem stable but they are not. If you are talking about value of fiat cash stable than the value cash have were determined by banks and government which is almost centralized decision. While as bitcoin value is determined by community,which is more realistic and fair system.Banks, or rather a banking system with a Central Bank at the head, are an integral part of a state. So saying that banks are not stable is equal to saying that state is not stable, that is, any state is not stable...
This is no more than a sweeping erroneous generalization in form and meaningless claim in essence
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
Bank seem stable but they are not. If you are talking about value of fiat cash stable than the value cash have were determined by banks and government which is almost centralized decision. While as bitcoin value is determined by community,which is more realistic and fair system. Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
That could be right. Banks can use anything to make profit. Money is just one medium/tool. They can use bitcoin as well.
this whole topic was started based on a big misunderstanding of OP. you have to first understand the difference between bitcoin and blockchain.
as the title of the article suggest clearly and also based on my experience of what i have seen from the banks and financial institutes so far, they are only interested in blockchain which is the technology and they want to adopt that not bitcoin, which means they will create their own chain just as an altcoin has its own chain.
More generally, they may not even want to create a sort of altcoin. Why would they want that if they already have Visas and Mastercards? They apparently are more interested in using blockchain to build some decentralized infrastructure for their own (most likely nefarious) purposes...
For example, to keep a real-time track of all their debtors and insolvents (to avoid "double-spends", as it were)
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
That could be right. Banks can use anything to make profit. Money is just one medium/tool. They can use bitcoin as well.
this whole topic was started based on a big misunderstanding of OP. you have to first understand the difference between bitcoin and blockchain.
as the title of the article suggest clearly and also based on my experience of what i have seen from the banks and financial institutes so far, they are only interested in blockchain which is the technology and they want to adopt that not bitcoin, which means they will create their own chain just as an altcoin has its own chain.
Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside
These resources and the infrastructure built on them and using them in no case belongs to the government. A government (or those who de-facto control the government) is essentially a group of people which openly or not so openly usurped power and then pretends that it obtained this power in a legitimate way. Legitimate ways may vary from country to country, though, lol...
But the homespun truth is that the real power is always taken and never given
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.
first of all why the hell would anybody want to choose changing "bitcoin paper wallet" or "bitcoin physical coins" without sending the transaction on the blockchain while there is this thing called "cash"?
second of all the anonymity is reached as long as the first address of yours is not linked to you personally. and also there is always a lot of other solutions for more anonymity.
Mk champ let me dumb this down for you...
http://bitcoinsimplified.org/learn-more/anonymity/
As I was explaining, it's pseudonymous, not anonymous. If one of your addresses was 'outed' in the future people could link all of your other addresses with it. That's what the blockchain is. Get educated before trying to come accross like you know more than someone else.
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
That could be right. Banks can use anything to make profit. Money is just one medium/tool. They can use bitcoin as well.
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
That could be right. Banks can use anything to make profit. Money is just one medium/tool. They can use bitcoin as well.
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
That could be right. Banks can use anything to make profit. Money is just one medium/tool. They can use bitcoin as well.
Bitcoin will not destroy any bank. Bitcoin is not very stable, while banks are more stable
It's very complex question that I'm back and BTC together since the merger of the two functions are different. Banks lent by the people and can be taken. Maybe not by the B TC future I hope I am, these are merged together will reach the sky btc
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.
first of all why the hell would anybody want to choose changing "bitcoin paper wallet" or "bitcoin physical coins" without sending the transaction on the blockchain while there is this thing called "cash"?
second of all the anonymity is reached as long as the first address of yours is not linked to you personally. and also there is always a lot of other solutions for more anonymity.
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.
first of all why the hell would anybody want to choose changing "bitcoin paper wallet" or "bitcoin physical coins" without sending the transaction on the blockchain while there is this thing called "cash"?
second of all the anonymity is reached as long as the first address of yours is not linked to you personally. and also there is always a lot of other solutions for more anonymity.
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.
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.
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.
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 .. ☺ 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?
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?
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.
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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
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.
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.
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.
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.
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.
Using the bitcoin can cut the banks operating cost. That is due to the usage of the block chain technology.
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.
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.
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 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 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 differentThe 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
The merging of bitcoin and banks will happen in 10 to 20 years. It is in the banks interest to make more profit.
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.
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.
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.
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.
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).
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.
I think many people are using bitcoin almost all country. and they have alternative to withdraw there bitcoins. we know that bitcoin its not accepting locally but brazil is one of them who accepting bitcoin as payment locally.. and bitcoin is growing. and more adoption will come in bitcoin..
For now we can not say that bitcoin is illegal because if bitcoin is illegal people who using bitcoin will be arrested..
There are more than a handful of countries that have banned bitcoin is some fashion: Russia, China, Bangladesh, and Bolivia have limitations on use or legality to some extent. Here's a better description, though perhaps a little outdated: https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/
More possible, that banks will implement BTC payments as bank service too. One bank will start and then others will follow. In real bank life new technologies are not common, so when Bitcoin will be more in the market, one bank will start.
that would be really bad in my opinion and i dont think that it would be a really great idea, i hope that bitcoins will never go along with banks as it is really terrible 
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.
I think many people are using bitcoin almost all country. and they have alternative to withdraw there bitcoins. we know that bitcoin its not accepting locally but brazil is one of them who accepting bitcoin as payment locally.. and bitcoin is growing. and more adoption will come in bitcoin..
For now we can not say that bitcoin is illegal because if bitcoin is illegal people who using bitcoin will be arrested..
Bitcoins and bank have one difference that we can never see we can merge it.
Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
Banks are regulated, and increasingly so are bitcoin businesses. Anyone dealing as an exchange in the US has to register with the proper regulators, and NY has it's own laws regarding dealing in bitcoin in any way. Saying "bitcoin" isn't regulated is like saying the dollar isn't regulated. It doesn't make any sense. The dollar isn't regulated, banking institutions are, and increasingly, so are the businesses that are sprouting up around cryptocurrencies.
Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
And how would the government go about absorbing a decentralized project running simultaneously on millions of computers around the globe? Surely if the government had such an awesome ability, it would be able to "absorb" all torrenting programs to shut them down, rather than relying on seizing servers the old fashioned way: by physically removing them.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.
More possible, that banks will implement BTC payments as bank service too. One bank will start and then others will follow. In real bank life new technologies are not common, so when Bitcoin will be more in the market, one bank will start.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
you should learn how to pay attention to some keywords. the keyword here is as it always been, blockchain not bitcoin.
as the article clearly says and you quote it yourself: "a project designed to imitate blockchain technology" in other words, bans had seen the power bitcoin has and want to create the same power of security for their own by implementing the blockchain technology, exactly like a new altcoin which will also be centralized.
as the article clearly says and you quote it yourself: "a project designed to imitate blockchain technology" in other words, bans had seen the power bitcoin has and want to create the same power of security for their own by implementing the blockchain technology, exactly like a new altcoin which will also be centralized.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.
Banks have no control over the bitcoin network/protocol/issuance etc.
These are the reasons why no "normal" bank will ever embrace Bitcoin!
Maybe there could be some kind of Bitcoin banks (exchanges today are some sort of Banks, intermediaries if you wish) in the future but not established banks.
These are the reasons why no "normal" bank will ever embrace Bitcoin!
Maybe there could be some kind of Bitcoin banks (exchanges today are some sort of Banks, intermediaries if you wish) in the future but not established banks.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.
bitocin is not going to merge bands or to destroy it. but it will increase its value and will increase its income. hope that in future bank will accept bitcoin and most of the people will then do their transaction using bitcoin, but as most of the banks specially in our area are under the government influence therefore it is important that first the government should legalize bitcoin.
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?
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?
That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.
Bitcoins and bank have one difference that we can never see we can merge it.
Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
Banks may appear to be regulated but in reality they're not, there's a lot of corruption and sketchy things that happen at the top of the chain, and a lot of the regulation is just for show, and making sure that no-one steps out of line. Fractional reserve lending, sketchy loaning systems and the overall illegitimacy with what they do behind the scenes show that banks are regulated only so that interests may be served, and meager limits imposed. Nothing or dramatic consequence, aside from when someone gets caught. Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
Bitcoins and bank have one difference that we can never see we can merge it.
Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.
This will never ever happen.
Although you might say that banks will incorporate bitcoin as a mode of payment or as a new payment option but eventually they will not be able to centralize the protocol as their own backbone.
Bitcoin will remain as decentralized as was in 2009. These new are just providing some hoax in order to repel some potential threat towards weaker traders just to gain advantage. No need to worry about it.
Although you might say that banks will incorporate bitcoin as a mode of payment or as a new payment option but eventually they will not be able to centralize the protocol as their own backbone.
Bitcoin will remain as decentralized as was in 2009. These new are just providing some hoax in order to repel some potential threat towards weaker traders just to gain advantage. No need to worry about it.
Banks are leveraging ripple to move their money on a "blockchain". Now, it's cool and are they pouring money into this ecosystem.
https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/
What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.
But they will never have a strong "blockchain" like the one of bitcoin.
Time will tell.
You are absolutely right, time will tell because time will come that banks will adopt with bitcoins. As we are a growing community they will be tempted to adopt due to the huge market they can cater when they adopt with bitcoins, I know it requires a government regulation to make them do that but when it comes to a possibility of making money they will do everything just to make it happen. https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/
What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.
But they will never have a strong "blockchain" like the one of bitcoin.
Time will tell.
Banks are leveraging ripple to move their money on a "blockchain". Now, it's cool and are they pouring money into this ecosystem.
https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/
What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.
But they will never have a strong "blockchain" like the one of bitcoin.
Time will tell.
https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/
What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.
But they will never have a strong "blockchain" like the one of bitcoin.
Time will tell.
Blockchain tech and banks yes, but bitcoin and banks - not as much. Even tho there is much to be earned by banks that operate as bitcoin friendly,
there is still much missing regulation and anti money laundering acts to protect the banks for abuse. Let's use the word cooperation instead of merging, and
we could have more chance for success.
yes, banks see the opportunity that the technology behind Bitcoin brings. Blockchain that Bitcoin is based on allows you to move funds quickly regardless of your location. It can also efficiently automate business processes. Banks are also already trying to integrate it with the systems already in place. LHV Bank has already built a mobile payment system for moving euros using the bitcoin transaction system as a platform. there is still much missing regulation and anti money laundering acts to protect the banks for abuse. Let's use the word cooperation instead of merging, and
we could have more chance for success.
Blockchain tech and banks yes, but bitcoin and banks - not as much. Even tho there is much to be earned by banks that operate as bitcoin friendly,
there is still much missing regulation and anti money laundering acts to protect the banks for abuse. Let's use the word cooperation instead of merging, and
we could have more chance for success.
there is still much missing regulation and anti money laundering acts to protect the banks for abuse. Let's use the word cooperation instead of merging, and
we could have more chance for success.
I mentioned my points on Banks and Bitcoins and would like to repeat them:
Well instead of writing an essay, let me put down my points on PROS of both
Pros of BTC wallet:
1. Anonymous
2. Can be withdrawn anytime
3. Can withdraw small amounts
4. Can withdraw large amounts hassle free
5. Can transfer 5 times in a minute without any hassle
6. Exchanging is hassle free
7. Receiving is very easy
8. Can create several accounts
Pros of Bank wallet:
1. Secure, can prove your money
2. Safe, will not go bankrupt soon.
3. A lot of e-commerce website prefer this
4. A lot of banks allow safe invest
5. No scam and privacy
6. Bank currency is not volatile
So, now why would someone want to merge these two? It would just cancel out their pros and add to cons. They are great the way they are. Peace!
Well instead of writing an essay, let me put down my points on PROS of both
Pros of BTC wallet:
1. Anonymous
2. Can be withdrawn anytime
3. Can withdraw small amounts
4. Can withdraw large amounts hassle free
5. Can transfer 5 times in a minute without any hassle
6. Exchanging is hassle free
7. Receiving is very easy
8. Can create several accounts
Pros of Bank wallet:
1. Secure, can prove your money
2. Safe, will not go bankrupt soon.
3. A lot of e-commerce website prefer this
4. A lot of banks allow safe invest
5. No scam and privacy
6. Bank currency is not volatile
So, now why would someone want to merge these two? It would just cancel out their pros and add to cons. They are great the way they are. Peace!
The private, centralized blockchain projects of the banks will fail miserably - at least if they are intended to replace Bitcoin as a currency. The only reason of why Bitcoin uses a blockchain is to make decentralization possible. If you want a centralized value transfer system you don't need to use a blockchain, it would be just a waste of resources.
I seriously doubt that the banks will be successful with R3. Whatever smart user interface they may offer, all the transactions at their network will be subject to bank and government approval. So it's essentially some kind of Paypal 2.0 they're offering. Nobody needs or wants that. Or would you voluntarily choose a restricted currency when you can have a free one?
Sorry, dear banks, but you'll have to scale back your business...
Btw.: Two important developers already left R3.
ya.ya.yo!
I seriously doubt that the banks will be successful with R3. Whatever smart user interface they may offer, all the transactions at their network will be subject to bank and government approval. So it's essentially some kind of Paypal 2.0 they're offering. Nobody needs or wants that. Or would you voluntarily choose a restricted currency when you can have a free one?
Sorry, dear banks, but you'll have to scale back your business...
Btw.: Two important developers already left R3.
ya.ya.yo!
I'm sure if banks end up using Blockchain technology, they would want it to be private, so no one could see the transactions.
That's why I'm interested in projects like Zcash which claim to be able to send private transactions.
From the https://z.cash/ website-
"maintain a secure ledger of balances without disclosing the parties or amounts involved"
That's why I'm interested in projects like Zcash which claim to be able to send private transactions.
From the https://z.cash/ website-
"maintain a secure ledger of balances without disclosing the parties or amounts involved"
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
Thinking bitcoin could end bank is not fully true but it can replace many of the fiat stored from bank towards bitcoin due to much more security, transparency, easy to access features.
Actually blockchain tech is more important that can help banks and to have transparent and secure banking transactions.
So as a whole blockchain tech can be merged by banks which can help banking institution on the other hand more adaption towards bitcoin can harm banks as they will lost lots of their stored fiat.
Actually blockchain tech is more important that can help banks and to have transparent and secure banking transactions.
So as a whole blockchain tech can be merged by banks which can help banking institution on the other hand more adaption towards bitcoin can harm banks as they will lost lots of their stored fiat.
The only real blockchains are the one used as a backbone of decentralized coins. Private blockchain is not a blockchain at all it is more is just a confusing name for a shared database, nothing more.
The key to Bitcoin's astonishing security is its decentralization which comes from its advanced and original use of proof of work mining. How exactly private blockchains will try to achieve that?
The key to Bitcoin's astonishing security is its decentralization which comes from its advanced and original use of proof of work mining. How exactly private blockchains will try to achieve that?
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.
So is it feasible or not?
So is it feasible or not?
Banks are based on supply/demand exactly the same as bitcoin. If nobody puts their money on bank, the bank collapses. I think its unrealistic to think of the "one size fits all", there will always be people who like different value storage (investment, bank, bitcoin, house).
What I hope banks get from bitcoin is that transaction speed of 5 days is not the standard
In Europe transaction need to be processed within 1 business day which was already a big change overhere.
If I understood the article correctly it is more about internet security than actual using bitcoin within banks.
Banks heavily rely on the central bank which is printing money for them if needed. As long as there is not opportunity to create "more" bitcoins from nothing, I don't believe banks will actually start using Bitcoins.
The basic element of bitcoins cannot be change by the government so it is impossible to merge both.
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.
So is it feasible or not?
So is it feasible or not?
Banks are based on supply/demand exactly the same as bitcoin. If nobody puts their money on bank, the bank collapses. I think its unrealistic to think of the "one size fits all", there will always be people who like different value storage (investment, bank, bitcoin, house).
What I hope banks get from bitcoin is that transaction speed of 5 days is not the standard
In Europe transaction need to be processed within 1 business day which was already a big change overhere.
If I understood the article correctly it is more about internet security than actual using bitcoin within banks.
Banks heavily rely on the central bank which is printing money for them if needed. As long as there is not opportunity to create "more" bitcoins from nothing, I don't believe banks will actually start using Bitcoins.
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.
So is it feasible or not?
So is it feasible or not?
Banks are based on supply/demand exactly the same as bitcoin. If nobody puts their money on bank, the bank collapses. I think its unrealistic to think of the "one size fits all", there will always be people who like different value storage (investment, bank, bitcoin, house).
What I hope banks get from bitcoin is that transaction speed of 5 days is not the standard
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?
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?
Bitcoin as THE open, decentralized, permissionless Blockchain is a completely beast compared to that highly centralized, controlled permissioned blockchains the banks are going to build and use.
Sure it will give them some advantages as reducing costs, cutting out middlemen etc, but this is nothing highly innovate.The could achieve same things with distributed databases, MySQL etc.
Bitcoin will a majority of banks like they exist today become obsolete.Many of them will disappear, if they like it or not doesn't matter.
That however doesn't mean that banks won't play a role in the future.They will have their markets.But they will lose their extreme dominant role they are having today.
I think that it has the both positive and negative impact, many banks cooperate with companies that operate on bitcoin like bitx ecoin xapo etc, these debit cards are from bank so indirectly banks support bitcoin, but cant be merged.
Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
In a sense you made some good points. If banks and bitcoin will merge then bitcoin will no longer or will lose its sense of decentralization. Bitcoin will be limited and the interest rates will no longer enjoyed by us but by the few elites in the banking system. I just hope that they will not succeed merging banks and bitcoin because it spells a bad news to us in the bitcoin economy.
Bitcoin users will suffer once again the same condition they suffer with fiat currency. Banks are just a greedy companies who are not concerned with the clients welfare but the status of their income. They did not put up banks to assist or help us financially but to kill us with big interests . Banks are a virus that will infect bitcoins. Bitcoin must not be allowed to be merged with banks.
Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
In a sense you made some good points. If banks and bitcoin will merge then bitcoin will no longer or will lose its sense of decentralization. Bitcoin will be limited and the interest rates will no longer enjoyed by us but by the few elites in the banking system. I just hope that they will not succeed merging banks and bitcoin because it spells a bad news to us in the bitcoin economy.
Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.
Bitcoin may or may not replace bank but I really hope it will. However Bitcoin will never be able to integrate with the banks. I guess that the article is just referring to the Blockchain concept by Satoshi Nakamoto.
We cannot merge bitcoins to banks because bitcoin is decentralized while banks are not, if bitcoins will be merge the best features like being anonymous and less transactions fees will be affected and might be change as bank want to be the more dominating force in the merger if possible.
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.
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?
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?
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