Topic: So I told my banker about bitcoin - page 8. (Read 1561 times)

Traditional currency will never end its usage. Bitcoin has been serving the common people with its evolutionary technology, and I can't believe that a banker found it difficult to create a bitcoin wallet. Because, right now we've got more bitcoin wallets and those wallets were very user friendly in terms of accessibility. Another thing not every banking sector is against bitcoin, at present there are banks that has developed their own cryptocurrency using the blockchain technology.

well you right about so many people not being able to use smartphones efficiently apart from making calls which makes it difficult for so many to adopt use of bitcoin. But i belive if we all who are conversant with the use of smartphones in using bitcoin teach everyone we know, then in no time so many people will get use to using bitcoin on their phone. i remember when phones were newly introduced, so many people find it hard to even make call with and had the young ones who are good with technology teach them how to use it. so if the bank can teach people things then we can also teach them how to use bitcoin in smartphones

I think there's definitely some truth to it, just because kids these days grow up with phones in their hands, it doesn't mean that they are sufficiently tech literate, especially in something like cybersecurity or cryptography. And sadly, using Bitcoin requires a lot of knowledge, even if it seems that you just have to install a wallet, back it up and start sending bitcoins left and right.

Hello,

Fiat and crypto are complementary, soon or later banks will need to jump in the train, they just delay this moment with blinding eyes but they will not be able to continu in order to also catch the potential of this new market.

I think that now is just not the time for cryptocurrency. I believe that it will be used by almost everyone in the future, but so far it is difficult to talk about it. Perhaps it would be right if bankers begin to explain their customers the basics of using digital money and perhaps more people will be interested in it.

What im taking from this is that banker doesnt care about bitcoin,
If they wanted to get into it they would already be invested.
As mentioned above he doesnt need to know the technology to
be able to download, install and load a wallet.

This is a strange post.

I think the biggest problem is about the advantages of bitcoin Vs the interest of people. Look at gold for example, if you went to a bank where everyone at this bank had never heard of gold and you showed these guys what gold and what are their advantages, they would research about gold and they would use because they would realize their advantage. So this should happen with bitcoin, people need to see the advantages of having bitcoin, if they see that bitcoin is advantageous to them, then they will buy bitcoin.

It could be true that they don't have time for now, because lot of people out there believed in banks. That's what your bankers holding on it, but when times were cryptocurrency can't be stop in the mass adoptions for sure in the end whether they like it or not they will give time to know about bitcoin and blockchain technology. Because creating your own wallet in bitcoin actually is just an easy things to do it honestly speaking.

when you give information about bitcoin to the bank maybe some banks already know it and there are some banks in some countries that don't like it and really hate bitcoin even you can be charged with a crime for using illegal money, so you should be careful with bank person.

Tbh I don't think Bitcoin is that technical (for daily usage). While it's true it is required to have somewhat deeper knowledge to fully embrace the tech, to be able to use it regularly we don't have to do that. For example, to create an address, you don't have to understand how BIP32 works, they can simply open Electrum, generate a new address and so on.

This technical barrier is quite low tbh. We don't have to spend hours learning about it.

Talk about begging, I believe it is how the banker told me, need to create a wallet for them and hand it over to them, and when the time come to spending, again help to use the wallet for them, just like how the banker got to help every banking problem.


I remember when my grandma ask me about how to turn on the TV all the time, when it come to smart phone, they just move their rant from TV to smartphone, and they have the same gut to ask how to use the smart phone to call her friend, key in the number, turn off the smart phone after using it, I think it is improving to the worse, the only thing remain the same are they need all the help when it come to technology, and most of them will need help all the time, the rest of their life need help.


I don’t think it is about the problem with 90’ or 80’ or some problem with generation. Every generation will have few highly tech savvy and have the rest illetarated population. The same with the younger generation, the Millenials generation are not exception, even in the next 22 century, the same portion of people will be tech savvy and the rest just be illetarated, even in the next 23, 24, 25 it will be the same. Certainly in future people wouldn’t be getting smarter, the smart will remain smart, the illetarate will remain illetarate, no amount of time will fix it.

Actually technology is advancing at very fast pace, 20 years before I used to write and wait for letters. Now nobody write, we just call.
So most of the people who already crossed 40 years or did not embraced technology in last decade are worst hit by technology advancement.
As far Bitcoin wallet is concerned it is technical stuff and only interested people are using , nobody is getting any commercial/government pressure to adopt Bitcoin so they can choose to remain ignorant.

cash is not going to die, at least not in our lifetime but what does that have anything to do with bitcoin? bitcoin was not created to kill anything! besides who cares what the "bankers" think about bitcoin, it was not created for them to use. it was created so that people don't need them if they chose to spend their money. so that they have an alternative method that doesn't require these third party parasites that can only live because people need them.

don't worry in a couple of years they will have enough time to beg others to teach them how bitcoin works and beg people to come back as their business starts to fail and they start needing another bailout.

Well depending on where and who you bank with, your banker had probably heard of Bitcoin before.
With so many crypto exchanges accepting bank payments these days, chances are that your banked has been approached by a customer attempting to purchase crypto online.
Even though most banks arent crypto friendly, I think most bankers are aware that it exists. 

The banker was outspoken and i like his/her replies to you.

Firstly, most of those Bankers are not technologically oriented in this 21st century rather cling to the old time outdated technology without effect. Some of them are older than  my Mum and Dad but still yet work in the Bank with their 90's knowledge, those set of individuals will not and cannot comprehend the modern days TECH.

Secondly, Their clients (that is the customers) most at times will always like to see the Bankers with minor issues that borders on transaction problem or sometime network problems. Client in this regard will be the most difficult humans to handle if eventually Banks adopt bitcoin into the traditional system. Imagine when there is 3 confirmation on the blockchain and my grand pa saw 1 confirmation at first still waiting for the other confirmations to occur, believe me on this; that, he will call Satoshi phone number to lay his complain.

So how will they be able to handle such hand full of ignorant from the public if eventually the digital currency merge with the traditional system?

Bitcoin want to replace the fiat, but the hindrance is just so obvious, and even some people believe it will remain to be niche to the very few tech savvy, what’s the point when it can’t replace fiat for the majority population.

When a banker want their clients to use their banking service, they would want their clients to know how to use it, first they will setup the account for them, and all the technical stuffs just like you’ve mentioned, and hand over the account which come with the accounting book to them, but it wouldn’t be the same for bitcoin, the banker couldn’t help their clients to create the bitcoin wallet, their clients security would be exposed to them, that’s the nature of bitcoin private key, and when they hand over the wallet to the clients, their clients’ account would have been compromised due to the private key being exposed to the guy who help them create a wallet. And nothing gonna change it because no one can help anyone to create their bitcoin wallet, which is why banker wouldn’t be able to help their clients when it come to bitcoin.

And your point is?

See, creating a bank account is also something they're too busy to learn (think about an accountant setting up a database, creating entries, checking log-in-credentials etc.).
That's all technical stuff.
No one in their right mind would expect a non-technician to do that.
That's what you have the tech guys for.

For some reason, however, a lot of people believe that with Bitcoin, this is somehow different.
Well, it isn't.

My point here is that "I don't understand the technology, therefore it won't fly" is just a sorry excuse for someone not to have to deal with anything unfamiliar.
Same old, same old.

Well, I understand your point of view but people are different. You should not impose your views and desires on everybody. There is nothing bad in the fact people do not want to use smart phones or anything. Of course, when their jobs or needs are related to these kinds of requirements it's necessary but anyway it's up to a person to decide if they want to be up-to-date or whichever.

I also do not believe that traditional currencies will leave our lives, but I think that the cryptocurrency will be able to work with Fiat money on a level. I think I still need some time passed people to take bitcoin as a forum of payment.

My bankers told me, I need to help them to create an bitcoin wallet and hand it to them, and they’re too busy to learn it and it’s very difficult to use, they don’t believe cash would die, they deal with thousands of clients everyday who need bankers to create banking account for them, and they know a lot of people, despite having a smart phone, are not good enough to use the phone for simple online banking, they are only good enough to make phone calls with a smart phone, they don’t even know how to send texts to friends, they don’t believe their clients are capable to create their own bitcoin wallet and use it as cash, their clients would always come to them for help with their banking problem, and bitcoin didn’t provide any help as friendly as banker, it’s why it would fail to gain their attention. And more shockingly, they’re talking about their clients as young as 20-30s, they’re not gonna learn to use bitcoin, only a handful of very young people are tech savvy enough to use smartphone to their fullest, the rest of them are just like our grandma dealing with smartphone.