Topic: Terrified Of Bitcoin - Banks Forced To Innovate For First Time In 40 Years (Read 338 times)
February 21, 2018, 05:17:27 PM
I am very surprised to know that Payment in Australia could take evena week. It just makes no sense. In the UK they have the "faster payments" and in the rest of Europe they have SEPA that are really fast.
February 18, 2018, 11:06:01 AM
Big Banks want to destroy Bitcoin before it destroys them. Bitcoin is the people’s currency and it has the potential to become a new currency, free of the control of big governments and big banks. They should be terrified.
Bitcoin has been the worst nightmare for governments and bankers.That's why they consider bitcoin as their main rival.They are trying their best to destroy bitcoin but poor boys,they could not do so. Not only could they not destroy Bitcoin but if you look at the 5 stages of grief they have now in my opinion moved on to stage 5 and we all know what happens there. If not I will paint it out for you.
1) Denial=That silly Bitcoin thing can't work
2) Anger=Only drug dealers and pedos use it
3) Bargain=We want blockchain not Bitcoin
4) Depression=?? (Skipped it or similar to 3)
5) Acceptance=Oh shit guys, lets change something before they leave us
How I view it we are in stage 5 and by the time that happens they are already screwed and left behind. They can try innovate now but they innovate on a linear curve whereas cryptos innovate exponentially. Good freaking luck catching up banks, you dug yourself an unfathomable hole on this one
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February 17, 2018, 10:31:01 AM
Wow, quite surprised that ZeroHedge published this article. They are really known for their anti bitcoin stance (they are more on gold). This is one of the few that the author changed the tune. However, I'm not surprised at all with the Australia moved since they have embrace bitcoin and crypto since last year. Its good to see though, and I hope that this can set precedence in a worldwide scale. And they really knows how bitcoin should really works, fast, seamlessly without borders unlike traditional banks which take days to move and transfer your funds, and if you need it immediately, you have to pay more. Yeah, I guess this will be really the trend once crypto find its way to other nations but I'm sure that there will be strong resistance from the old, boring traditional banks. And if banks doesn't keep up with the trend, sooner or later they have do otherwise they will lose billions of revenues.
It's not that they are trying to praise bitcoin.
They are trying to hit on banks, their usual main target. And while doing so they use everything they have at hand.
But banks have changed a lot, at least in Europe in the last years, prior to the BTC madness.
I'm not even going to talk about SEPA.
ING offers me a no maintenance fee account and card, online and mobile banking with transactions alerts for every payment I made.
Instant transactions between bank accounts at 0 costs and 24h transfers all over Europe.
I can pay all my utilities from my phone, I even have an option to have them automatically payed if they are below x in value.
Even the banks have changed, they have ATM built for everything, opened 24/7, you can make deposits, open accounts, at 2 am at night.
It's just that the US lags behind in this sector.
I have never understood how and why are Americans so slow on getting the basic chip and pin credit card....
February 17, 2018, 08:06:06 AM
for some reason it seems to me that bitcoin will not destroy the banks. Rather, banks will have to reform beyond recognition. it's high time they did not change the business model from the Middle Ages
February 17, 2018, 03:13:13 AM
The only way banks can survive the fast paced changes is Adaptation. They must be able to catch up with the changing ways of the society, otherwise, they will become obsolete.
Indeed, but i wonder if these banks are united or Is their policies will only for their associates in every nation? because here in our country in which Bitcoin is not declare a legal but our Banks are very supportive to Bitcoin in which our Central Bank did not restrict the use of it but instead they help us by releasing a guidelines on how to avoid of being scam when joining Bitcoin investments so therefore for me, this news will not cover the whole world banking system.
Well at least crypto gave banks reason to up their services which should have been done long ago in the first place. That's also the reason many banks, in contrary, are not in support of btc and crypto. They are afraid that when people get to have a choice, they'd lose their control over us.
February 16, 2018, 05:30:28 PM
The only way banks can survive the fast paced changes is Adaptation. They must be able to catch up with the changing ways of the society, otherwise, they will become obsolete.
Indeed, but i wonder if these banks are united in Bitcoin issues because here in our country in which Bitcoin is not legal but our Banks looks like not threaten because they are very supportive to Bitcoin in which our Central Bank did not restrict the use of it but instead they help us thru fiat convertion and by releasing a guidelines on how to avoid of being scam when joining Bitcoin investments so therefore for me, this news will not cover the entire banking world because they are not united in crypto currencies issues.
February 16, 2018, 04:57:58 PM
February 16, 2018, 04:20:40 PM
I totally agree with what has been written on the article. Banks simply never had a real competition, since they have complete monopoly over the financial system. Things get incredibly ridiculous when you consider international payments. They take to long and the fees are huge, specially when it comes to transferring money to poor countries, that are normally the ones the need lower fees. I wont even talk about Western Union, and how they keep exploring poor people that want to send money to their families in underdeveloped countries.
Even crypto, with all it's problems regarding scalability and fees are already doing a much better job than these entities, and they are still in early phases of development. And people can't really say that bitcoin already existis since 2009, that is nothing compared to how long banks and the internet exists.
Even crypto, with all it's problems regarding scalability and fees are already doing a much better job than these entities, and they are still in early phases of development. And people can't really say that bitcoin already existis since 2009, that is nothing compared to how long banks and the internet exists.
February 16, 2018, 04:08:42 PM
It is not something that is new to banks, it is true with everything. Competition is needed in order to ensure that innovation continues. Banks have had it easy for too long and have only faced competition from each other (hardly real competition because they can just 'agree' to be as lax as each other). Now that cryptocurrencies are offering a real alternative banks are going to have to start taking things seriously and prove to their customers that they are still the best choice.
A big problem for banks is this, even if they were able to match bitcoin in everything I'll still choose bitcoin, why? Because I'm my own bank, bitcoin gives me independence of banks while banks will only make me rely more on them and this is something banks will never give us because this will be the same as giving up their business model, so even if it does not seem like it, banks are in big trouble.You are one of many though, most people enjoy the 'security' of a bank or they do not trust themselves with their own funds. While the more technologically and financially savvy of us will opt for bitcoin. It will have to be far superior to banks for the majority of people to move away from what is 'tried and trusted'
February 16, 2018, 04:03:44 PM
Big Banks want to destroy Bitcoin before it destroys them. Bitcoin is the people’s currency and it has the potential to become a new currency, free of the control of big governments and big banks. They should be terrified.
Bitcoin has been the worst nightmare for governments and bankers.That's why they consider bitcoin as their main rival.They are trying their best to destroy bitcoin but poor boys,they could not do so. and embracing.
The countries and banks that are able to adapt faster are the ones who will be able to gain a competitive advantage over the others. Innovation pays.
February 16, 2018, 03:37:44 PM
It's about time too, I'm glad that bank seem to have picked up on the fact that the service they offer is getting more outdated every year.
My own bank now has a feature that you can make online payments using a QR code, just like you do with Bitcoin.
They've also enabled 1-day transfers (express payment), which used to be something you'd have to pay extra for.
It's clear to me that part of this innovation was pushed through because of the rising popularity of cryptocurrency.
Something good is coming out of this since banks have to compete for the first time in a long time but at the end is just a trap, they are trying to avoid the scenario of people adopting bitcoin massively by defaming bitcoin and by improving their services but even with that I'm not so sure they'll be successful in their strategy, if the lightning network works as intended they will have no way to match bitcoin. My own bank now has a feature that you can make online payments using a QR code, just like you do with Bitcoin.
They've also enabled 1-day transfers (express payment), which used to be something you'd have to pay extra for.
It's clear to me that part of this innovation was pushed through because of the rising popularity of cryptocurrency.
February 16, 2018, 01:11:05 AM
There innovation might require them to change personally not technologically as banks suffer this kind of pullout from clients not because they’re not us technical adaptive to the trend but because of greediness and self serving interest that makes every bankers unworthy of any money from the public. It’s more of bankers versus the people and not with the cryptocurrency.
Bank is just setting and do nothing about technology that’s why as of this moment they trying to coup up with the technology but it seems they far behind as what block chain technology had been done that s is why Crypto currency and blockchain is considered a trait to the banking system.[/quote
]Yeah considering that if you are a bank costumers and you can observe how dynamic block chain technology is all you can do is fall out your account from the bank and transfer to bitcoin since bitcoin more profitable than bank because the technology is faster than bank. I don’t know if the bank can coup easily in terms of infrastructure because it needs much resources. While Bitcoin has the miners that help the development of block chain infrastructure.
February 16, 2018, 12:34:12 AM
There innovation might require them to change personally not technologically as banks suffer this kind of pullout from clients not because they’re not us technical adaptive to the trend but because of greediness and self serving interest that makes every bankers unworthy of any money from the public. It’s more of bankers versus the people and not with the cryptocurrency.
Bank is just setting and do nothing about technology that’s why as of this moment they trying to coup up with the technology but it seems they far behind as what block chain technology had been done that s is why Crypto currency and blockchain is considered a trait to the banking system. February 15, 2018, 10:41:00 PM
There innovation might require them to change personally not technologically as banks suffer this kind of pullout from clients not because they’re not us technical adaptive to the trend but because of greediness and self serving interest that makes every bankers unworthy of any money from the public. It’s more of bankers versus the people and not with the cryptocurrency.
February 15, 2018, 09:29:06 PM
We can see that banks are really terrified that bitcoin will take the lead and destroy them anytime, so they come up with this kind of innovation. This may somehow help them to gain more trust and for them to attract more clients to invest in them, but still there are more features of bitcoin that can really beat banks. One of them is its being decentralized which is impossible to happen in banks. If they only know how to accept bitcoin and use it as well instead of competing with these, it will be easy for them to earn more money and trusts from people.
February 15, 2018, 08:52:14 PM
Not only that, investors who truly want to hedge against the market should be looking at BTC and other cryptocurrencies. They have a .01 correlation with the stock market as a whole, which means that even when DJI and S&P lose you won't.
February 15, 2018, 08:48:07 PM
Good thing they are Emerging in the new Innovation. We could see more banks that will create tokens and will embrace blockchain. Blockchain technology will change everything and this all sacrifices are worth it in the future. Long life Blockchain thanks Satoshi you made blockchain that most powerful technology we have now.
February 15, 2018, 08:36:11 PM
Big Banks want to destroy Bitcoin before it destroys them. Bitcoin is the people’s currency and it has the potential to become a new currency, free of the control of big governments and big banks. They should be terrified.
Bitcoin has been the worst nightmare for governments and bankers.That's why they consider bitcoin as their main rival.They are trying their best to destroy bitcoin but poor boys,they could not do so. and embracing.
February 15, 2018, 08:05:05 PM
Big Banks want to destroy Bitcoin before it destroys them. Bitcoin is the people’s currency and it has the potential to become a new currency, free of the control of big governments and big banks. They should be terrified.
Bitcoin has been the worst nightmare for governments and bankers.That's why they consider bitcoin as their main rival.They are trying their best to destroy bitcoin but poor boys,they could not do so. Not only could they not destroy Bitcoin but if you look at the 5 stages of grief they have now in my opinion moved on to stage 5 and we all know what happens there. If not I will paint it out for you.
1) Denial=That silly Bitcoin thing can't work
2) Anger=Only drug dealers and pedos use it
3) Bargain=We want blockchain not Bitcoin
4) Depression=?? (Skipped it or similar to 3)
5) Acceptance=Oh shit guys, lets change something before they leave us
How I view it we are in stage 5 and by the time that happens they are already screwed and left behind. They can try innovate now but they innovate on a linear curve whereas cryptos innovate exponentially. Good freaking luck catching up banks, you dug yourself an unfathomable hole on this one
. February 15, 2018, 06:51:27 PM
Big Banks want to destroy Bitcoin before it destroys them. Bitcoin is the people’s currency and it has the potential to become a new currency, free of the control of big governments and big banks. They should be terrified.
Bitcoin has been the worst nightmare for governments and bankers.That's why they consider bitcoin as their main rival.They are trying their best to destroy bitcoin but poor boys,they could not do so.They have looted the common man in the name of transaction fee which forced satoshi to create such a coin. Jump to: