The biggest problem holding back Bitcoin

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: coolcoinz on April 30, 2015, 05:16:56 PM

Is UK being hostile towards Bitcoin? What excuse do your banks give you when they say they won't accept your money? If banks accept money from casinos and brothels why wouldn't they support a Bitcoin business?

Because they fear regulators.

Cash is actually pretty hard to move around. There is only so much you can move in a suitcase before you need large transport which can be stopped at borders.

Electronic transactions enable meaningful amounts, lorry loads, of money to be moved across borders every easily.

Once banks can't trace the movement of electronic funds and they can't rely on the connectors that maintains those funds flowing from keeping regulatory compliance, then they figure its a risk to be linked to Bitcoin in anyway.

A bitcoin wallet is bank account. Banks aren't holding back bitcoin, its the supply chain that still only uses fiat that is holding back bitcoin.

If you want to help, ask to be paid in Bitcoin, in work or in business.

coolcoinz

legendary

Activity: 2618

Merit: 1103

Is UK being hostile towards Bitcoin? What excuse do your banks give you when they say they won't accept your money? If banks accept money from casinos and brothels why wouldn't they support a Bitcoin business?

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: hua_hui on April 30, 2015, 07:47:24 AM

The fact is that very few of banks are bitcoin friendly. Bitcoin's ecosystem is not perfect yet and its value is still pegged to the fiat money.

Until some point, that people will exchange mostly Bitcoin, and FIAT will be only used in grocery store managed by old lady

JackRipper

full member

Activity: 210

Merit: 100

Quote from: sdmathis on April 30, 2015, 03:58:35 PM

The biggest thing holding Bitcoin back is the publics perception that is used mainly for money laundering and other criminal activities. As long as the public believes that, Bitcoin will have a hard time being accepted on a wide scale.

The worst part is that there is a lot of truth to that. Bitcoin is often used for criminal activities. Of course so is cash, but the public doesn't seem to worry about.

sdmathis

hero member

Activity: 546

Merit: 500

AKA The Rubber Monkey

The biggest thing holding Bitcoin back is the publics perception that is used mainly for money laundering and other criminal activities. As long as the public believes that, Bitcoin will have a hard time being accepted on a wide scale.

Daniel91

legendary

Activity: 3374

Merit: 1824

Quote from: BTCevo on April 30, 2015, 12:49:30 PM

Quote from: Daniel91 on April 30, 2015, 08:43:05 AM

Banks will always do what brings benefits and income to them.
If an increasing number of customers will ask for or expect from their bank to help them in using Bitcoin, the bank will adjust and provide such service to them.
It is possible that banks will try to develop similar services that they will be able to fully control.
When banks become bitcoin friendly one of the main obstacle to the spread of Bitcoin will be overcome.
It is possible that with the development of Bitcoin sometime in the future we will not need the service of the banks but we are still far from that point.

Yes bank always like that. They only do what benefit to them without care of people. But they will do anything that ordered by central, if the central ask they to stop the service of bitcoin no matter what they will stop it. So the point is we must do something to the central for accepting this bitcoin first so the rest is easy to control it

Good thinking but what we can do in order to convince central ( I guess you think about government) to accept bitcoin?
In my opinion, As it grows the number of people (and their potential voters) using bitcoin, national governments will be more and more willing to support bitcoin.
For politicians, popularity and the next election are always the most important things, so that politicians will always do what the survey concluded that their constituents want.
The sooner bitcoin comes on top of these desires, the politicians will do their best to provide public support for Bitcoin.
What do you think?

Cruxer

full member

Activity: 184

Merit: 100

Bitcoin FTW!

Biggest hold back is user-friendliness

It should be one of main targets now.

FinerVapor

full member

Activity: 148

Merit: 100

Quote from: goregrind on April 30, 2015, 11:24:02 AM

Bitcoin doesn't need banks.

As soon as my landlord accepts BTC instead of fiat, I close my bank acc. Cheesy

BTCevo

legendary

Activity: 1834

Merit: 1008

Quote from: Daniel91 on April 30, 2015, 08:43:05 AM

Banks will always do what brings benefits and income to them.
If an increasing number of customers will ask for or expect from their bank to help them in using Bitcoin, the bank will adjust and provide such service to them.
It is possible that banks will try to develop similar services that they will be able to fully control.
When banks become bitcoin friendly one of the main obstacle to the spread of Bitcoin will be overcome.
It is possible that with the development of Bitcoin sometime in the future we will not need the service of the banks but we are still far from that point.

Yes bank always like that. They only do what benefit to them without care of people. But they will do anything that ordered by central, if the central ask they to stop the service of bitcoin no matter what they will stop it. So the point is we must do something to the central for accepting this bitcoin first so the rest is easy to control it

goregrind

full member

Activity: 149

Merit: 100

Bitcoin doesn't need banks.

Daniel91

legendary

Activity: 3374

Merit: 1824

Banks will always do what brings benefits and income to them.
If an increasing number of customers will ask for or expect from their bank to help them in using Bitcoin, the bank will adjust and provide such service to them.
It is possible that banks will try to develop similar services that they will be able to fully control.
When banks become bitcoin friendly one of the main obstacle to the spread of Bitcoin will be overcome.
It is possible that with the development of Bitcoin sometime in the future we will not need the service of the banks but we are still far from that point.

ensurance982

hero member

Activity: 518

Merit: 500

Trust me!

I believe this will just take some more time. There will always be banks willing to work with you, even if it is just to take the business of all the people who are looking for such a bank. I believe that one German bank, Fidor Bank or something is expanding at the moment, they are incredibly Bitcoin-friendly.

Undermood

legendary

Activity: 950

Merit: 1000

Bitcoin is newly created, offer a lot of features banks don't have, such as low fee for international remittances, anonymity, decentralization, all of which banks fear they will lose business to it! So we know the reason why banks are hostile to bitcoin even against it!

hua_hui

legendary

Activity: 1386

Merit: 1016

The fact is that very few of banks are bitcoin friendly. Bitcoin's ecosystem is not perfect yet and its value is still pegged to the fiat money. So the bitcoin related businesses have to rely on the traditional bank to hold the fiat money. Yes, it is the biggest obstacle for the development of bitcoin. But as bitcoin adoption rate grows, more products and services will be priced in bitcoin. So we don't need the bank anymore.

NyeFe

hero member

Activity: 699

Merit: 500

*Another day in London looking for a bank which accepts Bitcoin modelled businesses*

This is ultimately the biggest problem holding back Bitcoin development. To think that with the progress which has already been made, we still had to rely on banks to manage our fiat currency. My proposal is for all Bitcoin startups to rightfully follow the AML/KYC regulations, but to cut-out the middle man, in this situation it would be relying on banks to not mute our accounts. This will possible if we as a community established trusted exchanges/gateways on the ripple protocol, who will take BTC or even fiat, and issued USD/GBP [..]

"This is similar to using the Internet. We can't all be an ISP provider. Someone(s) has to bridge the gap"

Forward http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/

Topic: The biggest problem holding back Bitcoin (Read 884 times)