The only way for Bitcoin to catch on is through banks

shinratensei_

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Quote from: n2004al on June 05, 2016, 09:13:09 AM

Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

Agree totally. The future of bitcoin must be in some way connected with its legality and the only way we know regarding the management of money is managing those through the banks. The problem is that all the owners of the bitcoin (or almost all) hate banks. This is not the only thread that treat this problem. Me myself, have created one time ago. Almost all the reactions was hate of banks.

Right, but basically the system of bitcoin is opposite with bank system. Maybe, There is an another way to make bitcoin is exploded. but legality always becomes one important factor can make bitcoin easier to explode. Must have one government can join to bitcoin to make a legal institution for bitcoin to control bitcoin circulation.

outatime1

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I'm not sure I agree about the banks. I think paypal and western union have succeeded without being part of the regular banking system. Bitcoin can have it's place in the economy separate from the banks if people can realize the potential.

MyownBoss

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See my discussion for bitcoin maximalist. There is a fundamental issue with adoption vs. Decentralization. A summary: The banks will not convert to a BTC system, or if they did you would not call it btc anymore, it would be something different.

gentlemand

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The places where Bitcoin makes most sense is where banking is either shit, unavailable or unattainable for most. In Africa mobile payments have already bypassed a lot of traditional banking. If they want to get online and go global then Bitcoin may make them even more irrelevant.

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Quote from: Denker on June 05, 2016, 08:59:13 AM

Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

That is not true!
Mass adoption has nothing to do with banks!Not even in the slightest!
Please explain me why people should use a wallet where probably the bank will have the control of your bitcoin funds when they all could use wallets in which they will have the total control of?
What you explain already exists today? Or what do you think Coinbase is? They act like a shitty bank!
Bitcoin will grow and evolve completely independent from the banking sector.The same will happen with other fintechs!

Your last sentence has to do with ease of use, meaning progress in the technology and user interfaces, and not with any incumbent institutions!

But for the benefit of the bank and bankers the banks owners will one day start using bitcoin, and people will also start to rely on bitcoin banks, as banks will guarantee the security of their bitcoins.

neonshium

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Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

You are true, I am also of your view that one day when bitcoin become more popular then banks and governments will adopt it for their financial affairs and will start working with it.

wintermeasures

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Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

May I argue? I think no one bitcoin users hate banks because bitcoin is more easy and simple than banks. Because we know now we are still difficult to spend a bitcoin to buy something in the shops because they do not accept bitcoin. therefore we still need the help of the bank, because with bank we could use the bitcoin. in other words we can transfer our bitcoin to bank in usd maybe. Thank you

yayayo

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Quote from: the_poet on June 05, 2016, 08:49:26 AM

Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

Yeah, but was has this to do with banks? You can already use Bitcoin quite easily by installing an app to your smartphone. It's definitely not more complicated than online banking. Also, the usability of Bitcoin can be and is constantly improving through software development.

With Bitcoin, banks in their current form will become obsolete. they might have a chance to survive as some form of insurance companies (insurance against financials data theft/loss). However they will cease to be an integral part of the financial system. The simple reason for this is that they no longer will have a privilege when it comes to money creation. This renders them powerless. The potential services that may exist around Bitcoin can be provided by any non-bank company as well. There is no reason to believe that banks would have any special qualification to offer Bitcoin services.

ya.ya.yo!

hikedoon

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Quote from: the_poet on June 05, 2016, 06:06:22 PM

I keep hearing the same old story that "Bitcoin was born as a currency not controlled by banks" and "banks aren't needed for someone to keep his Bitcoins". I'm sorry to hear this. The masses will never turn to Bitcoin if they have to use a computer and take care of their own money. In fact, the masses couldn't care less about a bank-free world and peer-to-peer money.

BINGO!
I couldn't agree more with you.
Most people want simplicity over cleverness.
I've been getting blank stares for 2 and a half years from most people I mention Bitcoin to.
Can't really blame them as I was the same till I spent the time to read up on what Bitcoin really is rather than just taking the media's version of what
Bitcoin is.
Started to just keep my mouth shut now.

wuvdoll

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Quote from: the_poet on June 05, 2016, 09:09:42 AM

Quote from: Denker on June 05, 2016, 08:59:13 AM

Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

That is not true!
Mass adoption has nothing to do with banks!Not even in the slightest!
Please explain me why people should use a wallet where probably the bank will have the control of your bitcoin funds when they all could use wallets in which they will have the total control of?
What you explain already exists today? Or what do you think Coinbase is? They act like a shitty bank!
Bitcoin will grow and evolve completely independent from the banking sector.The same will happen with other fintechs!

Your last sentence has to do with ease of use, meaning progress in the technology and user interfaces, and not with any incumbent institutions!

I'm saying that banks will inevitably convert to Bitcoin (the same way camera making companies converted from analog to digital photography) and will offer services that would greatly simplify the use of Bitcoin for the average person. They will go at the supermarket and will pay in the same way they have always done their whole life. We need to accept the fact the average user will never download a Bitcoin client and setup their own envinroment, simply because they have no knowledge or will to do so.

Yes, everything every company like the advancement and development as it is the nature of this world and they know that without it they will lose their business, if banks did not start bitcoins then people will leave banks forever.

Kevin77

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The existence of banks may be attractive.
But let's face it. Banks wouldn't adopt bitcoins because they obviously do not like transparency. We all know that all banks are not the good (as in good/evil).

romero121

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I don't think this would happen. Bitcoin won't get tied up to the banking sector. With the technology giving much ease of access as well the security, the backing technology might be used or adopted by the banking service providers.

yenxz

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Quote from: the_poet on June 05, 2016, 08:49:26 AM

Since I joined this forum and the Bitcoin world, I couldn't help but notice how much most bitcoiners hate banks. OK, I agree they have done more harm than good to our society, but I also think the future of Bitcoin is tied to banks. What I mean is that in 20 years, a number of banks (or, ideally, all of them) will offer Bitcoin wallets and credit/debit cards linked to the former which will allow you to pay at the supermarket in the same way you do now. This is the only way for Bitcoin to explode. In the future I don't see the average Joe paying by using QR code scanning, smartphone apps, etc. Bitcoin can only catch on if its use requires no particular knowledge or skill on the user's part.

yes its have possibility if bitcoin tied wth bank someday,bitcoin will become banks commodity and regulate by central banks,and this is will end of bitcoin freedom?no one can make sure this,but its might happen.

freshman777

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Quote from: the_poet on June 05, 2016, 06:06:22 PM

I keep hearing the same old story that "Bitcoin was born as a currency not controlled by banks" and "banks aren't needed for someone to keep his Bitcoins". I'm sorry to hear this. The masses will never turn to Bitcoin if they have to use a computer and take care of their own money. In fact, the masses couldn't care less about a bank-free world and peer-to-peer money.

They don't until they do, https://bitcointalksearch.org/topic/my-bank-accounts-got-robbed-by-european-commission-over-700k-is-lost-160292

btcxyzzz

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Quote from: Kprawn on June 05, 2016, 09:17:22 AM

The two entities can co-exist without the need for blood to spill.

Wrong. Bitcoin (healthy economy) slowly converts fractional reserve system (sick economy), and that is main purpose of it.

btcxyzzz

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...or the sheeple finally wakes up.

the_poet

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Bitcoin accepted here

I keep hearing the same old story that "Bitcoin was born as a currency not controlled by banks" and "banks aren't needed for someone to keep his Bitcoins". I'm sorry to hear this. The masses will never turn to Bitcoin if they have to use a computer and take care of their own money. In fact, the masses couldn't care less about a bank-free world and peer-to-peer money.

countryfree

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Nobody needs a bank to keep his wallet, but we could imagine banks moving into the exchange business. Many banks are already selling foreign currencies, or gold, so they could sell BTC as well with little effort.

mkc

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Never relies on anybody rlse. Bitcoin can catch on all by itself. I think the best persons are those travel internationally often. They do have bank and appciate the convienieence of Bitcoin.

pogress

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Bitcoin = be your own bank. Bitcoin is not necessary for everyone, when you give control of your Bitcoin to anyone else you dont own the Bitcoin anymore, just some IOU with uncertain value (no guarantee at all you get the Bitcoin back).

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