What's with all the comparison between blockchain and banks?

Burogh

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COVIR.IO

Quote from: Michael_Cox on October 22, 2018, 11:06:27 AM

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Like or not, we still use paper money to fill our need. Cryptocurrency still not regulated in many country and i think we can use it together, cryptocurrency as investment and fiat money for our daily purpose

sultanGol

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No, I still have one of my bank accounts, I will problably have it, as long as the supermarket in the corner does not accept Bitcoin or any other cryptocurrency.

pavka

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The New Pharma-Centric Marketplace

It seems to me that the time will come when banks will merge into the cryptocurrency market and stop resisting it. Any business, when it becomes a question of simple survival, will strive for progress and banks are no exception. In addition, I conclude that the blockchain, as a reliable independent system, can be very useful in the banking sector.

SneakyLady

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No one did this because you can't currently pay for anything and everything in cryptocurrency..yet.

The list is growing though: https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/

Banks can incorporate blockchain to their benefit, I think you mean cryptocurrencies being "pitted" against banks, and they're only competing with them if the most-used cryptocurrencies are decentralized. Long way to go before this is possible. Still too risky with vulnerable exchanges.

crypteris

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Banks and cryptos have similar functions of storing money and making transactions, but banks are centralized institutions, beneficial for a group of people, while blockchain is a decentralized technology that could be beneficial for everyone. They are not rivals, some banks actively cooperate with crypto projects. Blockchain is able to significantly improve the efficiency of banking, and not only this industry.

RoyGoth

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Bitcoin's blockchain technology, a form of distributed ledger technology, allows thousands of people who do not know or trust each other to trade with each other. The bank operates under a system of strict regulations of the State towards in favor of the economy. Usually, such a network requires a reliable intermediary to prevent bad guys from using their funds twice or asking for money that is not theirs. With bitcoin it is not so, its technology can overcome the inflation that banks often have. If blockchain technology is applied by the bank, this technology will help the bank to manage the financial system well.

nuraziaaziz

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Basically from my opinion, people block chain is now known and been used by people because of its function where the owner could hold to their own wealth whereas Banks does not work that way because they have third party involved and that is the reason why people slowly prefer block chain.

Michael_Cox

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Quote from: Yurkov on October 24, 2018, 10:23:51 PM

It's all about trust. Banks for hundreds of years have been considered the safest deposit of valuables because they were secured in the right way. Through hundreds of years, they began to take advantage of their position and operating costs have increased many times. Bitcoin eliminates the costs that banks charge. In this way banks are unnecessary, because every man can secure his money on the same level as the bank, so is enough good insurance - just like for a car or house.

So do you think that people will start trusting banks again if they, say, started running on blockchain as well, all the while still keeping their branches open? Is is it even possible for them to adopt blockchain too?

Colan Zolo

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The Bank will continue to use Fiat to get transactions with the public, but one day the bank will use blockchain technology for data security. Blockchain technology is a sophisticated technology that can work optimally in digital transactions.

giantrobot

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Blockchain and the bank serve two different user groups. The bank has done a very good job and holds the trust of many people. It has the advantage of easy to use, mass-scale, suitable for all users. Blockchain is the technology of the future, it converts everything into virtual currency and transacts it. Strengths are transaction speed, security and transaction costs are low. However, Blockchain is not really popular to compete with the bank at the moment.

faceoff97

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Quote from: CryptoBull31 on October 30, 2018, 06:12:42 AM

Quote from: faceoff97 on October 27, 2018, 05:13:58 AM

Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

A lof of people store cryptocurrency on exchanges, this is exactly like banks. You don't own the private keys and you trust a third party with the security of your funds. The same goes for using closed source wallets, sure you can see the private keys and export them, but you have absolutely no guarantee on what happens to the private keys that you don't see, where are there being sent and who can also access them. This is almost worse than banks. That's why I like that you mentioned HODLER wallet, the only multiwallet that i know of that is really 100% open source. Unfortunately most of the well known multiwallets (and even some bitcoin only wallets!) just pretend to be open source.

I can't agree more, this is why people should be discourage to use exchanges and closed source software in holding coins. Cryptocurrency is design to free us from any third trusted party. We shouLD have the full control over our funds anf nobody could control it even the government. That's really what I like about HODLER wallet, this gives transparency on our funds and see any potential threats so it could easily fixed. People should know that there is this kind of wallet that is open source and could hold multi assets.

Snowflower11

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Quote from: Michael_Cox on October 22, 2018, 11:06:27 AM

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

I think Blockchain will be better than it is popular because of its transparency and decentralization. Of course, we also need a lot of options, and it's great to see the bank apply the blockchain technology.

CryptoBull31

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Quote from: faceoff97 on October 27, 2018, 05:13:58 AM

Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

A lof of people store cryptocurrency on exchanges, this is exactly like banks. You don't own the private keys and you trust a third party with the security of your funds. The same goes for using closed source wallets, sure you can see the private keys and export them, but you have absolutely no guarantee on what happens to the private keys that you don't see, where are there being sent and who can also access them. This is almost worse than banks. That's why I like that you mentioned HODLER wallet, the only multiwallet that i know of that is really 100% open source. Unfortunately most of the well known multiwallets (and even some bitcoin only wallets!) just pretend to be open source.

Qurelal

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You say funny things. We can light a fire with a cigarette lighter or fire our hands. We can use both methods and both will work. What will you choose?

setialovers

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Quote from: Michael_Cox on October 22, 2018, 11:06:27 AM

I get it. Blockchain technology is a great invention and it's definitely a technological breakthrough. But do we really have to pit it against the banks and he traditional banking system? Couldn't those two live in peace without people having to choose one over the other? It's not like anyone has completely stopped putting their money on their bank accounts and invested it all in cryptocurrency. Is there anyone here that actually did this?

Blockchain is technology that can applied in many bussiness sector including banking bussiness. I am believe in near future banks will use blockchain technology to secure their data transaction and service for their customer.

Vieni

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In the blockchain, transactions are part of blocks. Each block refers to a previous block adding to previous proofs-of-work, which forms a chain of blocks. Once a chain is formed, it confirms all previous bitcoin transactions and secures the network. This not only helps solve the double-spending problem, but it opens the doors for a myriad of powerful applications.

Banks for many years have also used ledgers to track and manage financial transactions, however, bank ledgers are historically private and closed. The general public cannot view them, doesn’t have access to them, and they are centrally managed by the financial institutions; essentially they are permissioned ledgers where banks oversee them with impunity.

The difference between the two is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions.

KryptoKai

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It's a generation thing where the older generation needs to use a banking system, it's the only thing they have used in their lives. The new generation is looking at alternatives, and that is bitcoin and the blockchain industry

April Ford

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Blockchain will require a HUGE increase in efficiency before it becomes commonplace. Visa uses the electric consumption equivalent of 50,000 homes (US) to process its billions of yearly transactions. The bitcoin blockchain consumes the electric equivalent of millions of homes to process a fraction of the transactions. The biggest obstacle to the adoption of blockchain will be environmentalists not banks.

faceoff97

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Cryptocurrency give us the freedom from any trusted third party like the government whIch does not give us the full control over our funds. Cryptocurrency allows us to store and hold funds without anyone intervening, and this is what's good about cryptocurrency compared to banks. When holding a big amount of money, you can have it in an open sou software which inables you to detect potential vulnerability so you could quickly fixed it. You can assure that your fund is all safe, choosing a good wallet like HODLER software wallet is a cryptocurrency wallet will offer you a design that combines high level of security with great simplicity, so that even people with no tech background can start easily sending and receiving cryptocurrency transactions right after downloading it. This what good about cryptocurrency compared to banks.

Leah38

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Before I knew about cryptocurrency and it coin, the idea of banks awe me a lot. We talk about moneybwhen a bank is concerned. But when I entered the world of altcoins, tradings, ICO investment.. the bank became an object of the past. Realizing money in banks only offer security but will be considered as an investment nor an earing asset much different with blockchain technology which offers different ways of earning,and fast trascaction

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