Bitcoin Forum

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

If we still this kind of dumb thread i'm afraid we're far from being mainstream.


LOL at investing in "the Blockchain"

Time to educate yourself OP, we're sick of spoonfeeding.

i dont think there is anyway that banks could be sued or blamed for using a bitcoin type block chain, but even if that does cause bitcoin to die down, other coins will just take the lead with innovations

if it will kill it will kill both else the thing that does not kill bitcoin will make it stronger :P

Bitcoin has grown too big and it will be very difficult, if not impossible, to kill.

bitcoin will kill banks no doubt  ;D

Interesting!!

But how will it be invest? Are they just gonna buy bitcoins or are they gonna buy miningfarms. That's a big difference. In the first case the price would rise, in the second case it won't have that much influence at the price. Hope Bitcoin will win it from Bankchains. That would definitely be some positive news.

They can certainly try and they already have (e.g. telling public to stay away from it or that it is dangerous). For those people that got on board for the right reasons this should not be a problem.

The lack of enthusiasm for Bitcoin is rather worrying. But i don't think it will kill bitcoin. There is still plenty of opportunity for bitcoin to evolve, and the people involved with Bitcoin aren't going to let it slide just like that.

So Bitshares wants to bring a end to the volatility for fiat based coins? Do I understand the reasoning behind that service correctly?

The banks are looking for "private" Blockchains that will solve their problems, not ours. They are profit driven and have to adhere to strict government regulations. Bitcoin is not under their control, and it's also not

protected. {Nobody can claim intellectual property, without exposing Satoshi} They can rip Bitcoin apart and add features to it, like any other Alt coin out there, and call it a BankCoin.

We {Bitcoin} just need to offer people the features they want from a currency or a investment vehicle and be transparent and decentralized and the customers will support that, like they do with other

technologies in the same shoes.  ::)     

Oh, please, not this again.

Let me copy/paste my reply from this article (https://coinreport.net/whats-killing-bitcoin-bitcoiners/):

The whole idea of a blockchain is a ledger that belongs to nobody, and is used, maintained and verified by everybody.

So when someone introduces "their own" blockchain, it means in-house, trust-required, centralized, and owner-dependent, thus essentially stripping it of Bitcoin's innovative advantages.

We already have centralized ledgers and they work quite efficiently - at the cost of putting society at the bank's mercy. Let's not make the same mistake again.


But trustless and immutability contradicts with belonging to someone, and being maintained and administered by a single party or authority (such as a bank consortium).

A blockchain operated by a handful of banks is not trustless at all. It fully depends on our trust in them. It's not immutable either: if and when they decide they wish to rollback certain changes or transactions, absolutely nothing stops them from doing so.

It's not necessarily free or open or transparent either (which are other advantages of the Bitcoin blockchain), it would be their blockchain and they control what goes in, at what cost, and how much they reveal about it.

Bitcoin solves all this, a custom bank-owned in-house blockchain does not (but of course from their perspective this isn't a problem in the first place).

Actually, from a bank's perspective, having their own blockchain might appear to be a more efficient, cost reducing way of processing their proprietary closed payment data. But for us, the mass audience, the general public or society, exactly what would be the difference?

By the way, I fully agree that trustlessness and immutability are very useful innovations, that don't require Bitcoin. But it would require something else that backs the blockchain, in a decentralized, verifiable, tamper-proof fashion, to provide its trustworthiness, independence and immutability.

Currently there is no such thing. Absolutely nothing compares even remotely to the existing Bitcoin network in terms of the trustless security it delivers, and banks certainly won't provide it.

If you were to set up a secondary network, comparable in size and speed and computing power to Bitcoin's, then sure, you could run a blockchain that is just as secure and trustless and immutable as Bitcoin. I don't see it happening any time soon though.

i would not be that rude but i have to agree  :-X

https://www.youtube.com/watch?v=cLiu7B25G4o&feature=share&list=RDzrWoG8IckyE

sry  ;D

There will always be a need for a trustless, permissionless cryptocurrency. If Bitcoin dies it will be because of itself, but no banks' blockchain will be able to provide for the use cases Bitcoin fulfills. Since there will always be a need, Bitcoin can only be replaced by something better for those use cases.

Yes i will do agree with you i also don't think current banking system shifting after on blockchain can make bitcoin in trouble because at the moment is more popular around the globe and people love to use it for its faster speed and freedom.

They might use their own blockchains but it wont kill bitcoin. Bank's blockchains will just be centralized and wont be their own currencies so bitcoin will still thrive as an alternative to the mainstream and that's why it is still valuable.

Well that is nice explanation what is different with BTCitcoin and what advantage it has on this banking blockchain system it is totally crap and nobody can make scare of BTCitcoin it has more strong community and adoption around the globe, everyone can use it without any personal information so what bankers will do this.

The whole pint of bitcoin is that exists outside of the corporate machine and is its own authority that can't be tampered by a central entity. Banks using their own blockchain systems wont help bitcoin but it might help legitimize the technology but bitcoin will find its own niches and continue to be used by those who want to transact outside of the corporate machine.

Although bank owner have already started to buy and sell bitcoin to make a lot of profit using the fake news as well as mass buy. I think that was the reason why bitcoin drops from that 1000 mark in past. Bank will adopt blockchain in future and will try to drop the bitcoin market if bitcoin couldn't get huge market (merchants) by that time.

Banks can use bitcoin as a currency. They will adept.

They simply aren't that stupid.

Banks will never 'use' bitcoin as a currency, they have the money to make their own blockchains and or add value to them in far greater magnitudes than the entire Bitcoin Market Cap. If you haven't realised already, banks are all about control.

Do you see a current financial system as sustainable in the long-term. Do you think that this never ending debt increase society is sustainable even if they implement their own centralized blockchains?

No way! Balloon will explode sooner or later. So let the may the infrastructure for us. Let them learn people how to send transactions and manage their wallet. When they fall apart, and they will just like they started falling apart in 2008/2009, then we will take over.

I don't think banks or governments can do anything to stop bitcoin..To stop bitcoin protocol they have to stop all the people using bitcoin network and blockchain and it's impossible for them to do so..Infact,there are many altcoins too..Government and banks will finely have to accept bitcoin in the future ;D
Bitcoin is created for the people and if it ever burst then it would be because of it's users only.

Problem is, Bitcoin is being controlled by people too. And they don't have the punching power to make it truly adopted by a mass audience, say for instance a country.

Governments however can make this happen, and have the resources to make adoption real fast.

You can't kill Bitcoin, as we've seen time and time again. They've tried with technical attacks, and they've tried with trojan horses (XT) but it's not gonna happen. Bitcoin will remain strong and decentralized for life. Every living banker will be dead and Bitcoin will live on. Might as well deal with this. The only banks that will survive will be the pro-Bitcoin ones. Anti-Bitcoin ones will be seen as idiots that missed the point.

There are only 2 types of blockchain: The bitcoin blockchain and alt-coin blockchain. If banks would like to have an alt-coin blockchain, it's up to them to do the marketing but what is the deal when they already have fiat coin

I think that even alt coin blockchains would be better than any bank blockchain. At least the majority of these all blockchains are decentralized, something that any bank blockchain will never be!

If they want to kill Bitcoin, they can by making a super datacenter and overtaking the blockchain. Its not impossible to do, i'm just guessing BTC is not enough of a threat to any government to warrant such a high handed attack against Bitcoin.

They were researching ripple and considering starting their own blockchain based on its technology, but it's centralized. If the server, or set of servers running it go down then the entire network goes offline. A government, hackers, or the banks themselves could switch off the network by going after the servers.

The Bitcoin network never goes offline, you can always access your money stored in it. Sometimes the bank's debit card network goes offline. If they had their own blockchain that wouldn't be reliable all the time either.

I think that the banking sector will primarily ignore bitcoin and focus on the blockchain techonlogy rather that try to destroy bitcoin itself.

If the Bitcoin volume become too big, that will mean there will be a much lesser volume being used in US, CAD, Euro, etc, everything.

If the demand is lowered for USD and Cie then their value will drop, as such that could be a huge economical threats those big countries and then they might regret not killing Bitcoin when it would of only cost 1 billion USD.

Well, I always thought they can try and do whatever things they want but they can never take out bitcoin. The centralization part is very obvious and no matter how nice that might sound having the blockchain name on it with an open ledger, it is still subject to banks centralized control.

Obviously they will invest in blockchain technology; it has huge potential to reduce costs for them.
Bitcoin - they will ignore it until it is no longer possible to do so without hurting themselves.

they cant really do anything about bitcoin, they could try and make their own coin perhaps but i dont think it would get better than bitcoin

The GOVs just have to put in jail few exchangers as they did, implement the financial laws which are very strict and BTC's value will go to zero.

BTC and any other Altcoins were designed to be decentralized and free of any restrictions. Now, you have to give your DNA to exchangers when you want to cash in or cash out BTC. They report to you to your tax authorities, they have access to your personal details.

So, why would BTC prevail when there are already debit cards? they make possible instant transactions and you have to provide the same documents even less. The banks require only and ID when you open the account with them. The exchangers are are asking many other proofs. :)

It is so funny when I see people happy that Gemeni, Coinbase and others  got financial licences. What's the difference between a normal financial company(like a traditional forex) and them? NONE.
A while ago. many of these people screamed that they want freedom, no control, decentralization and now, they applaud the opposite. :)

BTC is just an e-currency with a big support from media because it's a paid advertising; and it will always be like that until its value will be zero(not so far this moment).

Why would you use Bitcoin and not the fiat currencies while Bitcoin is like a centralized system? :)

I can use my credit/debit card to make purchase instantly everywhere with zero fees. What's the BTC advantage as e-currency? NONE.

You can only use it to take advantage of its volatility. :)

banks and government cannot stop bitcoin now because the inventor of bitcoin (satoshi nakamoto) has made it open source and also it is controlled by the user or u should say users pc so until all the desktop and phones got shutdown till then bitcoin will stay

keep dreaming, you are free to do that. :)

The banks don't need Bitcoin at all and it's so easy to make BTC to worth zero. You don't need to close it down. People will go away once Bitcoin's value will drop under a certain amount.

No money means no developers, no exchangers and no Bitcoin media and no more BTC shit.

I hope you are not a child to believe that someone cares about libertarian shit and on. Everybody is interested about money because they have bills to pay. :)

Yes, you will have BTC installed on your computer but nobody will put "real" money value in it.

Adept how, or to what extent? Banks have nothing to do with Bitcoin. The whole idea of Bitcoin is that it works completely without banks.

It's like saying the postal services will adept and use email :)

Ok let's ask ourselves this question : Would you build your business on top of a technology controlled by external entities that are mostly unknown? The banks want something they can control and change, when they want to. They do not want to wait for a BIP to be proposed and then for some unknown entities to reach consensus and to decide if it is viable or not.

How do you build a business around all those uncertainties? They would rather create their own <Private Blockchain> with developers they trust and then manipulate the protocol in the way they want it to work.

We cannot ignore this, and the latest Core vs XT fights are not helping to bring them to the table. Our fighting and indecision are pushing companies toward <Private> alternatives and Alt coins.

national bank on my country never legalze bitcoin,maybe they afraid bitcoin will take the national payment or like case on venezuela maybe  ;D

Have you ever heard of that Bitcon refuses to die? How do you want to destroy a decentralized network? You can't! The only thing you can do is to manipulate the public not to use it. But does prohibition worked out? Has compuserve or AOL been a success? ;)

Banks can and will use Blockchains for private centralized use cases.But this won't have any benefits for the clients/consumers in general.
Bitcoin and decentralzed Blockchains qill have massive advantages and breakthroughs for the general public worldwide!

So each bank create its own currency? There will be hundreds currencies. They need a common currency to do the conversion and value each currency. That common currency is bitcoin.

"common currency" ? Where is it common? It's banned in many countries and hard to be used and so on :)

Why Bitcoin? They can create an e-currency that they control (and it's normal to be like that) called "X" which will be adopted by almost anybody.

The BTC users are around of 3 mil and only a part of these people are owning BTC so Bitcoin doesn't really exist for the financial world market. It's just a lot of buzz and a "trendy" thing. Nothing more... :)

you will think that it would be a viable solution for them to waste money to kill bitcoin, maybe via 51% or something, when they can simply use those money to compete with it

or to raise infrastructure that can help regualte it and thus increase their taxes income? i think the latter is more advantageous for them

They won't waste money to kill bitcoin. Bitcoin as e-currency doesn't exist for them. It's nothing; around of 3 mil users and much less are owning BTC.  Keep in mind that BTC has a lot of advertising and buzz in media and it only has 3 mil users.
 A LOT of money were already invested in this "buzz" and the results are very low IMO.

They are curious about the software behind BTC and nothing more.

I don't think banks are going to be able to kill bitcoin and use blockchain. It's not possible with the current system which is decentralized in my opinion.

Btw @mayax, 3 million users for such a young technology is actually a lot. And that's an industry which will innovate like crazy and create real paying jobs. So the potential is huge.

Of course what matters is the Blockchain that is the technology behind Bitcoin. This is what Wall Street banks are keepin an eye on.
They are probably looking for something to replace VISA, Mastercard etc. to be completely in control of the money processing.

But Bitcoin will keep on living  ;)

I don't think banking industry will ever succeed to do so.If we see how Bitcoin went through in last couple of years then no one can even think that Bitcoin can be undone.Bitcoin and blockchain are necessary for each other.Bitcoin will be more stronger and has bright future.

That is what i am suggesting, but i'm not sure what kind of infrastructure could be used to regulate BTC for that cheap when there is no way to know/prove who own what address until a user send money online to his bank.

As such if a user is careful and use stealth services, its very hard to do any regulating since it would require a lot of resources to little avail.

You could have them actively monitor billions of addresses and money moving to and from retailers that accept Bitcoin and match them with personal data that they aren't even legally allowed to request (in countries with proper civil rights).

And you'd need massive man power to shift through everything since its not because 2 address connect that all the connected addresses is owned by one person.

For instance if a user here is sending me money from an address connected to 10 addresses which 10s of addresses are connected to it and then i send that money to an address and cash it out, does it mean every address connected to it is mine? Of course not, and its nearly impossible to prove which is which by simple mathematical connections.

Remember the early Internet? Where every company wanted to make their own localized version of it?

Remember how that ended?

Same with Bitcoin, Bitcoin is much better when it's global and all inclusive. Banks that make their own block chain will eventually be almost forced to just join the global block chain, because there is little to gain from having your own bubble.

Banks should create a blockhain just to increase their revenue,their profit instead they charge themselfes thousands will charge a small fee and be able to play with the people money from one side to another.

That is the correct analogy, the real question is how long will it take for all those "intranet blockchains" to die. I wonder if it will be a matter of a couple of years or we will stuck with that shit for decades before we can see Bitcoin shine and go to 1 million dollars per coin where it should be once all businesses run under the protocol.

All of the BLOCKCHAIN attentions promotes bitcoin by default. Gives it more credibility and changes the perception from Dark Market concept to a Wall Street.  Everybody put your big boy pants on - Bitcoin is not dying. Be patient and wait for the next economic downturn. The banks will be up a creek but wont get bailed out next time.  And where do you think everybody will run  too put their cash? And its only months away.

Exactly, and just think about the fact that even if a bank issues their own local version of it, they would still mainly make fiat transactions riding on the back of the block chain; and not use (or I would think they wouldn't) the banks "coin" to be a currency in it's self since it gets money from the feds.  Plus, you have to deal with the fact that bitcoins have WAY more purchasing power than fiat. 

Bitcoin will also adopt the good points of other blockchain.

What those clueless morons refuse to understand is that you need a token to keep a decentralized blockchain operative and safe.
Second, you can't have a blockchain to be as solid as the bitcoin one unless you decentralize it. That's why "local blockchains" are doomed from day one.

Actually, you really don't. You don't need a token, you just need some data to to write.

And banks can easily decentralize the verification system by using a node systems. They will create some sort of operation verification system... And then they can simply use the blockchain technology as a super ledger for automated transactions.

They can and will do all that without needing to touch Bitcoin at all.

More and more banks showing interest in blockchain technology and giving indicator to adopt it as it is need of time.Bitcoin will not be killed by any banks if governments didn't succeed to finish it the banks can't do this.There will be healthy competition betwwen banks and bitcointo take blockchain technology to advanced level.

That struggle hasn't stopped (Refer internet.org by facebook).
Banks aren't going to stop trying.

Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.

This is is a way which can be used by the banks to attenuating bitcoin. But are not they which decide about its future but the Authorities of every country which make decisions about the money. So the Central Banks and various Governmental Agencies. If bitcoin will be regulated he is superiors from everything known since today in its field of "work". So will not have concurrence. Then to not forget that bitcoin is a world currency. The banks, even the most powerful of those, are not world banks. This is one more reason about the need of the regulation and the official known of bitcoin.

I see the future from both.

they are already doing this with citycoin, but what would be the point? it would be like having fiat 2.0, nothing added

it seems that the only thing that the blockchain can bring to bank, as advantage vs their current setup is proof of integrety

No other organizations will use city coin. Why would a bank use a money issued by another bank and has no control over it?

Their altcoin will be nothing more than the actual fiat money. Total control, centralized, permissioned, premined with possibility of changig the supply whenever they want.

I will not use their coins.

Indeed, the question is how long it will take for the people to realize the true potential of the blockchain/bitcoin, and not just the crappy intranet version.

Just like it took a while for people to figure out AOL/CompuServe was not the same as the internet.

Maybe people will figure it out a bit faster this time, especially if the bitcoin community helps the not so tech savvy out, but it might take a while still.

yes but bank X will use their own version and bank Y will use a non compatible version of their own and bank C will even use another version, not compatible with either of them.

This doesn't solve anything, and even though the banks might shave a bit of their overhead costs with it (which they will probably not pass on to the customer, because they're greedy), it will not kill bitcoin in any way.

In fact, it will only make the people aware that such technology exists, they become familiar with it. (Even if it's only the employees of the bank that come in contact with the technology), and eventually they get to know the real blockchain. And they will convert to the real thing because it's not nearly as limited.

All this takes time though. But banks having their own blockchain will eventually all have to get rid of their own chain and adapt the real thing. Just like AOL and the like.

The banks have already began adopting various iterations of the blockchain. However, the most powerful and therefore most secure blockchain belongs to bitcoin

They will present their own versions of bitcoin, but these will always be inferior due to the immense (and growing) hashing power that is allocated to the bitcoin network

So quite frankly, it doesn't matter what the banks think, do or say - bitcoin isn't going anywhere

If a bank open its coin network, it will be attacked by the immense computing power of the cryptocoin society. We have so many GPU, CPU etc.

Bitcoin will not disappear but all these other coins will have a major impact on the adoption of bitcoin.

People will go for whats convenient so a 'bank-coin' which is well integrated into their everyday banking will be their choice instead of bitcoin. Some of the banks are already working together so they can set a certain standard between them so that your coin from bank A will also be accepted and work with bank B etc...

Similar with digital currencies launched by the various countries like Ecuador, Scotland etc... Few people truly understand what it is that makes bitcoin so unique and different from any of these other digital currencies.

I however do believe that bitcoin adoption will grow over time and especially so if and when some of these 'fiat coins' go down with their creators as that is bound to happen in the [near] future. The moment the first one goes down people will start to realize that bitcoin is still standing and that will in time drive adoption on a far larger scale. All you need is for the first 'bank-coin' to go 'tits-up'.

Who will control the issue of Bank A and B's coin? Their value will be based on the common coin called bitcoin.

There are two outcomes:

Either the banks have their own centralized coin, which is only secure if they strictly hold their own control. They will sooner or later face the same fate as AOL in this case. On top of that there's huge security risks this way.

They could alternatively make an open decentralized coin, but that means they'd give up control, which is exactly what they want to avoid. Also, if they do this, bitcoiners would soon control the entire network with their quadrillions of hashing power.

I dont think banks are savvy enough to be even considering trying to kill bitcoin. In most cases the attempts at doing just something/anything with blockchain is to deal with the Strategic risk that virtual currencies pose.

I havent seen a use case from a bank that contributes anything and most are just playing around. I think if someone can come up with a use case for blockchain which doesnt have a token and is useful in permissioned, bounded and trusted environments then probably that would be as significant as inventing bitcoin all over again.

What I'd like to understand is why the banks dont accept btc as there in quite a strong position with there existing customer base and compliance activities ?

With the introduction of Bitlicense then its saying that cryptocurrency orgs in NY, which I guess will go on to be something of a blueprint globally, need to act like a bank to be allowed to work with btc so have aml, sanctions, kyc, SARs etc. But why dont the banks with all of that already in place offer btc services rather than trying to reinvent it ? Is there some legal restriction that applies to banks but not bitlicensees ?

controlled by entities mostly unknown?

You mean: controlled by math, open source, and well known and extensively studied cryptography. That's the controlling foundation of this tech. It's not being controlled by anyone in particular.

Yes, BTC is controlled by developers, miners and exchangers. All of them are owned by a small group of people called , "investors" .

Make a little search and you will see who "owns" Bitcoin :)

what is your definition of decentralization then? we need something that is controlled by the all 7B people to be called decentralized?

as long they are not a single entity, there is no real owner

Having BTC, receiving a big portion of the traffic, submitting code changes, etc, everything. This does not give administrative power to any of these. It give power over their own portion of BTC, but BTC itself is controlled by the wallet. And it is enforced by the hashrate.

So if you want to bash anyone for centralizing Bitcoin, bash the Chinese for centralizing a big portion of the hashrate. ;P

Still remain decentralized.

I do not think banks have the intention to kill Bitcoin. It would probably be a war that will wear them out, and the outcome is uncertain. Trying to do that would make attention focus on Bitcoin and have just the opposite effect they are looking for.

The banking industry is ancient and a crafty entity. It has been around since the jews made it to offer loans.
Don't say never because it can happen.

They have the intention, but not the ability to destroy bitcoin network technically. But if they collude with government, they might succeed.

The bitcoin isnt centralized even with several big farmers being at there and they having the biggest hash ,but they dont control,remember one thing before bitcoin being worth 20 dollars and above it the mined coins were traded,the pizza history and other history based on the low price,soo sure there is whales on bitcoin ,they have around 70% or more of total btc,knowing that big farmers the most are just holding their coins waiting the price up.

I think banks will support BTC by using the BTC blockchain as a form of data-backup to demonstrate to auditors and the government that their own data records have not been hacked and tampered with. They will do this because the low cost and ease of doing so will virtually mandate it. Governments may even require it, both for banks and for their own data.  

Data-record protection by institutions and proof-of-existence documentation by individuals could easily become the dominate use of the BTC blockchain. It is so cheap as to be essentially free. There is not even a need to pay a higher fee for faster confirmations because confirmation time won't matter. The only thing that will matter is the instantaneous publication of the data as an unconfirmed transaction on the blockchain.

As for the use of BTC as currency, speaking as a former Silk Road merchant I for one can't see it except for buying and selling on the dark web. It simply isn't necessary for most commercial transactions. No, I think banks will compete with BTC at point-of-sale by offering merchants and customers proprietary-blockchain speed of confirmation in conjunction with the usual money-back protections against errors and fraud. After all, when BTC is on the rise, who will buy a cup of coffee with it? And if BTC is on the slide, who would accept it without instant conversion to fiat, which banks would have to charge for?

I think that the BTC blockchain will end up prospering under what might be called the non tragedy of the commons. Everyone will dump their data on it, increasing the demand for bitcoins themselves but not the need for faster and faster confirmation times. Eventual confirmation will be sufficient.

Bitcoin as you stated will benefict, this interest of banks at blockhain technology,even they making their own blockhain will bring new costumers that use iphone to acess their accounts will be able one new market and well they will find bitcoin soon and faster.

Iphone is already using ApplePay. Nobody needs BTC for online shopping.
BTC is just a niche e-currency.

Not everybody owns iPhone.

SamsungPay exists too :)

Apple +Samsung = +50% from the smartphone market

The big trillions aren't on replacing Paypal or Applepay or whatever the fuck you want to mention indeed, the jackpot is in disrupting the way things work at fundamental levels. Which means, eventually banks will be less and less relevant, and once this happens, the public will learn about Bitcoin start using it. It will be gradual. Just like fax didn't disappear with the invention of the email, they became really less relevant in the industry. That's how banks will end up. They will just do some niche stuff where they still can profit by existing.

Well some people moves their accounts online ,they dont go to the agency to moove or pay or do anything there.What im saying is the blockain from banks or they use our blockhain will bring new investors as costumers into bitcoin.

i not believe that banking industry will kill bitcoin,but i agree that they will keep blockchain,because for them,blockchain is asset for future

Yes Block chain will get more customers and there is no chance banking industry will kill the bitcoin as bitcoin is online crypto and has so many lovers. I Think Banking Customers will choose Block chain and Bitcoins.

Not sure what in the world is telling you this. The banks haven't been particularly interested in Bitcoin since the hype fell down (alongside the value) and the public stopped caring about it at all. To be honest, they've probably re-evaluated and found it to be less of a threat than they thought it could be.


Why in the world would they bother keeping the blockchain without Bitcoin? Unless we're talking altcoins (fiat is already suitable) the blockchain by itself doesn't have really any banking relevance.

it seems that apple pay, is not well seen out there, customers are not secure about it, it is following the same fate of bitcoin ironically

there are some article talking about it on the web

Why BTC when there are debit/credit cards linked with the phones with NO fees and instant transactions? What for? :)

A commercial bank never will have its coin. The study and the (possibly) application of blockchain by every of those which will want to make this will serve to them to reduce their costs. Nothing else. It is not possible that every bank create its own coin. The world of currencies will go in anarchy and it will a big mess. First because they must agree with every other bank to accept their coin. Then to use it. The other banks will want to do the same things. Even if this it would possible what is the reason and the meaning of all this?

Blockchain is one product of peer to peer technology. This technology is called disruptive even because decrease significantly the costs where it is applied. Bitcoin is one of its materialized applications but its possibilities are for way much more. It is the materialization of peer to peer on blockchain the reason of its study and the possibility of application of its technology to the banks which attract the lasts to be interested on it and not the production of another coin. Where can be applied then? Only those can know this but for sure in their transactions yes. Because with this application, at least, it will be the decrease of the costs of those.

Bitcoin is the universal coin, banks will use it as the base for money exchange, just like we use Bitcoin in crypto currency exchanges

I believe both Bitcoin and the blockchain used by banks can coexist. Bitcoin will be seen as a means to make payments online and store value and hopefully banks can provide a better service for wire transfers using the blockchain.

 I think that bank should also adopt btc coin formula cause this is safe for transactions and all if we do transaction by btc then  it will give us safety messurs and protects us from the problems like robbery and scams. but on the other hand here is blockchain system will is the most important part for the bitcoin economy because it is the only a place in the internet which controls al the bitcoins. there are many chances that bank can killbbtc but will they keep the blockchain system is a question till now?

Banks will try to kill bitcoin. If they cannot and bitcoin grows bigger, banks will adopt bitcoin and save cost.

Banks has their costumers that wont moove a penny into bitcoin,the rich wont take the money out from a bank that offers a high interest to their money stay at the bank and growing.Bitcoin can grow a lot that those kind of costumers will keep with the normal place to let the money be at ,banks.Sure they can take advantage and studying blockchain to try to make their own and they need to think how to secure it,currently bitcoin has miners to protect it.

I would have to say that it does look like the banks are looking toward alternative transaction platforms which utilize the blockchain.  Whether or not that will kill Bitcoin is is a harder question because there will still be a big black market or, rather, decentralized market which enjoys extreme value in Bitcoin's utility.

The interest of fiat might be high, but the value of bitcoin will increase all the time because of scarcity. So those rich people will move some of their wealth into bitcoin. Banks will also adopt bitcoin to win business.

I dont know till when the banks will keep on top of investment and fiat holders,but i doubt even when bitcoin has a bigger value those member will risk their portfolio to try bitcoin,knowing the risk involved,banks will readjust their fees to try to be near the bitcoin,adopt it looks far away to happen.

I really don't trust bankers of the world. I know they are watching bitcoin from far away and thinking about Blockchain technology. Banks may want to take this to their advantage.
As centralized cryptocurrency.

Banks already made clear what they want and thats the super ledger technology of the Blockchain, which they already been coming up with projects around it. Its not really going to effect BTC as such.

And a centralized cryptocurrency is called FIAT.

How would they go forward in killing bitcoins?

Even if they wouldn't accept it and not regulate it in any way people are still going to be interested in using almost-no fee's payments that make it possible for them to send and receive payments on a global scale instantly.

A centralized crptocurrency will have its name and not FIAT. We cannot call fiat the us dollar. It is fiat but its name is us dollar. The same with all the other currencies of all the countries of the world. They have their names and being fiat is another characteristic of those but not their name. We cannot call the Constitution Fiat because its name id Constitution. If we mus call everything given by a centralized center fiat we will have something like that in discussing something: Give me that fiat because I need to do a fiat which with the other fiat can create a fiat needed to use as fiat and for the fiat.  ???

Banking industry will implement Bitcoin and offer it to its customers  ;)

...I'm not saying it would be called FIAT, i'm not saying USD's name is "FIAT" I'm saying a centralized crypto would be what FIAT already is... A centralized, government sanctioned/controlled currency.

Completely defeat the purpose, so won't happen. What will happen is Banks absorbing the Blockchain technology. Electronic FIAT already work with cryptography transmission, the difference here will be applying the technology to a secure super ledger.

Reducing the fee with a fiat coin stable maybe can bring huge interest,if we users can pay the same bill and pay less why wouldnt we do that?Bitcoin will keep with their market and well the sucess of the crypto banks currency stable would be or not proven soon,as we know that we do almost all at our phones.

A reasoning voice in the chorus of those who a priory deny and don't accept other digital coin (for more fiat digital coin) except bitcoin. Maybe this post, read by them who want to read it, will made some of them to change mind about the possibility to use more than one coin if this could be convenient to everyone. Without "seeing" other lateral not important thing regarding the second coin. Obviously bitcoin will have always the first and the honored place between all the digital coins in circulation. But having friends (for sure) cannot make something bad to it.

The banking industry can't do nothing about Bitcoin. Think about it. If Bitcoin "died" (will not happen) then cryptocurrency dies too. Crypto = Bitcoin. It's like that. Everyone associates Bitcoin with cryptocurrency. If Bitcoin fails, the whole crypto industry fails. If Bitcoin does good, the whole crypto industry benefits from it.

How does that have anything to do with the Bank being unable to attack Bitcoin? There are a few ways to kill Bitcoin. They could simply brute force their way by getting a huge amount of PH and then doing "51%" attacks.

And considering the size of Bitcoin right now, it would be pretty cheap compared to the trillions of USD they could lose over time to BTC.

I'm not quite sure if the banks want to ride it out by including BTC in their schemes, but if BTC does succeed, Banks and Governments are going to have a hell of a problem dealing with it, even if they outlaw it or tax the fuck out of it.

I do not think a bank or government may attack on bitcoin in any ways. As long as we do not need bitcoin to be converted in to fiats, then no force will stop bitcoin evolving. You buy and use bitcoin. No one can do with your actions. When everything available for bitcoin, it would be the new government with no rules.

It would be so easy for the banking industry to prevent Bitcoin from becoming a major factor in commerce, it is not even reasonable to question the possibility.  All the banking industry has to do is offer its own form of digital currency utilizing a block chain ledger and offer it within the framework of their pre-existing online platform....In fact, the banking industry is already working on that technology.  Now, will that totally kill Bitcoin?  I doubt it because there is an extremely profitable black market trade that Bitcoin will obviously have a monopoly on in the end.

Governments already are... Heavily taxed like Brazil. Or illegal, like Russia.

Just have a quick look at this list, there's a list of sanctions and actions taken against Bitcoin as whole by Country here;

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

So expecting Bitcoin to be immune to Governments... you're in for a bad surprised if Bitcoin start getting bigger, because the attacks will get bigger as well.

Every bank has its own interest. How can all the banks agree a single coin? What is the point of having thousands of coins, one for each bank.

If they do agree with a single coin, how is it going to be issued? With unlimited supply? If that is the case, I will stick with bitcoin.

Correct. A few countries since today has banned bitcoin but that doesn't mean nothing. These countries have fear from it and has chosen to ban it. They have a weak economy and have fear that the people "ban" the national currency choosing bitcoin and this can damage further their already weak economy. But if we see the bitcoin black market at these countries (at Russia for example) the trade rose every day more. See here the trade volume in Russia and the trend of it in time: http://coin.dance/charts (http://coin.dance/charts).

So it is true that the policy of prohibition for someone which is wanted is unproductive. Normally those have the opposite effect. So it will be even with bitcoin. Soon or later this kind of Governments will understand the error and will do back return. And then bitcoin will have its legal status.

Some banks already trying to do so - look CitiBank - CitiCoin.

The true is that Bitcoin still is just experiment and someday, someone can try to make something like Bitcoin 2.0.  ::)

I beg to differ... If Bitcoin dies... Crypto currencies will fight for the top spot and they will bend the knee to the will of any government or bank. It's all about the money and the

power. Bitcoin dies .... Government friendly coins steps in and replace it. The only thing keeping Bitcoin alive at this moment is it's decentralized network. This network are under

constant attack from trolls and shills trying to divide the development and progress. The banking sector are already working on several replacements and you will see some more

aggressive attacks coming, when they are done with these projects.     :(

Yep the replacements will be absolute closed source trash, thats why it's very important for Bitcoin to remain open source and decentralized. And no I don't think the banking industry can do anything about it, even if they get the govs to pass a million laws, Bitcoin will always survive, there will always be nodes out there and there will always be people benefiting from mining somewhere around the planet.

Well said my friend. The fact of the matter is that bitcoin represents a level playing field. To get a bitcoin is to earn a bitcoin.

Banking on the other hand, is a non-level playing field. Banks get to create money out of thin-air. They have been doing this for over a 100 years and so they have been accustomed to this mindset. To suggest that banks can compete on a level playing field is utter nonsense.

Cannot be never true. First any commercial bank don't create money. They only use it like any other business. Then second, any kind of commercial bank will try never some day to have its coin. Have no meanings. There are thousand and thousand commercial banks. There are the same number of diverse coin. Every of those will try that its coin be accepted by the other commercial banks. So all the banks will passe their times to try to convince the remaining ones to accept its coin. Have no meaning. The commercial banks are interested about blockchain because the use of peer to peer in which is based blockchain cut significantly the costs of operations of technologies within a commercial bank which can be replaced by peer to peer. That's all. It is another thing the interest of the Central Banks of one country. They are interested about blockchain because want to have their national personal coin. See for more the links below:

http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9 (http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9)

http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016 (http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016)

https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/ (https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/)

This is why I don't really care if there are a bunch of early adopters that are really rich. Even if Bitcoin is also non evenly distributed, you know that the Bitcoin that people has got them by doing something in return, and there's no way to screw around with the total supply and modifying it at will, which is what happens with fiat.

All banks in the world to earn money. Blockchain can help do this. Banking Industry and Bitcoin will exist in parallel and not to interfere with each other. That's all ;D

Commercial banks operate under specific groups, like Barclays and these groups work with the central banks and these central banks work with the Reserve bank and the

government. The commercial banks therefore adhere to the chain of command from the hierarchy from the top structures. The Reserve banks / Central banks could develop

their own token on a private Blockchain to transfer value or currency between central banks or from Central banks downwards. The Commercial banks could convert that token

to their own "in-house" private token to transfer value between their banks. What prohibits them from doing that? They are just looking for a cheaper and faster way to transfer

currency, and SWIFT is not the answer.  ::) 

The banking industry is embracing the technology behind the blockchain. My local banks have announced this recently. Not so much about bitcoin as they don't seem to know what to do with it yet. Try and work with it or trash it.  ::)

There already are crypto 2.0 platforms. NXT is in my opinion currently leading the race.
However on the subject of banks I think most if not all banks will implement bitcoin in their systems just because wire transfers are just loaning money from another bank, this process requires an enormous trust. Bitcoin on the other hand requires no trust at all. It would be perfect. As banks adopt bitcoin into their systems, people gain awareness and most likely will start dealing and securing their bitcoins themselves killing the banking industry completely.

Banks will implement Bitcoin and get profit from Bitcoin and Blockchain. May be even banks will get the best possible value from Bitcoin after it implementation.  ;) 

Banks will implement Blockchain but dislike Bitcoin. When all banks of the world implement Bitcoin then we will see flight to the Moon and maybe higher ;D

When all the banks implement the block chain, they need a common currency to circulate in the block chain. That currency will be bitcoin.

Banks will most probably adopt the blockchain as a means to reduce their own transaction costs, and by doing this they are adopting the bitcoin currency almost by proxy since you cannot use the blockchain without using the currency, it is the currency (keys) that allows for interaction with the chain

They could just create their own blockchain, but it will certainly be less secure than bitcoins chain due to having less hashing power

The bankers will adopt bitcoin, but in a very stealthy, gradual and systematic way. Rest assured

The bankers don't care about decentralization and open-sourceness, they care about cutting expenses and making profit, therefore they will avoid using the Bitcoin blockchain for as long as possible. Obviously, in the long run this is a dead end and they will learn the fact that Bitcoin blockchain is the only relevant blockchain the hard way.

Bitcoin is not a big market for banks. They could easily invest and make profit if lucky. The main problem that banks have with bitcoin is that they are not the intermediary in the transactions. In every bank transaction they can take fees or they can even close a bank account and take all the money. They do not have such powers with bitcoin.

No bitcoin will kill the banking industry, and we will keep the blockchain :D

I read a very interesting article today @
http://www.coindesk.com/twelve-banks-blockchain-consortium-r3/

Banks are not standing by anymore, they are researching and analyzing bitcoin these days.
To me they thought bitcoin was just a hype and it would go away as fast as it came.

Now things are getting more and more serious, so they need to 'analyze'
Thing is though, that they can't kill bitcoin, since they can't kill all the nodes.

Nobody can kill bitcoin once there are people who use it.that is why it is important to promote bitcoin as a good decentralised option in the digital currency arena.Just because banks use blockchain tech it doesnt mean bitcoin users or future users would even consider it.Bitcoin is about more than just a digital currency.With bitcoin you are your own bank.They could try to undermine and attack it other ways of course but bitcoin seems to be going to last the course.

I think it's inevitable that the banks will use their own private blockchains but it wont kill bitcoin. Bitcoin is meant to exist outside of the banks and central authorities so it will continue to operate independently as we will always need a decentralized currency to avoid censorship and manipulation by central banks. Bitcoin's potential is far greater than whether banks use it.

Thats the key, you got it ;), even if banks decide to do whatever they want, if people use bitcoin they cant stop it. Now the question is, will people use bitcoin even if banks start to use his own blockchain and/or his own currency?

I hope that yes, people start to wake up after a long history of fiat scammers....

That's the big question: will people still use bitcoin if the banks provide their own blockchain technology?  I don't know if they would use bitcoin if they could get the same functionality from another platform....especially an insured platform!  The hardcore will still use bitcoin but will the corner store? 

I would think that you could sue banks if they copy your idea (in this case, blockchain). But really, "invest in blockchain", the banks aren't going to do this. Bitcoin will not die down because of this. If this does happen, some altcoin will just take over.

Bitcoin was made to be a currency that you can use instead of fiat. Banks will try kill Bitcoin, but they won't succeed.

there is a good possibility that banks might go after the transaction fees that blockchain and other wallets make by introducing a wallet of its own(of the bank) and claiming to be much more secure and providing services which do not accept bitcoins now, there is a strong possibility for this to happen but completely going after bitcoin for extinction of bitcoin won't be helpful in any sense to the banks as these banks are too big if compared to bitcoin

I don't think so. But I do think that banks are not happy with BTC imo but they do love the tech behind it.

I think no, Bitcoin would still survive as long as Blockchain. There is no Blockchain without Bitcoin, and there is no Bitcoin without Blockchain.

A banking blockchain would be completely separate to bitcoin & the bitcoin blockchain.

Theirs would most likely be a load of shit & banking fees make their blockchain a pointless waste of time, it can't compete with bitcoin & it's blockchain.

Bitcoin is freedom and has the power to kill a bit the bank systems but not completely.
This is the same as mail vs e-mail, time by time bitcoin will evolve.

Bitcoin just has to survive!The banks are killing themselves with their f***ing schemes.
It's just a matter of time until we will see the next crisis!And this time it will be bigger than 2008.
Stock-, real estate- and bond markets will burst!!

Bitcoin is a once in a lifetime opportunity but it will get capped in value by governments eventually, it will always exist but will be relegated to the dark web and libertarians only. Bitcoin will have to remove all anonymity in order to survive and I don't think that will happen.

Let's hope they will not.
Banks are very powerfull and rich. If bitcoin was their product, it would be the world wide standard a few years ago.

If they develop their our bitcoin, then we can be screwed.

Banks will have to eventually adopt or create their own digital currency eventually. As it stands bitcoin is their main competitor and could bankrupt them as a company if they don't evolve somehow. Creative destruction. Banks getting involved into the digital currency field wouldn't necessarily be a bad thing either. It would help with the adoption of a digital currency for the mass public and just because they create one doesn't mean bitcoin will become obsolete.

There creation could backfire. It could help introduce people to digital currency and if they create a inferior product, could help drive people to use bitcoin instead. It could always go the other way though who knows  ::)

Not too many are interested in Bitcoin only because they don't know of it. That in mind is what will not be our downfall though.

They cant, it is too late, the only thing they can do is  use their lobbyes to try make legal enviroment hard to cryptocoins, but always will be ways to avoid it