Bitcoin Forum

with increasing number of financial institutions showing an interest in the underlying technology of Bitcoin rather than the coin itself, could it be possible Bitcoin becomes irrelevant in the future, most people are confident dealings with banks and if they offer similar technology why the need of Bitcoin.

there always be possibilty for Bitcointo becomes irrelevant in the future,but i dont think it caused by banks,becuase so far not many banks not interesting into bitcoin,and its why bitcoin will always be relevant for people who love bitcoin.

Bitcoin might become irrelevant in the distant future but it's far from that stage now. Even if the banks make similar technology, the amount of control the banks would want could put most people off. A lot of people use Bitcoin, simply because it's not controlled by the banks.

Of course will Bitcoin still have value. What banks are doing is essentially creating their own altcoins. Even worse, these altcoins will be most certainly under some kind of centralized control. Bitcoin will most likely not suffer from these activities, because it has by far the greatest network size, hence security. Also the most essential appeal of Bitcoin is that it's not centrally controlled. In fact, the message engraved in the first block states quite clearly that Bitcoin was created to break the power of banks and misguided interventionist monetary policy.

I think many opinion leaders in the banking sector are just following what they perceive to be en vogue, without really understanding the technological background and motivation of it. The creation of privately controlled blockchains can be compared to setting up an intranet limited to a certain user group versus using the internet, where everyone can theoretically connect with everyone.

ya.ya.yo!

In fact it will hav way more value, since mainstream banking taking on blockchain will make people aware that there is a free, open source version with no limits. It's like back in the day the intranet vs internet. Banks already lost unless they simply accept Bitcoin as the defacto blockchain.

Are you talking about blockchain tech? Of course financial institution are interested but so far they don't have any working blockchain system.
And imagine different situation, when banks will admit that they are using technology ripped from bitcoin then public trust in bitcoin will grow.
After all people will think that trusted public institutions can't use something unproven and risky.

If the people trust the banks so much they dont need similar technology to Bitcoin. All they need is check bank website for their ballance and send money to another bank account number, the way they do now. Why similar technology to Bitcoin is necessary for these people - how a bank controlled blockchain could be any more usefull for these people ?

Without an incentive (token) they are doomed to fail. Of course they will try to do it in house, wait till a few get hacked.

I know that I WILL still be using bitcoin because I can't play poker using the centralized banking system. And, there are plenty of other people who think just like me, but for other reasons. Bitcoin will have value as long as I can keep my node running and it's accepted by at least one other node.  The exchange rate really doesn't matter because if it's cheaper, I will just buy more.  But, I USE bitcoin; I don't hoard it as part of some sort of "get rich quick" type of speculation portfolio.

local coins will never surpass bitcoin... If one bank do their own coin it might be good, might have a few customers but bitcoin will always be bigger.

people who know exactly system of bitcoin and bank will prefer bitcoin IMO , because bitcoin is not controlled by banks. why should we be controlled when we can have our own power to control our own "bank"?

Hell yeah, it'll still have value.
At least I hope it'll have value, because they are using the BitCoin blockchain.

Every day I read a new aspect that the block chain technology is being applied to and I used to worry about the banks trying to stifle bitcoin,but not so much anymore.
If the block chain is used every where more people will understand bitcoin and as they learn they will become excepting of the technology and realize its potential.
It could go the other way but I think the banks are kind of strung up on this issue now. They come down heavy handed like they usually do,people will start looking for other options. Options that offer basic banking are starting to pop up as well now,so does the bank want to attack bitcoin or ignore it? I think they rather ignore it and deal with losing mortgages and loans to other businesses like the auto industry or these mortgage lenders.
If the banks offer no interest or negative its going to be hard for them to keep going in the style they are used to.

This is an interesting question and one that gets asked a lot!

Blockchain technology loses much of its punch when the incentivizing power of bitcoin is removed. In my mind, the true genius of the system comes where the blockchain is public and the network supported by miners working for a token.

Banks can harness the underlying tech, but it's the public implementations where the greatest potentials are stored. An incentivized public blockchain is 'alive' and 'self-sustaining' whereas a private blockchain is a dependent application at the control of a switch.

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Yes I think it will, it will still be the bitcoin and I think the bitcoin will never let it be untraceable and self controllable, they always want to have the power over something.

One of Bitcoin's main advantages is that it allows me to transfer value without the help of a middleman or the permission of an authority. Once I have this freedom, why would I want to give it up?

Sure the average debt slave might not see the advantages of monetary freedom, but I certainly do.

Absolutely. Decentralised, programmable money that the holder exclusively controls is something that the banks will never be able to offer.

your question is like saying will bitcoin still have value if a new altcoin is created! because that is what these financial institutes are doing, by just adopting the blockchain technology they are creating their own coin (altcoin) which is also centralized.

I don't think it will have any influence. They are going to do their own PRIVATE blockchain, to speed up their processes. On the pther hand, I don't think it will have an impact on Bitcoin because it will just work behind the scene.

Bank not interesting with bitcoin, but he very interesting to adopt blockchain technology, maybe in future we will see bank use publick blockhchain technology.

Think of the bank's own coin as a side-chain. You'll eventually have exchanges trading bitcoin for bankcoin.

do bank customers care if their funds are saved on a mySql database, a MSaccess database, or a blockchain.. no..

bank customers dont care about the technology behind banks.
fiat will always be fiat no matter how its stored

only a few smart people will be interested in the lack of security, lack of assurance and lack of openness.. and those people would usally move their funds away from fiat, not matter how the fiat was stored

There are a big difference between a Public Blockchain <Bitcoin> and a Private Blockchain <Banks> In a public Blockchain everything is transparent and open to the public and it's development is not in control of a single entity. In a private Blockchain, their is NO transparency and the banks control the parameters of the development and the changes to the code.

So who would you trust between these two technologies? 

The technology is only part of what nake Bitcoin good

The important part of what makes Bitcoin good is that it is decentralized,

If banks use the technology, they're still centralized, it will improve banks, but it will still be worse than Bitcoin.

Both of them is important, but they dont related, the function of bitcoin is to store fiat while bitcoin is digital money
Bitcoin has its own advantage so no need to be afraid that bank is going to replace bitcoin