Bitcoin Forum

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.

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.

The two entities can co-exist without the need for blood to spill. We are talking market share here... some banks will retain their traditional customers, who will not take the leap to "digital money", as

my mother calls it. The younger generation and some of the older generation will want to move with the change, and they will start to adopt the user-friendly and cheaper options. I already see some

older people coming to the meetups, and I love seeing this... most of them, like the " store of value " opportunities.  ;D ... We do not hate banks, we hate what they doing to poor people.  >:(

A very nice thought. But I think to do such a Bank should have a much better technology and modern now. Because the technology used by the Bitcoin is much better than the Bank's technology now. And it would be very unlikely that a Bank willing to accept Bitcoin for Bitcoin does not have a system that is so very environment friendly and cheap

If you are concerned with the fiat value of Bitcoin and the necessity to tie up with banks to maintain the said fiat value, then yes. We need banks to get BTC to catch on. But you forget, there's also another side to it. The idealistic side. Bitcoin has paved a way to the possibility of disrupting the age old financial institutions who have been oppressing the common man for generations. There are people who have already been corrupting Bitcoin for their needs and for their profits. A part of me wishes it goes back to sub dollar and be back to how it pure it was like it was back then.

Please do not forget.

Those bank haters really don't know how bank works.

All they know is only all the negative thoughts about the banks in which some of them just only heard that negative things from others and didn't know exactly what is the details or how really is it.

Most bitcoin users really hate banks because in general they don't have bank accounts and didn't experience having a deal with a bank. Fucking reasons and comparison like in bank you don't control your money, high interest, bankrupt etc. Fuck that shit. Can you give another reason which is not common or give me some clear technical MAJOR problem?

Just because they are truly bitcoin enthusiast they now know ALL THINGS between bank and bitcoin but when you back some questions they can't answered! Even asking a bitcoin related term they can't answer me and that is present here in this forum especially those thread with comparison of bank and bitcoin.

I both have bank accounts which Im using for a long time now prior to using bitcoin and using bitcoin at the same time. Both are giving me benefits. Both has PROS and CONS. That's why at least I have an idea of both system either basic or technically. Not that much but Im not dumb not to know some of important details.

And in some country like here in PH, one easy way to purchase bitcoin and converting it to fiat is by using banks services which is really a big help.

It's not the comparison. The important thing here is we can get benefits from both of them.

Banks converting to Bitcoin doesn't mean this will be the reason for Bitcoin's breakthrough.
It's more the case that some banks will do this to survive, this is the so called flip of infrastructure when old business is running on the network of the new technology.We have seen this so often in the past.
And when that happens Bitcoin will already have reached some point of mass adoption.
Bitcoin and most of the banks banks will exist in two completely different environments.And the banks exist in a highly regulated one.Bitcoin however as a decentralized network can not be regulated in the way as banks, as central institutions, this is the main difference here.You can only regulate Bitcoin at the edges, on the entry points to this system. And if one country should regulate too much, to save and protect the old and tradional businesses, the startups will move somewhere else.

it will definitely help the mass adoption of bitcoin for sure but also i am certain that it is not the only way.
also paying by scanning QR is the same thing for the average Joe as swiping his credit card and paying.

having a bank hold the private key does not suddenly or magically make retailers accept it..
many retailers still prefer cash and dont process cards
many retailers prefer cards and dont like to accept cash
all retailers in america accept accept the dollar but if you hand them a Euro bank note they will laugh at you

in short its not about what the banks do. but what the retailer prefers. so lets concentrate on convincing retailers.. not banks.

after all what can a bank do with a private key that you cant do yourself, given the right tools.

I do agree with OP.
Retailers will accept if people are using it. Right now, there's no advantage to a few markets simple because nobody use bitcoin.

People are skeptical. most of my friends doesnt use bitcoin because they doest belive in it, they think it's a ponzi or anything related to it and, unfortunatly, they trust banks so...

I don't "hate" banks, but I also know they have a history of having crooks and and shady AF people working for them. Housing Bubble Collapse of 2008 anyone?

I'm sure once banks learn of ways to exploit use Bitcoin to their advantage it certainly will catch on with them.

I strongly disagree with the OP. I'm not gonna dumb it down and compromise the potential Bitcoin has to clear away with the old - introducing anonymity, control over your money that's stored securely without need for a bank or any other big financial institution and other key features/innovations - just so that the vast majority will immediately come to adopt it. Technology is developing, and people have to move with the times. If we give in always to what the majority wants, we would be putting a bottle neck on the amount of change that could happen. Like the television set, the automobile, the airplane, tesla's inventions etc., Bitcoin is our future like those things to the people of those times were their future that they had to slowly accept starting from speculation. I buy Bitcoin without any need for a credit card or bank account and I'd like to keep it that way. Retailers are moving towards adopting Bitcoin. People are moving towards adopting Bitcoin. I see no need for major change with the things already in place.

Banks are not an issue, they can try as much as they can to destroy the bitcoin/alt movement but it is impossible because it is global and decentralized.  Many "hate" banks because of their practices around the world and we have many unbanked citizens all over the world that would benefit from bitcoin.

A year ago I saw a video on youtube and someone was interviewed about bitcoin and his response was brilliant....

Reporter - "Can Bitcoin take down banks?"

unknown Bitcoin enthusiast - "Bitcoin does not need to take down banks, it will simply BYPASS them"

This might be somewhat true, but it is never going to happen. Doesn't mean it won't catch up. Banks would never integrate bitcoin in their system for obvious reasons. They don't even like transparency.


That wasn't just the banks but lenders/banks/investors equally responsible for all of that.

I hope the banks can adopt the bitcoin so that I can save and borrow bitcoin from the banks. They are regulated, more trustable.

Talking about bitcoin linked credit and debit card they are already available and lots of reseller are selling them and we can easily shop online anywhere where formal visa and mastercard are accepted.

Our society is created upon credit. You can buy things today that you don't have the money for, as long you have credit and the creditor trust you. Credit is based on debt, which can't really be created in BitCoin. What you have is what your allowed to spend, there's no credit based on BitCoin.

However, I don't think banks will be the ones who will be offering these cards. Not in 20 years, today is where we already have these cards. I use them every day and your right it's better for people who have no knowledge of how to use Bitcoin, make it easy for them to use it. Like just swiping a card.

You can also simply add QR codes and pay with your smartphone with no cost at all and without having to rely on them.

No , i think its just as dream to be come true .if that happens i think the anonymously of bitcoin will not go as it is .but as the OP linked credit cards/mastercard it will be more applicable for us to use.

Dude you can get a Bitcoin debit card right now and pay with it where fiat debit cards like Visa and MasterCard are accepted but this won't magically make Bitcoin more widespread because people wouldn't be interested to use it in the first place. People who are inclined to use Bitcoin already have bank accounts and credit cards and loans and mortgages and stuff and they are using both. If you are genuinely interested in Bitcoin you don't need banks to use it, you can always find a way to convert back and forth to fiat. I think adding Bitcoin to your bank account won't popularize Bitcoin more just because people will have an easy access to it through a payment institution they are comfortable with already.

Bitcoin doesn't really need to rely on banks in order to catch on, a lot of what has to happen is giving Bitcoin a good image and getting people legitimately interested in it, whether that is through the prospect of making money or just the technology. There isn't a specific service that has to be available in order for Bitcoin to catch on with a lot of people.

Plus the way banks make money automatically defeats the premise of Bitcoin, and ruins what is supposed to exist. Fractional reserve lending just isn't something that has a place within the cryptosphere.

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).

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.

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.

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.

...or the sheeple finally wakes up.

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

They don't until they do, https://bitcointalk.org/index.php?topic=160292.0

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.

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.

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).

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.

 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.

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!

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

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.

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.

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.

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.

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.

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.