Bitcoin Forum

Another day another top bank of India chooses to accept blockchain as the technology but not a mention of accepting Bitcoin. I agree that Blockchain is good but who made it good, and why did people accept it, was due to. Bitcoin another attempt to try to use digital Fiat, but not Bitcoin wonder when will they ever learn. I hope the people of India wake up and fight this and push for Bitcoin under their top bank patronage. Ps this link is 5 days old got it from a what'sapp from my friend.
http://www.pymnts.com/news/b2b-payments/2017/india-blockchain-rupee-digital-currency-distributed-ledger-demonetization-payment-rails/

Developers that push and market "blockchain" technology to banks and other financial services, and other sectors are either scamming or are scamming themselves into believing that "blockchain" is the future of everything. On the other side the "buyers" of the technology like banks want to be "in" on the lasted technology in which they thought was so great that they just have to have it. They are joining the bandwagon, nothing more. What they fail to realize is that there is only Bitcoin.

Of course banks will choose adoption technology of blockchain than adoption bitcoin as digital currency, the reasons that can be accepted is there are no regulator for bitcoin and the bankers doesn't like it.
They won't be losing power for control money printing and as we know bitcoins can not be controled by bankers or other peoples.

The blockchain, to me, is what makes bitcoin work--and bitcoin is what I care about.  I'm not a banker, not a businessman who'd have any use for blockchain tech in day-to-day life. 

I get that banks are finding a use for this, but bitcoin will remain strong if the community is strong.  I have said this before:  I never thought bitcoin would live past 2013.  I really thought it was a passing fad, and the bubble of that year almost confirmed it for me.  Then I checked back in 2014 and people were still passionate about it.  So let the banks do whatever the hell they want to do with blockchain tech.  It makes no difference to bitcoin's viability IMO.

thanks for the link i am from india, and the main reason behind the sleepness of many people here is they do not understand anything about bitcoin and they do not even want to know about it because they are too lazy to do or learn anything new. only few people did understand it correctly

the technology that bitcoin made famous, blockchain technology, is open source and free for all to use and since it is a good technology everyone is interested in using it, banks included.
but this doesn't mean bitcoin will be adopted less or more. since bitcoin is offering decentralization it will remain separated.

This is an interesting article. In fact, there are different banks that are already working on proposals for adoption of Blockchain Technology, there are also some banks working with existing currencies, such as the Ripple cryptocurrency, but I think most banks will think first about the possibility of creating their own currency, before considering using an existing cryptocurrency.

its a good step from top bank of india to accepted blockchain technology as the new technology although they not mention about bitcoin but soon or later they will know and learned it. maybe in future they will learn and implemented blockchain technology into their system, who knows.

it is interesting to see India in the list of countries who has banks interested in blockchain technology! i wouldn't have guessed it.
but in any case, there are lots of banks and other financial corporations that are interested in the blockchain technology, and it has never had anything to do with bitcoin. in fact it can have an indirect effect as it shows how strong and useful the underlying technology posses.

Due to bitcoin the technology behind it got popularity and got served as an alternate for banking. For this reason banks started to accept Blockchain into their sector so to continue as a mainstream financial management system. Following bitcoin altcoins emerged based on the same technology. Very few are successful, this confirms that technology along with proper coin is important.

There is no doubt the blockchain tech is going to bring lots of good things but you must understand they can never accept bitcoin on top of it or they will basically recognizing the superiority of bitcoin over their own services.

To explain this, you have to swap hats with these people. Say you want a digital version of Fiat, would you choose a public technology that is not under your control, or would you develop your own Alt coin with your own token? They want to mess with the supply of these tokens, like they are doing with the supply of cash.

They cannot do that with Bitcoin, so they decided to develop their own token, based on the Blockchain technology. It is as simple as that. ^smile^

Now they can increase the supply, at the push of a button. No more expensive minting and printing of coins and cash.

There is nothing wrong in prefering the technology to the coin, Bitcoin made blockchain technology popular and since it is an open source tech anybody is free to use it.

Block chain technology is amazing to use for bitcoin transaction, bitcoin is one of the commodity which become popular by using block chain technology, why don't government start using same technology in order to mine fiat currency also.

There`s no need for any goverment or central bank to "mine" fiat currency.They can print fiat money and
people will use the money.All the "mining"  is to reduce and automate the money supply,so no human can control it and therefore create inflation.

ok
lets straighten out the details

BANKS cant and wont get involved with something they cannot control.
so forget about banks getting in heavy with bitcoin.

BANKS will make their own chains and tether them to the IMF's hyperledger, to be inline with the laws that suppose to mitigate their risks by having control (yes having control can with bankers greed do the opposite, but they and governments wont let it be greed with no control at all)

PEOPLE eg citizens of india are not BANKS. people can choose to rmain holding fiat and be moved to the hyperledger project without knowledge of the change of how their fiat has changed. or they can choose to use bitcoin.

dont expect BANKS to get into bitcoin. but do expect PEOPLE to get into bitcoin.

Blockchain is the technology and bitcoin is just the product.and blockchain is not limited to bitcoin. It has other use cases that I am sure the banks can use. The banks can customize an app and use blockchain as its secure database or ledger. So it is not surprising that banks will adopt blockchain and not bitcoin.

They are not the only country whose banks is going to adopt and integrate blockchain technology into their system. Right now China is busy preparing for the release of their fiat virtual currency to be launched on September this year. The united states of americas banks is also discussing on how to integrate blockchain technology into their banking system. Not only that some banks in Europe are also planning to use blockchain technology as part of their innovation in the banking system.

that sounds bad. so what is your attempt to introduce bitcoin to people around you?

well, I think why do not you try to explain what is the difference between blockchain of banks and blockchain of bitcoin. so they will open their eyes.

now I wonder, how could the bank use blockchain for fiat?

Bank it's about blockchain and not for bitcoin, remember it can increasing his effectivity and their production. If all of the systems will be running with the blockchain basic structure and it will cut a lot of costs.
The blockchain massive adoption by the financial institution will be coming soon.

Well I studied quite a bit the blockchain applications.
Of course Bitcoin is a revolution. No doubt about it.
But... But Blockchain is far more than Bitcoin! Blockchain is the freedom and security we need for so many tasks!
Smartcontracts yeah for banks and all... But a far greater application would be mutualisation between persons! With blockchain we could get rid of insurances, real estates agents...
Blockchain gots lots of applications don't underestimate it ^^

How will "blockchain technology" make banks more efficient than they are now? If they think they need a blockchain then should it not work better than their present system? Another question I have is do banks want to share their data with their competitors by adopting a common ledger aka a "blockchain"? Another question is do they also trust each other in maintaining and securing it themselves?

And a lot more money is going there right now.

Really bitcoin is very popular because of blockchain, really bitcoin is more secure with block chain. Block chain technology is most adavanced technology where it can easily identify how many transactions being processed daily. Even block chain technology is charging very little amount in the form transferring, soon many countries will start accepting blockchain as a technology.

Two ways it may go with bank-chains (really, without open sourcing & tokens to secure, isn't it just a shared database?)

1) They promote it as the new, faster, secure way to process payments. No more waiting 3 days internationally or a day domestically etc. In other words, some benefit but still in a walled garden (bank retain control).

This may become a trojan horse for the more nefarious option.

2) Blockchain & digital money, replacing cash. trapping account holders with negative interest rates. Rogoff has already mentioned that negative rates of -5% may be needed during next crisis. He is the policy head and leading non politician cheerleader of banning cash. "Blockchain" improvements may herd the masses in to a monetary Hotel california.

I don't think this will work long term - a massive scale rebranding of 'blockchain' will be needed as it is directly related to Bitcoin. I think any emergence of a blockchain system only feeds curiosity and increases bitcoin tourism. In the age of the internet and the current climate of zero trust in the mainstream, thats an uphill battle.

I agree with the views posted here, banks have run out of ideas to counter Bitcoins and in their confusion they believe that implementing blockchain as a technology will help them grow but they have completely failed to realize that without Bitcoin why would anyone want blockchain, plus they have underestimated the risks that Blockchain sharing data can bring, I hope that better sense prevails.

The banks could always pull some of the oldest tricks in their book, they could create a bitcoin bank and then using some of their old trickery they could somehow create fractional reserve banking and with that destroying everything bitcoin stands for.