Bitcoin Forum

The Banking industry now realized that the traditional Brick n Mortar Banking model are outdated and expensive, so they are closing a lot of their Brick n mortar branches and moving towards an online Banking alternative. They are not waiting for "digital" technologies to disrupt their business.... they are actively changing their whole operation.

Generation Z is a lot more digitally savvy than Millennials, so their target market are changing ...and they are changing to adapt to the changing customer needs.

They also realized that Brick n mortar operations are very expensive to operate and that those expenses has to be funded by high fees. The competition in the form of alternative digital payment offerings and Bitcoin's "Be your own Bank" principle....added to the threat of not having these high fees.

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front.  ;)

While you somewhat have a point, I'm afraid your call may remain unanswered. Or not in the way you'd like.
* Banks' move toward cheaper, faster and online based services is ongoing for years
* Banks are institutions with money and power they can change a lot pretty fast
* Bitcoin is evolving - SegWit is a leap forward, Taproot too. LN is expanding, maybe not too fast, but it does. Bitcoin development is un- (or more precisely under-) funded.

The bigger problem I see is that you've compared apples (private businesses working with money) with oranges (the new money). And here:
* Bitcoin related businesses do evolve, but some care only about profit, or they are being slowed down by the financial sector they have to interact with, so it's not much visible
* There is so much money to come if one starts just another business like the existing one, many won't even bother for innovation
* Banks themselves start working with Bitcoin and I would not be surprised they would come with the innovation you may be expecting (as I said, they work with a completely different level of funds).

You need to correct yourself, the traditional bricks and mortar in banking is part of the symbols of the banking industry, and it will never be outdated. The banking industry is advancing, yet they will always need the bricks and mortar for a lot of storages and transactions, which includes the keeping of valuables, though lesser employees might be kept there.

You are just overbearing in your discussion here, Bitcoin has its advantages over banking and banking has its advantages over Bitcoin. As far as internet banking is even concerned, the traditional banking system started it and it would have been developed without Bitcoin innovation. Yet, I love the way Bitcoin is a strong competitor.

Yes, Banks have loads of money to fund innovative projects... but we have motivated and innovative people in our community that are driven by the goal to disrupt them. You only need people with brain storming capabilities and creative minds to come up with great ideas... and a goal driven developer team to code it.

The prestige and fame that comes with having the privilege to work on a project like this, will open doors for these people to work everywhere they like. (Imagine if you worked on a network/database that held Billions of Dollars in wealth.... and you added that to your CV)

SegWit and Taproot and the Lightning Network are good examples of innovation, but we need less complicated solutions to push Bitcoin adoption.  ::)

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Whether the banks shift to online operations or remain in brick and mortar operations, they remain as banks, intermediaries, third parties that have to be trusted by the people and where transactions will have to pass through. Moreover, they remain to be fiat entities.

In science, this is like physical change and, as opposed to chemical change, nothing has actually changed in the substance.

What are you expect then? Giving free Bitcoin worth of around $5-$10 to each new people who creating a wallet? It's no gonna work to push adoption, but much likely only attract for money and after they can withdraw, their will leave Bitcoin space.

I'd say Bitcoin doesn't need any innovation, the main problem of the less adoption is because Bitcoin still not accepted widely on every countries. We're need to push government to accept Bitcoin as legal, that's it. Legal for buy, sell and trading Bitcoin, not accepting as legal tender since it's too far.

I dont see any major changes in banking sector nowadays. From banks, I only get notifications that my account monthly fee will be higher, and changes of plastic card limits. I understand that every bank in every country is different, but except an option to buy car insurance, I cant remember nothing innovative during last 5 years. As to Bitcoin, what new can it innovate? We are only waiting for mass adoption and that is it.

That's the important aspect of competition, even though btc is not globally accepted compare the banking system yet they feel threatened by its existence and the unending capabilities.
Banks have been updating their system and making it more user friendly and digitize enough for everyday usage, despite this, the simple fact that it is a centralized institution and has the power to control people's funds give btc the hedge over them. Those who know the importance of privacy and want to keep their transaction private will always look the other way. BTC already have the upper hand when it comes to privacy and decentralized which is something banks will not be willing to do.

They have to admit and accept that change is imminent and they have to adopt things digitally. There are many digital wallets and banks these days that are offering the same thing as what the bank offers.

And their advantage is by having a better interest rate than the typical bank that they have. While some of these banks that are open with merge and changes will have that idea of having an integrated crypto exchange.

Waking up to the reality isn't that late and they just have to embrace these changes and upgrades so that they won't lose most of their customers that are open to the current technology that offers greater adoption related to bitcoin.

A lot of countries have infact launched their own digital currencies, but there is something special about crypto that is they are decentralised. They don't need government control. More over time has come when crypto finance institutions have to become instruments of betterment of financial system, they need to offer lower interst rate bank loans, better financial asset management for companies so that they can compete with banks.

You spelled out my mind on this matter already. Bitcoin is on its own, just as the regular brick-and-mortar banking halls stand on their own as well. If countries move to adopt bitcoin as a means for transaction and trade, it is so as to facilitate efficiency in the income sector, not to erode the banking sector in that it ceases to exist. Although it is agreed that huge funds would have to be diverted or better still invested in bitcoin campaign by the government, if it is granted certification as legal tender.
Bitcoin is being innovative as it is being accepted. It is the users that determine what and how it needs to be simplified by comments or posts or news letter reviews.

The banking sector is not becoming better to me, only more enticing with more digitalization! The banks are still the same banks. In my country, the banks have even started to steal more from us recently in the name fees. I get charged when someone sends money into my bank account just like when I send money, get charged a ridiculous amount for " debit card maintenance fee", a card that I keep safe myself, I get charged also for sms notifications etc...It is not like their services are getting better, the network challenges in using the banking service is now a common thing. For new persons who have never used bitcoin, this new enticing face that banks are taking may be able to fool them that the banks are becoming better and a challenge to bitcoins, but if you have used bitcoins, you will know that the banks come nothing close to it.

The way forward that I see here is getting more countries to accept Bitcoin as a legal tender, this would increase the value of Bitcoin.

I don't see the activities of bank disrupting the operation of bitcoin, but I'm quite sure some banks would have to close down when a greater percentage of population decides to get wiser and invest in Bitcoin instead of saving in banks with peanuts as interest.

Only those who adapt will survive, and banks always adapt and survive, this is a fact that can be verified throughout history. It would be unusual if this did not happen and unreasonable from the perspective of anyone who wants to remain competitive on the market.



I would not agree that this is the biggest threat to them, at least not in the near future, considering that most people are not ready to be their own bank, and many do not want it, no matter how you offer it. Banks will continue to be present and dominant, they will only reduce the number of physical branches and employees, because everyone will have a bank in their pocket in the form of an app, or will use online banking on their personal computer.


I don't know who you mean when you say "are we going to wait..." because what can an ordinary person do in that sense? If I go and close the bank account, how will I receive my salary? Banks are still a necessary evil, nobody likes them, but you can't live without them unless you cut yourself off from the world and go live in the wild.

Bitcoin does not have to change, the same way money does not have to change the front end services to some extent need to become more user friendly and give people more options.
There are many small banks and banking services and brokerages that have customer service and customer facing interfaces that are IMO generations ahead of some exchanges and other bitcoin services.

Sorry but it's true, not saying that they are all that way, just that enough are that way to drive people away.

-Dave

What innovations are you proposing? The banking industry's only disruption to Bitcoin will be the introduction of CBDC's and they aren't necessarily a direct threat would require Bitcoin to be any different (not that you could make BTC inherently different anyways). Seems to me that Gen Z are less skeptical of government intervention in economic affairs than older generations that have lived through legitimate oppressive regimes, so the banks have open access to a naive market that is willing to deprive themselves of any autonomy. This isn't a slight directed at Bitcoin.

No not true that banks could be different from countries because they are set up to make profit therefore they are business oriented. If your bank is charging you on unexplainable bills so likewise other countries. To shock you on this just yesterday I got a debit alert from my bank deducting equivalent of $2 from my account on no good reason. However one of the challenges that bank worker will face in near future is downsizing of staff because the brick walls are no longer patronised as much with digital currency


Despite the banning from countries, the importance of bitcoin is not to be overemphasized. Bitcoin and freedom are like joint ventures, no hidden charges or unexplainable charges. Is open source and you see every in blockchain.

if what you mean by more innovatoin is smart contract, there are teams already doing it like the RSK and Taro. but if you mean modifying BTC code itself to its protocol, it will bring down its market with broken trust.  spare the decentralization to Bitcoin and give governments control to Eth POS.

The banks that I've been dealing with for over a have since moved to a more digital approach on their banking services. Since the smartphones became more and more popular, and a lot of people have become more connected to the internet, it's a no-brainer for banks to really move into that space. It's just that a lot of their customers are still stuck with passbooks and the old ways that they cannot do a full overhaul of their services.

Bitcoin remains as is because it is not actively competing with the traditional banking system. If anything, it just offers an alternative to people who are looking to store/invest their money elsewhere.

Banks are adopting which we were wrong in thinking they'd be iirelevant one day when cryptocurrency is adopted. If they all have stablecoins like the USDT, they'd be trusted by the customers who had been their clients for years.

If BTC is here to stay so are banks. They may probably become an exchange.

The generations! well,  there are with its virtues and disagreements (mistakes).

The OP, it is something specific and I think that this specific reaction that you mention from that bank is somewhat late, things are changing technologically from that point of view a long time ago, for example, technical support or the physical offices of most of the companies of cell phones in my country do not exist, if you need a chip they send it to you, so offices does not exist, you solve everything on the web page or in its app, a virtual advisor (bot), the banks are that way, they have enabled ATMs with deposit options, check payments, everything can be done at the ATM and those offices are now centers that contain up to 20 ATMs, there are some branches, but mainly in the big cities, it was not like before that there was a bank in every town, shopping center, etc.

Now, bitcoin did not wake up if you ask me, it was born and is growing and thriving, it has never fallen asleep, if us use its term in a figurative sense, in any case if banks improve or deteriorate from a technological point of view it is irrelevant in the existence of bitcoin, the change that is needed is in the individuals, the people, the change of mentality.

I don't think banks are innovating that fast at all. If they're moving online it's to cut spending and the services they offer.

They still have a lot more power over your money than crypto does and still habe a lot slower transaction speeds (uk transfers are instant but I don't think that's the same anywhere else and it's certainly not the same internationally).

Generally also, banks do better if they can make it harder for you to withdraw cash as it means they have a higher amount of money they're able to lend and earn interest off.

Bitcoin was a bit of a shock to banks and you're definitely right - it spurred them to wake up a little. They did well to trim back a lot of unnecessary expenses like front end operations and also drop their fees a little bit, to beat off the competition of cryptocurrencies. It can vary by country, but inter bank and even international bank transfers were always riddled with overly expensive fees which they really had to think twice about now. They always needed this little push and a modernization, Bitcoin has caused them to react in that respect. Bitcoin itself now it the one that needs to keep evolving to bring down fees and speed up the transaction times if it wants to stay relevant.

Bitcoins is entirely digital, it already follows -be your own bank norm-
The market is indeed move favourable for gen z since they can navigate with ease on models based on digital sets, considering the banking system we already have banks like: digibank which is amazing and i have been using it for ages to trade in cryptocurrencies even when the local banks stopped letting people use it for crypto trading, digital banks were more lenient thus I wanted to ask about what you meant by the brick and mortar model perse? Since bitcoins is already way above it, ofcourse not considering the less greener mining practices.

The bank is facing too many trust issues which I think will cause a crisis of confidence in the future. People need innovative solutions to manage, store and conduct financial transactions because banks can no longer be trusted. At this point it is clear that the option is a new financial system and there is bitcoin which is increasingly being trusted as the best option.

Yes, bitcoin is the best solution and I totally agree. Currently bitcoin is still an alternative solution but sooner or later its dominance will increase so that competition with banks can be expected. Many countries are starting to think of ways to prevent that from increasing, and one of the things they are starting to think about if banks don't attract more users is to issue their own cryptocurrencies. This is a CBDC, but it will not restore public confidence in the bank.

Well I would address you post by first beginning with your post topic, unlike the banks that are owned by individuals, cooperate board, government e.t.c Bitcoin isn't owned by a identifiable entity and for so long we haven't heard from any one who can say they would update bitcoin performance or functionalities so I don't understand what you mean by Bitcoin should awake.

Yes you right The bank system is pushing vigorously towards digitalization not only the banking sectors almost all other sectors that used to be orthodox are now evolving and I am not surprised seeing the world we live in today, but the distinguishing factor between Crypto-currency and the banking system won't be speed, technology but it would be decentralization and as long as that remains Bitcoin is ahead of the banking system.

I think the same as you, on the surface banks seem to be changing but that is not true, at their core banks are still centralized institutions which can at any moment change the rules you have to follow unilaterally and you have no option but to accept them, without a doubt they are doing this in an effort to try to deceive people into believing that banks have become a better option than bitcoin, will people get deceived? I think a decent portion of people will get deceived, but those that understand what bitcoin is really about are going to see through this and they will still decide to use bitcoin as they know it is best option out of the two.

I see some banks in my country that is now also available online which means they did take advantage of the situation that many people are using mobile phones so many banks started to use digital technologies to their advantage which provides much faster compared to going in their building. The banks works the same as it is but the difference is that people can now check their balance through online or the bank's APP. In short, they just made their service available in digital world.

Likewise myself. I don't truly see the connection between bitcoin and traditional banks. They are not related in ownership, they are not related in manner of operations and they are not related in the method of storing value. They are also not in competition of any kind. Even if the government liase with the banks for CBDC, it is not also in competition with bitcoin.  CBDC can compete with stable coins like USDT and not BTC. Banks can compete with exchanges and not bitcoin. In all bitcoin is not threatened.
Whatever the bank I doing doesn't translate that they are no longer centralized. Their innovations are for smooth running of their business and not for the betterment of the common man.

Fiat Banking system can not disrupt Bitcoin. And also Banks will not close branches for online transaction only because the must eat and buy other things. and online transaction can not solve that problem for now. Innovation must but you don't have to spearhead the technological space to change the atmosphere. The more innovations come to the world the more change it become.

Come to think their main differences

-Centralize- have a central control or command/everything could be watched out
-Decentralized - no central authority or something related

You could able to point out and tell that Bitcoin is something cant be waked up and tell made out some changes because banks are stepping up on the game?
It was never been the primary objective on the first place on competing against banks.This should be bare up on mind.

The problems bitcoin faces aren't so easy to solve that they can be addressed with basic software updates or future development.

If it were that simple, we would already have seen these features implemented on crypto platforms better suited for rapid development and deployment.

There hasn't been much development in crypto or more discussion of concepts and ideas that I have seen. Most of the published content revolves around proof of work versus proof of stake and basic points. There hasn't been anything published on a future of crypto for crypto. Nothing with the potential to improve fundamental and basic principles.

Satoshi Nakamoto was very independent developer. Which allowed him to work from outside having conflicts of interest. Not many today appear to have that freedom, motive or idealism. Which unfortunately are some of the main ingredients needed to improve bitcoin and develop something that could legitimately be called next generation crypto.

I understand perfectly your observations sir. Bitcoin is one of the most outstanding innovations or inventions of this age and nobody can deny this fact. But that was how telephones, television, typewriters, coal-powered machines, and gramophones, were all wonders of their time. But people decided to invest their time and resources to modify and advance these discoveries to make them better and easier to use. Banks are also doing the same thing to make their services better and faster. Consciously or unconsciously one of Bitcoin's most significant competitors are banks. Hence, Bitcoin services and transactions should keep improving. We must keep setting the pace and finding the path making it impossible for the conventional banking system to catch up with Bitcoin's innovative strides. 

Most of the less complicated solutions related to banking are implemented by using their centralized nature to the max. In bitcoin world this may not be the best direction.

I won't deny it, some things could be done to make things easier for non-technical people. But I will be honest and I would not expect people invest time and work "for fame"; let's be honest, the most fool-proof solutions are commercial ones (i.e. ones for which the developers got paid).

This is what many people don't understand. Even Satoshi the creator of bitcoin stated it clearly in bitcoin white paper that bitcoin is an alternative currency that will give people liberty to control their finance. He didn't state that bitcoin will kill fiat or will replace bank. Bitcoin is not in war with banks and not in any competition for innovation.

What kind of innovation does OP what for bitcoin. Is it to move from PoW to PoS?

So, after reading most of your comments.. I realize that most Banks are just wrapping shit in new colorful paper and selling it as new innovation. I think they are closing Brick n mortar casinos, because it is too expensive for their investors.

The customers are not going to see the benefits of their actions, because the higher profits are just going to benefit the shareholders. I opened a Bank account with the arrangement that if I kept a certain amount of money in the Banks account... I would not pay any tx fees... but they increased that amount every year... and suddenly stopped offering that option.  ::)

The banks have realized this years ago, but I don't think that they would completely close all their branches. The human factor is undeniable when it comes to lending money. No app or digital platform could replace a bank office that is directly communicating with the customers about their consumer loans, mortgages, credit cards, different sorts of paperwork, etc.


Do you have any bright ideas about how Bitcoin could beat the digital businesses?
The whole point of Bitcoin is to not let any business or financial institution steal your savings. That's the whole point of "be your own bank".
Having cheaper fees is great, but Bitcoin isn't about cheaper fees. It's about security and financial independence.
The banks might become more digital, but they will be as centralized as before and you still have to rely on them to not legally steal/confiscate/block your funds .

If you think that BTC and other popular cryptocurrencies will overtake traditional banks at any point in the future, you are seriously out of your mind. That will never happen in my honest opinion.

BTC was developed to serve as an alternate, anonymous payment method op(Not overtake Banks or other centralised entities).

Banking system is evolving all the time depends on the needs of their customers all the time, especially private banks but completely under the government regulations cause their only intention is to make money so they are finding new ways to keep their customers satisfied now anyone can open bank account from their home itself but its not enough to compete with the scenario of be your own bank. Bitcoin and other cryptos are under the control of the users while in the banking system the funds are stored in their vault and ledger but only thing evolved is we can access the funds anytime with the help of smart devices and internet.

Bitcoin has given us the facility, so now it's our job to explore the innovations that come with it. As a payment system, bitcoin is good enough, it's just that its low global adoption still makes it not stable enough as a currency.

I think that adopters of bitcoin as a means of payment expect lower volatility than what we are seeing now. That is something that is expected to be different from our desire to use it as an investment asset because bitcoin also needs to keep its adopters safe from the risk of high volatility. If this volatility is still high, then I'm sure some people will consider other cryptocurrencies with low volatility like stablecoin or others. Let's assume bitcoin adopters are dominated by people who don't really care about decentralization and financial privacy, so a centralized or altcoin stable will be considered.

I think you're wrongly quoting me. Those are somebody else's words.

In any case, nowhere in the entire Bitcoin whitepaper did Satoshi mention about Bitcoin as "an alternative currency." Neither did Satoshi even directly mention either liberty or freedom. Of course, Satoshi didn't also mention that Bitcoin is invented to "kill fiat or will replace bank." What is clear is that Satoshi proposed an innovation that isn't based on a trust-based system in relation to e-commerce transactions. So this isn't really against brick and mortar banking services.

This should not be a new revelation that brick and mortar operations are expensive and if you look at the developing countries majority of the banks have branched out their operations in major towns and cities and there was a rampant job opportunities in the banking sector in the past ten years. Banking sector will not disrupt BTCitcoin no matter how hard they try because transacting outside a country is still expensive and time consuming and i do not see any change in that aspect.

Every government is promoting online payment for the past decade and the simple reason is to have more control over an individual spending habits and transparency,  BTCitcoin gives you pseudo anonymity and you can take care of your privacy up to an extend.

Banks innovations are more easily accepted by the mainstream since most people are already familiar with them. It is expected that current digital banking systems are designed to be way more approachable to the current potential generation, so obviously they are onto it.

In another hand, Bitcoin is a completely different thing compared to bank innovation, it's not even a head-to-head. And so do both things have their own urgency. So, if the competition is dictated by each own motive, I think it rather will give a bad consequence.

---

For what it's worth, Satoshi once talks about freedom motive.

Physical banks has their own purposes so they shouldn't say that it was outdated only because they see that many businesses have now opened up online. If they want to, they can always open up a branch online but they shouldn't close their previous branch because not all people have the ability to transact online especially elder people.

They shouldn't mind their expenses because they are a bank. Not that they hold a lot of money but they can charge a service fee for their service. They can always afford to pay their employees and other expenses. Banking sectors won't disrupt bitcoin but bitcoin are the ones that can disrupt them.

No matter how banks improved and changes to stay connected to the people’s needs, it will always remain that banks are centralized and are controlled by the government, while bitcoin will always be centralized and will always allow people the banks of their own. So there’s still an advantage if we focus on bitcoin, especially if we aim more to become independent of our finances.

The problem with banks is not only that they are centralized institutions that can take unilateral decisions about your money without consulting you and there's nothing you can do about it once your money is inside the bank, an additional problem with banks is that they are dealing with fiat currency, a currency that we know can go through periods of very intense inflation, which is what's happening right now, and as such your wealth is evaporating every single second you are holding fiat in a bank, so the people that are aware of this will try to find alternatives, and bitcoin is an attractive alternative to the fiat system.

Bitcoin is a medium, so users can innovate with it. I'm not sure what innovation we're talking about, but it's definitely something like a means of payment. But at the same time I don't know what to do because bitcoin is not legal as a currency in my country, it is an investment asset which is included as a commodity. Even if the bank is very bad, but I have to accept that I still need the bank and its centralized system to transact finance across national and local levels. Fiat is inseparable so far even though more and more banks are losing the trust of their customers.

I would not object to better developments especially regarding the payment system, but certainly would never feel compelled if the government did not legalize bitcoin as an alternative payment option. Here I don't have much of a problem with banks, but maybe not out there.

It seems that OP went of out context, or the contributors to the topic misunderstood ok or Op didn't make his points very clear. On seeing your reply, I had to think from another angle on behalf of Op.

When Op said bitcoin should wake up and innovate more, he meant so in competition with banks, but on the contrary and in the real sense, bitcoin has been innovating.

From what used to be 1mb block size, there was innovations to foster scalability. We have witnessed Lightening Network in off blockchain, we could see a good innovation in Seg wit and signatures. Also the November last year Taproot are all innovations or transformation. So, bitcoin is not stagnant, it is a growing technology and will continue to undergo innovations till it attains its finest form.

Since 2020, banks have planned many changes in the banking system. even then they were already interested in the blockchain system. because they are aware that the ancient system used by the bank will make the bank's customers decline. And to overcome this, of course the Bank will make many changes in its system to attract their customers back to continue using the Bank's services. because the Bank relies heavily on increasing customers.

Some of the changes that have been and have been made by the banking industry are as clear on the Forbes⁽¹⁾ news page. That is :

- Leveraging Fintechs For A Better Customer Experience
- More Technology-Driven Consolidation
- The Advent Of Digital Lending
- The Rise Of Neobanking
- Automated And Personalized Customer Experiences
- and more.

The banking industry has even now touched the Blockchain system. For example, CBDC adoption has begun to be developed and there are several banks that have implemented it.
industry Can do a lot of improvement because they have strong support in government finance and legality.
but still the Bank will just be a Bank. they still want their centralized system. so they can still control all the people and customers who approach them.
but people will still like freedom and hate centralized systems. so Bitcoin and Cypto will remain superior because they have a non-centralized system.

___________
(1) https://www.forbes.com/sites/forbesfinancecouncil/2020/01/02/13-changes-coming-to-the-banking-industry/?sh=4b2945df7ebe

For now, The Bank may be more than willing to adapt and adapt to meet the needs of the future financial system, but because many elements of Bitcoin are unique, we often find ourselves playing more defensively than attacking. There's nothing wrong with keeping it.

I think yes. Big banks need to innovate so they can stay competitive in this new space and retain customers – and ultimately bring in new customers. It is likely that they will also be eyeing Bitcoin as a potential gateway to payments. Mobile payments. I think it's smart to stay ahead of the curve, rather than waiting for distractions – right?

Ultimately it may be the innovative spirit that gives Bitcoin its edge over the world's banks. I'd rather see it stay that way.

let us accept the fact that the fast evolving technology has great impact in the banking industry. if they will not adapt, they will be left behind. so even if some are against their traditional banking system, they need to think about their clients also. as their customers are influenced by the new technology, they can't stop them from looking at new innovations when it comes to financial options.

Of course, Bitcoin must move forward with its development and the responsibility lies on the Main developers and independent developers that are contributing to the technology development of Bitcoin.  No matter how wanting we are in pushing the development of Bitcoin, we can't do anything since all the decisions depend on the consensus of developers and miners if I am not mistaken.

Instead of worrying, let's take the fast development of the financial institution as positive because it will benefit us somehow.

Banks are seriously changing with more and more of them being operated solely online while trying to reduce fees, makes it easy to open and grant users access to there funds as much as they could. Of course this is very necessary in the monetary system of the world and expected too but there will always be one issue and that is, the issue of accepted currency and the issue of centralization.
When it comes to across borders, even a particular nations recognised currency is not useful not until you change it to the localitys base currency and that remains an advantage for cryptocurrencies.
Another one is the issue of centralization as the CB can just up any delay and make declarations that might have effects on customers funds in various banks.
These are aspects that is seems can't be kicked out in the history of banks and its another limitation fir which cryptocurrency fills in.

Banks are making big plan changes and are getting used to it. As the above user mentioned, some have started to reduce its offline presence and begun to concentrate as an online bank. In the past there used to be controversy on the loss of revenue for the banks due to the transaction taking place in terms of cryptocurrencies. People want the best and makes use of it. The Change continues as the common man have begun to understand the real purpose of bitcoin and have begun to use it against the inflated fiat.

Yes, exactly bank is changing because they know what is needed by their clients so far, due to the development of technology. Banks are now more advanced moreover with some of their online features that really bring easiness, more speed, and also access instantly without going to the bank itself. That is why the bank is always accepted.
However, Bitcoin is different, this is not only a currency for payment, Bitcoin is more than it, and this is also a very valuable asset for investment. Many people can earn money also from trading Bitcoin and also use several other features offered related to Bitcoin. Bitcoin is also developing,moroever related to how they are able to transfer with lower fees by seevral methods like lightening network.

If anything scammers change even faster than banking institutions, and this is because they're always trying to find any vulnerability on their systems from which they can take some advantage, it’s because of this we need to be very careful when we’re about to make any transaction as we don't want to fall victims of those scammers and then be mad about all the money we’ve lost, however for some people this is easier said than done which is why we see scammers getting new victims every single day.

How banks will disrupt Bitcoin? Although there will be massive online banks, we are in a different fundamental.
Banks are centralized, they are engaged with the government. While Bitcoin is decentralized, no one or institution controls it, nor even the government. Holding Bitcoin is purely a freedom way to manage own finances. It is too different from using banks, our finances are managed by them. So, why we must be worried about the bank's innovation?  ???

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

An exchange getting transition to bank will happen, but a bank won't turn to be an exchange. Maybe services can be added according to the users requirement. Already there are a good list of banks using the XRP. Now more stablecoins will make banks more advanced and supportive to cryptocurrency services understanding the need of common people.

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.

In the future, changing times will require everyone to change their attitude, or for those who still think conventionally about the function of banks, they will certainly be displaced by the emergence of the millennial generation that follows the times. therefore the process will continue until finally the time and situation require to change the banking system that can be accessed independently and managed independently, and each is accountable, we will just have to wait for that time to come

Stable coins at this moment in time are the stupidest investment for a USA citizen.

I Bond on April 1 2022 pays 9.62% for six months.

You can buy up to 10k.

every usa citizen can buy up to 10k

a possible total of 3.3 trillion  dollars every year.

Six you can buy any amount buy 1600

apr 1 1600
may 1 1600
june 1 1600
july  1 1600
aug. 1 1600
sept 1 1600

on oct 1 new rate it will be over 8%

this simply creates lots of pressure against all stable coins.

I can do all of this online with a bank account like chase and a treasury account.

posts in under 10 minute not a single cent in fees to do it.

why on earth stake eth or hold a stable coin?

stack the i bonds .
as long as rates are this high all crypto will suffer.

stack the i bonds till rates crash then sell them and buy back into crypto as it heats up.

people are missing this.

It's nonsense, because it's the other way round. Banks are partly doing that as a reaction to bitcoin and cryptocurrencies. It is not the only reason, because adapting to digital has other advantages.

Firstly, it is imposed by the times, society is becoming increasingly digitalised. It also helps them to reduce costs, in terms of staff and offices. And finally, it helps them to reduce the use of cash and its possible disappearance in the future, which makes their mouths water.

Bitcoin has unique properties that a bank will not be able to counter, no matter how much it modernises.

Bitcoin and the banking system of our current time can not be compared, to me, I feel this are two different systems headed towards different directions, but out to solve one problem, and that problem is money.
Bitcoin is the new innovation and has indeed, made a very nice progress.
The banking system trying now to re-innovate by come out with online banking is like pouring an old wine in a new bottle, only those who are new to the system will fall for that trick, bitcoin is making a very nice progress in winning the hearts of the people, it's just a Matter of time.

This is key, even if bitcoin is a great innovation in the field of money many people are simply not going to be able to adapt to it, they're going to see in bitcoin and its inability to chargeback transactions something they don't like, after all this is a safety net for them and if they happen to make a mistake they can always call their bank to help, in bitcoin this isn't possible, if you get hacked or you make a mistake those coins are basically lost, so we'll need a generational change so people aren't as used to those protections and people are able to accept the paradigm shift of being their own banks.

He is not required to make drastic changes. And at all, it will not be able to do this alone due to its decentralized nature.
Developers on the blockchain network can provide a variety of media that facilitate the process of understanding and use and ensure a high degree of protection. There are actually those who are working on this, but most of them are active under a central cover to necessarily achieve personal benefits, and this is what slows down the development process. The opposite of what happens with the banking system that supports many developers working under its command to reach the goals in a shorter time and extend the life of banking services for a longer time .

He just said that both aren't related. I think I'll agree with that but maybe some people can't, just like the people behind banking. They haven't use a btc or properly done a research but they can end up with a conclusion that btc is the biggest rival of them.

It's normal for btc to get an adaption and innovation because they are newer compared to the banks which are already been there ever since, and they already experienced the same thing so they shouldn't be jealous on what btc is going through or achieving lately. For now many banks is more trusted but once btc became really known then that view will change as banks are also involved in some issues.

Crypto currency should take a control over the bank.Crypto currency was adopted by most of the people around the world.So all the people had the crypto currency as like the dollars.So it’s right time to have some adoption of crypto currency by the bank.Unless bank take the control of the crypto currency,the crypto currency take over the bank.

Yes,, maybe nowadays there are a lot of people who are constantly nagging bitcoin and the lack of innovation, it is not easy and to say the truth is not to be expected with bitcoin at this stage. The core team behind this new bank transaction and even VISA/Mastercard are working in the background with other tech companies to integrate their platforms with bitcoin, so when the time comes you may not see or feel it, but bitcoin will be ready for scalability.

It would be great if crypto currencies take a more leading role in the financial service industry. The banking model is outdated and will disappear eventually. I see this my own city where only old people still go to the bank and talk to the employees. Among my friends everybody is using a direct bank that only operates online, it's faster and cheaper. The second most important feature after providing credit and debit cards, is to offer loans. Especially now during economic difficult times the access to loans is very important. Maybe bitcoins could help to offer services in that area. Many HODL investors are looking for ways to earn passive income, this would be a good match for people looking for loans.

We need a generational change, it as simple as that, I have noticed as well that those which are younger do not like to go to the bank and prefer to settle everything online, while those which are older have a preference to do everything on the banks and avoid settling things online or on the phone, but this model is outdated as it is simply too costly to maintain, which is why bitcoin has a huge advantage over traditional banks as it has no need to keep a physical presence anywhere in order to fulfill the needs of those which have decided to adopt bitcoin.

We don't think bitcoin should innovate as fiat currency banks are starting to make some improvements, bitcoin has nothing to do specifically with anything, let alone a form of state run bank. Bitcoin innovation is not done for banking reasons, but the increasing demand for a more open and accepting community of bitcoin. Because people know that bitcoin is the best investment solution.
So there is very little connection between Bitcoin and BANKING, as people associate today.

Of course we want Bitcoin to remain on the cutting edge of modern innovation. However, it does not necessarily stand if we do not have great power. For example, cohesiveness and adoption rates are still more. Marked by activities such as those carried out by countries that have adopted Bitcoin. They started so well that they formed a force where even banks didn't interfere with Bitcoin. Disturbing in terms of individual control over their money. Or maybe in the future, the Bank will also make peace with Bitcoin. It is possible when the younger generation who currently controls technology and innovation emerges from those who know the potential of Bitcoin, they can slip an understanding of how important Bitcoin is in the future.

Banks must immediately improve and adapt to changes, bitcoin and cryptocurrencies users are increasingly active, a bank system that has too many rules will go bankrupt if it cannot accept bitcoin and cryptocurrencies, I believe the impact of cryptocurrencies will be felt and hit banks in 10 years.

Unfortunately for them bitcoin was specifically designed to be exceptionally resistant to any kind of censorship, I will not deny that if bitcoin was banned all over the world its price will go down and the rate of adoption will drop at an amazing speed, but even with all of that I still think the popularity bitcoin will keep growing because it is becoming more and more difficult to hide the fact that the fiat system that is currently in place is showing signals of failure already, and people will do what they can in order to protect themselves, even if at some point that means disobeying the law.

No, the thing is they are not worried.... they have loads of money to hire the best Crypto currency developers in the world to develop new centralized digital currencies for them.

Take for instance a former Bitcoin developer like Mike Hearn that was a senior software engineer at Google... he left Bitcoin and started to work for a enterprise blockchain builder ...R3. (Corda) ....a platform that was developed specifically to be used by Banks and other centralized financial services.  ::)

The monthly fees I receive on bank statements alone are one of the reasons I have never been friendly with banks, they charge you on anything even while you're sleeping with the ridiculous justification that they're helping me protect my money. Banks cannot and will never match the innovation of Bitcoin.

Banks in my country have never been friendly, they charge you for interbank transactions, whereas bitcoin is the same, only varies with the input and output and the type of wallets address and doesn't charge you for other fees, such as SMS alert, ATM use fees, email alert fees, they charge you ₦50 when you receive more than a particular threshold (≥ ₦ 10,000) and they lock your account if they notice you are making large transactions. Now, I want to ask you: If Bitcoin did what these banks do, would it get to where it is today? The government is pleased to see that banks are large organizations that leach on the masses and they are always happy to watch because they are the owners.

Thats correct and no doubt that current market is more focused on the Generation Z. However, in case of bitcoin it was already futuristic innovation when it came into existence. The only obstruction it ever got is government and their way of functioning. If they some how accepts it and let us run the blockchain without any further restricted environment then bitcoin will go brrrr in every ATM after that! Its already advance tech based asset, it has the properties of future money and it's control is in the hands of sole individual (whoever hodls key). Definitely banks are changing the way they work. I dont even know when I last time reached out my bank physically. Even if I want to deposit the cash then I would go to nearby ATM and CDM's and deposit my cash without any human contact or cash slips etc. That's already advance leap for the banks. Soon this will alter it would be simplest instrument to play.

Banks can do this because at heart they are a monopoly, maybe the name of the banks change and the hands that at the end receive the money are different, but make no mistake they are a monopoly, so they can do whatever they want and until recently the only thing that their clients could do was to take it, but now that bitcoin exist and they have competition they are worried, which is why they are moving all their strings so governments around the world ban or at least heavy regulate this market.

People will always assume the very best for bitcoin but the reality is that we shouldn't be really worried about banks, they will always find a way to get involved. If push comes to shove, they will build their own exchanges, all those big banks that love to get your money do things with it? They will find a way to be like a wallet and an exchange at the same time so that you would store your crypto with them as well. What will they do with it?

I do not know but I am sure that they will find a way and not left behind. People put too much emphasis on how decentralized bitcoin is, and forget that we are not decentralized as humans, so we could just give our money to them if they offer good rates and security, which will be risky.

Without a doubt banks will find a way, we must not forget there was a time in which gold was used as the main currency all around the world, and yet the banks found a way to deceive people into using useless pieces of paper they can create as necessary, so they can always do something similar to bitcoin and deceive people again, they cannot deceive us but we cannot say the same about all the people that have not adopted bitcoin yet and which will do it in the future.

Banks are not passive players which will just wait until they are replaced by bitcoin and other projects, they also have the ability to change and they will do it if they feel they have the need to do so, right now despite the growth of bitcoin they are not feeling that pressured because most people still use their services, but you can be sure that if at some point in time they begin to fell the pressure then they will change incredibly fast to adapt to the changing conditions.

Yeah, I think we call them pop up banks or something like that over here. Banks like Monzo, and Starling have started to take over really. Those are solely online, and with an app that has to be downloaded onto your phone, which isn't the best of ideas in my opinion. Call me old fashion, but anything that you access online, and has a decent amount of wealth in it, is a terrible idea.

That's why Bitcoin is so popular. You have the option to manage it however you'd like. Whereas when the older fashioned banks catch on to these new banks, they'll likely move to an entirely online platform too. The digital money era is pretty much on us now.

I just came across this thread, and as I was reading through the various comments, I was considering whether I should respond and/or from what angle to attack the issue - because I have some difficulties with a framework that this is an "inevitability of digital" issue or that "bitcoin is not innovating fast enough" issue or a "decentralized is preferred" issue or even a "crypto currency revolution" issue.

So, in some sense, I don't even know how I want to frame the matter of to attack the matter except to restate some of the obvious in regards to bitcoin having had created a paradigm shifting invention in which people, institutions and goverments can choose to build on it or try to compete with it or can just try to take some detached stance, and bitcoin gives no shits.  

Sure, since 2008/2009 (and maybe even before that) there are already people who are already choosing to build on bitcoin and get involved in bitcoin, and surely the earliest days of bitcoin's being announced in 2008 or going active in early 2009, there were some people who already had been working in various related fields and felt that they could fairly easily identify with it (including the fact that they were in circles in which they actually heard about it and it resonated with them)... there are degrees of resonation for sure, and some people, institutions and governments find ways to work with bitcoin more than others at an earlier time than others, and it seems to me that the more that these actors get involved with bitcoin then the more than they are likely to advantage from such involvement.  

The same is true with banks, and some of them will try to figure out ways to incorporate bitcoin into their business or build upon bitcoin (without overdoing it), and so yeah with Gresham's law value is going to continue to flow into bitcoin, and there are going to be some players (institutions such as bank and otherwise) who are well positioned 4-10 years down the road and some who might be just getting started 40-50 years down the road.. or maybe they dabbled earlier (and somehow still were able to survived) but 40 years later figured out that they need to innovate.. or maybe they got involved with a variety of shitcoins, and realized later that they were not really building on value .. but engaged in serial gambling and somehow (perhaps by miracle) had not totally reckt themselves over the years.

So yeah. there will be degrees of how connected folks incorporate bitcoin into their lives in terms of finances, time and psychology, including the extent to which some participants in this thread sound like they are a wee bit distracted in their keeping on saying "crypto" in their framing of how they believe that banks should consider incorporating bitcoin into their banking services.. as if some members here do not seem to know the difference between bitcoin and shitcoins, and the same is going to continue to be true with the public at large including institutions (such as banks) and governments, and seems to me that those folks who engage in "crypto thinking" are less likely to "make it" or to be focused, but surely some of those shitcoiners (or variants of shitcoiners) will still survive through their gambling and lack of focus, and some of those shitcoiners who fail refuse to build on bitcoin will still be able to make it in some kind of way that they might believe works for them and/or their situation, and some of them will likely try to be overly creative rather than figuring out ways to be prudent and reasonable by focusing and building on bitcoin ... Some will get recked and some will still survive whether they discover bitcoin or not and whether they build on bitcoin or not.  

There are likely going to continue to exist a lot of value systems in the world in which people, institutions and governments are going to be able to build upon, and likely Gresham's law will continue to gravitate the built value upon the soundest of systems and the soundest of foundational monies, which many of us (some of us more than others) already recognize and appreciate to be bitcoin.

It seems to me that there are going to be some people who are more ready, willing and able to take care of larger portions of financial aspects of their lives, and some of the apps are likely to become more and more user-friendly with the passage of time (but there still will likely be ongoing confusion about a lot of these matters), and there are still going to be business that want to provide services to people and I doubt that banks are going to completely disappear in terms of the need to offer various kinds of financial services - whether or not the dollar disappears which surely does seem likely that the dollar will disappear sooner or later, even if that disappearance of the dollar could happen in 5-10 years from now, but it could possibly take 50-100 years for the dollar to disappear.. .

It is not easy to know these kinds of dynamics in regards to the future because even with bitcoin there are human interaction and human preferences at play..

Bitcoin is not completely decentralized and turing complete.. would we even want that?  Are we all bots?  

There are likely going to continue to be human interactions and human preferences that motivate bitcoin's direction, even if bitcoin might be the most decentralized of secure value transmission and storage systems that have existed to date... but even the ongoing security and other features of bitcoin likely require some degree of human interaction and even acceptance of human preferences... even if a decent amount of bitcoin's value seems to come from the difficulties in changing aspects of bitcoin.. but I would think that we would want to be able to change bitcoin if it were clearly and unambiguously determined that bitcoin had started to eat babies, for example (just a hypothetical.. I don't have evil thoughts)... but yeah, some people will try to make things up in regards to what bitcoin is doing that is not true.. so we are likely going to continue to have some of those kinds of value judgments that could end up coopting bitcoin if aspects of bitcoin are able to be changed due to hard and cold facts... or just that people come to believe certain matters to justify changes to bitcoin (I am not even trying to imply that bitcoin is easy to change, but that it can be changed if there were some kind of human preference need rather than just having a robot (ie bitcoin) to tell us what we can do)


I think so too.. I think that there will likely ongoingly be needs for some handholding at various stages in the ways that people interact with financial systems, and whether we call them banks or we call them something else, it is likely that people will be willing to pay for such hand-holding services in regards to some aspects of their financial management.. and surely some people will need more handholding than others at various stages in their lives and also possibly depending on what kinds of financial considerations they might be juggling or be needing to consider (whether they know it or not).

Many banks have realized that the analog era of banking is getting off that is why there are many online banks now that do not have physical branches and they are operating well spending lesser funds to pay staffs and workers.
 Since we are in the cashless policy so we are going to be experiencing digital transactions throughout just like taking some cryptocurrency transactions.

Changing according to the need of the people is a must that needs to be followed. Banks are in its transformation phase. Some even tried to make advancement using blockchain technology. In different ways the change is happening around. Banks have experienced the highest growth over the years. We don't know whether this is out of the changes or happening out of the market situation. At some point soon we can expect majority of the banks to function together with bitcoin.

Bitcoin itself is a technological innovation. Bitcoin is the first application of the underlying technology of the blockchain. It is not too much to say that robbers need to understand hacking techniques in the future.

Yes... hacking is a new business that has been around before bitcoin, and has been becoming increasingly popular and innovative - even though sometimes the hackers do end up getting caught, too.

Regarding your point about bitcoin being "the first application" upon bitcoin (though you used that dumbass term, blockchain), yes, bitcoin is the first application upon bitcoin, but blockchain is largely a nonsensical term, except if we are considering various ways to scam people.. so yes.. I suppose in that way you are correct to suggest that the mere use and conceptualization regarding what is happening around bitcoin to be "blockchain" is a kind of social hack that is likely to be lucrative for generations to come (what is a generation ?  maybe 20 years?).. so yeah.. probably blockchain is going to continue to serve as a lucrative social hack for at least a couple more generations, until people realize that they should be building upon bitcoin.. rather than risking being socially hacked and/or rug pulled.. whether deliberately, or through negligence, greed, dumbness or otherwise..

I've always been trying to find some kind of logical way out of what's going on. And with certainty that people will not stop doing this in a world that controls all its joints by central powers, they will always need a trustworthy party to keep their money, so I advised them that they can to some extent trust some of these services if you live in a system that legalizes the use of crypto And it gives you the right to litigation in the event of any unexpected problems. As for those who work in secret, away from the eyes of the authorities, they are forced to take responsibility for keeping their money.

The unique Bitcoin concept makes Bank worried that the number of users continues to increase, and is proven that at this time the Bitcoin Marketcap continues to increase and many countries have legalized Bitcoin so I'm sure the next 10 years the user will be easier for Bitcoin transactions directly.

Banks are actually not that afraid of the presence of Bitcoin in society because Bitcoin is not an asset or currency that anyone who knows it very well needs to be afraid of. Because the Bank itself can also buy and own Bitcoin as is done by people in general, but in terms of using Bitcoin there are more and more at this time.

The thing that the Bank is most afraid of is the loss of old Bank customers and the lack of interest in saving at the Bank for new customers, so that the Bank has no income from its own customers unless the Bank can create its own money before distributing it to the public.

Bank is a great economic power, we cannot compare marketcap Bitcoin vs Banks, even many banks are a place for money laundering so they keep transactions, they see that bitcoin is not a threat because the many countries that are banned and users are very easily feared because prices can drop significantly because prices can drop significantly because prices can drop significant.

Banks certainly have good resources to always transform, but banks must also be subject to government regulations, when banks try to use blockchain technology and the government does not allow the bank to obey the government, and this is for the good and security of customers.