Bitcoin Forum

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

Bitcoin is right now exploding though it is far from getting into the mainstream of the population just like how the fiat money has penetrated our population. Yes, it is being viewed as an alternative to fiat money that is not subject to the controls and desires of the authorities...that is becoming a driving idea behind Bitcoin.

Will any government print more money just to buy Bitcoin? Well, that can be possible but so far I think nobody has done that maybe because it is not allowed by law in democratic countries like USA you need to get approval for you to use the quantitative easing system and in many dictatorial regime they are viewing Bitcoin still as a threat. There are even countries that though planning to recognize Bitcoin for tax purposes yet they are also dreaming of introducing their own national cryptocurrency...a move away from Bitcoin I would say.

Bitcoin is now moving away from many simplistic ideas that may not really be working in the global marketplace...Bitcoin is supposed to be a more rational currency in digital form as against all the intricacies and insanity connected with our traditional fiats.

They can print fiat to buy Bitcoins, but it would be the ruin of the country's economy... I think no one government will try to do it. I think they will go for another way, by trying to regulate Bitcoin, taking fees over transactions and lowering our individual profit.

If they can take an interesting amount of BTCs over our transactions and ending the pseudo anonymously of Bitcoin will be enough for them. They just want to have control over us, our actions and our money. We need to avoid it.

Bitcoin is uncontrolled currency. No banking can fixes the bitcoin price. It is really based on market. That's what bankers fear of bitcoin. Bitcoin will be a threat to banking industries. Banking needs to adopt blockchain to survive. If not , when the cryptoworld become stronger, I am sure all world economic will be shaken mainly banking and financial industries. Ones who hold strong cryptos like BTC and eth and others will win the game. So, keep your bitcoin or cryptocurrency you hold now. You will see 2025 will be owned by cryptocommunities. And the world will change, bankers not to be rich people but cryptocummunity will replace the position.

I am not a fan of Bankers working on their Blockchain’s and not supporting the whole Bitcoin network. If those Bankers would have supported Bitcoin and Bitcoin’s Blockchain then the price of Bitcoin would be really expensive. I don’t really know what these Bankers are talking about these days, just a bunch of banter.

"Thay are printing fiats to buy bitcoin"?, that is ridiculous. So you are saying they can just print money whenever they want? Do you know that the government pays for the money they are printing? And if they print more money, then the value of they're currency will go down, and they won't like that. And they can't control bitcoin, no one does.

So, do you think if the bank can be printed the money with ridiculous thing such as to buy bitcoin and make a domination for it? That didn't make sense.

They can't be printed the money every time. because it makes the country gets big inflation due to the massive printed of paper money.

that makes the flat rate will drop a lot.

I think at the back end many Banker are buying bitcoin using fiat to have a stakes and then in future has control over bitcoin and crypto currencies. I keep on telling people that the best time to buying bitcoin is now as bitcoin is not even in the bubble yet.

Bitcoin is SHA-256  which was made by the NSA

The thing is that bitcoin cannot be created beyond the limit of 21 million. To incraese the limit a fork must be done first and if a fork is initiated to create that version of bitcoin where there is no maximum amount, then it's not really bitcoin anymore.

If the NSA does have backdoors to our devices, bitcoin can still have security, as long as you do everything offline. It'll be difficult for bitcoin to survive if the NSA does launch an attack of btc but they don't have any reasno to do so at least yet.

And if the government decides to print fiat to buy bitcoin, then the price of bitcoin will rise and holders will benefit.

i am sure that the banker have the power to print fiat but i don't think that they will print more that will be over the plan because if they do this, they only make fiat getting inflasion because there are too many fiat that is available the country and the value of the fiat will be down. if the banker wants to buy bitcoin, i think they can directly buy with their own money in the market exchanges.

If they print the fiat to buy Bitcoins and would try to buy most of BTC the price would skyrocket to such height that they will run out of paper and paint for the newly printed money. In other words, that's impossible to do and they know it. The only thing they can do to survive in the future world is adopting a crypto which will be convenient for them to use, like Ripple for example, but they can never control Bitcoin.

Bullshit, stop giving them so much credit for things they never were involved, SHA-256 is an algorithm which works by mathematics and has nothing

To do with US national security agency, we know US is an advanced and a technological super power giant but this is different, I'd say they are doing

The opposite of  keeping their people fat and safe if they were actually behind Bitcoin and blockchain technology, if you have doubts then either buy

As many as you can afford to or get out before they come for you  8) 8).

Bitcoin is using the internet which was invented by the US army!!!!

so what? you can use SHA-256 to encrypt everything you want, the mathematic is well known.
banks and govs will wait until they're sure in the success of bitcoin, and then will jump on the train.
and it will be too late to ruin it.

Exactly my thoughts. That is baloney to start with. No government will do that "printing fiats to buy bitcoin". If they just print fiats it will cause their money useless in society. No banks can control bitcoin, its decentralized, not even a government. That is why nations now are just embracing it otherwise they banned it. While others put enough regulation on bitcoin only.

Exactly mate they are buying off all the Bitcoins by accumulating slowly but price already increasing because of some smart investors and some

Early adopters refuse to sell them cheap, anyone holding the majority of Bitcoins will simply be the one dictating the markets in the future.

In my believe we shouldn't even sell 1 coin what so ever, we shouldn't even trade it like buying items and goods that has to be done via altcoins.

We should use Bitcoin as an investment network transferring only millions not few bucks now that the code is solid and manipulation is hard.

I just realized how important Bitcoin really is and how could governments take the control? by accumulating the supply.

Nowdays they don't really print fiat, moreover, the real fiat is slowly transforming into debit and credit cards, smart devices with payment functions, etc... physical printed money slowly fades away (in a real long period of time). Countries and governments are 'creating' money via the bank system, they rule the banks via the Loan To Deposit ratio (LTD), which means that if a bank has $100 deposit, it can give out e.g. $130 loans to it's clients. So physically it's only $100 that exists, but the bank can give out $130. The bank has created $30 from nothing. The money exits mostly on bank accounts, so there's no need to print a lot of money nowdays.

If everyone accumulated then it's defeating one of the earliest main purposes of Bitcoin, if not the founding idea of what it was... a p2p digital currency. The more people use it, the better in the long run, no? Otherwise remove all the volume from trading and you have an otherwise useless commodity.

We have many rich bitcoin whales. In fact bitcoin is probably controlled by handful of people who were lucky to be early adopters.
The theory that bitcoin is steered by bankers/government/CIA/NSA can't be debunked because there is no way to prove it.
I don't worry about the fact that someone is controlling huge number of BTC - as long as I know that bitcoin network (coins emission) can't be manipulated.

Ouch. That's complicated. First they can never print paper money (fiat) to grab some bitcoin from the market. If they do this, the fiat money gets worthless.

Bankers can not influence the situation with bitcoin. Bankers can take an unlimited amount of Fiat money, but to have access to bitcoin they can't. Besides who wants to borrow in bitcoins if the price can rise to it. Such a loan can result in bankruptcy.

Well I used to think that there might be an involvement of banks in bitcoins in order to make it go down. As you said the fed can print as much money as they want thus increasing the us debt (which they don't care about at all) and buy bitcoins endlessly. What they could do after a major increase like we see now is just dump all those bitcoins in order to make people scared of losing money. And that is what is happening at the moment. I wouldn't be surprised if there was an involvement of fed in it.

Well duh, that is what's happening for years already. Haven't you ever heard about the inflation of usd? Basically why they're printing money is to bail out the banks and pay the debts that they already have. BUT what's happening is that they go into even deeper debt then and inflate their own currency. It's just fucking ridiculous :D this whole system is gonna fall apart in a few years, you'll see.

What I find interesting though is that ethereum is having a huge pump at the moment. It is most probably going to surpass bitcoin in the upcoming few days and it can be regulated way easier. Could that be the actual plan of the governments and banks? To eliminate the main opposition of bitcoin and then bring up the ethereum? Because I mean it's kinda clear that after eth passes bitcoin in market cap btc will have a huge dump

Yup printing more money causes inflation, i just don't get it why they should print more money to buy bitcoin while printing more money leads to inflation as we can see it's hard for them to controll the inflation and it's kind of like making bitcoin price sky rocket and making their official currency go down. Well they can't controll bitcoin, no one can controll it, instead of controlling bitcoin i think they will banned bitcoin that's the simplest act that they can do.

Currently I doubt if anyone will borrow in bitcoins because if the upward trend but the opposite holds true too, you can also borrow and pay less if Bitcoin prices goes down.

But even if they did that, and got control of all the coins then by definition now those coins will be worthless since no one will be using them to do anything with them and have you seen the amount of altcoins at this moment, if bitcoin disappeared then another coin will take its place in a heartbeat.

Agreed, but both increase and decrease is not that assured to take place at certain time gap. It all happens​in a gradual manner based on the incoming user base and the inflow of investment into it. So bankers doesn't have any role in it to play.

this is really complicated to differentiate between bitcoin and bankers. I think both have a different aspect, bankers are basically involved in the traditional banking and bitcoin is involved with the virtual area, but in the future, bankers also will deal with bitcoin.

Bankers and governments are anti competition.

They would never introduce new ideas, concepts or paradigms in politics, finance or economics.

US bankers and politicians would ban individual US states from passing gay marriage or legalizing marijuana if they could. Their role is preventing innovation and industry advancement in fields ranging from energy to healthcare.

Centralized bankers and politicians are anti-progress. They would never approve a bitcoin ETF or anything that represents innovation or progress in finance which benefits the average person, much less support bitcoin or crypto which they will never approve unless they have control over it in a centralized format.

I think this could be a perfect place for the government and bankers and bitcoin to meet. If those in power don't deny bitcoin, but embrace it (even privately) we all stand a chance of seeing this the project continue to succeed.

The biggest threat that exists to bitcoin is from Government and those outside of government but with great power seeing bitcoin as a threat to their power and money and system. If that happens, they'll start fighting bitcoin. And since they have power and/or control the legislation they can put up a pretty damn good fight.

The reality, for better or worse, is that bankers aren't engaging in bitcoin and the blockchain in the shadows, they're doing so in broad fucking daylight! They're embracing bitcoin as a new asset class and they're embracing blockchain technology as the powerful business efficiency tool it can be!

See this >> http://business.nasdaq.com/marketinsite/2016/Building-on-the-Blockchain.html (http://business.nasdaq.com/marketinsite/2016/Building-on-the-Blockchain.html)

And this >> http://www.reuters.com/article/us-fidelity-bitcoin-idUSKBN18J20P (http://www.reuters.com/article/us-fidelity-bitcoin-idUSKBN18J20P)

And this >> https://www.bostonglobe.com/business/2017/05/23/johnson-talks-bitcoin-her-first-major-speech-fidelity-chairman/HYE8mo5Q5hABggIuD2y5kJ/story.html (https://www.bostonglobe.com/business/2017/05/23/johnson-talks-bitcoin-her-first-major-speech-fidelity-chairman/HYE8mo5Q5hABggIuD2y5kJ/story.html)

Individual bankers may not brag about their bitcoin balance, but neither does anyone on this forum. Obviously the banks are all offer this thing.

Bankers have already tried a lot to destroy bitcoin,but they failed in all of their attempts since bitcoin works on a secured block chain system.Finally,they came forward to adopt block chain system and not bitcoin.They feared that they would loose their revenue from transactions and it has come true now.They would not try to print more currencies and buy bitcoins as it would increase bitcoin price more and it would devalue their currency's value.Bankers would loose their dominance in the market more in future.

i don't think the government is involved in this pump at all, if the government were to actually try to buy, thevalue would be on 100k range already

also what would be the benefit for this? making all other people in the world rich? stupid...

the only think that make sense for any government is regulating bitcoin and makign it a currency like the local fiat, thus they can have more income in taxes

if things will happen it should be for the benefits of many not just by the whales and miners who's controlling the system, lets face it bankers will avoid bitcoin to eat their business alive so instead of destroying they will try competing with btc in the manner that will favor them.

Yeah the risk is simply too high, if bankers borrowed in bitcoin they will be probably forced to charge interest rates which will be very high for the average person in order to try to cover for possible losses due to the changing nature of the price of bitcoin.

Bankers will never work with Bitcoin. After all, banks do not work for the sake of the commission and the difference in rates between the deposit and the loan. They simply issue loans for unsecured obligations. This is a simple financial pyramid

Your post is full of misconceptions, deliberate juggling and outright garbage

Bankers as well as politicians (i.e. governments) are not against progress by any means. They are against losing profits (in case of bankers) and against losing control (in case of governments). If they really were against progress, we would never see payment cards, online transactions, Internet shopping, and whatnot. As an aside, I would in no case equal banning gay marriages and prohibiting marijuana to preventing innovation and hindering industry progress

Bitcoin and bankers are not connected to others and i think that bankers are surely against in bitcoin unless they can control it like the cryptocurrency of Ripple and after that they are all against of decentralization because it means that they have less power or worst they don't have power if there is decentralization so some of the countries, governments, bankers are against in bitcoin that is resulting for bitcoin to get banned.

It's not realistic that someone even considers buying out Bitcoin. It's a common misonception that there's only 21 million Bitcoins, but each Bitcoin can be split into 100 000 000 satoshi, and as someone tries to buy all Bitcoins, the price will go higher and higher, while the mass of available coins will still be staying big enough to ensure that it can be used as a currency. And it won't be hard to change the protocol to allow even more fractions if needed. It's impossible to take over Bitcoin, governments and banks would be just outlawing it if they will decide to fight.

They will never do such a foolish act.If they do so,their currency would suffer from inflation since the value of their currencies would get reduced.Bankers treat bitcoin as their main rival.They have tried their best to destroy bitcoins.But they have failed in all of their attempts.

Bitcoin and banks serve entriely different functions and ideally can benefit from each others continued existence.

Yea, bankers will have to deal with bitcoin in the future but bankers can not change the situation in bitcoins. Bitcoin is anonymous while banks is not, both of them has a different aspect concerning about the volatility in both areas.

But the price wouldn't matter

Since, as has been said, the government can just print any amount of fiat required, and after they have bought enough coins (say, to successfully kill Bitcoin or some other cryptocurrency), they can just take (read confiscate) all this fiat that they purchased these coins with. The bottom line is that we shouldn't consider the folks behind at least major governments as complete idiots. They are most likely able to invent a thousand different ways to stop Bitcoin (and other cryptocurrencies as well) if they see it as a threat to their financial dominance

This is correct. There is a law for that and the UN will be smoking in anger when they printed out too many fiat.
That is one more good thing about it.
Maybe this is also the reason they cant just control this coin.
Sure they can use the multi-millionaire people to be the face as a buyer but still they cant hold enough.
If they do then there will be shortage in fiat which means another problem for one country.
They want people to spend to heighten the tax they get. So if every money is stucked in the bitcoin field then what are they supposed to use.

I am not sure whether your comparison matches with reality,either way i am not a supporter of both these acts by US and what your doubt is that why is the US not taking extreme measures to stop the usage of bitcoin,well the answer is simple,the technology behind it is superior and you have to accept technological changes.

No, bitcoin is trying to provide the functionality which are being offered by banks so far and under some totally different circumstances. In near future you cannot expect these both to exist. More probably, banks may get vanished as bitcoin's concepts are ensuring more power to individual rather than just depending on government or simply banks.

That's very unlikely (and still less in the near future)

Banks are required to process fiat payments, and they will exist as long as there is fiat still around. And I'd rather say that it is Bitcoin which is going to vanish sooner. And it may happen not in some abstract "near" future but in the nearest future when Bitcoin gets split into several conflicting and competing chains. Aside from that, Bitcoin simply can't scale up to replace fiat in any meaningful degree, at least, now. Things may change in some distant future but it should first survive the future which I just mentioned (i.e. the coming chain split)

And the technology of bitcoin (blockchain) will be useful for banks to improve their service in the near future. They need to improve, because in 2018 PSD2 will force them to share some of their data with fintech companies. Fintech companies are good in  specialized part of the banking sector (e.g. instant payment, small payments, parking fees, etc.). If PSD2 will come into force, fintech companies can start the development of their systems based on existing financial data and they don't need to gather data thru their app from a limited source.

While it's tempting to see bankers and banking/finance industry as complete idiots, they're anything but. Those right at the top, the ones in power, they're the ones able to pull strings and stay out of the limelight at the same time. If they can benefit from Bitcoin, they will. If they can't, they'll do what they can to stop it.

And it won't be in ways we can imagine.

They're definitely not idiots.  They're just on the advantageous side of a corrupt system at the cost of others.  Farmers feed people, but many farmers aren't rich.  Bankers get a high frequency trading algorithm, helps no one in the world, and they're rich.   :-[

Bitcoin so far is moving like a sky rocket going to thw moon. The price value was getting higher because of the
demand of the users also by the investors who is now investing into bitcoin so no wonder why its happenning. moreover lots of crypto altcoins also increasing of I am talking about the legit altcoins in the market.

Bitcoins itself is not controlled or monitored by anyone so anyone and everyone can make a way into it wether its illegal or legal,bitcoins and bankers somewhat shares a same attitude and work of storing but just intwo different ways of money

I'm not really concerned about them controlling it because the divisiveness of the community is something the government wouldn't be doing and they'd just be marching in a mostly-unified direction instead of drawing everything out like they have been. They can print the money but that's a lot of money to be printing if they're intent on buying out Bitcoin. Very unlikely.

They have nothing to go after though. There is no person they can assassinate, no country to invade, no company executive to arrest. That's probably why they haven't gone and attacked anything yet. That's the only reason I can think of, anyways. Not sure why they aren't being more aggressive with it but Congress did pass that one bill allowing for the government to seize accounts. Maybe that's something that they're going to exploit.

Hello and welcome to crypto world, I will answer some of your questions and correct some of your thoughts, I highlighted all I will answer. First of all, no one can fully control bitcoin behind the scenes because even if they control the price temporarily bankers,government or some group of elites cannot control bitcoin forever. Also, they cannot print fiat money to buy bitcoins because it will cause deflation to their own currency and they would not want that. Lastly, they are not stopping bitcoin right now maybe because they still not see it as a threat to the current fiat currency they have now, and some country adopts it. I might be wrong but this is my thoughts.

Well I'm new here too but in our country ( Philippines ) , I've heard this news :
According to our sentral bank : Added National Bookstore, Mercury Drug, Kultura, Kashieca, Human, Green Pastures, Fully Booked and Enderun Colleges for the Gift Certificates section in the Marketplace and will be adding a few more before enabling the payment system.
So what is this all about? This allows Pesobit users to buy Gift certificates for these big merchants in exchange of their Pesobits. It may not be useful to International holders but for Overseas Filipino Workers or regular Pesobit holders here in the Philippines, this can be put into good use. Overseas workers now know that if they want to pay for the tuition fee or medical products of their family members they will have an assurance that their money will be spent to what the merchant they intended it to be used. Sending money will cause more than the actual buying of these Gift Certificates via Pesobit. The goal is to provide more and more usage for Pesobit holders and ECommerce is one that can drive usage.
Well this is a huge step because the government ( our government is open in regulating cryptocurrencies ). My opinion is that BTC is not such a threat because government can make cryptocurrencies too ( there are amazing guys who work on the government as well) and launch an alternative to fiat and co exixst with BTC just like PHP co-existing with dollars.

So..........you could store coins in your Bitcoin wallet, something that can be done at a bank, but that is the same function as a wallet, thus why they are called wallets in Bitcoin, not banks.  A bank provides a secure storage, that is what the online wallet are doing, not Bitcoin.  A personal Bitcoin wallet has to be keep safe by the user.

What banking functions is Bitcoin trying to accomplish exactly?  Banks, in themselves do no more than store funds, with a possible interest rate, and provide loans.  All other functions that one may be performing at a bank building are actually the function of third party services, like the ACH.  In fact, most of the margin providing the credit lines and loans is backed and processed by the alternate houses since the faster internet speeds and networking protocols.

Because they don't care too much. They don't about Crypto as much as they did about Ghadaffi / Saddam because the latter posed a bigger threat to the world economy as a whole.

If you are a bitcoin user then you don't need banks anymore because banks is not that profitable to put our money and it is not safe to put or give trust to them to control our money because unlike in bitcoin that we have the private keys and full control but in bank it is not that same and banks is just giving the half of access and they can freeze your account anytime they want because they have the control on their behalf.

That is obvious man, our money is not volatile that it changes price when we put it in a bank, we put it in a bank so it will be stored and be used by us in the future, it is their job. Having a bitcoin, we don't need banks, we need to have skills, maybe use it to trade or invest. Government will never control this digital currency, and also I think they gave up on that because they are just legalizing bitcoin to their country.

There is no way for them to directly control the actual bitcoin framework.

Decentralization basically makes it impossible for them to do so and this is a part of the reason why they absolutely despise bitcoin, even though its technology should be embraced by everyone in my opinion(the government obviously have a conflict of interest in this case, if people use bitcoin then they aren't going to use fiat because bitcoin is genuinely better, and will lead to capital flowing into btc, crashing fiat, governments don't want that to happen.

I wouldn't be surprised at all if in the future, the government started to give out jail sentences for those who hold btc. However this is extremely hard to enforce, and almost impossible to check. Bitcoin does have identifiers that you have browse publicly, but linking these numbers to a name is extremely hard, if not impossible if someone uses all the functionality that bitcoin offers to its fully extent(running a full node, etc.). And if the government does decide to crack down on bitcoin holders, i think that more people would actually start using bitcoin, out of curiosity, much like how religions are at its strongest when a government is trying to restrict it.

If they do print more money they would just bump up the price of bitcoin even more - now this does seem completely illogical for me if they wanted to shut down the entire bitcoin system, because they are just devaluing their own currency against bitcoin! Not only will this benefit the bitcoin users, it'll also mean that a lot of taxpayers are paynig the government to buy into... Well, an investment that they don't even particularly like...

The NSA backdoors is really something that should concern every one of us. The Wannacry virus apparently was because of an NSA backdoor and they have apparently ordered intel to install CPU within the CPU so that they can monitor our data whenever we go. this is truly scary, if it turned out to be true. I believe that it is extremely likely, and this is the reason why people should keep their bitcoin private keys completely offline, don't even print it out, write it down with a pen. It might seem redundant but you never know what will happen.

Just realize dude, You will never cashout your bitcoin without use the bank service. Bitcoin still pegged with the banker's service. To make the bitcoin will be available for the real usage. I mean our real life. That's my point.

Now to create a Bank which will give out loans in bitcoins is impossible. What idiot would agree to take out a loan in bitcoins? If the price keeps going up then you will never be able to repay. The Bank will also go bankrupt.

Its good to assume what you have there but the logic behind it is what I am trying to understand because its only the central banks that have the legal backing to print currencies with a lot of regulations and scrutiny on how the amount printed is eventually utilised couple with the adverse economic effect its going to have on the economy when there is excess liquidity in the economy. Aside that, it will mean the government is just trying to make some people rich and these people are random set of people because by buying massive as you alluded means they are pushing the price so high that people they buy from get to be super rich any time soon.

You forget to mention one important thing that banks are doing

That is, they are working pretty much like Bitcoin miners, though it is not just about processing payments and confirming transactions. Banks like miners are creating money, the former are creating fiat, while the latter bitcoins. I don't think that this function can be outsourced to some third party services since outsourcing this function would mean essentially transforming such a third party into a fiat bank or Bitcoin miner

Neither bitcoins or banks are anonymous, banks will require lots of information before they even allow you to even open an account, in bitcoin this is not the case but every single transaction is there for everyone to see, in the other hand banks only allow yourself and the authorities to see your transactions.

You can't just print fiats if you want to. Printing a lot would really put the entire currency circulating in a particular country into chaos and it is by the law. Those very rich people really doesn't show much enthusiasm regarding Bitcoin since they are very rich they don't really need the help of it to sustain themselves nor have time to get to know with Bitcoin.

But if Bitcoin would grow even more and gain a lot of momentum for them to pick an interest in it then they will think twice and might as well accept it as a payment.

There's nothing much with Bankers really.

They're not very much like Bitcoin miners, particularly.  Banks just create fiat money, while miners are rewarded with Bitcoin for providing a service to the network.  Banks serve little purpose except for being leeches.

But the bitcoin will need the bank to make a gate for the fiat to get into the bitcoin. I think all of the bitcoin users are need bank to do that. The verification of your id to prevent the money laundering and criminalities.
Every bank around the world will do that.

The banking system has already outlived itself. The time will come and it will collapse. And this is normal development of events. We have already found an alternative that will replace banks. And this alternative is bitcoin

This is no more than your massively biased opinion

And there can be other opinions, less biased and more plausible. For example, I don't consider the current generation of miners as something very useful to Bitcoin. To me, they are a lot more nefarious than banks. There are thousands of banks out there, and there is real competition between them unlike Bitcoin mining where we have half a dozen major miners and insanely high fees as well as incredibly long confirmation times as a result of heavy monopolization of this market. Now try to persuade me (or anyone, for that matter) that the service they provide to the network is the best there can be

i don't think that bitcoin need the bank because if there are any bank for bitcoin, then i am sure the bank will need us to fill our personal information and its not the main purpose from bitcoin. i think if the bank can integrate with bitcoin then it maybe would be good to see that when we are trying to exchange from bitcoin into fiat, we don't need to waiting too long and the amount of money can directly receive in our bank account.

Bank is not the only one that asks about personal information. What about exchangers, you have to give your data and still everyone uses them. I think is not the main point of Bitcoin bank like it's not centralization. I think Bitcoin bank could move Bitcoin related services to another level without bad influence on Bitcoin.

Hopefully not. Also wouldn't printing more money to buy bitcoins is counterproductive? The more money you print the lower each note's value is. Anyone remember Zimbabwe's 1,000,000,000 note? Now they're just using dollar because all the money they printed is useless that people just use them to light up stuff.

This is not set in stone

After the 2007-2008 subprime mortgage crisis the Fed had been running three rounds of what has become known as "quantitative easing". Basically, they just printed dollars in insane amounts (Helicopter Ben and his airplane money), but this didn't boost the inflation rates in the US. How come? Because all this newly printed money didn't enter the real sector and went directly to financial markets inflating stock indices and whatnot. So if government decides to buy up bitcoins, it is only the price of bitcoins which will rise. They will find the way how to prevent the dollars paid for the bitcoins to enter real world and inflate prices

I do not find any necessity of having bitcoin bank as we are already dealing with bitcoin comfortably just with wallets hence there will be no need of having any centralized authority for our bitcoin related stuff.

If you will be needing some bank for the purpose of buying and selling bitcoins, that does not mean you are in need of bitcoin bank. Bitcoin bank must be completely different like it will be in forcing us back to go from decentralisation into centralization.

I think that in near future, banks will understand how much potential bitcoin have, if they did not already. So after than it will not take long time when banks will start dealing with bitcoin directly. Electronic currency is future, there are so many advantage than with fiat. But as banks always do, they will deal with everything their own way and for their gain only.

Despite a lot of talk about the fact that Bitcoin destroy the banking system, And yet I'm sure that Bitcoin and banks will cooperate well and the reality of the financial system will only become stronger thanks to such cooperation.

If the banks will not have any idea to stop bitcoin from conquering people then bankers will just cooperate with bitcoin and it will just do the same thing like other people which is adopt bitcoin as a currency and enable people to deposit money in their banks with bitcoin and that is the scenario that i see in the future because bitcoin is unstoppable and it is like, you will adopt it or you will adopt it kind of option ;D.

Bitcoin will not be controlled or get hack by the Government or NSA  they would need a huge amount of hash power to do that to be able to change bitcoin's algorithm to do that they would had to conduct a 51% network attack. Bitcoin has already destroyed the banking system many people has started to get interested cause of it's decentralized monetary system that is free from oppression, exploitation and tyranny. The bitcoin price price will soar up even more as many institutional investors are getting involve in it and soon the government's monetary system might need to change their rules or else get destroyed by bitcoin.

Banks are interested in bitcoin. But banks need to be careful, because the basics of the banking system is the trust, banks have. People trust the banks, this is why they put their money into bank accounts and they belive that banks can pay their money back if they need it to spend. So banks need to preserve the gained trust, because without trust the can just finish their business.
And in connection with bictoin, as long as in the Average Joe's mind bitcoin means the currency of the maffia and the terrorists (remember WannaCry?), banks just can't fully adopt bitcoin, because of the negative effect on their trust. It's a long way still...   

It's also this new type of financial network that enables transactions to happen right on the Internet. There's no guarantee that the cost of a bitcoin increases or drop, it keeps depending on the community, as opposed to the technology. For instance, what if an organization or individual decided to begin their own model of bitcoin, it means uncertainty will follow always regardless of how big it will grow in future.

As bitcoin becomes more accepted as a currency around the world then the need to convert your bitcoin to fiat using a bank account will diminish also you can convert your bitcoin to fiat without the use of a bank account by exchanging bitcoin for cash in a face to face trade.

I really don't think that the whole "banking system" is just behind bitcoin.

Why? Because they have all responded negatively to bitcoin. If they create something, then obviously there should be some sort of motive, right? What is the motive for them to create bitcoin, then they are earning hundreds of millions of dollars by having a centralized banking system? It really does not make sense for me.

And no, they are stopping people from using bitcoin. China's central bank hates BTC, banks are freezing bitcoin related accounts every single week. Government is tracking down people doing p2p trades. So it's really unlikely that it is what you say.

Right now we haven't got more of the direct bitcoin acceptance. As stated soon we'll have the increased acceptance in stores as well on our needs. This will surely decrease the usage of banks, because now most of the bitcoin users convert the bitcoin to fiat just because they don't get the chance of using it around their locality.

One thing i have to defer here is that even if bitcoin is accepted world wide then there wont be any decrease in the usage of banks because you need both fiat currency and bank to invest in bitcoin or any alt coin,so they will co exist in the future and it will be like that in the future.I am not sure i am able to reply to what OP is trying to tell here. ;)

Yes that is right, and i agree. For now and in near future people will need banks for exchanging bitcoin to fiat currency, and i guess nothing more. Because of fluctuation who sane would take credit from bank in bitcoin :D . But why i say in near future, well we all know how bitcoin works, and for paying and dealing with bitcoin in day to day life we do not need banks. But still, some people will need banks for safe keeping their bitcoins.

In fact, it makes perfect sense to take a Bitcoin loan from a bank

It is the bank who is to suffer most from Bitcoin volatility, not the borrower. For example, if you take 1,000 bitcoins and then sell half of this amount for dollars. Let's assume that Bitcoin rises a few times after that. Now you can safely default on your loan (I don't say that you should since I just follow the logic of the bank), forfeit your collateral (whatever it might be), and then buy what you forfeited with now expensive bitcoins and still have some bitcoins left in your pockets (plus dollars that you sold half of your bitcoins for). If Bitcoin goes down dramatically, it's not a big deal either. You just buy back the inexpensive coins with the dollars and return them to the bank (plus any interest accrued)

Yes we have both advantage and disadvantage for this method. According to you if the price drops it is an advantage for us to buy more coins and return to the bank. If the price increase then it is an advantage for banks they will get more income. The only solution for this problem is first the bitcoin price will be stable at one rate like our fiat currency. Once it's done, then we can do this business or else it is impossible.

It is impossible for bitcoin to get stabilize because the price of bitcoin is just depending to the demand of the people in the market and it is also decentralized so it is not controllable and the only thing that we can do to it is just to get used to it. The fluctuations for the price is just normal and it is an advantage for us because that is how we are making money and if the volatility will be gone then bitcoin will just be boring.

This is not quite so

If Bitcoin price rises significantly (say, a few times), the borrower will be incentivized to default on his loan. Banks can't take from him more than what he has provided as a collateral, so if the price rises, the borrower will just leave to the bank his collateral. He can buy with his loan what he has forfeited as collateral and still have some bitcoins on hand from the loan. In this way, banks are risking a lot more than borrowers, and that's why we likely won't see Bitcoin loans in the near future (or ever)

Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.

Bitcoin is decentralized that is the biggest defense, all of those examples you give were centralized, there was a single point of failure, the leader, there is no such a thing with bitcoin, who is the leader, the miners, the developers, the truth is, there is no one to fulfill that position.

If bitcoin is accepted by bank in a future then both will be exist like this. For example if you take your bitcoins in the bank account. Your bitcoin price is also going to be high and also according to price you are getting interest rate. So this is best way if bank accept the bitcoin both will be going very well.

How the bank will be going well for example if bank. If there are a lot of money is coming to bank by people as the price increasing of bitcoin like that bank will giving loans to people and take a reserve rate to Central bank.

They do work well together and bring benefits not only to us users and those who hate banks but also to the banks themselves.

If they do that you can be sure they are going to create their own version of bitcoin they can create at will, so just forget about that possibility, they will try to create those currencies in order to fool people and I’m sure many are going to fall for it, thinking they are going to get the best of both worlds and at some point they are going to get burned by their decision.

I think bitcoin does not need a bank for storage. Bitcoin is a digital currency that is anonymous. So it is hard to find and track. Bitoin only in store in online or offline wallet not in bank

Few banks in different countries have started their entire services through bitcoin. One among them recently got implemented in Austria and this will count in the years to come, because most of the banking sectors have invested into bitcoin indirectly and the open usage begins when people accept it in a large scale than the present.

Govs possibly could do that or already did, but we don't know. All this time, when USA seized bitcoin but then auctioned it.
So, govs may not interested into cryptocurrency as it's not official and so volatile, furthermore it worth just small portion (value) compare to fiat currency obviously. 


Yes, but it can't be done without parliament/legislative assembly/congress approval/agreement.


Why government want to stop bitcoin as it won't harm the state? Bitcoin already give many benefits for citizens and economics, provide many opportunities to make another source of income and profits.

Those who hate the banks. There are a lot of people who see banks as just a greedy service for the government not for the people.
But still there are those who are being fooled by the things they say which are so good to be true.
Hate banks they are all just profiting for their own using the people money.

Better invest on your own and bitcoin is offering that now. You could also pick gold but the government might also interfere if you got tons of it. Not wih bitcoin though.

Well, in my country everyday have news talking about cryptocurrency and in next time, the national bank can use crypto as a digital cash for pay wage and saving in Bank. I hope a day I can use Bitcoin buy any things and not need use Visa or real money ;D

You All Speak Correctly And even plan to use only digital currency, so really the prospects are very huge. But only you do not take into account the moment that after legalization of the crypto currency, all users will have to pay taxes. And this seems to me the very first problem.

Bankers already see bitcoin as their rival.They already feared that bitcoin would cause them to lose their revenues which they got from transactions.Today,it has come true.Bankers tried their best to destroy bitcoins in its early stage itself.but despite all of their efforts,bitcoin successfully overcome all such obstacles and has survived.

Financial institutes are already working on own cryptocurrencies. They and governments will profit from bitcoin technology and replace traditional money.

Revenues on transactions are peanuts compared to revenues on credit card and other loans with relatively large interest rates.
Problem is the transaction itself, if the customer start to send his/her incomes to a 3rd party financial provider, they (banks) will lose the opportunity and the benefit of the financial data and history.
If you have income and you actively use your bank account, bank can review your activity per month (paying bills, paying for dairy products, food, clothes, etc) and bank can decide if it wants to offer you specialized service (credit card, insurance, etc.) which generates the higher income. If there's no data to rely on, every offer will be only a shot in the dark, and it costs money, and it's really unefficient.
Banks needs to involve themselves into crypto world, or at least try to do it, otherwise the will quickly lose a part of their customers. (EEA has a few banks already in the team).

How will this work exactly? For example, Bank of America just filed for several more blockchain-related patents. But what use, really, are blockchains without decentralization? The banking system (and control over the money supply) is necessarily centralized, so it seems like much more efficient systems could be used for value storage and transfer than blockchains from the perspective of the banking industry.

I do think that major investment institutions and hedge funds have been entering the Bitcoin space for a while, though, and will continue down this path.

i think one day bitcoin get under government control as well banks

I want to say that it is Bitcoin will disappear sooner. And it can happen not in some future "near" abstracts but in the near future when Bitcoin is split into several strings of conflict and competition. Agree to take out a loan in bitcoins? If prices continue to rise, you will never be able to repay. All users will pay tax.

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Bankers cant do anything to stop crypto, if they will go against bitcoin they will see some big accounts mooving their funds to another bank, soo the banks will loose capital. I know crypto is still with a low people over it but there are already good ammounts invested and being exchanged all days, soo unless the bank doesnt wanna to collect the tax for the transactions they will end loose costumers into this fight.

Though crypto currencies are becoming more and more popular they will not create immediate threat to banking industry. Crypto currencies like bitcoin will get more and more acceptance in developed countries as infrastructure like internet, computers, mobile applications are well established. But developing countries are far away from such infrastructures, there banks plays a very important role in peoples day to day economic activities. In developing countries most of the banks are controlled and supported by the governments. But banks need to change their mode of operations in future, otherwise they will not survive against such digital currencies.

As to me, you are making contradictory claims

At first you say that in developing countries there is no infrastructure required for crypto (like Internet, computers, and mobile applications), and then you proceed to claim that in these countries banks play "a very important role in people's day to day economic activities". I guess you can't have it both ways since cryptocurrencies in fact require less "infrastructure" to transact than fiat with its complex banking system. And real life confirms exactly that. Venezuala is by no means a developed country but people there seem to be using Bitcoin quite successfully

Enjoy the fraction of bitcoin you have. I don't think the way to end bitcoin journey is by buying it off or by printing enough fiat. First of all, before a country would print more than fiat needed in a fiscal year, it has to go through approval by legislation and one of the consideration that will be looked at in legislation is the effect of more than enough fiat in circulation which one of them is inflation and this won't be good for that country.

However, for me , the way to put a stop to bitcoin is by legislation, making it a death penalty, I'm just thinking though.

If they print money to get bitcoin then they are only going to help bitcoin, bitcoin  becomes more valuable, more people begin to notice it and get on board of bitcoin, this could create a snowball that they could not stop so I think that is why they are not buying bitcoin right now.

Bitcoin and bankers do not go together that is for certain. Bankers are the reason Bitcoin came out. Quantitative easing just won't cut it anymore and it was never a good solution to begin with in the first place.

Bankers are jealous from the progress bitcoin make and all this is because people are taking money out from banks and are investing in bitcoin because here they see huge margin of profits and bankers are giving statements against bitcoin to defame but bitcoin is not effected by such statements, bankers should start accepting bitcoins because world will switch to bitcoin and nobody will care for flat.

Bankers and bitcoins are totally opposite to one another. but according to me bitcoin is more profitable to people than bank due to which the familiarity of bitcoin is increasing very quickly day by day while the familiarity  rate of bank is not decreasing but stop at the fix rate. Due to familiarity of bitcoins most countries will be try in future to make bitcoin there national currency.

You do have a point also but, as to think that they are totally opposite i am particularly agree with it, the reason is that, bankers or banks asks so many requirements before you can open accounts or even start earning you need to undergo so many processes, unlike bitcoin, as long as you have internet connection, gadgets that can help you, and your own perseverance you can actually earn.

By operating bitcoin in bank account it is not needed big information to furnished with the banker. If it is been implemented bitcoin payment option will be consider as online payment method only.
If you get interest for the amount you put in bank means that is also good for you right.

Sure! Bitcoin is a threat to the bank but I do not see banks being a threat to bitcoin. Eventually bank operations will dwindle and most of the staff will start loosing their jobs anyway as no one will bother much about them. However, there is nothing they can do to ever halt the growth of bitcoin and it is obvious that even a powerful country like china could not.

Banks are threat to bitcoin also, if the banks will realize that they are getting some decrease on the amount of user on their banks then  they will tell it to the government for sure and the government will study it and if they found out that the banks are getting in danger then they will make a move to regulate the bitcoin by launching a law.

the bankers will get loss only if they will be against bitcoin and will not accept bitcoin while in the case if they will accept bitcoin and will start their regulations for the sake of bitcoin and will issue their own wallets then it will be very beneficial for all of the banks and they will be then able to earn a very high amount of income from their services for bitcoin

That sounds amazing. In my country, our banking system has not integrated cryptocurrency and blockchain technology yet. There is legal recognition for bitcoin however it is not yet adopted in my country's financial system. I think that we are far from adopting bitcoin as a digital system. It would still be problematic to use bitcoin as a pay for wages or have it saved in the bank. However, bitcoin's popularity among the banks have been growing - as of now I can cash out my bitcoins through some banks.

Bankers are really threatened from the popularity of bitcoin and the way bitcoin is giving profit to the people the banks will be empty soon and think banks should start accepting bitcoins so that they can continue to the future otherwise use of bank is now at end as more people will know about it they will flop the banking system and will switch to bitcoin.

So true! Bankers are the reason behind the satoshi gospel. We have been stolen from, ripped and manipulated as the banks and governments kept working together to make things just get worst for the citizens with huge inflations everywhere. This is the reason why citizens of hyper inflated countries such as venezuela, zimbabweetc are already finding peace with using bitcoin instead.

If they are working on own cryptocurrencies, that will not necessarily make them to be earning anything as it still balls down on the citizens accepting it. India as I heard is already trying this out and will most definitely not stop Indians from sticking with bitcoins.

However, anything that comes from government will most definitely be centralized and that does not change going back to using fiats except for the cost of printing money by the government. Fiat cannot even be replaced for now, and anything else from the government will be as good as dead.

Both would benefit. Banking will still be the medium of exchanging bitcoins. People will still save there money in the bank but as to investments, people may choose bitcoin. It will always be safe in the bank as it has insurance to your money. Bitcoin may somehow affect the banking industry but I guess each of them has its own role. The bank can grow there money through bitcoin. On the other hand, bitcoin maybe more reliable through the banks.

If you have read a bit about bitcoin, you will know that bitcoin is a decentralized currency and that means it cannot be controlled by anyone, including the government. It doesn’t mean they cannot find a way to benefit from it via tax, or probably controlling the exchanges which still balls done to the taxes anyway, but that is all it is. No one can control it.

For bankers, the main margin is with the transaction, and for the state control over the issue of money. Therefore, these institutions will make every effort to discretize the blokchain and crypto-currency or try to re-capitalize it under phiatic funds in every possible way. This is a fight for survival.

In my opinion, bitcoins and banks will coexist.

The popular belief that bitcoin will make banks go away, is flawed. Because if you see, bitcoin is only a currency just like dollars or yen.

Banks use currency to take deposits and lend to other people. Makinng a profit in the provess.

So once bitcoin is legalised in a country, it will be treated as a currency and banks can offer bitcoin accounts where poeple can save and spend their btc using the bank accounts.

You mean that banks will offer people bitcoin accounts, they (banks) will handle the private keys and people will be happy to use those accounts to manage bitcoin transactions? Why would they do this, if thy can do it now on their mobile app? Maybe, to store a large amount of bitcoin they will use banks, but only if bitcoin will be fully legalized in the country. Banks will change but not because of bitcoin, but because of digitalization.

I don't think that there would be much point in banks handling bitcoin accounts but perhaps it'd be interesting to see banks offering a service similar to the one Uphold offers. Uphold kind of feels like a bank. The innovative feature of the platform is that you can "freeze" the value of a cryptocurrency in FIAT (or vice versa) at a certain point in time and still get to cash out in crypto or FIAT either way. They exchange rates and commission aren't the best but a real bank could do better and it'd be interesting to see.

I think you are going a bit far in conspiracy theories here. I don't think banks are printing money to buy bitcoins. They already have their scheme, and bitcoin is actually a threat to them. Even if they bought tons of bitcoins, they would of course be rich, but their control and power would end. They are already rich, what they want to perpetuate is their power, not money.
Right now the world is watching bitcoins, and seeing how they work. China tried a ban, but they just sent bitcoin underground, and that will be worst for them. Japan is doing a much better job, trying to keep some control with regulation. I think this is the right way to go, and if countries succeed at this, bitcoin and fiat will exist in parallel.

The recent dump was occurred just because of the rumors that were being spread by the bankers who are jealous from the popularity of bitcoin and bitcoin is real threat to the business of banks and bankers are worried what they will do if world will switch to the bitcoin so suggestion to them is accept the reality and upgrade their system to accept bitcoin as well.

Exactly, most of the time people think of bitcoin as a currency, but this is a mistake, this is why one of the most famous saying about bitcoin is that allows you to be your own bank, and that is accurate, with bitcoin we do not need banks anymore, that does not mean they are going to disappear completely but to many people those institutions are going to become obsolete.