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Title: Bitcoin & Banks Post by: den50 on December 30, 2018, 02:31:50 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?
Title: Re: Bitcoin & Banks Post by: OmegaStarScream on December 30, 2018, 03:16:12 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.
Title: Re: Bitcoin & Banks Post by: dothebeats on December 30, 2018, 04:09:44 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. I agree with Ripple since they're pretty much a bank handing out tokens and advertising themselves as a cryptocurrency. There literally wouldn't be any major difference should bitcoin be present in today's banks, just a different way of handling and interest rates on borrowing etc. Also, I don't see banks employing the use of bitcoins in their systems and services knowing the technicalities involved in handling such. Perhaps there'd be a separate entity for that, or a subsidiary of commercial banks that we know, but they'd never integrate it together with fiat services IMO. Title: Re: Bitcoin & Banks Post by: mu_enrico on December 30, 2018, 04:43:14 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. I think it is closer to stablecoins instead of XRP. XRP is backed by nothing, meanwhile, the bank account balance is backed with users' money (deposit), similar to stablecoins.**Assumed the third party won't run away with users' money. Title: Re: Bitcoin & Banks Post by: jimskiy on December 30, 2018, 05:04:11 PM Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank.
Title: Re: Bitcoin & Banks Post by: khalidxpert on December 30, 2018, 05:07:47 PM Ripple is centerlized coin they can pump and dump any time is not it so risky? Experts please explain
Title: Re: Bitcoin & Banks Post by: mweezy on December 30, 2018, 05:14:47 PM Quote from: den50 ,,=topic=5091204.msg48967553#msg48967553 date=1546180310 If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? You are some how right, but it will be a every difficult task to accomplished because they have difference operation mood decentralized and centralized so in other to this there will be a need to publish paper bitcoin for bank transaction purpose.Title: Re: Bitcoin & Banks Post by: liuqi on December 30, 2018, 05:31:40 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. Ripple is a banking sector project and it is centralized platform, so it is perfectly matching for Banks But Bitcoin is completely decentralized platform and Bitcoin is totally against in Ripple platform so Bank and Bitcoin is not fitted at anytime.Title: Re: Bitcoin & Banks Post by: BitcoinGirl.Club on December 30, 2018, 06:33:32 PM I think Ripple fits the description. Ripple is the perfect example OP is looking for.Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank. I don't think bank will ever want bitcoin to take its place. If they start supporting bitcoin then today or tomorrow they will be out of business. They would not let it happen. They will do everything to stop bitcoin which they are already doing. Take XRP as an example. They are misleading people saying it's a cryptocurrency where it's a centralised coin.Title: Re: Bitcoin & Banks Post by: satosibtc1000 on December 30, 2018, 06:46:17 PM As far as I know, the bitcoin Protocol cannot be changed. Perhaps it can be improved, but the Bank will not be able to do it. Only the developer. Sorry if I'm wrong, but I think banks don't need bitcoin, just like bitcoins don't need banks.
Title: Re: Bitcoin & Banks Post by: kryptqnick on December 30, 2018, 06:58:18 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays. When and if the market stabilized in general and price fluctuations become less serious, nothing prevents some bank from buying a reserve of bitcoins, letting people buy, sell, exchange and hold this crypto on their bank account. Most of the banks are not in control of the fiat they are dealing with anyway. They just trust the regulator that the currency will be stable. If the market developed a good self-regulating mechanism, they could actually go for crypto adoption to attract more users.Title: Re: Bitcoin & Banks Post by: c_atlas on December 30, 2018, 07:03:01 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? It wouldn't be open, borderless, censorship-resistant, etc. Banks like the fact that bitcoin and similar protocols take settlement time down from days/weeks to minutes/seconds. Bitcoin also removes a lot of the systemic risk that is baked into ordinary transactions, like counter-party risk. But they're still banks, they don't want you looking into their finances, so you can bet their systems will be locked down for only a few people to use. Banks like "blockchain", not bitcoin. Title: Re: Bitcoin & Banks Post by: Yeahpro on December 30, 2018, 07:27:04 PM This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays. But then they would not be functioning as banks, but small an exchange which is managed by a bank. This is one of the reason I prefer decentralized exchanges as it can not be controlled or regulated by gov'ts or banks. Banks could of course adopt the blockchain model so as to exert a level of influence over this technology. Title: Re: Bitcoin & Banks Post by: coinwizard_ on December 30, 2018, 07:56:06 PM Ripple appears to be the bankers coin but most will probably create their own coin. Banks will do whatever it takes to keep bitcoin away from the local or global economy.
Title: Re: Bitcoin & Banks Post by: Artemis3 on December 30, 2018, 09:51:19 PM This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays. When and if the market stabilized in general and price fluctuations become less serious, nothing prevents some bank from buying a reserve of bitcoins, letting people buy, sell, exchange and hold this crypto on their bank account. Most of the banks are not in control of the fiat they are dealing with anyway. Exchanges is exactly what I think banks will morph into in a future world where cryptocurrencies are the norm and not the exception. But we are in a transition period where there is still heavy fiat usage, and they can make a lot of money doing the exchanging. Afterwards i'm not sure, lending? margin trading? more finance oriented i guess. Bitcoin renders obsolete the need for bank accounts, unless its some sort of investment portfolio you want others to manage for you. Trust a third party to keep the coins for you? Well that's exactly what exchanges are doing. Title: Re: Bitcoin & Banks Post by: jerrison on December 30, 2018, 10:29:09 PM bitcoin and banks in my opinion have no connection whatsoever as they do not operate on the same framework, the technology behind banking is just consisting of database and could be altered but that of blockchain is entirely different and is higher than that of banks
Title: Re: Bitcoin & Banks Post by: bitfocus on December 31, 2018, 12:41:09 AM that would definitely kill anonymity and decentralization of Bitcoin.
Title: Re: Bitcoin & Banks Post by: conceptutorials on December 31, 2018, 02:47:08 AM bitcoin is decentralized in nature, while banks are centralized in nature
Title: Re: Bitcoin & Banks Post by: shoreno on December 31, 2018, 03:52:05 AM bitcoin and banks in my opinion have no connection whatsoever as they do not operate on the same framework, the technology behind banking is just consisting of database and could be altered but that of blockchain is entirely different and is higher than that of banks I understand what your trying to say . yes both of them are different though people still thinks that bank and bitcoin are the same because bitcoin can be store of value and it can be used as an invesment simillar to what they hear on the traditional banks but for me , both are actually different because bitcoin is commonly known as a curency while banks are a company that produces money . Title: Re: Bitcoin & Banks Post by: Peashooter on January 03, 2019, 02:52:59 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Its hard to figure out if we will introduce bitcoin in banks because we all know that some banks are against in cryptocurrencies especially bitcoin. If ever bank accept bitcoin how they can handle its price especially it is volatile where always change. Do you think it is possible to bank that allow bitcoin? and How can they manage it?Title: Re: Bitcoin & Banks Post by: Olayinka225 on January 03, 2019, 05:38:48 PM I just think that, a particular software and programming will be created for banks that will link both the bank and bitcon together that will actually easy deposits and withdraw.
Title: Re: Bitcoin & Banks Post by: akram143 on January 03, 2019, 06:07:53 PM I just think that, a particular software and programming will be created for banks that will link both the bank and bitcon together that will actually easy deposits and withdraw. Is Bank accept Bitcoin as a part of their circulation then Bitcoin will be played on most important role for banks in changing the economic that's why banks need help for Bitcoin but it is not happen in today situation if the time except the future will be definitely it's happen Title: Re: Bitcoin & Banks Post by: eaLiTy on January 03, 2019, 06:28:17 PM Introducing bitcoins to banks is a good thought as bitcoins and blockchain technology can make the banking transactions easy all over the world and the customers will be able to enjoy complete freedom of their finances and there will be corruption free land as the transactions are recorded on the blockchain technology and no individual has right to make any changes in the blockchain network.
Title: Re: Bitcoin & Banks Post by: Artemis3 on January 03, 2019, 10:02:34 PM I understand what your trying to say . yes both of them are different though people still thinks that bank and bitcoin are the same because bitcoin can be store of value and it can be used as an invesment simillar to what they hear on the traditional banks but for me , both are actually different because bitcoin is commonly known as a curency while banks are a company that produces money . Banks are not supposed to "produce" money, but the sad truth is that they do, out of thin air! The way modern banks work is pretty similar to a ponzi scheme, its called Fractional Reserve Banking (https://en.wikipedia.org/wiki/Fractional-reserve_banking) something that would be illegal (and it was until the 20th century) but the banks bought their way thru legislation and its perfectly ok to play roulette with the savings of people... But people are seriously misled into thinking banks store money (they don't), or that their fiat money is backed into something (its not). The scheme will hold as long as a sum above the fractional reserve is now withdraw at the same time (see?, just like any other scheme). So if the bank keeps 10% of the money, that's its limit before going bankrupt. But before that happens, Central Banks to the rescue. Now that 10% would need to be nationwide withdraw, to bankrupt the central bank, but World Bank to the rescue! now in the world 10% needs to be withdraw to bankrupt the entire system... (actually the fraction is different on every country). If only more people knew about fractional reserve banking... Debt based economies (school of chicago) would crash. Stop trusting banks! Title: Re: Bitcoin & Banks Post by: A7373 on January 03, 2019, 10:41:16 PM If the banks will use Bitcoin, then they should use the Bitcoin protocol unchanged. For centralization, there is XRP.
Title: Re: Bitcoin & Banks Post by: iqlimasyadiqa on January 03, 2019, 11:53:49 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? If at any time bitcoin is applied in the banking system then it will certainly make a big change. bitcoin can become a pioneer and then be followed by other altcoins. it took a very long time to be able to implement this because if the digital currency wanted to be implemented then there must be full support from the government for the digital currency. Bitcoin can provide variations in the financial system and in my opinion this is a future that will be much safer and have a very high level of flexibility. .Title: Re: Bitcoin & Banks Post by: CryptoKush on January 03, 2019, 11:56:13 PM I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption.
Title: Re: Bitcoin & Banks Post by: Janation on January 04, 2019, 01:57:26 AM I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption. How can they be a competitor to Bitcoin? We all know that Bitcoin is a cryptocurrency and its value depends on the movement of the market and its investors. Banks are of great help at a country and Bitcoin is not that well. We should not compare these two as we all know they are different and Banks are not looking at Bitcoin or any other cryptocurrency as a competitor, they are looking at it as a good technology that can be used to improve or develop the future transactions. Title: Re: Bitcoin & Banks Post by: Marcsymon on January 04, 2019, 02:09:52 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Here in our country we could used the banks withdrawal facilities every time we convert our Bitcoin to fiat in our local exchanges therefore i see no protocol but its just like Bitcoin is will be one of those fiat denominations that can also be easily converted into dollars. Title: Re: Bitcoin & Banks Post by: cellard on January 04, 2019, 02:29:43 AM To quote Hal Finney:
Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases. Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others. George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating. I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today. He predicted the role of banks in Bitcoin, just imagine lightning network and then different competing banks running nodes and users choosing whatever fits better their needs, so it would be as he said, fair banking again (before it got ruined by fiat) The thing is lightning network is way better than what he ever imagined back then. Title: Re: Bitcoin & Banks Post by: Malam90 on January 04, 2019, 03:22:17 AM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. Ripple is already connected with bank as it is centralized coin. Bitcoin is not connected with bank yet but blockchain technology already connected with few banks. More banking activities are being introduced with blockchain technology. Title: Re: Bitcoin & Banks Post by: livingfree on January 04, 2019, 04:17:05 AM I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption. No, they won't fight bitcoin. What the banks can see right now is the blockchain technology not bitcoin itself. And if they see that their banking system fits bitcoin, they would adopt it but I'm thinking how they would use it? as creating our wallets can be done by ourselves alone. They aren't afraid of bitcoin, it's either they will embrace individually or hates it much but they won't compete with it. Title: Re: Bitcoin & Banks Post by: bp124 on January 04, 2019, 04:45:22 AM Banking Sector has play Major when it come to money , But the true and matter is that they must accept there is always going to be new technology in every generation . At first there was no banking sector in the world but now there is bank , in fact when banking started there was no electronics banking but there is ! in the year 2000 i was no bitcoin but now there is ! they must accept the concept and the technology and adopt it .. Bitcoin and other crypto Currency is the future of money now that we are in digital world . no body can stop it !!!
Title: Re: Bitcoin & Banks Post by: Paashaas on January 04, 2019, 04:46:15 AM Like it ore not, banks will be offering Bitcoin services to their cusomer one day.
Title: Re: Bitcoin & Banks Post by: sirohige on January 04, 2019, 05:51:34 AM if bitcoin is introduced by the bank, maybe the bank will be reluctant to use it even though there are already several banks that use blockchain technology, some time ago there were many pros and cons that happened between bitcoin and banks, but until now it seems like some banks have started to make progress to start using cryptocurrency technology.
Title: Re: Bitcoin & Banks Post by: fosco333 on January 05, 2019, 01:47:41 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Do you mean bank supporting bitcoin ? I think this is likely will hard to happening in the future. Peoples if already feel convenient using bitcoin or crypto, they will not using central banks and fiat currency anymore. Title: Re: Bitcoin & Banks Post by: funchiestz on January 05, 2019, 02:06:16 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Technically, it is not easy to think about Bitcoin and the banking sector together. Bitcoin works with a system that we call completely decentralized. Banking is just the opposite. Title: Re: Bitcoin & Banks Post by: VitKoyn on January 05, 2019, 02:19:57 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? If it was introduced in banks, of course they will not allow it to become a decentralized cryptocurrency because it cuts all the purpose of the banks which is being the middleman and allowing all people to make transactions directly without the needs of their service. They will change it to a centralized coin and people will still need to provide their information to own Bitcoin, of course they will not allow owning it anonymously because they will not be able to tax people.Title: Re: Bitcoin & Banks Post by: Upgate on January 05, 2019, 02:23:15 PM Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now
Title: Re: Bitcoin & Banks Post by: JohnBitCo on January 05, 2019, 02:32:04 PM Like it ore not, banks will be offering Bitcoin services to their cusomer one day. Bitcoin is very different than fiat and I do not see any possibility of bitcoin and banks being combined. Bitcoin do not need any bank as bitcoin wallets already act as a bank for the people and we do not need anything which controls our bitcoins. Its better to keep bitcoin in our private wallet rather than keeping it in banks. Title: Re: Bitcoin & Banks Post by: Altero on January 05, 2019, 02:52:42 PM Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now Even banks will adopt the system still it won't be change. It won't make into decentralized one unless regulated by the government. It actually, some banks are accepting crypto coins most specifically for bitcoin as a third party, where we can used to do bill payments. It is a good move for banks and can encourage others to join as well. Title: Re: Bitcoin & Banks Post by: kucritt on January 05, 2019, 03:08:45 PM i thnk bitcoin will never introduces in banks, why? because i think that bitcoin is the digital currency, and banks only manage the real currency that have physic. it doesnt manage a digital currency like that
Title: Re: Bitcoin & Banks Post by: susuberuang on January 05, 2019, 04:13:27 PM now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough.
Title: Re: Bitcoin & Banks Post by: miner32342 on January 05, 2019, 04:30:48 PM now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough. Some banks tested Ripple technologies in the previous year, but the solutions were not implemented in every-day banking. Unless legal cryptobanks appear, nothing will change dramatically in the context of cross-bording payments. One needs to admit that global payments industry is ruled by banking oligopoly led by such players like JPMorgan or Citi. Once they start using blockchain technoligies, all the others will follow their example. I believe it'll be a turning point for the whole cryptocurrency market. Title: Re: Bitcoin & Banks Post by: jojohamasa on January 05, 2019, 10:30:51 PM The question is easy but the answer is puzzling
The XRB model may not be compatible with PTC It is therefore necessary to agree on a unique model that preserves the BTC entity It keeps the interests of banks and this is not easy but it is possible. Title: Re: Bitcoin & Banks Post by: andika2018 on January 06, 2019, 01:17:15 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Banks or fiat money transaction always using SWIFT protocol that controlled by central banks and bitcoin is peer to peer transaction that no need third party for transaction confirmation. But i am agree that soon or later, banks will accept bitcoin. Big investment banks like Goldman Sachs already involve in crypto bussiness and i think many will follow Title: Re: Bitcoin & Banks Post by: Japinat on January 06, 2019, 01:56:00 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Bitcoin won't be anonymous anymore, I sure we will be required to comply with their requirement, especially the KYC just like an ordinary bank depositors.IMO, this is not needed anymore, we have our exchanges both local and international who can provide the service of the bank, the bank's function then would be between the exchanges to facilitate the cash out. Title: Re: Bitcoin & Banks Post by: deadthings on January 06, 2019, 02:05:00 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Banks have already tried to work on the "problem" of implementation Bitcoin to their system: https://en.wikipedia.org/wiki/R3_(company) Quote Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the cryptocurrency bitcoin. Unfortunately, or fortunately, they still fail to find a way how to do that. In short, Bitcoin is the opposite and at the same time the enemy of banks. Title: Re: Bitcoin & Banks Post by: deppil on January 06, 2019, 02:17:31 AM Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now Even banks will adopt the system still it won't be change. It won't make into decentralized one unless regulated by the government. It actually, some banks are accepting crypto coins most specifically for bitcoin as a third party, where we can used to do bill payments. It is a good move for banks and can encourage others to join as well. bitcoin for the deposit or withdrawal method. it will be good for both Title: Re: Bitcoin & Banks Post by: Irvinn on January 06, 2019, 08:56:11 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Banks, in any case, will use Bitcoins and other types of cryptocurrency in their operations. At least for the provision of services for the exchange of cryptocurrencies for conventional currency. Any use of cryptocurrency by banks will not change its nature. Therefore, in this regard, we should not be afraid. For their internal activities, banks will use a centralized cryptocurrency such as ripple.Title: Re: Bitcoin & Banks Post by: bolbau on January 06, 2019, 11:56:55 AM if that happens, existing digital assets cannot be called cryptocurrency, only limited to the ecosystem of new digital financial features created by banks, in the sense that all movements of fixed transactions are limited and regulated by banks in accordance with their interests. this is the same as there is no freedom and ease in transacting with each other, because in fact in this world there are so many banks, and each other has its own interests.
Title: Re: Bitcoin & Banks Post by: valentin68 on January 06, 2019, 12:33:30 PM Bitcoin has its bank, it is the Blockchain. Since when it has been created in 2008, Blockchain was the dedicated bank of Bitcoin.
Blockchain is situated in Luxembourg, a good country for International Banking. The European representative of PayPal is situated in Luxembourg. Other international banks are situated in Luxembourg. Coinbase and other similar banks are alternatives to Blockchain. If I am not mistaking Coinbase is situated in USA. If you want to cash out bitcoin (from Blockchain or Coinbase), it is sufficient to go to a dedicated Bitcoin ATM. There are plenty of them, in every country. If you want to spend bitcoin with a credit card, it is sufficient to obtain a credit card that can be loaded with every accepted national currency (Euros, Dollars, etc), with bitcoin. If you want to deposit money in a bank that has national currency it is sufficient to make wire transfer, from Coinbase for example to your bank. Title: Re: Bitcoin & Banks Post by: Dana-pasar on January 06, 2019, 01:11:40 PM if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank
Title: Re: Bitcoin & Banks Post by: miner32342 on January 06, 2019, 06:14:58 PM if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then. Title: Re: Bitcoin & Banks Post by: mersal on January 06, 2019, 06:41:40 PM if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then. The implementation of Bitcoin in banks had so much of technical issues and problems are there that's why Bitcoin will be not implemented by banks till today but there are some government issues will also be late for that but in future maybe it can be changed by the government at banks. Title: Re: Bitcoin & Banks Post by: Greenkarki on January 06, 2019, 07:00:11 PM it is the crypto-currency(bitcoin) do pose a threat to banks. They may not be able to replace all functions bank. However, they can certainly undermine the vast majority of the financial industry's purpose. Banks could plays the game but think it could provide services like issuing tokens or work like a exchanges.
Title: Re: Bitcoin & Banks Post by: Halmater on January 06, 2019, 07:03:21 PM If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization.
Title: Re: Bitcoin & Banks Post by: miner32342 on January 08, 2019, 07:27:54 PM If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization. Hardly. If bitcoin is used in banking system, it can be just stored by banks on their hot and cold wallets. But the banks themselves are not able to control the bitcoin's network. No way. It's likely that bitcoin will be used as an instrument for investments - bank deposit, for instance. Or an instrument for taking a mortgage or credit. So, it doesn't seem so black and white. Title: Re: Bitcoin & Banks Post by: Razerglass on January 08, 2019, 08:27:58 PM I don't think so. Bitcoin has not any direct connection with traditional banking system. Banking system is rigged and big bankers created their wealth in expense of others. Cryptocrrency can be future of banking system and there are bigger problems which blockchain technology can solve.
Title: Re: Bitcoin & Banks Post by: KuyaBreezy on January 08, 2019, 08:41:02 PM The most likely is to centralize the process more, also, I think bitcoin is not compatible with banks, so I doubt very much that someday they will combine, perhaps ripple if it is developing joint technologies, but that would be almost the same because ripple is also centralized.
Title: Re: Bitcoin & Banks Post by: Tnt1971 on January 08, 2019, 09:47:20 PM Bitcoin and banks, two factors are different in nature and act opposite in some issues but vari from countries to countries. Banks accept bitcoin in bitcoin friendly countries and denied where not legal.
Title: Re: Bitcoin & Banks Post by: Artemis3 on January 09, 2019, 12:50:32 AM I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption. As with any disruptive technology, you can fight it until it overpowers you, or you can embrace it and figure how to keep doing business in a new world. Banks could embrace bitcoin, but they can't treat it like fiat coins. They are forced to treat it like assets. They can't produce bitcoins out of thin air, like they do with fiat. Most likely the way they can embrace it is to act like exchanges. They can implement online wallets and earn fees in exchanging, and perhaps offer financial services, mutual funds and the like. Also lending (like a few exchanges let you do). They also have their own altcoins for moving capital among themselves, but i don't think that would be very interesting to clients. We are in the transition period, but with time and maturing, things that seemed impossible 10 years ago would become everyday. Like, say, smartphones. Title: Re: Bitcoin & Banks Post by: cahbagus555 on January 09, 2019, 07:31:57 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Current banks system using SWIFT system and that why banks need central banks to process every transaction. Different with bitcoin, its peer to peer transaction and no need third party to confirm the transaction. But if government regulate bitcoin, its not possible banks will accept bitcoin in their system Title: Re: Bitcoin & Banks Post by: nizamcc on January 09, 2019, 11:26:32 AM If banks integrate BTC into their systems, it will be usual money.
Perhaps it will have a different name. But we will lose the idea of cryptocurrency. The idea of decentralization and anonymity of wallets. On the other hand, maybe we will see a new kind of banks. And these banks will be able to embody the idea of cryptocurrency and banks in one system as it should. Title: Re: Bitcoin & Banks Post by: Valer4ik on January 09, 2019, 01:13:21 PM There is no hope for the state and private banks at all, remember the year 98 and what happened, how people stood for several days to get their money from the bank, it was lucky for him and his bank survived by a miracle. It's all about those who had savings in the bucks, about those who sat in the ruble generally keep quiet.
About the previous mows of our population, when people spent their whole lives on the savings bank postponed for old age or some dream, but in the end everything turned into shards, who are young simply google as people shod many times. This crisis will not be local but global, and not as easy as 2008, then there was a rehearsal, Russia then had almost no problems at all, compared to others, this time will be different, and although we are more persistent in this regard, this time this will be a serious papadalovo, still aggravated by the situation in the resource markets and the most inept foreign policy that in general can lead to a catastrophe. Title: Re: Bitcoin & Banks Post by: jerrison on January 09, 2019, 01:18:31 PM the technology been deployed in banks today are technologies of ancient times and the banks have so relied on these technologies over the years and they have decided to become myopic about technological innovations. they are not cool with the blockchain technology and bitcoin because they feel they can not control the resources that goes in and out since it works as a decentralised system. it is ok but they should also know that they banks are functional because the mases uses them. when they opt for blockchain they should not complain
Title: Re: Bitcoin & Banks Post by: ecnalubma on January 09, 2019, 04:09:44 PM Banks has their own choice on what technology will they apply in their systems but I’m pretty sure that its not Bitcoin. Banks will not turn change from being centralised they prefer this system to take control of peoples money and ripple is the perfect product for them.
Title: Re: Bitcoin & Banks Post by: maldini on January 09, 2019, 04:43:12 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. right, I think the crypto system is still in conflict with banks, maybe only ripple still has hope to be in line with banking Title: Re: Bitcoin & Banks Post by: detector on January 09, 2019, 04:47:33 PM They are complety different things and can't be compare each other.
First, crypto is decentralized currency while bank is not Second, crypto is an asset just like gold but it's has advantage like fiat Third, when bank created crypto, they are creating their own coin and the story about crypto will completely different with today ! Title: Re: Bitcoin & Banks Post by: Matthewmorris4 on January 09, 2019, 05:08:03 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? if indeed bitcoin was introduced by the bank in my opinion it would be a very different thing at that time, most likely the bank would still implement the same usage provisions such as the customer's bank account itself, fees and various authorities that made it difficult for customers Title: Re: Bitcoin & Banks Post by: lepbagong on January 09, 2019, 05:28:14 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? I feel clear that there will be a difference that will be made by the bank, because from the system side it is used is very different but even if it will be handled by the bank, maybe Bitcoin will be treated like the sale of currency only. indeed it is better that it is a separate and different form of Bank from an existing BankTitle: Re: Bitcoin & Banks Post by: cizatext on January 09, 2019, 05:29:03 PM Protocol has to do with the principles of doing a thing and since bitcoin will be a new feature in the banking system definitely the must be a way of carrying out it transactions just like the cash transaction require method so will bitcoin if introduced into the banking sector.
Title: Re: Bitcoin & Banks Post by: South Park on January 09, 2019, 10:12:05 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? You cannot really expect that banks will overthrow their own monopoly if anything a coin created by a bank will be even more oppressive than the system we have now, one of the great advantages of bitcoin is that you get to be your own bank and you decide exactly what you want to do with your money but a bank which controls their own crypto will have an even bigger control over your finances, if we let the banks take over this technology they could make slaves of every single human being and we cannot allow that.Title: Re: Bitcoin & Banks Post by: Taki on January 09, 2019, 10:24:13 PM First of all crypto currencies should be admitted on the government level and to become legal, after that banks will gladly accept them in their activity. I do not believe that banks, are against of cryptos, as many users say here, I believe they are simply waiting for the green light from the government to start the usage.
Title: Re: Bitcoin & Banks Post by: goaldigger on January 09, 2019, 10:27:07 PM There are really a huge different if bitcoin introduced to banks first. As we all know that banks are all governed by the government. If they are the ones who make us known the existence of BTC first,then cryptocurrency will be legal in all countries, but it all will be centralized and controlled by either banks or government. I dont think if people would still invest unto it.
Title: Re: Bitcoin & Banks Post by: Denton on January 09, 2019, 10:34:16 PM I don't think they can be connected. Bitcoin has a completely different purpose. Bitcoin provides users with anonymity, but banks need a centralized coin. So I think that bitcoin and banks are incompatible.
Title: Re: Bitcoin & Banks Post by: Johnyz on January 09, 2019, 10:41:54 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. Many banks are already accepting this coin and I think banks are already accept the fact that they need this technology so they survive in the future. But still some banks don’t support bitcoin because its decentralized and its too risky for them to invest/adopt because of the volatility, banks are greedy they want a sure profit.Title: Re: Bitcoin & Banks Post by: AimHigh on January 09, 2019, 10:42:54 PM Yes of course they have different protocol, rules and regulation because digital money and fiat money was a different its needed for those owner or user not to conflict regarding on that matter. I think soon or soonest banks was totally accepting bitcoin or any cryptocurrency because of the evolution of technology in our time so that they need it for them not going to bankruptcy because of not adopting new technology.
Title: Re: Bitcoin & Banks Post by: diamond_shine1 on January 09, 2019, 10:53:19 PM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it.
it's impossible for banks to accept bitcoin Title: Re: Bitcoin & Banks Post by: TopT3ns on January 09, 2019, 11:30:57 PM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it. Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin Title: Re: Bitcoin & Banks Post by: shinharu10282016 on January 10, 2019, 12:03:44 AM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it. Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin Yeah, banks don't like bitcoin. Other financial institution who looks into what bitcoin and altcoins do are doing it. Risk takers on this field are more likely those who have done research before handing out their money to be so sure they'd make profit out of it. Title: Re: Bitcoin & Banks Post by: Kayum10029 on January 10, 2019, 12:19:14 AM Banks and bitcoin are in common phenomenon in modern time. Banks of development countries accept bitcoin besides their Fiat transactions but some bitcoin hater countries's Bank don't like bitcoin.
Title: Re: Bitcoin & Banks Post by: Argoo on January 26, 2019, 05:22:53 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Banks will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this.Title: Re: Bitcoin & Banks Post by: Wexnident on January 26, 2019, 06:09:38 AM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it. Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin Yeah, banks don't like bitcoin. Other financial institution who looks into what bitcoin and altcoins do are doing it. Risk takers on this field are more likely those who have done research before handing out their money to be so sure they'd make profit out of it. Title: Re: Bitcoin & Banks Post by: Ipwich on January 26, 2019, 06:42:54 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Banks will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this.The money that will come in is big because but that time, we will become a trillion market and with their influence, it will only make more people trust crypto and of course not only they will transact, they will also try to invest since it gives potential to be profitable when demand increases. Title: Re: Bitcoin & Banks Post by: Lyana on January 27, 2019, 03:32:19 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? I think it's the same as exchanging one currency for another, like exchanging a dollar for Bitcoin. Nothing else can be done at the bank. For such manipulation, the bank will earn its own percentage of the transaction.Banks will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this. I totally agree! I would like to add that the bank is only a currency exchange office or it can be said that it acts as an intermediary for legal transactions: a person-bank-person (organization)Title: Re: Bitcoin & Banks Post by: kissme09 on January 30, 2019, 11:04:57 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Bitcoin is currently not officially recognized and has not been protected by any organization. The government guarantees banks for investors, so it attracts investors more than Bitcoin regarding trust and security. Bitcoin can be a risky investment, but it is very profitable for investors.Title: Re: Bitcoin & Banks Post by: creeps on January 30, 2019, 11:19:45 AM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it. Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin Title: Re: Bitcoin & Banks Post by: Gheka on January 30, 2019, 12:03:11 PM Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it. Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.it's impossible for banks to accept bitcoin Title: Re: Bitcoin & Banks Post by: Pab on January 30, 2019, 12:41:50 PM Some banks will maybe accept bitcoin
Example is German Solaris bank what is now partnership with Bitwala Thanks that Solaris bank will get extra customers and Bitwala has got licenses to issue cards But your privacy is gone if you mix banks and bitcoin I think that bitcoin can be integrated with financial services like Revolut Skrill etc To be honest i don't trust banks i want to have good financial service what will take care of his customers Title: Re: Bitcoin & Banks Post by: Ozero on January 30, 2019, 05:46:25 PM I think bitcoin in the bank is nothing else like currency exchange, that's all. Where I live, bitcoin will be introduced into the work of the bank, in fact, nothing has changed. Yes, the majority of state-owned banks are likely to provide mainly services for the exchange of cryptocurrency for common currency. Commercial banks are more free to choose additional services in cryptocurrency, however this can only be after the legalization of cryptocurrency by the state. For banks to use cryptocurrency in their activities, they need clear instructions from the relevant government agencies.Title: Re: Bitcoin & Banks Post by: marjil on February 03, 2019, 09:04:46 AM It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency.
Title: Re: Bitcoin & Banks Post by: shesheboy on February 03, 2019, 09:16:08 AM bitcoin with the bank are interrelated. because bitcoin has grown to date because of the bank. so btc if there is no bank then the possibility of bitcoin will not grow as it is today. but even though bitcoin and banks are interconnected but the government still has not agreed with the circulation of bitcoin. bank is not connected to bitcoin . they even hate it because they think btc is like a bank that people use for investing . bitcoin only grow because people buy and invest on it . It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency. Quote It's not about protocol. Bitcoin simply cannot be channelled through the banking system i think it is possible . we did already have btc powered atm's . we can deposit or withdraw btc using banks Quote Banks deal with a trust system whereas bitcoin is trustless if btc is trustless then why people buy and invest on it ? btc is trusthworthy because it is existed for a long time but banks , not all banks are trusted because they are only controlled by people . Title: Re: Bitcoin & Banks Post by: Snyderfx2 on February 03, 2019, 01:18:38 PM Once bitcoin will be mass adapted it will be easy for banks to make transaction like us dollar or any fiat currency in the economy. Banks and bitcoin or cryptocurrency will be a big legit transaction worldwide once adaption is in effect. Of course adoption into businesses is the key fact for bitcoin to develop as a currency and with that other things like usability, acceptance comes easily so banks will definitely combine there core business with bitcoin but without adoption nothing can happen but considering today trend bitcoin has a good adoption rate than the past because earlier it was mainly used as a trading commodity rather than using with business processes but now some companies are combining bitcoin with there core transaction systems which is a good thing Title: Re: Bitcoin & Banks Post by: kelz1 on February 03, 2019, 04:52:34 PM Banks could offer a holding system for their private keys but it would be no different from putting them in a safety deposit box. Unless bitcoin becomes an official currency it would be difficult for banks to get involved, better off using coinbase and gemini instead
Title: Re: Bitcoin & Banks Post by: jupppo on February 03, 2019, 11:49:46 PM As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.
Title: Re: Bitcoin & Banks Post by: AAKODI on February 04, 2019, 04:29:50 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? First Banks will never introduce an invention like bitcoin because how can a centralized system like banking system will introduce a decentralized currency like bitcoin which is impossible to happen but if some how they introduce bitcoin the holders will be only rich people in the world but not common citizens like us because Banks doesn't want to help you there are doing businesses and there priority targets is the make money not to help us or do some good to the world by changing something Title: Re: Bitcoin & Banks Post by: Japinat on February 04, 2019, 06:06:40 AM As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them. It fits to them because their system is centralized, bitcoin is not. Title: Re: Bitcoin & Banks Post by: romero121 on February 04, 2019, 06:19:37 AM Banks were the primary financial service renders on whom the common people rely on, if this hasn't existed there would be no good financial infrastructure till date. Some things weren't able to be fulfilled by the banking system and for the same the bitcoin backed by the blockchain technology came as a evolution in the banking industry. So, both were doing similar services on different platforms.
Title: Re: Bitcoin & Banks Post by: BennyK on February 04, 2019, 08:33:06 AM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? Of course, the introduction of Bitcoin into Banks will cause a change in protocol because Bitcoin and banks works on different principles, thus decentralization and centralization respectively. The Banks may not act as intermediaries during BTC transaction but will own access to the account and balance of the owner/user. The central Bank of India has authorized cryptocurrency and hopefully most of the banks in India will begin to integrate cryptocurrency into their services.Title: Re: Bitcoin & Banks Post by: sijonru on February 05, 2019, 02:41:46 PM As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them. Bitcoin is a digital currency that is decentralized and peer to peer so that in its activities it does not use banking services. However, the blockchain technology that accompanies Bitcoin is very much in demand by banks because it works so efficiently that it can increase productivity and suppress waste in various fields.Title: Re: Bitcoin & Banks Post by: coinnumber on February 10, 2019, 10:55:25 PM Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description. Bitcoin and Banks are two things with slit difference, bitcoin is mainly used for transactions and its decentralized, carry out its operation based on blockchain technology While banks operate in a centralized system and their transactions involved third party which makes it to be slow and also incurs high fee. Title: Re: Bitcoin & Banks Post by: kotajikikox on February 10, 2019, 11:16:50 PM Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank. Do tou have a point that is common use bitcoin and banks herein my location i convert bitcoin into fiat money through banking parthnership through online its good and convience for me. Title: Re: Bitcoin & Banks Post by: jerrison on February 10, 2019, 11:19:25 PM the banks and bitcoins in my own perspective i will say they are not best of friends at all since they do not work collaboratively and such will bring about a degree of non compliance as they do not have what connects them as there is no room for the bank in the blockchain technological design and there is non to be considered anytime soon.
Title: Re: Bitcoin & Banks Post by: xWolfx on February 10, 2019, 11:22:04 PM If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like? It would definitely use Blockchain instead of the regular web applications to do bank operations. Of course that wouldn't come overnight, it will be a big switch and slow change but it will definitely happen due to all the advantages of Blockchain over the regular interconnection of today. And when Bitcoin is one of the main waves if not the main one then everybody will take Bitcoin seriously. Title: Re: Bitcoin & Banks Post by: Bijikopi on February 11, 2019, 01:00:07 AM banks in the world should be willing to collaborate and complement each other with digital currencies like bitcoin. if this happens it will create a new economic system order, a system of exchange or future currency, this can lead to a very good era of the future.
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