Does Wells Fargo see the writing on the wall?

[Bitcoinpro]

They must have missed the memo that went round saying bitcoin will do to the post office.......

 

[whtchocla7e]

Basically what I read is that Wells Fargo doesn't like Bitcoins because nobody can control them. IMO that's the exact reason why people should LOVE Bitcoins...

Except the entity with a computing power exceeding 50% of the network...
Lets stick to the facts.

[zeetubes]

This sort of move is to be expected and it will be fascinating to watch it play out. I just read an interesting article about how the shops legally selling weed in Colorado can't get bank accounts (due to state and federal regulations) so they deal with huge amounts of cash and have to hire specialist security teams etc. Obviously using bitcoins is a perfect way to avoid all of that hassle. 

[Kungfucheez]

They must have missed the memo that went round saying bitcoin will do to the post office.......

 

Yeah, cause no one uses the post office anymore right...

[BTCisthefuture]

This sort of move is to be expected and it will be fascinating to watch it play out. I just read an interesting article about how the shops legally selling weed in Colorado can't get bank accounts (due to state and federal regulations) so they deal with huge amounts of cash and have to hire specialist security teams etc. Obviously using bitcoins is a perfect way to avoid all of that hassle. 

Sad this is I just read on coinbdesk that payment processors like bitpay are refusing to work with marijuana related merchants in legal states due to current federal laws.  They are already walking a fine line with banks by dealing with bitcoin so they don't want to step on any more toes and start getting involved with merchants who are breaking federal laws.

Of course pot stores can still accept bitcoin on their own without any payment providers but then that makes them liable to the volatility of losing bitcoin and it starts become an unsafe/unsmart business practice to accept funds that can/will drop in value at any given moment (or increase in value).

[BTCisthefuture]

I'm very interested in seeing how banks in america (and other countries)  start to handle bitcoin. It's unavoidable that banks won't take some sort of action as bitcoin expands and more merchants start accepting bitcoin.

My hope is that banks will find a way to work with bitcoin where they can still benefit from it somehow but merchants and consumers are still able to reap the benefits that bitcoin offers such as lower fees.  That's the best case scenario we can hope for IMO.