Will banks using bloackchain affect Bitcoin price?

[Iotrez]

Hi,

It seems that more and more banks are experimenting with Blockchain technology.  Is this likely to cause the Bitcoin price to go up, even if its the underlying technology rather than bitcoin as a currency that the banks are interested in?

[zetaray]

Banks using blockchain technology will raise awareness of cryptos, might bring more users into bitcoin, but not enough to move the prices. If banks use THE bitcoin blockchain, it will affect bitcoin price a lot, since they need to buy bitcoin to send transactions to the blockchain.

[Netnox]

As long as banks don't implement bitcoin as a currency or make inform their users about it the btc price won't go up "just because banks are using bitcoins technology" nobody would know about bitcoin and just use fiat.

[Lauda]

I don't think that it is likely that it will have any effect. It really depends on if Bitcoin is involved in these scenarios.
Even if banks use the blockchain technology for something, they are still banks. I thought one of the reasons for using Bitcoin was to get away from them, is it not?

[ShetKid]

I think yes it will affect bitcoin price. Blockchain is one of the biggest advantage for bitcoin and its use. Giving other forms of currency or digital money this ability , will definitely affect bitcoin. But one thing to note is that those currencies won't be as transparent as bitcoin so bitcoin will still be a better option versus them.

[fryarminer]

Nobody cares what technology banks use. I'm not being cold saying that - it's true. People put money in banks and withdraw or get loans. All they care about banks is if the tellers are friendly.
Most of the time people have no idea what banks do with their money, and much less what thechnology banks use.

So short answer, it may not even bring Bitcoin awareness.

[TibanneCat]

It will affect (positively) the prices once the banks start using THE bitcoin blockchain and Barclays is the first one to experiment with that, I'm sure others will follow suit. A new blockchain with few nodes won't be nearly as effective or safe as bitcoin's blockchain due to it's network efffect.

[Digit-0]

when this happend this will be the final step, this will raise awareness of cryptos and if this happend more ppl will start to use the BTC, so in teh end price will raise for sure.

so i think that yes, if banks start to use it price will be affected.

[Erza]

Hi,

It seems that more and more banks are experimenting with Blockchain technology.  Is this likely to cause the Bitcoin price to go up, even if its the underlying technology rather than bitcoin as a currency that the banks are interested in?

Before the information of blockchain is implemented in banking system, there is no chance for bitcoin price will rise. People will start buying more bitcoin

and it price will going up when there is a good thing that many banks area really go for it. One or two banks that implemented it wont change the price

since its like a trial to others banks

[GingerAle]

yeah, i really don't understand how banks plan to use independent blockchain technology (as in, independent of the bitcoin network)

"Hey look we made a database entry on our branches ledger, and then we're gonna make a hash of a bunch of those entries, and send it to all the banks in the network". I mean, sure, by centralizing the network, the blockchain does not need any incentivization (in the form of block rewards) to maintain security... but surely the banks already use some type of distributed ledger system already. And surely the distributed ledger system they already use has some measure that verifies that everything is legit.... otherwise, things were really just a house of cards to this point. The only thing that adding blocks to the distributed ledger does it provide a means to maintain consensus and secure the network. And in a centralized system, both of these things are moot and/or have much easier ways of being achieved.

While the above might not communicate precisely what I mean, the following video sort of encapsulates how I feel about Big Banks thinking they can use "blockchain technology" to their own ends.

https://www.youtube.com/watch?v=Lg8ByjjX0Xo

[unamis76]

Many investors will definitely feel secure when they see their banks using blockchain tech... And they'll probably embrace it, by buying some Bitcoins. I wouldn't like for blockchain technology to be associated with banks. But it definitely would give Bitcoin a good impression

[uvt9]

Banks using blockchain technology will raise awareness of cryptos, might bring more users into bitcoin, but not enough to move the prices. If banks use THE bitcoin blockchain, it will affect bitcoin price a lot, since they need to buy bitcoin to send transactions to the blockchain.

Using blockchain doesn't necessarily mean buying Bitcoin. The blockchain can be serve as trustless record ledger.

[gentlemand]

Using blockchain doesn't necessarily mean buying Bitcoin. The blockchain can be serve as trustless record ledger.

You gotta spend a teeny bit to get your entries on there.

I can see the bank meetings now. 'So this week we have several thousand entries to make. Did you, er, buy some of the, er, tickets?'

'Tickets? The Bit---'

'DON'T SAY THAT WORD.'

[bitcoirnplaza]

Great question.

answer: NO

[pereira4]

Banks using blockchain technology will raise awareness of cryptos, might bring more users into bitcoin, but not enough to move the prices. If banks use THE bitcoin blockchain, it will affect bitcoin price a lot, since they need to buy bitcoin to send transactions to the blockchain.

Using blockchain doesn't necessarily mean buying Bitcoin. The blockchain can be serve as trustless record ledger.

It doesn't mean buying Bitcoin directly, but you are using Bitcoin. If your infraestructure uses the blockchain, then it's using Bitcoin even if you think you don't directly. These miners are getting paid processing every transaction your bitcoin-blockchain based business makes, so you better hope that Bitcoin is healthy. This gives entrepreneurs using the blockchain an incentive to directly invest in BTC as well.

[LFC_Bitcoin]

If banks use the BTC blockchain in the future then of course it will effect the price. It'll send the price to the moon. If they use the BTC blockchain then it means they will have to temporarily convert currency into BTC whilst they transfer that money to wherever they're sending it. To transfer it they're buying BTC with the money they're sending so of course it will effect the price.

It'll be incredibly bullish if they start using the BTC blockchain, if they decide to use blockchain technology then the BTC blockchain is the only sensible way really, it's fast & incredibly secure, something banks will be have to ensure.

[randy8777]

they will simply use their own version of the blockchain. it will show the blockchain as technology has a future. as far as having an impact on the price? nope.

[Alley]

I still would like to know what a centralized bank version of there own blockchain would look like.  Pretty sure I will laugh at it.

[Morecoin Freeman]

No, but people using bitcoin will affect banks.
It is the other way around.

[mrhelpful]

No, but people using bitcoin will affect banks.
It is the other way around.

its just a matter of when, but for all I know I can be dead before this happens.

anything can happen within a day, so if you live to see it yay!