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techgeek
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June 24, 2015, 12:23:56 AM |
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yeah, the day this happens its because most people are already using bitcoin.
so i say dont worry if the bank affect price, worry about if theres any new users we can introduce the coin.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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cellard
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June 24, 2015, 12:39:12 AM |
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I think the reason a lot of CEOs distance themselves from mentioning Bitcoin is because they know Bitcoin has a past of crypt-anarchysm and all those Silk Road incidents don't help selling them product, but all in all they are still promoting Bitcoin since they promote the blockchain.
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lissandra
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June 24, 2015, 01:01:59 AM |
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blockchain and banks..
well for one, banks dont really care for much for bitcoin cause if they really wanted to get in the game, they can offer a numerious sum on like coinbase or other private companies.
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xcrabber
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June 24, 2015, 01:15:27 AM |
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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.
The banks would NOT have to temporarily convert currency into bitcoin. I could see them sending blocks of fed notes (1,000,000's 100,000's 10,000's) with marked satoshi's/colored coins. Of course they would still have to pay transaction fees with bitcoins. I believe it would still be bullish from Bitcoin being acknowledged. It just would be a way more subdued trip to the moon since they would not need a billion dollars of bitcoin to transfer billion dollars of fed notes just a few marked satoshi's. |
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etzeppy
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June 24, 2015, 02:18:33 AM |
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The banks would NOT have to temporarily convert currency into bitcoin. I could see them sending blocks of fed notes (1,000,000's 100,000's 10,000's) with marked satoshi's/colored coins. Of course they would still have to pay transaction fees with bitcoins. I believe it would still be bullish from Bitcoin being acknowledged. It just would be a way more subdued trip to the moon since they would not need a billion dollars of bitcoin to transfer billion dollars of fed notes just a few marked satoshi's.
Can you please elaborate on how the block chain can be used to send fed notes (or other non BTC transactions) without using actual bitcoins? |
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xcrabber
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June 24, 2015, 02:31:21 AM |
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The banks would NOT have to temporarily convert currency into bitcoin. I could see them sending blocks of fed notes (1,000,000's 100,000's 10,000's) with marked satoshi's/colored coins. Of course they would still have to pay transaction fees with bitcoins. I believe it would still be bullish from Bitcoin being acknowledged. It just would be a way more subdued trip to the moon since they would not need a billion dollars of bitcoin to transfer billion dollars of fed notes just a few marked satoshi's.
Can you please elaborate on how the block chain can be used to send fed notes (or other non BTC transactions) without using actual bitcoins? It will be using actual bitcoins, just fractions (colored coins). It will be like Nasdaq's experiment where hey are planning to transfer stocks on the blockchain, or the transfer of property deeds or other assets using the blockchain. |
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Amph
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June 24, 2015, 07:28:46 AM |
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no because, many banks will only build from scratch their own centralized blochchain, and this might potentially, go against bitcoin and impact its price in a negative way
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Asrael999
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June 24, 2015, 07:36:42 AM |
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The banks would NOT have to temporarily convert currency into bitcoin. I could see them sending blocks of fed notes (1,000,000's 100,000's 10,000's) with marked satoshi's/colored coins. Of course they would still have to pay transaction fees with bitcoins. I believe it would still be bullish from Bitcoin being acknowledged. It just would be a way more subdued trip to the moon since they would not need a billion dollars of bitcoin to transfer billion dollars of fed notes just a few marked satoshi's.
Can you please elaborate on how the block chain can be used to send fed notes (or other non BTC transactions) without using actual bitcoins? with a coloured coin implementation all you need is a global standard that a red satoshi = 0.01, a blue satoshi = 0.1, a green satoshi - $1, then by sending 3 satoshis you can send $1.11. And if I mkae a purple satoshi $1,000,000,000, I can send $1,000,000,000 with 1 satoshi. But that is by the by, Banks will NOT use bitcoin unless they can get themselves comfortable with receiving bitcoins from unknown parties, or ensure that parties identify themselves - ie meet money laundering regulatory requirements. What banks will much prefer is a closed loop system where they act as gateways and send IOUs around a distributed ledger amongst parties they trust (sound familiar). Banks don't care that they are trading IOUs and fractional reserving - that's what they do anyway. Now that system is in many ways inferior to bitcoin, so bitcoin will continue to exist, but it will give the banks enough instant transaction and cross border ability that for most sheep using bitcoin will be too much hassle for not enough saving. |
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hua_hui
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June 24, 2015, 07:59:04 AM |
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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.
Barclays isn't the only financial institution interested in the blockchain. UBS has set up a blockchain "lab" in Canary Wharf and Santander is also experimenting with the technology as well. Many others will follow it, try to embrace bitcoin's technology and compete with bitcoin. |
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freedomno1
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Learning the troll avoidance button :)
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June 24, 2015, 08:47:10 AM |
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The blockchain is a powerful technology mainstream adoption by financial institutions into the tech will increase public awareness and support of new ideas and Bitcoin would likely receive a benefit from perception changes.
In other words in the long run perhaps through relationships.
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Believing in Bitcoins and it's ability to change the world
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Q7
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June 27, 2015, 06:38:05 AM |
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Even if the banks come up with their own version of blockchain technology i won't trust that. The question here is whether it is decentralized and for banks no matter what they do, they need to insert the codes into it so that if something happens they can always pull the plug or find a way to fix it. That's bank and the banking system we all know about. You can see the same version of altcoin which are basically centralized and controlled by the company that issues it.
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Hollingsworth
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June 28, 2015, 04:06:15 AM |
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It's possible that banks using their blockchain technologies could breathe new life in the speculative price of bitcoin.
As an example, Ripple is trial testing with banks and remittance companies like western union. The main trading platform for Ripple is RippleTrade, and one of the active currencies in that network is Bitcoin. If the Ripple network is adopted by the big banks, it could give a big boost to bitcoin trading volume.
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BitcoinNewbie15
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Bitcoin isn't a bubble. It's the pin!
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June 28, 2015, 10:00:09 AM |
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This is a very interesting subject. I think if banks were to use blockchain technology, it might give Bitcoin a boost. Then again, it might hurt Bitcoin's price too. I do not know for sure what would happen. But, I think it would surely bring some legitimacy to Bitcoin though if major banks use the technology that powers it.
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