BANK BNP PARIBAS - BTC A new technology for the banking world

[klm bitcoin]

http://securities.bnpparibas.com/quintessence/hot-topics/beyond/bitcoin-and-blockchain-what-you.html

[newIndia]

[Lauda]

I've gone through the article fairly quickly. However, I do not see it as being something special aside from it being on a website hosted by a bank?
According to wikipedia this is the third largest bank in the world. I wasn't aware of this. Look up their total assets, the number is going to surprise you.

As for their title:

Code:

Bitcoin: What you knew and didn't need to ask

FTFT.  

[Snorek]

http://securities.bnpparibas.com/quintessence/hot-topics/beyond/bitcoin-and-blockchain-what-you.html

At least some positive article about bitcoin and blockchain. I like it. Nothing about terrorists or black hat hackers using bitcoin for their evil purposes; nothing about questionable origin of Satoshi and because of that bitcoin could not be trusted. The only problem I see is that Banks will snatch blockchain tech, use it and then people would be slaves of banks it as they used to be. Nothing will change.

[randy8777]

it's not the first bank being interested in bitcoin/blockchain, and it definitely won't be the last. if one bank decide to actually use bitcoin, i'm sure others will follow. but for now most of them are just interested in the blockchain technology.

[LFC_Bitcoin]

3rd biggest bank in the world, really? Very good if true, it'll be funny in about 10 years after initially doubting, slating & ridiculing us they all jump on the bandwagon & begin using BTC & it's blockchain. One day people will find it amazing for somebody to own 'one whole BTC.

We've got to be patient, very patient but one day this struggle will all be worth it. Just keep quietly accumulating coins guys, it might be the best decision you ever made.

[ivanst776]

a relatively balanced article, not a hit piece as we've often seen in mainstream media in the past years.

[ransomer]

3rd biggest bank in the world, really? Very good if true, it'll be funny in about 10 years after initially doubting, slating & ridiculing us they all jump on the bandwagon & begin using BTC & it's blockchain. One day people will find it amazing for somebody to own 'one whole BTC.

We've got to be patient, very patient but one day this struggle will all be worth it. Just keep quietly accumulating coins guys, it might be the best decision you ever made.

http://media0.giphy.com/media/7tKEfRjktJ2MM/giphy.gif

I have had that thought too... what if these are the last days, weeks, or months when 'normal' people could come close to owning a whole BTC?

In the future (not too distant) people might be paid in Satoshi... maybe thousands of satoshi?

 

[IIOII]

The tragedy for banks is that they can use Bitcoin, but it won't help them to increase their profit margin. Banks will simply become less relevant and will have less power than today. New services will be developed around Bitcoin for sure. But there will be fierce competition not only between traditional banks but also between emerging FinTech-companies.

So the days for big banks are counted...

[Amph]

The tragedy for banks is that they can use Bitcoin, but it won't help them to increase their profit margin. Banks will simply become less relevant and will have less power than today. New services will be developed around Bitcoin for sure. But there will be fierce competition not only between traditional banks but also between emerging FinTech-companies.

So the days for big banks are counted...

actually it will help them with cost and time, so if they embrace bitcoin it will certainly provide benefits to their daily TX volume

but they will lose the control over their money, and this is the reason why they are aiming at creating their own blockchain

basically they want bitcoin, but they want their own bitcoin...that's the problem

[ransomer]

The tragedy for banks is that they can use Bitcoin, but it won't help them to increase their profit margin. Banks will simply become less relevant and will have less power than today. New services will be developed around Bitcoin for sure. But there will be fierce competition not only between traditional banks but also between emerging FinTech-companies.

So the days for big banks are counted...

actually it will help them with cost and time, so if they embrace bitcoin it will certainly provide benefits to their daily TX volume

but they will lose the control over their money, and this is the reason why they are aiming at creating their own blockchain

basically they want bitcoin, but they want their own bitcoin...that's the problem

Yeah, for now we don't have a solution which is secure enough for mass use.

So maybe the banks could play a role there. Of course they will lose some control, but it might be go with the flow or become extinct for them.

Alternatively if all banks get their own blockchain...that seems pretty inefficient?

[Carlton Banks]

Yeah, for now we don't have a solution which is secure enough for mass use.

The masses may not be adept enough to use it, but that has zero relevance to how secure the bitcoin network is. It might be an idea to read up about the various ways in which the network is secured.

The banks and other private companies have consistently misunderstood the security model, trying as you say to promote their own "blockchain" technology, but they typically insist on remaining in sole control of the ledger. All such centralised blockchain systems are barely any more secure than the present legacy banking system. Bitcoin literally is the bleeding edge of development, the banks are not properly incentivised to catch up, as it clashes too severely with their business model.

[dothebeats]

Yeah, for now we don't have a solution which is secure enough for mass use.

The masses may not be adept enough to use it, but that has zero relevance to how secure the bitcoin network is. It might be an idea to read up about the various ways in which the network is secured.

The banks and other private companies have consistently misunderstood the security model, trying as you say to promote their own "blockchain" technology, but they typically insist on remaining in sole control of the ledger. All such centralised blockchain systems are barely any more secure than the present legacy banking system. Bitcoin literally is the bleeding edge of development, the banks are not properly incentivised to catch up, as it clashes too severely with their business model.

The centralized blockchain is what the banks are really missing. The decentralization of the Bitcoin network is what makes it secure and almost invulnerable to attacks (though a 51% attack could prove me wrong). Miners from all over the world keep it secure from different attacks while in a centralized blockchain, a single attack could probably crumble the tech into ruins.

Banks wanted to gain full control (as always) but didn't even care to bother about the effects of it in their own business model. What traditional banks care about is their profit; nothing more, nothing less. If the public sees what bitcoin has to offer, then they will find a better alternative for banks, and of course, that is bitcoin.