[2015-09-21]TechStars MD: Banks are Embracing the Inevitability of Bitcoin

[OmegaStarScream]

Many people believe the success of bitcoin and blockchain technology is "inevitable", and banks are now starting to come round to this point of view, according to TechStars managing director Jenny Fielding.

Speaking inside the firm's FinTech accelerator in New York, which is run in partnership with Barclays, Fielding told CoinDesk banks are "ramping up" their engagement with the blockchain ecosystem.

"I can't speak for them ... but it seems like there is more of a willingness to embrace what a lot of the rest of us feel is inevitable," she said.

Barclays, recently named as one of nine banks working to develop a set of common blockchain standards, is increasingly vocal in its support of the nascent technology.

Having launched the accelerator scheme with TechStars in London at the end of 2013, this summer it signed a proof-of-concept with bitcoin exchange Safello and announced it would explore opportunities with another blockchain company, diamond tracker Everledger.

You can read the full article on coindesk http://www.coindesk.com/techstars-md-banks-are-embracing-the-inevitability-of-bitcoin/

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[Denker]

I don't know. In my opinion banks are more focussed and comfortable with Blockchain technology instead with Bitcoin.The Title of that article does not really fit with the context.These guys are looking for a Bankcoin with which they can control and manipulate everything.Bitcoin might be an option as a last resort if they realize they can not circumvent it.

[Kakmakr]

Well currently the banking system has to go through a expensive third party {Swift} to transfer money to another group of banks. The Blockchain can make this transfer easy and fast and also secure. The problem is, they do not want to use Bitcoin. They want to develop their own in-house system.

In the end, the consumer will see no benefit from this. All profits will go into the shareholders pockets.

[Denker]

Well currently the banking system has to go through a expensive third party {Swift} to transfer money to another group of banks. The Blockchain can make this transfer easy and fast and also secure. The problem is, they do not want to use Bitcoin. They want to develop their own in-house system.

In the end, the consumer will see no benefit from this. All profits will go into the shareholders pockets.

That's pretty much it. They will able to reduce their costs massively and spped up their processes. However the consumers will have to continue paying the same fees as now. Thereby profits will raise and shareholders way more happy.
Nothing will change for the masses.