Bank or Bitcoin Wallet?

[ajareselde]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

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[VirosaGITS]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

Hmmmmm. I would have to agree with banks as in Federal bank. For banks, just banks. I don't think so. I think they are where the profit is, and if BTC become big enough for them to get profit in offering BTC related services, i think they will.

Online banks at first, with physical locations later on.

Its already started with Coinbase and such. And Paypal vs Ebay is having conflict because one wants BTC and the other does not. So i think the moderate revolution is going to come either way.

[ajareselde]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

Hmmmmm. I would have to agree with banks as in Federal bank. For banks, just banks. I don't think so. I think they are where the profit is, and if BTC become big enough for them to get profit in offering BTC related services, i think they will.

Online banks at first, with physical locations later on.

Its already started with Coinbase and such. And Paypal vs Ebay is having conflict because one wants BTC and the other does not. So i think the moderate revolution is going to come either way.

I see your logic, but the thing is that bitcoin is still too small of a deal for almost any bank. I think that we need to make advancement one step at a time, and
expecting for banks to straight out accept bitcoin is a bit too much optimistic. Better give them more reasons why they should do it, and they may come by their own will and desire.

[VirosaGITS]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

Hmmmmm. I would have to agree with banks as in Federal bank. For banks, just banks. I don't think so. I think they are where the profit is, and if BTC become big enough for them to get profit in offering BTC related services, i think they will.

Online banks at first, with physical locations later on.

Its already started with Coinbase and such. And Paypal vs Ebay is having conflict because one wants BTC and the other does not. So i think the moderate revolution is going to come either way.

I see your logic, but the thing is that bitcoin is still too small of a deal for almost any bank. I think that we need to make advancement one step at a time, and
expecting for banks to straight out accept bitcoin is a bit too much optimistic. Better give them more reasons why they should do it, and they may come by their own will and desire.

That sound correct, for now the next big one may be Paypal. They are still small compared to the banking system but it would be a massive mainstream adoption step. There's multiple article stating Paypal's baby step toward fully accepting BTC and thats really looking up.

Meanwhile Ebay is against it. I'm just wondering at what point BTC will be big enough to start getting directly attacked by the bigger conglomerates.

[ajareselde]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

Hmmmmm. I would have to agree with banks as in Federal bank. For banks, just banks. I don't think so. I think they are where the profit is, and if BTC become big enough for them to get profit in offering BTC related services, i think they will.

Online banks at first, with physical locations later on.

Its already started with Coinbase and such. And Paypal vs Ebay is having conflict because one wants BTC and the other does not. So i think the moderate revolution is going to come either way.

I see your logic, but the thing is that bitcoin is still too small of a deal for almost any bank. I think that we need to make advancement one step at a time, and
expecting for banks to straight out accept bitcoin is a bit too much optimistic. Better give them more reasons why they should do it, and they may come by their own will and desire.

That sound correct, for now the next big one may be Paypal. They are still small compared to the banking system but it would be a massive mainstream adoption step. There's multiple article stating Paypal's baby step toward fully accepting BTC and thats really looking up.

Meanwhile Ebay is against it. I'm just wondering at what point BTC will be big enough to start getting directly attacked by the bigger conglomerates.

Ebay is dying out, just look at their stock value over the last year. It's obvious that they're getting replaced by better and newer alternatives.
Soon they will have to face their stubbornness.

[countryfree]

I find it difficult to understand how some people are choosing one or the other. That just doesn't sound smart to me. I currently have bank accounts in 3 different countries, and I think I've got 7 wallets with 3 different software clients to access them.
You shall not put all eggs in one basket...

[christycalhoun]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

I agree with that. Bitcoin will probably be treated like an investment like stocks, forex, etc. for a very long time.

[coinplus]

I don't see banks and bitcoin on the same side any time soon, as they are counters of one another. There's no doubt that acceptance of bitcoin in banks would
insanely pump it's value, but since banks are backers of fiat for obvious reasons, i see no reason why they would do such a thing.

I agree with that. Bitcoin will probably be treated like an investment like stocks, forex, etc. for a very long time.

In my view, bitcoin is currently should be treated as a long term investment instrument. May be people treat it like a retirement account also.
Basically bitcoin is the banking way digital money system. You can send, receive or hold like what ever we do with a banking account. So, bitcoin wallet = bank.

[jacktheking]

Bank and Bitcoin cannot be compared. We all know that Bitcoin aim is to take over banking system. However, so far most of people who use Bitcoin take Bitcoin as an investment only. However, as time go on, bank and Bitcoin can be on the same field of competition.

[bitbaby]

I find it difficult to understand how some people are choosing one or the other. That just doesn't sound smart to me. I currently have bank accounts in 3 different countries, and I think I've got 7 wallets with 3 different software clients to access them.
You shall not put all eggs in one basket...

Exactly, why not both?

Bitcoin isn't completely legal right now, it's in somewhat in grey area and until it reaches a legal status I don't think it's wise to go 'all in' on it, also a bank account has it other uses, for instance I do manage an account because my salary goes there and most of the shops online do not accept BTC yet and you need to have a credit/debit card to pay for those, so as I said until Bitcoin gets a legal status and becomes available to shop everywhere you need a bank account, for now at-least.

And even when it does you'd still need both, I don't think bitcoin will ever replace the fiat, I think with time both will get accepted.

[Franciem]

what you will chose amomg them.and why do the banks are afraid of bitcoin.why banks are not much smooth and faster like bitcoin.if banks start accepting bitcoin as payments then will it became a revolutionary for us?can bank can solve our mining or money curculation probems.

Why Bank don't want to adopt bitcoin, an don't want to use bitcoin,
because bitcoin is anonymous, it's very hard to find source of his money,
Im sure bank will never use bitcoin for payment....

[~Bitcoin~]

I don't think bank gonna accept bitcoin in near future. I have heard some of the banks are trying to copy bitcoin technology to do transaction that mean they will not go with the bitcoin as their currency. Rather they will create the system which work like bitcoin. Hope atleast that coin or currency of bank can be traded with bitcoin in future.

[btcxyzzz]

Since probability of Bitcoin going lower than this is very low, I say 100% Bitcoin and that's how I do it... And it's truly yours money. Having fiat in the bank means it can diminish tomorrow.

[prodigy8]

What about banks that accept bitcoin as the payment method?
You should use them both not concrete to only one.
Banks has their pros and cons, but bitcoin has more pros

[erikalui]

If Banks start accepting Bitcoins, I can't imagine what would be the currency conversion fees charged. The banks already have a conversion fee for USD and here they would charge a separate fee for receiving bitcoins plus their usual conversion fee.


Also, Banks cannot be compared with Bitcoins. One requires verification and is real cash while one is completely anonymous and is virtual cash. Banks take a longer time to send cash from one country to another while bitcoins take less time in comparison. Banks give an option to nominate another person while Bitcoins have no such option and if the owner doesn't share his password with another, the bitcoins are lost. Bitcoins don't offer interest or fixed deposit options as well.


For me, it's both as I need Banks as a security while Bitcoins are used to pay my online bills and earn money online.

[VirosaGITS]

If Banks start accepting Bitcoins, I can't imagine what would be the currency conversion fees charged. The banks already have a conversion fee for USD and here they would charge a separate fee for receiving bitcoins plus their usual conversion fee.


Also, Banks cannot be compared with Bitcoins. One requires verification and is real cash while one is completely anonymous and is virtual cash. Banks take a longer time to send cash from one country to another while bitcoins take less time in comparison. Banks give an option to nominate another person while Bitcoins have no such option and if the owner doesn't share his password with another, the bitcoins are lost. Bitcoins don't offer interest or fixed deposit options as well.


For me, it's both as I need Banks as a security while Bitcoins are used to pay my online bills and earn money online.

I would say there's already equivalents to serve this purpose, for Bitcoin.

For instance Coinbase. It act as a Bank, has a vault. You have your multiple accounts and you can exchange currency with a fee of 0 or 0.30$, depending on if you add to liquidity or take liquidity. You can then transfer to and from your FIAT bank.

Then you can put BTC in said vault, which is a better layer of security for your coins. And then finally the reason you or should trust your money to be safe in a bank, assuming the currency does not devalue to crap, is insurance.

Your funds are insured in case of theft or such, and in the case of Coinbase, your BTC are.

[zzaza]

You can't trust either of them unfortunately, the current financial environment makes both of them unpredictable in a way...

[TTMNewsMJ]

I would choose the bitcoin wallet.

[Xenoph0bia]

I would prefer bitcoin wallet instead of banks. There are so many advantages of btc wallet as you don't have to visit bank and you can proceed your trasactions from anywhere which is time consuming. There are no extra fees to maintain your account or charges for per transactions. The main advantage is you can be your own bank.

[RyanX]

I will use both as necessary. When the shops accpet bitcoin, I will use bitcoin. Otherwise I will use banks.