Will the Banking Industry kill Bitcoin and keep the Blockchain?

[hunnaryb]

bitcoin will kill banks no doubt 

Banks can use bitcoin as a currency. They will adept.

They simply aren't that stupid.

Banks will never 'use' bitcoin as a currency, they have the money to make their own blockchains and or add value to them in far greater magnitudes than the entire Bitcoin Market Cap. If you haven't realised already, banks are all about control.

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[Mickeyb]

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

Do you see a current financial system as sustainable in the long-term. Do you think that this never ending debt increase society is sustainable even if they implement their own centralized blockchains?

No way! Balloon will explode sooner or later. So let the may the infrastructure for us. Let them learn people how to send transactions and manage their wallet. When they fall apart, and they will just like they started falling apart in 2008/2009, then we will take over.

[Ceizer54]

I don't think banks or governments can do anything to stop bitcoin..To stop bitcoin protocol they have to stop all the people using bitcoin network and blockchain and it's impossible for them to do so..Infact,there are many altcoins too..Government and banks will finely have to accept bitcoin in the future
Bitcoin is created for the people and if it ever burst then it would be because of it's users only.

[hunnaryb]

I don't think banks or governments can do anything to stop bitcoin..To stop bitcoin protocol they have to stop all the people using bitcoin network and blockchain and it's impossible for them to do so..Infact,there are many altcoins too..Government and banks will finely have to accept bitcoin in the future
Bitcoin is created for the people and if it ever burst then it would be because of it's users only.

Problem is, Bitcoin is being controlled by people too. And they don't have the punching power to make it truly adopted by a mass audience, say for instance a country.

Governments however can make this happen, and have the resources to make adoption real fast.

[pereira4]

You can't kill Bitcoin, as we've seen time and time again. They've tried with technical attacks, and they've tried with trojan horses (XT) but it's not gonna happen. Bitcoin will remain strong and decentralized for life. Every living banker will be dead and Bitcoin will live on. Might as well deal with this. The only banks that will survive will be the pro-Bitcoin ones. Anti-Bitcoin ones will be seen as idiots that missed the point.

[johnyj]

There are only 2 types of blockchain: The bitcoin blockchain and alt-coin blockchain. If banks would like to have an alt-coin blockchain, it's up to them to do the marketing but what is the deal when they already have fiat coin

[Mickeyb]

There are only 2 types of blockchain: The bitcoin blockchain and alt-coin blockchain. If banks would like to have an alt-coin blockchain, it's up to them to do the marketing but what is the deal when they already have fiat coin

I think that even alt coin blockchains would be better than any bank blockchain. At least the majority of these all blockchains are decentralized, something that any bank blockchain will never be!

[VirosaGITS]

You can't kill Bitcoin, as we've seen time and time again. They've tried with technical attacks, and they've tried with trojan horses (XT) but it's not gonna happen. Bitcoin will remain strong and decentralized for life. Every living banker will be dead and Bitcoin will live on. Might as well deal with this. The only banks that will survive will be the pro-Bitcoin ones. Anti-Bitcoin ones will be seen as idiots that missed the point.

If they want to kill Bitcoin, they can by making a super datacenter and overtaking the blockchain. Its not impossible to do, i'm just guessing BTC is not enough of a threat to any government to warrant such a high handed attack against Bitcoin.

[jertsy]

Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... But being Bitcoin as a currency the main competitor to banks and the traditional financial system, won't it be possible to see Banks trying to stifle bitcoin while investing in the Blockchain?

They might use their own blockchains but it wont kill bitcoin. Bank's blockchains will just be centralized and wont be their own currencies so bitcoin will still thrive as an alternative to the mainstream and that's why it is still valuable.

They were researching ripple and considering starting their own blockchain based on its technology, but it's centralized. If the server, or set of servers running it go down then the entire network goes offline. A government, hackers, or the banks themselves could switch off the network by going after the servers.

The Bitcoin network never goes offline, you can always access your money stored in it. Sometimes the bank's debit card network goes offline. If they had their own blockchain that wouldn't be reliable all the time either.

[ashour]

I think that the banking sector will primarily ignore bitcoin and focus on the blockchain techonlogy rather that try to destroy bitcoin itself.

[VirosaGITS]

I think that the banking sector will primarily ignore bitcoin and focus on the blockchain techonlogy rather that try to destroy bitcoin itself.

If the Bitcoin volume become too big, that will mean there will be a much lesser volume being used in US, CAD, Euro, etc, everything.

If the demand is lowered for USD and Cie then their value will drop, as such that could be a huge economical threats those big countries and then they might regret not killing Bitcoin when it would of only cost 1 billion USD.

[Q7]

Well, I always thought they can try and do whatever things they want but they can never take out bitcoin. The centralization part is very obvious and no matter how nice that might sound having the blockchain name on it with an open ledger, it is still subject to banks centralized control.

[aso118]

Obviously they will invest in blockchain technology; it has huge potential to reduce costs for them.
Bitcoin - they will ignore it until it is no longer possible to do so without hurting themselves.

[Hugroll]

they cant really do anything about bitcoin, they could try and make their own coin perhaps but i dont think it would get better than bitcoin

[mayax]

The GOVs just have to put in jail few exchangers as they did, implement the financial laws which are very strict and BTC's value will go to zero.

BTC and any other Altcoins were designed to be decentralized and free of any restrictions. Now, you have to give your DNA to exchangers when you want to cash in or cash out BTC. They report to you to your tax authorities, they have access to your personal details.

So, why would BTC prevail when there are already debit cards? they make possible instant transactions and you have to provide the same documents even less. The banks require only and ID when you open the account with them. The exchangers are are asking many other proofs.

It is so funny when I see people happy that Gemeni, Coinbase and others  got financial licences. What's the difference between a normal financial company(like a traditional forex) and them? NONE.
A while ago. many of these people screamed that they want freedom, no control, decentralization and now, they applaud the opposite.

BTC is just an e-currency with a big support from media because it's a paid advertising; and it will always be like that until its value will be zero(not so far this moment).

Why would you use Bitcoin and not the fiat currencies while Bitcoin is like a centralized system?

I can use my credit/debit card to make purchase instantly everywhere with zero fees. What's the BTC advantage as e-currency? NONE.

You can only use it to take advantage of its volatility.

[addy boy]

banks and government cannot stop bitcoin now because the inventor of bitcoin (satoshi nakamoto) has made it open source and also it is controlled by the user or u should say users pc so until all the desktop and phones got shutdown till then bitcoin will stay

[mayax]

banks and government cannot stop bitcoin now because the inventor of bitcoin (satoshi nakamoto) has made it open source and also it is controlled by the user or u should say users pc so until all the desktop and phones got shutdown till then bitcoin will stay

keep dreaming, you are free to do that.

The banks don't need Bitcoin at all and it's so easy to make BTC to worth zero. You don't need to close it down. People will go away once Bitcoin's value will drop under a certain amount.

No money means no developers, no exchangers and no Bitcoin media and no more BTC shit.

I hope you are not a child to believe that someone cares about libertarian shit and on. Everybody is interested about money because they have bills to pay.

Yes, you will have BTC installed on your computer but nobody will put "real" money value in it.

[Kazimir]

Banks can use bitcoin as a currency. They will adept.

Adept how, or to what extent? Banks have nothing to do with Bitcoin. The whole idea of Bitcoin is that it works completely without banks.

It's like saying the postal services will adept and use email

[Kakmakr]

Ok let's ask ourselves this question : Would you build your business on top of a technology controlled by external entities that are mostly unknown? The banks want something they can control and change, when they want to. They do not want to wait for a BIP to be proposed and then for some unknown entities to reach consensus and to decide if it is viable or not.

How do you build a business around all those uncertainties? They would rather create their own <Private Blockchain> with developers they trust and then manipulate the protocol in the way they want it to work.

We cannot ignore this, and the latest Core vs XT fights are not helping to bring them to the table. Our fighting and indecision are pushing companies toward <Private> alternatives and Alt coins.

[Djisamsoe]

national bank on my country never legalze bitcoin,maybe they afraid bitcoin will take the national payment or like case on venezuela maybe