RKing
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October 18, 2015, 07:25:02 AM
Last edit: November 01, 2015, 08:25:02 AM by RKing |
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I do not think banks have the intention to kill Bitcoin. It would probably be a war that will wear them out, and the outcome is uncertain. Trying to do that would make attention focus on Bitcoin and have just the opposite effect they are looking for.
They have the intention, but not the ability to destroy bitcoin network technically. But if they collude with government, they might succeed. |
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knowhow
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October 18, 2015, 05:50:37 PM |
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Would you build your business on top of a technology controlled by external entities that are mostly unknown? controlled by entities mostly unknown? You mean: controlled by math, open source, and well known and extensively studied cryptography. That's the controlling foundation of this tech. It's not being controlled by anyone in particular. Yes, BTC is controlled by developers, miners and exchangers. All of them are owned by a small group of people called , "investors" . Make a little search and you will see who "owns" Bitcoin  The bitcoin isnt centralized even with several big farmers being at there and they having the biggest hash ,but they dont control,remember one thing before bitcoin being worth 20 dollars and above it the mined coins were traded,the pizza history and other history based on the low price,soo sure there is whales on bitcoin ,they have around 70% or more of total btc,knowing that big farmers the most are just holding their coins waiting the price up. |
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BruceSwanson
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October 18, 2015, 06:21:51 PM
Last edit: October 18, 2015, 11:27:59 PM by BruceSwanson |
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I think banks will support BTC by using the BTC blockchain as a form of data-backup to demonstrate to auditors and the government that their own data records have not been hacked and tampered with. They will do this because the low cost and ease of doing so will virtually mandate it. Governments may even require it, both for banks and for their own data.
Data-record protection by institutions and proof-of-existence documentation by individuals could easily become the dominate use of the BTC blockchain. It is so cheap as to be essentially free. There is not even a need to pay a higher fee for faster confirmations because confirmation time won't matter. The only thing that will matter is the instantaneous publication of the data as an unconfirmed transaction on the blockchain.
As for the use of BTC as currency, speaking as a former Silk Road merchant I for one can't see it except for buying and selling on the dark web. It simply isn't necessary for most commercial transactions. No, I think banks will compete with BTC at point-of-sale by offering merchants and customers proprietary-blockchain speed of confirmation in conjunction with the usual money-back protections against errors and fraud. After all, when BTC is on the rise, who will buy a cup of coffee with it? And if BTC is on the slide, who would accept it without instant conversion to fiat, which banks would have to charge for?
I think that the BTC blockchain will end up prospering under what might be called the non tragedy of the commons. Everyone will dump their data on it, increasing the demand for bitcoins themselves but not the need for faster and faster confirmation times. Eventual confirmation will be sufficient.
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knowhow
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October 20, 2015, 12:01:51 AM |
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I think banks will support BTC by using the BTC blockchain as a form of data-backup to demonstrate to auditors and the government that their own data records have not been hacked and tampered with. They will do this because the low cost and ease of doing so will virtually mandate it. Governments may even require it, both for banks and for their own data.
Data-record protection by institutions and proof-of-existence documentation by individuals could easily become the dominate use of the BTC blockchain. It is so cheap as to be essentially free. There is not even a need to pay a higher fee for faster confirmations because confirmation time won't matter. The only thing that will matter is the instantaneous publication of the data as an unconfirmed transaction on the blockchain.
As for the use of BTC as currency, speaking as a former Silk Road merchant I for one can't see it except for buying and selling on the dark web. It simply isn't necessary for most commercial transactions. No, I think banks will compete with BTC at point-of-sale by offering merchants and customers proprietary-blockchain speed of confirmation in conjunction with the usual money-back protections against errors and fraud. After all, when BTC is on the rise, who will buy a cup of coffee with it? And if BTC is on the slide, who would accept it without instant conversion to fiat, which banks would have to charge for?
I think that the BTC blockchain will end up prospering under what might be called the non tragedy of the commons. Everyone will dump their data on it, increasing the demand for bitcoins themselves but not the need for faster and faster confirmation times. Eventual confirmation will be sufficient.
Bitcoin as you stated will benefict, this interest of banks at blockhain technology,even they making their own blockhain will bring new costumers that use iphone to acess their accounts will be able one new market and well they will find bitcoin soon and faster. |
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mayax
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October 20, 2015, 01:05:10 AM |
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I think banks will support BTC by using the BTC blockchain as a form of data-backup to demonstrate to auditors and the government that their own data records have not been hacked and tampered with. They will do this because the low cost and ease of doing so will virtually mandate it. Governments may even require it, both for banks and for their own data.
Data-record protection by institutions and proof-of-existence documentation by individuals could easily become the dominate use of the BTC blockchain. It is so cheap as to be essentially free. There is not even a need to pay a higher fee for faster confirmations because confirmation time won't matter. The only thing that will matter is the instantaneous publication of the data as an unconfirmed transaction on the blockchain.
As for the use of BTC as currency, speaking as a former Silk Road merchant I for one can't see it except for buying and selling on the dark web. It simply isn't necessary for most commercial transactions. No, I think banks will compete with BTC at point-of-sale by offering merchants and customers proprietary-blockchain speed of confirmation in conjunction with the usual money-back protections against errors and fraud. After all, when BTC is on the rise, who will buy a cup of coffee with it? And if BTC is on the slide, who would accept it without instant conversion to fiat, which banks would have to charge for?
I think that the BTC blockchain will end up prospering under what might be called the non tragedy of the commons. Everyone will dump their data on it, increasing the demand for bitcoins themselves but not the need for faster and faster confirmation times. Eventual confirmation will be sufficient.
Bitcoin as you stated will benefict, this interest of banks at blockhain technology,even they making their own blockhain will bring new costumers that use iphone to acess their accounts will be able one new market and well they will find bitcoin soon and faster. Iphone is already using ApplePay. Nobody needs BTC for online shopping. BTC is just a niche e-currency. |
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Oscilson
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October 20, 2015, 04:21:19 PM |
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Iphone is already using ApplePay. Nobody needs BTC for online shopping.
BTC is just a niche e-currency.
Not everybody owns iPhone. |
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mayax
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October 20, 2015, 06:23:50 PM |
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Iphone is already using ApplePay. Nobody needs BTC for online shopping.
BTC is just a niche e-currency.
Not everybody owns iPhone. SamsungPay exists too Apple +Samsung = +50% from the smartphone market |
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thejaytiesto
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October 20, 2015, 06:31:37 PM |
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I think banks will support BTC by using the BTC blockchain as a form of data-backup to demonstrate to auditors and the government that their own data records have not been hacked and tampered with. They will do this because the low cost and ease of doing so will virtually mandate it. Governments may even require it, both for banks and for their own data.
Data-record protection by institutions and proof-of-existence documentation by individuals could easily become the dominate use of the BTC blockchain. It is so cheap as to be essentially free. There is not even a need to pay a higher fee for faster confirmations because confirmation time won't matter. The only thing that will matter is the instantaneous publication of the data as an unconfirmed transaction on the blockchain.
As for the use of BTC as currency, speaking as a former Silk Road merchant I for one can't see it except for buying and selling on the dark web. It simply isn't necessary for most commercial transactions. No, I think banks will compete with BTC at point-of-sale by offering merchants and customers proprietary-blockchain speed of confirmation in conjunction with the usual money-back protections against errors and fraud. After all, when BTC is on the rise, who will buy a cup of coffee with it? And if BTC is on the slide, who would accept it without instant conversion to fiat, which banks would have to charge for?
I think that the BTC blockchain will end up prospering under what might be called the non tragedy of the commons. Everyone will dump their data on it, increasing the demand for bitcoins themselves but not the need for faster and faster confirmation times. Eventual confirmation will be sufficient.
Bitcoin as you stated will benefict, this interest of banks at blockhain technology,even they making their own blockhain will bring new costumers that use iphone to acess their accounts will be able one new market and well they will find bitcoin soon and faster. Iphone is already using ApplePay. Nobody needs BTC for online shopping. BTC is just a niche e-currency. The big trillions aren't on replacing Paypal or Applepay or whatever the fuck you want to mention indeed, the jackpot is in disrupting the way things work at fundamental levels. Which means, eventually banks will be less and less relevant, and once this happens, the public will learn about Bitcoin start using it. It will be gradual. Just like fax didn't disappear with the invention of the email, they became really less relevant in the industry. That's how banks will end up. They will just do some niche stuff where they still can profit by existing. |
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knowhow
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October 20, 2015, 10:44:06 PM |
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Well some people moves their accounts online ,they dont go to the agency to moove or pay or do anything there.What im saying is the blockain from banks or they use our blockhain will bring new investors as costumers into bitcoin.
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tom555
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October 20, 2015, 11:55:20 PM |
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i not believe that banking industry will kill bitcoin,but i agree that they will keep blockchain,because for them,blockchain is asset for future
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hardtime
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October 21, 2015, 02:38:45 AM |
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Yes Block chain will get more customers and there is no chance banking industry will kill the bitcoin as bitcoin is online crypto and has so many lovers. I Think Banking Customers will choose Block chain and Bitcoins.
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Light
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October 21, 2015, 03:01:28 AM |
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Every financial institution and every Bank seem to have their eyes set on the bitcoin and bitcoin these days... Not sure what in the world is telling you this. The banks haven't been particularly interested in Bitcoin since the hype fell down (alongside the value) and the public stopped caring about it at all. To be honest, they've probably re-evaluated and found it to be less of a threat than they thought it could be. 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? Why in the world would they bother keeping the blockchain without Bitcoin? Unless we're talking altcoins (fiat is already suitable) the blockchain by itself doesn't have really any banking relevance. |
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Amph
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October 21, 2015, 07:59:14 AM |
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Iphone is already using ApplePay. Nobody needs BTC for online shopping.
BTC is just a niche e-currency.
Not everybody owns iPhone. SamsungPay exists too Apple +Samsung = +50% from the smartphone market it seems that apple pay, is not well seen out there, customers are not secure about it, it is following the same fate of bitcoin ironically there are some article talking about it on the web |
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mayax
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October 21, 2015, 01:12:01 PM |
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Iphone is already using ApplePay. Nobody needs BTC for online shopping.
BTC is just a niche e-currency.
Not everybody owns iPhone. SamsungPay exists too Apple +Samsung = +50% from the smartphone market Bitcoin wallet  Payment solution from all kinds of smartphone  iOS + Android + Windows Phone + Blackberry = 99.6% (IDC 2015Q2) Why BTC when there are debit/credit cards linked with the phones with NO fees and instant transactions? What for? |
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n2004al
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October 22, 2015, 08:12:34 AM
Last edit: October 23, 2015, 07:56:42 AM by n2004al |
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Banks will try but fail miserably.
They can always create an altcoin dedicated to banks, so they will own their own blockchain.
I will not use their coins. A commercial bank never will have its coin. The study and the (possibly) application of blockchain by every of those which will want to make this will serve to them to reduce their costs. Nothing else. It is not possible that every bank create its own coin. The world of currencies will go in anarchy and it will a big mess. First because they must agree with every other bank to accept their coin. Then to use it. The other banks will want to do the same things. Even if this it would possible what is the reason and the meaning of all this? Blockchain is one product of peer to peer technology. This technology is called disruptive even because decrease significantly the costs where it is applied. Bitcoin is one of its materialized applications but its possibilities are for way much more. It is the materialization of peer to peer on blockchain the reason of its study and the possibility of application of its technology to the banks which attract the lasts to be interested on it and not the production of another coin. Where can be applied then? Only those can know this but for sure in their transactions yes. Because with this application, at least, it will be the decrease of the costs of those. |
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RKing
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October 22, 2015, 06:36:24 PM |
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Bitcoin is the universal coin, banks will use it as the base for money exchange, just like we use Bitcoin in crypto currency exchanges
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pilscoop
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October 22, 2015, 09:04:17 PM |
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I believe both Bitcoin and the blockchain used by banks can coexist. Bitcoin will be seen as a means to make payments online and store value and hopefully banks can provide a better service for wire transfers using the blockchain.
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addy boy
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October 23, 2015, 08:00:32 AM |
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I think that bank should also adopt btc coin formula cause this is safe for transactions and all if we do transaction by btc then it will give us safety messurs and protects us from the problems like robbery and scams. but on the other hand here is blockchain system will is the most important part for the bitcoin economy because it is the only a place in the internet which controls al the bitcoins. there are many chances that bank can killbbtc but will they keep the blockchain system is a question till now?
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Oscilson
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October 23, 2015, 01:27:24 PM |
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Banks will try to kill bitcoin. If they cannot and bitcoin grows bigger, banks will adopt bitcoin and save cost.
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knowhow
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October 24, 2015, 10:29:58 PM |
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Banks has their costumers that wont moove a penny into bitcoin,the rich wont take the money out from a bank that offers a high interest to their money stay at the bank and growing.Bitcoin can grow a lot that those kind of costumers will keep with the normal place to let the money be at ,banks.Sure they can take advantage and studying blockchain to try to make their own and they need to think how to secure it,currently bitcoin has miners to protect it.
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