Will the Banking Industry kill Bitcoin and keep the Blockchain?

[neurotypical]

The banking industry can't do nothing about Bitcoin. Think about it. If Bitcoin "died" (will not happen) then cryptocurrency dies too. Crypto = Bitcoin. It's like that. Everyone associates Bitcoin with cryptocurrency. If Bitcoin fails, the whole crypto industry fails. If Bitcoin does good, the whole crypto industry benefits from it.

I beg to differ... If Bitcoin dies... Crypto currencies will fight for the top spot and they will bend the knee to the will of any government or bank. It's all about the money and the

power. Bitcoin dies .... Government friendly coins steps in and replace it. The only thing keeping Bitcoin alive at this moment is it's decentralized network. This network are under

constant attack from trolls and shills trying to divide the development and progress. The banking sector are already working on several replacements and you will see some more

aggressive attacks coming, when they are done with these projects.     

Yep the replacements will be absolute closed source trash, thats why it's very important for Bitcoin to remain open source and decentralized. And no I don't think the banking industry can do anything about it, even if they get the govs to pass a million laws, Bitcoin will always survive, there will always be nodes out there and there will always be people benefiting from mining somewhere around the planet.

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[daveon]

If we still this kind of dumb thread i'm afraid we're far from being mainstream.

LOL at investing in "the Blockchain"

Time to educate yourself OP, we're sick of spoonfeeding.

Well said my friend. The fact of the matter is that bitcoin represents a level playing field. To get a bitcoin is to earn a bitcoin.

Banking on the other hand, is a non-level playing field. Banks get to create money out of thin-air. They have been doing this for over a 100 years and so they have been accustomed to this mindset. To suggest that banks can compete on a level playing field is utter nonsense.

[n2004al]

The banking industry can't do nothing about Bitcoin. Think about it. If Bitcoin "died" (will not happen) then cryptocurrency dies too. Crypto = Bitcoin. It's like that. Everyone associates Bitcoin with cryptocurrency. If Bitcoin fails, the whole crypto industry fails. If Bitcoin does good, the whole crypto industry benefits from it.

I beg to differ... If Bitcoin dies... Crypto currencies will fight for the top spot and they will bend the knee to the will of any government or bank. It's all about the money and the

power. Bitcoin dies .... Government friendly coins steps in and replace it. The only thing keeping Bitcoin alive at this moment is it's decentralized network. This network are under

constant attack from trolls and shills trying to divide the development and progress. The banking sector are already working on several replacements and you will see some more

aggressive attacks coming, when they are done with these projects.    

Cannot be never true. First any commercial bank don't create money. They only use it like any other business. Then second, any kind of commercial bank will try never some day to have its coin. Have no meanings. There are thousand and thousand commercial banks. There are the same number of diverse coin. Every of those will try that its coin be accepted by the other commercial banks. So all the banks will passe their times to try to convince the remaining ones to accept its coin. Have no meaning. The commercial banks are interested about blockchain because the use of peer to peer in which is based blockchain cut significantly the costs of operations of technologies within a commercial bank which can be replaced by peer to peer. That's all. It is another thing the interest of the Central Banks of one country. They are interested about blockchain because want to have their national personal coin. See for more the links below:

http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9

http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016

https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/

[thejaytiesto]

If we still this kind of dumb thread i'm afraid we're far from being mainstream.

LOL at investing in "the Blockchain"

Time to educate yourself OP, we're sick of spoonfeeding.

Well said my friend. The fact of the matter is that bitcoin represents a level playing field. To get a bitcoin is to earn a bitcoin.

Banking on the other hand, is a non-level playing field. Banks get to create money out of thin-air. They have been doing this for over a 100 years and so they have been accustomed to this mindset. To suggest that banks can compete on a level playing field is utter nonsense.

This is why I don't really care if there are a bunch of early adopters that are really rich. Even if Bitcoin is also non evenly distributed, you know that the Bitcoin that people has got them by doing something in return, and there's no way to screw around with the total supply and modifying it at will, which is what happens with fiat.

[AndySt]

All banks in the world to earn money. Blockchain can help do this. Banking Industry and Bitcoin will exist in parallel and not to interfere with each other. That's all

[Kprawn]

The banking industry can't do nothing about Bitcoin. Think about it. If Bitcoin "died" (will not happen) then cryptocurrency dies too. Crypto = Bitcoin. It's like that. Everyone associates Bitcoin with cryptocurrency. If Bitcoin fails, the whole crypto industry fails. If Bitcoin does good, the whole crypto industry benefits from it.

I beg to differ... If Bitcoin dies... Crypto currencies will fight for the top spot and they will bend the knee to the will of any government or bank. It's all about the money and the

power. Bitcoin dies .... Government friendly coins steps in and replace it. The only thing keeping Bitcoin alive at this moment is it's decentralized network. This network are under

constant attack from trolls and shills trying to divide the development and progress. The banking sector are already working on several replacements and you will see some more

aggressive attacks coming, when they are done with these projects.    

Cannot be never true. First any commercial bank don't create money. They only use it like any other business. Then second, any kind of commercial bank will try never some day to have its coin. Have no meanings. There are thousand and thousand commercial banks. There are the same number of diverse coin. Every of those will try that its coin be accepted by the other commercial banks. So all the banks will passe their times to try to convince the remaining ones to accept its coin. Have no meaning. The commercial banks are interested about blockchain because the use of peer to peer in which is based blockchain cut significantly the costs of operations of technologies within a commercial bank which can be replaced by peer to peer. That's all. It is another thing the interest of the Central Banks of one country. They are interested about blockchain because want to have their national personal coin. See for more the links below:

http://uk.businessinsider.com/13-new-banks-join-r3-blockchain-coalition-2015-9

http://cointelegraph.com/news/115302/russia-to-create-bitruble-a-state-run-digital-currency-for-2016

https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/

Commercial banks operate under specific groups, like Barclays and these groups work with the central banks and these central banks work with the Reserve bank and the

government. The commercial banks therefore adhere to the chain of command from the hierarchy from the top structures. The Reserve banks / Central banks could develop

their own token on a private Blockchain to transfer value or currency between central banks or from Central banks downwards. The Commercial banks could convert that token

to their own "in-house" private token to transfer value between their banks. What prohibits them from doing that? They are just looking for a cheaper and faster way to transfer

currency, and SWIFT is not the answer.   

[jt byte]

The banking industry is embracing the technology behind the blockchain. My local banks have announced this recently. Not so much about bitcoin as they don't seem to know what to do with it yet. Try and work with it or trash it.  

[USB-S]

Banking industry will implement Bitcoin and offer it to its customers 

Some banks already trying to do so - look CitiBank - CitiCoin.

The true is that Bitcoin still is just experiment and someday, someone can try to make something like Bitcoin 2.0. 

There already are crypto 2.0 platforms. NXT is in my opinion currently leading the race.
However on the subject of banks I think most if not all banks will implement bitcoin in their systems just because wire transfers are just loaning money from another bank, this process requires an enormous trust. Bitcoin on the other hand requires no trust at all. It would be perfect. As banks adopt bitcoin into their systems, people gain awareness and most likely will start dealing and securing their bitcoins themselves killing the banking industry completely.

[HeroCat]

Banks will implement Bitcoin and get profit from Bitcoin and Blockchain. May be even banks will get the best possible value from Bitcoin after it implementation.   

[AndySt]

Banks will implement Bitcoin and get profit from Bitcoin and Blockchain. May be even banks will get the best possible value from Bitcoin after it implementation.   

Banks will implement Blockchain but dislike Bitcoin. When all banks of the world implement Bitcoin then we will see flight to the Moon and maybe higher

[RKing]

When all the banks implement the block chain, they need a common currency to circulate in the block chain. That currency will be bitcoin.

[BantamSystems]

Banks will most probably adopt the blockchain as a means to reduce their own transaction costs, and by doing this they are adopting the bitcoin currency almost by proxy since you cannot use the blockchain without using the currency, it is the currency (keys) that allows for interaction with the chain

They could just create their own blockchain, but it will certainly be less secure than bitcoins chain due to having less hashing power

The bankers will adopt bitcoin, but in a very stealthy, gradual and systematic way. Rest assured

[cellard]

Banks will most probably adopt the blockchain as a means to reduce their own transaction costs, and by doing this they are adopting the bitcoin currency almost by proxy since you cannot use the blockchain without using the currency, it is the currency (keys) that allows for interaction with the chain

They could just create their own blockchain, but it will certainly be less secure than bitcoins chain due to having less hashing power

The bankers will adopt bitcoin, but in a very stealthy, gradual and systematic way. Rest assured

The bankers don't care about decentralization and open-sourceness, they care about cutting expenses and making profit, therefore they will avoid using the Bitcoin blockchain for as long as possible. Obviously, in the long run this is a dead end and they will learn the fact that Bitcoin blockchain is the only relevant blockchain the hard way.

[bitsmichel]

Banks will implement Bitcoin and get profit from Bitcoin and Blockchain. May be even banks will get the best possible value from Bitcoin after it implementation.   

Banks will implement Blockchain but dislike Bitcoin. When all banks of the world implement Bitcoin then we will see flight to the Moon and maybe higher

Bitcoin is not a big market for banks. They could easily invest and make profit if lucky. The main problem that banks have with bitcoin is that they are not the intermediary in the transactions. In every bank transaction they can take fees or they can even close a bank account and take all the money. They do not have such powers with bitcoin.

[KingW]

No bitcoin will kill the banking industry, and we will keep the blockchain

[HarryKPeters]

I read a very interesting article today @
http://www.coindesk.com/twelve-banks-blockchain-consortium-r3/

Banks are not standing by anymore, they are researching and analyzing bitcoin these days.
To me they thought bitcoin was just a hype and it would go away as fast as it came.

Now things are getting more and more serious, so they need to 'analyze'
Thing is though, that they can't kill bitcoin, since they can't kill all the nodes.

[egghead123]

Nobody can kill bitcoin once there are people who use it.that is why it is important to promote bitcoin as a good decentralised option in the digital currency arena.Just because banks use blockchain tech it doesnt mean bitcoin users or future users would even consider it.Bitcoin is about more than just a digital currency.With bitcoin you are your own bank.They could try to undermine and attack it other ways of course but bitcoin seems to be going to last the course.

[Slunt]

I think it's inevitable that the banks will use their own private blockchains but it wont kill bitcoin. Bitcoin is meant to exist outside of the banks and central authorities so it will continue to operate independently as we will always need a decentralized currency to avoid censorship and manipulation by central banks. Bitcoin's potential is far greater than whether banks use it.

[okae]

Nobody can kill bitcoin once there are people who use it.that is why it is important to promote bitcoin as a good decentralised option in the digital currency arena.Just because banks use blockchain tech it doesnt mean bitcoin users or future users would even consider it.Bitcoin is about more than just a digital currency.With bitcoin you are your own bank.They could try to undermine and attack it other ways of course but bitcoin seems to be going to last the course.

Thats the key, you got it , even if banks decide to do whatever they want, if people use bitcoin they cant stop it. Now the question is, will people use bitcoin even if banks start to use his own blockchain and/or his own currency?

I hope that yes, people start to wake up after a long history of fiat scammers....

[cjmoles]

Nobody can kill bitcoin once there are people who use it.that is why it is important to promote bitcoin as a good decentralised option in the digital currency arena.Just because banks use blockchain tech it doesnt mean bitcoin users or future users would even consider it.Bitcoin is about more than just a digital currency.With bitcoin you are your own bank.They could try to undermine and attack it other ways of course but bitcoin seems to be going to last the course.

Thats the key, you got it , even if banks decide to do whatever they want, if people use bitcoin they cant stop it. Now the question is, will people use bitcoin even if banks start to use his own blockchain and/or his own currency?

I hope that yes, people start to wake up after a long history of fiat scammers....

That's the big question: will people still use bitcoin if the banks provide their own blockchain technology?  I don't know if they would use bitcoin if they could get the same functionality from another platform....especially an insured platform!  The hardcore will still use bitcoin but will the corner store?