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Author Topic: Bitcoins and the Banking establishments  (Read 386 times)
notig
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January 28, 2013, 04:05:59 AM
 #1

It seems that bitcoins are somewhat the enemy of banks. If banks try to kill bitcoin through their ties with governments.... something else might pop up in bitcoins place. To me, it seems like the smartest decision from a bank's perspective is rather than try to kill bitcoins to ensure their success. And to buy a good portion of them before ensuring their success. There will always be a black market trade.... and banks don't really profit from the black market trade when cash is used. But if they ensured bitcoins success they could easily make billions of dollars. And if later they wanted to kill it.......... they would have the same powers to do so that they do now.

I think banks could ensure bitcoins success if they themselves became exchanges and introduced whatever regulation they could to make bitcoins seem lawful giving confidence to those who may want to use them. Overnight they could invest in bitcoins and make billions of dollars.  But then again......... maybe billions isn't that much to banks anymore.

The only possible downside I can see is that if bitcoin gained popularity.... they lose some control and by losing control they lose some power. But bitcoins... even if they were to become popular I don't think they could replace what banks offer which is a system of credit.  Also, whatever profits they might gain from endorsing bitcoin... they might lose by not being able to charge for ridiculous fees like international wires and things of that nature.

From what I read of the report last year... banks will go after where the bitcoin market and the money markets connect. So places like dwolla will be targeted.

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getbtc
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January 28, 2013, 04:12:29 AM
 #2

Have you seen this?

http://spectrum.ieee.org/tech-talk/telecom/internet/bitcoincentral-is-now-the-worlds-first-bitcoin-bankkind-of

Not exactly what you're talking about, but certainly a step towards acceptance and collaboration with the financial industry.
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January 28, 2013, 07:36:35 AM
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This is a great topic. I am really interested in what happens to Bitcoin over the long term. That link points to a good step in the right direction I think at least toward creating more staying power.
xxjs
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January 28, 2013, 09:24:45 AM
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One reason is that they don't like cash in any form, not paper dollars either.

The banks are probably best positioned to make bitcoin-backed payment cards, needed if bitcoin really takes off.
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