Merging of bitcoin and banks

[Karartma1]

Banks are leveraging ripple to move their money on a "blockchain". Now, it's cool and are they pouring money into this ecosystem.

https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/

What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.

But they will never have a strong "blockchain" like the one of bitcoin.

Time will tell.

[Finestream]

Banks are leveraging ripple to move their money on a "blockchain". Now, it's cool and are they pouring money into this ecosystem.

https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/

What does this mean? To me nothing, it's simply that old banks are trying to adapt in the best way they can to this change.

But they will never have a strong "blockchain" like the one of bitcoin.

Time will tell.

You are absolutely right, time will tell because time will come that banks will adopt with bitcoins. As we are a growing community they will be tempted to adopt due to the huge market they can cater when they adopt with bitcoins, I know it requires a government regulation to make them do that but when it comes to a possibility of making money they will do everything just to make it happen.

[kingaltcoins]

This will never ever happen.
Although you might say that banks will incorporate bitcoin as a mode of payment or as a new payment option but eventually they will not be able to centralize the protocol as their own backbone.

Bitcoin will remain as decentralized as was in 2009. These new are just providing some hoax in order to repel some potential threat towards weaker traders just to gain advantage. No need to worry about it.

[Ziskinberg]

Bitcoins and bank have one difference that we can never see we can merge it.

Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.

[Yakamoto]

Bitcoins and bank have one difference that we can never see we can merge it.

Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.

Banks may appear to be regulated but in reality they're not, there's a lot of corruption and sketchy things that happen at the top of the chain, and a lot of the regulation is just for show, and making sure that no-one steps out of line. Fractional reserve lending, sketchy loaning systems and the overall illegitimacy with what they do behind the scenes show that banks are regulated only so that interests may be served, and meager limits imposed. Nothing or dramatic consequence, aside from when someone gets caught.

[TheGodFather]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

[abugseuf]

bitocin is not going to merge bands or to destroy it. but it will increase its value and will increase its income. hope that in future bank will accept bitcoin and most of the people will then do their transaction using bitcoin, but as most of the banks specially in our area are under the government influence therefore it is important that first the government should legalize bitcoin.

[Snorek]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

[Karartma1]

Banks have no control over the bitcoin network/protocol/issuance etc.
These are the reasons why no "normal" bank will ever embrace Bitcoin!

Maybe there could be some kind of Bitcoin banks (exchanges today are some sort of Banks, intermediaries if you wish) in the future but not established banks.

[arwin100]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really  a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.

[BTCLovingDude]

you should learn how to pay attention to some keywords. the keyword here is as it always been, blockchain not bitcoin.

as the article clearly says and you quote it yourself: "a project designed to imitate blockchain technology" in other words, bans had seen the power bitcoin has and want to create the same power of security for their own by implementing the blockchain technology, exactly like a new altcoin which will also be centralized.

[ASHLIUSZ]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

banks look for blockchain technology than bitcoin. Commonwealth Bank of Australia has teamed up with open source software provider Ripple to build a blockchain system for payments between its subsidiaries. Some banks, like Barclays and UBS, are working with blockchain start-ups through a technology incubator or accelerator programme.

[Ziskinberg]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

banks look for blockchain technology than bitcoin. Commonwealth Bank of Australia has teamed up with open source software provider Ripple to build a blockchain system for payments between its subsidiaries. Some banks, like Barclays and UBS, are working with blockchain start-ups through a technology incubator or accelerator programme.

Well, even if banks can create very good system that's better than the blockchain of bitcoin, I still believe people will still patronize bitcoin and that is only for one main reason, banks are centralized while bitcoin is decentralized, people wants freedom now that they have not achieve before. It is now time for us to rule the world and not the government alone.

[HeroCat]

More possible, that banks will implement BTC payments as bank service too. One bank will start and then others will follow. In real bank life new technologies are not common, so when Bitcoin will be more in the market, one bank will start. 

[Maesters1-]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really  a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.

yes it is a fact that still so many countries have not accpeted bitcoin and they are considering it as a illegal currency, but it does not mean that they will ever not accept bitcoin, i am hopeful that a time will come when these countries will compel com accept bitcoin and consider it as a legal currency. so banks will also accept bitcoin and people will use bank for exchange of bitcoin and for transaction and saving purposes also.

[jaysabi]

Yes this is most likely how things will eventually play out. It's a little sad that so many here see in Bitcoin a means to stand against the government. How can Bitcoin fight the government when it's very existence depend on infrastructure/resources owned and maintained by the government? The government doesn't even need to acknowledge Bitcoin, it can simply turn around and absorb Bitcoin in its entirety and reconfigure it to its cause.
The government is but a reflection of the individual. The solution to government control lies not on the outside but rather on the inside.

And how would the government go about absorbing a decentralized project running simultaneously on millions of computers around the globe? Surely if the government had such an awesome ability, it would be able to "absorb" all torrenting programs to shut them down, rather than relying on seizing servers the old fashioned way: by physically removing them.

[jaysabi]

Bitcoins and bank have one difference that we can never see we can merge it.

Banks are regulated while bitcoins are not, and banks are controlled by the government while bitcoins are controlled by the people. The aforementioned statement alone is already a big hindrance of not happening and we should only be happy with the current state of bitcoin.

Banks are regulated, and increasingly so are bitcoin businesses. Anyone dealing as an exchange in the US has to register with the proper regulators, and NY has it's own laws regarding dealing in bitcoin in any way. Saying "bitcoin" isn't regulated is like saying the dollar isn't regulated. It doesn't make any sense. The dollar isn't regulated, banking institutions are, and increasingly, so are the businesses that are sprouting up around cryptocurrencies.

[crairezx20]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really  a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.

yes it is a fact that still so many countries have not accpeted bitcoin and they are considering it as a illegal currency, but it does not mean that they will ever not accept bitcoin, i am hopeful that a time will come when these countries will compel com accept bitcoin and consider it as a legal currency. so banks will also accept bitcoin and people will use bank for exchange of bitcoin and for transaction and saving purposes also.

Which country do you know that bitcoin is not accepted? and who tell you that bitcoin is illegal currency?
I think many people are using bitcoin almost all country. and they have alternative to withdraw there bitcoins. we know that bitcoin its not accepting locally but brazil is one of them who accepting bitcoin as payment locally.. and bitcoin is growing. and more adoption will come in bitcoin..
For now we can not say that bitcoin is illegal because if bitcoin is illegal people who using bitcoin will be arrested..

[pearnapple]

More possible, that banks will implement BTC payments as bank service too. One bank will start and then others will follow. In real bank life new technologies are not common, so when Bitcoin will be more in the market, one bank will start. 

that would be really bad in my opinion and i dont think that it would be a really great idea, i hope that bitcoins will never go along with banks as it is really terrible

[jaysabi]

Many have said that bitcoin will destroy and will bring an end to banking institutions but i read this article and find out that bitcoin will not destroy banks instead it will empower them.

https://www.cryptocoinsnews.com/blockchain-empower-banks/

I will qoute some

"R3 has managed to organize every major western bank together on a project designed to imitate blockchain technology as it exists in Bitcoin. These firms are open-minded as to how this final form will take, even suggesting they could re-invent security altogether in pursuit of new banking systems.

Financial institutions are not going to surrender their industry. And consumers will appreciate easy-to-use more efficient systems of the future in banking."

So is it feasible or not?

That's a good idea, merging Bitcoin with bank accounts. Instead of picking between them, why not both ? You have a bank account with bitcoin wallet on it. That's a good idea. But do bank still accept it ? They are still don't want to support Bitcoin even thou people are now accepting it as a transaction matter. But as we can see, we are still in this century. Maybe when the time comes, they will now accept it and these currency will be used internationally.

Have you ever heard words: bank and bitcoin in one sentence? Because all we keep hearing about is blockchain and banks, not bitcoin.
Banks don't want to focus on BTC because it is something too volatile and uncertain for them. People who are clients of banks expect one thing - stability.
And bitcoin is far from it, and probably always will be. Furthermore questionable legal status, and lack of standardization is not helping as well.

And also i dont think bank or either government would accept bitcoins really because for their eyes bitcoins are illegal to them and thats the reason why their are countries banned the usage of bitcoins so if the thoughs of OP will really  a big question mark in this status, bitcoin and banks dont have legality binding to each other and i doubt it will happen or to be soon.

yes it is a fact that still so many countries have not accpeted bitcoin and they are considering it as a illegal currency, but it does not mean that they will ever not accept bitcoin, i am hopeful that a time will come when these countries will compel com accept bitcoin and consider it as a legal currency. so banks will also accept bitcoin and people will use bank for exchange of bitcoin and for transaction and saving purposes also.

Which country do you know that bitcoin is not accepted? and who tell you that bitcoin is illegal currency?
I think many people are using bitcoin almost all country. and they have alternative to withdraw there bitcoins. we know that bitcoin its not accepting locally but brazil is one of them who accepting bitcoin as payment locally.. and bitcoin is growing. and more adoption will come in bitcoin..
For now we can not say that bitcoin is illegal because if bitcoin is illegal people who using bitcoin will be arrested..

There are more than a handful of countries that have banned bitcoin is some fashion: Russia, China, Bangladesh, and Bolivia have limitations on use or legality to some extent. Here's a better description, though perhaps a little outdated:  https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/