Bitcoin woke up the Giants

[Kakmakr]

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.  

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

[~Bitcoin~]

Good point however banks and remittance service still have their foots on our neck with high fees, limitation in amount that can be sended outside country as well as a long time to make anything done. Still the security level of usual banks is really premitive and in most of the countries even ATM machines don't have enough cash to handout to users (they have limitation of amount per ATM- 1000 USD only here).

Bitcoin still need sometime to replace this usual remittance and banking system where we can do cross border transaction in matter of minute with very low fee and no restriction.

[crazyivan]

Do you think is going to affect the price? I see lots of banks re buying and storing BTC to deal with potential ransom requests but this is BS. I m sure BTC can be much more useful in the financial sector.

[1Referee]

I can't 100% relate every good initiative coming from banks to Bitcoin putting a heavy load of pressure on them, but I noticed that in the last few years, the fiat related payment platforms have become much better. Not only do people enjoy instant and free transactions, but banks have shifted from being a bank operating from a distance with barely eye for their existing customers, to banks operating for its customers.

Nearly every month a new bank related ad pops up on tv showing how people can easily and instantly transact with each other. They can send money via email, sms, app, facebook, etc. If you take all this into consideration, then more than ever before, the need for an alternative local currency as Bitcoin, will only decrease. If I am completely honest, and look at all this, then I don't see a reason for the average joe to use Bitcoin as local currency instead of their own fiat currency.

[amacar2]

Banks may soon release blockchain based payment system but as they will be centralized people will just get lured thinking it secure just like bitcoin but those private blockchain network could easily be manipulated by banks and governments.

Banks don't love bitcoin they want to take advantage of blockchain tech to furnish their existing banking system which are prone to hack and DDOS attacks.

[mindrust]

Before bitcoin, Fededal Reserve Bank contolled almost every money transaction out there. Sure there were ways to bypass FED but those ways weren't for average Joe's usually.

Now we have bitcoin.

FED is no more. Want to carry your money overseas? You don't need to ask anyone. A few clicks and its done.

And that is definitely gonna make some people mad.

[avatar_kiyoshi]

Banks may soon release blockchain based payment system but as they will be centralized people will just get lured thinking it secure just like bitcoin but those private blockchain network could easily be manipulated by banks and governments.

Banks don't love bitcoin they want to take advantage of blockchain tech to furnish their existing banking system which are prone to hack and DDOS attacks.

The first step to realize that, some country adopt blockchain technology, bring big news to people if "we are opened to future technology" then some government adopt too, at the end blockchain will manipulate by powerful country in many ways.

[NorrisK]

Maybe they Will start to treat bitcoin like gold in the near future. Which mea a they Will stockpile huge amounts as a wat of having something to trade if Fiat fails.

That would be Big die bitcoin as it would probably create a chain reaction soon after a Country starts.

[clickerz]

Before bitcoin, Fededal Reserve Bank contolled almost every money transaction out there. Sure there were ways to bypass FED but those ways weren't for average Joe's usually.

Now we have bitcoin.

FED is no more. Want to carry your money overseas? You don't need to ask anyone. A few clicks and its done.

And that is definitely gonna make some people mad.

We take control of our money through bitcoin. Truly it disrupts the financial system and will change how it works. As of now, they are integrating or creating their own system, it affects the remmitance system also.

[Tyrantt]

It wouldnt aurprise me if banks were to start buying btc massively and storing it in their wallets. They'll find something to do and they have the funds to do so.

[manbitcoinlover]

I love it! True capitalism is possible with bitcoin unless I am mistaken. More and more giants will use bitcoin and operate in it because there is lots of potential
in it. I predict projects to be funded  by bitcoin in the future, how awesome would that be. You would have freedom and anonymity. The thing is, it becomes a problem once
the government forces you to pay your tax, So, I still think that bitcoin might be affected by that,  but I hope inflation doesn't hit hard.

[Kakmakr]

I can't 100% relate every good initiative coming from banks to Bitcoin putting a heavy load of pressure on them, but I noticed that in the last few years, the fiat related payment platforms have become much better. Not only do people enjoy instant and free transactions, but banks have shifted from being a bank operating from a distance with barely eye for their existing customers, to banks operating for its customers.

Nearly every month a new bank related ad pops up on tv showing how people can easily and instantly transact with each other. They can send money via email, sms, app, facebook, etc. If you take all this into consideration, then more than ever before, the need for an alternative local currency as Bitcoin, will only decrease. If I am completely honest, and look at all this, then I don't see a reason for the average joe to use Bitcoin as local currency instead of their own fiat currency.

I will give you two reasons, just to start this discussion: 1. Banks are centralized  - They can be easy targets for global hackers, who target these institutions daily. < via their weak point, the uneducated customers > 2. Governments control banks, and political decisions have previously influenced people's access to their money. < Take Cyprus and Greece as an example > They can take or block your money tomorrow, and you will have no say in the matter.

We can discuss the other reasons, but these two are very important. ^smile^

[unamis76]

Fiat payment systems did develop A LOT in recent years in my country and in many other places in the world. There are also non-banking related companies developing payment gateways/apps or similar (think Google Wallet and Apple Pay). Contactless terminals are now the norm, apps allowing to easily send money exist, some even work with cell phone numbers for sending, virtual cards for security in online shopping exist...

However I'm not sure this was in great part because of Bitcoin. It would be curious to see if the same systems would be developed without the advent of Bitcoin... I think yes, pretty much anything that exists now would end up being developed sooner or later. We are a society increasingly dependent on technology, phones, internet, apps, etc so it's easy to sum 1+1 and develop platforms in a friendly way, compatible with smartphones that pretty much anyone has and are really affordable nowadays.s

[muhcoins]

Do you think is going to affect the price? I see lots of banks re buying and storing BTC to deal with potential ransom requests but this is BS. I m sure BTC can be much more useful in the financial sector.

even if bitcoin itself isn't more useful, the technology will. I'm sure blockchain will be used by banks.
PS: i do believe bitcoin will be used in the future, all i'm saying is even if it isnt used, blockchain technology will.

[Juggy777]

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.  

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

This always happens buddy, when some one has niche and no one is close enough they start to dominate, they feel they can do anything and no one shall object to it. Bitcoin have taken the floor of their feet, for years all the harassed people have woken up and they are killing it. Bitcoin will help us but unfortunately not at the rate we all think it will. It will take a good 5-10 years before it's is firmly established, again that's a long time. But hey we could always use it to leverage in the current situation. So let's be positive about it.

[crwth]

A lot has happened when bitcoin become popular especially today where the value is really high. The people who want to control the world or the economy in part of it still wants control. They are noticing what are the possibilities of bitcoin. The giants themselves want to know more about it and probably want more power. They are probably here and some already have control of bitcoins. Either way, they are still giants. Just appreciate what happens, and everything will be okay. A positive outlook is good. Maybe they can improve bitcoin or something.

[bitbunnny]

Bitcoin has shaken the earth beneath the bankers feet and that is good. They don't feel like untouchable masters anymore. They have realised they should treat their clients in different manner and respect their rights. This is a big achievment besides everything else that Bitcoin brought to us. Let's just keep going in that direction.

[xdrpx]

Banks are implementing the Blockchain technology only for their personal gains and to be on a safer side to not lose their existing customers to Bitcoins or other cryptocurrencies (which I believe they aren't losing any customers yet). Also, I'm sure that majority of the banks would never integrate Bitcoins cause of the decentralized nature and they never like to lose centralized power over their customers. They always have the upper hand in regulating interest rates for loans, restricting withdrawals and freezing peoples accounts (unauthorized monitoring of peoples transactions and freezing their accounts if they find something odd or shady).

But, what you've mentioned is very accurate. "First they laugh at you, then they debate and then they copy what you have and compete". It's how all monopolistic markets work, they always want control but if they find that something innovative has come in to break their control systems, they'll start implementing their own to retain their customers. It's going to be a huge competition for Bitcoin in the coming years.

[KennyR]

We won't get stamped by giants anymore, because bitcoin has got the attention of lots of users as well in several service providers were getting into usage of bitcoin and its technology. One among the best is that the Australia based travelling website had tested the Blockchain technology for error free transaction for about six months. Soon they are in a plan to implement in all branches belonging to them.

[yayayo]

Competition stimulates good business practice...

Unfortunately the so called "Giants" can not effectively compete with Bitcoin. All they can do is trying to delay and slow down customer exodus by offering improved service. In the long run however, no fiat-based payment provider will be able to offer a better product in terms of costs of service and earn money at the same time. Every Bitcoin user can just download a wallet and easily send payments everywhere, without requiring a third party.

All blockchain investments will turn out to be a pure waste of funds.

[...]

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

No we should not support Bitcoin to keep the "Giants" on their toes. We should support Bitcoin to get rid of "Giants" and use a free, sound and decentralized currency instead.

ya.ya.yo!