Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

[XCoinCall]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

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[Sir Alpha_goy]

MOAR CHINA WILL MAKE BITCOIN SOAR!

BTCBTCBTCBTCBTCBTC

 

[amacar2]

I don't think he is suggesting anything related to bitcoin by saying

everyone should have a bank account

Don't know how author is connecting this thought to bitcoin, he just seem promoting use of digital form of currency like his alipay not bitcoin like cryptocurrencies 

[Dudeperfect]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

[robelneo]

I like this line "Ma has been aggressive with his ventures into Bitcoin and blockchain technology in the recent years.'
he might not directly promote the use of BITCOIN but you can sense the man is very much into Bitcoin and it's technology ..

Ma is a huge figure in e-commerce and and his flatorm alipay will have good effect in promoting Bitcoin.
I wonder beside Ma who are the other huge figure who are int o blockchain technology.

[traderethereum]

i am agree for the sentence "everyone should have a bank account" because its a way for us to save our money and make it grow with the bank. but its hard for people which don't have a stable income to save their money, because they need to fill they needs daily and will spend their money to buy something that related with their life like food and the other product.

[asse.sauga]

I think it is more like "everyone should not use paper-money anymore". Which is okei, if we have cryptocurrencies. 8 years ago this statement haven't worked.

[chesatochi]

i am agree for the sentence "everyone should have a bank account" because its a way for us to save our money and make it grow with the bank. but its hard for people which don't have a stable income to save their money, because they need to fill they needs daily and will spend their money to buy something that related with their life like food and the other product.

A lot of people don't have bank accounts and lot people survive with only 1$ a day on this planet. The vast majority of those people, they main focus is to provide food on the table for they family. To have a bitcoin wallet, they can start to learn and manage money and save it for they kids for example.

[Sithara007]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

[Milkduds]

i am agree for the sentence "everyone should have a bank account" because its a way for us to save our money and make it grow with the bank. but its hard for people which don't have a stable income to save their money, because they need to fill they needs daily and will spend their money to buy something that related with their life like food and the other product.

A lot of people don't have bank accounts and lot people survive with only 1$ a day on this planet. The vast majority of those people, they main focus is to provide food on the table for they family. To have a bitcoin wallet, they can start to learn and manage money and save it for they kids for example.

This is the point you is driving at by saying bank accounts are crucial,we should look to banking as a first step and then splinter off into bitcoin if possible. Its far easier to explain traditional banking as opposed to how to use bitcoin when we are thinking about the unbanked people in the world.
Most of them are not going to have a reliable internet connection near them and the best hopes would be a cell phone with sms capability to get involved in bitcoin.

Think he has thought this through and it just happens to be a aspect China welcomes.

[ikydesu]

He's gives a positive signal, i think the sentence should be "everyone should have their own bank"

This is good signal since he's already ventures into bitcoin. I can't imagine if bitcoin presenting to alibaba group holding and every investor who interested, the price will go skyrocket to the moon, considering limited supply.

i am agree for the sentence "everyone should have a bank account" because its a way for us to save our money and make it grow with the bank. but its hard for people which don't have a stable income to save their money, because they need to fill they needs daily and will spend their money to buy something that related with their life like food and the other product.

A lot of people don't have bank accounts and lot people survive with only 1$ a day on this planet. The vast majority of those people, they main focus is to provide food on the table for they family. To have a bitcoin wallet, they can start to learn and manage money and save it for they kids for example.

At least they need to go work for bitcoin to earn it, earn through faucet or similar earning ways is even can't use for pay transaction fees. Also people need to be creative, innovative, at least with bitcoin they will gives an easy way to them for having their own bank and as for long-term investment. Also manage money is not automatically do by bitcoin, it's personal capability each.

[Hazir]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

Bitcoin was created to battle current economic system, to get rid of 3rd parties like bloated banks, payment processors which are nothing but unnecessary deadwood for people.
Banks represents nothing but economic bureaucracy. I would gladly switch to bitcoin only payments if I could. Jack Ma is not promoting bitcoin he is promoting his own agenda.

[Shiroslullaby]

Say what you want about Jack Ma, but the guy is really smart.
He realized that there was a huge untapped emerging market in Asia, and did a lot of work to help new customers- many who live in poor, developing areas,
get access to internet and the ability to buy things online.
Obviously he did a lot of this for personal profit, but it also helps these areas get access to goods and services they didn't have even ten years ago.

[zahra4577]

Indian government is also encouraging its people to adopt cashless transaction which means everyone must have a bank account but it should not be taken as they are promoting bitcoin indirectly.
Similarly Alibaba's owner statement has no relation to Bitcoin

[yayayo]

First of all, be reminded that Bitcoin.com is a propaganda website under the control of Roger Ver, where he spreads disinformation and FUD with the intend of pushing his bigblock-altcoin UnlimitedCoin. In addition, the site contains frequent advertisements concealed as articles, that promote other services owned by Ver.

Therefore Bitcoin.com must be considered a frequent provider of non-news or outright lies.

What Jack Ma is thinking about bank accounts and their alleged relevance for people's life is totally irrelevant in regard to Bitcoin. Jack Ma has no power to force people to use bank accounts. With Bitcoin, bank accounts will become needless, no matter what Jack Ma says or what banks might hope for.

ya.ya.yo!

[nydiacaskey01]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Jack Ma is not referring to Bitcoin because Bitcoin and traditional bank accounts to go along together but in real life having a bank account is one way of saving money. Unfortunately only a few see bank accounts a an option to place your hard earned money because of fear of possible bank run specially with the current economic situation around the world no bank can claim they are 100% sure they are not going to close.

[Doms]

The man is a genius so better listen to what he says. He is a visionary and a real hard worker. It is just sad that even educated people don't have bank accounts. Financial literacy should be part of the curriculum for kids as early as in their first years in grade school. The reason why many people are not too financially stable is that there is nobody to guide them with their finances. If at a young age, we are taught to save money in bank accounts or in some other form of deposit, we would all have the discipline to save for our future.

[MingLee]

The idea of giving everyone a bank account is not necessarily a bad thing, but by the looks of it (and the internal economics of it) it is more of a plan to get more money available for fractional reserve lending and stimulate the economy through having extra money to loan out at a lower risk of having people coming back and getting it.

Considering that it's coming from someone in Alibaba, it doesn't surprise me they would push for something like this. The cheap goods they sell would sell better with Chinese peasants buying their stuff too.

[Sithara007]

Indian government is also encouraging its people to adopt cashless transaction which means everyone must have a bank account but it should not be taken as they are promoting bitcoin indirectly.
Similarly Alibaba's owner statement has no relation to Bitcoin

The current Indian government is stepping up its fight against black money and tax evasion. I don't think that they will favor Bitcoin, due to its association with tax evasion and illegal transactions. And also, right now Bitcoin is trading at a premium of around 10% to 15% in India, due to the currency note demonetization.

[Skjöld]

Alibaba is not a good exemple. These are typically the easy rich people. They have so much money that they don't care about losing a bit because they are earning a lot regularly, like football players. They're so rich that they reimburse you without doing any kind of verification about your allegations of your product being faulted.

[X-ray]

Say what you want about Jack Ma, but the guy is really smart.
He realized that there was a huge untapped emerging market in Asia, and did a lot of work to help new customers- many who live in poor, developing areas,
get access to internet and the ability to buy things online.
Obviously he did a lot of this for personal profit, but it also helps these areas get access to goods and services they didn't have even ten years ago.

I'd appreciated jack ma alot from my deepest heart honestly by reading some of his stories about his pasts but it's now seem that jack ma being a bit " controlled " by the chinese government that makes he's begin to limit something on the services his company was offered such as banning bitcoin on alibaba divisions

[michkima]

Alibaba is not a good exemple. These are typically the easy rich people. They have so much money that they don't care about losing a bit because they are earning a lot regularly, like football players. They're so rich that they reimburse you without doing any kind of verification about your allegations of your product being faulted.

Instant rich or not. People should still have banks. How do you expect to store that much money? It's practical to still have a bank. Whenever Jack Ma, would have a large deal he would pay for it using checks or bank transfers. If he didn't have a bank, he would have to physically bring his money to whoever he needs to pay. There are more risks and inconveniences not having banks than having one.

[Khazeter]

MOAR CHINA WILL MAKE BITCOIN SOAR!

BTCBTCBTCBTCBTCBTC

 

That is right. The bitcoin is everybody own bank. So Everybody will get some bitcoin to manage the money himself.

[alani123]

Jack Ma is no stranger to bitcoin. Alibaba group was exploring blockchain options.earlier this year and have been involved in some BTC related ventures too

https://bitcoinmagazine.com/articles/chinese-e-commerce-giant-alibaba-explores-blockchain-based-cloud-service-platform-1454360796

A bank account is the cornerstone of financial transactions in capitalist society at the moment and bitcoin's adoption has so far been complementrary to that for IRL transactions. Jack knows that bank services are coming first for the developing world.

[Xester]

Jack Ma is no stranger to bitcoin. Alibaba group was exploring blockchain options.earlier this year and have been involved in some BTC related ventures too

https://bitcoinmagazine.com/articles/chinese-e-commerce-giant-alibaba-explores-blockchain-based-cloud-service-platform-1454360796

A bank account is the cornerstone of financial transactions in capitalist society at the moment and bitcoin's adoption has so far been complementrary to that for IRL transactions. Jack knows that bank services are coming first for the developing world.

Jack Mas statement of bringing the bank to the unbanked with the use of bitcoin is a shocking news that will bring two possible result its either positive or negative. The negative thing maybe is the rise of the monopoly, the bitcoin billionaires will really become more richer and will have a control on the market if bitcoin will be engaged in banks. THe positive thing would be that our bitcoin will be more secured and the value of bitcoin will be known in the world faster through the presence of banks and also the super inflation on bitcoins price is possible to happen.

[michkima]

Jack Ma is no stranger to bitcoin. Alibaba group was exploring blockchain options.earlier this year and have been involved in some BTC related ventures too

https://bitcoinmagazine.com/articles/chinese-e-commerce-giant-alibaba-explores-blockchain-based-cloud-service-platform-1454360796

A bank account is the cornerstone of financial transactions in capitalist society at the moment and bitcoin's adoption has so far been complementrary to that for IRL transactions. Jack knows that bank services are coming first for the developing world.

Jack Mas statement of bringing the bank to the unbanked with the use of bitcoin is a shocking news that will bring two possible result its either positive or negative. The negative thing maybe is the rise of the monopoly, the bitcoin billionaires will really become more richer and will have a control on the market if bitcoin will be engaged in banks. THe positive thing would be that our bitcoin will be more secured and the value of bitcoin will be known in the world faster through the presence of banks and also the super inflation on bitcoins price is possible to happen.

Wow. I didn't know about these developments. If he did go with bitcoins, he would no longer need banks, and then his whole business would use Bitcoins. That would be big news for the Bitcoin community! If it does happen, Bitcoin prices will inevitably shoot up. Bitcoin will be adopted faster, and the world will most probably also follow suit. If Alibaba would be successful in implementing bitcoin in their platform for sure eBay and other companies will follow!

[buwaytress]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

Absolutely correct. Financial literacy is still very low where it is needed the most. My grandmother STILL keeps cash in a secret stash (which is not so secret) as she has never trusted banks since she lost money in the 2nd World War.

Malaysia is also encouraging kids and students to already start owning debit cards (given free of charge) simply to introduce the idea of online payments.

I think those sites online that promote bitcoin (they ask you to open a new wallet, and they send you free satoshi) are also great.

[pereira4]

The only and only way you can achieve such a feat is by the means of bitcoin. All otehr technology will never be able to bank the 4 billion unbnaked people that exist all over the world. Therefore, if he really wants to see this happen, he should start investing in bitcoin and guaranteeing that core + segwit + lighting network roadmap happens.

[n691309]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Alibaba as far as I know owns or has a collaboration with AliPay which is similar to paypal or something else which you link the card to them and you pay with one click through AliPay (at least in Aliexpress).

Alibaba is not a good exemple. These are typically the easy rich people. They have so much money that they don't care about losing a bit because they are earning a lot regularly, like football players. They're so rich that they reimburse you without doing any kind of verification about your allegations of your product being faulted.

Other big companies should learn from AliBaba they sell billions of things within a day (remember 11.11)

[Nahl]

i have bank accounts but currently i more prefer to using cryptocurrency and in my country there are monthly fees if we using bank so even though you didn't do any transactions using your money but bank will still cut of the fees and honestly i don't like it

[Dahhi]

The adoption of bitcoin is a process as the whole world is gradually moving towards cashless transactions.
I believe once we become fully cashless, bitcoin will go mainstream and banks might no longer be needed.
But we'll need institutions to grant loans so there should still be some form of banking system in place.

[Khazeter]

The adoption of bitcoin is a process as the whole world is gradually moving towards cashless transactions.
I believe once we become fully cashless, bitcoin will go mainstream and banks might no longer be needed.
But we'll need institutions to grant loans so there should still be some form of banking system in place.

It is difficult to adopt the bitcoin if the transaction confirmation is too long.

[sportis]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

At first as we know that using alibaba site you need a bank account. Without that you can not shop online. Secondly maybe your question is why Jack Ma does not support bitcoin against banks? I believe that has many bank stocks he had not invest in bitcoin startups and so on. Many businessmen can ally with the devil if this is profitable for them.

[wxa7115]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

A bank is nothing more than a provider of a service and bank accounts are some of the services they offer if someone does not want to get those kind of services by banks I don't know why we must compel them to use it, since at the end of the day it is our decision to use the services provided by a business or not.

[maydna]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

A bank is nothing more than a provider of a service and bank accounts are some of the services they offer if someone does not want to get those kind of services by banks I don't know why we must compel them to use it, since at the end of the day it is our decision to use the services provided by a business or not.

yes i am agree with this and this is why we need bank to make deposit and withdraw our bitcoin, without having an account in the bank, where we can sell our bitcoin and how the seller will sending the money to us? but if we are having an account, then its make simple for us to receive and sending the money although there is always need a time before its completed the transaction.

[rizkyhiw]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

A bank is nothing more than a provider of a service and bank accounts are some of the services they offer if someone does not want to get those kind of services by banks I don't know why we must compel them to use it, since at the end of the day it is our decision to use the services provided by a business or not.

yes i am agree with this and this is why we need bank to make deposit and withdraw our bitcoin, without having an account in the bank, where we can sell our bitcoin and how the seller will sending the money to us? but if we are having an account, then its make simple for us to receive and sending the money although there is always need a time before its completed the transaction.

How if then just use bitcoin only, not needed fiat money
You think it's a must for everyone to have a bank account? While bitcoin has been fully adopted
It's just the matter of time people can accept bitcoin as a real currency
You just neex to keep supporting bitcoin no matter what.

[izanagi narukami]

Having your own bank account is my top priority as bitcoin just consider as alternate investation.
I'm glad that even famous chairman like Jack Ma also notice bitcoin as well , so I won't be surprise why bitcoin value keep increasing until the end of this year

[shualingfa]

For Ma's Alibaba, everyone has a bank account, you can spend on the internet. He did not specify bitcoin.

[pooya87]

as far as banks go, we all need them for our fiat transactions since that is a part of our society and we can not remove it. but that doesn't mean we don't have any other options. there are many different banks and then there is bitcoin where you are your own bank. when everyone start using bitcoin someday we can all become our own banks and get rid of the today's banks for good.

[wxa7115]

as far as banks go, we all need them for our fiat transactions since that is a part of our society and we can not remove it. but that doesn't mean we don't have any other options. there are many different banks and then there is bitcoin where you are your own bank. when everyone start using bitcoin someday we can all become our own banks and get rid of the today's banks for good.

It is very doubtful we will ever be able to get rid of banks at all, but when bitcoin becomes more widespread then we can begin to supplant some of the things we do with banks with our bitcoin wallets.

[Yakamoto]

as far as banks go, we all need them for our fiat transactions since that is a part of our society and we can not remove it. but that doesn't mean we don't have any other options. there are many different banks and then there is bitcoin where you are your own bank. when everyone start using bitcoin someday we can all become our own banks and get rid of the today's banks for good.

It is very doubtful we will ever be able to get rid of banks at all, but when bitcoin becomes more widespread then we can begin to supplant some of the things we do with banks with our bitcoin wallets.

Banks are ALWAYS going to exist. Now that we live in the world we do now and the power and security of banks is something most people look up to, it is going to be extremely difficult for anyone to ever get rid of them. Even in an entirely Bitcoin-run world, there are still going to be banks offering services, although they might be smaller.

[MingLee]

Yes everyone should have a bank account.It should be in the human rights.

Why is it a human right though? A bank account isn't always useful and for a lot of people it can be more damaging than beneficial. If there are minimum balances that have to be maintained, and there are any groups that aren't able to pay for it, then it's a net-negative for them.

Banks accounts don't even do that much to help the individual beyond giving them a place to keep their money ""safe"". It doesn't keep up with inflation or anything.

[Pitchblackroom]

Yes everyone should have a bank account.It should be in the human rights.

That is a little ridiculous, that is sort of saying that whenever somebody is born they have a bank account given at birth and you spend money through multi factor authorizations.

For example to buy something in a store you would have to use your fingerprint and then do a 4 pin code. Although this is interesting because something along everyone having a banking account and a debit card removes the need for cash.

Thus my thoughts being is that everyone should have more interest in Bitcoin because it allows us to operate in a cashless society (However with very slow transactions.)

[wxa7115]

Yes everyone should have a bank account.It should be in the human rights.

A human right? I hope you are joking because how can a bank account even compare with the right of living, freedom of movement, freedom of speech or some other rights that we have?

[davis196]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Yeah,everyone should have a bank account to buy Alibaba products with his/hers debit/credit card.

This is Jack Ma point of view.

Alibaba will never accept bitcoin as a payment method.

[Rooster101]

A virtual bank account perhaps, the banking sector is preparing to go virtual as some of its services are now accessible online. There is also a proposal to create a bitcoin bank but i think there is no need because online wallets already serves as bitcoin banks for storing/saving your bitcoins. When Jack Ma said that everyone should have a bank account, bitcoin wallets might be included.

[Jasad]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Yeah,everyone should have a bank account to buy Alibaba products with his/hers debit/credit card.

This is Jack Ma point of view.

Alibaba will never accept bitcoin as a payment method.

i can not see any point that jack ma indicates will never accept bitcoin ,
for now maybe he is correct about everyone need bank account ,
as they not yet know much about bitcoin introduce to bank account might a first step ,
soon or later as time goes by i think online transaction will need bitcoin.

[X-ray]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Yeah,everyone should have a bank account to buy Alibaba products with his/hers debit/credit card.

This is Jack Ma point of view.

Alibaba will never accept bitcoin as a payment method.

i can not see any point that jack ma indicates will never accept bitcoin ,
for now maybe he is correct about everyone need bank account ,
as they not yet know much about bitcoin introduce to bank account might a first step ,
soon or later as time goes by i think online transaction will need bitcoin.

not on all his companies sector however they have been banned bitcoin and this is the news https://www.bloomberg.com/news/articles/2014-01-08/bitcoin-banned-by-alibaba-s-taobao-after-china-tightens-rules
but i wonder why alibaba still allow people to sell sort of mining rigs in their marketplace while banning bitcoin. probably i got the news wrong or they just really enforced by the government

[wxa7115]

A virtual bank account perhaps, the banking sector is preparing to go virtual as some of its services are now accessible online. There is also a proposal to create a bitcoin bank but i think there is no need because online wallets already serves as bitcoin banks for storing/saving your bitcoins. When Jack Ma said that everyone should have a bank account, bitcoin wallets might be included.

A bitcoin bank is unnecessary but you can be sure they are going to try it and people will fall for it because they keep falling with the very same tricks over and over, they will say your coins will be more safe with them, that they know what they are doing and what is best for you, the same old story.

[Khazeter]

A virtual bank account perhaps, the banking sector is preparing to go virtual as some of its services are now accessible online. There is also a proposal to create a bitcoin bank but i think there is no need because online wallets already serves as bitcoin banks for storing/saving your bitcoins. When Jack Ma said that everyone should have a bank account, bitcoin wallets might be included.

A bitcoin bank is unnecessary but you can be sure they are going to try it and people will fall for it because they keep falling with the very same tricks over and over, they will say your coins will be more safe with them, that they know what they are doing and what is best for you, the same old story.

A bitcoin bank is necessary if you want to borrow bitcoin.

[MioTaiHeo]

Currently, there are no accounts in the bank, mainly people with low incomes, who simply have nothing to put in the bank, as well as residents of the countryside and women.

[Sithara007]

Yes everyone should have a bank account.It should be in the human rights.

In that case, there should be zero fees and no requirement of maintaining a minimum balance. You can't force everyone to open a bank account and later leach them in the form of service charge and transaction fee.

[Flamma]

I definitely agree with this. Everyone nowadays need a bank account. We may not have a ton of money in there but we should keep trying to save up for the future. Almost everything now is wired even moey so an account is very crucial. In olden times, people can get away even without money. But now, no account and of course money isn't going to fit.

[pixie85]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

At least it's free of nosy agencies. I don't need anyone to monitor my transactions and I don't need people to be able to freeze my money or repossess it. Look what happened on Cyprus, do you really want banks to have the upper hand and be able to control you? Who controls the money controls the people and I want to be the master of my own life, the captain of my boat.
Also, having cash (or Bitcoin) allows me to make payments anytime I want. A bank can say: sorry maintenance time.

[Sithara007]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

At least it's free of nosy agencies. I don't need anyone to monitor my transactions and I don't need people to be able to freeze my money or repossess it. Look what happened on Cyprus, do you really want banks to have the upper hand and be able to control you? Who controls the money controls the people and I want to be the master of my own life, the captain of my boat.
Also, having cash (or Bitcoin) allows me to make payments anytime I want. A bank can say: sorry maintenance time.

There are advantages in using physical cash, such as anonymity and ease. But then, if you are living in an area with high crime rate, the storage of cash can be a problem. By holding physical cash at your residence, you are also putting yourself at risk.

[joshy23]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

At least it's free of nosy agencies. I don't need anyone to monitor my transactions and I don't need people to be able to freeze my money or repossess it. Look what happened on Cyprus, do you really want banks to have the upper hand and be able to control you? Who controls the money controls the people and I want to be the master of my own life, the captain of my boat.
Also, having cash (or Bitcoin) allows me to make payments anytime I want. A bank can say: sorry maintenance time.

There are advantages in using physical cash, such as anonymity and ease. But then, if you are living in an area with high crime rate, the storage of cash can be a problem. By holding physical cash at your residence, you are also putting yourself at risk.

So don't put all your money in your house. Just save a few so that if your bank is not available or even there is a online maintenance going, you have something in your hands to buy or in case there is a emergency. I experience try to withdraw in an ATM but for unknown reasons by card was captured by the machine. And it is weekends so I have to borrow money from someone else. That's why I don't put all my money in the bank. I have cash on hand always. And its now big so I don't think I'm putting my life at risk. I just don't want to be hassle again if I can't withdraw.

[darkangel11]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

At least it's free of nosy agencies. I don't need anyone to monitor my transactions and I don't need people to be able to freeze my money or repossess it. Look what happened on Cyprus, do you really want banks to have the upper hand and be able to control you? Who controls the money controls the people and I want to be the master of my own life, the captain of my boat.
Also, having cash (or Bitcoin) allows me to make payments anytime I want. A bank can say: sorry maintenance time.

There are advantages in using physical cash, such as anonymity and ease. But then, if you are living in an area with high crime rate, the storage of cash can be a problem. By holding physical cash at your residence, you are also putting yourself at risk.

The risk can be minimized.
-don't tell people you're keeping money at home
-use a hidden deposit box or a safe, preferably built into a wall or floor
-use a security systems and cameras
-make sure you are friendly with your neighbors and tell them to keep an eye on your house

I trust myself more than I trust banks.

[TravelMug]

Nowadays, it is very difficult to survive without a bank account. So Jack Ma is perfectly justified when he said that. Holding your currency in physical cash is neither a safe nor a convenient option. Have your choice between Bitcoin and credit card.

At least it's free of nosy agencies. I don't need anyone to monitor my transactions and I don't need people to be able to freeze my money or repossess it. Look what happened on Cyprus, do you really want banks to have the upper hand and be able to control you? Who controls the money controls the people and I want to be the master of my own life, the captain of my boat.
Also, having cash (or Bitcoin) allows me to make payments anytime I want. A bank can say: sorry maintenance time.

There are advantages in using physical cash, such as anonymity and ease. But then, if you are living in an area with high crime rate, the storage of cash can be a problem. By holding physical cash at your residence, you are also putting yourself at risk.

The risk can be minimized.
-don't tell people you're keeping money at home
-use a hidden deposit box or a safe, preferably built into a wall or floor
-use a security systems and cameras
-make sure you are friendly with your neighbors and tell them to keep an eye on your house

I trust myself more than I trust banks.

Nice point. If you tell people that you are keeping money at home the risk is high. So better stay low so that people will not know that you have money at home otherwise criminals will took advantage of it take all your hard earn money. In my neighborhood though, I never heard anyone who has a save deposit box at home, because I'm living in a place that is normal, not rich neighbors just average joe going to work Mondays to Fridays. But maybe in a high rise neighbor you can only see people with safety box I guess.

[BitFinnese]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

Yeah,everyone should have a bank account to buy Alibaba products with his/hers debit/credit card.

This is Jack Ma point of view.

Alibaba will never accept bitcoin as a payment method.

i can not see any point that jack ma indicates will never accept bitcoin ,
for now maybe he is correct about everyone need bank account ,
as they not yet know much about bitcoin introduce to bank account might a first step ,
soon or later as time goes by i think online transaction will need bitcoin.

not on all his companies sector however they have been banned bitcoin and this is the news https://www.bloomberg.com/news/articles/2014-01-08/bitcoin-banned-by-alibaba-s-taobao-after-china-tightens-rules
but i wonder why alibaba still allow people to sell sort of mining rigs in their marketplace while banning bitcoin. probably i got the news wrong or they just really enforced by the government

Selling mining rigs is different from buying an item and paying with bitcoin.  So definitely it is all business where you can sell any items that is related to Bitcoin but we cannot pay in Bitcoin.  Since we can always pay it with fiat currency.  This make me think about the statement of Jack Ma to influence us to have a bank account so it will be easier to transact with them LOL.  Just as stated on the qouted reply.

[HaXX0R1337]

The risk can be minimized.
-don't tell people you're keeping money at home
-use a hidden deposit box or a safe, preferably built into a wall or floor
-use a security systems and cameras
-make sure you are friendly with your neighbors and tell them to keep an eye on your house

I trust myself more than I trust banks.

I can very well understand what your stance are, but we live in a pro active society and you really need a bank account to transact in the real world and not everyone will be accepting digital cash in an economy and we will be forced to use the legal tender which is used locally and for that we need bank accounts.

[Hydrogen]

"Everyone should have a bank account" sounds like pro banker monopoly propaganda to me.

The 2008 economic crisis showed that already have too much power and influence in the world.

Why would we want to give them greater power and influence?

[darkangel11]

Nice point. If you tell people that you are keeping money at home the risk is high. So better stay low so that people will not know that you have money at home otherwise criminals will took advantage of it take all your hard earn money. In my neighborhood though, I never heard anyone who has a save deposit box at home, because I'm living in a place that is normal, not rich neighbors just average joe going to work Mondays to Fridays. But maybe in a high rise neighbor you can only see people with safety box I guess.

I'd assume the average joe doesn't take his wage in cash, but has it transferred to his bank account. I live in an fairly wealthy neighborhood and everyone I know has a bank account. People just don't like to keep cash at home. One of my neighbors told me that he has cameras just for show, they don't even record just show the picture on a screen. He doesn't have an alarm and doesn't keep dogs because he wants to be free to go on vacation whenever he wants and not worry about anything.

I can very well understand what your stance are, but we live in a pro active society and you really need a bank account to transact in the real world and not everyone will be accepting digital cash in an economy and we will be forced to use the legal tender which is used locally and for that we need bank accounts.

What about cash? I'm planning to close my bank account and go all cash / bitcoin in the near future. I might store valuable documents a deposit box, but that's all.

[Idrisu]

Though Alibaba is rich but is not the best example for good thing about bitcoin. Having a bank Account and online wallet I don't think is the same. Bank has it own traditional role in our society today because human mind in general has not developed to the extent of putting financial role completely in The air. Bitcoin, blockchain and others crypto currencies are still in the infant stage so people are sceptical about it.

[freedomno1]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

You need people to leverage your assets and play the speculation game after all.
In Alibaba's case it makes it easier to buy products from them so yes banking is needed to squeeze out further revenues and profits.
Banking is a mechanism towards wealth generation and creation, and also a way to keep making profits.

I want to see more Blockchain development getting those undercapitalized regions operational will build a better flow.
Also Alibaba might be interested in the infrastructure to make those roads a reality well lets see how it goes.

[Sithara007]

Though Alibaba is rich but is not the best example for good thing about bitcoin. Having a bank Account and online wallet I don't think is the same. Bank has it own traditional role in our society today because human mind in general has not developed to the extent of putting financial role completely in The air. Bitcoin, blockchain and others crypto currencies are still in the infant stage so people are sceptical about it.

Right now, I wouldn't say that having a bitcoin wallet is equivalent to having a bank account. Even if you have Bitcoins in your wallet, there is no guarantee that they will not be hacked or stolen. But deposits in a bank accounts are mostly insured, and the bank will reimburse the amount if someone steals the money.

[Xester]

Though Alibaba is rich but is not the best example for good thing about bitcoin. Having a bank Account and online wallet I don't think is the same. Bank has it own traditional role in our society today because human mind in general has not developed to the extent of putting financial role completely in The air. Bitcoin, blockchain and others crypto currencies are still in the infant stage so people are sceptical about it.

Jack Ma is talking about people having a bank account and not referring to bitcoin. Having a bank account is not a bad idea since we all live in the world where business is flourishing and banking transactions are necessary. To people who have huge amount of money it is much better and safer to keep their money at banks rather than just placing it in their closet and will be robbed or eaten by a mice.

[rajasumi3]

Yes i do agree that everyone should have a bank account .if people earn fiat where would they keep so much money ?  They do need bank account .bitcoin is in its place and is running in its own world and it is not in competition with no one.

[Sithara007]

Yes i do agree that everyone should have a bank account .if people earn fiat where would they keep so much money ?  They do need bank account .bitcoin is in its place and is running in its own world and it is not in competition with no one.

Not everyone using fiat cash needs a bank account. Although I have one, I am confident that if it is needed, I can go without a bank account. In 99% of the occasions, I am using my credit card for financial transactions. Also, I never keep much fiat in my account. I immediately invest in equities or mutual funds.

[Japan_peopleffs]

Money should work. They can be invested in gold, buy bitcoins or open a bank account. If a bunch of papers are lying around your house, then in time they will simply depreciate and they will not be of any use.

[Qartersa]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I think Jack Ma means it is mandatory to have savings (preferably something that earns interest) regardless of your societal class.

The question posed here does not directly link it to having Bitcoins per se. Perhaps, maybe you would want us advertisers to correlate your question with Bitcoins? If such is the case, then here is my take on this.

Having a bank account is not a condition sine qua non in order to have Bitcoins. In some countries, you can buy Bitcoins with the use of cold cash via banks and money transfer companies. Thus, you really do not have to have a bank account to purchase Bitcoins. In the same way, you can even invest and trade Bitcoins without having a bank account.

 

[darthmaul]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

Indeed true. If people are not aware about there own country's finance infrastructure then how can they contribute to crypto world. They will lack the information such as MSTD, Taxing, VAT surcharges and may more stuff related to economical branch. It must be learnt by everyone and to do this your local bank is best option. After stepping up into bank you can understand the real situation about financing. Finance is not just about having money and letting or giving out for your own good or just buying and selling with the money. It is more than that and must be understood so that people can upgrade to new ways of finance such as crypto currencies. 

[bitcoinvestor]

I like this line "Ma has been aggressive with his ventures into Bitcoin and blockchain technology in the recent years.'
he might not directly promote the use of BITCOIN but you can sense the man is very much into Bitcoin and it's technology ..

Ma is a huge figure in e-commerce and and his flatorm alipay will have good effect in promoting Bitcoin.
I wonder beside Ma who are the other huge figure who are int o blockchain technology.

Bank account will connect to the wolrd of Crypto. Ma suggest people who unbanked, they don't know how to use ATM or any bank products. For a community who not understand much about banking or never try to make transaction with ATM or online banking , will be far from the crypto world. Cryptocurrency is more complecated at the first time than banking products.

[Schuyler]

The world actually needs more Jack Mas in the future, the innovative, trailblazer, and one who is never afraid to face the digital world head on.  More people who are business-minded and have a good feel for what technological advances can bring about to help uplift lives of oridnary human beings are going to be successful. And bitcoin might play a big role in their pursuit of their goals if it becomes mass adopted in the future.

[grermezter]

Less and less people are using bank accounts now, for my country for example, most people are using Mobile Wallets from the mobile service providers, People are disillusioned with banks and their charges, and sometimes it just too hard and stressful to open a bank account at times.

[izanagi narukami]

Less and less people are using bank accounts now, for my country for example, most people are using Mobile Wallets from the mobile service providers, People are disillusioned with banks and their charges, and sometimes it just too hard and stressful to open a bank account at times.

Especially when more people knew bitcoin are better place to invest or even keep their money since bitcoin can change people's mind as decentralized bank so no one able to control bitcoin except who has private key

[Dudeperfect]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

Indeed true. If people are not aware about there own country's finance infrastructure then how can they contribute to crypto world. They will lack the information such as MSTD, Taxing, VAT surcharges and may more stuff related to economical branch. It must be learnt by everyone and to do this your local bank is best option. After stepping up into bank you can understand the real situation about financing. Finance is not just about having money and letting or giving out for your own good or just buying and selling with the money. It is more than that and must be understood so that people can upgrade to new ways of finance such as crypto currencies. 

Yes, Economy is all about the creation of values and wealth so that it helps the country to build a strong and sustainable position in the world. I believe financial inclusion plays a huge part in this process and thus one must learn about it and participate in it for the growth of the nation. On the other hand, crypto puts it on the larger level and makes the international economy a single economy which no doubt will increase competition and thus the other crucial factors like quality will improve. We should find a concrete solution to the taxation and illegal issues to make it suspicion free.

[Razzoel]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

Indeed true. If people are not aware about there own country's finance infrastructure then how can they contribute to crypto world. They will lack the information such as MSTD, Taxing, VAT surcharges and may more stuff related to economical branch. It must be learnt by everyone and to do this your local bank is best option. After stepping up into bank you can understand the real situation about financing. Finance is not just about having money and letting or giving out for your own good or just buying and selling with the money. It is more than that and must be understood so that people can upgrade to new ways of finance such as crypto currencies. 

Yes, Economy is all about the creation of values and wealth so that it helps the country to build a strong and sustainable position in the world. I believe financial inclusion plays a huge part in this process and thus one must learn about it and participate in it for the growth of the nation. On the other hand, crypto puts it on the larger level and makes the international economy a single economy which no doubt will increase competition and thus the other crucial factors like quality will improve. We should find a concrete solution to the taxation and illegal issues to make it suspicion free.

I think cryptocurrencies like bitcoin will bring a new world of possibilites in terms of financial services to those who live in impoverished areas. Cryptocurrencies will be able to provide basic financial services to everyone with a cellphone and internet connection and ultimately bring third world and developing economies to catch up faster than ever.

[Xester]

Though Alibaba is rich but is not the best example for good thing about bitcoin. Having a bank Account and online wallet I don't think is the same. Bank has it own traditional role in our society today because human mind in general has not developed to the extent of putting financial role completely in The air. Bitcoin, blockchain and others crypto currencies are still in the infant stage so people are sceptical about it.

Having a wallet with bitcoin is what meant by Jack Ma. If you have bitcoins then you are your own bank. It simply means that you are now in total control of your asset including the interest rate and not the traditional banks. Bitcoin is empowering people to not rely on the traditional banking system and to move out of the old cycle. This time we are our own banks.

[Dudeperfect]

Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”

https://news.bitcoin.com/techfin-alibabas-jack-ma-bank-account/

What do you think about this?

I will agree with Jack Ma's statement about having a bank account. We should not see it as fiat vs crypto because it has a much broader sense of financial inclusion.

In India, about 1 year ago, prime minister Narendra Modi introduced a scheme 'Pradhan Mantri Jan Dhan Yojana Accounts with Zero Balance' - Translation : Prime Minister Public Money Scheme.  There is a large number of people who are far away from financial literacy and thus they are not able to contribute to economic growth directly with their money.

Bank is a traditional way to learn about the structure of finance. You don't need much technology to use banking service. It is the step after cash economy and then next is crypto.

Personally, I want people to learn about crypto technology but not at the cost of being unaware of traditional financial infrastructure. One should not skip bank to learn about crypto, there must be a step by step transformation.

Indeed true. If people are not aware about there own country's finance infrastructure then how can they contribute to crypto world. They will lack the information such as MSTD, Taxing, VAT surcharges and may more stuff related to economical branch. It must be learnt by everyone and to do this your local bank is best option. After stepping up into bank you can understand the real situation about financing. Finance is not just about having money and letting or giving out for your own good or just buying and selling with the money. It is more than that and must be understood so that people can upgrade to new ways of finance such as crypto currencies.  

Yes, Economy is all about the creation of values and wealth so that it helps the country to build a strong and sustainable position in the world. I believe financial inclusion plays a huge part in this process and thus one must learn about it and participate in it for the growth of the nation. On the other hand, crypto puts it on the larger level and makes the international economy a single economy which no doubt will increase competition and thus the other crucial factors like quality will improve. We should find a concrete solution to the taxation and illegal issues to make it suspicion free.

I think cryptocurrencies like bitcoin will bring a new world of possibilites in terms of financial services to those who live in impoverished areas. Cryptocurrencies will be able to provide basic financial services to everyone with a cellphone and internet connection and ultimately bring third world and developing economies to catch up faster than ever.

Exactly, the basic idea of cryptocurrency is to eliminate the middlemen, the fees and documentation so that the speed and cost will remain in our control. It directly connects us to the world in terms of finance and from business perspective, it really enhance the scope for business oprations and thus indirectly improves the world economy.