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

[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.

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[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.