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Author Topic: Alibaba’s Jack Ma: “Everyone Should Have a Bank Account.”  (Read 3711 times)
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March 12, 2017, 06:54:54 PM
 #61

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.

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March 12, 2017, 07:25:58 PM
 #62

"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?


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March 13, 2017, 03:46:01 PM
 #63

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.
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March 13, 2017, 05:43:48 PM
 #64

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.
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March 13, 2017, 07:43:28 PM
 #65

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.
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March 14, 2017, 12:07:38 PM
 #66

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.


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March 14, 2017, 12:49:56 PM
 #67

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.
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March 14, 2017, 01:28:39 PM
 #68

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.
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March 17, 2017, 07:33:55 AM
 #69

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.


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March 19, 2017, 10:09:12 AM
 #70

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.
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May 06, 2017, 02:34:46 PM
 #71

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.

 
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May 19, 2017, 02:32:46 AM
 #72

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.  Smiley

 
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May 19, 2017, 05:48:22 AM
 #73

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.
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May 19, 2017, 06:25:07 AM
 #74

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.
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May 19, 2017, 09:16:43 AM
 #75

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.

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May 19, 2017, 09:23:42 AM
 #76

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

Smiley
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May 24, 2017, 04:24:29 AM
 #77

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.  Smiley

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.
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May 24, 2017, 04:57:06 AM
 #78

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.  Smiley

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.
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May 24, 2017, 05:47:37 AM
 #79

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.
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May 25, 2017, 05:39:03 AM
 #80

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.  Smiley

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.
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