Bitcoins and Bankers

[pisston]

Recently, the banking system works very well with the crypto currency. I have already convinced my country that crypto-currencies will soon be implemented at the state level and the user will not worry about the legal aspects of this issue.

Well, in my country everyday have news talking about cryptocurrency and in next time, the national bank can use crypto as a digital cash for pay wage and saving in Bank. I hope a day I can use Bitcoin buy any things and not need use Visa or real money

You All Speak Correctly And even plan to use only digital currency, so really the prospects are very huge. But only you do not take into account the moment that after legalization of the crypto currency, all users will have to pay taxes. And this seems to me the very first problem.

[fanbeila]

Bankers already see bitcoin as their rival.They already feared that bitcoin would cause them to lose their revenues which they got from transactions.Today,it has come true.Bankers tried their best to destroy bitcoins in its early stage itself.but despite all of their efforts,bitcoin successfully overcome all such obstacles and has survived.

[maeusi]

Financial institutes are already working on own cryptocurrencies. They and governments will profit from bitcoin technology and replace traditional money.

[bitart]

Bankers already see bitcoin as their rival.They already feared that bitcoin would cause them to lose their revenues which they got from transactions.Today,it has come true.Bankers tried their best to destroy bitcoins in its early stage itself.but despite all of their efforts,bitcoin successfully overcome all such obstacles and has survived.

Revenues on transactions are peanuts compared to revenues on credit card and other loans with relatively large interest rates.
Problem is the transaction itself, if the customer start to send his/her incomes to a 3rd party financial provider, they (banks) will lose the opportunity and the benefit of the financial data and history.
If you have income and you actively use your bank account, bank can review your activity per month (paying bills, paying for dairy products, food, clothes, etc) and bank can decide if it wants to offer you specialized service (credit card, insurance, etc.) which generates the higher income. If there's no data to rely on, every offer will be only a shot in the dark, and it costs money, and it's really unefficient.
Banks needs to involve themselves into crypto world, or at least try to do it, otherwise the will quickly lose a part of their customers. (EEA has a few banks already in the team).

[exstasie]

Financial institutes are already working on own cryptocurrencies. They and governments will profit from bitcoin technology and replace traditional money.

How will this work exactly? For example, Bank of America just filed for several more blockchain-related patents. But what use, really, are blockchains without decentralization? The banking system (and control over the money supply) is necessarily centralized, so it seems like much more efficient systems could be used for value storage and transfer than blockchains from the perspective of the banking industry.

I do think that major investment institutions and hedge funds have been entering the Bitcoin space for a while, though, and will continue down this path.

[Adam]

i think one day bitcoin get under government control as well banks

[CarrieBGage]

I want to say that it is Bitcoin will disappear sooner. And it can happen not in some future "near" abstracts but in the near future when Bitcoin is split into several strings of conflict and competition. Agree to take out a loan in bitcoins? If prices continue to rise, you will never be able to repay. All users will pay tax.

[balakang00]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

[Flodemaga]

Bankers cant do anything to stop crypto, if they will go against bitcoin they will see some big accounts mooving their funds to another bank, soo the banks will loose capital. I know crypto is still with a low people over it but there are already good ammounts invested and being exchanged all days, soo unless the bank doesnt wanna to collect the tax for the transactions they will end loose costumers into this fight.

[taiwww]

Though crypto currencies are becoming more and more popular they will not create immediate threat to banking industry. Crypto currencies like bitcoin will get more and more acceptance in developed countries as infrastructure like internet, computers, mobile applications are well established. But developing countries are far away from such infrastructures, there banks plays a very important role in peoples day to day economic activities. In developing countries most of the banks are controlled and supported by the governments. But banks need to change their mode of operations in future, otherwise they will not survive against such digital currencies.

[deisik]

Though crypto currencies are becoming more and more popular they will not create immediate threat to banking industry. Crypto currencies like bitcoin will get more and more acceptance in developed countries as infrastructure like internet, computers, mobile applications are well established. But developing countries are far away from such infrastructures, there banks plays a very important role in peoples day to day economic activities. In developing countries most of the banks are controlled and supported by the governments. But banks need to change their mode of operations in future, otherwise they will not survive against such digital currencies

As to me, you are making contradictory claims

At first you say that in developing countries there is no infrastructure required for crypto (like Internet, computers, and mobile applications), and then you proceed to claim that in these countries banks play "a very important role in people's day to day economic activities". I guess you can't have it both ways since cryptocurrencies in fact require less "infrastructure" to transact than fiat with its complex banking system. And real life confirms exactly that. Venezuala is by no means a developed country but people there seem to be using Bitcoin quite successfully

[Gozie51]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

Enjoy the fraction of bitcoin you have. I don't think the way to end bitcoin journey is by buying it off or by printing enough fiat. First of all, before a country would print more than fiat needed in a fiscal year, it has to go through approval by legislation and one of the consideration that will be looked at in legislation is the effect of more than enough fiat in circulation which one of them is inflation and this won't be good for that country.

However, for me , the way to put a stop to bitcoin is by legislation, making it a death penalty, I'm just thinking though.

[andrei56]

Hello All,

I'm new to crypto but not new to the banking/gov game.

What are you thoughts on the bankers/gov potentially controlling Bitcoin behind the scenes putting on a show oh how they are concerned about it? 

They can print the fiat to buy bitcoins.
Its the electronic money/world currency they are so thirsty for.
The NSA has supposedly a back door to all our devices.

I think if bitcoin is the new banker currency it will explode higher as 7.5 billion people vs 21 million bitcoins means $$$$ to the early holders.
If Bitcoin is the alternative to the bankers/gov then it will explode higher as well due to the high percentage of people who want to be free from them.

Anyone who has attempted to not use the dollar Ghadaffi (gold Dinar) - Saddam (oil for Euros)  have met a swift end. 

Why are they not stopping (possible jail threats) it when they have shown they will go to extreme measures to stop competition.

Either way I see it going higher i'm just trying to get my head around why it has not been stopped. 

Thoughts?

If they print money to get bitcoin then they are only going to help bitcoin, bitcoin  becomes more valuable, more people begin to notice it and get on board of bitcoin, this could create a snowball that they could not stop so I think that is why they are not buying bitcoin right now.

[BitcoinBallerina]

Bitcoin and bankers do not go together that is for certain. Bankers are the reason Bitcoin came out. Quantitative easing just won't cut it anymore and it was never a good solution to begin with in the first place.

[Superways]

Though crypto currencies are becoming more and more popular they will not create immediate threat to banking industry. Crypto currencies like bitcoin will get more and more acceptance in developed countries as infrastructure like internet, computers, mobile applications are well established. But developing countries are far away from such infrastructures, there banks plays a very important role in peoples day to day economic activities. In developing countries most of the banks are controlled and supported by the governments. But banks need to change their mode of operations in future, otherwise they will not survive against such digital currencies.

Bankers are jealous from the progress bitcoin make and all this is because people are taking money out from banks and are investing in bitcoin because here they see huge margin of profits and bankers are giving statements against bitcoin to defame but bitcoin is not effected by such statements, bankers should start accepting bitcoins because world will switch to bitcoin and nobody will care for flat.

[neonshium]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Bankers and bitcoins are totally opposite to one another. but according to me bitcoin is more profitable to people than bank due to which the familiarity of bitcoin is increasing very quickly day by day while the familiarity  rate of bank is not decreasing but stop at the fix rate. Due to familiarity of bitcoins most countries will be try in future to make bitcoin there national currency.

[speedy963]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Bankers and bitcoins are totally opposite to one another. but according to me bitcoin is more profitable to people than bank due to which the familiarity of bitcoin is increasing very quickly day by day while the familiarity  rate of bank is not decreasing but stop at the fix rate. Due to familiarity of bitcoins most countries will be try in future to make bitcoin there national currency.

You do have a point also but, as to think that they are totally opposite i am particularly agree with it, the reason is that, bankers or banks asks so many requirements before you can open accounts or even start earning you need to undergo so many processes, unlike bitcoin, as long as you have internet connection, gadgets that can help you, and your own perseverance you can actually earn.

[ajqjjj]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Bankers and bitcoins are totally opposite to one another. but according to me bitcoin is more profitable to people than bank due to which the familiarity of bitcoin is increasing very quickly day by day while the familiarity  rate of bank is not decreasing but stop at the fix rate. Due to familiarity of bitcoins most countries will be try in future to make bitcoin there national currency.

You do have a point also but, as to think that they are totally opposite i am particularly agree with it, the reason is that, bankers or banks asks so many requirements before you can open accounts or even start earning you need to undergo so many processes, unlike bitcoin, as long as you have internet connection, gadgets that can help you, and your own perseverance you can actually earn.

By operating bitcoin in bank account it is not needed big information to furnished with the banker. If it is been implemented bitcoin payment option will be consider as online payment method only.
If you get interest for the amount you put in bank means that is also good for you right.

[nl247]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Sure! Bitcoin is a threat to the bank but I do not see banks being a threat to bitcoin. Eventually bank operations will dwindle and most of the staff will start loosing their jobs anyway as no one will bother much about them. However, there is nothing they can do to ever halt the growth of bitcoin and it is obvious that even a powerful country like china could not.

[Sled]

Bitcoins and bankers are against each other because both is a threat to each of those two, but i think nothing will be abolished.

Sure! Bitcoin is a threat to the bank but I do not see banks being a threat to bitcoin. Eventually bank operations will dwindle and most of the staff will start loosing their jobs anyway as no one will bother much about them. However, there is nothing they can do to ever halt the growth of bitcoin and it is obvious that even a powerful country like china could not.

Banks are threat to bitcoin also, if the banks will realize that they are getting some decrease on the amount of user on their banks then  they will tell it to the government for sure and the government will study it and if they found out that the banks are getting in danger then they will make a move to regulate the bitcoin by launching a law.