Banks and Bitcoins: Is it possible in th future?

[bubblebit]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

[jorneyflair]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

Sure this might be possible sometime in the future, but right now banks are against bitcoin since they are centralized while Bitcoin is decentralized, meaning that they aren't controlled by anything. Localbitcoins kinda allows you to do this, but it isn't a bank. You can easily sell Bitcoin for bank transfer/PayPal but the banks aren't involved with that process. It would be nice to see a bitcoin bank, where you can buy/sell alt coins and bitcoin.

[talkbitcoin]

why not. banks are just service providers that are taking our money to pay it back to us
it can simply be possible in the future. bitcoin first needs to be accepted by more people then be considered a viable option for banks to adopt it and start offering their services on it, like opening up accounts, giving loans, ...

this being good or bad is hard to say in my opinion. bitcoin is not supposed to be used like this. bitcoin was created so that we no longer need banks, so that we can do what banks are supposed to do.
but as we can see things like Xapo, Coinbase, Debit cards for bitcoin,... exist and people want them!

[LeGaulois]

The profitability won't make it adopted by banks. Otherwise, banks shall stop to sell most of their products (life insurance, etc) as it is not so profitable, or some products possibly using money from new investors to pay the older...
The profitability is not supposed to be the ideology behind bitcoin, sadly people prefer to debate about profitability instead to talk about the different use case, etc

[Vixmore]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I would say that can be a good thing, however the only problem I see with adopting Bitcoins with banks (to have Bitcoin Banks) is that then we start to loose the decentralized nature that bitcoin is built upon. Then, if that was the case, we would be able to see bitcoin turn into any other currency that can be accessed today. If it does reach that point, I would have to day that that is a bad thing for us bitcoiners and bitcoin itself.

why not. banks are just service providers that are taking our money to pay it back to us
it can simply be possible in the future. bitcoin first needs to be accepted by more people then be considered a viable option for banks to adopt it and start offering their services on it, like opening up accounts, giving loans, ...

this being good or bad is hard to say in my opinion. bitcoin is not supposed to be used like this. bitcoin was created so that we no longer need banks, so that we can do what banks are supposed to do.
but as we can see things like Xapo, Coinbase, Debit cards for bitcoin,... exist and people want them!

xD, you can take Greece for example..... They wont pay you back what you earned and placed in your bank account. This is what makes bitcoin great and popular as it is: the fact that you are solely responsible for your funds and no-one can touch it but you - while staying anonymous.

[gueorguiev]

The very essence of Bitcoin is to put control of your money into your hands, you are your own bank. To suggest Bitcoin and banks is to throw that all away, they would have control of your coins, and they could track all your purchases which kills the anonymity of Bitcoin.

[MeridianMDN]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

This is an interesting concept.

For some reason though, I doubt that the people who participate in the Bitcoin market would feel it necessary to submit their bitcoins to a bank for safe storage. I may be wrong though - but this idea doesn't seem to mesh well with the ideologies of those that are in this market.

But, who knows. Stranger things have happened.

We could witness the emergence of a new variant of bank; perhaps one that is decentralised, autonomous and governed by a system similar to a smart contract - to ensure fair play across the board. This idea might be more enticing. If ever a thing like this were to be established, I'd probably be the first to sign up

Overall, safe keeping of assets IS an issue! ...And it's an issue that WILL be solved in the future. It's just the when, why and how isn't clear right now, which is why there is still this legacy (almost primitive) idea that still exists of storing bitcoins away in a bank vault somewhere, much like we have been doing with fiat for hundreds of years

[minhquang3869]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I do not think that in the future there will be banks for bitcoin because bitcoin's free trade will not be suitable for any bank, there will be bitcoin banks very hard to happen.

[hilariousetc]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

Well it would be good for mainstream acceptance and confidence from the general public but why would you want or need to use a bank with bitcoin? Bitcoin is meant to be its own bank so you don't need to trust a third party with your money.

You can already use certain services to deposit your coins with as well like wirex etc that act like Banks and use a debit card to spend or withdraw the funds directly but I think it will be a long time if ever before high street Banks offer this sort of service,  but again,  I'm not sure why you would want to trust them with your coins.

[Adbitco]

I don't see a possibility of any such thing happening in the near future. Bitcoin doesn't need any bank but banks might be but again that's not possible because every bank has it's own rules and regulations and not all of them can be applied to bitcoin. Banks work under federal or central banks which formulate policies and rules and regulations for the proper functioning of all these banks while bitcoin doesn't allow or bound to follow the rules and regulations laid down by the central banks so I don't think it's possible in the near future.

[btcdiggingmaster]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

I do not think that in the future there will be banks for bitcoin because bitcoin's free trade will not be suitable for any bank, there will be bitcoin banks very hard to happen.

Once a country is legalizing means already banks are holding some Bitcoin for buying and selling possible. I think in future both banks and Bitcoin will become one party and sell them to the customers who need Bitcoin.

[iqlimasyadiqa]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

Bitcoin and banks certainly have different systems today. Except when banks adopt blockhain technology then it can all happen. Bitcoin requires and works on a very secure blockchain system. So I guess if bitcoins and banks want to work together then they should use blockchain as a centralized system for both.

[Wesimon]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

This is possible to happen in the future ofcourse. Based on how bitcoin is doing right now. Many have given their support to bitcoin and even some countries have leagalized it. If this happens, banks will use bitcoin to earn profit from our own bitcoin. Ofcourse they will have fees for every transaction you will make, somehow it will help the economic growth a little.

[niisarearning]

I dont really agree with deposit bitcoin win bank because it is rejecting actual purpose of bitcoin. as bitcoin eliminates all the procedures involved in bank to send or transfer money . If again depositing in bank and bitcoin will lose its value based on my opinion.

[Mahanton]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

No it wont be possible thinking off that both things are on different paths which we can able to say that they do have different features. A centralized one and a decentralized one which means combining them wont really be possible and government wont really back this up since bitcoin cant be taxed and cant be controlled. Fusing these two things would be somehow useless because bitcoin users would rather choose up on holding their own bitcoin than putting it into banks.

[stompix]

The profitability won't make it adopted by banks. Otherwise banks shall stop to sell most of their products (life insurance,etc) as it is not so profitable, or some producs possibly using money from new investors to pay the older...
The profitability is not supposed to be the ideology behing bitcoin, sadly people prefer to debate about profitability instead to talk about the different use case, ect

Why would bank stop selling life insurance because of bitcoin?
I have a life insurance and I'm not going to renounce it cause...what?

Would they also stop giving loans? That is hilarious.
So in a bitcoin economy you will not see loans, insurance, treasury bonds....
Yeah right

[bubblebit]

Thanks bitcoiners for your inputs and opinions.
You all have valid points and it shows your experience in life.
In an opinion, we dont have right or wrong answer. It is us who believe in it, might happen or not.
Let see what the future of bitcoins may bring. I hope one thing be certain, we remain at still be part of it.

[diego10]

It may be possible. Banks will be based on Bitcoin technology to do transactions and for any other banking services. Still, banks are analyzing with the crypto currency technology to accept it. But, it will take the time to process.

[Kprawn]

Why do we need banks to exchange bitcoins? It was designed in a way to bypass all third parties and to have a alternative P2P payment network.

Bob can pay Bill without any intermediaries.  Banks and third party services will just add a bunch of extra fees and this will make Bitcoin use

more expensive. Just look what happened with wallet providers when the MemPool was full... they charged high fees and when the MemPool was

empty, they still charged high fees for no reason but to exploit people and to increase their profits. 

[Phyton76]

Bitcoin show signs of popularity to every people in the world, profitability of it makes me imagine that one day we can deposit and withdraw bitcoins in Banks.
If it happens, my question maybe, is it good or bad? for us bitcoiners, or for bitcoin itself.

In my opinion: what yours?

No need of banks if bitcoin was already popular because it will be a great way to buy thing if you can use bitcoin to buy thing in any store you will not need anycash that means you dont need it if everything was high tech in bitcoin your wallet or bitcoin wallets was already a bank.