Can Bitcoin be useful for governments and banks?

[hatshepsut93]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

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[fred dave]

Yes, because it help banking systems to deal with crypto currencies easily

[FlightyPouch]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

First I don't think they can really make a fund secretly because there are a lot of digital currencies that is not really offering anonymity. A lot of digital currencies can be tracked so I think they can still be found out. But the thing about this is they wouldn't know whose the user of that wallet so I think they can really use this in their private transactions.

[Arkann]

As bitcoin and other crypto currency is increasingly supported by the community, governments and banks will be forced to reckon with it and this forces them to take measures to use the crypto currency for their own purposes. Banks will unambiguously provide the population with services for the purchase and sale of crypto-currencies, taking decent commissions for this.

[Rishabh riyz]

As bitcoin and other crypto currency is increasingly supported by the community, governments and banks will be forced to reckon with it and this forces them to take measures to use the crypto currency for their own purposes. Banks will unambiguously provide the population with services for the purchase and sale of crypto-currencies, taking decent commissions for this.

well bitcoins are still useful for banks , like we all know that after earning good amount of bitcoins  we all convert it into cash by saving them in banks , yes the bank doesn't comes to know about the source of income .
the government is not currenty permiting bitcoins because they are afraid that this would cause loss to their local currency , and the transactions made by people would not even have details but just a walet address , so anyone can buy anything if they have BTC without letting their identity disclosed to anyone , the nation would then become Shadow trade zone . the government couldn't even help then.
bitcoins would then be used for terrorism , buying drugs and all other illegal things . so te conclusion comes out that the banks would be profitable but the government would go down . 

[SONG GEET]

Governments and banks are already conducting research on possible use of blockchain technology in their existing services and I have heard that few of them have started testing this in real life environment.

Bitcoin will never be accepted in any banks as deposit methods for sure.

[Kaller]

Bitcoin IS useful for governments and banks.
If they stock up while it is cheap, they will have major influence in the world when it becomes worth $1,000,000.
However, it is no secret they are not huge fans of it.

[davis196]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Many countries are unhappy with USD domination,but they have no choice.
The central banks will never make bitcoin a global currency.This topic has been discussed here so many times.
Governments can`t benefit from bitcoin because it`s hard for them to force bitcoin users to pay taxes.
What can really benefit governments is the blockchain technology.It can be used to store information about health care,education,real estate properties etc..
Banks can use the blockchain and benefit from the increased security,faster transacitons and decentralization.

[mrcash02]

Crypto-Currency could be useful for them, but in secret. As you said, if they want to fund someone or an organizarion on the another side of the world for an example without being tracked. Money for governments and banks isn't a problem, so I don't think they need to hold BTCs to make profit, they have already money, I believe the governments and banks intentions would be more about control than becoming rich.

[erickkyut]

I think it is not useful for government and banks. First, government are not into it because they have no authority over Bitcoin. They cannot regulate laws about it and cannot get taxes from it. The same way with banks. They are very against it because the characteristics of Bitcoin is very different from the monetary system they impose.

[mondobitcoin]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Maybe can be used, but i dont think, because the banks and governments need to trace the people and theirs affair because banks and goverments want money from people

[Achargeturry78]

Yes, because it help banking systems to deal with crypto currencies easily

I think banking industry will be rekt if cryptocurrency will be used by all the people. we all know that banks this days are centralized and can be manipulated by the owners of the certain banks. bitcoin and other cryptocurrency are decentralized and cant be manipulated by any person even if it was the president of a country.

[xypos]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

It makes sense but i'm not sure how a government is going to go about using bitcoin to achieve whatever they want to achieve.

There is really no incentive for any government to use bitcoin because that would mean that they are giving up their power to print as much paper money as they want. With bitcoin, this power is gone. If the central bank says that banks should start using bitcoin, then how will tax evasion be detected? These are all points to consider.

I think that governments will probbalyl in future develop their own centralized cryptocurrency, instead of adopting an existing, decentralized one.

[Mtoo]

It is better to talk to people about the destroying governments and banks to preserve their wealth. The wealth of wealth is the budget of a developing country, not the simple sum.
Governments may agree with BTC if there is another job for banks and recognize security standards from encryption .

[JimmieA]

That is also an perfect idea , but on basic, btc not suitable for the system as the bank. Btc transactions could be effectuated  at anywhere without a non-bank, now there are many goverments and banks dislike that. But in the future  if the goverment give the policy to encourage the btc  and  allow people to create the most transactions  through internet, where goverments can be received as a lot of the same day, but not high rise, maybe that will be very wonderful.

[subSTRATA]

bitcoin itself? maybe to an extent, I'm not sure on exactly how though. what has much more potential is blockchain technology; it can serve as a semi public record / ledger that could reduce costs in multiple areas of operation. however, I'm not sure they would want a completely decentralized and publicly accessible ledger.

Crypto-Currency could be useful for them, but in secret. As you said, if they want to fund someone or an organizarion on the another side of the world for an example without being tracked. Money for governments and banks isn't a problem, so I don't think they need to hold BTCs to make profit, they have already money, I believe the governments and banks intentions would be more about control than becoming rich.

as far as 'backdoor' trades and deals go, i think there'd still be a traceable money trail from buying the bitcoin, all things considered (im assuming theyre dealing with large sums of money, and therefore would be noticed). id definitely agree about their involvement in bitcoin being about control though; if they can control enough coin to affect the market, they could easily control the market and profit in massive amounts.

[diogorh]

I dont know if bitcoin is going to be useful to banks, almost sure it wont. Now blockchain, that technology that powers bitcoin, i'm sure it will. Not only banks but multiple sector across all types of industries.

[chichigirl]

In some aspect, it is useful. It helps both inn
government and in banks for a better and faster transaction but in banks, it will surely  lessen their clients because people are now engage in bitcoin investment.

[Icculus.]

I don't think the currency would be particularly useful...except as currency to fund the sting operations to bust illegal activities. But the blockchain technology is absolutely useful to governments and banks. The tangible uses are many and the impact is many more!

[ladydark]

First,governments and banks considered bitcoin as their main rival.They tried their best to destroy bitcoin,but they could not do so.Then they understood the importance of block chain technology and started to use it in their departments.Now,they have got an idea of creating new digital currencies for their individual use.Bitcoin could not be directly useful for governments and banking sectors,but the unmatchable block chain system is very much useful to them.