Bitcoin is it the Future of Banking ?

[Alok Yadav]

Bankers and industry leaders in the Texas panhandle have recently been discussing what to do about blockchain technology and bitcoin. They are curious how they can get banks involved in leveraging cryptocurrencies, because they do not want to be left in the dust. However, some of them are also scared for the banking industry. In their eyes, bitcoin has the power to undermine the banking system and reshape the financial landscape.
To Fear or Not to Fear Bitcoin; Average Nerds on the Street Versus Bankers

Another banker at the Amarillo National Bank does not harbor the same fears. He recognizes the future potential of digital currency, though. Vice president Stewart Dodson of Amarillo Nation Bank said the dark, shady roots of bitcoin will be a deterrent for future adoption. He said bitcoin’s past use to facilitate dark web transactions have tainted the currency’s appeal. Now it will harbor that stigma forever.Banker: 'I am Scared for the Banking Industry...Bitcoin could Knock Banks out of the Game'

Even though Dodson sees bitcoin as tainted, he admitted a “digital currency” will eventually be adopted by the mainstream. He mentioned various payment apps like Venmo and Applepay could win the race, even though they are not cryptocurrency-based platforms.

Jon Laur, chief technology officer for EnergyNet — an Amarillo-based oil and gas auction and sealed bid transaction service also chimed in on the discussion. He said banks need to get ahead of the game. He mentioned that if banks do not have someone on the payroll who knows more about cryptocurrency than “your average nerd on the street,” they will be left behind.

Future of the Banking Industry

In the final analysis, the bankers concluded digital automation could change the face of the industry. The convenience of digital currencies makes jobs expendable, and could replace some banking roles. The article detailed, “In a region with 6,600 financial sector employees as of 2014, according to the Texas Workforce Commission, lower-level positions could be eliminated or simply not added as banks invest more in Internet services.”

[dmamigo]

Bitcoin the future of Banking is possible, but only if the governments and there specific financial body accepts it. But mostly they won't, as clearly many countries had already implemented regulations and many are coming with it, so it will be there with Banks in the future. Moreover many people are old school, and they won't rely completely on Bitcoins regarding transactions.
Banks might bring in Bitcoin in future, but completely making it the future of Banking might not be possible. But this will make banks think to increase there facilities with hassle free banking.

[Aaroenz0r]

Bitcoin the future of Banking is possible, but only if the governments and there specific financial body accepts it. But mostly they won't, as clearly many countries had already implemented regulations and many are coming with it, so it will be there with Banks in the future. Moreover many people are old school, and they won't rely completely on Bitcoins regarding transactions.
Banks might bring in Bitcoin in future, but completely making it the future of Banking might not be possible. But this will make banks think to increase there facilities with hassle free banking.

I totally agree with you. If all Governments, banks and financial corporations accept Bitcoin, it will be treated as a kind of money. But I don't think that it will replace cash completely.

[FrueGreads]

Bitcoin the future of Banking is possible, but only if the governments and there specific financial body accepts it. But mostly they won't, as clearly many countries had already implemented regulations and many are coming with it, so it will be there with Banks in the future. Moreover many people are old school, and they won't rely completely on Bitcoins regarding transactions.
Banks might bring in Bitcoin in future, but completely making it the future of Banking might not be possible. But this will make banks think to increase there facilities with hassle free banking.

I totally agree with you. If all Governments, banks and financial corporations accept Bitcoin, it will be treated as a kind of money. But I don't think that it will replace cash completely.

If bitcoin replaces cash, then banks will have no reason to exist, so I don't think that will ever happen. If bitcoin succeeds, it will probably continue to be used as a store of value, just like gold, and as soon as stabilizes it will be used as a form of payment as well (I'm assuming that when BTC stabilizes all the scalability problems will already be solved). It will definitely be used for international money transfers, because even as it it, it's way better than the current options. It's faster, it has lower fees and it doesn't need to go through an middle man, so it's already great for that.

As soon as is gets better developed infrastructures, like crypto cards, or good mobile wallets, it will also be a great option for payments in undeveloped countries for the people that don't really have access to banks. Those are probably going to be the test pilots targets, for bitcoin as a payment method in the future.

Basically bitcoin will shine as an asset and it will probably force banks to evolve, because they now have some competition when it comes to (assets and currency), but it will never replace fiat, and that is not it's purpose.

[g4vinshreds]

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

Yes and no.  It would be hard for it to replace fiatt currency for real life transactions as the confirmations take so long.

[Mobshady24]

I think bitcoin cannot be used in a product exchange simply because its value is still not fixed. But banking and bitcoin is very different. Bitcoin revolves on a community in which a digital currency can e made or mined and then transacted while banking is just the acceptance of money of the public or private.

really ? how come business in US already accepts bitcoin as payment? it is just a matter of acceptance since bitcoin and other crypto are currencies.
for the thread i think someday banks will use digital currencies for lending and other investment.

[An0nyMoose]

Bitcoin is not the future of banking. Banking will be replaced as central banking, and private institutions like the federal reserve possess extreme power and have been aware of the extreme systemic failure that is our current financial system of FIAT money. Bitcoin is sound money and is not going anywhere. Look at the price right now, it's clobbering anything else that exists. Why? because the world thinks it's the best.

[Lykslyks]

I don't think that the government will let this happen. Aside from that, there are countries that legalized bitcoin for payment purposes only and does not promotes bitcoin for savings and investments cause they think that having proper knowledge about bitcoin is needed but of course the government will not provide informations that would help people understand it. So in the end those people who is not aware and interested about bitcoin will still use their countries currency so in my opinion it cannot replace money.

[zarintasnim]

I think it is so difficult to bitcoin use in future in banking sector. Bank use fiat money and government has strict control. But bitcoin is not fiat order and no control of government.

[zarados]

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

I think it's already started since the first transaction of bitcoin. and as I know, with bitcoin, you can put your own bank into your pocket. and the money you save can't be manipulated by the center of authority. no monthly fees are charged to the users, and we can set the shipping cost from minimum to maximum. Maybe someday, every country will change their banking system into a cryptocurrency system.

[damnek]

#The fiat money banks will never use bitcoin for money transactions! Most banks are anyway connected to a clearing system to transfer digital money between banks. So in reality only numbers of digital money are exchanged and no real money transfers.Bitcoin has been created to be fully dis centralized, and creating a bank for bitcoin could be just like an irony, i don't like that idea, and it can not happen.

The bitcoins could be utilized for whatever you need on the off chance that you need to utilize the bitcoins for your business then the bitcoins is the most ideal approach to acquire cash in slightest time and minimum endeavors on the off chance that you need to be careful your cash than the bitcoins is the most secure place to be careful your cash hotel in the event that you are jobless than don't be stressed over the activity and quit looking through the employments on the grounds that the bitcoins can give more cash than the occupations so the bitcoins could be additionally utilized for the managing an account.

[BitcoinIsAlgebraic]

I think Bitcoin is the opposite and the death of banks if it can become mainstream just because it encourages users to be their own bank and be in control of their own funds.

[KingScorpio]

No I don't think it will replace fiat as the governments just won't approve due to the lack of control they can have with Bitcoin. But hey I can be wrong, anything can happen in this strange little world.

well do you or the bitcoin community have controll over the ressource waste that bitcoin causes?

at least banks are tools of governance from a bigger more common perspective, chinese government have their point and their reasons when they see bitcoin only burdening their infrastructure, and messing up their reward system for the upkeep of it. after all there is more than half a billion people looking on them when it comes to infrastructure security.

arent you afraid that you will one day be considered like a bunch of lunatics that waste a ton of energy that could have been used to feed millions of children, to create something you call "valuable".

a witchhunt then might not be far away, considering what it is from outside.

the "mining facility" i am developing with others arent called "bitcoin mines" they are called distributed "cryptographic computation facilities".

and we have our reasons for this. sitting in a glass house makes you blind for what you are from the outer perspective.

regards

[Rosa Paula]

Well,If bitcoin community have make this.It's a very smart controll system.Bitcoin wallet like a bank.But If we invested long term then It make future bank,I think.

[Pleione527]

I don't think bitcoin can eliminate banks in the system of our economy since there are feature that banks offered which I don't think bitcoin can't provide and not only that I think the technology used by digital currencies will be difficult for some to adopt we need to educate a lot of people which I think will take so much time.

[didouminou]

bitcoin is not a currency any more since it's is an asset for the future so even banks will avoid due to the high volatility

[ufaiz50]

i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?

my personal opinion sending money using the bank is still better to use as a transaction in small quantities than bitcoin but using altcoin is better than bank and bitcoin. replace money in the transaction depends on the mass adoption for the current many who use the bank because of the ignorance of the community against cryptocurrency.

[ruskytailz02]

No one will ever trust bitcoin banks, think of transferring crypto currency by your wallet to another needs fee to transaction
if we can store our coins in our wallet that serves bank for us right?

and it will never replace fiat instead it will only alternative way to currency,,, if you know what I mean
fiat will remain here lets accept the fact .. keep earning

[shark69]

In my opinion, bitcoin will be the bank of the future, people will move using bitcoin because they see banks in general will do some cheating by using taxes

[maynguyen]

Bitcoins will not replace money in bank transactions. Banks around the world will create their own coin and will grow them. I think bitcoin will be the same with gold and dola will be a major payment method worldwide or they can replace paypal or visa cards for online payments.