Bitcoin connected to our banks!!!

[Captain Sneeze]

There's a difference between our tangible money and our coins. You cannot bank and store it as one. But think of it, what if your money and your digital currency joined as one and our digital currency changes its price? Would it be accurate to see them as one? That's what I understand in this thread. It could be nice but I guess it is more appropriate if it is separated.

[Hustinog]

It cannot be joined as one I guess. It is pretty dumb if digital and a tangible currency joined as one and be credited on your bank account. It needs a separation I guess because they might be a complication or a confusion on how it is. That may be good at some point but things might get worse in the other term.

[rickyNmorty]

I think that with time we will have great changes in the banking system and I am sure that btc will be the leader. perhaps, it will be connected to banks but i don't know for sure whether this may happen

It may happen, but the connection of the two is not really good for bitcoin. I say so because the bitcoin will loss its characteristics being individual without the intervention of outside factors. But then it might have a positive effect on the bitcoin's market. We just need to wait for what will going to happen.

[guybrushthreepwood]

Banks can't work with bitcoin, search "fractional reserve". Banks may offer some Bitcoin services in future but it won't replace fiat services nor it will be possible to seamlessly juggle/ exchange between bitcoin and fiat.

What are you talking about, it would essentially be a shapeshift style thing where you enter the amount of use it buys that much off an exchange and sends it to the address you entered. Totally possible.

I'm talking about loans, credit cards etc., it wouldn't be profitable for banks to offer bitcoin loans, look at payday loans - banks would have to make their fees that high in case of bitcoin loans because they wouldn't be able to just write off unpaid loan just like they do (to some extent) with fiat loans.

If there's money to be made then there's nothing stopping them getting involved (aside from maybe regulations), but there obviously is money to be made from bitcoin, but it's probably too risky for them right now with fluctuations etc and would be akin to them dealing with stocks. I don't think they'll ever be giving out loans or mortgages in bitcoin but they could certainly make money from fees or interest, but I think they'll be staying well away from bitcoin for the foreseeable future. If bitcoin grows in popularity by tenfold then maybe they'll get involved but I doubt it.

I’d like to answer with a question. If bitcoin were to be adopted as a currency? Will banks still be needed?

Yes. Some form of bank will always be needed. Where will people get their mortgages or loans from?

[Ucy]

As long as it doesn't centralized Bitcoin.

I guess we already do this in Peer-to-peer fashion on centralized websites like paxful and on decentralized site like Bisq.
Question is how can this be achieved without violating people's privacy or Centralizing the processes.

[reverseflash]

It cannot be joined as one I guess. It is pretty dumb if digital and a tangible currency joined as one and be credited on your bank account. It needs a separation I guess because they might be a complication or a confusion on how it is. That may be good at some point but things might get worse in the other term.

In fact, what you call tangible currency is such only when you hold it in your hands in the form of paper or iron. When it is in a bank account, this currency is as virtual as crypto`s, only with a difference in the principle of creation and reliability.

[happy weblancer]

Over the past few years, there has been a huge hype around the potential of hindering (or more accurately classifying the ledger technology) to transform the banking industry. But this transition, if indeed happens, it will take a long time, and the main reason is simple: banking infrastructure is by inheritance and tens of billions of dollars have been spent on the construction of such infrastructure. Nowadays, a central bank with the idea of ultra-strong and solid safety design. However, as a result, they sacrifice flexibility and unfriendliness in communication and other technologies. Blockchain technology can help banks to better manage this cash system if apply bank.

For banks, it would be great to implement blockchain technology. They would solve issues such as security and logistics payments. It would be beneficial for clients - legal entities. And for individuals, and for Internet banking is also beneficial. Everything is transparent and understandable.

[jimmyle]

I think that many companies will oppose this, because while they hold your money - they calmly operate with them. Honestly, I look forward to further developments!

[cybernetik7]

Banks are like crocodiles. Thay can adapt theirselves to every environmental change. Even though they resist for while, they doesn't have a choice. Banks will start to offer BTC services in near future.

[East2011]

I think bitcoin and banks are just like oil and water. Even you mix them thoroughly they still separate. Bitcoin don't want to be connected or work with bitcoin.

[Snaic]

Banks can't work with bitcoin, search "fractional reserve". Banks may offer some Bitcoin services in future but it won't replace fiat services nor it will be possible to seamlessly juggle/ exchange between bitcoin and fiat.

In my country (Ukraine), in a bank digital wallet, it has long been possible to transfer Bitcoin and use it for shopping. True, from this wallet it can no longer be withdrawn. In fact, after transferring to the wallet, the bitcoin itself is withdrawn from the wallet by the bank, and we have the opportunity to make various transactions for the sum of the bitcoin value in online mode. That is, the purse continues to indicate the amount in Bitcoin and its equivalent in local money.

Yes, the Russian WEB-money wallet provides for this. This is a bank e-wallet that also accepts bitcoin. It was quite convenient to use it, but in Ukraine the Russian wallet is now blocked due to problems between these two countries.
I think that this, and not only that, is also possible in the future. Banks will certainly cooperate with cryptocurrency.

[DAVETUN]

This will help to enhance the accessibility of Bitcoin and other currency, but this will negatively affect the privacy development from Bitcoin developer, for there to be a detailed synchronisation, government policy for  Bitcoin and banks must be establish in order for there to be a smooth transmission between both Bitcoin community and the banking sector.

[White Christmas]

Because bank realize the benefit of blockchain in managing data , so they are connecting with the bitcoin

Agree but aside from that , banks are also aware that bitcoin ( cryptos ) will soon become a good hit , thats why they are now planning to team up with cryptos .

But its not about the good news because there were actually bad news because some banks are still against the cryptos because they think that cryptos are only a threat to their business because many people uses crypto as a currency and an a form of investment at the same time .

Yes I don't think this would going to happen because banks are still afraid of bitcoin since it has a high value but it was also volatile at the same time. They think that they will loss their money once there was a big dump on it. There are many things that they need to consider first before they become as one.

[koRo11n]

What I know from bitcoin is unlikely to be connected or controlled by the bank. Because the function that is owned by the bank cannot be equated with the function that bitcoin has. so it will be difficult to connect with each other.

[kucritt]

it is good if bitcoin is connect in our bank, we can use the bitcoin to investing in bank or store our bitcoin into bank, and it will start in the future about the digital currency be the main currency

[BossMacko]

in my opinion it will never happen because one reason we are using Bitcoin is because of anonymity if Banks will allow to send Bitxoin directly to them then it means the anonymity of the account holder will be exposed to a third party. Government can check your transactions with their laws. That is my opinion only.

[Btcjunpitz18]

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

If it is allowed by the law of the country, why not? It is more convenient for us bitcoiners if they can approve that.

[bangkit tri]

it is good if bitcoin is connect in our bank, we can use the bitcoin to investing in bank or store our bitcoin into bank, and it will start in the future about the digital currency be the main currency

what about personal wallet we have. I think bank will only add security guarantees, which is different from a personal wallet. but sometimes banks still hacked

[Zrs]

Bitcoin throws challenges to bank as bitcoin is peer to peer network. But if in future bank will not work with bitcoin, there will be a lot of problem for them. So I think if bank work with bitcoin, it will be good for them as well.

[signup01]

In future if bitcoin is allowed in countries around the world and most online based companies will start to allow bitcoin as their payment currency/gateway/exchange. But what do you think if we would be allowed to transfer our money to our bitcoin wallet from our bank accounts like PayPal does? Will it be a good thing for banks and us?

if all countries have legalized crypto currencies I think that will be a very extraordinary development and it is also possible that the bank will cooperate with crypto currencies if indeed the cooperation can be beneficial for both parties I think it will be even better