Bitcoin & Banks

[Altero]

Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now

Even banks will adopt the system still it won't be change. It won't make into decentralized one unless regulated by the government.  It actually,  some banks are accepting crypto coins most specifically  for bitcoin as a third party, where we can used to do bill payments. 
It is a good move for banks and can encourage others to join as well.

[1715190296]

1715190296

[1715190296]

1715190296

[1715190296]

1715190296

[1715190296]

1715190296

[kucritt]

i thnk bitcoin will never introduces in banks, why? because i think that bitcoin is the digital currency, and banks only manage the real currency that have physic. it doesnt manage a digital currency like that

[susuberuang]

now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough.

[miner32342]

now some banks seem to have started using blokchchain technology. It can be seen from the many solutions created by banks that use digital currencies and this shows like cryptocurrency, which means that many banks have begun to look to try to use blockchain even if they don't use bitcoin but only use the technology is enough.

Some banks tested Ripple technologies in the previous year, but the solutions were not implemented in every-day banking. Unless legal cryptobanks appear, nothing will change dramatically in the context of cross-bording payments. One needs to admit that global payments industry is ruled by banking oligopoly led by such players like JPMorgan or Citi. Once they start using blockchain technoligies, all the others will follow their example. I believe it'll be a turning point for the whole cryptocurrency market.

[jojohamasa]

The question is easy but the answer is puzzling
The XRB model may not be compatible with PTC
It is therefore necessary to agree on a unique model that preserves the BTC entity
It keeps the interests of banks and this is not easy but it is possible.
 

[andika2018]

If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?

Banks or fiat money transaction always using SWIFT protocol that controlled by central banks and bitcoin is peer to peer transaction that no need third party for transaction confirmation. But i am agree that soon or later, banks will accept bitcoin. Big investment banks like Goldman Sachs already involve in crypto bussiness and i think many will follow

[Japinat]

If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?

Bitcoin won't be anonymous anymore, I sure we will be required to comply with their requirement, especially the KYC just like an ordinary bank depositors.
IMO, this is not needed anymore, we have our exchanges both local and international who can provide the service of the bank, the bank's function then would be between the exchanges to facilitate the cash out.

[deadthings]

If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?

Banks have already tried to work on the "problem" of implementation Bitcoin to their system:

https://en.wikipedia.org/wiki/R3_(company)

Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the cryptocurrency bitcoin.

Unfortunately, or fortunately, they still fail to find a way how to do that. In short, Bitcoin is the opposite and at the same time the enemy of banks.

[deppil]

Bitcoin in bank would mean the bank would have to run on the blockchain technology and bitcoin might not be decentralized as it is now

Even banks will adopt the system still it won't be change. It won't make into decentralized one unless regulated by the government.  It actually,  some banks are accepting crypto coins most specifically  for bitcoin as a third party, where we can used to do bill payments. 
It is a good move for banks and can encourage others to join as well.

Thats right. it will be a better way than the bank implements the blockchain to their system. it would be better if the bank accepts
bitcoin for the deposit or withdrawal method. it will be good for both

[Irvinn]

If Bitcoins were introduced in banks, there'd be probably a different protocol made by banks if I'm correct? What would it be like?

Banks, in any case, will use Bitcoins and other types of cryptocurrency in their operations. At least for the provision of services for the exchange of cryptocurrencies for conventional currency. Any use of cryptocurrency by banks will not change its nature. Therefore, in this regard, we should not be afraid. For their internal activities, banks will use a centralized cryptocurrency such as ripple.

[bolbau]

if that happens, existing digital assets cannot be called cryptocurrency, only limited to the ecosystem of new digital financial features created by banks, in the sense that all movements of fixed transactions are limited and regulated by banks in accordance with their interests. this is the same as there is no freedom and ease in transacting with each other, because in fact in this world there are so many banks, and each other has its own interests.

[valentin68]

Bitcoin has its bank, it is the Blockchain. Since when it has been created in 2008, Blockchain was the dedicated bank of Bitcoin.
Blockchain is situated in Luxembourg, a good country for International Banking. The European representative of PayPal is situated in Luxembourg.  Other international banks are situated in Luxembourg.
 
 Coinbase and other similar banks are alternatives to Blockchain. If I am not mistaking Coinbase is situated in USA.
 
 If you want to cash out bitcoin (from Blockchain or Coinbase), it is sufficient to go to a dedicated Bitcoin ATM. There are plenty of them, in every country.
 If you want to spend bitcoin with a credit card, it is sufficient to obtain a credit card that can be loaded with every accepted national currency (Euros, Dollars, etc), with bitcoin.
 If you want to deposit money in a bank that has national currency it is sufficient to make wire transfer, from Coinbase for example to your bank.

 

  

[Dana-pasar]

if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank

[miner32342]

if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank

Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then. 

[mersal]

if the bank cooperates with bitcoin it might make it more difficult for us to get bitcoin, because as far as I know there are many obstacles if we deal with the bank

Why? It's just another kind of currency that requires deep knowledge of blockchain and storage experience. If the bank has such experts and permission from the financial authorities, it may work then. 

The implementation of Bitcoin in banks had so much of technical issues and problems are there that's why Bitcoin will be not implemented by banks till today but there are some government issues will also be late for that but in future maybe it can be changed by the government at banks.

[Greenkarki]

it is the crypto-currency(bitcoin) do pose a threat to banks. They may not be able to replace all functions bank. However, they can certainly undermine the vast majority of the financial industry's purpose. Banks could plays the game but think it could provide services like issuing tokens or work like a exchanges. 

[Halmater]

If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization.

[miner32342]

If bitcoin is used in banking system, there will be any difference between bitcoin or one of fiat currencies. Bitcoin will be a fiat currency. It means that bitcoin is controlled by banks and traditional markets. As we all know, main reason of creation of bitcoin is to make p2p transactions. Also, we can't talk about anonymity and decentralization.

Hardly. If bitcoin is used in banking system, it can be just stored by banks on their hot and cold wallets. But the banks themselves are not able to control the bitcoin's network. No way. It's likely that bitcoin will be used as an instrument for investments - bank deposit, for instance. Or an instrument for taking a mortgage or credit. So, it doesn't seem so black and white. 

 

[Razerglass]

I don't think so. Bitcoin has not any direct connection with traditional banking system. Banking system is rigged and big bankers created their wealth in expense of others. Cryptocrrency can be future of banking system and there are bigger problems which blockchain technology can solve.

[KuyaBreezy]

The most likely is to centralize the process more, also, I think bitcoin is not compatible with banks, so I doubt very much that someday they will combine, perhaps ripple if it is developing joint technologies, but that would be almost the same because ripple is also centralized.