Bitcoin & Banks

[den50]

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?

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[OmegaStarScream]

Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.

[dothebeats]

Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.

I agree with Ripple since they're pretty much a bank handing out tokens and advertising themselves as a cryptocurrency. There literally wouldn't be any major difference should bitcoin be present in today's banks, just a different way of handling and interest rates on borrowing etc. Also, I don't see banks employing the use of bitcoins in their systems and services knowing the technicalities involved in handling such. Perhaps there'd be a separate entity for that, or a subsidiary of commercial banks that we know, but they'd never integrate it together with fiat services IMO.

[mu_enrico]

Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.

I think it is closer to stablecoins instead of XRP. XRP is backed by nothing, meanwhile, the bank account balance is backed with users' money (deposit), similar to stablecoins.*

*Assumed the third party won't run away with users' money.

[jimskiy]

Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank.

[khalidxpert]

Ripple is centerlized coin they can pump and dump any time is not it so risky? Experts please explain

[mweezy]

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?

You are some how right, but it will be a every difficult task to accomplished because they have difference operation mood decentralized and centralized so in other to this there will be a need to publish paper bitcoin for bank transaction purpose.

[liuqi]

Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.

Ripple is a banking sector project and it is centralized platform, so it is perfectly matching for Banks But Bitcoin is completely decentralized platform and Bitcoin is totally against in Ripple platform so Bank and Bitcoin is not fitted at anytime.

[BitcoinGirl.Club]

I think Ripple fits the description.

Ripple is the perfect example OP is looking for.

Bitcoin and bank always support each other, bitcoin never become more popular without have bank support, how to make deposit and withdraw without have connection between bitcoin account and bank.

I don't think bank will ever want bitcoin to take its place. If they start supporting bitcoin then today or tomorrow they will be out of business. They would not let it happen. They will do everything to stop bitcoin which they are already doing. Take XRP as an example. They are misleading people saying it's a cryptocurrency where it's a centralised coin.

[satosibtc1000]

As far as I know, the bitcoin Protocol cannot be changed. Perhaps it can be improved, but the Bank will not be able to do it. Only the developer. Sorry if I'm wrong, but I think banks don't need bitcoin, just like bitcoins don't need banks.

[kryptqnick]

Something very similar to the current banking system where there is no anonymity and decentralization and from the coins that we currently have, I think Ripple fits the description.

This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays. When and if the market stabilized in general and price fluctuations become less serious, nothing prevents some bank from buying a reserve of bitcoins, letting people buy, sell, exchange and hold this crypto on their bank account. Most of the banks are not in control of the fiat they are dealing with anyway. They just trust the regulator that the currency will be stable. If the market developed a good self-regulating mechanism, they could actually go for crypto adoption to attract more users.

[c_atlas]

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?

It wouldn't be open, borderless, censorship-resistant, etc. Banks like the fact that bitcoin and similar protocols take settlement time down from days/weeks to minutes/seconds. Bitcoin also removes a lot of the systemic risk that is baked into ordinary transactions, like counter-party risk. But they're still banks, they don't want you looking into their finances, so you can bet their systems will be locked down for only a few people to use. Banks like "blockchain", not bitcoin.

[Yeahpro]

This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays.

But then they would not be functioning as banks, but small an exchange which is managed by a bank. This is one of the reason I prefer decentralized exchanges as it can not be controlled or regulated by gov'ts or banks.
Banks could of course adopt the blockchain model so as to exert a level of influence over this technology.

[coinwizard_]

Ripple appears to be the bankers coin but most will probably create their own coin. Banks will do whatever it takes to keep bitcoin away from the local or global economy.

[Artemis3]

This is about right, but banks could theoretically accept decentralized cryptocurrencies as well and act like exchange websites do nowadays. When and if the market stabilized in general and price fluctuations become less serious, nothing prevents some bank from buying a reserve of bitcoins, letting people buy, sell, exchange and hold this crypto on their bank account. Most of the banks are not in control of the fiat they are dealing with anyway.

Exchanges is exactly what I think banks will morph into in a future world where cryptocurrencies are the norm and not the exception. But we are in a transition period where there is still heavy fiat usage, and they can make a lot of money doing the exchanging. Afterwards i'm not sure, lending? margin trading? more finance oriented i guess. Bitcoin renders obsolete the need for bank accounts, unless its some sort of investment portfolio you want others to manage for you. Trust a third party to keep the coins for you? Well that's exactly what exchanges are doing.

[jerrison]

bitcoin and banks in my opinion have no connection whatsoever as they do not operate on the same framework, the technology behind banking is just consisting of database and could be altered but that of blockchain is entirely different and is higher than that of banks

[bitfocus]

that would definitely kill anonymity and decentralization of Bitcoin.

[conceptutorials]

bitcoin is decentralized in nature, while banks are centralized in nature

[shoreno]

bitcoin and banks in my opinion have no connection whatsoever as they do not operate on the same framework, the technology behind banking is just consisting of database and could be altered but that of blockchain is entirely different and is higher than that of banks

I understand what your trying to say  . yes  both of them are different though people still thinks that bank and bitcoin are the same because bitcoin can be store of value and it can be used as an invesment simillar to what they hear on the traditional banks  but for me , both are actually different because bitcoin is commonly known as a curency while banks are  a company that produces money  .

[Peashooter]

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?

Its hard to figure out if we will introduce bitcoin in banks because we all know that some banks are against in cryptocurrencies especially bitcoin. If ever bank accept bitcoin how they can handle its price especially it is volatile where always change. Do you think it is possible to bank that allow bitcoin? and How can they manage it?