Bitcoin & Banks

[Tnt1971]

Bitcoin and banks, two factors are different in nature and act opposite in some issues but vari from countries to countries. Banks accept bitcoin in bitcoin friendly countries and denied where not legal.

[Artemis3]

I think Bitcoin is a competitor for banks and they will fight Bitcoin. I also think that they also buy Bitcoin because they want a plan B if Bitcoin hasadoption.

As with any disruptive technology, you can fight it until it overpowers you, or you can embrace it and figure how to keep doing business in a new world.

Banks could embrace bitcoin, but they can't treat it like fiat coins. They are forced to treat it like assets. They can't produce bitcoins out of thin air, like they do with fiat. Most likely the way they can embrace it is to act like exchanges. They can implement online wallets and earn fees in exchanging, and perhaps offer financial services, mutual funds and the like. Also lending (like a few exchanges let you do).

They also have their own altcoins for moving capital among themselves, but i don't think that would be very interesting to clients. We are in the transition period, but with time and maturing, things that seemed impossible 10 years ago would become everyday. Like, say, smartphones.

[cahbagus555]

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?

Current banks system using SWIFT system and that why banks need central banks to process every transaction. Different with bitcoin, its peer to peer transaction and no need third party to confirm the transaction. But if government regulate bitcoin, its not possible banks will accept bitcoin in their system

[nizamcc]

If banks integrate BTC into their systems, it will be usual money.
Perhaps it will have a different name. But we will lose the idea of cryptocurrency. The idea of decentralization and anonymity of wallets.
On the other hand, maybe we will see a new kind of banks. And these banks will be able to embody the idea of cryptocurrency and banks in one system as it should.

[Valer4ik]

There is no hope for the state and private banks at all, remember the year 98 and what happened, how people stood for several days to get their money from the bank, it was lucky for him and his bank survived by a miracle. It's all about those who had savings in the bucks, about those who sat in the ruble generally keep quiet.

About the previous mows of our population, when people spent their whole lives on the savings bank postponed for old age or some dream, but in the end everything turned into shards, who are young simply google as people shod many times.

This crisis will not be local but global, and not as easy as 2008, then there was a rehearsal, Russia then had almost no problems at all, compared to others, this time will be different, and although we are more persistent in this regard, this time this will be a serious papadalovo, still aggravated by the situation in the resource markets and the most inept foreign policy that in general can lead to a catastrophe.

[jerrison]

the technology been deployed in banks today are technologies of ancient times and the banks have so relied on these technologies over the years and they have decided to become myopic about technological innovations. they are not cool with the blockchain technology and bitcoin because they feel they can not control the resources that goes in and out since it works as a decentralised system. it is ok but they should also know that they banks are functional because the mases uses them. when they opt for blockchain they should not complain

[ecnalubma]

Banks has their own choice on what technology will they apply in their systems but I’m pretty sure that its not Bitcoin. Banks will not turn change from being centralised they prefer this system to take control of peoples money and ripple is the perfect product for them.

[maldini]

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.

right, I think the crypto system is still in conflict with banks, maybe only ripple still has hope to be in line with banking

[detector]

They are complety different things and can't be compare each other.

First, crypto is decentralized currency while bank is not
Second, crypto is an asset just like gold but it's has advantage like fiat
Third, when bank created crypto, they are creating their own coin and the story about crypto will completely different with today !

[Matthewmorris4]

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?

if indeed bitcoin was introduced by the bank in my opinion it would be a very different thing at that time, most likely the bank would still implement the same usage provisions such as the customer's bank account itself, fees and various authorities that made it difficult for customers

[lepbagong]

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?

I feel clear that there will be a difference that will be made by the bank, because from the system side it is used is very different but even if it will be handled by the bank, maybe Bitcoin will be treated like the sale of currency only. indeed it is better that it is a separate and different form of Bank from an existing Bank

[cizatext]

Protocol has to do with the principles of doing a thing and since bitcoin will be a new feature in the banking system definitely the must be a way of carrying out it transactions just like the cash transaction require method so will bitcoin if introduced into the banking sector.

[South Park]

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 cannot really expect that banks will overthrow their own monopoly if anything a coin created by a bank will be even more oppressive than the system we have now, one of the great advantages of bitcoin is that you get to be your own bank and you decide exactly what you want to do with your money but a bank which controls their own crypto will have an even bigger control over your finances, if we let the banks take over this technology they could make slaves of every single human being and we cannot allow that.

[Taki]

First of all crypto currencies should be admitted on the government level and to become legal, after that banks will gladly accept them in their activity. I do not believe that banks, are against of cryptos, as many users say here, I believe they are simply waiting for the green light from the government to start the usage.

[goaldigger]

There are really a huge different if bitcoin introduced to banks first. As we all know that banks are all governed by the government. If they are the ones who make us known the existence of BTC first,then cryptocurrency will be legal in all countries, but it all will be centralized and controlled by either banks or government. I dont think if people would still invest unto it.

[Denton]

I don't think they can be connected. Bitcoin has a completely different purpose. Bitcoin provides users with anonymity, but banks need a centralized coin. So I think that bitcoin and banks are incompatible.

[Johnyz]

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.

Many banks are already accepting this coin and I think banks are already accept the fact that they need this technology so they survive in the future. But still some banks don’t support bitcoin because its decentralized and its too risky for them to invest/adopt because of the volatility, banks are greedy they want a sure profit.

[AimHigh]

Yes of course they have different  protocol, rules and regulation because digital money and fiat money was a different  its needed for those owner or user not to conflict regarding on that matter. I think soon or soonest banks was totally accepting bitcoin or any cryptocurrency  because of the evolution  of technology in our time so that they need it for them not going to bankruptcy  because of not adopting  new technology.

[diamond_shine1]

Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it.
it's impossible for banks to accept bitcoin

[TopT3ns]

Which I know banks don't like bitcoin, Decentralized nature that makes banks dislike it.
it's impossible for banks to accept bitcoin

Right, and no need to force it bank should accept bitcoin. Even without banks, bitcoin still can be itself and actually adopted by people is already enough for bitcoin to keep steady in this world.