Bitcoin & Banks

[shinharu10282016]

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.

Yeah, banks don't like bitcoin. Other financial institution who looks into what bitcoin and altcoins do are doing it.

Risk takers on this field are more likely those who have done research before handing out their money to be so sure they'd make profit out of it.

[Kayum10029]

Banks and bitcoin are in common phenomenon in modern time. Banks of development countries accept bitcoin besides their Fiat transactions but some bitcoin hater countries's Bank don't like bitcoin.

[Argoo]

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 will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this.

[Wexnident]

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.

Yeah, banks don't like bitcoin. Other financial institution who looks into what bitcoin and altcoins do are doing it.

Risk takers on this field are more likely those who have done research before handing out their money to be so sure they'd make profit out of it.

Banks is not totally in favor of bitcoins because of its high volatility rate but what i think is about to go down in the future is the STO or the Security Token Offering. If you guys are ware of it STO is going to replace the ICO on which the token will be backed by physical assets and this means most banks and institutions would be open for cryptocurrencies but not the bitcoin mainly. STO features less harm and risks to investors by that means industry like this will boom in the future.

[Ipwich]

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 will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this.

Maybe, if the demand will continue to increase because they will not refuse to this opportunity.
The money that will come in is big because but that time, we will become a trillion market and with their influence, it will only make more people trust crypto and of course not only they will transact, they will also try to invest since it gives potential to be profitable when demand increases.

[Lyana]

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 think it's the same as exchanging one currency for another, like exchanging a dollar for Bitcoin. Nothing else can be done at the bank. For such manipulation, the bank will earn its own percentage of the transaction.

Banks will be forced to provide services in cryptocurrency, including Bitcoin, but they will not use Bitcoin in their own activities. For this, banks have a ripple coin, more suitable for this purpose, and they have no reason to switch to using Bitcoin, which is not intended for this.

I totally agree! I would like to add that the bank is only a currency exchange office or it can be said that it acts as an intermediary for legal transactions: a person-bank-person (organization)

[kissme09]

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 is currently not officially recognized and has not been protected by any organization. The government guarantees banks for investors, so it attracts investors more than Bitcoin regarding trust and security. Bitcoin can be a risky investment, but it is very profitable for investors.

[creeps]

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.

Banks don’t like to give us a good financial services, they want us to save on their bank and give us small interest for that, that’s way they will not adopt bitcoin. Bitcoin is just need to be recognize as legal, and we don’t need banks for that. Mass adoption is the key for a greater future, I just hope banks will not block our way to achieve that.

[Gheka]

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.

Banks don’t like to give us a good financial services, they want us to save on their bank and give us small interest for that, that’s way they will not adopt bitcoin. Bitcoin is just need to be recognize as legal, and we don’t need banks for that. Mass adoption is the key for a greater future, I just hope banks will not block our way to achieve that.

Banks will not block the development of Bitcoin, I even believe that they will help Bitcoin have more space to grow more because the benefits surrounding services with bitcoin are probably quite large, banks will not ignore such a big benefit, they will definitely stick to it, but the most important thing is government acceptance. Currently, I think banks also want to give us the best services with bitcoin but the dominance from the government and the regulations are too tight, these services still can not reach the user's hands

[Pab]

Some banks will maybe accept bitcoin
Example is German Solaris bank what is now partnership with Bitwala
Thanks that Solaris bank will get extra customers and Bitwala has got  licenses to issue cards
But  your privacy is gone if you mix banks and bitcoin
I think that bitcoin can be integrated with financial services like Revolut Skrill etc
To be honest i don't trust banks i want to have good financial service what will take care of his customers

[Ozero]

I think bitcoin in the bank is nothing else like currency exchange, that's all. Where I live, bitcoin will be introduced into the work of the bank, in fact, nothing has changed.

Yes, the majority of state-owned banks are likely to provide mainly services for the exchange of cryptocurrency for common currency. Commercial banks are more free to choose additional services in cryptocurrency, however this can only be after the legalization of cryptocurrency by the state. For banks to use cryptocurrency in their activities, they need clear instructions from the relevant government agencies.

[marjil]

It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency.

[shesheboy]

bitcoin with the bank are interrelated. because bitcoin has grown to date because of the bank. so btc if there is no bank then the possibility of bitcoin will not grow as it is today. but even though bitcoin and banks are interconnected but the government still has not agreed with the circulation of bitcoin.

bank is not connected to bitcoin . they even hate it because they think btc is like a bank that people use for investing  . bitcoin only grow because people buy and invest on it  .  

It's not about protocol. Bitcoin simply cannot be channelled through the banking system as the two things are completely incompatible. Banks deal with a trust system whereas bitcoin is trustless and banks have no way of accommodating such a type of currency.

It's not about protocol. Bitcoin simply cannot be channelled through the banking system

i think it is possible . we did already have btc powered atm's  .  we can deposit or withdraw btc using banks 

Banks deal with a trust system whereas bitcoin is trustless

if btc is trustless then why people buy and invest on it ?  btc is trusthworthy because it is existed for a long time but banks , not all banks are trusted because they are only controlled by people  .

[Snyderfx2]

Once bitcoin will be mass adapted it will be easy for banks to make transaction like us dollar or any fiat currency in the economy. Banks and bitcoin or cryptocurrency will be a big legit transaction worldwide once adaption is in effect.

Of course adoption into businesses is the key fact for bitcoin to develop as a currency and with that other things like usability, acceptance comes easily so banks will definitely combine there core business with bitcoin but without adoption nothing can happen but considering today trend bitcoin has a good adoption rate than the past because earlier it was mainly used as a trading commodity rather than using with business processes but now some companies are combining bitcoin with there core transaction systems which is a good thing

[kelz1]

Banks could offer a holding system for their private keys but it would be no different from putting them in a safety deposit box. Unless bitcoin becomes an official currency it would be difficult for banks to get involved, better off using coinbase and gemini instead

[jupppo]

As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.

[AAKODI]

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?

First Banks will never introduce an invention like bitcoin because how can a centralized system like banking system will introduce a decentralized currency like bitcoin which is impossible to happen but if some how they introduce bitcoin the holders will be only rich people in the world but not common citizens like us because Banks doesn't want to help you there are doing businesses and there priority targets is the make money not to help us or do some good to the world by changing something

[Japinat]

As I know, many banks are interested in ripple technology. Their blockchain more suitable for banks. Fast transactions, low fees, big capitalization. Bitcoin isn't so interesting for them.

It fits to them because their system is centralized, bitcoin is not.

[romero121]

Banks were the primary financial service renders on whom the common people rely on, if this hasn't existed there would be no good financial infrastructure till date. Some things weren't able to be fulfilled by the banking system and for the same the bitcoin backed by the blockchain technology came as a evolution in the banking industry. So, both were doing similar services on different platforms.

[BennyK]

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?

Of course, the introduction of Bitcoin into Banks will cause a change in protocol because Bitcoin and banks works on different principles, thus decentralization and centralization respectively. The Banks may not act as intermediaries during BTC transaction but will own access to the account and balance of the owner/user. The central Bank of India has authorized cryptocurrency and hopefully most of the banks in India will begin to integrate cryptocurrency into their services.