So I told my banker about bitcoin

[Juggy777]

Banks don't want to incorporate crypto since it is still in its early adoption stage. There might be problem in the future if they carelessly accommodate it. Besides, crypto and banks are not necessarily on good terms. Lucky for you, your account didn't get terminated. From where I live, if you say your income is form cryptocurrency your bank account would be closed.

Hey it's not just about early stage issue, they very well know Bitcoins is cheaper, secured and faster than their banks, they're scared it may effect their business. I have lots of foreign transactions, which I used to do via banks then used to pay them a hefty fee, but now I do it through Bitcoins and I pay very less fee. I have heard that too many banks close your account if you deal with cryptos, it's best not to disclose them to be on a safe side.

[SaShiRaJaVu]

My point here is that "I don't understand the technology, therefore it won't fly" is just a sorry excuse for someone not to have to deal with anything unfamiliar.
Same old, same old.

This is exactly the same reason why there is no mass adoption, people are really not interested nor they are bothered to learn about the new technology, people casually ask whether the market is legal or not, they have just heard about the new technology and nothing else is known to them and it is only because they are not interested to learn about it, people who understand the viability of the market have invested in it.

[suzanne5223]

Honestly, they should be the one telling their client about Bitcoin because it is a new economy, but these old bankers have spent all their lives dealing with fiat that they are at lost on cryptocurrency.

You said this because you're a cryptoneir and you benefit from the Bitcoin network but the case with bankers are different because they sees Bitcoin as an obstacles to their business and if you check every protocol of Bitcoin you'll know that it will definitely affect their business. This is was the reason why the senior banker in India etc don't support Bitcoin.

[btc_angela]

Banks don't want to incorporate crypto since it is still in its early adoption stage. There might be problem in the future if they carelessly accommodate it. Besides, crypto and banks are not necessarily on good terms. Lucky for you, your account didn't get terminated. From where I live, if you say your income is form cryptocurrency your bank account would be closed.

I don't think that we're in the early adoption stage. Crypto, specially bitcoin has gain a lot of media attention and slowly getting into lots of countries as well, that's why banks are really treating them as "enemies", so to speak. Although I stay in a country wherein bitcoin is generally accepted, sometimes its hard to open a bank account here specially if you told them that you're into crypto.

[valentin68]

Do you know the total cash money in the world? I'll tell you: approx. 3 trillion dollars (3*10^(12) dollars)

Do you know the total money (stocks, electronic and cash money in the world)? I'll tell you: approx 30 trillion dollars.  

80% of this money are dollars, 20% of this money is money in Euros, etc.  

When you go to the bank, you go to get some cash money. This is why banks are in this world. To give you money or to take your money.
They ask for your ID, and then they do what you say (give or take your money).

Bitcoin was invented precisely for you not to be asked for your ID. You can cash your Bitcoin at every Bitcoin ATM, you can buy with Bitcoin online or offline (with your NFC smartphone). If you buy with bitcoin there is no banker to ask you about your ID.

I'll tell you, I have to change my ID every 10 years, I am 50 years old, I've got nothing but trouble every time I changed my ID.
When I made my ID when I was 14 years old, they asked me for my birth certificate and my mother ID. 4 years ago I changed my ID the 4th time, they asked for 6 documents.
What if I do not have my ID and I have money in my bank? The banker will refuse to give me the money.

With Bitcoin this does not happen. You go and cash your Bitcoin at every Bitcoin ATM. No ID necessary.


  

 

[lovesybitz]

they’re not gonna learn to use bitcoin, only a handful of very young people are tech savvy enough to use smartphone to their fullest, the rest of them are just like our grandma dealing with smartphone.

If we look at it at a glance of course it feels a bit difficult, but gradually they will be able to understand or even do it easily, it's not time for bitcoin to be said to fail only because it's caused, by factors "are not good enough to use the phone for simple online banking". Humanely they are indeed friendly, but in banking, they have actually licensed robbers, which are covered by the law of the agency.

As of the moment, when we talk about the stability of Bitcoin or crypto is not that stable. That's the reality and truth for now, yes we can able to gain big in digital currency, and yet there is an disadvantage and of this are once the internet has been shutoff it will be useless unlike in Fiat, whether offline or not we can still use it as payment, did you see the catch of it.

[valentin68]

they’re not gonna learn to use bitcoin, only a handful of very young people are tech savvy enough to use smartphone to their fullest, the rest of them are just like our grandma dealing with smartphone.

If we look at it at a glance of course it feels a bit difficult, but gradually they will be able to understand or even do it easily, it's not time for bitcoin to be said to fail only because it's caused, by factors "are not good enough to use the phone for simple online banking". Humanely they are indeed friendly, but in banking, they have actually licensed robbers, which are covered by the law of the agency.

As of the moment, when we talk about the stability of Bitcoin or crypto is not that stable. That's the reality and truth for now, yes we can able to gain big in digital currency, and yet there is an disadvantage and of this are once the internet has been shutoff it will be useless unlike in Fiat, whether offline or not we can still use it as payment, did you see the catch of it.

Internet is here to remain, there will be no prosperity in this world without internet. If there will be a day in the future when internet will stop to exist, then we will enter the Dark Ages again. And these Dark Ages will last for 100 years. The internet is making people productive and is very good for this world economy, there is internet in every country of this world, but in Africa.

Do you know what was the Dream of Steve Jobs?! To make every man and every women have a smartphone.
Do you know what is the Dream of Bill Gates? To make every home in this world to have a PC.

If you have a smartphone or a PC it is necessary to have internet.  Without internet we will enter the Dark Ages again.

I wish you a very good day.





 





  

[thankyoulord]

well bitcoin may see difficult to use now as with every new technolgy introduced. when the internet newly came up, so many people didnt quite understand why it was needed but today the world can not do without it. I remember before banks came into existence, people save money in their homes and were skeptical about putting their money in the bank. Today people prefer to put the money in the bank than put it at home for security reasons. same thing will happen will bitcoin. As times goes on, people will see bitcoin is far more better, faster, cheaper and safer to use than fiat from banks and will gradually migrate to using it. The issue of undestanding how to use it will sort itself out with time and soon everyone will feel comfortable using it

[Rooster101]

Some banks really don't like the growing popularity of cryptocurrency and people who are investing or trading on it are not welcome any kind of bank accounts. Some poeple in my country are not allowed to apply a bank account after the bank employee discovered that one of the sources of their income is from cryptocurrency. I believe people will get use to utilizing the cryptocurrencies in the future and banks may recognize later the role of cryptocurrencies in the future.

[shesheboy]

Next time that I would deposit some fancy cash in my local bank, I would ask their thoughts about Bitcoin. I am pretty sure they are now aware of its existence. I would just tell them if they have future plans for it. Who the heck keeps believing that fiat cash will die and will surely be replaced by cryptos anyway? Although the innovation of technology is advancing a lot, it isn't a reason to replace on where it originated.

Thats a nice idea . when you ask the bank teller i believe they will agree to support bitcoin because they also love it , bankers love bitcoin because they sees it as an income oppurtunity aside from its usefulness as a currency   . the only problem is their manager or the owner of the said banks  .   some bank owner might feel threatend about bitcoin because they sees it as competitor for their business  but not all banks feel the same  .  on our country many brand of banks are now supporting cryptos   . 

[miningguru]

they’re not gonna learn to use bitcoin, only a handful of very young people are tech savvy enough to use smartphone to their fullest, the rest of them are just like our grandma dealing with smartphone.

If we look at it at a glance of course it feels a bit difficult, but gradually they will be able to understand or even do it easily, it's not time for bitcoin to be said to fail only because it's caused, by factors "are not good enough to use the phone for simple online banking". Humanely they are indeed friendly, but in banking, they have actually licensed robbers, which are covered by the law of the agency.

As of the moment, when we talk about the stability of Bitcoin or crypto is not that stable. That's the reality and truth for now, yes we can able to gain big in digital currency, and yet there is an disadvantage and of this are once the internet has been shutoff it will be useless unlike in Fiat, whether offline or not we can still use it as payment, did you see the catch of it.

Agree, but there is no shut down the internet due to because today many people gaining knowledge through the internet, see Bitcoin adoptions is kept increasing which will help us to adopt more in the coming days. Not only Bitcoin, even now banks will face the same situation if the internet is shut down because most people are doing online transaction based on the servers and Internet only.

[EriksonPartners]

Hmm, i see your point. But I think it really depends on the people and the specific demographic. There are many who don’t really feel comfortable with using technology day to day, however there a lot of us who are. Also, it has to be pointed that no one’s saying that cash will die out, at least in our lifetime, but that shouldn’t affect bitcoin whatsoever.

[gabbie2010]

well bitcoin may see difficult to use now as with every new technolgy introduced. when the internet newly came up, so many people didnt quite understand why it was needed but today the world can not do without it. I remember before banks came into existence, people save money in their homes and were skeptical about putting their money in the bank. Today people prefer to put the money in the bank than put it at home for security reasons. same thing will happen will bitcoin. As times goes on, people will see bitcoin is far more better, faster, cheaper and safer to use than fiat from banks and will gradually migrate to using it. The issue of undestanding how to use it will sort itself out with time and soon everyone will feel comfortable using it

I believed the difficulty in using using bitcoin will be a thing of the past going by the production of smartphones by Samsung and HTC which bitcoin wallets incorporated in them.
In a shortest period of time users will get accustomed to how to use it just as you rightly said when the internet was newly introduced there are fewer users compared to now thus in a long run people will key into the idea of hodling their bitcoin in a wallet rather than using the bank while effectively making transactions swiftly.

[teejayrichard2]

The issue raised by your banker is true, there are lots of people who dont know how to use ordinary phones talkless of smart phones and doing online transactions but then do we neglect development and advancement simply because there are people who can't do what we are advancing to. Look at the world today, we have computers and phones everywhere and if you trace back to thousands of years ago,there was nothing like this. Gradually everyone adopted to its usage so those who find bitcoin difficult to use will with time learn or have someone close who would help them out every now and then. Every revolution comes with adoption challenge but then it has to come so the world will advance.

[joy99]

I also do not believe that traditional currencies will leave our lives, but I think that the cryptocurrency will be able to work with Fiat money on a level. I think I still need some time passed people to take bitcoin as a forum of payment.

You are right mate. Before we see mass adoption in bitcon and crypto, we have to make it clear that we don't have the intention to eliminate our traditional currencies but rather to use them together for faster and easier transactions.

[AjithBtc]

A banker asking how to open a bitcoin wallet is simply a bad example for the lacking of banking community in technology advancement. We have got lot many wallet services and majority provide with the ease of access. Anyone who go through could know about creating a wallet.

[Nanagyasi]

I don't think they are wrong. Come to think of it. Many people are just not willing to change from their old ways of doing things and the fact that this is about money makes it even harder. However, I think the number who will be interested in btc and would want to move away can still affect the traditional banks and so it should be a cause of worry to them and hence plan of how to integrate crypto services with the traditional banking services

[Bijikopi]

I also do not believe that traditional currencies will leave our lives, but I think that the cryptocurrency will be able to work with Fiat money on a level. I think I still need some time passed people to take bitcoin as a forum of payment.

business people should be willing to buy and sell on a large scale using the future currency, if the bankers and customers get used to using bitcoin then they will enjoy some conveniences that cannot be obtained if we use fiat currency. socialization of payments using bitcoin must be intensified so that the digital era quickly spreads to all levels of society.

[shinharu10282016]

Well, I understand your point of view but people are different. You should not impose your views and desires on everybody. There is nothing bad in the fact people do not want to use smart phones or anything. Of course, when their jobs or needs are related to these kinds of requirements it's necessary but anyway it's up to a person to decide if they want to be up-to-date or whichever.

Bitcoin want to replace the fiat, but the hindrance is just so obvious, and even some people believe it will remain to be niche to the very few tech savvy, what’s the point when it can’t replace fiat for the majority population.

Well in the first place, it wasn't meant to replace FIAT. Only some delusional people will think about that. Do you know why they say that kind of lines and phrases? To attract more people into using their project.

If you think about it, the prices of these cryptocurrencies are based on fiat. Its value in fiat is somehow greater to those who trade, and far more example of why it wouldn't replace fiat is because people do not intend to get scammed at all. They simply do not trust what people do in here even though people here don't do that much worse and we all know how fiat money works.

[ranman09]

I think the biggest problem is about the advantages of bitcoin Vs the interest of people. Look at gold for example, if you went to a bank where everyone at this bank had never heard of gold and you showed these guys what gold and what are their advantages, they would research about gold and they would use because they would realize their advantage. So this should happen with bitcoin, people need to see the advantages of having bitcoin, if they see that bitcoin is advantageous to them, then they will buy bitcoin.

I think this is true. It's all about the need, if people don't need bitcoin then why would they spend time learning it. I just hope it is easy for them to see the advantages of a decentralized service, if all consumers are used to going to a support for mistakes they did themselves.