Bank with their crypto project

[IvanPetrov071]

Many institution ( bank ) release crypto currency projects and fail. Bank release project as tester how people respond if bank take part in crypto world but when fail always involve currency in big value. I suggest they learn how to release project from developer, is my advice wrong or there's another option for make successful crypto project?

[harizen]

Many institution ( bank ) release crypto currency projects and fail. Bank release project as tester how people respond if bank take part in crypto world but when fail always involve currency in big value. I suggest they learn how to release project from developer, is my advice wrong or there's another option for make successful crypto project?

Like what crypto-projects are these as examples? Do you mean banks that created their own digital coin? I think these projects aren't really considered a crypto project* but they just used the idea of using blockchain technology.

Surely, they know how to manage it properly along the way and understand how it should be run. They are well-knowledge compare to us here and won't risk pushing the project without knowing everything. However, most investors themselves might not interested and it's hard to hype a project without a heavy advertisement or seeking potential big institutional investors and that leads to failure.

[TravelMug]

It failed because it didn't get the support of crypto enthusiast. Like in the case of Maduro's Petro, a supposedly gold backup cryptocurrency. Well the first intention for introducing this is to circumvent the embargo against them.

Even the whitepaper itself is ambiguous, and the only way they are going to be used by Venezuelans is by force by government. While the Russia crypto rubble is also a failure, and as we all know their government wanted to control everything which goes against the very tenent of cryptocurrency.

[Phanditha Echevarria]

a large proportion of btc will be employed by banks, I believe. Now many governments have began in btc mining.

[cocoladygaga]

If a bank or financial organization fails to start a cryptocurrency project, the biggest possibility is that there are too few people involved. Compared with ordinary cash bank cards, only a small number of people can accept Bitcoin and are willing to try it. Perhaps Bitcoin will change someday. This kind of project has the possibility of success.

[maxreish]

There's probably a hindrance why those banks are being interrupted to proceed their crypto plan projects. Government pressure is one of the reason.  There are crypto friendly banks that currently allows crypto transactions within their system.
 
 Also, it is not easy to just create their own cryptocurrency. As a saying goes, "If you cannot beat them, join them" thus banks are also thinking to join the trend but also considers so many issues to become that successful.
 
 On the other hand, according to telegraph.co.uk
 
 

More than 50 central banks are developing their own cryptocurrencies
 

 It's always in a proposal stage like Central Banks are planning to also create their own virtual currency to reach crypto enthusiast people. It's just that they have to weigh all the pros and cons.

[Lorence.xD]

It failed because it didn't get the support of crypto enthusiast. Like in the case of Maduro's Petro, a supposedly gold backup cryptocurrency. Well the first intention for introducing this is to circumvent the embargo against them.

Even the whitepaper itself is ambiguous, and the only way they are going to be used by Venezuelans is by force by government. While the Russia crypto rubble is also a failure, and as we all know their government wanted to control everything which goes against the very tenent of cryptocurrency.

I think that it will be the only way too, a government mandating the use of a institutional cryptocurrency will be the only way that they can pull off. I think the reason that those two failed is that they were introduced at the times of turmoil and the people are not in any way trusting their government when it comes to this kind of thing, sort of like giving the vibe of forcing them to use this is not the way, look at bitcoin.

[sunsilk]

Developers are developers and they make projects depending to the instruction that was given to them.

And if it is the bank that asked that project, they are the ones that is assigned for the execution and continuity of the project. Their failure depends on how they work on the project and how it is executed.

[adzino]

What Crypto projects are you talking about? I haven't heard of any huge projects related to crypto currencies initiated by the bank. All I know is some that few banks around the world are willing to integrate blockchain technology into its current system. Integrating blockchain to their system does not mean that they are adding crypto currencies. Blockchain isn't crypto currencies. Blockchain technology is used to power crypto currencies.
Even if banks make crypto currencies it isn't going to be like the regular decentralized ones we have.

[sujon5]

Can you name any of these projects? I don't remember when banks tried to launch their own cryptos.

[yhiaali3]

There is a complete contradiction between banks and cryptocurrencies. Banks are centralized and cryptocurrencies are decentralized, so when you hear any bank project, the word "centralization" will jump directly into people's minds. They will not trust such projects and therefore it will certainly fail. Banks launch central digital currencies and they cannot make cryptocurrencies.

[pakhitheboss]

Do not.mix up with digital currency and cryptocurrency. Banks create digital currency and are centralized. Whereas cryptocurrency is based on decentralization and are mainly governed by the community.

I have not read any banks coming up with their cryptocurrency, I have read about countries coming up with cryptocurrency.

[kentrolla]

While Banks are considered serious threads to Cryptocurrency, Although many central banks are looking into issuing digital currency here are few banks increasingly starting to offer Crypto projects from last year like Goldman Sachs, Barclays etc. This means the revolution of Blockchain is expanding and lot of countries are in talks to establish their own coin from their national banks. The new era is all set for the future.

[Kupid002]

While Banks are considered serious threads to Cryptocurrency, Although many central banks are looking into issuing digital currency here are few banks increasingly starting to offer Crypto projects from last year like Goldman Sachs, Barclays etc. This means the revolution of Blockchain is expanding and lot of countries are in talks to establish their own coin from their national banks. The new era is all set for the future.

They only need to solve is to make it faster and cheaper if they really want to adopt it by many people ,which s the real problem for them since they dont have idea how to do it safely which is the real issue when you are creating digital money. They will make more attempt to create their own becuase they are looking for future business that can be build using crypto currency or digital money and they need to create  test it many times even they know its hard for them.

[irixo10]

Bank is a highly centralized entity and/or organisation, and to be frank, their level of centralization goes far deeper than what anyone can imagine and therefore if they are to get involved with the crypto space, they will also bring in their centralized features and nothing more, in fact their use case will be an advancement of what they are already into and known for, and since a good number of people in the crypto space are already against centralization, they will most likely ignore the bank crypto system. Use Ripple as a case study, right from time immemorial, many people do not really fancy them because they are highly centralized, and this same attitude towards Ripple will be same attitude people will channel towards any bank crypto system. In the case of being successful, it might be , because banks will look for ways to get their customers engaged but that will also give more people the chance of knowing about Bitcoin, and in the long run more investors to Bitcoin.

[engr.rahman13]

banks fail due of lack of experience. i think banks should release their projects but first hire some some experienced investors in this field and they will be responsible for manage everything related to that project.

[20kevin20]

If you're hoping for a bank to create a cryptocurrency you'd get rich from, good luck turning that dream into reality! We're talking about banks! When did they ever help humans really?

They keep failing because so far nobody's been able to create something better and bigger than Bitcoin. It's just too strong and with too nice principles to be overtaken by the currency created by an enslavement system.

[finaleshot2016]

Many institution ( bank ) release crypto currency projects and fail. Bank release project as tester how people respond if bank take part in crypto world but when fail always involve currency in big value. I suggest they learn how to release project from developer, is my advice wrong or there's another option for make successful crypto project?

I guess their users and investors aren't really interested in cryptpcurrency that's why some of their projects are failing. It's not that easy to start a digital coins because you need huge investors that will buy the bank's digital coin. Also, they're professional when it comes to money so I doubt that they didn't know something about running an asset. Many people says that they lack experience, I'm pretty sure that they know what they're doing because they've studied it before implementing.

[Wysi]

People are choosing crypto over fiat transactions because they don't want regulators and governement to meddle in their asset and funds, if bankers or government starts creating their own crypto it is destined to be a failure because they will not get any support from crypto enthusiasts and other folks who don't use crypto will carry on with fiat instead of government or banker's backed crypto.

[tippytoes]

People are choosing crypto over fiat transactions because they don't want regulators and governement to meddle in their asset and funds, if bankers or government starts creating their own crypto it is destined to be a failure because they will not get any support from crypto enthusiasts and other folks who don't use crypto will carry on with fiat instead of government or banker's backed crypto.

Because once a noncrypto user discovers the benefits of dealing with crypto vs a centralized coin, I guess, he will move to crypto. Once you become a crypto user, you tend to avoid those centralized coins that will tied up with your financial activities. So right now, not many people are patronizing digital currencies developed by banks.