Banks are changing ..... Bitcoin should wake up and innovate more!

[famososMuertos]

The generations! well,  there are with its virtues and disagreements (mistakes).

The OP, it is something specific and I think that this specific reaction that you mention from that bank is somewhat late, things are changing technologically from that point of view a long time ago, for example, technical support or the physical offices of most of the companies of cell phones in my country do not exist, if you need a chip they send it to you, so offices does not exist, you solve everything on the web page or in its app, a virtual advisor (bot), the banks are that way, they have enabled ATMs with deposit options, check payments, everything can be done at the ATM and those offices are now centers that contain up to 20 ATMs, there are some branches, but mainly in the big cities, it was not like before that there was a bank in every town, shopping center, etc.

Now, bitcoin did not wake up if you ask me, it was born and is growing and thriving, it has never fallen asleep, if us use its term in a figurative sense, in any case if banks improve or deteriorate from a technological point of view it is irrelevant in the existence of bitcoin, the change that is needed is in the individuals, the people, the change of mentality.

[1714609032]

1714609032

[jackg]

I don't think banks are innovating that fast at all. If they're moving online it's to cut spending and the services they offer.

They still have a lot more power over your money than crypto does and still habe a lot slower transaction speeds (uk transfers are instant but I don't think that's the same anywhere else and it's certainly not the same internationally).

Generally also, banks do better if they can make it harder for you to withdraw cash as it means they have a higher amount of money they're able to lend and earn interest off.

[Fortify]

The Banking industry now realized that the traditional Brick n Mortar Banking model are outdated and expensive, so they are closing a lot of their Brick n mortar branches and moving towards an online Banking alternative. They are not waiting for "digital" technologies to disrupt their business.... they are actively changing their whole operation.

Generation Z is a lot more digitally savvy than Millennials, so their target market are changing ...and they are changing to adapt to the changing customer needs.

They also realized that Brick n mortar operations are very expensive to operate and that those expenses has to be funded by high fees. The competition in the form of alternative digital payment offerings and Bitcoin's "Be your own Bank" principle....added to the threat of not having these high fees.

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. 

Bitcoin was a bit of a shock to banks and you're definitely right - it spurred them to wake up a little. They did well to trim back a lot of unnecessary expenses like front end operations and also drop their fees a little bit, to beat off the competition of cryptocurrencies. It can vary by country, but inter bank and even international bank transfers were always riddled with overly expensive fees which they really had to think twice about now. They always needed this little push and a modernization, Bitcoin has caused them to react in that respect. Bitcoin itself now it the one that needs to keep evolving to bring down fees and speed up the transaction times if it wants to stay relevant.

[fiulpro]

Bitcoins is entirely digital, it already follows -be your own bank norm-
The market is indeed move favourable for gen z since they can navigate with ease on models based on digital sets, considering the banking system we already have banks like: digibank which is amazing and i have been using it for ages to trade in cryptocurrencies even when the local banks stopped letting people use it for crypto trading, digital banks were more lenient thus I wanted to ask about what you meant by the brick and mortar model perse? Since bitcoins is already way above it, ofcourse not considering the less greener mining practices.

[ShowOff]

The bank is facing too many trust issues which I think will cause a crisis of confidence in the future. People need innovative solutions to manage, store and conduct financial transactions because banks can no longer be trusted. At this point it is clear that the option is a new financial system and there is bitcoin which is increasingly being trusted as the best option.

Yes, bitcoin is the best solution and I totally agree. Currently bitcoin is still an alternative solution but sooner or later its dominance will increase so that competition with banks can be expected. Many countries are starting to think of ways to prevent that from increasing, and one of the things they are starting to think about if banks don't attract more users is to issue their own cryptocurrencies. This is a CBDC, but it will not restore public confidence in the bank.

[BIT-BENDER]

Well I would address you post by first beginning with your post topic, unlike the banks that are owned by individuals, cooperate board, government e.t.c Bitcoin isn't owned by a identifiable entity and for so long we haven't heard from any one who can say they would update bitcoin performance or functionalities so I don't understand what you mean by Bitcoin should awake.

Yes you right The bank system is pushing vigorously towards digitalization not only the banking sectors almost all other sectors that used to be orthodox are now evolving and I am not surprised seeing the world we live in today, but the distinguishing factor between Crypto-currency and the banking system won't be speed, technology but it would be decentralization and as long as that remains Bitcoin is ahead of the banking system.

[South Park]

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Whether the banks shift to online operations or remain in brick and mortar operations, they remain as banks, intermediaries, third parties that have to be trusted by the people and where transactions will have to pass through. Moreover, they remain to be fiat entities.

In science, this is like physical change and, as opposed to chemical change, nothing has actually changed in the substance.

I think the same as you, on the surface banks seem to be changing but that is not true, at their core banks are still centralized institutions which can at any moment change the rules you have to follow unilaterally and you have no option but to accept them, without a doubt they are doing this in an effort to try to deceive people into believing that banks have become a better option than bitcoin, will people get deceived? I think a decent portion of people will get deceived, but those that understand what bitcoin is really about are going to see through this and they will still decide to use bitcoin as they know it is best option out of the two.

[nakamura12]

I see some banks in my country that is now also available online which means they did take advantage of the situation that many people are using mobile phones so many banks started to use digital technologies to their advantage which provides much faster compared to going in their building. The banks works the same as it is but the difference is that people can now check their balance through online or the bank's APP. In short, they just made their service available in digital world.

[uchegod-21]

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Likewise myself. I don't truly see the connection between bitcoin and traditional banks. They are not related in ownership, they are not related in manner of operations and they are not related in the method of storing value. They are also not in competition of any kind. Even if the government liase with the banks for CBDC, it is not also in competition with bitcoin.  CBDC can compete with stable coins like USDT and not BTC. Banks can compete with exchanges and not bitcoin. In all bitcoin is not threatened.
Whatever the bank I doing doesn't translate that they are no longer centralized. Their innovations are for smooth running of their business and not for the betterment of the common man.

[Mate2237]

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. 

Fiat Banking system can not disrupt Bitcoin. And also Banks will not close branches for online transaction only because the must eat and buy other things. and online transaction can not solve that problem for now. Innovation must but you don't have to spearhead the technological space to change the atmosphere. The more innovations come to the world the more change it become.

[Oilacris]

I don't see any connection, much less threat, here. Bitcoin wasn't invented to disrupt the brick and mortar banking model. So whether the banks totally abandon their branches or not, it doesn't matter to Bitcoin. It does not in any way diminish Bitcoin's relevance and value.

Likewise myself. I don't truly see the connection between bitcoin and traditional banks. They are not related in ownership, they are not related in manner of operations and they are not related in the method of storing value. They are also not in competition of any kind. Even if the government liase with the banks for CBDC, it is not also in competition with bitcoin.  CBDC can compete with stable coins like USDT and not BTC. Banks can compete with exchanges and not bitcoin. In all bitcoin is not threatened.
Whatever the bank I doing doesn't translate that they are no longer centralized. Their innovations are for smooth running of their business and not for the betterment of the common man.

Come to think their main differences

-Centralize- have a central control or command/everything could be watched out
-Decentralized - no central authority or something related

You could able to point out and tell that Bitcoin is something cant be waked up and tell made out some changes because banks are stepping up on the game?
It was never been the primary objective on the first place on competing against banks.This should be bare up on mind.

[Hydrogen]

The problems bitcoin faces aren't so easy to solve that they can be addressed with basic software updates or future development.

If it were that simple, we would already have seen these features implemented on crypto platforms better suited for rapid development and deployment.

There hasn't been much development in crypto or more discussion of concepts and ideas that I have seen. Most of the published content revolves around proof of work versus proof of stake and basic points. There hasn't been anything published on a future of crypto for crypto. Nothing with the potential to improve fundamental and basic principles.

Satoshi Nakamoto was very independent developer. Which allowed him to work from outside having conflicts of interest. Not many today appear to have that freedom, motive or idealism. Which unfortunately are some of the main ingredients needed to improve bitcoin and develop something that could legitimately be called next generation crypto.

[Zlantann]

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front. 

I understand perfectly your observations sir. Bitcoin is one of the most outstanding innovations or inventions of this age and nobody can deny this fact. But that was how telephones, television, typewriters, coal-powered machines, and gramophones, were all wonders of their time. But people decided to invest their time and resources to modify and advance these discoveries to make them better and easier to use. Banks are also doing the same thing to make their services better and faster. Consciously or unconsciously one of Bitcoin's most significant competitors are banks. Hence, Bitcoin services and transactions should keep improving. We must keep setting the pace and finding the path making it impossible for the conventional banking system to catch up with Bitcoin's innovative strides. 

[NeuroticFish]

SegWit and Taproot and the Lightning Network are good examples of innovation, but we need less complicated solutions to push Bitcoin adoption.  

Most of the less complicated solutions related to banking are implemented by using their centralized nature to the max. In bitcoin world this may not be the best direction.

I won't deny it, some things could be done to make things easier for non-technical people. But I will be honest and I would not expect people invest time and work "for fame"; let's be honest, the most fool-proof solutions are commercial ones (i.e. ones for which the developers got paid).

[uchegod-21]

It was never been the primary objective on the first place on competing against banks.This should be bare up on mind.

This is what many people don't understand. Even Satoshi the creator of bitcoin stated it clearly in bitcoin white paper that bitcoin is an alternative currency that will give people liberty to control their finance. He didn't state that bitcoin will kill fiat or will replace bank. Bitcoin is not in war with banks and not in any competition for innovation.

What kind of innovation does OP what for bitcoin. Is it to move from PoW to PoS?

[Kakmakr]

So, after reading most of your comments.. I realize that most Banks are just wrapping shit in new colorful paper and selling it as new innovation. I think they are closing Brick n mortar casinos, because it is too expensive for their investors.

The customers are not going to see the benefits of their actions, because the higher profits are just going to benefit the shareholders. I opened a Bank account with the arrangement that if I kept a certain amount of money in the Banks account... I would not pay any tx fees... but they increased that amount every year... and suddenly stopped offering that option. 

[davis196]

The Banking industry now realized that the traditional Brick n Mortar Banking model are outdated and expensive, so they are closing a lot of their Brick n mortar branches and moving towards an online Banking alternative. They are not waiting for "digital" technologies to disrupt their business.... they are actively changing their whole operation.

The banks have realized this years ago, but I don't think that they would completely close all their branches. The human factor is undeniable when it comes to lending money. No app or digital platform could replace a bank office that is directly communicating with the customers about their consumer loans, mortgages, credit cards, different sorts of paperwork, etc.

Are we going to wait for the Banking sector to disrupt Bitcoin.... or are we going to spearhead innovation to stay in front? You decide, if you want to stagnate.... or if you want to run in the front.  Wink

Do you have any bright ideas about how Bitcoin could beat the digital businesses?
The whole point of Bitcoin is to not let any business or financial institution steal your savings. That's the whole point of "be your own bank".
Having cheaper fees is great, but Bitcoin isn't about cheaper fees. It's about security and financial independence.
The banks might become more digital, but they will be as centralized as before and you still have to rely on them to not legally steal/confiscate/block your funds .

[Haunebu]

If you think that BTC and other popular cryptocurrencies will overtake traditional banks at any point in the future, you are seriously out of your mind. That will never happen in my honest opinion.

BTC was developed to serve as an alternate, anonymous payment method op(Not overtake Banks or other centralised entities).

[jrrsparkles]

Banking system is evolving all the time depends on the needs of their customers all the time, especially private banks but completely under the government regulations cause their only intention is to make money so they are finding new ways to keep their customers satisfied now anyone can open bank account from their home itself but its not enough to compete with the scenario of be your own bank. Bitcoin and other cryptos are under the control of the users while in the banking system the funds are stored in their vault and ledger but only thing evolved is we can access the funds anytime with the help of smart devices and internet.

[Falconer]

Bitcoin has given us the facility, so now it's our job to explore the innovations that come with it. As a payment system, bitcoin is good enough, it's just that its low global adoption still makes it not stable enough as a currency.

I think that adopters of bitcoin as a means of payment expect lower volatility than what we are seeing now. That is something that is expected to be different from our desire to use it as an investment asset because bitcoin also needs to keep its adopters safe from the risk of high volatility. If this volatility is still high, then I'm sure some people will consider other cryptocurrencies with low volatility like stablecoin or others. Let's assume bitcoin adopters are dominated by people who don't really care about decentralization and financial privacy, so a centralized or altcoin stable will be considered.