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

[Darker45]

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?

I think you're wrongly quoting me. Those are somebody else's words.

In any case, nowhere in the entire Bitcoin whitepaper did Satoshi mention about Bitcoin as "an alternative currency." Neither did Satoshi even directly mention either liberty or freedom. Of course, Satoshi didn't also mention that Bitcoin is invented to "kill fiat or will replace bank." What is clear is that Satoshi proposed an innovation that isn't based on a trust-based system in relation to e-commerce transactions. So this isn't really against brick and mortar banking services.

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[eaLiTy]

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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.  

This should not be a new revelation that brick and mortar operations are expensive and if you look at the developing countries majority of the banks have branched out their operations in major towns and cities and there was a rampant job opportunities in the banking sector in the past ten years. Banking sector will not disrupt BTCitcoin no matter how hard they try because transacting outside a country is still expensive and time consuming and i do not see any change in that aspect.

Every government is promoting online payment for the past decade and the simple reason is to have more control over an individual spending habits and transparency,  BTCitcoin gives you pseudo anonymity and you can take care of your privacy up to an extend.

[vv181]

Banks innovations are more easily accepted by the mainstream since most people are already familiar with them. It is expected that current digital banking systems are designed to be way more approachable to the current potential generation, so obviously they are onto it.

In another hand, Bitcoin is a completely different thing compared to bank innovation, it's not even a head-to-head. And so do both things have their own urgency. So, if the competition is dictated by each own motive, I think it rather will give a bad consequence.

Neither did Satoshi even directly mention either liberty or freedom.

For what it's worth, Satoshi once talks about freedom motive.

Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

[TheGreatPython]

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. 

Physical banks has their own purposes so they shouldn't say that it was outdated only because they see that many businesses have now opened up online. If they want to, they can always open up a branch online but they shouldn't close their previous branch because not all people have the ability to transact online especially elder people.

They shouldn't mind their expenses because they are a bank. Not that they hold a lot of money but they can charge a service fee for their service. They can always afford to pay their employees and other expenses. Banking sectors won't disrupt bitcoin but bitcoin are the ones that can disrupt them.

[freedomgo]

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.

No matter how banks improved and changes to stay connected to the people’s needs, it will always remain that banks are centralized and are controlled by the government, while bitcoin will always be centralized and will always allow people the banks of their own. So there’s still an advantage if we focus on bitcoin, especially if we aim more to become independent of our finances.

[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.

No matter how banks improved and changes to stay connected to the people’s needs, it will always remain that banks are centralized and are controlled by the government, while bitcoin will always be centralized and will always allow people the banks of their own. So there’s still an advantage if we focus on bitcoin, especially if we aim more to become independent of our finances.

The problem with banks is not only that they are centralized institutions that can take unilateral decisions about your money without consulting you and there's nothing you can do about it once your money is inside the bank, an additional problem with banks is that they are dealing with fiat currency, a currency that we know can go through periods of very intense inflation, which is what's happening right now, and as such your wealth is evaporating every single second you are holding fiat in a bank, so the people that are aware of this will try to find alternatives, and bitcoin is an attractive alternative to the fiat system.

[imamusma]

Bitcoin is a medium, so users can innovate with it. I'm not sure what innovation we're talking about, but it's definitely something like a means of payment. But at the same time I don't know what to do because bitcoin is not legal as a currency in my country, it is an investment asset which is included as a commodity. Even if the bank is very bad, but I have to accept that I still need the bank and its centralized system to transact finance across national and local levels. Fiat is inseparable so far even though more and more banks are losing the trust of their customers.

I would not object to better developments especially regarding the payment system, but certainly would never feel compelled if the government did not legalize bitcoin as an alternative payment option. Here I don't have much of a problem with banks, but maybe not out there.

[KingsDen]

Bitcoin is a medium, so users can innovate with it. I'm not sure what innovation we're talking about, but it's definitely something like a means of payment.

It seems that OP went of out context, or the contributors to the topic misunderstood ok or Op didn't make his points very clear. On seeing your reply, I had to think from another angle on behalf of Op.

When Op said bitcoin should wake up and innovate more, he meant so in competition with banks, but on the contrary and in the real sense, bitcoin has been innovating.

From what used to be 1mb block size, there was innovations to foster scalability. We have witnessed Lightening Network in off blockchain, we could see a good innovation in Seg wit and signatures. Also the November last year Taproot are all innovations or transformation. So, bitcoin is not stagnant, it is a growing technology and will continue to undergo innovations till it attains its finest form.

[Uruhara]

Since 2020, banks have planned many changes in the banking system. even then they were already interested in the blockchain system. because they are aware that the ancient system used by the bank will make the bank's customers decline. And to overcome this, of course the Bank will make many changes in its system to attract their customers back to continue using the Bank's services. because the Bank relies heavily on increasing customers.

Some of the changes that have been and have been made by the banking industry are as clear on the Forbes⁽¹⁾ news page. That is :

- Leveraging Fintechs For A Better Customer Experience
- More Technology-Driven Consolidation
- The Advent Of Digital Lending
- The Rise Of Neobanking
- Automated And Personalized Customer Experiences
- and more.

The banking industry has even now touched the Blockchain system. For example, CBDC adoption has begun to be developed and there are several banks that have implemented it.
industry Can do a lot of improvement because they have strong support in government finance and legality.
but still the Bank will just be a Bank. they still want their centralized system. so they can still control all the people and customers who approach them.
but people will still like freedom and hate centralized systems. so Bitcoin and Cypto will remain superior because they have a non-centralized system.

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(1) https://www.forbes.com/sites/forbesfinancecouncil/2020/01/02/13-changes-coming-to-the-banking-industry/?sh=4b2945df7ebe

[$anounimus$]

For now, The Bank may be more than willing to adapt and adapt to meet the needs of the future financial system, but because many elements of Bitcoin are unique, we often find ourselves playing more defensively than attacking. There's nothing wrong with keeping it.

I think yes. Big banks need to innovate so they can stay competitive in this new space and retain customers – and ultimately bring in new customers. It is likely that they will also be eyeing Bitcoin as a potential gateway to payments. Mobile payments. I think it's smart to stay ahead of the curve, rather than waiting for distractions – right?

Ultimately it may be the innovative spirit that gives Bitcoin its edge over the world's banks. I'd rather see it stay that way.

[AmoreJaz]

For now, The Bank may be more than willing to adapt and adapt to meet the needs of the future financial system, but because many elements of Bitcoin are unique, we often find ourselves playing more defensively than attacking. There's nothing wrong with keeping it.

I think yes. Big banks need to innovate so they can stay competitive in this new space and retain customers – and ultimately bring in new customers. It is likely that they will also be eyeing Bitcoin as a potential gateway to payments. Mobile payments. I think it's smart to stay ahead of the curve, rather than waiting for distractions – right?

Ultimately it may be the innovative spirit that gives Bitcoin its edge over the world's banks. I'd rather see it stay that way.

let us accept the fact that the fast evolving technology has great impact in the banking industry. if they will not adapt, they will be left behind. so even if some are against their traditional banking system, they need to think about their clients also. as their customers are influenced by the new technology, they can't stop them from looking at new innovations when it comes to financial options.

[serjent05]

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. 

Of course, Bitcoin must move forward with its development and the responsibility lies on the Main developers and independent developers that are contributing to the technology development of Bitcoin.  No matter how wanting we are in pushing the development of Bitcoin, we can't do anything since all the decisions depend on the consensus of developers and miners if I am not mistaken.

Instead of worrying, let's take the fast development of the financial institution as positive because it will benefit us somehow.

[Smartvirus]

Banks are seriously changing with more and more of them being operated solely online while trying to reduce fees, makes it easy to open and grant users access to there funds as much as they could. Of course this is very necessary in the monetary system of the world and expected too but there will always be one issue and that is, the issue of accepted currency and the issue of centralization.
When it comes to across borders, even a particular nations recognised currency is not useful not until you change it to the localitys base currency and that remains an advantage for cryptocurrencies.
Another one is the issue of centralization as the CB can just up any delay and make declarations that might have effects on customers funds in various banks.
These are aspects that is seems can't be kicked out in the history of banks and its another limitation fir which cryptocurrency fills in.

[Vaskiy]

Banks are making big plan changes and are getting used to it. As the above user mentioned, some have started to reduce its offline presence and begun to concentrate as an online bank. In the past there used to be controversy on the loss of revenue for the banks due to the transaction taking place in terms of cryptocurrencies. People want the best and makes use of it. The Change continues as the common man have begun to understand the real purpose of bitcoin and have begun to use it against the inflated fiat.

[TelolettOm]

Yes, exactly bank is changing because they know what is needed by their clients so far, due to the development of technology. Banks are now more advanced moreover with some of their online features that really bring easiness, more speed, and also access instantly without going to the bank itself. That is why the bank is always accepted.
However, Bitcoin is different, this is not only a currency for payment, Bitcoin is more than it, and this is also a very valuable asset for investment. Many people can earn money also from trading Bitcoin and also use several other features offered related to Bitcoin. Bitcoin is also developing,moroever related to how they are able to transfer with lower fees by seevral methods like lightening network.

[South Park]

Yes, exactly bank is changing because they know what is needed by their clients so far, due to the development of technology. Banks are now more advanced moreover with some of their online features that really bring easiness, more speed, and also access instantly without going to the bank itself. That is why the bank is always accepted.
However, Bitcoin is different, this is not only a currency for payment, Bitcoin is more than it, and this is also a very valuable asset for investment. Many people can earn money also from trading Bitcoin and also use several other features offered related to Bitcoin. Bitcoin is also developing,moroever related to how they are able to transfer with lower fees by seevral methods like lightening network.

Banks are changing so are scammers.
There are so many scammers around you - who can rob you and leave you in such a troublesome condition that you will keep on wondering for the rest of your life for what has happened with you!

If anything scammers change even faster than banking institutions, and this is because they're always trying to find any vulnerability on their systems from which they can take some advantage, it’s because of this we need to be very careful when we’re about to make any transaction as we don't want to fall victims of those scammers and then be mad about all the money we’ve lost, however for some people this is easier said than done which is why we see scammers getting new victims every single day.

[nurilham]

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. 

How banks will disrupt Bitcoin? Although there will be massive online banks, we are in a different fundamental.
Banks are centralized, they are engaged with the government. While Bitcoin is decentralized, no one or institution controls it, nor even the government. Holding Bitcoin is purely a freedom way to manage own finances. It is too different from using banks, our finances are managed by them. So, why we must be worried about the bank's innovation? 

[coupable]

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

[romero121]

Banks are adopting which we were wrong in thinking they'd be iirelevant one day when cryptocurrency is adopted. If they all have stablecoins like the USDT, they'd be trusted by the customers who had been their clients for years.

If BTC is here to stay so are banks. They may probably become an exchange.

An exchange getting transition to bank will happen, but a bank won't turn to be an exchange. Maybe services can be added according to the users requirement. Already there are a good list of banks using the XRP. Now more stablecoins will make banks more advanced and supportive to cryptocurrency services understanding the need of common people.

[Fatunad]

Banks take advantage of the inability of their customers to store their savings and offer them services on that basis. As long as bank users are ignorant of the ways in which they can save and use their savings independently, banks will maintain their vital and active role. Bitcoin represents a solution capable of canceling the banking philosophy, but it remains technically complex and not accessible to everyone, so it is required to develop its mechanisms to deal with users with limited technical ability .

Lets just accept the fact that there are people whom do really stick out on traditional banking system or simply with those traditional things that they've been dealing since from the start and wont really be welcoming
for any changes or innovations around.There might be some considerations or usage but not on the essence that they would be completely changing up their ways on to those transactions.
Bitcoin does have that market which do serves out its purpose for those who do value much about anonymity and decentralization.It doesnt really need up that kind of changing
because it is really just enough on the features that it does currently have.