[2014-06-02] CD: Citi: Bitcoin a Threat to Debit and Credit Card Issuers

[LiteCoinGuy]

Citi: Bitcoin a Threat to Debit and Credit Card Issuers

http://www.coindesk.com/citi-bitcoin-debit-credit-card-issuers/

[roslinpl]

Yes!

They are 100% right!

A recent report published by Citi suggests that bitcoin could challenge or even supplant some traditional payment services if adoption widens in future years.

It is really good that bankers are saying that in public. I believe - as this is not possible atm - that one day they will join and you will be able to buy BTC in your Bank. Is it possible? I believe it is even if it is against rules and stuff.

[Chef Ramsay]

Lulz at "wannabe means of transactions". They are freaking out because there's no where for their business to go but down, as in decreases and become less and less. Plus, w/ Russia and China ditching the USD, there's some really big problems down the pike for us financial interests if they don't adopt BTC. Frankly, that's their way out and a great answer to the other countries that are backing away from the USD as the world reserve currency. The big banksters already ripped off the public at large so they should just invest it wisely from now on.

[BitDreams]

Clever.

[freedomno1]

Wasn't it obvious a low cost payment system that can move worldwide and use a secure network is always competition
I'm glad citi admits that it can challenge and supplant traditional banking systems although the report is more less correct about price in a sense
Nonetheless interesting note but I doubt the wannabe status when its more like the future of transactions.

[Bit_Happy]

Wasn't it obvious a low cost payment system that can move worldwide and use a secure network is always competition
I'm glad citi admits that it can challenge and supplant traditional banking systems although the report is more less correct about price in a sense
Nonetheless interesting note but I doubt the wannabe status when its more like the future of transactions.

Several "top-shelf" alt coins have the wannabe status, Bitcoin is the new King, and the banks see the writing on the wall.
It will be interesting to see how much they fight, or if they will be fast to adapt.

[freedomno1]

Wasn't it obvious a low cost payment system that can move worldwide and use a secure network is always competition
I'm glad citi admits that it can challenge and supplant traditional banking systems although the report is more less correct about price in a sense
Nonetheless interesting note but I doubt the wannabe status when its more like the future of transactions.

Several "top-shelf" alt coins have the wannabe status, Bitcoin is the new King, and the banks see the writing on the wall.
It will be interesting to see how much they fight, or if they will be fast to adapt.

Well I remember back in 2013 threads we had a few considering if there would be
Amazoncoins, Ebaycoins, Webtokens, Walmart (before deciding to start their own money payment services)
And use other similar systems to replace gift cards etc.
That said the banks will probably find a way to adapt, question is how much fees they will try to add onto it and how.

[bryant.coleman]

I have already posted this. The real threat of Bitcoin is towards the Visa / Master and the Western Union. Paypal is not actually a serious rival for Bitcoin. And that is why the Visa / Master is spending millions of USD in lobbying against the digital currency, while Paypal is seriously considering to integrate Bitcoin to its system.

[freedomno1]

So in a sense basically a reactionary approach instead of a proactive one
Sounds about right anyways good points.

[roslinpl]

So in a sense basically a reactionary approach instead of a proactive one
Sounds about right anyways good points.

Well this is a big step forward. One year ago you couldn't imagine that bankers will be talking about Bitcoin in a good way of doing that

Like I said before - next step - Bitcoin account in a bank but this needs some sort of regulations which we don't really want - so maybe it will never happen - but they can always build up a small company from their money and sell bitcoin as a bankers but without a bank what do you think?

[freedomno1]

So in a sense basically a reactionary approach instead of a proactive one
Sounds about right anyways good points.

Well this is a big step forward. One year ago you couldn't imagine that bankers will be talking about Bitcoin in a good way of doing that

Like I said before - next step - Bitcoin account in a bank but this needs some sort of regulations which we don't really want - so maybe it will never happen - but they can always build up a small company from their money and sell bitcoin as a bankers but without a bank what do you think?

True the banks may be discussing bitcoin, but that does not mean it is consistent as some banks even as recently as today have been shutting down accounts.
https://bitcointalk.org/index.php?topic=264679.msg7135198#msg7135198

That said maybe things will start changing if they build relationships with the companies that do the transactions and think of M@A
Eat them up lol.

[Ron~Popeil]

So in a sense basically a reactionary approach instead of a proactive one
Sounds about right anyways good points.

Well this is a big step forward. One year ago you couldn't imagine that bankers will be talking about Bitcoin in a good way of doing that

Like I said before - next step - Bitcoin account in a bank but this needs some sort of regulations which we don't really want - so maybe it will never happen - but they can always build up a small company from their money and sell bitcoin as a bankers but without a bank what do you think?

True the banks may be discussing bitcoin, but that does not mean it is consistent as some banks even as recently as today have been shutting down accounts.
https://bitcointalk.org/index.php?topic=264679.msg7135198#msg7135198

That said maybe things will start changing if they build relationships with the companies that do the transactions and think of M@A
Eat them up lol.

I think there is space in the market for more enlightened banks to emerge. The barrier to entry is fairly high but there are some really wealthy people in BTC so I think it will happen sooner rather than later.