And now a bank realizes bitcoin's potential finally!(citibank)

[cuddaloreappu]

A nice report about future of bitcoin..

report also cites  litecoin and dogecoin as very important currencies.

https://ir.citi.com/RZh%2B9GHcy3eQvegHG9vuU3r5%2FxkjXBMMfUnULRTyibawadNFQRrrFA%3D%3D

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

[jc01480]

"Disruptive Innovation"

[bananaControl]

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Looking at the people around me I find that very difficult to believe in no matter how disruptive the technology is.

[cuddaloreappu]

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Looking at the people around me I find that very difficult to believe in no matter how disruptive the technology is.

big things start so small..

practically speaking why the hell would anyone need a bank if they can literally have a billion dollars in their pockets or in a piece of paper.

[tatu]

I think most banks realise its potential but wouldnt want to admit it publically.

[bananaControl]

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Looking at the people around me I find that very difficult to believe in no matter how disruptive the technology is.

big things start so small..

practically speaking why the hell would anyone need a bank if they can literally have a billion dollars in their pockets or in a piece of paper.

Because people can't handle that without throwing it away.

[DeathAndTaxes]

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Looking at the people around me I find that very difficult to believe in no matter how disruptive the technology is.

big things start so small..

practically speaking why the hell would anyone need a bank if they can literally have a billion dollars in their pockets or in a piece of paper.

The same reason why people don't keep a billion (or hundred thousand) dollars in their pocket today.   Bitcoin may change how banks operate, on how much it changes the banks will depend on how widely it is adopted.  There will always be banks.  Banks predate fiat currency by a couple a couple hundred years.   There were banks (100% reserve) in the Roman Empire.  Banking concepts (letters of credit, loans, interest, etc) were used in Greece and China even before that although they didn't exist as banks as we understand them today. 

[bananaControl]

I think most banks realise its potential but wouldnt want to admit it publically.

My thought exactly. In the dark they are trying to figure out how they can profit from it, and they will in the end.

[hellscabane]

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Looking at the people around me I find that very difficult to believe in no matter how disruptive the technology is.

big things start so small..

practically speaking why the hell would anyone need a bank if they can literally have a billion dollars in their pockets or in a piece of paper.

Protection and liquidity assurance.

Remember, banks were originally created to keep money safe. Unfortunately, that has become so obfuscated with all the things that exist in the scope of banks now days. But the fact still remains, a bank acts as a assembled place to store value. After all it's easier to protect something if a whole bunch of people are trying to protect it. (Although, by that same token, it's "centralization" makes it easier to attack...)

[Beliathon]

I think most banks realise its potential but wouldnt want to admit it publically.

My thought exactly. In the dark they are trying to figure out how they can profit from it, and they will in the end.

It's not rocket surgery. Profiting from Bitcoin = melting fiat into Bitcoin.

[zimmah]

I think most banks realise its potential but wouldnt want to admit it publically.

My thought exactly. In the dark they are trying to figure out how they can profit from it, and they will in the end.

probably, but it will be a lot harder than printing money like they do now.

[Clegg]

I think most banks realise its potential but wouldnt want to admit it publically.

My thought exactly. In the dark they are trying to figure out how they can profit from it, and they will in the end.

It's not rocket surgery. Profiting from Bitcoin = melting fiat into Bitcoin.

What do you mean by melting fiat into Bitcoin exactly?

[Biodom]

I think most banks realise its potential but wouldnt want to admit it publically.

My thought exactly. In the dark they are trying to figure out how they can profit from it, and they will in the end.

Did Blockbuster profited from the Internet?

[spazzdla]

Banks will never die, hopefully the return to what they were suppose to be..  A spot to safely store wealth.. Not a spot to lend out wealth created from debt.. Currently banks are an abomonation.

[BitCoinDream]

A nice report about future of bitcoin..

report also cites  litecoin and dogecoin as very important currencies.

https://ir.citi.com/RZh%2B9GHcy3eQvegHG9vuU3r5%2FxkjXBMMfUnULRTyibawadNFQRrrFA%3D%3D

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Bitcoin is supposed to replace part of the banking system in future, i.e. predominantly online banking transactions. But the whole purpose of a bank is far more than this. Banks give u interest. Banks give money to businesses. Without an institutional way, u cant do it. Bank will probably adopt Bitcoin as a medium of exchange in future and that would branch out new banking activities as well as closing certain ones. But banks are gonna stay... for the GOOD

[jjc326]

SUre, I could see banks getting a lot of BTC and then they can "store" BTC for people who don't get you can store it yourself.  But the banks might give interest, so that would be an added incentive for you to let banks hold it...uh oh that kinda sounds like it goes against the BTC principles...

[Neg]

A nice report about future of bitcoin..

report also cites  litecoin and dogecoin as very important currencies.

https://ir.citi.com/RZh%2B9GHcy3eQvegHG9vuU3r5%2FxkjXBMMfUnULRTyibawadNFQRrrFA%3D%3D

nice to watch a bank write good about bitcoin, the very thing which is going to make banks extinct in future.

Bitcoin is supposed to replace part of the banking system in future, i.e. predominantly online banking transactions. But the whole purpose of a bank is far more than this. Banks give u interest. Banks give money to businesses. Without an institutional way, u cant do it. Bank will probably adopt Bitcoin as a medium of exchange in future and that would branch out new banking activities as well as closing certain ones. But banks are gonna stay... for the GOOD

Banks will have their place for certain things, but bitcoin will hopefully cut into their monopoly.

[alani123]

Bitcoin was created with the idea that it will be a currency and payment network that will not rely on trust. Therefore no banks are needed. You could say that it's even hostile towards them since it operates fully independent from them so it's not only a competitor, but also an ideology that keeps spreading. Making people think that in the future they might not need banks.

But if you ask me, the fact that a big bank like citi can see the positives of bitcoin is a positive thing.

[jc01480]

There's a new race going on.  Wouldn't you want to be the first bank to implement crypto-technology to lower transfer fees for your customers, branches, etc.?  I can already hear the engines revving.  Probably some intense white-paper research going on right about now. 

Strange thing about the law.  A corporate entity is treated as a "person" for all intents and purposes.  The reasons individuals, initially described as crypto-anarchists, also apply to corporations.  So in a sense, the advantages of anonymity, low transfer fees, and unknown business relationships apply to these "people" as well.  The world of corporate transparency just got a little bit darker.

[nickenburg]

Well some people believe we can't live without banks.
So I think banks will always have some kind of business.
Maybe it can be storing bitcoins or lending bitcoins.
They will probably find something to do like that, or someone has to make them really hated.