Bankers DO NOT KNOW WHAT BITCOIN IS

[247casino]

So for shits and giggles I went to a few major banks I have accounts with and I had a nice 50 page asset analysis booklet for them to review. I wanted to see how banks look at non-traditional assets like Bitcoin and such.

Every banker that saw the booklet when it got to bitcoin as an asset said, WHAT IS BITCOIN?

LOL

So that's four bankers running local branches for the top 4 banks in the world, they've never heard of bitcoin.

This is a TRUE STORY, they have no idea yet what bitcoin is.

Go make up an asset sheet and list your bitcoin as an asset and when your local banker gets to it, see what they say.

So banks have NO CLUE yet, which I think is a good thing. Think of my test as a walk behind enemy lines to see how banks are looking at bitcoin at this moment in time.

[MrGreenHat]

Did you talk to the tellers, or to the bank execs? I wouldn't be surprised if a teller at some random bank doesn't know what Bitcoin is, as they probably don't know a whole lot about banking in general. But if you are saying that you talked to CEOs, CTOs, CFOs, board members of banks and they had no idea what bitcoin is, I am going to call bullshit on that. If it is true, if you happen to have funds in any of the banks you visited, I would recommend moving them to another bank, because whatever bank you visited that isn't aware of bitcoin in NOVEMBER 2014 is run by some very uninformed people.

[segvec]

I have done the same for Charter One, Fifth Third Bank, PNC, BoA, and Chase.
All regional managers were even clueless, too.

[yayayo]

So banks have NO CLUE yet, which I think is a good thing. Think of my test as a walk behind enemy lines to see how banks are looking at bitcoin at this moment in time.

However they will learn very very quickly...

Bitcoin will be a jobkiller in the banking sector, because whole business segments will become unnecessary. I don't think it will be the end of banking as a whole, because people still appreciate administrative money services. However the special importance of banks and their power will fade away. In a Bitcoin future, banks will be ordinary service businesses that are no longer irreplaceable. Competition will be fierce.

ya.ya.yo!

[AltcoinInvestor]

6 years ago I've asked my local bank branch that credit card I get to use at paypal.
they didn't know what paypal is back then. now I'm pretty sure that they still don't know.

when I purchase  sth via paypal they still text me automatically: "hey you used credit card internationally, if you didn't make this purchase call our call center immediately".

paypal has official office in my country that has agreements with banks but still they don't know it.

how long paypal is known?

well think about bitcoin in that way...

banks still need 10 years to understand bitcoin

[crazyALT47]

regional managers and branch managers? your everyday village idiot could secure those positions with ease. If you were to ask the real decision makers or people in executive positions i am sure they are all well aware of bitcoin. the average minion bank teller could just as well be the same idiot behind a supermaket till

[caribbeanbitcoiner]

So banks have NO CLUE yet, which I think is a good thing. Think of my test as a walk behind enemy lines to see how banks are looking at bitcoin at this moment in time.

However they will learn very very quickly...

Bitcoin will be a jobkiller in the banking sector, because whole business segments will become unnecessary. I don't think it will be the end of banking as a whole, because people still appreciate administrative money services. However the special importance of banks and their power will fade away. In a Bitcoin future, banks will be ordinary service businesses that are no longer irreplaceable. Competition will be fierce.

ya.ya.yo!

Your wrong about it being a job killer, Banks make more than 50% of profits from loans. Electronic payments only account of a small amount of Bank profits. I have a family member who handles the Electronic portfolios of a bank. When I told her about Bitcoin she immediately ruled it out a scam and B.S. but now she's more into it.

[lyth0s]

So banks have NO CLUE yet, which I think is a good thing. Think of my test as a walk behind enemy lines to see how banks are looking at bitcoin at this moment in time.

However they will learn very very quickly...

Bitcoin will be a jobkiller in the banking sector, because whole business segments will become unnecessary. I don't think it will be the end of banking as a whole, because people still appreciate administrative money services. However the special importance of banks and their power will fade away. In a Bitcoin future, banks will be ordinary service businesses that are no longer irreplaceable. Competition will be fierce.

ya.ya.yo!

Your wrong about it being a job killer, Banks make more than 50% of profits from loans. Electronic payments only account of a small amount of Bank profits. I have a family member who handles the Electronic portfolios of a bank. When I told her about Bitcoin she immediately ruled it out a scam and B.S. but now she's more into it.

Loans from money that is created out of thin air. If Bitcoin ever becomes THE payment method and central fiat currencies are put the way-side. Banks won't be making anywhere near as much money as they are now.

[247casino]

Did you talk to the tellers, or to the bank execs? I wouldn't be surprised if a teller at some random bank doesn't know what Bitcoin is, as they probably don't know a whole lot about banking in general. But if you are saying that you talked to CEOs, CTOs, CFOs, board members of banks and they had no idea what bitcoin is, I am going to call bullshit on that. If it is true, if you happen to have funds in any of the banks you visited, I would recommend moving them to another bank, because whatever bank you visited that isn't aware of bitcoin in NOVEMBER 2014 is run by some very uninformed people.

The persons that RUN the Business Loans section which are the top people.

One referred me to a vice president, and not one knew what bitcoin was.

So banks are out of the loop on Bitcoin and like I said, that's a good thing, by the time they wake up it will be way too late.

[caribbeanbitcoiner]

So banks have NO CLUE yet, which I think is a good thing. Think of my test as a walk behind enemy lines to see how banks are looking at bitcoin at this moment in time.

However they will learn very very quickly...

Bitcoin will be a jobkiller in the banking sector, because whole business segments will become unnecessary. I don't think it will be the end of banking as a whole, because people still appreciate administrative money services. However the special importance of banks and their power will fade away. In a Bitcoin future, banks will be ordinary service businesses that are no longer irreplaceable. Competition will be fierce.

ya.ya.yo!

Your wrong about it being a job killer, Banks make more than 50% of profits from loans. Electronic payments only account of a small amount of Bank profits. I have a family member who handles the Electronic portfolios of a bank. When I told her about Bitcoin she immediately ruled it out a scam and B.S. but now she's more into it.

Loans from money that is created out of thin air. If Bitcoin ever becomes THE payment method and central fiat currencies are put the way-side. Banks won't be making anywhere near as much money as they are now.

So is Bitcoin, if you want to go down that road.

[247casino]

So is Bitcoin, if you want to go down that road.

At least with BTC you understand the final amount in circulation 22M or so coins, with fiat, it's whatever the gov wants to create, so btc reflects are real supply/demand value for a digital fiat, whereas old world fiat reflects a manipulated worthless currency people are born to accept.

Waking up 7 Billion sheep won't be easy, but you only need to wake up millions for btc to be a major currency unit

[shawshankinmate37927]

Your wrong about it being a job killer, Banks make more than 50% of profits from loans. Electronic payments only account of a small amount of Bank profits. I have a family member who handles the Electronic portfolios of a bank. When I told her about Bitcoin she immediately ruled it out a scam and B.S. but now she's more into it.

Loans from money that is created out of thin air. If Bitcoin ever becomes THE payment method and central fiat currencies are put the way-side. Banks won't be making anywhere near as much money as they are now.

So is Bitcoin, if you want to go down that road.

But unlike units of fiat currency, bitcoins are generated at a fixed, predetermined rate.

[SpanishSoldier]

Your wrong about it being a job killer, Banks make more than 50% of profits from loans. Electronic payments only account of a small amount of Bank profits. I have a family member who handles the Electronic portfolios of a bank. When I told her about Bitcoin she immediately ruled it out a scam and B.S. but now she's more into it.

Loans from money that is created out of thin air. If Bitcoin ever becomes THE payment method and central fiat currencies are put the way-side. Banks won't be making anywhere near as much money as they are now.

So is Bitcoin, if you want to go down that road.

But unlike units of fiat currency, bitcoins are generated at a fixed, predetermined rate.

As the bitcoin is deflationary in nature, bankers may need less bitcoin to give loan of same value over time. So, bitcoin's fixed generation might not be a big deal here.

[caribbeanbitcoiner]

So is Bitcoin, if you want to go down that road.

At least with BTC you understand the final amount in circulation 22M or so coins, with fiat, it's whatever the gov wants to create, so btc reflects are real supply/demand value for a digital fiat, whereas old world fiat reflects a manipulated worthless currency people are born to accept.

Waking up 7 Billion sheep won't be easy, but you only need to wake up millions for btc to be a major currency unit

That's why we have inflation 

[Beliathon]

They will when it eats their preferred currency.

[benjamindees]

That's nothing.  I met a credit union branch manager once who didn't know what continuously compounding interest was.

[sobitcoin]

regional managers and branch managers? your everyday village idiot could secure those positions with ease. If you were to ask the real decision makers or people in executive positions i am sure they are all well aware of bitcoin. the average minion bank teller could just as well be the same idiot behind a supermaket till

Yes and no.  Bitcoin seems big to us, but every time I inquire at any organization or speak with management really anywhere, they are completely clueless. It's easy to get lost online and think everyone understands it. The reality is,probably well over 50% of people you see everyday have 0 idea what it is.

[Flashman]

This is a bit like going round to stablehands in 1890 and asking them what a sparkplug is.

[rjclarke2000]

This is a bit like going round to stablehands in 1890 and asking them what a sparkplug is.

Great example!!

[johnyj]

Try to open a bitcoin business account, they will shut you down very quickly, showing that they not only know about bitcoin, but also well prepared to fire fighting at any moment  

They are not interested in bitcoin is because they don't count that risk asset to be something that they can manage