Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: zorchy on October 17, 2018, 03:05:25 AM
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No, I do not believe that. We must admit that what has allowed banks to acquire so much economic power is their ability to understand where capital is, and make the necessary efforts to keep it.
Knowing that banks will never fight against capital, what I see today is a growing interest of banks to incorporate blockchain technologies into their processes, and because of their marked interest in taking over everyone's money, it would not be strange that in the near future we will see banks willing to accept cryptocurrencies to carry out financial transactions. ::)
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We cannot close our eyes that the bank will fight Bitcoin now. But we have to know, Bitcoin has a nature that is free from bank interference. And this will make the financial authority's resistance like a bank never win. Because Bitcoin cannot be regulated by any central bank around the world.
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Bitcoin is different than bank and vice versa, I think Bitcoin and bank will do their specific task, I think Bank will not against crypto's because crypto not disturb bank, and I think crypto will give good impact to the bank, because when we want ro withdraw the money we need bank account and that make will be more peoples will use bank services (this like at my country) and the bank will have more customers and that make get the profit from our fee when do a transaction.
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Maybe before when crypto currency investment first introduce in the market they consider this as their major competitor but for now they are slowly adapting by accepting crypto through savings and transfer of funds.
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I think the banks will not against cryptocurrency and I hope that there are more banks that will accept cryptocurrency and perhaps, they can work together with the cryptocurrency. I think in the future, the banks will integrate with the blockchain technology once they found that the blockchain technology can help them to solve their problem. maybe they need to study first before they can build the infrastructure that can integrate with the blockchain technology so it will be a good news for the crypto user to see the banks can walk with the blockchain technology.
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Banks are using currencies like fiat and for that they have physically things while the value is controlling by central department in every country or central banks so they are sure about currencies and they are using then the digital money for physical money but not in the case of crypto so banks are against of crypto but it's importance for the traders can not be ignored still bitcoin have a good market value.
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Bitcoin is based on the blockchain technology which relies on the principle of decentralization and the core feature of decentralisation is to transfer and utilise the power of masses. On the other hand, the traditional banking system is designed and based on the assumption of making a profit by being a middleman but in case of blockchain based cryptocurrencies, there is no need of middleman as mi mutual trust is the core aspect of it. That's the reason why some banks have already started testing blockchain technology to optimise their services without transferring the power and control to the users.
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Banks will actively resist the introduction of crypto currency only until it is legalized by the state. As soon as this happens, it will be pointless for banks to do this because simultaneously with legalization state-owned banks will receive instructions from relevant state authorities about what services can or should be provided in the crypto currency. Apparently, for commercial banks this information will have an advisory nature. Now there are scattered reports that some banks have already begun to accept crypto currency.
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Bitcoin may be integrated into the banking system, but then anonymity will be abolished. Banks want to know everything about the client, they are subject to the laws of the state in whose jurisdiction they work. Today, anonymity is the main reason why governments are against Bitcoin. Anonymity has become a good tool for fraudsters, this is the problem of Bitcoin adaptation at the state level.
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I don't think so. bitcoin going forward will be more thriving and give you an advantage in terms of financial dishonesty. and on its development in the bitcoin will be able to combine together the bank to achieve prosperity together of course with certain regulations.
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The process of banks will be different tomorrow. If it is against today maybe because of they are not yet prepared to engage in cryptocurrency world. Once they are ready they will absolutely embrace crypto for their growth.