The thing that gets me most is just how backwards and outdated the banking system is. To wire transfer money... for the love of all that is good, how can it be so difficult!?? I want this piece of machinery, dear bank, please withdraw funds from my account and pay them. What? I have to wait a week? Then I have to wait 3 days while the transfer happens? And at any time during this, I am not in control of my money, nor can I stop the transaction? And a million things could happen that WILL stop the transaction, many leaving both (the buyer and seller) without the money... How is this even possible in the days of the internet?
Even Western Union is hella slow, hella frought with problems and hella expensive.
Bitcoin transactions are so much easier. If we could just get everyone to use them once, the banks would be dead.
(Crypto-currencies still have a long way to go in securities, ease of use and contracts)
It's funny how much banks dont care about their customers. They are in monopoly, so of course they are sloppy.
But after they face competition, they will scramble to make themselves more competitive. The financial system really needs a shakeup, because they have been asleep for a lot of time.
Have you heard of the controlled blockchain experiment the banks are trying? Why would they use a blockchain if they are going to control all of the servers? That is what they think about blockchain, that it is just a new buzzword.
And banks will implement blockchain, just about the time when altcoins make their next leap in technology. Something that will probably be called SuperBitcoin because it is a quantum leap beyond bitcoin. Something that will be both completely invisible and completely traceable. So, you can state this bitcoin is yours, and someone stole it, as well as being able to prove it. While simultaneously being completely invisible from anyone outside trying to compute the size of your wallet.
Their private blockchain initiative is still better than what they have now.
Of course it wont be
blockchainwith miners and public nodes, it will likely just be some kind of cryptographic connection/database between banks.I think its good if they look into this, at least if they look into more secure payment systems between then the amount of hacks could diminish.
Over the long term though ,I think bitcoin will outcompete them, but at least they familiarize themselves with the technology.