Bitcoin Forum

"Speaking to CoinDesk, some of the ecosystem's most frequent and most vocal investors are suggesting they are now working more closely with banks and putting an increased emphasis on projects that use the bitcoin blockchain or alternative distributed ledgers as a payments rail or distributed database."

I think it is the most inspiring news for bitcoin fans, for if banks begin to use bitcoin blockchain as payments rail, bitcoin will be accepted by more people for its excellent technology.

It is a good thing that the Internet has cause uproar towards people using it.
and then again bitcoin is another currency through the internet,
and bitcoin has a place in the google currency converter (as i was using it all the time)
well bitcoin is the first decentralized currency and since 2007
other people is earning bitcoins online through mining, faucet, even payments.

and it is not a thing that banks right now will accept bitcoin too.  ::)

This statement is not necessarily saying that banks will use bitcoins in general... it's just suggesting that they might use bitcoin or use the blockchain technology that bitcoin created.  So, in other words, they may use the blockchain in ways to make secure transaction of fiat. They would be able to do this in two ways:
1) Whoever wants to transact fiat through block chain would have to buy bitcoin directly from the market and transact to, lets say, another bank.  That bank will then receive the payment after confirmation then automatically revert the bitcoin(s) back into fiat and sell back directly into the market.  It would be secure, and would only take about 15 minutes to do so the risk of fluctuations in the btc market wouldn't necessarily be a factor because of the short amount of time the cash is invested in the bitcoin market.

2) Banks would implement their own "coin" which uses their own blockchain.

You need to understand that blockchain =/= bitcoin. Banks are not gonna adapt any of the existing cryptocurrency.
They are gonna copy technical properties of blockchain and leave bitcoin alone to rot. It is not that good news for bitcoin community.

mostly they are not using the bitcoin blockchain because they are morons and building new intranets.

but there are exceptions like Nasdaq, which is using the BTC blockchain.

Every idiot not using Bitcoin's blockchain will go bankrupt just like Kodak mark my words. I don't care if it takes 5, 10 or 20 years for us to see this. The future is decentralized and all those guys limiting themselves with their own egoblockchains will eventually bite the dust. What makes me laugh is they still don't understand that to maintain a blockchain that has those special features you need an incentive and Bitcoin is the incentive and already solves this problem.

Bankchains will be there purely to make banking as it exists now slicker. There won't be any fundamental changes at heart.

All Bitcoin needs is enough people beavering away to make it impossible to ignore. Certain banks are talking about dealing with BTC. If there's money to be made and all legal grey areas are cleared up I think we'll see them opening up to the idea of interacting with it.

Some kind of blockchain will end up surviving, and it is likely to be the Bitcoin one, due to popularity and capitalization.

And the reasons are so clear. Open, decentralized, borderless, innovation without any permission.
Banks either don't see it or they don't wanna face reality of losing bit by bit the position they had for many many decades with insane amount of profits. It's hard for them to lose power, influence and market shares.

Blockchain is the original technology of Bitcoin that started it all. Since it's inception, there have been a wave of new alt coins (most of them are scam) and banks and companies gained interest on it's technology. Blockchain is revolutionary as well as Bitcoin, but sometimes I ask myself why banks are more interested in Blockchain instead of Bitcoin itself? Just opining here.  ;D

It might be useful to differentiate "banks" from "counterfeitters".  Banks, as the concept goes that I understand, perform financial services.  Obviously, money would be of some use to people involved in that business and ergo, bitcoin.  Counterfeitters on the other hand, have very little public use for unforgeable tokens.   

They will maintain the blockchain artificially, with their own set of rules just like they are doing at the moment in the traditional banking system, they are maintaining it artificially, again with their own rules.

Just wait until all this falls apart. We will be here to take over. However, smart will be with us just from the beginning, people like Nasdaq for example.

I don't understand if banks create their own blockchain then who will the miners be?

they will simply run very expensive hardware to do the "mining" work for them. it's not that different from current miners validating transactions.

they probably dont need a proof of work, they just sign blocks through central servers. Perhaps a DPOS system where each bank gets a delegate.

They have been researching Ripple blockchain technology which they can run from their own central servers. It doesn't need any decentralized miners. They have also been researching Bitcoin blockchain technology, and probably other blockchain technologies like Ethereum's. If they do start using blockchain technology they will probably try to create their own centralized bankers coin. Whether it works or not remains to be seen. They won't give up all their lucrative means of making profits through bank transfers without a fight.

could someone tell me the true difference between bank's private blockchain tech and bank's private databases cluster ? ;D ;D :P

13 banks right now are using blockchain to their system banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community. :P

No banks are usimg blockchain what are you talking about?

Then What do you call this article?

http://www.ft.com/intl/cms/s/0/72ffd222-66be-11e5-97d0-1456a776a4f5.html#axzz3nI66c600

Is it fake? he just post that on September 29, 2015,
13 banks is not a many number to be notice by the public and in that post
just 2 banks are added among the 13 that are using blockchain.  ;D

sorry if i'm wrong I am still a newbie towards bitcoin and I just research and
search what I see online.

There is a big difference between banks using Bitcoin and banks using Blockchain technology. Some Alt coins is also based on Blockchain technology, but they are not Bitcoin. These so-called developments in the blockchain technology is nothing else than theft of intellectual property.

If they want a distributed ledger system, they should develop it from scratch and leave Bitcoin alone or just give up trying to mimic Bitcoin and just use it. It will be so much cheaper and more secure, because it's already backed by a huge decentralized network.

they will probably do it via pos , instead of wasting energy on something that will not grow as expected


i guess since they are both centralized if done buy bank the real difference would only in transaction speed?

It will work, but it will be completely centralized and because of this, prone to failure and manipulations. This is nothing huge in my opinion, their own centralized blockchain. They could have developed this years ago. I think they are just trying to build upon recognition of Bitcoin, they will even market it "safe as Bitcoin but without bad Bitcoin stuff", you'll see.

This is in my opinion as well a way to fight Bitcoin back. They have recognized dangers of Bitcoin for their banking systems, don't worry about it and this is the best they could think of to fight back!