Bitcoin Forum

I am wondering if there is any dedicated solution for integrating Bitcoin with "real" banks?
Some special "wallet"? Or any other infrastructure products/companies that should helps banks implement Bitcoin in an easy and secure way?
I am not talking about all the "Block-Chain" companies out there who trying to build their "shared" database with banks, I am talking about Bitcoin as we know it.
I believe that some of the banks are already works on such an integration, I just wanted to learn about the market in that area.

Thanks. 

It is my understanding that banks are more interested in blockchain technology than Bitcoin itself.

From what I have read, banks seem to be interested in using blockchain technology to settle trades between repetitive trading partners. 

i don't think that there will be a special wallet that can be used for bitcoin and the bank, its better to have each of wallet for bitcoin and bank.  i think if bank is using the blockchain technology, then bitcoin will be include in the transaction and can be act like fiat as new type of money.

The Bitcoin blockchain is completely alien to conventional banking concepts, and it is unlikely that they will incorporate it into any products. Two of the factors that will keep it out of banking products are the proof of work concept, and the distrubution of the blockchain archive into the public domain with node verification.

quote from what started it all, . Satoshi Nakamoto, . "A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution., . emphasis added . . . i think the problems banks are having right now is that everyone is looking at a better system that doesnt use banks at all, . and everyone in the higher corporate echelon and upper wall street want this system as well, . . its faster and saves billions in precessing record keeping etc, . thay all want to transfer to this system, . .but the original concept and bitcoin blockchain formula itself was based on removing the banking structure from trade altogether,  for privacy and convenience, .and it works, .  it seems everyone in financial circles wants blockchain in a real bad way, . they save money and time, . but these camps are split into two groups, . those who can use this new technology and or profit through buisness with it, . IBM, Cisco, Samsung, etc, . .and those to whom have the capital for investment but are being excluded from the model, .these would be banks, lending institutions, credit card companies, and companies that handle record keeping and stock market transactions, . they all across the globe want blockchain REAL BAD, . the entire systems, . .but unfortunaatly the beginning premise was to exclude financial institutions, .and those in the financial institution sector are no longer in the loop. .  .all these higher ups in trade both globally and locally are looking at each other trying to figure out what to do, . some bigwigs are positioned nicely to facillitate and integrate with processing hardware etc. , . and others are completely off the grid, and i mean completely, . and those left out such as bankers,  have made and amassed fortunes through money transfer, . its as if they are all not wanting to transfer to blockchain, yet they cannot resist as to the money , work and hassle it will save them over the board, . . . to me, IBM, CISCO, Samsung, ETC must step up and leave their friends in the financial institutions behind,. And the financial institutions must graciously step aside for the betterment of the system, , ,. this must be done, but they cannot do it, . they are stuck because the original idea started with "what if we made a system that did not include all the infrastructure, . and it worked, . . if you integrate a bank into the system as an intermediary, not only is it totally counterintuitive to the system, . but ti also removes the advantage of personal privacy and speed of service in trade transactions, . . It cant be done, . otherwise it isnt bitcoin or blockchain, its just another muddled mess, . . just my opinion, . and from what ive seen of citi, jp morgan, wells fargo, . etc. . non of them will ever be willing to take their current profits and bow out of the world monetary control system. . . they are stuck with a better system everyone wants, . .and it doesnt include them.   it can never include a bank because the blockchain formula was started and hashed out with the beginning premise  again, . ."A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.,  . there are no banks in bitcoin, its entire concept is just that. . . thats why its so efficient. .

Both. Banks may be interested in blockchain technology to expand their services and they are interested in BTC, too. First thing first, they are interested in blockchain technology, but their investment is still low in this field. Let us say, they are analysing it, but rarely develop products with it. They are interested in BTC for other reason. The name of the reason is: ransomware. Yes, banks are often targeted with ransomware. They have started to stack up with BTC just in case. As far as I know, some altcoin platforms promised dedicated products to financial institutions, but none for BTC I am aware of. Maybe because BTC is supposed to support a financial system of people instead of banks...

Yes, and I think some banks are now into bitcoin. Although not fully. They are accepting to exchange Bitcoins to Fiat which  think is an indication that little by little. They are starting to accept Crypto-Currency. Especially now that we are in a modernized world. All our transactions are tend to place online since we are now busy with the other things. They are not yet fully accepting it because they are analyzing it first (as stated above) but soon and very soon as they see the potential of this coin. They may use it in their transactions as well.

You should not forget about the so called anonimity of bitcoin system (most likely pseudo-anonimity). This is what banks don't want, because of the AML and KYC things. Banks are heavily regulated, they need to prove that they don't let terrorists, etc. to use their system to arrange the financial part of their business.
Banks can always prove that they know the sender and the receiver of the amount of money going thru their system. (OK, maybe only the sender, but because you can only send money from bank account to another bank account, the receiver is also known by the other bank, so everybody is authenticated somewhere.)
Banks are only interested in the technology, as stated above, because they're using old GIRO/ledger systems (national and international). They're old, slow and difficult. Blockchain technology can help them speed up their processes, but because of the heavy regulations, they will only implement their own system based on the blockchain technology. World is changing, processes are speeding up and banks need to catch up, this is why they're investing in the development of this kind of systems. Banks are hiring blockchain experts, but not in order to accept bitcoin but to improve their speed. Bitcoin (and altcoins, and any kind of ledger system) is a competitor now to banks because of the easy and speedy processes, and banks don't want to lose their customers because then they'll lose a part of their profit. To protect their profit, they need to invest in a system, that help them stay on the market.

I dont think that there is and i dont think that there would even be a demand for such a product from most bitcoiners,  yeah maybe in the future average joe might like something like this.

bitcoin and banks are oxymorons
decentralised vs centralised,pseudoanonymous vs not anonymous at all,limited supply vs fractional reserve and limitless supply via the central bank's printing press
banks are interested in implementing the blockchain technology into their services and producing their own coins,which will
substitute bitcoin or at least partially oust it
just have a look at the leading banks,almost each and every of them are trying to conjure something using the blockchain technology
hope they are not successful

if banks run a fullnode in a secured environment they are able to create bitcoin adresses. afterwards they can match those adresses with customer accounts and offer a new services to their customers.

* it is not necessary to create a bitcoin fullnode. they can also print out paper wallets and store the private keys on a safe.

It won't be so easy to implement the blockchain technology for all the banks. Now banks are on a common international network, they are clearing payments via that system (international clearing house). It's a kind of standard, all the banks need to stick to the rules of that system.
If they want to implement a blockchain technology to replace the existing clearing system, they need to get it done collectively. It's simply not the case that every bank creates it's own blockchain and the chains will be compatible.
Maybe if one of the banks will implement it's blockchain model the others can consider to join or to simply ask for a permission to use it.
But what drive banks trying to develop the blockchain technology? Not to substitute bitcoin, because bitcoin is not their competitor (yet).  Their current clearing system is slow, international payments 'travel' 1-2 days from a country to another (bank to foreign bank). For those days banks can't lend that money to their customers, and they can't charge interest so it's a loss for them.
If they can implement a blockchain technology, they can clear international transactions intraday so they can charge interest in the evening. This is the main reason searching for a suitable blockchain technology and bitcoin is not suitable for this.

Yes, banks who hire blockchain experts hire them because they want to obtain advantage in the market. There will be winners and losers of development. It is difficult to tell when it is the right time to invest and what the right amount is at a time. Some banks have started to invest already, some have not. But banks are interested in improving their own services based on blockchain technology (thus creating their own platform), not in the adaption of any existing platform. However, I do not think that existing BTC/altcoin chains would ever be competitors to them. Due to the official regulation and financial background and existing infrastructure, banks will stay on the top of financial system and BTC and altcoins will remain that - alternative currencies.

Banks don"t need alternative currencies, they want to use the national currencies. Banks are interested in new technologies mainly because they can reduce costs of transactions in the end if the development is successfull.
Where banks now can get advantage (and save cost) is payments done on the internet. Nowdays people uses credit and debit cards (and Paypal) to pay for goods and services on the internet. To pay with cards if free for the people, but banks pay % for the card issuer comapnies. If banks develop their own system based on blockchain, they can leave out card issuer companies and can cut their costs on the payments.
This is valid for payments on the internet (and it's still only a little part of the payments done daily in the real life, shops, pump stations, etc,)
Banks owns POS terminal network to process payments using credit and debit cards in the shops. If banks can develop their own system, and will be able to program POS terminals to accept smartphone payments (like apple pay, samsung or the bank's own app), they can leave out card companies from real life transactions as well. This can help them reduce costs too. Credit and debit cards were introduced long time ago when there were no mobile devices on the market. Now you can use your smartphone to arrange nearly everything, so there’s less and less need to carry both smartphone and card in your pocket.
There’s a chat app in China where they have implemented a payment system inside the app, this can be an example for this system.

Thanks for the answers.
I know that Bitcoin by his nature is completely the opposite from what the Banks represents, and still, as Bitcoin getting stronger over the years  and Banks beginning to understand his open source technology, I believe that they will use Bitcoin , maybe 5 + years from now or even tomorrow, to reduce costs and transfer big amounts of currencies between different countries, its an easy/pseudonymous/fast/cheap way to transfer any amount of money, I believe that any Institution that holds Capital in any form or way, will use Bitcoin in the future...

After another week of observing this BTC phenomena, I renig my previous statement, . .I now believe that BTC is a global currency and Banks are local currency, . both should exist so if one fails the population can easily switch to a better running currency, . If BTC fails the they can individually choose to transfer to the local banking system as it exists today . if the fiat of that system  begins to fail, they can begin transferring over to the global digital currency untill they straighten out their own system, . . I think the banks should have no dealings or influence over the global world currency, . and the BTC should have no say over local fiat systems, . .this way the individuals are always able to move freely between the two, ..I think the local banking systems need to let bitcoin be bitcoin, and bitcoin needs to totally diverse away from local systems, . yet the two can run in concert. .  I think the banks still have a place on local community currency control, in fact the systems can stay as they are, . . online exchanges are just that and that only, . an exchange of funds, . and all personal asset holding should be done by the owning party offline,. .

I really don't think that financial companies will use Bitcoin. I think they will use the blockchain technology that is used by all the crypto currencies (e.g. Bitcoin, Etherum, etc.) Bitcoin doesn't need banks to get widespread, but banks needs the technology that Bitcoin has and has been developed. Based on this technology, banks can develop a similar blockchain technology not in 5 years but in 1 or 2 years time. They're really on it now, because you can find headlines about it.
I'm wondering if banks succeeds to implement the blockchain technology in their system, normal people would notice anything about it. Maybe they will just notice that the transactions complete faster than before.

Although there are banks that accept bitcoin, maybe only a few banks.
To integrate bitcoin with a real bank, I think this problem is a very difficult problem, since the presence of bitcoin itself is still considered illegal almost throughout the country.
But I hope, for the future bitcoin can be integrated well in every real bank and touched by the public, only with bitcoin is all transactions can be done easily, because bitcoin transactions can be done with smartphones.

Come on.
Its multibilion business. No bank can say no to this.
They just too big to move quickly.They need to readjust regulation, loby the politics and what not.
But banks are first and always are for making money. So if money can be made, its just a matter of time before banks jump on it.

Look at CommerceBlock.  Team has banking experience and will launch soon.

I think through time bank and bitcoin will have a blockchain technology to add services, but still this will take sometime to put into action. And I agree that BTC should support financial system of people instead of banks.

You will get a lot of resistance with statements/questions like this on this topic. Bitcoin was developed {or so it seems} to

replace Banks and financial services like MoneyGram and WU that exploits people. The idea behind Bitcoin is for people to

have a alternative payment option. {let's call it Digital cash} without having to deal with third parties like Banks. A lot of

people on this forum still support this idea, but lately "greed" clouded their judgement and they forgot about these goals...

they are now focused on profits, rather than principles.  >:(

At the end of the day this haas to be made, you never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

Presently there is no bitcoin products for bank and banking system is unable handle the bitcoin type product. As it is a millenary market OK black chain. It is possible some other banking type institution will come in existence in future. The new institutions will be more safe and effective In banking bitcoin.

 

From what I have read, banks seem to be interested in using blockchain technology to settle trades between repetitive trading partners.

Probly banks are more interest in blockchain technology and maybe in the near future banks can be open with the idea of bitcoin as one of their product or services. But I think bitcoin it self can stand alone without banks or any financial institution its just giving the people options as theirmode of payment at how they will invest unlike with banks they have low interest rates.compare with bitcoin you can be a millioner in no time.

Mate,a child giving birth to cannot work in a day cause it a gradual processing and it will take time. However, we should be happy that almost the government of every continent legalize bitcoin which mean at any time now there will bitcoin product available for banks.

Bitcoin has no products or services in it and never will. There is no coupling between banks and crypto and no reason to try to create one. It is two different things and they have nothing at all to do with each other. The structure of bitcoin and bank is totally different hence we cant see any compatibility between then other than that bitcoin can be converted to fiat and fiat can be converted to bitcoins.

Falcon Private Bank would seem to offer bitcoin exchange so I would imagine that soon more banks will follow. It would be profitable to them and to you as long as the bitcoin won't drop in value which it won't. Right now there are other banks that would offer such services so you can search for banks in your area that offer bitcoin services.

Bitcoin products for "banks" are not yet heard here in our country so far. Banks will more likely use a blockchain technology in the future and bitcoin can be included in the bank transaction possibly as how I see it for now. There are still so many things to be discovered soon.

As of know there ain't no such product as you have clarified and yes there is a lot in store for future where in bitcoin can be included in bank transaction like how PAYTM does but on the other hand if we notice bankers will be the losers if bitcoin becomes too main stream so thee will be resistance and objections from bankers as they cannot have control over our money. blockchain is no less than bank.

My suggestion is to check out RIPPLE as this asset is most involved on banks.

some banks are now trying to implement their own systems with security frameworks related to blockchain technology they are building software and engineer infrastructure for them. They can use their own systems to find security and implement technology, but they will use this system in real banks but not under blockcoin integration

I do not think that banks will adopt blockchain technology with digital currency, bitcoin is not yet treated as centralized currency and bank only accept centralized or money that having physical figures. I think if bitcoin start to adopt by all governments and it will make it legally accepted and then bank will start to adjust their system or upgrade to include the blockchain transactions because bank is regulated by the government. Also it will be great if we can transact into the bank directly with our bitcoin it is easy to buy and sell bitcoin. And it will be good to make bitcoin much more popular because bank will directly introduce to their clients about bitcoin ofcourse it will be included in their annual target or projection.

Bitcoin was designed to replace banks not for them

Bitcoin's a dirty word in banking circles. They love blockchain but they tend to avoid Bitcoin like it'll give them the plague. I don't agree with it, they're missing a real opportunity but don't expect any support from them.

I think they will. In fact banks already test blockchain technology big time and they are very interested to use it. Some of them even tested Bitcoins and having some ideas about offering Bitcoin services to their clients. I haven't made that up, a friend from financial industry told me so.
Maybe at the begininig banks were strongly against Bitcoin but now the situation is changing and I wouldn't be surprised if in few years time they will offer Bitcoin services.

It is obvious that Bitcoin or any decentralized, free, and open cryptocurrencies is not a good thing for banks. Banks create money, and they will adopt in the near future money with a private and centralized blockchain (with the control of money creation).

I don't think that there are banks for bitcoin. Theoretically, bitcoin is not globally accepted yet, to consider it as world acknowledged money. Although, you can use it to buy certain products. I have tried buying clothes online using bitcoin. :)

I do  say there is bitcoin products for banks ,the first  bank offering to buy bitcoin for its clients is the Swiss bank.Investors can ask their asset manager at Falcon private bank,a boutique investment from headquatered in Zurich to purchase and store bitcoin on their behalf-a first for conventional banks bitcoin is decentralised and relies on computer network that anyone can join to check the legitimacy of transactions.Every bitcoin is accounted on a digital ledger, the blockchain records how many coins each digital wallets hold.

They would only get the idea or innovation being used on bitcoin which is using the blockchain technology and this is only the thing i do see that make them interest rather than on talking about making some collaboration with bitcoin itself. There would be no products or any special wallet which traditional banks would create for the sake on connecting into bitcoin. They would rather utilize the blockchain technology on their own prospected plans which do come up into their minds.

Ripple coin is doing exactly this.

It's simply ripple, but I heard that some banks are thinking of accepting bitcoin

if  the  goverment  make  bitcoin  be  legal
then the bank likely  set  a  busness  for  bitcoin
actully, some  center  bank  already  learn  how  to  use bitcoin technology,
this  is  a  good  sigh

I am new and curious also, as per i know the core purpose of bitcoin is to decentralized the wealth,But if bank stating using it banks will hold and significant number of bitcoin and then they can control the price and make it centralized cause they will hold our private keys.Am i wrong with my point still confused.. ???

Main problem between bitcoin and Bank is only verify your ID so that if you verified it will use btc

The main purpose of bitcoin is having a new way peer 2 peer system transactions which you can actually read up on its white paper but yet you can really hide your wealth there since its a decantralized thing. Bank can only use up the blockchain technology but not on Bitcoin itself since it cant really be controlled by anybody which means any institution wont really bother to accept or adopt its since they already know its feature which isnt really necessary to be used at all.

There are lot of cryptocurrency who offers their product in the banks just like Ripple and its competitor Xem. They targets banks so the transactions speed are much more efficient and then the security data usage that they offering

Banks maybe control Ripple

I don't think that banks will welcome bitcoins. But, heard that swiss bank offer the richest of its clients some bitcoins. In the future when bitcoin gets accepted all over the globe, there is a chance that banks also start accepting bitcoin.

We have a solution that a bank approached us to license, not planning on selling it publicly yet but they saw our engine in action and wanted it for a POC they are running.  

Happy to have a discussion if there is someone else also after such a system, just PM me and I can offer some details.

Technology wise it is possible but the main question is the interest of banks.
See the market is fluctuating like hell no trusted financial can risk their customers money with bitcoin.
yes your idea can be implemented but maybe in next 5years and after as i hope by then this currency market will get stable eventually .

Banks are highly regulated by goverments in any country I know. Thus bitcoin would need legal status first before any bank could accept it.

yes

I am not sure in particular on whether there are banks who are implementing and adding Bitcoin activities. But I think where will be. In fact, as the Bitcoins continues to grow, banks will grab the opportunity on being part of it's success. They may provide programs or even add to their banking activities the cryptocurrency trading to keep up with what the new generation's investment preference. Maybe one program they will add is the mutual fund for cryptocurrencies where in they analyze and trade for you according to your risk appetite.