Bitcoin Forum

Any service for that?

If there is, then we will not need to ever need bank anymore.

Not that I'm aware of but you could always pay someone to make a bank transfer for you, as long as the recipient don't care If the funds came from your personal bank account or not.

I think in future we don’t need to use bank. Because people will use digital currency. Till now bit did not make any deal with this entity transfer but hopefully it will occur in future

Bitcoin did not make this kinds of deal till now. Bitcoin look forward toward this. As we all know that bitcoin is is the most popular digital currency. So it’s a threat for regular currency and bank.so government of every country make policy to cope up with this

There are some payment service providers like coinpayments who can facilitate such transfers. However the receiving entity needs to be registered with their bank account. You will make payment in bitcoin using their payment layer and the receiving entity will receive settlement in their bank account.

However, Banks are an integral part of this entire process and can't be ignored.

Yes, it could be possible in the future. Since every year the technology advances and continually moving forward, the probability that bank will not be needed anymore is high.

Just keep in mind that some banks might decline deposits if the depositor's name doesn't match that of the account at the issuing bank which is usually what happens when one tries to use payment processors to exchange Bitcoin to fiat and withdraw from there. It's always better to deposit the converted cash into a normal bank account and use your account there to make payments. You could possibly avoid dealing with banks, but it would require you to jump through a lot of hoops.

Well, some exchanges let you cash out directly to a target bank account, so for as long as they don't force you to match your deposit accounts to your identity, you should be able to cash out directly to a merchant's account. I personally wouldn't do anything of the sort, but that's one way of doing it.

You technically don't need a bank account to pull this off so if bank wires to merchants are the only reason you ever use banks, then yeah you won't need them anymore lol.

You can use some services that will pay your bills or invoices with fiat currencies, all you need to do is submit your invoice/bill to be paid, and they take care of it for you, you pay the service in Bitcoin. AFAIK, it's never mattered the source of payment, when it's made on the name and account of the payer and to the correct payee, my payments have never been turned down.

It's not quite the same as making a payment on your behalf though, if it's a request without bill or invoice.

Plenty of services. Wellto is pretty well know, so is Living Room of Satoshi in Australia (and very recently a new service there with Cointree/Gobbill).

I think so in som

I think we don't need a bank to save our money, we already have bitcoin.

when we save our money in the bank, the value will not increase or decrease, but if we store assets in bitcoin, then bitcoin has great potential to provide you with benefits.

Exactly! When we trade bitcoins for exchange or sale on the market. The amount paid by both parties is transferred through the bank. I often have to wait for cash to send through the bank and then withdraw money. If there are any transactions that do not need banks will be good.

in the future we don't need banks to pay for electricity, to pay for insurance, and to save our assets, bitcoin will provide a platform for all that.

and I think that bitcoin has great potential to replace all bank functions today.

you want to send X and the receiver wants to receive Y (in this case X is bitcoin, Y is fiat) so you do need some way to convert or exchange X to Y and that will require a third party in the middle. you want to call it a bank, a service or an exchange. it will be there and you will need it.

there currently are multiple banks that i have read in the news that are doing something like that. they use bitcoin to transfer money oversees. for example this German bank:
https://thenextweb.com/hardfork/2018/05/14/german-bank-using-bitcoin-international-fiat-loans/

This is the point. I'm wondering if banks will totally go into extinction because if they do, that means fiat will seize to exist.

The physical duty of bank staff is however being taking away by their dispensing machines except for certain miscellaneous duty that can also seize with time. The times are coming when banks will incorporate cryptocurrency & bitcoin into their system just like we are now withnessing in Swiss banks and some countries having bitcoin ATMs.

I think we don't need bank anymore because we already have bitcoin; but on the other hand in all of the aspects for now because there is some people saying that "Bitcoin is Down" or something that bitcoin doensn't existing my point is when that will happen the bitcoin is going down, we will need a bank in that case even though were not expecting that to be happen but when it happen we will need bank even we want it or not because savings can save our future and the futures of our son/daughter's and that also had a security just in case of emergency but for now it's is to faint to be happen.

I can see some talking about paying through third party that accept bitcoin and pay to the bank account you provide both non have suggested any of this pay4me providers. the truth is that paying through third party is very risky and stand the chance of losing your money. when you search the internet you will discover many website offering this services but many of them have bad reputations of stolen money from their customers. sometime too bank may reject your money when there is difference in name.

About the bank its true. I think third party payments should be avoided at all costs

I'm wondering if you could perhaps use something like LocalBitcoins to do this?
Meaning that you find someone on there that will buy your Bitcoins and pay you with a bank transfer.

You can then use the bank account for that 'entity', to give to the buyer on LBC. If you talk to them, they might fill in a custom 'comment field' (I don't know the correct term), which is often required for payment through bank transfer.

No idea if this would work though.

It's possible but can be complicated to find the person, it's much easier to use MisterTango for instance. Yes you'll do the exchange manually, but it is done quickly and their rates are very decent ( https://www.bitmarket.net ), once the Bitcoin exchanged to Fiat, you can send a bank transfer to any IBAN, did it once it was very easy and quick to do.

Until now bitcoin didn't make any deal with this entity transfer but hopefully it will occur in future because its popular digital currency and every year the technology advances and continually moving forward to propose a new invention so perhaps banks needed bitcoin.

Banco Masventas in Argentina has received such services. Banco Masventas, a company that partners with Bitex, said that it would make BTC a payment route to reduce costs associated with international transfers.
But the Bank is a financial entity from various countries, so we still need a bank.

no, even if there is no bank, bitcoin will not mean anything because it does not have an exchange rate estimate against fiat.