Bitcoin Forum

Bitcoin => Bitcoin Discussion => Topic started by: foxbitcoin on August 31, 2015, 06:49:20 PM



Title: Barclays to start accepting bitcoin
Post by: foxbitcoin on August 31, 2015, 06:49:20 PM
The UK-based multinational financial services firm stated that bitcoin has the "potential to change financial services" and has entered into partnership with an unnamed bitcoin exchange and intends to start the experiment by the end of the year.

Read more at http://www.econotimes.com/Barclays-to-start-accepting-bitcoin-82378#kRtUb7prLHzijPR8.99


Title: Re: Barclays to start accepting bitcoin
Post by: maokoto on August 31, 2015, 07:03:15 PM
That is good news. Perhaps we will se finantial funds in which Bitcoin has some part soon. Also, bank cooperation would make fiat to Bitcoin conversion easier  ;D


Title: Re: Barclays to start accepting bitcoin
Post by: WhatTheGox on August 31, 2015, 07:34:05 PM
The UK-based multinational financial services firm stated that bitcoin has the "potential to change financial services" and has entered into partnership with an unnamed bitcoin exchange and intends to start the experiment by the end of the year.

Read more at http://www.econotimes.com/Barclays-to-start-accepting-bitcoin-82378#kRtUb7prLHzijPR8.99

Great to get our foot in the door when i first saw the headline i though cool so we can deposit our bitcoins in barclays (not that i would many) but no... looks like they are starting out with charity donations.


Title: Re: Barclays to start accepting bitcoin
Post by: Carlton Banks on August 31, 2015, 07:44:14 PM
I wonder why they're so keen to support a trend that will kill the massively successful business they run at present? I wonder which BIP for the blocksize limit they prefer, can anyone guess?  :D


Title: Re: Barclays to start accepting bitcoin
Post by: Sourgummies on August 31, 2015, 08:03:16 PM
Looks like good news,why do I get my back up lately about good news. :-\


Title: Re: Barclays to start accepting bitcoin
Post by: SirChiko on August 31, 2015, 08:05:08 PM
The UK-based multinational financial services firm stated that bitcoin has the "potential to change financial services" and has entered into partnership with an unnamed bitcoin exchange and intends to start the experiment by the end of the year.

Read more at http://www.econotimes.com/Barclays-to-start-accepting-bitcoin-82378#kRtUb7prLHzijPR8.99
That's atleast some good news for bitcoin, there is even few dollar (like 5) rise in price.


Title: Re: Barclays to start accepting bitcoin
Post by: Netnox on August 31, 2015, 08:09:05 PM
I want people getting paid in Bitcoin.


Title: Re: Barclays to start accepting bitcoin
Post by: Mickeyb on August 31, 2015, 08:19:08 PM
Wow, really awesome news. Barclay is a giant in financial services. They have already had few positive statements about Bitcoin in the press in a last resort weeks and now this. I guess they are recognizing a true potential of the Blockchain technology and are also recognizing that what is coming in the future is completely unavoidable. So why fight it and get left behind, if you can maybe use a head start and profit from it.


Title: Re: Barclays to start accepting bitcoin
Post by: gentlemand on August 31, 2015, 08:23:16 PM

The UK-based multinational has entered into partnership with an unnamed bitcoin exchange and intends to start the experiment by the end of the year.


That'll be Safello as they're under the Barclays wing.





Title: Re: Barclays to start accepting bitcoin
Post by: Wapinter on August 31, 2015, 08:31:40 PM
So far they will allow charities to accept bitcoin


Title: Re: Barclays to start accepting bitcoin
Post by: Jeremycoin on August 31, 2015, 10:17:55 PM
Soon, we will see a Bitcoin logo when we watch Barclays Premier League ;D


Title: Re: Barclays to start accepting bitcoin
Post by: countryfree on August 31, 2015, 10:22:23 PM
That's certainly a step in the right direction, but it's a very small one. Giving money to charities is nice, but we want to do business with BTC. Barclays has yet to propose anything regarding that...


Title: Re: Barclays to start accepting bitcoin
Post by: Carlton Banks on August 31, 2015, 10:34:39 PM
That's certainly a step in the right direction, but it's a very small one. Giving money to charities is nice, but we want to do business with BTC. Barclays has yet to propose anything regarding that...

You don't need to wait for them  ::)


Title: Re: Barclays to start accepting bitcoin
Post by: Pab on August 31, 2015, 11:04:30 PM
Fantastic news,finally there is big bank who want o coparate,instead those who see enigmatic value in bitcoin technology


Title: Re: Barclays to start accepting bitcoin
Post by: smith coins on August 31, 2015, 11:08:24 PM
Now it plans to test the cryptocurrency to allow people to donate to charities in bitcoin.
Will the price of bitcoin rise? what do you think guys?


Title: Re: Barclays to start accepting bitcoin
Post by: aso118 on August 31, 2015, 11:13:34 PM
What exactly will be Barclays' role in this? Charities don't need financial intermediaries to accept bitcoins. Are they looking to help the charities covert Bitcoin into fiat? If yes, then they are just looking at a business opportunity.


Title: Re: Barclays to start accepting bitcoin
Post by: Shattered on August 31, 2015, 11:44:09 PM
Now it plans to test the cryptocurrency to allow people to donate to charities in bitcoin.
Will the price of bitcoin rise? what do you think guys?

This is a very good question.
My hunch says a possible small rise in price, simply because a new demographic of people will learn what bitcoins are all about.
I think that it would be massive if bitcoin acceptance can change the amount of donations several legit organizations receive each year.
All in all, this is very good news IMHO



Title: Re: Barclays to start accepting bitcoin
Post by: Coinshot on August 31, 2015, 11:45:21 PM
If i am not mistaken, there was talk about this happening earlier on. Anyways it's nice to see bitcoin gaining even more support, but i honestly
doubt it will have any impact on the price, at least not a noticable one.


Title: Re: Barclays to start accepting bitcoin
Post by: smith coins on August 31, 2015, 11:46:13 PM
Now it plans to test the cryptocurrency to allow people to donate to charities in bitcoin.
Will the price of bitcoin rise? what do you think guys?

This is a very good question.
My hunch says a possible small rise in price, simply because a new demographic of people will learn what bitcoins are all about.
I think that it would be massive if bitcoin acceptance can change the amount of donations several legit organizations receive each year.
All in all, this is very good news IMHO



I dont know if it is possible now to buy bitcoin in this bank?
If if is so then the bank should have 100s of bitcoin in their wallet so the price should be increased.


Title: Re: Barclays to start accepting bitcoin
Post by: aso118 on August 31, 2015, 11:49:51 PM
If i am not mistaken, there was talk about this happening earlier on. Anyways it's nice to see bitcoin gaining even more support, but i honestly
doubt it will have any impact on the price, at least not a noticable one.

Bitcoin's price has stopped reacting to news about adoption / increased use some time ago. Right now, it seems to be influenced by macro-news (Greek crisis, Chinese economy, etc). So I doubt if the impact of Barclays support will be material.


Title: Re: Barclays to start accepting bitcoin
Post by: Blawpaw on September 01, 2015, 12:33:45 AM
Finally some good news!

great news for Bitcoin indeed.

Probably not so good news for Holders but this will surely accelerate mainstream adoption!


Title: Re: Barclays to start accepting bitcoin
Post by: allthingsluxury on September 01, 2015, 01:29:46 AM
Very nice, I believe more and more banks are going to see the light. Bitcoin is here to stay.


Title: Re: Barclays to start accepting bitcoin
Post by: S4VV4S on September 01, 2015, 07:21:29 AM
I am not quite sure if this is good news or not yet.
Only time will tell.

On a side note (and probably irrelevant) Barclays has been/will be closing down Brittons accounts in Greece and Cyprus.


Title: Re: Barclays to start accepting bitcoin
Post by: ObscureBean on September 01, 2015, 07:55:44 AM
Having Bitcoin associated with such a prestigious bank (currently ranked 21st on the Vault banking 50) is awesome but people need to keep in mind that they're merely testing the waters and that they're not taking any risks by allowing charities to accept Bitcoin. Still, this is a solid step in the right direction  :)


Title: Re: Barclays to start accepting bitcoin
Post by: freedomno1 on September 01, 2015, 08:28:19 AM
The UK-based multinational financial services firm stated that bitcoin has the "potential to change financial services" and has entered into partnership with an unnamed bitcoin exchange and intends to start the experiment by the end of the year.

Read more at http://www.econotimes.com/Barclays-to-start-accepting-bitcoin-82378#kRtUb7prLHzijPR8.99

Looks interesting seeing a multinational like Barclays taking initiative in the Bitcoin space.
Seems Bullish


Title: Re: Barclays to start accepting bitcoin
Post by: Kprawn on September 01, 2015, 10:19:28 AM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books.  ;D


Title: Re: Barclays to start accepting bitcoin
Post by: Carlton Banks on September 01, 2015, 10:34:56 AM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

Sort of.

The financial institutions are largely bankrupt and have been since the 2008 crisis, they're just too afraid to announce the full extent of their finances because it means The End. I don't remember Barclays having problems or receiving bailout money, which if anything only makes it more interesting. The bank with (ostensibly) the least need to take steps that are anathema to their business model are the only bank doing this? Curious.


Title: Re: Barclays to start accepting bitcoin
Post by: ashour on September 01, 2015, 11:07:16 AM
That was predictable, more banks and financial institutions will join bitcoin and blockchain technologies. If you can't beat them, join them. More banks will adopt bitcoin in the future.


Title: Re: Barclays to start accepting bitcoin
Post by: Q7 on September 01, 2015, 02:27:36 PM
I don't think they are keen with experimenting with bitcoin integration in the first place. They are more interested in the blickchain technology and how they can implement with their own version of coins which they have full control over.


Title: Re: Barclays to start accepting bitcoin
Post by: Kasawari on September 01, 2015, 03:13:35 PM
good move for Barclays and I hope this move will initiate others to follow


Title: Re: Barclays to start accepting bitcoin
Post by: RodeoX on September 01, 2015, 03:21:28 PM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books.  ;D
A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/


Title: Re: Barclays to start accepting bitcoin
Post by: ashour on September 01, 2015, 08:39:54 PM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books.  ;D
A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/

Even if the charities use bitcoin as payment method, they will have to convert that bitcoin into fiat. And the banks will take a cut of that conversation. Charity needs to operate solely on bitcoin like paying staff in bitcoin, buying supplies with bitcoin, distributing financial help into bitcoin in order to operate without those high bank fees.


Title: Re: Barclays to start accepting bitcoin
Post by: RodeoX on September 01, 2015, 09:11:15 PM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books.  ;D
A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/

Even if the charities use bitcoin as payment method, they will have to convert that bitcoin into fiat. And the banks will take a cut of that conversation. Charity needs to operate solely on bitcoin like paying staff in bitcoin, buying supplies with bitcoin, distributing financial help into bitcoin in order to operate without those high bank fees.
I agree. And in the short term they would do better with BitPay or Coinbase.


Title: Re: Barclays to start accepting bitcoin
Post by: gentlemand on September 01, 2015, 09:19:05 PM
Both Bitpay and Coinbase already operate in the UK, though I dunno how. No one's going to buy BTC just to donate.

How many existing Bitcoin users are there in the UK? Considering how pathetic the infrastructure is compared to the US I'd say no more than a few tens of thousands. Most of them will be hoarding.

I'd class it as a total dead end. However it's a very uncontroversial way to get their feet wet. They'll probably pull in about 51 but perhaps something will be learnt.



Title: Re: Barclays to start accepting bitcoin
Post by: ashour on September 01, 2015, 10:30:26 PM
There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books.  ;D
A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/

Even if the charities use bitcoin as payment method, they will have to convert that bitcoin into fiat. And the banks will take a cut of that conversation. Charity needs to operate solely on bitcoin like paying staff in bitcoin, buying supplies with bitcoin, distributing financial help into bitcoin in order to operate without those high bank fees.
I agree. And in the short term they would do better with BitPay or Coinbase.

Yes but in this way Bitpay or Coinable would just replace banks and they would take the fees that banks would take instead.


Title: Re: Barclays to start accepting bitcoin
Post by: roadbits on September 01, 2015, 10:53:40 PM
"the controversial digital currency, bitcoin" what is so controversial about bitcoin? It's open source, both the protocol and the software, what more can you ask for?


Title: Re: Barclays to start accepting bitcoin
Post by: crazyearner on September 01, 2015, 11:43:57 PM
This is sure good news but what are Barclay's going to do if it does not bring them money that is not backed up by debt. No change here, they will more like to accept it, have their own foot in the door by applying some sort of fees to exchange out from crypto to fiat, hold the coins so they have some weight in the ground before others start to adopt it and have a big stock for the future.

Markets currently crashing exchanges messing up hmm wonder if Gox is cashing his coins out with the markets tumbling like currently are, and banks also helping to plummet it with some private funds to crash markets for them to sweep up a massive pot of it before the bigger waves happen and passes $1,500 for 2013.

Who knows but theirs a lot of bad things going on and now reading this is indeed fantastic news for them dipping their hands in it and with the exposure Barclays have and seeing a BTC logo next to it will massively expose and promote BTC to the next level.


Title: Re: Barclays to start accepting bitcoin
Post by: gentlemand on September 02, 2015, 12:39:19 AM
A bit more meat on the story here.

http://arstechnica.co.uk/business/2015/09/barclays-to-become-the-first-major-bank-to-accept-bitcoin/



Title: Re: Barclays to start accepting bitcoin
Post by: Carlton Banks on September 02, 2015, 01:33:33 AM
A bit more meat on the story here.

http://arstechnica.co.uk/business/2015/09/barclays-to-become-the-first-major-bank-to-accept-bitcoin/



Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays  :D


Title: Re: Barclays to start accepting bitcoin
Post by: gentlemand on September 02, 2015, 01:35:16 AM

Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays  :D

Six months of free money laundering.


Title: Re: Barclays to start accepting bitcoin
Post by: Carlton Banks on September 02, 2015, 01:41:26 AM

Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays  :D

Six months of free money laundering.

actual lol


Title: Re: Barclays to start accepting bitcoin
Post by: White sugar on September 02, 2015, 01:58:37 AM
Unknown exchange ???

Does anyone knows what exchage may it be?


Title: Re: Barclays to start accepting bitcoin
Post by: gentlemand on September 02, 2015, 02:08:10 AM
Unknown exchange ???

Does anyone knows what exchage may it be?

Safello are already linked to Barclays. No reason why it wouldn't be them.


Title: Re: Barclays to start accepting bitcoin
Post by: Clint on September 02, 2015, 02:47:00 AM
Lol I started a thread like this a few months ago, I think they're using the blockchain, not sure if it's bitcoin. Your article seems legit. This is good for us then.  :)


Title: Re: Barclays to start accepting bitcoin
Post by: Denker on September 02, 2015, 11:40:20 AM
I found that interesting comment on reddit about that topic. What do you think? Is this a possible and good way Bitcoin might going to reach a bigger user base?

Quote
Could you imagine being able to move money from fiat to bitcoin as easily as you move cash from checking to savings?

I envision very soon online banking having a savings, checking, and bitcoin line, with the ability to move funds between each seamlessly.

Sure there's a bit of reserve banking going on there, but it will definitely increase the demand for bitcoin in a non-zero amount.

If Barclays fully commits to this, they should have no problem managing this very effectively.

Let's get behind this because if the last 5 years has taught us anything it's that virtually no one is going to dump their checking accounts for full bitcoin dependency. This is the natural transition. Don't listen to the loony all-or-nothing libertarians around here; this is how bitcoin goes mainstream.


Title: Re: Barclays to start accepting bitcoin
Post by: aso118 on September 03, 2015, 01:24:59 AM
I found that interesting comment on reddit about that topic. What do you think? Is this a possible and good way Bitcoin might going to reach a bigger user base?

Quote
Could you imagine being able to move money from fiat to bitcoin as easily as you move cash from checking to savings?
I envision very soon online banking having a savings, checking, and bitcoin line, with the ability to move funds between each seamlessly.
Sure there's a bit of reserve banking going on there, but it will definitely increase the demand for bitcoin in a non-zero amount.
If Barclays fully commits to this, they should have no problem managing this very effectively.
Let's get behind this because if the last 5 years has taught us anything it's that virtually no one is going to dump their checking accounts for full bitcoin dependency. This is the natural transition. Don't listen to the loony all-or-nothing libertarians around here; this is how bitcoin goes mainstream.

There will be regulatory issues involved.
Even if Barclays (or any other bank) wants to do this, you will have to look at the regulations in the jurisdiction in which they operate. Most regulators still frown upon Bitcoin. Your bank deposits are covered by insurance to a certain extent. Would insurers be willing to insure bitcoin losses?


Title: Re: Barclays to start accepting bitcoin
Post by: bitwarrior on September 03, 2015, 02:58:49 AM
This is good news indeed, hopefully it will go to a full operation on accepting bitcoins on regular accounts as it was stated "To begin with, the roll-out will be slow: only charities will be able to pay bitcoins into Barclays bank accounts.". And may other banks will follow Barclays path as well.


Title: Re: Barclays to start accepting bitcoin
Post by: tadakaluri on September 03, 2015, 05:46:36 AM
Barclays and the bitcoin startup, Safello, will build a program that would allow charities to accept bitcoin.  This appears to be the first time a big bank has directly undertaken a live experiment with the digital currency. This can improve confidence on Bitcoin Investors.


Title: Re: Barclays to start accepting bitcoin
Post by: TeamButtcoin on September 03, 2015, 05:59:04 AM
Meanwhile, outside of the reality distortion bubble...


https://www.cryptocoinsnews.com/barclays-will-not-accept-bitcoin-payment-bank-accounts/


Title: Re: Barclays to start accepting bitcoin
Post by: kenbytes on September 03, 2015, 06:35:29 AM
that is a very good news ...i hope more big companies will do the same  8)


Title: Re: Barclays to start accepting bitcoin
Post by: CoinBateman on September 03, 2015, 07:19:49 AM
Barclays do NOT accept bitcoin in the sense that they are not acting as a money transmitter in exchange to and from bitcoin / fiat.

I recently had my Barclays Business Account closed for no other reason than being involved in legitimate Bitcoin business. Much like every other bank, they are exploring blockchain tech, but they sure as hell aren't going to go into regulatory grey area's acting as a bitcoin money exchanger.

I hate it when the media blows stuff up like this, the news might as well not be news.


Title: Re: Barclays to start accepting bitcoin
Post by: Falconer on September 03, 2015, 04:51:21 PM
Barclays do NOT accept bitcoin in the sense that they are not acting as a money transmitter in exchange to and from bitcoin / fiat.

I recently had my Barclays Business Account closed for no other reason than being involved in legitimate Bitcoin business. Much like every other bank, they are exploring blockchain tech, but they sure as hell aren't going to go into regulatory grey area's acting as a bitcoin money exchanger.

I hate it when the media blows stuff up like this, the news might as well not be news.
Yeah, I dont think any banks could accept bitcoin, since each of them have different principal in their system. The only key why bank approaching bitcoin is to study the blockchain, and they will make their own technology like blockchain, where they could make much profit from that.