Yesterday I made a request to the community here to share banks they think are friendly to bitcoin.
Many were of the opinion that it isn’t easy to find a bank you can describe as ‘bitcoin friendly.’ At best what you would find are banks that are willing to do business with Bitcoins enterprises and users or those that don't really care as to what customers do with their business accounts as long as it isn’t explicitly against the law.
Nevertheless, so far the following are the banks we have in the list of ‘bitcoin friendly banks’.
You are welcome to grow it here.
Thanks
*Fidor in Germany
*Bawag PSK in Austria
*Liberty bank in Georgia, Caucasus
*Chase in USA
*Mistertango in Europe
*TD Bank
May I ask how these have been confirmed? My understandig is that they keep your bank account in local fiat or in EUR, USD etc. and they don't care if you send money to bitcoin exchange or to bitcoin wallet (in fiat, and wallet keeper does the exchange). They don't have bitcoin as a currency in the bank's system (there's no bank that has bitcoin account), but they don't care about the movements on your bank account, so they are bitcoin friendly. The bank can be bitcoin friendly, if you set up a company that works in the bitcoin business (and not in everyday business like bakery, shop, pharmacy, etc...) and they don't ask about the source of the money credited to the account (anyway, that's the job of the tax authority...) I've heard about banks that close accounts if the owner sends money to bitcoin exchange, those are the bitcoin unfriendly banks. |
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Xapo or Coinbase are good wallets.
I don't agree because Xapo, Coinbase blockchain.info and all web wallets even they claim that are secure the bitcoin owner does not really has the control of his bitcoin because he doesn't own the private keys. All of these are very easy and handy especially for newbies and for a bitcoin fraction but a desktop solution or a hardware wallet is the most indicated solution. If you want to spend your bitcoins, you can choose Xapo or other web wallets that can give you debit card. Xapo has a dedicated card that is linked to the web wallet and you can spend your bitcoins easily, like if you are using your normal bank card in shops or you can withdraw cash from ATMs (but it's a bit pricey, shopping is free on POS terminals) Because XAPO doesn't provide you the private key, you should keep the most of your coins in a paper or hardware wallet and only transfer a little bit of them into the XAPO wallet to spend. You can find other wallets that offers debit card but don't choose prepaid type cards because it's not convinient to use them on the long run. |
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In my country, Central Bank has decided that Banks should complete a money transfer in a maximum of 5 seconds, deadline to develop the neccessary system is July 2019.
This means that banks have to implement a common solution for this, because all of the banks have to fulfill this. As this would be a common development, it won't cause any advantage for a particular bank but will be a huge advantage for all of the people in the country.
The system must be a kind of blockchain based thing, and should be a closed system, having only the banks in the system. This can help to clear the transactions in a really short time and helps the system to be reliable and 100% secure. Looking forward to hear more about the solution.
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Altcoin translations (and translations of other services I believe) are forbidden in the Other languages/locations section, which is why your post was deleted. Unless the Hungarian section is added, or a rule changes, you won't be allowed to post your translated ANN.
Not sure why killyou asked for a signed message. Seems very unrelated and pointless.
The way its activity breaks down on bitcointalkaccountpricer is what made me ask, it is 1 post every 14 days for a few months I still don't understand why a signed message is required.  What does activity have to do with the deleted message? No problem. I've learned 3 things now really quickly: - How to sign an address - It's not allowed to translate in the Other languages/locations, just in the dedicated section - My estimated Price is 0.08120000 (I haven't thought that every user has an estimated price here...) Thank you for everyone, who helped me to clarify this. |
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-----BEGIN BITCOIN SIGNED MESSAGE-----
I'm bitart, today is 22.02.2017 and I still own this address just like on 03.10.2015. killyou72 asked for this signed message
-----BEGIN BITCOIN SIGNATURE-----
Version: Bitcoin-qt (1.0)
Address: 13V3Bj2vHsQYesm633KVgFtQ2zA8NmCJpM
H+CtYXtYLvxcm2lnF7cap+OlkjHEzBtJafs1xDsSNldtR9uGoNWScHcRBnbU/uy6dqNZ7DYa410o898cfson0QY=
-----END BITCOIN SIGNATURE----- |
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I haven't tried to sign any address yet, but there should be no problem, I'll try it. I'm using that address for a long time ago, you can have a look into my profile, you can find that address, it's still there. What can I prove with signing that address? I'll check in the forum how to sign address. Maybe there's a bit misunderstanding. Why should I contact the person who made the thread I've already translated? We have already agreed that I can do the Hungarian translation. I have done it already, and have created a new topic in 'Other languages/Locations' for the translation, it took several hours to complete the whole translation. I have posted the translation in the new topic. It was there for a few hours and after an admin has deleted it. I think the person who made the original altcoin thread can't help me, he's not an admin, I think. If I misunderstood something, I'm sorry and please help me, I'd like to get this sorted. Edit: Found a topic about signing an address. If I understand well, I need to prove that it's still me who uses this username and I haven't traded this account. |
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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...
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. |
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Dear Admins, I have joined this forum a long time ago, and I have learned a lot about bitcoin here. Last week I have decided to start to learn about altcoins. My first attempt was to find an altcoin and translate it's first post to my language. I wanted to learn about altcoins and to upgrade my translation skills. I have choosen this altcoin: https://bitcointalk.org/index.php?topic=1727707.0My language (Hungarian) has no dedicated thread in the Local. Because of this, I had a look at the 'Other languages/Locations' and found this topic: https://bitcointalk.org/index.php?topic=1791680.0This is also a translation topic of the first post of the mentioned altcoin. The topic is still there, this is why I also started a new topic for the Hungarian translation of that altcoin also in the 'Other languages/Locations'. My new topic was: https://bitcointalk.org/index.php?topic=1797870.0Next day (today), I have received a message: "A reply of yours, quoted below, was deleted by a Bitcoin Forum moderator. Posts are most frequently deleted because they are off-topic, though they can also be deleted for other reasons. In the future, please avoid posting things that need to be deleted." My topic with the hungarian translation was deleted. Please let me know the reason why my post has been deleted. I just translated the same first post as others, and I created a new topic in the same place where I found another similar translation topic. Please let me know if it's possible to create a Local thread for Hungarian language, and in that thread we could create an altcoin section for the translation topics like the above mentioned one. Thanks for your help in advance! Bitart |
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You should not forget ... that help them stay on the market.
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. |
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Hereby applying for the Hungarian translation
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Just found this interesting press release in the press section: [2017-02-16] Blockchain - The Next Banking Blockbuster? “Let’s not throw the baby with the bath water”, is what the financial services industry seems to be saying. While they didn’t quite warm up to the Bitcoin, they are clearly embracing the Internet of Value that has been made possible by blockchain, the crypto-currency’s underlying technology, akin to internet/web for information. Today, blockchain is one of the most discussed technologies within the industry and is considered as one of the most interesting development on technology front. Even as we speak, many multinational banks have invested in proof-of-concept projects to explore potential applications for blockchain across the financial services value chain. In the recently held annual meeting of World Economic Forum (WEF-2016) in Davos, Switzerland, leaders of the world’s largest financial institutions, companies and organizations debated on blockchain technology as a disruptive innovation, which has potential to change the banking landscape. While banks and financial institutions are busy testing out use cases, Central Banks of various countries have also shown interest in blockchain technology and have made statements that blockchain can provided great value to financial transactions, though they are still skeptical about acceptance of bitcoin as a main stream digital currency. Definition The fundamental idea of blockchain technology is to provide transparent and trusted dealings between trustless participants without the need for a centralized monitoring/regulating authority or an intermediary. At a basic level, blockchain is a record or ledger of digital events/transactions that are shared with multiple participants/database. Each participant in the network will have a copy of the same ledger or in other words the ledger is replicated to all participants. It is called a blockchain because transactions organized into blocks chained together and updated, with the longest chain representing the data that all computers use to validate new transactions. Though bitcoin and other crypto currencies provides non-restrictive access to the network, banks/FIs and fintechs are also exploring permission based blockchain protocol, where entities can have different roles and access to the ledger. Use Cases The distributed ledgers that underpin blockchain technology have many transformative applications within the financial services industry. Let us briefly look at few of them. Payments – This is a space that has already been significantly transformed by digital innovation. But the focus has started to shift from proprietary payments services, or even regional hub and spoke partnerships, to a global model that enables real-time payments anywhere in the world. There are three ways in which blockchain technology can enable this transition. First, its near-real-time transaction processing capabilities can accelerate transaction validation and finalization to facilitate instant payments. Second, it eliminates the need for intermediaries by creating a decentralized network that enhances the trust and transparency of every transaction. Removing the intermediary will reduce transaction cost – cost of intermediation and risk pricing. Currently, due to cost structure prevailing in the money transfer framework, there is a limit to minimum practical transaction level. Thirdly, blockchain creates new sophisticated payment opportunities, such as smart contracts that automate payments. But the value of distributed ownership in payments will really rise to the fore once the Internet of Things takes off. As machine to machine interactions become the norm, blockchain will be almost indispensable to enhancing the value of payments without compromising speed, integrity or transparency. KYC/AML & Records Management – Blockchain could also help to address inefficiencies in the KYC and AML processes at financial services companies. Today, KYC is an expensive, time-consuming, high-friction process that has to be duplicated every time a consumer enters a new financial relationship with a service provider. Creating a centralized network-defined registry can make the entire process of establishing and validating identity simpler, faster and cheaper. The need for such a solution can be seen in the overwhelming reception for SWIFT’s centralized KYC repository, which has already been embraced by more than 2,000 financial institutions in over 200 countries and territories across the world. At the same time, startups, like Tradle and Polycoin, are also working on blockchain-based compliance solutions that will streamline KYC processes and even extend to AML procedures. But the key challenge that has to be addressed before blockchain becomes a key component of compliance technology is the inherent anonymity of transactions that can put regulators at odds with the technology, especially in areas like KYC and AML. The rapid expansion of reporting and compliance regulations also opens up the possibility of a comprehensive blockchain-based regulatory solution that automates and streamlines the exchange and consumption of information between financial service institutions and regulators. Capital Markets – According to one report, blockchain adoption in capital markets is more a question of “when” than “if”. A consortium of 20 banks is already working with Fintech firm R3 to examine potential blockchain applications in capital markets. There are significant risk, efficiency and accuracy implications for deploying blockchain here. A consolidated and distributed data repository gives all users a unified and real-time view of all trade-related information, thus reducing the scope for error or disagreement and accelerating the settlement process. Asset transfers and transactions can be further optimized by embedding smart contracts that auto-execute based on predefined business logic. Users could judiciously share data that establishes their own value credentials with their trade counterparts to manage risk and credit exposures more effectively. Blockchain-based solutions also allow users to leverage currently non-tradable assets like invoices to extract more value. Security custody, clearing and settlement in the capital market will see more efficient and faster processes with blockchain technology. Depository Trust and Clearing Corporation (DTCC) is one such financial services player, expecting to derive value in post-trade landscape of securities market, with the distributed ledger framework. The framework will allow in providing a common platform, common version of transactions, movement of asset, rightful owner of asset and uninterrupted trading cycle. That being said, there needs to be a concerted effort to define a common transactional and regulatory framework before blockchain technology becomes a mainstream application in capital markets. Trade Finance – Blockchain has the potential to revolutionize the trade finance industry, characterized by a complex network of players and several manual, paper-intensive processes. Many large banks, including Bank of America, Standard Chartered, Barclays and DBS, are already working on their proofs-of-concept to explore the possibilities of digitizing trade finance assets on a distributed ledger. Standard Chartered and DBS, for instance, are currently working on a Ripple-based blockchain solution to develop more efficient innovative trade finance services. Wave, a blockchain-based supply chain startup that has partnered with Barclays in trade finance, is already using the technology to take control of the ownership of goods and documents during shipping. The startup is replacing traditional shipping documents with electronic versions and has created a service that will track goods from port to port, record transactions, execute and update smart contracts, and even make payments at designated ports. Syndicated Lending: Blockchain in syndicated lending envisages to reduce the settlement process on the sell-side and buy-side. This will enable in saving millions in capital cost, reduce transaction verification, settlement time, information exchange and transaction cost. Blockchain protocol will enable faster and accurate methodology for sharing of information among the counterparties. The counterparties need not maintain and update separate books. This also enables easy review/audit by the regulators. Here the parties can be part of a private blockchain network, with shared access to same ledger. The cryptography adopted by the protocol, will ensure authenticity of the transactions. JP Morgan has invested in Digital Asset Holdings (DAH), a start-up run by Blythe Masters, former head of Global Commodities at JP Morgan (Blythe Masters is one of the financial engineers, who helped develop the credit-default swap). Smart Contracts: Rules/Conditions can programmed in the blockchain and linked to specific events. Based on the outcome of the events and the rules defined, the contract can be executed automatically, which can result in transferring the underlying to the respective participant. This eliminates third party/intermediary authority for authentication of the contracts and the resulting fees/charges incurred. Etherium is a leading startup, who has developed blockchain protocol for providing a trusted and transparent contract between anonymous parties. This finds use cases in financial services for areas such as foreign exchange market, self-enforcing contracts etc. Gift Card Issuance and Distribution: Retail gift cards are currently exposed to multiple agencies from issuer to distributor and retailer until it reaches the end-customer. Here the card numbers are exposed at multiple stages, with a possibility for card related fraud. Blockchain technology based network enables in transferring the value of gift card, without the need for sharing the card number. Using the public key and recipient private key, the gift card balances can be transferred securely to the recipient. Gyft Block, the blockchain-based gift card platform developed by Gyft specializes in mobile gift cards. Many more use cases are being tested out by various banks, financial institutions and start-ups. Each player is trying out use cases at various levels of financial instrument life-cycle. The cases which provides greater efficiency compared to the existing processes will find execution in the immediate future. Challenges faced The blockchain technology is being experimented at various locations and institutions around the world, it could take years to bring out a replacement for the existing processes. The core decentralized/distributed trust proposition of blockchain will allow financial services firms to extract more cost and operational efficiencies as well as create new opportunities for growth. But there are several challenges to be addressed before the technology goes mainstream. Few of the challenges faced currently are as follows: Technology: The primary challenge is with the technology itself, which is still quite nascent. There is still way to go before all the components fall into place to enable standardized production-ready, enterprise-scale solutions. Further, integration with numerous existing institutional systems, safeguarding the security, is a herculean task. Cost: The cost of developing and maintaining blockchain network with decentralized virtual machines is currently high. The speed of transaction is slow currently, considering the time for verification of the transactions. The computational power required is also high. This is a deterrent. Scale of Operation: One of the biggest challenges of deploying blockchain is the need to build scale. For example, in trade finance. If these solutions are to deliver real and/or new value in trade finance, the ideal situation would be for everyone involved - corporations, shipping companies, customs agencies, banks etc. – to get on board. Regulatory: There is a lack of regulatory framework to the blockchain environment. Few of the central banks around the world have given a positive view towards blockchain technology and their potential. As the technology evolves, regulations will have to keep pace and define a clear framework for adoption. Security and Privacy: The sensitive transactions performed through the network, will be exposed to multiple participants. The legal modalities on performing such transactions is an open area. Further, an attacker with immense computing powers can hijack the system. There could privacy concerns for large corporates on smart contracts provided through distributed/shared ledgers. Legal Aspect: As there is no single central authority, which is confirming to the transactions, there is no legal standing when there is a loss/dispute. Previously these transactions were authenticated/validated by certain regulators/government authorities. Now this becomes a bilateral transaction, between pseudo anonymous participants. Participants are anonymous: The information on the transaction, user identifiers and location are captured by the network as system generated algorithmic number. This is a pseudo-anonymous identification of entities and transactions. Here the issue of privacy of transactions and ledger balance need to be handled within the framework of traceability and authenticity of transactions. Immutability: The data is fairly immutable. This may not be a practical option, since cancellation and amendments are common in real life. However, blockchain will enable the changes by consensus, to handle the issues on modification. Conclusion Inspite of the above challenges, both public and private sector are investing in new innovation/experimentation around blockchain technology. Apart from driving innovation, these institutions are looking at an early mover advantage, which will enable them to monetize benefits by reducing cost and offering the service to other institutions. One thing is clear – blockchain is here to stay. So it may be a while before all this experimentation actually translates into large-scale adoption at various levels of financial sector. But there can be little doubt about the potential of blockchain technology to transform the financial services industry. As noted by Blythe Masters, “It’s analogous to e-mail for money”. Link: https://www.finextra.com/blogposting/13710/blockchain---the-next-banking-blockbusterIt needs time and resources. A lot. Today it can't be seen clearly which will be the preferred way forward. Banks are trying to adopt the blockchain technology, but they are only in the development phase. If they will succeed to develop a commonly accepted solution, they will need time to test it. Bank system handles most of the money today. They can't just switch from one system to another from a day to another. They will need to test the new system parallel with the existing one, for a given period of time (year or so), to be 100% sure that it works as expected. Or, they will just develop the new system in parts and they will change only a little bit of the system. Let's say they develop the core and after they develop several part one by one and test it. In that case they still can develop every part of the system parallel, but needs to test and implement just a little bit. If they fail to implement a little part, no problem, maybe the news won't notice it at all, but if they implement a brand new system globally and fails to go live with it... A similar development that was done in the past years: Bank transfers are handled only when the bank is open. This mean that there is a gap in the service, it's not 24/7. If the bank transfer was sent to another country, it took days usually to complete the transfer between foreign banks. Card issuer companies (MC, VISA etc) developed a system that allows to transfer money from a debit card to another debit card (issued by the same card issuer company). You can just transfer money 24/7 from a card to another one, if the sending card has enough funds, and it's done in a few seconds. They have a different and independent ledger system from the banks'. I don't know the core of their card system, but can be similar to blockchain, or could be done with blockchain technology too. |
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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.
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 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. |
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I think they want faucet users to go somewhere else with the new FEE structure
I'm a bit surprised about this because XAPO was one of the wallets used to integrate into faucets. Now this is over, it seems. No, it's not over. Many faucets will remain to use Xapo, because they sends satoshi from their Xapo account to user Xapo account. There are no initial transaction, transfers from Xapo to Xapo will remain free. Only faucets which use initial transactions will be charged. In this case, this can be a strategic step from XAPO, they want to have a bigger market share among faucet operators and also among faucet users. |
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I personally pay more and will pay utility bills using real money. Even the salary I get it in hard cash and I think that this trend is still quite long.
but in my country today most companies are already using payroll systems with the help of banks. not the cash anymore. so all expenses can be monitored. This is a sign that paper money has started at left i think these companies may do not know about bitcoin. because bitcoin is too good as if we compare to paypal. i think the service of papal is also not available everywhere. while the service of bitcoin is available every were . the fees of bitcoin is also very low as compare to the transaction fee of bitcoin. Just imagine that you are an ordinary, average worker at a company, and not a bitcoin user on this forum  If your company offers you tomorrow, that you can get your salary in bitcoin, or you can get it in real money, would you choose bitcoin? Imagine, that you know bitcoin, or you have heard about it before, so you know both options. (Most of average workers don't) Are there enough shops, pump stations, etc. to be able to live your everyday life with bitcoin in your wallet? This is where we need to improve. Or, to improve the existing bitcoin funded debit cards, because this can help people use bitcoin in shops where they can use their normal VISA or other card. And in this case the shop won't notice that you have payed with a bitcoin card or with a normal VISA card. If I accept to be paid in bitcoins, what is the gain for me ? If I just get the same amount of value, I don't see the point. I'm paid in Euro today, if my boss offers to pay me the same value but in dollars, what would I gain ? Nothing. Now if my boss offers to pay me a bit more but in BTC, then we're talking. But there should be a good reason for that. The most likely reason would be that my company is trying to avoid taxes or things like that, so they would be doing something illegal and offering me to participate. I wouldn't accept in this case. Maybe the reason is more simple like your company is trying to adopt new technologies, and not because of taxes or anything illegal. Gain can be that cashless purchases are more convinient and easy compared to cash (and girls at the cash desk will like you more because they don't need to mess with the change ) Today, paper money is accepted nearly everywhere . Debit and credit cards are also accepted in the majority of the settlements. If you want to use the electronic wallets of the new fintech companies (using the national currency), you need to search for shops in the capitals mainly. If you want to use bitcoin, you'll have even less possibilities in an average country. The change from the paper money to a cashless economy (and to the widely accepted bitcoin) is hard. Maybe the new smartphone generation won't care about the paper money and will turn to the mobile solutions. In my country, most of the people now start to recognize the advantages of the PayPass debit cards. It's a step towards to a cashless economy. Next step would be tapping their phones to the POS terminals and not their Paypass cards, but that needs time, years. There's no widespread solution for paying with mobiles yet, Apple, Samsung, and other companies are working on it, but it's not ready. |
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I think they want faucet users to go somewhere else with the new FEE structure
That makes sense. If 1BTC is $1,000 the minimum amount to receive is 37,82 cents, if you don't want to pay fee for the incoming transaction. Such a little amount usually comes from the faucets. XAPO needs to process every incoming and outgoing transaction, that generates costs for them that they need to cover somehow. I'm a bit surprised about this because XAPO was one of the wallets used to integrate into faucets. Now this is over, it seems. |
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It can never be happen that bank will disappear because of bitcoin, but bank can be possible to adopt the concept system of bitcoin in the near future.
I have different oppinion, I think bitcoin can reduce income of bank from fintech. Bitcoin transaction is more easier. So I think a lot of fintech industries will choose bitcoin. Probably if the customer of bank turn into bitcoin, bank could be dissapear one by one. Banks have understood that they can't just ignore fintech companies. Because of this, they're trying to cooperate with them (if you can't beat them join them) so they are searching for the best fintech ideas and they're buying them (the idea, the person or the entire fintech company). Banks has funds to work out the fintech ideas, has the customer base, to test them and the most important, the trust from the customers. Because we're talking about money (fiat or btc), without trust, the best ideas can just disappear easily. Banks has the customer base, and customers trust their banks. If the bank starts a new service, customers just don't think about he trustability of the service (because it's the bank's service) but only if the new service is useful for them or not, and if they find it useful, they will use it. If you're a fintech company without any reference and customer base, you have to work hard, do marketing, collect customers and funds, if you have only the idea and you are short on funds. It seems that at last banks has understood that fintech is a thing that they need to think about, so they won't disappear, but their service will be better because of these new ideas and technologies. |
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If you want to save money, you can always chose another option like paper wallets.
This! True crypto doesn't require any hardware at all. It's pure math. (just keep an eye on partially sendings, missing return adresses) Regarding a used Trezor for daily useage I believe it is totally secure. Reflash it, take a closeup look of the casing. Has it been opened? The attack surface of those devices is really small. I would be more worried about other portable devices like dedicated cellphone since they arrive backdoored by manufactorer, or get a fresh backdoor upgraded via wireless update. Stealing data from phones seems to be common practise, everybody is trying that. They got invented for stealing data. Thanks! So it seems I can be more secure if I use the second hand Trezor like a hot wallet and a brand new for bigger amonunt and forget about web based mobile wallets... Something else: I had a look at the official shop of Trezor ( https://shop.trezor.io) It seems that they're out of stock now (every colour) I had a look at amazon too, but the price is double (!) compared to the official shop... on trezor.io, you can get $99 + shipping, on amazon, it's nearly $200 Seems I should wait for the official shop, they estimate the delivery for March 2017... (it seems that there's no Trezor on ebay at the moment...) Found a new webshop where they accept Paypal and you can buy Trezor, it seems like an official bitcoin webshop. Do you know it, have you ever bought anything from them? Is it a trustable? https://store.bitcoin.com/collections/hardware-wallets/products/trezor?variant=19194849091The price of the Trezor is the same as in the official Trezor webshop, but at Trezor's shop you can only pay with bitcoin. Amazon is far too expensive |
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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. |
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Imagine how much more your salary can get when the price of bitcoin has increased.
Good point Are there enough shops, pump stations, etc. to be able to live your everyday life with bitcoin in your wallet?
We're not there yet but we will be eventually. You always have to convert your bitcoins to fiat first as bitcoin isn't mainstream yet. This is why I wrote that you don't need to convert your bitcoins (on exchanges, or etc) for the everyday spendings if you have a debit card connected directly to your wallet (like Xapo and others). |
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