Banks are 'very excited' said Bitpay

[BitUsher]

I think they don't care about bitcoin,they like the blockchain technology,but they don't want to use bitcoin

Banks and countries are perfectly fine to create their own Alt as it will ultimately be an effort in futility because Bitcoin will always remain ahead because:

1) Universal acceptance worldwide because its a sovereign currency that transcends legal jurisdictions
2) Maintain privacy without the risks of state and government corruption (within the blockchain)
3) Largest international user base with better network effect
4) An open source protocol cannot be regulated or sued like a corporate coin/bank coin can
5) Most of the worldwide economy exists in the grey and black markets and bitcoin is better suited to handle those markets
6) Isn't this a conversation we should have been having 2 years ago before many large adopters like NYSE heavily invested in Bitcoin companies? The establishment is already adopting bitcoin.

[fatguyyyyy]

banks are 'very excited' about copying bitcoin's blockchain infrastructure .. not about Bitcoin itself

[BitUsher]

banks are 'very excited' about copying bitcoin's blockchain infrastructure .. not about Bitcoin itself

They can copy the code, they can replicate the hardware, but they will never replicate bitcoins infrastructure and key advantages. They may create other advantages over bitcoin as well... but fear not, bitcoin will always remain the more private choice and the more efficient choice because bitcoin as a protocol doesn't need permission to innovate or exist.

[dollarneed]

i wish this is a good news, are banks going to addopted bitcoin or its system ? or create their own ? i prefer ther is no invertion from bank or goverment

[Argwai96]

i wish this is a good news, are banks going to addopted bitcoin or its system ? or create their own ? i prefer ther is no invertion from bank or goverment

IT makes me wonder if first private banks will begin adopting the technology when will governments will begin I'm sure they could save way more money then banks when it comes to records and budget.

[tss]

the big banks could develop their own pos blockchain for internal use.  it is probably better than what they use now.  they can use bitpay as entry to learn the tech and people.

[Kprawn]

It acctually has nothing to do, wiith them trying to create a competing system for Bitcoin as a currency.

They do internal transactions {offline} in their banking software... Like Xapo does, and then later they have to do the acctual {online} transfer between other banks.

They need "Blockchain" type technology to do this in real time, between banks, to reduce delays with clearances.

Bitcoin will still function without this, it only means banks will do external clearances quicker. 

[Amph]

banks are 'very excited' about copying bitcoin's blockchain infrastructure .. not about Bitcoin itself

they will end use bitcoin for their blockchain as well, in a sorf of sidechaing, integrated with the original blockchain, they will not just raise another fork of it, in the hope that it can surpass the original one, will not happen, and they know it

[bitnanigans]

They're very excited about building their own version for control. Or perhaps, Bitpay may be looking to be acquired or bought out.

[jeannemadrigal2]

They're very excited about building their own version for control. Or perhaps, Bitpay may be looking to be acquired or bought out.

I didn't think about it, but getting bought out would be very nice for bitpay.  Interesting angle!

[josephno1]

I think this is rather bad for bitcoins. Blockchain is one of the most crucial technology of bitcoin. If banks employ the blockchain tech for their own transfers, they will probably not end up using bitcoin but will rather make a digital blockchain without the need for bitcoin which could be supported by something else just like account transfers. And once they bring this technology to the mainstream public business as well , they will just use something like mobile wallets to transfer money and the only advantage of bitcoin then would be the almost 0 fees and anonymity.

Is it even anonymous since you still leave behind a bitcoin address

[erpbridge]

I think this is rather bad for bitcoins. Blockchain is one of the most crucial technology of bitcoin. If banks employ the blockchain tech for their own transfers, they will probably not end up using bitcoin but will rather make a digital blockchain without the need for bitcoin which could be supported by something else just like account transfers. And once they bring this technology to the mainstream public business as well , they will just use something like mobile wallets to transfer money and the only advantage of bitcoin then would be the almost 0 fees and anonymity.

Is it even anonymous since you still leave behind a bitcoin address

Well yes I would say thats a deep level of anonymity. If I was to send some bitcoins to your address there would almost be no way for you to know my name and email addresses or other details.
All you will get it my bitcoin address. Sometimes people require that anonymity for a lot of things which won't be the case in case of the banks.

[unamis76]

Of course they are very excited: BitPay needs banking partners to turn all that Bitcoin from companies that immediately convert them, and this is a new business opportunity for banks to profit.

I hope everyone using BitPay switches to 100% Bitcoin, or at least the vast majority of funds to Bitcoin only (the only exceptions being funds in fiat to pay whatever they cannot pay in Bitcoin, yet).

[Bitcoininspace]

Bitpay has shifted its focus from letting businesses accept Bitcoin to getting people interested in Bitcoin in the first place. The company is doing this by building the infrastructure and tools to make Bitcoin more accessible. In the process, they've stumbled on a new market — big banks.

Clearing is the process of actually moving money from one account to another

the so-called "blockchain" software underpinning it makes transfers much faster.

the likes of Citi, UBS and Santander are all looking at blockchain technology

tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.

Would banks make their own blockchains if that's the case? Who would pay for the mining consumption and the miners to keep the network stable?

[1986]

-snip-
tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.

In other words, this isn't related to Bitcoin but rather to blockchain technology. This shouldn't even be in this section.

This is the saddest thing about it in my opinion. I think most companies or banks aren't that excited about bitcoin or using it directly but they're just interested in the blockchain tech behind it which they will just utilise themselves to save themselves money. Good news for banks but not really us sadly.

[pening]

Would banks make their own blockchains if that's the case? Who would pay for the mining consumption and the miners to keep the network stable?

The cost of mining in Bitcoin has been artificially inflated from a combination of proof of work, halving and the reward for mining itself.  Adjust some of these to remove the hash rate arms race to make financial gain, and mining to secure the blockchain is inexpensive.

[Alley]

If they create there own centralized blockchain its really just a updated ledger. 

[bryant.coleman]

Although it is nice to hear that Bitpay is being used by 60,000 different merchants, the sad thing is that nowadays only a small number of people use Bitcoin to do their shopping. According to Stephen Pair, only the early adopters are using Bitcoin to do shopping on these sites. The newer Bitcoiners are not using their coins for shopping. They are treating Bitcoins more like an investment asset. If things continue like this, then the merchants will lose their interest in Bitcoins and they will shelve BTC as one of the payment options.

[BitmoreCoin]

dare I say it. Blockchain interest has been rising faster than Bitcoin

Yes. But banks need to attach a coin to the blockchain, most likely bitcoin.

[hasmukhh]

why wont banks be excited for anything ?
banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.