Banks are 'very excited' said Bitpay

[misterycoins]

Banks are 'very excited' about what one of the world's best funded Bitcoin startups is doing

http://uk.businessinsider.com/30-million-bitcoin-startup-bitpays-backup-plan-sell-tech-to-the-banks-2015-6?IR=T

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[Alley]

I wonder if they would use the actual amount of btc to transfer customer funds or use a colored coin system?

[NyeFe]

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.

[Lauda]

-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.

I wonder if they would use the actual amount of btc to transfer customer funds or use a colored coin system?

They are talking about applying blockchain technology to the mainstream currencies, not using Bitcoin.

[Beliathon]

Banks are 'very excited' about what one of the world's best funded Bitcoin startups is doing

Lobster is very excited to be your dinner guest tonight, this bath is so warm and relaxing! Lobster is honored.

[tiggytomb]

While it's all well and good banks being interested in integrating the blockchain technology into their existing currency system this doesn't help the Bitcoin community, if anything it goes against it as it will just be strengthening the current system.

[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.

[NyeFe]

the only advantage of bitcoin then would be the almost 0 fees and anonymity.

[mearylll]

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.

I don't think that as a part of Bitcoin Community we need a support from the banking system we are enjoying the success of holding bitcoins. No doubt many of them believe that Bitcoin is dead but its all about spreading the rumors and it would never affect the Bitcoin community who have blind trust on the Bitcoins.

[pereira4]

-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.

I wonder if they would use the actual amount of btc to transfer customer funds or use a colored coin system?

They are talking about applying blockchain technology to the mainstream currencies, not using Bitcoin.

And how are they going to use blockchain technology without a cryptocurrency attached to them, exactly? will it be PoS with fiat and closed source and centralized? that isn't a blockchain, that's a regular electronic ledger.

[Alley]

-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.

I wonder if they would use the actual amount of btc to transfer customer funds or use a colored coin system?

They are talking about applying blockchain technology to the mainstream currencies, not using Bitcoin.

And how are they going to use blockchain technology without a cryptocurrency attached to them, exactly? will it be PoS with fiat and closed source and centralized? that isn't a blockchain, that's a regular electronic ledger.

I was just going to post this.  There is no blockchain without bitcoin. 

[jeannemadrigal2]

I think it is interesting that banks want to use the technology, but at the same time are opposing bitcoins in general.  They want to have their cake and eat it too.  I am not a fan of banks, in fact they are the great satan of our day.  It is sad for me to see them embracing the blockchain technology.

[cryptotipz]

Banks are 'very excited' about what one of the world's best funded Bitcoin startups is doing

http://uk.businessinsider.com/30-million-bitcoin-startup-bitpays-backup-plan-sell-tech-to-the-banks-2015-6?IR=T

Is this a good thing or a bad thing? Thinking long enough, you can see this from two perspectives. Are the banks our friends or what Bitcoin is trying to fight?

[rjclarke2000]

It would be quite ironic if the banks were the ones to increase the Bitcoin price many times over.

[pawel7777]

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 ...

Banks using Bitcoin for inter-bank settlements was never an option.

...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.

Bringing such technology 'to the mainstream' wouldn't make any difference and wouldn't make much sense, as banks already can use their own software as they see fit. The only issue for the banks are settling inter-bank balances and the 'blockchain-like' tech will be nothing more than improved ledger.

In the best scenario, if all/most of the banks will adopt such tech, you could possibly expect faster/nearly instant international transactions, with slightly decreased fees (don't count on free tx). And I hope that happens. But I don't see how would that affect major advantages of Bitcoin.

It would be quite ironic if the banks were the ones to increase the Bitcoin price many times over.

They won't. This will unlikely have any effect on the price.

[countryfree]

I don't like it when banks say they are "very excited". History shows us that what's good for banks rarely translates into anything good for the average guy like you and me.

[ticoti]

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

[elite3000]

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

[thebenjamincode]

wow that's good news
because before banks don't want bitcoin
and now i hope many banks would like bitcoin

[fancy_pants]

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

dare I say it. YOU GET WHAT YOU PAY FOR!