Itskok (OP)
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February 07, 2017, 06:04:35 AM |
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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.
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Quickseller
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February 07, 2017, 07:11:00 AM |
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It is my understanding that banks are more interested in blockchain technology than Bitcoin itself.
From what I have read, banks seem to be interested in using blockchain technology to settle trades between repetitive trading partners.
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ethereumhunter
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February 07, 2017, 07:45:58 AM |
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i don't think that there will be a special wallet that can be used for bitcoin and the bank, its better to have each of wallet for bitcoin and bank. i think if bank is using the blockchain technology, then bitcoin will be include in the transaction and can be act like fiat as new type of money.
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Jet Cash
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February 07, 2017, 04:06:48 PM |
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The Bitcoin blockchain is completely alien to conventional banking concepts, and it is unlikely that they will incorporate it into any products. Two of the factors that will keep it out of banking products are the proof of work concept, and the distrubution of the blockchain archive into the public domain with node verification.
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys
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eclecticuniversalas
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February 08, 2017, 06:20:56 PM Last edit: February 08, 2017, 06:36:23 PM by eclecticuniversalas |
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quote from what started it all, . Satoshi Nakamoto, . "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution., . emphasis added . . . i think the problems banks are having right now is that everyone is looking at a better system that doesnt use banks at all, . and everyone in the higher corporate echelon and upper wall street want this system as well, . . its faster and saves billions in precessing record keeping etc, . thay all want to transfer to this system, . .but the original concept and bitcoin blockchain formula itself was based on removing the banking structure from trade altogether, for privacy and convenience, .and it works, . it seems everyone in financial circles wants blockchain in a real bad way, . they save money and time, . but these camps are split into two groups, . those who can use this new technology and or profit through buisness with it, . IBM, Cisco, Samsung, etc, . .and those to whom have the capital for investment but are being excluded from the model, .these would be banks, lending institutions, credit card companies, and companies that handle record keeping and stock market transactions, . they all across the globe want blockchain REAL BAD, . the entire systems, . .but unfortunaatly the beginning premise was to exclude financial institutions, .and those in the financial institution sector are no longer in the loop. . .all these higher ups in trade both globally and locally are looking at each other trying to figure out what to do, . some bigwigs are positioned nicely to facillitate and integrate with processing hardware etc. , . and others are completely off the grid, and i mean completely, . and those left out such as bankers, have made and amassed fortunes through money transfer, . its as if they are all not wanting to transfer to blockchain, yet they cannot resist as to the money , work and hassle it will save them over the board, . . . to me, IBM, CISCO, Samsung, ETC must step up and leave their friends in the financial institutions behind,. And the financial institutions must graciously step aside for the betterment of the system, , ,. this must be done, but they cannot do it, . they are stuck because the original idea started with "what if we made a system that did not include all the infrastructure, . and it worked, . . if you integrate a bank into the system as an intermediary, not only is it totally counterintuitive to the system, . but ti also removes the advantage of personal privacy and speed of service in trade transactions, . . It cant be done, . otherwise it isnt bitcoin or blockchain, its just another muddled mess, . . just my opinion, . and from what ive seen of citi, jp morgan, wells fargo, . etc. . non of them will ever be willing to take their current profits and bow out of the world monetary control system. . . they are stuck with a better system everyone wants, . .and it doesnt include them. it can never include a bank because the blockchain formula was started and hashed out with the beginning premise again, . ."A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution., . there are no banks in bitcoin, its entire concept is just that. . . thats why its so efficient. .
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PremiumCodeX
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February 08, 2017, 07:25:22 PM |
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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...
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fitty
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February 12, 2017, 12:43:35 AM |
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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.
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bitart
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February 12, 2017, 12:39:43 PM |
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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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calkob
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February 12, 2017, 03:47:21 PM |
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I dont think that there is and i dont think that there would even be a demand for such a product from most bitcoiners, yeah maybe in the future average joe might like something like this.
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veleten
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February 14, 2017, 01:26:09 PM |
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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
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FroiD1911
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February 14, 2017, 02:25:31 PM |
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if banks run a fullnode in a secured environment they are able to create bitcoin adresses. afterwards they can match those adresses with customer accounts and offer a new services to their customers.
* it is not necessary to create a bitcoin fullnode. they can also print out paper wallets and store the private keys on a safe.
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bitart
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February 14, 2017, 07:52:05 PM Last edit: February 14, 2017, 08:10:00 PM by bitart |
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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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PremiumCodeX
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February 18, 2017, 09:32:30 PM |
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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.
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bitart
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February 19, 2017, 07:13:16 AM |
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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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Itskok (OP)
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February 20, 2017, 11:11:36 PM |
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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...
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eclecticuniversalas
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February 21, 2017, 08:39:39 PM |
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After another week of observing this BTC phenomena, I renig my previous statement, . .I now believe that BTC is a global currency and Banks are local currency, . both should exist so if one fails the population can easily switch to a better running currency, . If BTC fails the they can individually choose to transfer to the local banking system as it exists today . if the fiat of that system begins to fail, they can begin transferring over to the global digital currency untill they straighten out their own system, . . I think the banks should have no dealings or influence over the global world currency, . and the BTC should have no say over local fiat systems, . .this way the individuals are always able to move freely between the two, ..I think the local banking systems need to let bitcoin be bitcoin, and bitcoin needs to totally diverse away from local systems, . yet the two can run in concert. . I think the banks still have a place on local community currency control, in fact the systems can stay as they are, . . online exchanges are just that and that only, . an exchange of funds, . and all personal asset holding should be done by the owning party offline,. .
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bitart
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February 21, 2017, 09:49:46 PM |
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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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liseff3
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September 27, 2017, 01:53:10 PM |
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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.
Although there are banks that accept bitcoin, maybe only a few banks. To integrate bitcoin with a real bank, I think this problem is a very difficult problem, since the presence of bitcoin itself is still considered illegal almost throughout the country. But I hope, for the future bitcoin can be integrated well in every real bank and touched by the public, only with bitcoin is all transactions can be done easily, because bitcoin transactions can be done with smartphones.
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nikisev
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Im the very decease you pretend to be
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September 28, 2017, 04:20:09 PM |
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Come on. Its multibilion business. No bank can say no to this. They just too big to move quickly.They need to readjust regulation, loby the politics and what not. But banks are first and always are for making money. So if money can be made, its just a matter of time before banks jump on it.
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nicosey
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September 28, 2017, 04:58:36 PM |
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Look at CommerceBlock. Team has banking experience and will launch soon.
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