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bitcoineverything
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February 23, 2017, 05:56:25 AM
 #1

Hello Everyone,

Canada is now one of those countries that embraces the blockchhain technology. The Bitcoin Alliance of Canada now changed its name to Blockchain Association of Canada.

One of their board members said that one of the reasons why they changed the name is because having the word Bitcoin on the name of the alliance makes it difficult for them to open a traditional bank account for the association.

However, it is a also a logical move since blockchain startups are rapidly growing in the country.

Tell us what your thoughts about this.  Smiley

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February 23, 2017, 06:29:03 AM
 #2

Hello Everyone,

Canada is now one of those countries that embraces the blockchhain technology. The Bitcoin Alliance of Canada now changed its name to Blockchain Association of Canada.

One of their board members said that one of the reasons why they changed the name is because having the word Bitcoin on the name of the alliance makes it difficult for them to open a traditional bank account for the association.

However, it is a also a logical move since blockchain startups are rapidly growing in the country.

Tell us what your thoughts about this.  Smiley

Probably a good move on their end to change their name and somewhat remove
"bitcoin"->'blockchain" because of some issues and roadblock in the financial banking
industry.

This will also drive awareness across Canada and educate about what Blockchain
Technology is and what advantage it can give in many different sector or industries.
If Canadians can reap the benefit of an organization like BAC, perhaps they can
be a global blockchain hub in the future. I don't know if other countries has similar
BAC, but I hope others will follow and establish their own Blockchain organization.






Senor.Bla
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February 23, 2017, 08:26:42 AM
 #3

How often do you have to open an traditional Bank account? Once i think, so why is it so hard to find a bank who will do it? If they Want to fight for Bitcoin and its acceptance, then this is a poor example of how to do it. It would only make sens if they would want to expand their activities to different blockchain technologies than Bitcoin. Probably some who are willing to pay for some services they provide.

bitcoineverything
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February 23, 2017, 02:07:50 PM
 #4

How often do you have to open an traditional Bank account? Once i think, so why is it so hard to find a bank who will do it? If they Want to fight for Bitcoin and its acceptance, then this is a poor example of how to do it. It would only make sens if they would want to expand their activities to different blockchain technologies than Bitcoin. Probably some who are willing to pay for some services they provide.

Obviously bitcoin or blockchain startups still need traditional banking for them to manage their finances. However, traditional banks do not seem to support Bitcoin and most of them see it as a threat to the banking industry. That is why bitcoin startups are experiencing difficulties in opening bank accounts.

paul gatt
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February 23, 2017, 02:20:59 PM
 #5

I really do not learn much about this, I know technology is very strong blockchain. however I still feel dissatisfied in it, because the transaction is confirmed too slow. I currently have a large amount of money and stuck, I wonder until when it is confirmed. this was bad and detrimental, I hope it will soon be overcome

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Senor.Bla
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February 23, 2017, 04:00:34 PM
 #6

How often do you have to open an traditional Bank account? Once i think, so why is it so hard to find a bank who will do it? If they Want to fight for Bitcoin and its acceptance, then this is a poor example of how to do it. It would only make sens if they would want to expand their activities to different blockchain technologies than Bitcoin. Probably some who are willing to pay for some services they provide.

Obviously bitcoin or blockchain startups still need traditional banking for them to manage their finances. However, traditional banks do not seem to support Bitcoin and most of them see it as a threat to the banking industry. That is why bitcoin startups are experiencing difficulties in opening bank accounts.
That might be so, but as a start up/new company i do need bank accounts. The question is how many? One for sure, maybe even 2 or 3. Let us say 5. Acually it probably even do not matter. Since you want all your accounts to have with one bank. So all you need to do is find just one bank who is willing to take your money. This can not be so hard. Just having Bitcoin in your Name can not be the reason.

bitcoineverything
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February 24, 2017, 07:19:00 AM
 #7

Hello Everyone,

Canada is now one of those countries that embraces the blockchhain technology. The Bitcoin Alliance of Canada now changed its name to Blockchain Association of Canada.

One of their board members said that one of the reasons why they changed the name is because having the word Bitcoin on the name of the alliance makes it difficult for them to open a traditional bank account for the association.

However, it is a also a logical move since blockchain startups are rapidly growing in the country.

Tell us what your thoughts about this.  Smiley

Probably a good move on their end to change their name and somewhat remove
"bitcoin"->'blockchain" because of some issues and roadblock in the financial banking
industry.

This will also drive awareness across Canada and educate about what Blockchain
Technology is and what advantage it can give in many different sector or industries.
If Canadians can reap the benefit of an organization like BAC, perhaps they can
be a global blockchain hub in the future. I don't know if other countries has similar
BAC, but I hope others will follow and establish their own Blockchain organization.


BAC is definitely a huge support for Bitcoin and the blockchain technology and with that, Canada would be notoriously good for Bitcoin's future.

There are other organizations alike such as Bitcoin Center NYC, Bitcoin Association of Switzerland, Bitcoin Foundation and many more... Smiley

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February 28, 2017, 01:47:41 AM
 #8

I really do not learn much about this, I know technology is very strong blockchain. however I still feel dissatisfied in it, because the transaction is confirmed too slow. I currently have a large amount of money and stuck, I wonder until when it is confirmed. this was bad and detrimental, I hope it will soon be overcome

I feel sorry about your experience. Was that transaction made recently or a long time ago? I would suggest a viabtc tool which accelerates Bitcoin transactions. This site works for me. You will just have to enter your transaction ID and solve a captcha, then the transaction is quickly confirmed because viabtc is the who mines the transaction. Also, as what I have read in reddit, it works even on the oldest transactions made.

https://www.viabtc.com/tools/txaccelerator/

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February 28, 2017, 04:22:16 AM
 #9

This announcement of Canada being the country for cryptocurrencies and Bitcoin should really be changed to them supporting the block-chain technology and that's all, as the National Bank in Canada (forgot it's real name) came out with something saying that Bitcoin will probably fail without government intervention. If this doesn't sound rather hostile to the bitcoin decentralization cause, I really don't know what's going to convince you that  Canada is not the right country to accept such innovations relating to bitcoin business.

I really do not learn much about this, I know technology is very strong blockchain. however I still feel dissatisfied in it, because the transaction is confirmed too slow. I currently have a large amount of money and stuck, I wonder until when it is confirmed. this was bad and detrimental, I hope it will soon be overcome

The blockchain tech does not relate in the least to bitcoin confirmation times in the least. It's just a current issue we face due to having an issue with BU and Segwit as solutions to fix the current confirmation time issues. Confirmations occur within a short time frame if you pay a high enough fee.

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February 28, 2017, 06:06:45 AM
 #10

The blockchain tech does not relate in the least to bitcoin confirmation times in the least. It's just a current issue we face due to having an issue with BU and Segwit as solutions to fix the current confirmation time issues. Confirmations occur within a short time frame if you pay a high enough fee.
That is the problem we are encountering here.The transaction amount is keeping on increasing and there will be a day when you need to pay higher transaction fees than other mode of transaction and that is not the concept envisioned by the inventor and that is the fact. Everyone has to accept the core principles and accept the flaws and try to change it as soon as possible.
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February 28, 2017, 06:20:22 AM
 #11

most probably they changed the name from Bitcoin to Blockchain in order to have a wider range of possibilities. with bitcoin you are only in the decentralized ledger called bitcoin but with blockchain you can talk about the technology and it seems like these days corporations and banks are all interested in the technology and want to use it for themselves as something separate or better called an altcoin.

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February 28, 2017, 06:46:46 AM
 #12

Hello Everyone,

Canada is now one of those countries that embraces the blockchhain technology. The Bitcoin Alliance of Canada now changed its name to Blockchain Association of Canada.

One of their board members said that one of the reasons why they changed the name is because having the word Bitcoin on the name of the alliance makes it difficult for them to open a traditional bank account for the association.

However, it is a also a logical move since blockchain startups are rapidly growing in the country.

Tell us what your thoughts about this.  Smiley

Really, I was greatly impressed, not from the article, and the every day created startups deal with bitcoin all over the world but what said one of the members of the renamed alliance that if and only if banks listen the word 'bitcoin' they behave like as a bull in front of the red flag. If this is happening in Canada a country with  increased individual freedoms, a country with well educated citizens that loves the revolutionary and innovative ideas then what will happen in some other countries? Then I remembered what I had listened from the entrepreneur Antonopoulos Andreas in a speech who had mention referring to bitcoin that 'first they ignore you, then they laugh at you, then they fight you, then you win'. An interested user can read the speech in Reddit
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February 28, 2017, 06:51:29 AM
 #13

Obviously bitcoin or blockchain startups still need traditional banking for them to manage their finances. However, traditional banks do not seem to support Bitcoin and most of them see it as a threat to the banking industry. That is why bitcoin startups are experiencing difficulties in opening bank accounts.
Is this really happening i mean bank doesn't allow bitcoin related startups to open bank account  Roll Eyes
I don't think bank will just hesitate with bitcoin in name, if those startups have registered company than there shouldn't be any problem in opening a bank account.

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February 28, 2017, 07:01:29 AM
 #14

That's one smart corporate move I would say. Change the name, and it's changes the entire concept that people had and it will help them get past the authorities get it cleared from the banks and it will help them get more customers. Also its pertinent to note that, they can market it on two fronts, use Bitcoin currency benefits and also use blockchain technology to sell their concept. This is indeed one of the wisest moves one can see, and they have a mixture of corporate making them, climb the success ladder and if it helps Bitcoins I would give them, a plus one. Let's hope it yields positive results.

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bitcoineverything
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March 01, 2017, 01:19:20 AM
 #15

Confirmations occur within a short time frame if you pay a high enough fee.

I also agree about adding a little more fee when paying to some Bitcoin store or service. Most of the time I do that, my transactions are confirmed quickly. Smiley


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March 01, 2017, 06:49:25 AM
 #16

wish we had a bitcoin/blockchain association of INDIA too. having an association will make the base stronger and bitcoin user would not face problem in future because oeple would then do something for smooth running of the network.


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bitcoineverything
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March 02, 2017, 12:40:41 AM
 #17

The blockchain tech does not relate in the least to bitcoin confirmation times in the least. It's just a current issue we face due to having an issue with BU and Segwit as solutions to fix the current confirmation time issues. Confirmations occur within a short time frame if you pay a high enough fee.
That is the problem we are encountering here.The transaction amount is keeping on increasing and there will be a day when you need to pay higher transaction fees than other mode of transaction and that is not the concept envisioned by the inventor and that is the fact. Everyone has to accept the core principles and accept the flaws and try to change it as soon as possible.

I agree. Bitcoin should have solutions for issues like slow transaction times as soon as possible. Not just for the present time but also for the years to come as these problems might get more adverse to bitcoin.

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March 03, 2017, 03:33:44 AM
 #18

How often do you have to open an traditional Bank account? Once i think, so why is it so hard to find a bank who will do it? If they Want to fight for Bitcoin and its acceptance, then this is a poor example of how to do it. It would only make sens if they would want to expand their activities to different blockchain technologies than Bitcoin. Probably some who are willing to pay for some services they provide.

Obviously bitcoin or blockchain startups still need traditional banking for them to manage their finances. However, traditional banks do not seem to support Bitcoin and most of them see it as a threat to the banking industry. That is why bitcoin startups are experiencing difficulties in opening bank accounts.
That might be so, but as a start up/new company i do need bank accounts. The question is how many? One for sure, maybe even 2 or 3. Let us say 5. Acually it probably even do not matter. Since you want all your accounts to have with one bank. So all you need to do is find just one bank who is willing to take your money. This can not be so hard. Just having Bitcoin in your Name can not be the reason.

However, according to some, there are other countries where banks take Bitcoin a big deal, that they would not allow Bitcoin to develop into a real currency as they treat it as a threat to the industry.

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March 03, 2017, 03:41:49 AM
 #19

How often do you have to open an traditional Bank account? Once i think, so why is it so hard to find a bank who will do it? If they Want to fight for Bitcoin and its acceptance, then this is a poor example of how to do it. It would only make sens if they would want to expand their activities to different blockchain technologies than Bitcoin. Probably some who are willing to pay for some services they provide.

Obviously bitcoin or blockchain startups still need traditional banking for them to manage their finances. However, traditional banks do not seem to support Bitcoin and most of them see it as a threat to the banking industry. That is why bitcoin startups are experiencing difficulties in opening bank accounts.
That might be so, but as a start up/new company i do need bank accounts. The question is how many? One for sure, maybe even 2 or 3. Let us say 5. Acually it probably even do not matter. Since you want all your accounts to have with one bank. So all you need to do is find just one bank who is willing to take your money. This can not be so hard. Just having Bitcoin in your Name can not be the reason.

However, according to some, there are other countries where banks take Bitcoin a big deal, that they would not allow Bitcoin to develop into a real currency as they treat it as a threat to the industry.
Canada is good in its growth as well technology. Also bitcoin too has got very big acceptance than many other countries. Now the association helps bitcoin and further advancement with official authorization. This truly helps other countries to make initiative to adopt blockchain as well bitcoin.



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March 03, 2017, 03:44:15 AM
 #20

The name Bitcoin really annoys the banks because they assume it is related to high financial movement, although credit unions don't mind reaching out and investing in them. It's one of those development differences the bank doesn't really cater to high risk in their opinion clientele but prefers stable growth while the smaller companies have more people actively supporting and encouraging growth in the business.

That said I would say keep it's new name as it's fine since Bitcoin is transitioning to Blockchain as the general advertising idea to cover all cryptos and it might be the way the trend is going into the future. Blockchain technology will keep the bank less scared of them as an advocacy organization that is not involved in the high finance of Bitcoin.
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