Banks are starting to use blockchains to send bank wires that confirm in minutes

[boumalo]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

[1715283398]

1715283398

[Red-Apple]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

it is worth adding to your topic that this is using "blockchain technology" as a completely different and separate thing. something like what altcoins do. so the only thing in common with bitcoin is usage of a similar technology.

about the effect on bitcoin, since it has nothing in common there shouldn't be any effect. although it can potentially put bitcoin out there in the news and it is good for popularity but it would be very small.

[franky1]

another topic about hyperledger.. i think this forum needs a sub category along side altcoins for hyperledger chit chat. so we can move these topics to where they belong

[vnvizow]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

Source? but I guess this is old news though, some physical transactions are already confirmed using spinoffs of blockchain tech already

[coynedterm]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

This idea of using the blockchain technology by the banks are only worst and also it is a bad thing for us .
Because there is no reason to give such type of confirmation system .
Here we can think own that a big irritating thing in bitcoin is confirmation system , Now if the confirmation system will introduce in the bank system then it will result into the stealing money as transaction fee by the user for sudden confirmation which is similar one to the bitcoin of paying high fees .

[BrewMaster]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

Source? but I guess this is old news though, some physical transactions are already confirmed using spinoffs of blockchain tech already

are you really looking for a source of this news!
just search for banks and bitcoin and you will find at least 20 other topics saying the same thing!

[Hydrogen]

Would have to think that banks utilizing blockchain technology legitimizes bitcoin and crypto.

Its hard for the media to say bitcoin is a scam or fraud when banks use the same technology.

"Imitation is the sincerest form of flattery."

[calkob]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

Have you any links to articles that back up your statement?  and even if they are that has no effect on bitcoins decentralised nature which is one of its key features.  the banks will never have that.

[requester]

finally banks and other financial institutions had started to adopt bitcoin like system and make they are called blockchain or whatever i had for that. And I do have belive thatblockchain will be the major financial system within few years.

[CryptoVzla]

finally banks and other financial institutions had started to adopt bitcoin like system and make they are called blockchain or whatever i had for that. And I do have belive thatblockchain will be the major financial system within few years.

Yeah, but banks will do the possible to get Bitcoin out of the way. We can't let Bitcoin (or crypto currencies) disappear.
  The purpose of Bitcoin is to avoid banks, own our money!

[bitart]

Banks are starting to use blockchains to send bank wires that confirm in minutes, it's still centralized wires of fiat money that you have to store with a bank if you want to store it digitally but do you think it's good or bad for Bitcoin adoption in the short/medium term ?

Have you any links to articles that back up your statement?  and even if they are that has no effect on bitcoins decentralised nature which is one of its key features.  the banks will never have that.

https://www.google.hu/search?client=opera&q=bank+blockchain+test+successful&sourceid=opera&ie=UTF-8&oe=UTF-8
Here you can find a lot of articles/examples about the subject. Banks doesn't develop a new currency, they just need a new system to handle time consuming and administrative everyday tasks and processes. It will be neutral to bitcoin, because the banks' customers usually don't care about the technology behind the scenes, as long as their orders are completed. If banks implement a new technology, the customers will only notice if the processes become quicker or easier, because banks won't change the UI if they change the core inside their system. Customers (and everyday people) won't have a clue about the similarity of the banks' system and bitcoin's system, so it won't legitimate bitcoin.