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Author Topic: Dwolla's Fisync - Direct competition with Bitcoin  (Read 1719 times)
GoWest
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July 23, 2011, 12:06:43 AM
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Ref: http://www.dwolla.org/blog/financial-plus-credit-union-releases-dwolla-with-fisync/

Sounds like participating banks will allow instant account linking to Dwolla.  Also, any Internet-enabled device will allow for the transfer of money using Dwolla, and Dwolla will be linked to social networks to allow for transfer of money between individuals.  They charge a flat fee of $0.25 per transaction.

Won't this eat into some of Bitcoin's business?  Maybe that's why Dwolla is being quiet about Bitcoin - they're competing with it.




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July 23, 2011, 12:08:50 AM
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I'm all for good competition, more quality options people have the better.
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July 23, 2011, 12:14:40 AM
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I'm all for good competition, more quality options people have the better.

+1

It is competition in the same sense paypal is.   Seems a cheaper paypal by removing the cc options.   It does not have a lot of the properties bitcoin does,  and current has zero cross border possibilities,  so there is plenty of room for all three still.

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July 23, 2011, 12:26:36 AM
 #4

This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.

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July 23, 2011, 12:43:42 AM
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Ref: http://www.dwolla.org/blog/financial-plus-credit-union-releases-dwolla-with-fisync/

Sounds like participating banks will allow instant account linking to Dwolla.  Also, any Internet-enabled device will allow for the transfer of money using Dwolla, and Dwolla will be linked to social networks to allow for transfer of money between individuals.  They charge a flat fee of $0.25 per transaction.

Won't this eat into some of Bitcoin's business?  Maybe that's why Dwolla is being quiet about Bitcoin - they're competing with it.



Dwolla will always be hampered by the fact that it is not a currency, but rather a means of exchanging US Dollars. Bitcoin is a currency in itself. They are complimentary (though competing) services.
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July 23, 2011, 12:52:27 AM
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This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.
You'd still have to go through an exchange.

Buying bitcoins in Canada is already fairly quick. It took me about an hour the first time. direct from bank account to cavirtex via email. The transfer cost is higher though: $1.50
SmokeAndMirrors
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July 23, 2011, 12:58:39 AM
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I find it interesting how dwolla is attempting to be a big player now. Its only real income comes from bitcoin users and dwolla won't even acknowledge this. This company is run by a bunch of dipshits in fake suits pretending to be bigshots if you ask me.

While it would be sad for us if bitcoins ended, my pain would be eased by the fact that dwolla would dwindle away just as fast without even a peep about bitcoins having any affect. Tools.

This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.
You'd still have to go through an exchange.

Buying bitcoins in Canada is already fairly quick. It took me about an hour the first time. direct from bank account to cavirtex via email. The transfer cost is higher though: $1.50

Cavirtex is the easiest and fastest exchange for bitcoins. It's funny how that works considering it was one of the latest (of successful ones) to pop up.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
cypherdoc
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July 23, 2011, 01:08:24 AM
 #8

This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.
You'd still have to go through an exchange.

Buying bitcoins in Canada is already fairly quick. It took me about an hour the first time. direct from bank account to cavirtex via email. The transfer cost is higher though: $1.50

can US citizens use it?
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July 23, 2011, 01:19:50 AM
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This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.
You'd still have to go through an exchange.

Buying bitcoins in Canada is already fairly quick. It took me about an hour the first time. direct from bank account to cavirtex via email. The transfer cost is higher though: $1.50

can US citizens use it?
Not really. The useful part is the email money transfer, which is connected to the Canadian banks.
cypherdoc
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July 23, 2011, 01:38:53 AM
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This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.
You'd still have to go through an exchange.

Buying bitcoins in Canada is already fairly quick. It took me about an hour the first time. direct from bank account to cavirtex via email. The transfer cost is higher though: $1.50

can US citizens use it?
Not really. The useful part is the email money transfer, which is connected to the Canadian banks.

thats why i asked.
cypherdoc
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July 23, 2011, 01:42:39 AM
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Ref: http://www.dwolla.org/blog/financial-plus-credit-union-releases-dwolla-with-fisync/

Sounds like participating banks will allow instant account linking to Dwolla.  Also, any Internet-enabled device will allow for the transfer of money using Dwolla, and Dwolla will be linked to social networks to allow for transfer of money between individuals.  They charge a flat fee of $0.25 per transaction.

Won't this eat into some of Bitcoin's business?  Maybe that's why Dwolla is being quiet about Bitcoin - they're competing with it.





funny, i see only one credit union signed up so far.

its a stretch to say many more will sign on and help Dwolla.
Shinobi
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July 23, 2011, 02:25:55 AM
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Without looking, I'm guessing Cavirtex is an awful contraction of Canadian Virtual Exchange?

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Stephen Gornick
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July 23, 2011, 02:29:35 AM
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funny, i see only one credit union signed up so far

FiSync is pretty new and the fact that one institution has gone live, publicly, already came as a shock.  Banks aren't known for being very agile.   The trial includes 15 institutions, I don't know how many of those 15 already support transactions but expect to hear more about FiSync soon.

GoWest
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July 23, 2011, 02:34:07 AM
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Quote
funny, i see only one credit union signed up so far.

its a stretch to say many more will sign on and help Dwolla.

The thought crossed my mind as well.  It will take a long time for them to sign up enough banks for transactions to achieve anything close to the peer-to-peer nature of Bitcoin.

Also, I don't see the functionality going beyond the US.

GoWest
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July 23, 2011, 02:35:34 AM
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Without looking, I'm guessing Cavirtex is an awful contraction of Canadian Virtual Exchange?

LOL.  Correct.  Among us Canadians, we tend to drop the "Ca" and just say "virtex."

Serith
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July 23, 2011, 06:36:51 AM
 #16

This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.

There is an interesting service to buy bitcoins with SMS payments http://forum.bitcoin.org/index.php?topic=29992.0
cypherdoc
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July 23, 2011, 02:56:48 PM
 #17

This will actually be really good for bitcoin!

Bitcoin will become more approachable to the common person, who will be able to buy a bitcoin in minutes or hours instead of days.

Imagine being able to instantaneously buy bitcoins - I mean truly really instantaneously - from bank account to wallet file.

There is an interesting service to buy bitcoins with SMS payments http://forum.bitcoin.org/index.php?topic=29992.0

have you tried it out?  is it purely SMS text based?  or do you need to sign up with Textcoin on the internet and establish an acct with btc's?

if this is for real BITCOIN IS GOLDEN!
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