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Author Topic: bank will use Bitcoin to make cross-border payments  (Read 118 times)
Carthages
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May 25, 2018, 04:13:26 PM
 #1

In Argentina, Banco Masventas revealed that, starting next Monday, it will allow its customers to make cross-border payments using Bitcoin.

In partnership with the Latin American market startup, Dicks, founded in 2014, this bank will use Bitcoin as a means of payment for cross-border transactions, as an alternative to the traditional Swift system.
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May 25, 2018, 04:23:38 PM
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If anything, it seems like a marketing tactic. Bitcoin is not meant to be used with bank. Banks can do whatever they want to transfer money and it doesn't matter. Using that bank just because its related to Bitcoin doesn't support what Bitcoin is meant for; Removing the bank from the equation. I don't see how they could deal with the volatility of Bitcoin when transferring money across. The fees incurred from trading between fiat and BTC could be significant.

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May 25, 2018, 04:37:43 PM
 #3

Wasn't the news just about bitcoin payments using bitcoin being legal in Argentina? Not so sure about the Argentinian banks actually using BTC.

If anything, it seems like a marketing tactic. Bitcoin is not meant to be used with bank. Banks can do whatever they want to transfer money and it doesn't matter. Using that bank just because its related to Bitcoin doesn't support what Bitcoin is meant for; Removing the bank from the equation. I don't see how they could deal with the volatility of Bitcoin when transferring money across. The fees incurred from trading between fiat and BTC could be significant.

BTC is removing banks from the equation sure, but nothing's stopping banks from actually using BTC. I really doubt it though, due to the volatility like you said.

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May 28, 2018, 04:33:03 PM
 #4

If they are doing it anything like this then it would be a path-breaking move from the banking industry because generally banks are worried about the growth of decentralized cryptocurrencies and as said by the experts, "Bitcoin will do to banks what emails did to the postal industry". It would be very beneficial for everyone if banks are adopting new technologies to optimize their service.

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May 28, 2018, 09:34:44 PM
 #5

If they are doing it anything like this then it would be a path-breaking move from the banking industry because generally banks are worried about the growth of decentralized cryptocurrencies and as said by the experts, "Bitcoin will do to banks what emails did to the postal industry". It would be very beneficial for everyone if banks are adopting new technologies to optimize their service.
I really don't think that banks will go this way... The volatility will stop them to exchange the fiat to bitcoin and vica verse...
But something came into my mind... What happens if a bank decides that they will use e.g. 10 million USD per month to do the international transfers with bitcoin, and they will do a hedge trade with bitcoin futures to cover the possible losses that can happen because of the exchange rate drop... in this situation, they cannot lose if the exchange rate drops, so they're fine... The real question is in this case, the price/fees of the bitcoin futures trade is less or equal compared to the SWIFT system's price/fees...

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May 28, 2018, 10:08:55 PM
 #6

In Argentina, Banco Masventas revealed that, starting next Monday, it will allow its customers to make cross-border payments using Bitcoin.

In partnership with the Latin American market startup, Dicks, founded in 2014, this bank will use Bitcoin as a means of payment for cross-border transactions, as an alternative to the traditional Swift system.

A little correction is needed in your thread. Banco Masventas has partnered with Bitex and not "Dicks" (really!!!?Huh). They are planning to explore bitcoin payments using bitex platform. A normal person will pay in fiat and bitex will convert it into bitcoin to send it to the recipient bank. The recipient bank will receive the money and convert it back to fiat. That is the basic operational structure of this partnership. They are trying to cut the intermediary banks to lower the commission and maximize the profit from each cross-border transaction, which is actually possible with cryptos.  

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May 29, 2018, 07:07:13 AM
 #7

In Argentina, Banco Masventas revealed that, starting next Monday, it will allow its customers to make cross-border payments using Bitcoin.

In partnership with the Latin American market startup, Dicks, founded in 2014, this bank will use Bitcoin as a means of payment for cross-border transactions, as an alternative to the traditional Swift system.

A little correction is needed in your thread. Banco Masventas has partnered with Bitex and not "Dicks" (really!!!?Huh). They are planning to explore bitcoin payments using bitex platform. A normal person will pay in fiat and bitex will convert it into bitcoin to send it to the recipient bank. The recipient bank will receive the money and convert it back to fiat. That is the basic operational structure of this partnership. They are trying to cut the intermediary banks to lower the commission and maximize the profit from each cross-border transaction, which is actually possible with cryptos. 

so how does the bank do the bold part? meaning how do they convert bitcoin to fiat? are they going to use another exchange other than bitex which they are working with? or are they planning on running their own exchange platform? or maybe they plan on selling it off the market?!!!
none of that make any sense to be honest! in all this process there will be a time where they have to transfer fiat and that is just an unnecessary step which will only increase the fees.

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May 29, 2018, 07:16:52 AM
 #8

If anything, it seems like a marketing tactic. Bitcoin is not meant to be used with bank. Banks can do whatever they want to transfer money and it doesn't matter. Using that bank just because its related to Bitcoin doesn't support what Bitcoin is meant for; Removing the bank from the equation. I don't see how they could deal with the volatility of Bitcoin when transferring money across. The fees incurred from trading between fiat and BTC could be significant.

Of course it is a marketing strategy, but if banks don't see any other way than to act like banks for crypto in future they will try to go this route and as many people are already comfotable with banks they will simply bear with it without even knowing what bitcoin is and what it core principles are. If you ask me better then build some system with blockchain on top and esclude crypto for their alternative to swift. Now there is hyperledger for that if they want to play with it. Imagine if those banks got hacked and all their coins got away whos to blame eh

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May 29, 2018, 07:22:31 AM
 #9

In Argentina, Banco Masventas revealed that, starting next Monday, it will allow its customers to make cross-border payments using Bitcoin.

In partnership with the Latin American market startup, Dicks, founded in 2014, this bank will use Bitcoin as a means of payment for cross-border transactions, as an alternative to the traditional Swift system.

A little correction is needed in your thread. Banco Masventas has partnered with Bitex and not "Dicks" (really!!!?Huh). They are planning to explore bitcoin payments using bitex platform. A normal person will pay in fiat and bitex will convert it into bitcoin to send it to the recipient bank. The recipient bank will receive the money and convert it back to fiat. That is the basic operational structure of this partnership. They are trying to cut the intermediary banks to lower the commission and maximize the profit from each cross-border transaction, which is actually possible with cryptos. 

so how does the bank do the bold part? meaning how do they convert bitcoin to fiat? are they going to use another exchange other than bitex which they are working with? or are they planning on running their own exchange platform? or maybe they plan on selling it off the market?!!!
none of that make any sense to be honest! in all this process there will be a time where they have to transfer fiat and that is just an unnecessary step which will only increase the fees.

Since the nitty gritties of the partnership is not out in the market, I am really not sure about how they are going to do it. However, I assume the system will be like this. Remember, we are talking about cross-border payments here and not the domestic transactions. Cross border payments usually require one or two partner banks to facilitate a payment which increases the commission and thus the cost to the sender.

So I believe Banco Masventas is adding Bitex to eliminate other partner banks which may help the bank to reduce cost. I doubt any other exchanges will be added to this system and Bitex will take care of the conversion formalities. However, this is what I assume because the main model of operation and partnership is not available for public viewing.

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May 29, 2018, 03:06:01 PM
 #10

This sounds good. Hearing as more and more people in the world starting to consider bitcoin as something positive, not a thread

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May 29, 2018, 03:15:37 PM
 #11

good information, I see Argentina is a friendly country with crypto.

but temporary, payments for export or import commodities will be hampered as only a few countries legalize bitcoin as a means of payment.

so, fiat now still has a function, but in the future fiat will die, so only gold and bitcoin that survive and have value.

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May 29, 2018, 03:33:21 PM
 #12

This is a good news for all the crypto people who supports this kind of matter,  Bitcoin is everywhere, by accepting this worldwide is really a huge achivement and previlage for crypto people.
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May 29, 2018, 03:35:40 PM
 #13

As I understand they'll launch some new coin on Bitcoin base (kinda a fork) but centralized one so they can control it. Just like Ripple for example
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May 29, 2018, 03:42:28 PM
 #14

As I understand they'll launch some new coin on Bitcoin base (kinda a fork) but centralized one so they can control it. Just like Ripple for example
If that is the case then this is dead on arrival. A private bank owned alt-coin? Come on man, that is stupid.  If they are going to use bitcoin like a grown-up then it is a big deal.

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May 29, 2018, 03:45:48 PM
 #15

Here's the article in question in case someone interested in reading it.

https://www.coindesk.com/bank-argentina-just-added-bitcoin-cross-border-payments/

Quote
Argentina's Banco Masventas has revealed that starting Monday it will enable customers to send cross-border payments using bitcoin.

So this is just a service that they're offering to their customers?
The banks themselves are not going to be using Bitcoin themselves for cross-border payments.


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May 29, 2018, 03:47:26 PM
 #16

Any bank that will use bitcoin for cross border payments is doing so to attract the section of cryptocurrency users. Exchanges are already performing those functions so I think the banks need to focus on their normal services and leave this to exchanges.
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May 29, 2018, 03:47:39 PM
 #17

This is really a good news to hear it will make bitcoins popular on that country. if its only seen by the other country and begin implementing services powered by blockchain they would become a advance country.
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June 18, 2018, 01:15:47 PM
 #18

My own contribution will be in question for question, so how does the bank do the bold part? meaning how do they convert bitcoin to fiat? are they going to use another exchange other than bitex which they are working with? or are they planning on running their own exchange platform? or maybe they plan on selling it in off market?
none of that make any sense to be honest! in all this process there will be a time where they have to transfer fiat and that is just an unnecessary step which will only increase the fees.
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June 18, 2018, 01:21:13 PM
 #19

In Argentina, Banco Masventas revealed that, starting next Monday, it will allow its customers to make cross-border payments using Bitcoin.

In partnership with the Latin American market startup, Dicks, founded in 2014, this bank will use Bitcoin as a means of payment for cross-border transactions, as an alternative to the traditional Swift system.

This is great. Both Swift and Western Union are horribly expensive. Lets hope more banks see the light about the benefits of bitcoin.

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June 18, 2018, 01:28:03 PM
 #20

Why would people use bank to send their bitcoin while they can do it themselves with faster and cheaper process while protect their transaction details or/and identity.
It's just marketing strategy and we should make people realize how important is having full control over their bitcoin.

I only agree if the bank only keep customer's bitcoin address/xpub key and help their customer manage their financial asset without having control over it.

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