MisterLangley
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September 04, 2019, 06:58:05 AM |
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A good thing in my opinion if it is applied. It will be very helpful in completing the process which has been considered too complicated. Hopefully, with the release of their bank account market, the complexity can be overcome.
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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creativeleading (OP)
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September 05, 2019, 04:00:05 AM |
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We can not deny the fact that banks offered more secured system because they are centralized. We can only trust our KYC with them. But when it comes to conveniency, we can trust cryptocurrency. More easy transactions, easier to access and fast to monitor our funds. However, when it comes to secured personal info, since it gives anonymous transactions aside from exchanges where KYC is needed, then it is also give benefits.
There are now alternative ways to manage KYC though like KYC-Chain. They're a compliance solution that offers fast and accurate Identity Documents Verification. It's a step forward for the standard KYC that banks traditionally use which obviously has a lot of bottlenecks in their process. |
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creativeleading (OP)
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September 06, 2019, 02:22:04 AM |
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A good thing in my opinion if it is applied. It will be very helpful in completing the process which has been considered too complicated. Hopefully, with the release of their bank account market, the complexity can be overcome.
I agree. The current status of KYC processes for financial services does take too long and so tiring to be honest. There's lots of room for improvement in this industry so I'm looking forward for this to be streamlined. |
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crypt0junkie28
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September 09, 2019, 01:13:08 AM |
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Sure it could be much easier if we'll talk about how smooth the transaction would be. I haven't heard about SelfKey yet though. Are they even active now? Anyway, hopefully banks would give blockchain a chance. The greatest disadvantage if they'll be adapting to this new innovation, is that their entire system must be retooled.
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creativeleading (OP)
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September 09, 2019, 01:14:52 AM |
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Sure it could be much easier if we'll talk about how smooth the transaction would be. I haven't heard about SelfKey yet though. Are they even active now? Anyway, hopefully banks would give blockchain a chance. The greatest disadvantage if they'll be adapting to this new innovation, is that their entire system must be retooled.
Yes, pretty much active. i have just read their August progress report on their website. Everything's good so far. |
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jaocoincrypto18
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September 09, 2019, 02:07:20 AM |
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Blockchain processing is proven much faster, easier and secured so i believe it will benefit any institution that will use the technology like the banks and any government related services. Although blockchain services is much costly due to mining services but still its worth if our time will be save for our other concerns.
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Google+
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September 09, 2019, 04:51:31 AM |
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I think creating a bank account does look easier because you are assisted by several employees who work at the bank so creating a bank account is very easy, in contrast to a blockchain account which is a technology that does not help you to create an account and is ready to use for transactions.
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creativeleading (OP)
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September 10, 2019, 03:00:10 AM |
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I think creating a bank account does look easier because you are assisted by several employees who work at the bank so creating a bank account is very easy, in contrast to a blockchain account which is a technology that does not help you to create an account and is ready to use for transactions.
If blockchain technology would be properly harnessed, you probably won't need help because you can all do it by yourself in a few clicks. Less hassle and much more smoother transactions/applications. |
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davinchi
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September 11, 2019, 08:30:26 AM |
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I both use a digital bank and also my crypto. Its not about how easy it is or how hard it is, if people want to really speed up bitcoin and blockchain they could literally use lightning network and we would have miliseconds for transactions, lets say 5 seconds the difference is not really that big.
However, people are not after trying to change bitcoin and its blockchain, everyone has their own reasons and those reason could change, like exchanges want to charge more, casinos want to charge more, people want to use stuff their friends use. That is why digital banks are easier to use in the customer sense however crypto offers a lot more stuff than just being easy to use, it offers protection of your networth, it provides you with decentralized currency away from any dictators hands. Bitcoin and blockchain is far bigger than just ease of use.
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xenomorphe1
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September 11, 2019, 08:57:25 AM |
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No, i don't think it is much easier. A bank account on blockchain is doing KYC like in an exchange. You have to take a selfie and send almost the same documents than opening a bank account.
Except you don't sign any document and there is nobody assisting you how to take the pictures and why the pictures are not recognize by the system.
And why would someone want to open a bank account with a company doing cryptos? To accumulate cryptos? But with the volatility i don't really see this happening. If it is only for trading, an exchange is enough.
And having a wallet for your crypto is enough. You don't need any intermediate to keep your cryptos. You don't want to give them your private keys.
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