Big news indeed. This will help crypto to go mainstream and ad the value.
Once the transition is completed the bank will gain the control, or at least they will try.
Very interesting future and battle with banks is ahead.
Topic: Bank of America getting into crypto (Read 331 times)
Be weary of BOA's motives.
They have been convicted of malicious and fraudulent practices in the not-so-distant past.
They have been convicted of malicious and fraudulent practices in the not-so-distant past.
Every wall street bank has a not so clean past if we look at things a bit more in depth. The thing is that they all have enough cash to buy out every of their malicious actions of the past, and just continue with a clean sheet to demolish something else. It's a never ending cycle that keeps them on track for basically plenty of more years. As long as they know that they make more in profits than potential fines, it's a well worth action for them. Paying billions in fines is nothing more than collateral damage for these mighty institutions.
Isn't it time for the banks to define the meaning of crypto-currency as a part of the digital currency world. Will a patent be enforceable if it specifies a crypto process,but the currency is in fact a non-crypto digital currency.
Bank of America just won a patent to develop a crypto exchange system. Here is a short extract about what the patent states: Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.
The proposed system — which is, at present, only a patent and not yet a fully realized system — has three facets: the customer’s account, and the two businesses running the system. Like money in a traditional checking account, the customer would store their cryptocurrency in an account. The second account would hold currency to be sold, and the third would contain the currency the customer is converting to.
It's definitely not a surprise that more of the major financial actors want to get somehow involved in cryptocurrencies. I would expect both pure crypto companies and financial actors working more closely together in the near future, not exclusing M & A either since the market needs both type of companies.
Here is the link to the article I was refering to: https://futurism.com/bank-america-wins-patent-crypto-exchange-system/
I really doubt the authenticity of this news because Merill Lynch recently announced that they will not be supporting any crypto related account in their business. Since they are the same entity, I doubt BOA will ever support crypto in any form. I will try to follow their official announcement page to know more about their stand on bitcoin and crypto. But I hardly see any positive thing coming from them. Please recheck about the authenticity of this news.
if this event is realized. it will become very real that bitcoin will slowly begin to dominate the world economy. we see America is one of the mecca of the economy. so it will be very sure bitcoin whhkill be boosted the price becomes very expensive
Now why would banks get into crypto while it was created for replacing banks, not all but a few of the cryptos. There's something else also that is probably going on which we are not able to see it coming. American users better beware of this. We may see it as a good news but something else would be going on. Plus it's the United States we are talking about. But whatever it shall be good or bad, we shall see past it in the coming years in not months.
BofA is not getting into crypto. This is old news from 2014. It was believed that BofA did this years ago to help the US government. If the government ever decides they want a crypto exchange shut down they can do it using this patent violation. The patent is very vague in composition and could be used against any exchange.
Assignee: Bank of America Corporation (Charlotte, NC)
Family ID: 1000002990825
Appl. No.: 14/305,797
Filed: June 16, 2014
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=9,836,790.PN.&OS=pn/9,836,790&RS=PN/9,836,790
Assignee: Bank of America Corporation (Charlotte, NC)
Family ID: 1000002990825
Appl. No.: 14/305,797
Filed: June 16, 2014
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=9,836,790.PN.&OS=pn/9,836,790&RS=PN/9,836,790
It is very important for banks to start to work with bitcoin as soon as possible.
Be weary of BOA's motives.
They have been convicted of malicious and fraudulent practices in the not-so-distant past.
They have been convicted of malicious and fraudulent practices in the not-so-distant past.
mostly all top banks are going to start bitcoins due to Japanese interest in bitcoin
One of the biggest and strongest country wants to accept crypto, it's really great. I think they have plan for crypto, hope it will help to improve the system not by controlling it as what they do to other country. Since they are one of the powerful country, I knew they can do it and they can easily eliminate crypto in the their country.
Since Bitcoin is very popular, sooner or later, the local banks will see the benefits they can get with Bitcoin and will start investing on them as well to gain the profit from them as well.
The question is - will they use it, or just try to block new services and charge them royalties to operate such a system.
Thats a good question.
I would love to know about that too considering there is not much usage for bitcoin.
Or are they just going to be a path so that the government will see those who are not transparent with all their funds.
This will just end with the issue of taxes again or those who are escaping the tax will be charged without them seeing it.
It could be good or it will be really bad.
This is pretty dumb. This patent only applies to the US. Which means that if they are planning to use it aggressively to stop crypto exchanges, they will just drive them to another country. Which will mean less money for the US.
I took a look at the actual patent. It is extremely detailed. They outline over 1300 steps, you can view it here: http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=9,836,790.PN.&OS=pn/9,836,790&RS=PN/9,836,790
And here is a snippet of what a step looks like:
And here is a snippet of what a step looks like:
Quote
In step 1006, validation engine 234 determines the amount of cryptocurrency involved in the cryptocurrency transaction. Although different types of cryptocurrencies use different units of cryptocurrency, validation engine 234 may determine the amount of cryptocurrency in the appropriate unit. In addition, validation engine 234 may determine fractions of the unit of cryptocurrency. For example, cryptocurrency risk detection engine 232 is able to determine that the cryptocurrency transaction includes 1000 Bitcoins, 0.001 Litecoins, 1 million Namecoins, 7.5 Dogecoins, 23 Peercoins, or 1 Mastercoin. In certain embodiments, a cryptocurrency transaction may include a plurality of types of cryptocurrency and validation engine 234 determines the amount of each individual cryptocurrency. For example, validation engine 234 may determine that a cryptocurrency transaction involves 1 Bitcoin, 2 Dogecoins, and 0.001 Mastercoins. Validation engine 234 may also determine exchange rates between the types of cryptocurrencies, such that it can determine an objective amount of total cryptocurrency involved in the transaction. For example, validation engine 234 may determine a cryptocurrency transaction involving 1 Bitcoin, 2 Dogecoins, and 0.001 Master coins is equivalent to 5 Litecoins.
That is a very good news for all crypto enthusiasts like us.
the more banks get on board the better.
It's surprising, I have no idea how they win it, but since Bank of America wins the patent and get in to exchange system to convert cryptocurrency and fiat currency, will affect bitcoin significantly, bitcoin price will skyrocket in the US obviously, more than in Japan or South Korea. Nevertheless, there is a concern about your transactions and capital gains will be completely recorded if you're dealing with BoA. People can easily trade cryptocurrency as long as they pay the taxes.
If they launch that new system, can it actually pull the bitcoin price down? And how?
Interesting news. Big players continue to show interest in cryptocurrencies. Looks like there will be more money pouring into it, that's good.
It's just a matter of time now until banks figure out how much potential cryptocurrencies have.
I'm pretty sure they already have. The commercial banks have been filing blockchain patents for years now, building prototypes. And just as we see Bank of America signalling a move into the cryptocurrency exchange market, Goldman Sachs announced that they will be clearing BTC futures contracts for their clients.
A report from JP Morgan Chase released a few days ago says that Bitcoin could become a new gold-like asset, suggesting that it could become entrenched in the world markets like gold, oil and other trusted commodities.
What we need now is for governments to take a step forward as well and start looking at how bitcoin should be legalized for good. Because if big banks are in the game as well, the governments will have to address this as soon as possible.
I think we'll see governments scrambling in every direction. This is a completely new animal to them. Morocco banned the use of cryptocurrencies; so did Vietnam. Meanwhile, regulated futures markets are opening in the United States. That seems more telling to me than anything else.
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