Bank of America tries to be mobile and search development possibilities...

alentmay

newbie

Activity: 67

Merit: 0

It is amazing that all the big companies love blockchain but they see bitcoin as an enemy when it comes to improvement. Now that nasdaq and nyse is working towards getting a Bitcoin ETF all those banks will have to get that as well. Not because they will start loving bitcoin but think about it if the customer wants to get some Bitcoin ETF, either they will provide them with it or the customer will use another bank for it. Which means all those banks that once hated bitcoin and moved against it to stop or delay the progress now forcefully provide bitcoin services in order to keep their customers. It is a great payback from bitcoin and all of us that made bitcoin what it is today. I can't believe we have moved so much in the past 2 years alone. I hope this adoption will continue for a long time with this pace.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Kiweikoo on November 28, 2018, 11:54:14 PM

I know a lot of banks nowadays will be trying to get a lot of chance to be a big player in the crypto space, but that can only happen in this scenario if they are only able to get their hands on the gullible ones who really does not have an idea the great benefit of this space, but prefer to leave the control of their funds into the hands of the banks.

If you look at the user related statistics of centralized exchanges, and compare them with how many addresses are being used, it's clear that most of the users don't step outside their centralized circle.

I know people myself who haven't ever installed a client other than what the exchange offered, and they seem pretty content with it despite me explaining how it's better to take care of your own private keys.

It all comes down to how people don't want to be responsible for their own money, especially with crypto where one mistake means that their coins are lost for ever. It will take time for people to change.

People trust banks with their money, so the step towards trusting banks with their cryptos is small.

chairmanMao

member

Activity: 456

Merit: 15

This must be true news. As long as the strong economy has almost the same attitude towards cryptocurrencies, no country is willing to lose its future international competitiveness. The world is changing so fast that every country is striving to achieve its own. Economic control.

fasdorcas

hero member

Activity: 798

Merit: 527

Quote from: redsap on November 23, 2018, 02:19:52 AM

Quote from: XMLGold.eu on November 13, 2018, 09:53:23 AM

Bank of America tries to be mobile and search development possibilities also in the cryptocurrency sphere to improve online banking...On these days, banks try to be mobile by following the trends and customer caprices. Bank of America is not an exception...
Read the full article here: https://www.xmlgold.eu/en/news/article/774/bank-of-america-mobile-banking-cryptocurrency-news/

Well that was a good step for bank of america, they need a blockchain tech and they are looking the benifit of cryptocurrency to using it and implement it for they benifit and for bank development so can still a live in crypto world

Right mate! Personally for me, I would not even bat an eyelid when it comes to letting banks have a full control of my funds. It is obvious banks feel threatened, but rather than keep feeling threatened, they are trying to see if they can manage to find a way in which they can still be the one in control, otherwise it does not make sense why they would rather prefer to want to be storing private keys of people.

Why would I ever want to trust banks to that extent, knowing the level at which they have played when it comes to not ever catering for the masses but just for their own pockets.

Kiweikoo

hero member

Activity: 1036

Merit: 500

Quote from: eaglewhite80 on November 23, 2018, 01:21:59 AM

Quote from: kryptqnick on November 13, 2018, 02:34:51 PM

Quote

Bank of America has received a patent for the system of storage of private keys. During the previous weeks, Visa and Mastercard have also spoken about similar kinds of activities.

I think that this is a bad thing. An organization should not be storing private keys of people! Never giving anyone your private keys is like rule #1 of crypto wallets. Even if the system is such that doesn't allow the company to see your keys directly, their storage will be the main target for hackers, since it is usually not that easy to find who and where stores their private keys. Moreover, letting someone else worry about your financial safety is in a way avoiding responsibility, so that in case something goes wrong there's someone to blame for it.
I wouldn't trust that some bank will "insure and secure the assets it contains" when it comes to cryptocurrencies.

It would only take people that are dumb enough not to know they can store their own private keys to be letting some banks do that for them. What happened to decentralization where you have the freedom to be your own bank and at least get to be able to manage your own assets on your own without a third party? Banks are making a lot of attempt to gain control, but the way they are approaching that angle is something that I do not see playing out actually, except of course, if their targets are basically the naive and gullible ones obviously.

That sounds more like you saying centralization should beat decentralization. No matter how limited the freedom is, it is obvious people tend to like the idea of being free to do whatever they have to do than to have to be controlled on how they do their own things or spend their own money which is how banks have always been to me.

I know a lot of banks nowadays will be trying to get a lot of chance to be a big player in the crypto space, but that can only happen in this scenario if they are only able to get their hands on the gullible ones who really does not have an idea the great benefit of this space, but prefer to leave the control of their funds into the hands of the banks.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: maligu on November 20, 2018, 03:12:32 AM

They will definitely issue their own coins, but this may require them to beat Bitcoin first, and the cryptocurrency market is now starting to panic. The cryptocurrency may disappear and I am very upset.

LOL. What do you mean beat Bitcoin first? I think Bank of America has its own roadmap as far as blockchains and crypto for that matter, however as much as we think that banks is really anti-bitcoin they're not, they are simply looking at how bitcoins or crypto will affect how people used them as online payments. So stop with this non sense, we might be seeing a bloodbath but it doesn't mean its the end of the road for Bitcoin. You just need to relax and calm down and wait for the market to make a reversal.

redsap

member

Activity: 336

Merit: 10

Harmony for One and All

Quote from: XMLGold.eu on November 13, 2018, 09:53:23 AM

Bank of America tries to be mobile and search development possibilities also in the cryptocurrency sphere to improve online banking...On these days, banks try to be mobile by following the trends and customer caprices. Bank of America is not an exception...
Read the full article here: https://www.xmlgold.eu/en/news/article/774/bank-of-america-mobile-banking-cryptocurrency-news/

Well that was a good step for bank of america, they need a blockchain tech and they are looking the benifit of cryptocurrency to using it and implement it for they benifit and for bank development so can still a live in crypto world

eaglewhite80

member

Activity: 406

Merit: 36

Quote from: kryptqnick on November 13, 2018, 02:34:51 PM

Quote

Bank of America has received a patent for the system of storage of private keys. During the previous weeks, Visa and Mastercard have also spoken about similar kinds of activities.

I think that this is a bad thing. An organization should not be storing private keys of people! Never giving anyone your private keys is like rule #1 of crypto wallets. Even if the system is such that doesn't allow the company to see your keys directly, their storage will be the main target for hackers, since it is usually not that easy to find who and where stores their private keys. Moreover, letting someone else worry about your financial safety is in a way avoiding responsibility, so that in case something goes wrong there's someone to blame for it.
I wouldn't trust that some bank will "insure and secure the assets it contains" when it comes to cryptocurrencies.

It would only take people that are dumb enough not to know they can store their own private keys to be letting some banks do that for them. What happened to decentralization where you have the freedom to be your own bank and at least get to be able to manage your own assets on your own without a third party? Banks are making a lot of attempt to gain control, but the way they are approaching that angle is something that I do not see playing out actually, except of course, if their targets are basically the naive and gullible ones obviously.

maligu

member

Activity: 333

Merit: 10

They will definitely issue their own coins, but this may require them to beat Bitcoin first, and the cryptocurrency market is now starting to panic. The cryptocurrency may disappear and I am very upset.

davis196

hero member

Activity: 3192

Merit: 939

I don't know why there's no much attention on Bank of America in this forum.Why do people care that much.
This bank isn't and it will never be bitcoin or crypto friendly.Nowadays,everything on the internet has to be mobile-friendly.The banks just follow the trend.That doesn't mean that they will adopt blockchain transactions.

el kaka22

legendary

Activity: 3710

Merit: 1170

www.Crypto.Games: Multiple coins, multiple games

The problem with huge banks is that they need to really test out the possibilities before they can do something.
For example, in my country almost all banks have a mobile app that is incredibly well put together and I barely ever go to a bank.

I usually just either use my mobile bank app (I don't even use their website anymore for online banking, mobile app is much faster and easier) or I use an ATM, I have no use for going into a bank aside from if I want to cancel my account, whereas bank of america, which can buy the bank I use 10 times over and still have some liquid cash at hand doesn't have a proper way of conducting business online, they force you to be there at all needs, I can just send a text to my bank to get a credit and whatsapp my signature whereas it would require tons of paper in Bank of America. They are big, that's why they are slow.

Renaldi blackspadeteam

full member

Activity: 504

Merit: 100

Bank of America is trying to become mobile, this is certain to happen because developed countries certainly don't want to be left behind by the trend of changing times, and I think cryptocurrency is increasingly being sought in many countries because of its strong technology

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote

Bank of America has received a patent for the system of storage of private keys. During the previous weeks, Visa and Mastercard have also spoken about similar kinds of activities.

I think that this is a bad thing. An organization should not be storing private keys of people! Never giving anyone your private keys is like rule #1 of crypto wallets. Even if the system is such that doesn't allow the company to see your keys directly, their storage will be the main target for hackers, since it is usually not that easy to find who and where stores their private keys. Moreover, letting someone else worry about your financial safety is in a way avoiding responsibility, so that in case something goes wrong there's someone to blame for it.
I wouldn't trust that some bank will "insure and secure the assets it contains" when it comes to cryptocurrencies.

dothebeats

legendary

Activity: 3542

Merit: 1352

Knowing that the world is slowly changing into a fast-paced environment and almost all transactions are going digital, it's a no-brainer that these banks would also follow suit. Cryptocurrencies might not be the best avenue for their intentions but then again it is the only option that offers the most of what they're looking for. Secure transactions, fast confirmations and overall reliability can be found through blockchains and cryptocurrencies. We're not far from seeing banks adopting the very essence of cryptocurrencies and they might as well release their own private tokens in the future.

damberg

full member

Activity: 658

Merit: 108

Quote from: XMLGold.eu on November 13, 2018, 09:53:23 AM

Bank of America tries to be mobile and search development possibilities also in the cryptocurrency sphere to improve online banking...On these days, banks try to be mobile by following the trends and customer caprices. Bank of America is not an exception...
Read the full article here: https://www.xmlgold.eu/en/news/article/774/bank-of-america-mobile-banking-cryptocurrency-news/

I am surprised to see Bank of America diving into crypto sphere (one has to admit that they are doing small steps for now, e.g. private keys, prompting in case of an attack). Anyways, the more adoption the better even if it doesn't directly impact cryptocurrency prices.

XMLGold.eu

sr. member

Activity: 401

Merit: 255

XMLGold.eu: E-currency and Cryptocurrency Exchange

Bank of America tries to be mobile and search development possibilities also in the cryptocurrency sphere to improve online banking...On these days, banks try to be mobile by following the trends and customer caprices. Bank of America is not an exception...
Read the full article here: https://www.xmlgold.eu/en/news/article/774/bank-of-america-mobile-banking-cryptocurrency-news/

Topic: Bank of America tries to be mobile and search development possibilities... (Read 302 times)