Topic: bank will use Bitcoin to make cross-border payments (Read 447 times)
It seems like a marketing tactic. Banks can do whatever they want to transfer money and it does not matter. In Argentina, demand for Bitcoin is increasing. So, using Bitcoin for cross currency transber or not is too easy. I can not understand why they do it. There are a number of banks that allow the use of bitcoin, and others still think about it. I do not think anyone will come to the bank to make cross border payments with bitcoin.
The Banks operate on centralized policy which is regulated by the Government but Bitcoin is operated by Decentralize policy .The Banks don't need to integrate Bitcoin policy into their system , they have their own old outdated way of transferring money when it comes to trans- border issue. bitcoin is revolution fixing all Banks challenges and loopholes and will be operate as single entity and standing alone in the future
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A little correction is needed in your thread. Banco Masventas has partnered with Bitex and not "Dicks" (really!!!?
). 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.
). 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. This is exactly what i was thinking. It seemed at a joke at first.
That is in fact, a really good strategy. If they do it properly and it turns out fine, then the possibilities for Bitcoin will be endless for banks and that of course will contribute towards mass adoption a lot more. I believe it's probably a matter a time before it happens.
Especially Argentina could make good use of it to ease the inflation spiral if they know what to do.
as far I can recall the news was about using Blockchain to make cross-border payment, not specifically any crypto or Bitcoin. Please link the news so that we can get the real picture.
I think this is true that bank will use bitcoin to make cross- border payments. Actually nowadays, bank also use bitcoin in some countries
I don't think there is any thing big to this the only thing I see in that development is just a marketing strategy to make more profits for the both the bank and the company, because bitcoin has always been used for cross border transactions long before now so the bank coming to adopt that usage is to it own profit advantage.
Swift has been around for ages and it is definitely not suitable for the fast paced lives of people today. Why do you want to wait 1 to 2 days for inter Bank settlements, if your cross border transactions can be done in 10 minutes.
This is probably why some Banking groups like R3 are working on their own inter settlement payment network and why some Banks are riding the Blockchain hype. 
This is probably why some Banking groups like R3 are working on their own inter settlement payment network and why some Banks are riding the Blockchain hype.
Better to use bitcoin than ripple, at least it is decentralised so no one pack up and run at any time. For cross border transfers they can wait 30 mins for confirmations, lightning speeds are not needed for this purpose.
Bitcoin could still be a cost effective payment method for smaller transactions, but businesses doing large size payments are likely better off doing traditional bank wires or working with cross-broker. In time, as liquidity in other currencies grows, and exchanges drop fees in response to competition, all this may change.
That is good informative to everyone Bitcoin user,banks will accept in Bitcoin for the payment system I like this system.few countries do not accept in Bitcoin not now we want to him everyone countries will need accept bitcoin that is right for me.
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.
But then does it make sense? The banks adopting the cryptocurrency, the use of bitcoin. It is like slapping in there face that there is something better than you. But then we canmot say. There is a possibility that they will adopt this kind of improvement. It is like buying bitcoin over the counter, a face to face transactions maybe. Lets just see what will.going to happen in the future.
It is likely for the banks to create their own cryptocurrency or adopt something that is centralised like ripple protocol. However, accept it or not but decentralization is the future and if banking industry is expecting to survive in the modern world then it has to adopt blockchain technology in some way that will at least have the ability to compete with decentralized cryptocurrencies.
Cross - border payment is not limited to only Bitcoin, Blockchain has provided the technology that enables cross-border payment. Cryptocurrencies as a whole will helps banks make cross-border payments.
it's huge if in the future all banks also make cross-border payments
i know by using Crypto we become our own bank
but with a bank that provides cross-border payments, it also helps to spread about bitcoin or crypto
so that's good news
i know by using Crypto we become our own bank
but with a bank that provides cross-border payments, it also helps to spread about bitcoin or crypto
so that's good news
i dont think any one will go to bank for making cross border payment with bitcoin.
bitcoin p2p transaction and bitcoin dosent need any 3rd party helper to complete a transaction.
bitcoin p2p transaction and bitcoin dosent need any 3rd party helper to complete a transaction.
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.
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.
I didn't understand this anyone can send bitcoin themselves for any cross border transactions as a payment means then why anyone include bank in these transactions and if bank involved in theses transactions then i think purpose of bitcoin will not fulfilled.
Yes it is. Already some banks gave permission to use bitcoin, and others still think about it. But I think in any case sooner or later bitcoin will turn into a currency that can be used in the banking sector.
In Argentina, demand for Bitcoin is increasing day by day. I think the trust in Bitcoin is growing in the face of the economic trend. Bitcoin, especially in countries struggling with inflationary impact, can be a salvation.
So using Bitcoin for money transffer crossborder or not is too easy. Some people still using Western, Paypal or something like that. I can't understand why are they doing that.
So using Bitcoin for money transffer crossborder or not is too easy. Some people still using Western, Paypal or something like that. I can't understand why are they doing that.
If anything, it seems like a marketing tactic. Bitcoin is eant to be used with bank. Banks can do whatever they want to transfer money and it doesn't matter. Using that bank just be
As per my experience, for me yes Bitcoin has eliminated all intermediaries for cross border payments except the fact that a person is a internet and bitcoin user but will a bank do the same is a big question mark as banks are guided by central rules and regulations and I think Bitcoin has still not secured that place in the market that it is used by banks.
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.
But then does it make sense? The banks adopting the cryptocurrency, the use of bitcoin. It is like slapping in there face that there is something better than you. But then we canmot say. There is a possibility that they will adopt this kind of improvement. It is like buying bitcoin over the counter, a face to face transactions maybe. Lets just see what will.going to happen in the future.
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