Topic: bank will use Bitcoin to make cross-border payments - page 2. (Read 478 times)
Bicoin Mitchell, I think it's a good thing to approve the banking of the banking era in the upcoming era. I think it will also make it easier for customers and quickly develop into the business world and the world.
Another civilized country began to use blockchain and cryptocurrency, I am very glad that the world supports these technologies and develops. If I'm not mistaken the first banks that introduced this technology were Swiss banks.
We are talking about cross-border payments here rather than domestic transactions. So, I believe Banco Masventas is adding Bitex to eliminate other partner banks that can help banks reduce costs. However, this is what I assume because the main model of operation and partnership is not available for public viewing. For the time being, payments for imported or exported goods will be impeded as only a few countries legally make bitcoins as payment instruments.
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.
I'm very surprised at this information. It seems to me that the Argentine bank that adopted this decision is not a state bank. It's probably some kind of PR, not a sober calculation. Bitcoin is not designed to serve the banking system. A ripple coin is very suitable for this. It is a good substitute for the outdated SWIFT banking method when transferring funds. 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.
While this is a welcome development, it must be pointed out those from the south American continent who plunge in first will take the biggest cut of the pie and enjoy an overwhelming support over time. the bitcoin is breaking barriers and proving reliable amongst trust worthy, firts rate companies who understand the meaning, purpose and uses of cryptocurrency.
Bric countries and south-east asia countries are relying on ripple and another blockchain to do cross-border transactions in reality it is positive movie for blockchain industry
Well I'm not quite sure about the source of the news & validity, if so this will be a massive initiative for adoption of Crypto currency by the other governments & major companies. Since the banks are much afraid & against for this decentralized Blockchain system it was said to be applied more regulations. Security & scaling issues which Blockchain has. Meantime one or two institutions can try out the BITCOIN transactions to attract their clients. But overall it will take some time to adopt BTC widely due to lack of belief in virtual currencies by mass community.
This has been going on for a long time, just that they are not daddy for people to know.
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.
It's a kind of tric from the side of banks. Because they realise that there is no way to protect banking system,so they forced to accept bitcoin to cross border payments. 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 think it is going to be faster than Swift, because Swift does not deal with individual transactions like Bitcoin does. The Banks settle
the "balance" after a lot of transactions between them with Swift, so it is not comparable to Bitcoin settlements. We usually only see
the end result of Swift transactions when transactions are batched and settled between the Banks. Bitcoin is definitely going to
disrupt Swifts services.
the "balance" after a lot of transactions between them with Swift, so it is not comparable to Bitcoin settlements. We usually only see
the end result of Swift transactions when transactions are batched and settled between the Banks. Bitcoin is definitely going to
disrupt Swifts services.
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.
This is great. Both Swift and Western Union are horribly expensive. Lets hope more banks see the light about the benefits of bitcoin.
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.
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.
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.
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.
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/
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.
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.
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.
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
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.
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.
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.
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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