But it will be a futile attempt to overcome the economic revolution that has started, the banks will topple, twitch their wretched leggs and die slowly, the picture of the lobsters was a nice one
Topic: Banks are 'very excited' said Bitpay (Read 3013 times)
A 'centralised' ledger within the different banks will secure the trust between global transactions. It does have a benefit for the banks, they can make cross-bank and international payments more controled and transparant, reduce the overhead costs and get bigger bonusses for the bankers!
But it will be a futile attempt to overcome the economic revolution that has started, the banks will topple, twitch their wretched leggs and die slowly, the picture of the lobsters was a nice one
But it will be a futile attempt to overcome the economic revolution that has started, the banks will topple, twitch their wretched leggs and die slowly, the picture of the lobsters was a nice one
If they create there own centralized blockchain its really just a updated ledger.
they will look at the news about IBM, they want to create a centralized version of bitcoin, with a centralized ledger https://bitcointalksearch.org/topic/m.11672985
it will change nothing in comparison with their current system, besides more transparency on the ledger maybe...
A centralized ledger totally defeats the point of having a blockchain. Having a classic master ledger that is issues and controlled by the private entity you own is way more cheaper and does basically the same as having a centralized version of a blockchain. These guys are just fucking clueless. Everyone not just joining the Bitcoin blockchain is committing a big mistake and history will show us why.
Yes. But banks need to attach a coin to the blockchain, most likely bitcoin.
No need! Coins attached to blockchain is for the aim of incentivise the miners to secure the blockchain. Banks has being making a lot of money and could save a lot of cost from applying blockchain technology. why wont banks be excited for anything ?
banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
IMO banks wouldn't adopt bitcoin directly and will compete with it. Coz bitcoin is independent decentralized system without the third parties. banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
The interesting thing is, that banks don't trust each other. A decentralized prediction market is a big opportunity for banks to adopt bitcoins.
Yes. But banks need to attach a coin to the blockchain, most likely bitcoin.
No need! Coins attached to blockchain is for the aim of incentivise the miners to secure the blockchain. Banks has being making a lot of money and could save a lot of cost from applying blockchain technology. why wont banks be excited for anything ?
banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
IMO banks wouldn't adopt bitcoin directly and will compete with it. Coz bitcoin is independent decentralized system without the third parties. banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
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Bitpay has shifted its focus from letting businesses accept Bitcoin to getting people interested in Bitcoin in the first place. The company is doing this by building the infrastructure and tools to make Bitcoin more accessible. In the process, they've stumbled on a new market — big banks.
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Clearing is the process of actually moving money from one account to another
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the so-called "blockchain" software underpinning it makes transfers much faster.
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the likes of Citi, UBS and Santander are all looking at blockchain technology
tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.
Would banks make their own blockchains if that's the case? Who would pay for the mining consumption and the miners to keep the network stable?
Yes, They have the financial backing to pay people to create their own "Blockchain" type technology. They can even use the Blockchain, but it would be a risky move. They need something that they have full control over and they want to have it fully centralized.
A big banks, have many branches with loads of computers. They can install Asic miners in all of these branches to keep it decentralized within the group. {The ledger is distributed and it's still internal and therefore provides for increased security}
My guess... They will not use the Bitcoin Blockchain.
If they create there own centralized blockchain its really just a updated ledger.
they will look at the news about IBM, they want to create a centralized version of bitcoin, with a centralized ledger https://bitcointalksearch.org/topic/m.11672985
it will change nothing in comparison with their current system, besides more transparency on the ledger maybe...
why wont banks be excited for anything ?
banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
banks just find a medium for them to be a source of income . in order to earn some money they can do anything.
and since bitcoin is growing day by day , it can be a perfect target for the banks to acquire bitcoins and mange a transaction via bank so that they have some commission in it too.
dare I say it. Blockchain interest has been rising faster than Bitcoin
Yes. But banks need to attach a coin to the blockchain, most likely bitcoin.
Although it is nice to hear that Bitpay is being used by 60,000 different merchants, the sad thing is that nowadays only a small number of people use Bitcoin to do their shopping. According to Stephen Pair, only the early adopters are using Bitcoin to do shopping on these sites. The newer Bitcoiners are not using their coins for shopping. They are treating Bitcoins more like an investment asset. If things continue like this, then the merchants will lose their interest in Bitcoins and they will shelve BTC as one of the payment options.
If they create there own centralized blockchain its really just a updated ledger.
Would banks make their own blockchains if that's the case? Who would pay for the mining consumption and the miners to keep the network stable?
The cost of mining in Bitcoin has been artificially inflated from a combination of proof of work, halving and the reward for mining itself. Adjust some of these to remove the hash rate arms race to make financial gain, and mining to secure the blockchain is inexpensive.
-snip-
tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.
In other words, this isn't related to Bitcoin but rather to blockchain technology. This shouldn't even be in this section.tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.
This is the saddest thing about it in my opinion. I think most companies or banks aren't that excited about bitcoin or using it directly but they're just interested in the blockchain tech behind it which they will just utilise themselves to save themselves money. Good news for banks but not really us sadly.
Quote
Bitpay has shifted its focus from letting businesses accept Bitcoin to getting people interested in Bitcoin in the first place. The company is doing this by building the infrastructure and tools to make Bitcoin more accessible. In the process, they've stumbled on a new market — big banks.
Quote
Clearing is the process of actually moving money from one account to another
Quote
the so-called "blockchain" software underpinning it makes transfers much faster.
Quote
the likes of Citi, UBS and Santander are all looking at blockchain technology
tldr: banks are very excited that bitpay is working on a solution to apply "blockchain technology" to the way they do business.
Would banks make their own blockchains if that's the case? Who would pay for the mining consumption and the miners to keep the network stable?
Of course they are very excited: BitPay needs banking partners to turn all that Bitcoin from companies that immediately convert them, and this is a new business opportunity for banks to profit.
I hope everyone using BitPay switches to 100% Bitcoin, or at least the vast majority of funds to Bitcoin only (the only exceptions being funds in fiat to pay whatever they cannot pay in Bitcoin, yet).
I hope everyone using BitPay switches to 100% Bitcoin, or at least the vast majority of funds to Bitcoin only (the only exceptions being funds in fiat to pay whatever they cannot pay in Bitcoin, yet).
I think this is rather bad for bitcoins. Blockchain is one of the most crucial technology of bitcoin. If banks employ the blockchain tech for their own transfers, they will probably not end up using bitcoin but will rather make a digital blockchain without the need for bitcoin which could be supported by something else just like account transfers. And once they bring this technology to the mainstream public business as well , they will just use something like mobile wallets to transfer money and the only advantage of bitcoin then would be the almost 0 fees and anonymity.
Is it even anonymous since you still leave behind a bitcoin addressAll you will get it my bitcoin address. Sometimes people require that anonymity for a lot of things which won't be the case in case of the banks.
I think this is rather bad for bitcoins. Blockchain is one of the most crucial technology of bitcoin. If banks employ the blockchain tech for their own transfers, they will probably not end up using bitcoin but will rather make a digital blockchain without the need for bitcoin which could be supported by something else just like account transfers. And once they bring this technology to the mainstream public business as well , they will just use something like mobile wallets to transfer money and the only advantage of bitcoin then would be the almost 0 fees and anonymity.
Is it even anonymous since you still leave behind a bitcoin address 
They're very excited about building their own version for control. Or perhaps, Bitpay may be looking to be acquired or bought out.
I didn't think about it, but getting bought out would be very nice for bitpay. Interesting angle!
They're very excited about building their own version for control. Or perhaps, Bitpay may be looking to be acquired or bought out.
banks are 'very excited' about copying bitcoin's blockchain infrastructure .. not about Bitcoin itself
they will end use bitcoin for their blockchain as well, in a sorf of sidechaing, integrated with the original blockchain, they will not just raise another fork of it, in the hope that it can surpass the original one, will not happen, and they know it
It acctually has nothing to do, wiith them trying to create a competing system for Bitcoin as a currency.
They do internal transactions {offline} in their banking software... Like Xapo does, and then later they have to do the acctual {online} transfer between other banks.
They need "Blockchain" type technology to do this in real time, between banks, to reduce delays with clearances.
Bitcoin will still function without this, it only means banks will do external clearances quicker.
They do internal transactions {offline} in their banking software... Like Xapo does, and then later they have to do the acctual {online} transfer between other banks.
They need "Blockchain" type technology to do this in real time, between banks, to reduce delays with clearances.
Bitcoin will still function without this, it only means banks will do external clearances quicker.
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