Barclays to start accepting bitcoin | Bitcointalksearch.org

Falconer

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Quote from: CoinBateman on September 03, 2015, 02:19:49 AM

Barclays do NOT accept bitcoin in the sense that they are not acting as a money transmitter in exchange to and from bitcoin / fiat.

I recently had my Barclays Business Account closed for no other reason than being involved in legitimate Bitcoin business. Much like every other bank, they are exploring blockchain tech, but they sure as hell aren't going to go into regulatory grey area's acting as a bitcoin money exchanger.

I hate it when the media blows stuff up like this, the news might as well not be news.

Yeah, I dont think any banks could accept bitcoin, since each of them have different principal in their system. The only key why bank approaching bitcoin is to study the blockchain, and they will make their own technology like blockchain, where they could make much profit from that.

CoinBateman

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Barclays do NOT accept bitcoin in the sense that they are not acting as a money transmitter in exchange to and from bitcoin / fiat.

I recently had my Barclays Business Account closed for no other reason than being involved in legitimate Bitcoin business. Much like every other bank, they are exploring blockchain tech, but they sure as hell aren't going to go into regulatory grey area's acting as a bitcoin money exchanger.

I hate it when the media blows stuff up like this, the news might as well not be news.

kenbytes

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that is a very good news ...i hope more big companies will do the same Cool

TeamButtcoin

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Meanwhile, outside of the reality distortion bubble...

https://www.cryptocoinsnews.com/barclays-will-not-accept-bitcoin-payment-bank-accounts/

tadakaluri

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Barclays and the bitcoin startup, Safello, will build a program that would allow charities to accept bitcoin. This appears to be the first time a big bank has directly undertaken a live experiment with the digital currency. This can improve confidence on Bitcoin Investors.

bitwarrior

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This is good news indeed, hopefully it will go to a full operation on accepting bitcoins on regular accounts as it was stated "To begin with, the roll-out will be slow: only charities will be able to pay bitcoins into Barclays bank accounts.". And may other banks will follow Barclays path as well.

aso118

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Quote from: Denker on September 02, 2015, 06:40:20 AM

I found that interesting comment on reddit about that topic. What do you think? Is this a possible and good way Bitcoin might going to reach a bigger user base?

Quote

Could you imagine being able to move money from fiat to bitcoin as easily as you move cash from checking to savings?
I envision very soon online banking having a savings, checking, and bitcoin line, with the ability to move funds between each seamlessly.
Sure there's a bit of reserve banking going on there, but it will definitely increase the demand for bitcoin in a non-zero amount.
If Barclays fully commits to this, they should have no problem managing this very effectively.
Let's get behind this because if the last 5 years has taught us anything it's that virtually no one is going to dump their checking accounts for full bitcoin dependency. This is the natural transition. Don't listen to the loony all-or-nothing libertarians around here; this is how bitcoin goes mainstream.

There will be regulatory issues involved.
Even if Barclays (or any other bank) wants to do this, you will have to look at the regulations in the jurisdiction in which they operate. Most regulators still frown upon Bitcoin. Your bank deposits are covered by insurance to a certain extent. Would insurers be willing to insure bitcoin losses?

Denker

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I found that interesting comment on reddit about that topic. What do you think? Is this a possible and good way Bitcoin might going to reach a bigger user base?

Quote

Could you imagine being able to move money from fiat to bitcoin as easily as you move cash from checking to savings?

I envision very soon online banking having a savings, checking, and bitcoin line, with the ability to move funds between each seamlessly.

Sure there's a bit of reserve banking going on there, but it will definitely increase the demand for bitcoin in a non-zero amount.

If Barclays fully commits to this, they should have no problem managing this very effectively.

Let's get behind this because if the last 5 years has taught us anything it's that virtually no one is going to dump their checking accounts for full bitcoin dependency. This is the natural transition. Don't listen to the loony all-or-nothing libertarians around here; this is how bitcoin goes mainstream.

Clint

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Lol I started a thread like this a few months ago, I think they're using the blockchain, not sure if it's bitcoin. Your article seems legit. This is good for us then.

gentlemand

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Quote from: White sugar on September 01, 2015, 08:58:37 PM

Unknown exchange Huh

Does anyone knows what exchage may it be?

Safello are already linked to Barclays. No reason why it wouldn't be them.

White sugar

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Unknown exchange Huh

Does anyone knows what exchage may it be?

Carlton Banks

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Quote from: gentlemand on September 01, 2015, 08:35:16 PM

Quote from: Carlton Banks on September 01, 2015, 08:33:33 PM

Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays Cheesy

Six months of free money laundering.

actual lol

gentlemand

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Quote from: Carlton Banks on September 01, 2015, 08:33:33 PM

Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays Cheesy

Six months of free money laundering.

Carlton Banks

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Quote from: gentlemand on September 01, 2015, 07:39:19 PM

A bit more meat on the story here.

http://arstechnica.co.uk/business/2015/09/barclays-to-become-the-first-major-bank-to-accept-bitcoin/

Lol, seeing as ArsTechnica are proven to promote stories in exchange for political and/or sexual favours, I wonder what they got out of Barclays Cheesy

gentlemand

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A bit more meat on the story here.

http://arstechnica.co.uk/business/2015/09/barclays-to-become-the-first-major-bank-to-accept-bitcoin/

crazyearner

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This is sure good news but what are Barclay's going to do if it does not bring them money that is not backed up by debt. No change here, they will more like to accept it, have their own foot in the door by applying some sort of fees to exchange out from crypto to fiat, hold the coins so they have some weight in the ground before others start to adopt it and have a big stock for the future.

Markets currently crashing exchanges messing up hmm wonder if Gox is cashing his coins out with the markets tumbling like currently are, and banks also helping to plummet it with some private funds to crash markets for them to sweep up a massive pot of it before the bigger waves happen and passes $1,500 for 2013.

Who knows but theirs a lot of bad things going on and now reading this is indeed fantastic news for them dipping their hands in it and with the exposure Barclays have and seeing a BTC logo next to it will massively expose and promote BTC to the next level.

roadbits

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"the controversial digital currency, bitcoin" what is so controversial about bitcoin? It's open source, both the protocol and the software, what more can you ask for?

ashour

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Quote from: RodeoX on September 01, 2015, 04:11:15 PM

Quote from: ashour on September 01, 2015, 03:39:54 PM

Quote from: RodeoX on September 01, 2015, 10:21:28 AM

Quote from: Kprawn on September 01, 2015, 05:19:28 AM

There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books. Grin

A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/

Even if the charities use bitcoin as payment method, they will have to convert that bitcoin into fiat. And the banks will take a cut of that conversation. Charity needs to operate solely on bitcoin like paying staff in bitcoin, buying supplies with bitcoin, distributing financial help into bitcoin in order to operate without those high bank fees.

I agree. And in the short term they would do better with BitPay or Coinbase.

Yes but in this way Bitpay or Coinable would just replace banks and they would take the fees that banks would take instead.

gentlemand

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Both Bitpay and Coinbase already operate in the UK, though I dunno how. No one's going to buy BTC just to donate.

How many existing Bitcoin users are there in the UK? Considering how pathetic the infrastructure is compared to the US I'd say no more than a few tens of thousands. Most of them will be hoarding.

I'd class it as a total dead end. However it's a very uncontroversial way to get their feet wet. They'll probably pull in about £51 but perhaps something will be learnt.

RodeoX

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The revolution will be monetized!

Quote from: ashour on September 01, 2015, 03:39:54 PM

Quote from: RodeoX on September 01, 2015, 10:21:28 AM

Quote from: Kprawn on September 01, 2015, 05:19:28 AM

There has to be some sort of hidden agenda for this... ? Why act as a intermidiatary for charities or is this just a opportunity for a test run, to see if it can be implemented for everything else... or just a publicity

stunt to say... "We were first" ..... Time will tell, if their actions is purely motivated by greed or by social wellfare. Let's give them the benefit of the doubt for now.

I am glad a multi national like that is interrested in Bitcoin, so let's celebrate that... they could have gone with another Alt coin, and they did not.. that is a huge plus in my books. Grin

A few months back i remember reading an article about how much banks/credit issuers make from charities. It was a quite shocking amount of money that should have gone to help people. Perhaps they are concerned about BTC donations eating into these profits?

Here is something about it:
http://www.moneytalksnews.com/donating-charity-donating-bank/

Even if the charities use bitcoin as payment method, they will have to convert that bitcoin into fiat. And the banks will take a cut of that conversation. Charity needs to operate solely on bitcoin like paying staff in bitcoin, buying supplies with bitcoin, distributing financial help into bitcoin in order to operate without those high bank fees.

I agree. And in the short term they would do better with BitPay or Coinbase.

Topic: Barclays to start accepting bitcoin (Read 2023 times)