Examples : https://bitcointalk.org/index.php?board=53.0
The technology can also use smart contracts via trusted third parties to make the payments on a regular basis, so you do not need big bad Banks to do this for you.
Topic: Bitcoin financial services (Read 393 times)
People always find novel ways to replace problematic systems or services or the lack there off. Private Bitcoin loans through trustworthy third parties has been done for many years now, you just need to find these services or people that built up a good reputation in the community.
Examples : https://bitcointalk.org/index.php?board=53.0
The technology can also use smart contracts via trusted third parties to make the payments on a regular basis, so you do not need big bad Banks to do this for you.
Examples : https://bitcointalk.org/index.php?board=53.0
The technology can also use smart contracts via trusted third parties to make the payments on a regular basis, so you do not need big bad Banks to do this for you.
Regarding with the lending point
When you come to the bank to get a loan
The bank is asking you for adequate guarantees ..!
Think with me how these guarantees will be formatted with the crypto system?
With comprehensive adoption , these issues will be resolved and banks will be an important part of this system.
When you come to the bank to get a loan
The bank is asking you for adequate guarantees ..!
Think with me how these guarantees will be formatted with the crypto system?
With comprehensive adoption , these issues will be resolved and banks will be an important part of this system.
Of course. A smart contract can definitely handle those issues and provide the needed solutions without much hassle, except when setting it up.
After that it will be like the current Artificial Intelligence/Machine Learning methods that banks are using to store information and redirect their customers. Using Blockchain it can be implemented, no problem.
So I know some members of this community like to participate in a good old bank bashing session and while I do agree we need to reform our financial system and disruptive technology
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.
So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?
What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.
Cheers.
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.
So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?
What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.
Cheers.
The thread contains many points, I will to choose the loan point
In general, you will need adequate collateral to get a loan, whether in fiat or cryptocurrencies in the future
the guarantee may be in the form of bank deposits or digital assets, for example.
So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
I don't know if right now there are any financial institutions that offerings loans in bitcoin because bitcoin is not accepted in many countries, so we could get a loan from the bitcoin member or in the websites that support bitcoin only. Maybe in the future, when bitcoin is accepted in all countries, we will see an institution offers that services.
Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?
Maybe soon we will see it will happen because so far, the ICO projects do not yet apply this and they are still at the exchanges.What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
I am not sure about that because I don't search more about that company, so I don't know.Are there any examples of companies already successfully doing this?
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
Until now, there are not yet companies providing insurance for people's bitcoin, and I think that the banks do not give protection from scammed too if the mistake is from us. (a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
Many people choose an old banking style but now I monitor that bitcoin is now using as a instrument in the loan. I am working in one of the most popular pawnshop/remittance center here in PH and everyday there is an cash pay out coming from coins.ph before and now they are using TALA. I asked them what are those remittance came from and they told me about the financial loan that they apply.
The main reason they choose a bank is because they have physical presence. You can visit the bank and ask for help, with bitcoin you are your own bank
So I know some members of this community like to participate in a good old bank bashing session and while I do agree we need to reform our financial system and disruptive technology
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.
So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?
What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.
Cheers.
Regarding with the lending pointlike bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.
So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?
Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?
What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.
Cheers.
When you come to the bank to get a loan
The bank is asking you for adequate guarantees ..!
Think with me how these guarantees will be formatted with the crypto system?
With comprehensive adoption , these issues will be resolved and banks will be an important part of this system.
Diversification of financial services in bitcoin is a long term process and we can't see every instruments that banks are offerinf to us now. Since bitcoin has a strong base, loaning debt in cryptocurrency or buying a mortgage credit in bitcoin is not so away from us. But still there is a strong resistence to cryptocurrencies showed by authorities and their primary role on future of cryptocurrencies does not losen.
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I believed the OP misunderstand the concept behind bitcoin creation because it was created as a means to save people from the mistake made by the government and the banks. Besides, bitcoin is a true symbol of democracy because one are equal and the future of every project are decided by the community which was one of the reason why every man is his own bank.
Concern, the loan issues we have some crypto currency project that handle but how they operate their service I dont know cause I never use it before.
Concern, the loan issues we have some crypto currency project that handle but how they operate their service I dont know cause I never use it before.
Bitcoin and Blockchain technology has brought a big change towards the transactions of currencies all over the global history since a new cryptocurrency was introduced by Satoshi Nakamoto in the year 2009 . The people all over the world have been frustrated by changing policies of politicians and the government about the physical currency that made people accept the new form of currency .
I would say that this is the big progress that can't be stopped anymore. Bitcoin has brought some kind of revolution that is still ongoing but some are not accepting it with too much enthusiasm. Also, there is still a lot of space for further development and governments will have to embrace these new trends and technologies in order to keep the track.
Yeah, it only kicks in if they themselves get hacked, not individual user accounts:
Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase.
There seems to be at least one documented case of a Coinbase refund:
It was 10.6 bitcoins held in the wallet service Coinbase, the most well-funded and widely implemented service on the market. Jeff, who asked that we not use his last name, got the news of the transaction as soon as it happened, and after going back and forth with a customer-service representative, he had his money refunded. Exactly one month later, it happened again.
But yeah "compromise of your account" could be spun into different ways. Insurance is nice, but I still wouldn't rely on it.
There are 2 more similar cases on your link and one of them was denied because a user didn't use 2fa. The amount of positive cases is miserably low while comparing to banks people have more responsibilities related to safety of their accounts.
If such things are not such user-friendly as we used to see it then we shouldn't expect fast and mass adoption.
Bitcoin and Blockchain technology has brought a big change towards the transactions of currencies all over the global history since a new cryptocurrency was introduced by Satoshi Nakamoto in the year 2009 . The people all over the world have been frustrated by changing policies of politicians and the government about the physical currency that made people accept the new form of currency .
I would say that this is the big progress that can't be stopped anymore. Bitcoin has brought some kind of revolution that is still ongoing but some are not accepting it with too much enthusiasm. Also, there is still a lot of space for further development and governments will have to embrace these new trends and technologies in order to keep the track.
Bitcoin and Blockchain technology has brought a big change towards the transactions of currencies all over the global history since a new cryptocurrency was introduced by Satoshi Nakamoto in the year 2009 . The people all over the world have been frustrated by changing policies of politicians and the government about the physical currency that made people accept the new form of currency .
Sounds interesting.
Do you know any cases when users could get their money back after being hacked?
I feel like funds are secured in case someone hacks coinbase, not a user. That's a bit different kind of security.
Do you know any cases when users could get their money back after being hacked?
I feel like funds are secured in case someone hacks coinbase, not a user. That's a bit different kind of security.
Yeah, it only kicks in if they themselves get hacked, not individual user accounts:
Please note that the insurance policy covers any losses resulting from a breach of Coinbase’s physical security, cyber security, or by employee theft. This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase.
There seems to be at least one documented case of a Coinbase refund:
It was 10.6 bitcoins held in the wallet service Coinbase, the most well-funded and widely implemented service on the market. Jeff, who asked that we not use his last name, got the news of the transaction as soon as it happened, and after going back and forth with a customer-service representative, he had his money refunded. Exactly one month later, it happened again.
But yeah "compromise of your account" could be spun into different ways. Insurance is nice, but I still wouldn't rely on it.
Cryptocurrencies "Bitcoin" provide you with an irreplaceable alternative As long as you keep your recovery seeds safety, no one will be able to steal your coins without having to trust the promises of someone or an institution.
The problem is that users still have to care about the safety of their computers. Different keylogger viruses are a pretty popular disease of the crypto community. In this case, banks are still way safer because if your card was stolen you can request a chargeback while if someone hacked you and stole your keys there is no way to get your money back.Custodial services are most likely insured because that's kind of the point. Other than that, I know Coinbase actually insures customer funds, albeit conditionally. There could be other exchanges that do this but I don't know of any other example.
I feel like I should point out that I don't shill for Coinbase lmao. I just happen to be more familiar with them than other major exchanges.
Sounds interesting.
Do you know any cases when users could get their money back after being hacked?
I feel like funds are secured in case someone hacks coinbase, not a user. That's a bit different kind of security.
What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?
Are there any examples of companies already successfully doing this?
People generally hate it because it kind of defeats the purpose, and it gives custodial companies power similar to what banks have now. They exist mostly for large institutions. One example is Coinbase Custody.
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?
Custodial services are most likely insured because that's kind of the point. Other than that, I know Coinbase actually insures customer funds, albeit conditionally. There could be other exchanges that do this but I don't know of any other example.
I feel like I should point out that I don't shill for Coinbase lmao. I just happen to be more familiar with them than other major exchanges.
There are many financial investment companies that take your money and return them when you retire. Holding your bitcoins is no different from holding your fiat money
Crypto loans are possible,but they have to be guaranteed with a big collateral+other people(if the loan is bigger).There's no way to automate the process by using smart contracts.Only people can evaluate the accountability of some borrower.
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
thats not so easy. Bank will not give you money unless you will prove in court that you COULD make mistake by getting scammed. Its not that simple, its fight like with insurance companies.then its not looking so good still is it?
im happy with new era of beign your own bank
Bitcoin has no limitations in terms of money, and when we entrust that money earned from bitcoin the bank has no control of crypto holders. Freedom of finances will always be there, and no matter what type of funds you'll be storing at banks whether btc earned fiat it doesn't matter as long as you're confident enough to take full responsibility of that asset of yours.
Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
thats not so easy. Bank will not give you money unless you will prove in court that you COULD make mistake by getting scammed. Its not that simple, its fight like with insurance companies.then its not looking so good still is it?
im happy with new era of beign your own bank
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