The FCA Is Testing Bitcoin Cross-Border Transactions

franky1

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Quote from: xdrpx on November 10, 2016, 09:05:55 AM

That's amazing news for the people in the UK to be able to be able to perform 7200 times faster cross-border transactions through SpecialFX. This would be a great alternative to SWIFT which would generally take longer to send transactions abroad or remittances. I hope the 69 firms who signed up to Epiphytes sandbox allows them to experiment well and good before hand cheap and faster transactions combined with p2p Bitcoin. If they make sure of a similar offchain scaling channel like the Lightning network it would ensure no delay in transactions and at lower costs.

lol UK has never had much of an issue with sending funds slowly/abroad anyway. the UK uses something branded "faster payment" which is alot faster then then the old BACS/SWIFT method.

again the article is falsely trying to link to bitcoin and is not actually showing off any new features. in essence its just a advertisement for a sort of westernunion2.0 which will be part of hyperledger. where its throwing in buzzwords in the attempt of getting VC funding..

in short, its nothing special and this topic should be moved to the altcoin or services section. kind of strange how a mod has not done this already

xdrpx

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That's amazing news for the people in the UK to be able to be able to perform 7200 times faster cross-border transactions through SpecialFX. This would be a great alternative to SWIFT which would generally take longer to send transactions abroad or remittances. I hope the 69 firms who signed up to Epiphytes sandbox allows them to experiment well and good before hand cheap and faster transactions combined with p2p Bitcoin. If they make sure of a similar offchain scaling channel like the Lightning network it would ensure no delay in transactions and at lower costs.

talkbitcoin

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Quote from: franky1 on November 10, 2016, 06:29:48 AM

Quote from: calkob on November 10, 2016, 06:17:50 AM

Quote from: Posternut on November 08, 2016, 12:52:25 PM

The UK’s Financial Conduct Authority (FCA) is currently testing clearing and settlement solutions using Bitcoin. The financial services regulatory commission has been working with digital currency operation Epiphyte, a firm that settles cross-border payments using blockchain technology.

https://news.bitcoin.com/fca-bitcoin-cross-border-transactions/

But are they actually using Bitcoin ?

"Epiphyte will work with the FCA to provide cost efficient and secure transactions, using a peer-to-peer protocol like Bitcoin."

if its like.... then its not exactly.

it either is or is not bitcoin, there is no such thing as "like bitcoin"

reading the whole thing. its just another sidechain that is getting tethered to hyperledger

it is never about bitcoin. the first couple of words of OP should tell you enough without reading the whole article. when it says The UK’s Financial Conduct Authority, it has never been about bitcoin and using it and it will never be, they are all looking for taking blockchain (or the technology) out and somehow use it for their own centralized purposes.

franky1

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Quote from: calkob on November 10, 2016, 06:17:50 AM

Quote from: Posternut on November 08, 2016, 12:52:25 PM

The UK’s Financial Conduct Authority (FCA) is currently testing clearing and settlement solutions using Bitcoin. The financial services regulatory commission has been working with digital currency operation Epiphyte, a firm that settles cross-border payments using blockchain technology.

https://news.bitcoin.com/fca-bitcoin-cross-border-transactions/

But are they actually using Bitcoin ?

"Epiphyte will work with the FCA to provide cost efficient and secure transactions, using a peer-to-peer protocol like Bitcoin."

if its like.... then its not exactly.

it either is or is not bitcoin, there is no such thing as "like bitcoin"

reading the whole thing. its just another sidechain that is getting tethered to hyperledger

calkob

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Quote from: Posternut on November 08, 2016, 12:52:25 PM

The UK’s Financial Conduct Authority (FCA) is currently testing clearing and settlement solutions using Bitcoin. The financial services regulatory commission has been working with digital currency operation Epiphyte, a firm that settles cross-border payments using blockchain technology.

https://news.bitcoin.com/fca-bitcoin-cross-border-transactions/

But are they actually using Bitcoin ?

"Epiphyte will work with the FCA to provide cost efficient and secure transactions, using a peer-to-peer protocol like Bitcoin."

shield132

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Quote from: Soros Shorts on November 10, 2016, 05:58:34 AM

Blockchian != Bitcoin

There are so many misleading articles that confuse blockchain use by various companies/governments with Bitcoin use. I currently work at a large financial technology company that is incorporating blockchain technology into the trade settlement and clearing process. This work has absolutely nothing to do with Bitcoin or even cryptocurrency. The advantage of the blockchain here is that the multiple parties and counterparties involved in the process can exchange the trade messages with each other quickly, securely and with integrity.

Blockchian? I think you wrongly write it because blockchian was once appeared in google's search engine and that website is scam and now down.

Quote

The beginning of the end of bitcoin transactions for normal people.

PS not normal but simple and what gives you reason to say that? But they are trying to put some regulations for Bitcoin but I hope it won't happen and in future bitcoin will be still like it's today.

Soros Shorts

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Blockchian != Bitcoin

There are so many misleading articles that confuse blockchain use by various companies/governments with Bitcoin use. I currently work at a large financial technology company that is incorporating blockchain technology into the trade settlement and clearing process. This work has absolutely nothing to do with Bitcoin or even cryptocurrency. The advantage of the blockchain here is that the multiple parties and counterparties involved in the process can exchange the trade messages with each other quickly, securely and with integrity.

bitbunnny

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There are more and more attempts like this with obvious aim to put some regulations and some kind of standards for Bitcoin.Or just the blockchain technology.
But I don't think this would end the use of Bitcoin for ordinary people, like someone here has said. Maybe it will be put it in some fraims.

franky1

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i was about to say.. its just a pre-test to then be part of hyperledger..(bankers private blockchain with sidechain implementation)
the secret is in the "in spring 69 firms got together".. sounds like hyperledgers spring announcement to me..

seems the article is throwing in as many crypto buzzwords it can to get the company highlighted for some VC funding.
for instance why throw in a mention of ethereum or able to work with any blockchain if it was to be just a bitcoin using tech.

the reason... it wont be using bitcoin in the future

QuestionAuthority

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Quote from: 7788bitcoin on November 10, 2016, 02:53:09 AM

I guess they are just using bitcoin to test the blockchain technology. Bitcoin is too expensive for them to use for their purposes due to the limited number of transactions/second. They can set up a new bitcoin-like blockchain network when the experiment is successful.

You win a gold star. No one else seems to see that all the testing on Bitcoins blockchain will do nothing for Bitcoin.

Microsoft Azure is offering an Ethereum private blockchain network! Isn't that great for Bitcoin! To the moon! Smart contracts for the win! Yippee!

No, actually it's not great for Bitcoin. It won't shoot any Bitcoin rockets to the moon! NASA won't be involved. All it means is more and more companies are figuring out what's good about Bitcoin so they can duplicate it privately.

7788bitcoin

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I guess they are just using bitcoin to test the blockchain technology. Bitcoin is too expensive for them to use for their purposes due to the limited number of transactions/second. They can set up a new bitcoin-like blockchain network when the experiment is successful.

Yakamoto

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This is the kind of legislation that I have been thinking was going to start arriving within the next few years, it's a shame that it's for the UK but at the same time it gives those of us overseas a bit of time to see what happens and judge what we want to do from there.

No guarantees that anything interesting will show up.

Lauda

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Terminated.

This has to be eventually deployed. I do think that it is taking longer than it should as the existing solutions are highly inefficient in comparison to the potential the cryptocurrencies hold and their underlying technology.

Quote from: TransaDox on November 08, 2016, 01:37:08 PM

The beginning of the end of bitcoin transactions for normal people.

No. What would make you say something like that?

TransaDox

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RBS back end services, here we come.

The beginning of the end of bitcoin transactions for normal people.

Posternut

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The UK’s Financial Conduct Authority (FCA) is currently testing clearing and settlement solutions using Bitcoin. The financial services regulatory commission has been working with digital currency operation Epiphyte, a firm that settles cross-border payments using blockchain technology.

https://news.bitcoin.com/fca-bitcoin-cross-border-transactions/

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