banks and bitcoin

Is the End Nigh? The Bell is Tolling for Banks!!

admin Banking, Bitcoin, Blockchain News, Government, Loans & Lending, P2P Lending 0 Comments

The Internet age has forced old school businesses to come online, and banks are no exception to this rule. Today you may be able to check your balance, transfer money or even pay for goods and services on your laptop, your mobile or even your fancy new smart watch but let’s be honest, banks still do not extend their full services through online channels. As an example, lending, which is a core banking activity, is usually never delivered through the Internet and this means that you invariably have to drag yourself to a bank branch just like you would have done in the 19th century and complete some good old fashioned paperwork to get a loan approved. Banks are the same but things are changing Accenture recently published a report titled “2016 Accenture Technology Vision for Banking.” In the report, they carried out a poll on bankers who surprisingly seem to be critically aware that the world around them is not the same. The report states: “Eighty-five percent of bankers agree that bank industry boundaries are being erased and new paradigms are emerging with every industry being significantly impacted.” Today we are increasingly using a variety of non-banking companies and …

Bringing In and Breaking Out: 10 Bitcoin and Blockchain Predictions for 2017

Bringing In and Breaking Out: 10 Bitcoin and Blockchain Predictions for 2017

admin Bitcoin Awareness, Bitcoin Bank, Bitcoin Lifestyle, Bitcoin Services, Blockchain, Blockchain News, blockchain technology, CoinGreed, Cryptography, Ethereum News, Gold, Smart Contracts, World Politics 0 Comments

Blockchain had a good run in 2016 with a lot going on, including over $1.5 bln invested in startups, Bitcoin breaking out of the $700 resistance level and the likes of IBM and Microsoft betting the shop on this new pervasive technology. We saw Barclays Bank’s first live commercial banking transaction, Hyperledger’s very promising Corda technology coming of age and, of course, more attacks requiring more forks. In addition, the Scaling Conference in Milan showcased some amazing projects that bode well for Blockchain’s amazing future. So what does 2017 hold for the Bitcoin Blockchain? On par with gold Bitcoin will continue its rise from its three-year high to reach parity with gold, continuing the trend post the devaluation of the yuan, the withdrawal of large Indian notes, as well as the Trump and Brexit effect. Breaking out As 2016 was the year of the Proof of Concept, 2017 will be the year when Blockchain breaks out of the lab and into production environments. Forks Ethereum will continue to fork under constant attacks and will get stronger as Casper comes of age. Furthermore, Ether will continue to struggle to break through the $1 bln market capitalization. Smart contracts Banks will try …

Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

admin Anonymity, Bitcoin Mixers, Bitcoin Mixers and Anonymizing Services, Blockchain News, blockchain technology, CoinGreed, Technology 0 Comments

Today, banks and financial markets refuse to share information that can prevent money launderers and fraudsters from operating in the shadows, in the gaps between market participants. But now the situation is changing. As Grant Blaisdell, co-founder and COO of Coinfirm.io says: “Blockchain has the potential to completely eliminate fraud, money laundering and criminal activity from our financial and banking systems.” This is the first in a three-part report that looks at Anti-money laundering (AML) and the efforts of the Blockchain community to bring everyone together to rid the financial markets of fraudsters, criminals and those who seek to use the financial system for the bad ends. Compliance costs skyrocket Remembering back to 2012, HSBC had to pay the U.S. authorities $1.9 bln in fines for not identifying and distinguishing bad actors from good, through the handling of a huge volume of questionable transactions from unreliable sources. The question remains: did they really know or were the systems that are meant to flag the risks inadequate? How did HSBC get this so wrong over a long period across many sovereign jurisdictions? Does this continue to highlight the fundamental issue for banks and all financial institutions the challenge to accurately identify each party …

Medical Marijuana App Solves Industry’s Cash-Only Payments Problem

Medical Marijuana App Solves Industry’s Cash-Only Payments Problem

admin Bitcoin Apps, Bitcoin Lifestyle, Bitcoin Merchants, Bitcoin Politics, Marijuana, Regulations 0 Comments

It is no secret that the medical marijuana industry in the United States faces an uphill struggle, indeed our readers will remember that we covered the issue in detail recently and discussed how dependence on cash is putting both medical marijuana businesses as well as consumers at a great deal of risk. It is interesting to note that there have been developments in this field and there is now a payments solution at hand for regulated medical marijuana businesses as well as customers. CanPay has recently announced a solution for the legal marijuana industry that has become available to users as well as businesses in the states of Washington, Oregon and Colorado. If this solution does indeed get adopted en-masse, it promises to solve the industry’s cash-only problem. Why no banking love for marijuana The problem in the United States arises from the dichotomy in laws. While in many states the use of medical marijuana is now allowed, federal law still acts as a spanner in the wheel. The banking industry is thus wary of being on the wrong side of federal law and the industry is largely unorganized. Consumers who want to access medical marijuana in states where it …

Blockchain Proven to be Faster Than Wire Transfers in Banking Payment Test

Blockchain Proven to be Faster Than Wire Transfers in Banking Payment Test

admin Banking, Bitcoin Awareness, Bitcoin News, Bitcoin Tools, Blockchain News, blockchain technology, BlockChain Technology Opinions, CoinGreed, In the News 0 Comments

Bitcoin and its revolutionary Blockchain technology have many advantages over the status quo. This ranges from better security, lower costs and superior inclusion. Another advantage is the speed of transactions, as the legacy banking system has been using the wire transfer method for generations. Now, results from a test run by a group of banking interests in Japan have revealed that Bitcoin’s Blockchain technology is more than ready to drag the current monetary transfer system into the 21st century. According to the Asian Nikkei Review, the unnamed “megabanks,” the Deloitte Tohmatsu accounting group and the Bitcoin exchange bitFlyer have been running Blockchain tests for a considerable part of 2016, with the final tests concluding in September. The goal was to see if Bitcoin’s Blockchain technology could hold up to the rigors and speed requirements of the current currency transfer systems. You could say that these tests were successful. “Blockchain’s low processing speed was seen as a major drawback of the technology,” said the Asian Nikkei Times. “But researchers were able to conduct 1,500 transactions per second using Blockchain, on par with the nearly 1,400 transactions the current interbank wire system is capable of handling at peak times.” The banks again were …

How Bitcoin Will Destroy R3 and Other Blockchains in Three Years

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Venture capitals may like the ideas of other public chains like R3 but they will later realize that Bitcoin is the real thing after the Blockchain bubble bursts, says angel investor in Bitcoin and Ethereum startups, Chandler Guo. He said in his interview with ether.camp at the Clare Hall of the University of Cambridge: “We’ve come to revolutionize them, not to be in cooperation with them. So we don’t like them. They are a big company, banking idea. We come here to use Bitcoin to destroy their system, not to follow them.” He also  suggested that the price of Bitcoin could reach $10,000 or even as high as $1 mln. Guo says that previously  everyone talked about Bitcoin but not Blockchain. Now, the attention is on Blockchain in China and other parts of the world and nobody wants to talk about Bitcoin. Starting new public chains Guo says: “In China today, almost every community jumps into Blockchain. But when they get to the Blockchain area, everyone has questions: what are we doing here? If we want to build a Blockchain, how do we start? How do we start a public chain? Only public chain has value. Today, only POW can …