Hot answers tagged

8 votes

Why are banks and other centralized entities interested in block chains?

Speaking as someone who has worked on a blockchain project for a bank, I can tell you that banks are interested for several reasons. Banks know they are ripe for disruption Due to a combination of ...
  • 8,754
7 votes

Is it fraud? Would banks ask for fees through bitcoin?

This is definitely a scam. Even if an activation fee was a legitimate thing, they would just charge that amount out of the amount you were going to receive - if you were to receive $1000 and the fee ...
  • 16.6k
5 votes
Accepted

Justification of usage of Blockchain by banks

Blockchains are best used when there are multiple entities that don't necessarily trust each other. So within one bank, a blockchain really isn't useful. However between bank transfers could use the ...
  • 63.3k
5 votes

How can I sell bitcoins and transfer the funds to my bank account?

The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the ...
5 votes

How many transactions can a bank/person make per block

The cost of a Bitcoin transaction doesn't scale respective to the amount that is being sent, but according to the amount of data that the transaction occupies on the blockchain. Bitcoin transactions ...
  • 65.4k
4 votes

What prevents banks from printing electronic money?

Banks do lend out more money than they have. This concept is referred to as Fractional Reserve Banking. Government regulation is supposed to impose a minimum of reserves they need to keep, limiting ...
  • 65.4k
4 votes

How can I sell bitcoins and transfer the funds to my bank account?

If there are Bitcoin ATMs in your country it should be as simple as goint to the ATM ask for a refound and transfer the Bitcoins to where the ATM asks for. After that it should give you the money (...
  • 494
3 votes

Can I buy stocks with Bitcoin?

I've looked into 1broker and while there is quite a bit of good feedback about the site and the GUI is very clean the 4 guys who run it are students. I ran a hedge fund for many years and know a fair ...
3 votes

How can I sell bitcoins and transfer the funds to my bank account?

There are a couple of ways to sell bitcoins for fiat currency (like USD, Euro,etc) Directly trade with someone who wants to buy bitcoins using currency. Find an online exchange that would buy your ...
  • 264
3 votes

How can I sell bitcoins and transfer the funds to my bank account?

Bitcoins can not be withdrawn into a bank account directly. You can either sell them to somebody who then transfers money to your bank account, or you can sell them at an exchange and withdraw the ...
3 votes
Accepted

Is it safe to authorize Coinbase to withdraw cash directly from my bank account?

They don't need your password to process the ACH in the future. this sounds like they used your banking credentials to verify that it really is your account. You should be able to change your ...
  • 250
3 votes

why banks are trying consensus algorithms like ripple

Double spending doesn't just include cases where a participant tries to spend his own funds twice, but it also includes cases where two honest participants each want the same liquidity. For example, ...
3 votes

Send Bitcoin payments to any bank via API

The closest solution to this is setting up your supplier with a payments processor like Coinbase or Bitpay, who will convert your BTC to fiat instantly. However, there's no way to send BTC to a bank ...
  • 162
3 votes

Justification of usage of Blockchain by banks

Provenance is very important with OTC transactions. Many banks are comprised of thousands of tiny holding companies. How do you verify ownership? A decentralized Blockchain. Using a Blockchain, you ...
2 votes

How can I sell bitcoins and transfer the funds to my bank account?

I've always been a fan of LocalBitcoins. In Australia buying and selling Bitcoins is just a matter of using their site to find a reputable vendor. Often I'd be dealing with the same vendors on a ...
2 votes

I am looking for a reliable and low cost way to make loan repayments from Asia to the US. Are there any banks in the US that will acept Bitcoins?

"Translating" a Bitcoin to a US dollar is selling it. There are plenty of services that will sell your Bitcoins, including Coinbase, Kraken, and Bitstamp. You just need to find one that will do what ...
2 votes

How is bitcoin sent into my bank account?

Traditional banks don't hold bitcoin in their accounts, so you can't send bitcoin to your account. What you can do is sell your bitcoin for fiat currency and have that fiat deposited into your bank ...
  • 8,754
2 votes

Do all Banks and Credit Unions in the U.S. accept Bitcoin?

Certainly all banks and credit unions do not accept bitcoin, and I'm not aware of any that do. Banks and credit unions can be thought of as nodes in their own network that is not actually so ...
  • 8,754
2 votes
Accepted

How do traditional transactions take place (paypal, banks, etc) in comparison to Bitcoin transactions?

A traditional payment with PayPal or a bank works like this: You find the identifier of the intended recipient. You request a payment being made in your name to the intended recipient. The central ...
  • 65.4k
2 votes
Accepted

Blockchain vs. Banks: which one has more affordable transaction fees?

Bitcoin's blockchain transaction fees are market-based, so they fluctuate based on what fees miners are willing to mine: Currently, they are around $0.75. First of all, one major difference is that ...
  • 7,130
2 votes

Is it fraud? Would banks ask for fees through bitcoin?

Yes definitely a scam. Don't proceed further.
  • 31
2 votes
Accepted

Can an attacker flood the Bitcoin network with fake transactions?

It seems like one of the basic assumptions you are making is that all transactions ("fake" or not) are added to the blockchain. But that is not the case. Only valid transactions can be ...
  • 63.3k
1 vote

Justification of usage of Blockchain by banks

For the bank that I was a part of (Deutsche Bank) the value was in creating a blockchain based bond / securitizied debt product system using smart contracts (more ethereum than bitcoin) particularly ...
  • 111
1 vote

Do banks exchange bitcoins to traditional currencies

This is something that has not arrived yet (to my knowledge), but will probably emerge in the future. We're getting close, e.g. the German Fidor Bank has a partnership with Bitcoin.de that let's you ...
  • 65.4k
1 vote

Why is the Winklevoss ETF decision so important, when this tracker certificate already exists?

This ETF is for US people and would be traded on BATS exchange. US is a big financial market. Plus it's a hot topic because famous Winklevoss brothers are behind it.
1 vote
Accepted

Like Banks, are there better service providers from Bitcoins banks? Can I Find a rating?

Looks like you need a honest seller with low risks involved. Go for Coinbase.com if you are in the US. You could check their gov issued licenses for buying and selling bitcoins here: https://www....
1 vote

Blockchain implementation in banks

Think of a blockchain-based implementation of the financial backbone as the modern-day equivalent of Automated Clearing House (ACH), the national standard for processing checks. Based on banking ...
1 vote

Can I force my company to pay me in Bitcoin

No. You can ask nicely, but unless your company operates in a country that has declared Bitcoin legal tender you have no legal grounds to enforce it.
  • 65.4k
1 vote
Accepted

Can I force my company to pay me in Bitcoin

Probably not - I mean you're not in an absolute position to demand them to compensate you via bitcoin. Can you possibly get an E-checking account with someone like INGDirect then have your BTC ...

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