16 Dec

Ethereum Reaches new All-Time High of $750

By Daniel Zo Ethereum, Ether, EU, Bank Read Comments

The last few months have been truly kind to the world of digital currencies, considering the fact that all major cryptocurrencies have reached unbelievable new all-time highs, thanks to increasing investor interest, bitcoin futures, and new blockchain and crypto-based platforms revolutionizing our current financial system from the ground up.

With this in mind, Ethereum, which is the world’s second biggest digital currency in terms of market capitalization has reached a new all-time high on Thursday, the 14th of December, with values first breaking the $600 threshold, and then surging even higher to $750. At the time of writing, the value of Ether, has decreased a bit, as it is currently trading at approximately $670.

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03 Sep

Ethereum Creator Signs Deal with Russian Bank for Ethereum Russia

By Daniel Zo Ethereum, Russia, ETH, Bank Read Comments

During the last couple of months, Ethereum has had its ups and downs, yet at this time, it is close to nearing $400 in value for a single token, whereas the development of smart, decentralized applications based on smart contracts is at its peak.

Recent reports indicate that the founder of Ethereum, Vitalik Buterin, has recently signed a contract with the Russian State Bank for Foreign Economic Affairs and Development (VEB), to develop a separate entity, similar to the traditional one, named Ethereum Russia. The main purpose for this development is to help enhance the country’s abilities to create, adopt and implement blockchain technology.

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22 Mar

How The Blockchain Network Can Ensure Banking Security

By Daniel Zo Bitcoin, Blockchain, Banks Read Comments

During the last couple of months, banks and financial institutions have continuously showed their interest in bitcoin, for various purposes, such as digitally signing contracts, helping with monetary transfers and more.

Perhaps one of today’s biggest monetary challenges is the presence of hackers. While they cannot crash the entire world economy by ‘deleting’ money, they can cause a great deal of damage to banks and financial institutions by changing what computers think is real and true. This represents the main reason why banks are seeking a system that would guarantee the authenticity of data, by thoroughly analysing it, and keeping records on a ledger. Blockchain technology, which is quickly picking pace, can do exactly this.

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01 Mar

Understanding Banks: The hate for Bitcoin & The love for FIAT

By Daniel Zo Bitcoin, Blockchain, Banks Read Comments

In a world with an unstable financial system, and where bitcoin is slowly, but surely becoming the choice of exchange for millions of people, it is understandable that banks are against bitcoin, but so far, nobody is sure to which extent.

In this article, we will try to cover the main reasons explaining why banks often tend to hate Bitcoin, yet are very interested on its underlying ledger, the blockchain, and its potential on the market.

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23 Jan

Report Showcases How Much Banks Can Potentially Save By Introducing Blockchain-Based Systems

By Daniel Zo Blockchain, Banks Read Comments

So far, there have been numerous reports regarding the positive influence that the blockchain network could play on banks from all around the world, yet no actual studies had been carried out.

Following the 2008 financial crisis, public and investment banks from all around the world had to deal with increased regulatory burdens, but also higher compliance costs that in turn led to increased interests and taxes for their clients. Innovation budgets were also lowered, thus explaining why we haven’t seen an evolution in the way banking is done in the last 10 years.

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21 Sep

Goldman Sachs Files Blockchain Patent, While Putting The Technology Into Practice Is Becoming Difficult For Banks

By Daniel Zo Blockchain, Banks, Goldman Sachs Read Comments

The blockchain hype has now been going on for several months, and numerous advancements have been noticed. According to recent reports, Goldman Sachs has just submitted a patent application that focuses on the idea that blockchain technology can be used to cut out the middle man, and change the current financial processes.

The patent, known by the name of “Systems and Methods for Updating a Distributed Ledger-Based on Partial Validations of Transactions” was initially published on the 8th of September, and filed back in March 2015. This means that it is the financial giant’s first blockchain-based patent so far.

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10 Sep

Santander Believes That Bitcoin And The Blockchain Network Will Threaten Credit Card Suppliers

By Daniel Zo Banks, Bitcoin, Blockchain, Credit Cards, Santander Read Comments

According to a recent research paper published by the Santander Bank, the rise of bitcoin, and its underlying technology, the blockchain, can end up having a strong impact on the card market, by hurting both acquirers and issuer banks, but benefitting credit and debit card emitters such as MasterCard and Visa.

The paper, which is mostly focused on the Brazilian market, warns that the region’s largest debit and credit card operator, Cielo, will be negatively affected if bitcoin adoption grows. In fact, researchers at the Santander Bank believe that the entire business models of both Cielo and other similar firms will be challenged, due to numerous merchant discount rates and the POS revenues.

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21 Jul

Bank Of England Debates Whether To Begin Issuing Digital Currency

By Daniel Zo Bitcoin, Banks, UK Read Comments

Through time, banks and other financial institutions have taken different approaches when it came down to dealing with the Bitcoin revolution. With this in mind, it seems like the Bank of England will take a different approach: if you can’t beat them, join them.

According to a research paper published this week by the bank, economists working for it have stated that central banks should issue their own digital currency. By using a case study carried out in the US, they concluded that doing so is likely to give national economy a boost of at least 3%, while also offering policy makers the tools needed to handle financial crashes and booms.

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16 Jun

Japanese Banking Giant Admits To Experimenting With Digital Currencies

By Daniel Zo Bitcoin, Blockchain, Japan, Mt. Gox, Bank Read Comments

There have been numerous reports on banks, stock trading corps and various other financial institutions showing interest in bitcoin’s underlying technology, the blockchain. Yet, not many have showcased their interest in using digital currencies for other purposes- until now.

Recently, the Bank of Tokyo-Mitsubishi UFJ has announced that it has begun conducting experiments using their very own digital currency. With this in mind, the bank plans to release its digital currency sometime in the autumn of 2017.

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02 Nov

Do all banks hate Bitcoin? The NextBank Project will actually embrace it.

By Daniel Zo Bitcoin, NextBank Read Comments

So far, various banks have shown direct or indirect support for bitcoin and its underlying technology, but there hasn’t been a global bank providing actual bitcoin services while accepting different payment methods — until now.

NextBank is looking forward to becoming the first bank of its kind. Instead of going into defensive mode when it comes to discussing bitcoin, this bank has chosen to embrace the currency and its alternatives. It aims to offer services globally, in over 50 languages. Over 135 different payment methods including bitcoin, other altcoins and commodities will also be accepted.

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