Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
The consumer financial services company based in North Palm Beach, Florida, Bankrate, predicts that within three years, ATMs in all major cities will accepting digital currencies such as bitcoin.
The report, which assesses the future functionalities likely to be provided by the ATMs of tomorrow, focuses on how mobile payment solutions will play a significant role in terms of the next generation of banking.
With ATMs becoming increasingly flexible when its comes to meeting the needs of customers, Senior Vice President Tom Ormseth of the Chicago-based bank holding company Wintrust Financial says that “banks now need to think like Google, they’ve got to quit being slow adopters.”
The emergence of cardless ATMs, for instance, which are starting to pop-up in major cities throughout the world thanks to the Chicago-based Wintrust Financial group, allow customers to withdrawal cash through your phone without the need for a physical debit card.
Working much like the emerging bitcoin ATMs, you simply request a withdrawal, then within eight seconds, your money is there waiting for you at your local ATM.
THE DIGITAL DIVIDE
According to Frank Natoli, chief innovation officer at Diebold, the banking industry, once seen as a conservative sector is quickly moving ahead. He further predicts, that thanks to the emergence of mobile banking alternatives, using your smartphone to transact will become even more seamless.
Acording to Natoli:
“Within three years, ATMs in major cities also will accept alternative currencies like bitcoin […] a digital currency that exists only in cyberspace, [that] already is starting to get its own ATMs worldwide. And mobile transactions are more appealing to bitcoin users.”
As the senior analyst at Aite Group, David Albertazzi explains, “it’s about rethinking and redefining the branch network.”
What will the ATMs of tomorrow look like? According to Clouse — cashless.
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(CoinDesk) Like any new industry, there are so many areas to explore in the bitcoin space that sometimes make a week’s worth of developmentsit feel like a month or two have gone by.
1. Big-name retailers jumping on board
2. A warming regulatory climate
3. VC firms keep betting big
4. Building on the block chain
5. New emphasis on transparency
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Image: CoinDesk |
You don’t pay $10m for a house without making a few enemies #Bitcoinpic.twitter.com/WSN2snj3XQ
— SF Hidden Bitcoin (@sfhiddenbitcoin) July 3, 2014
1KeKnYh4hX6LR12AHetbQVjknXdti8TusZ #bitcoin right here – you can virtually poke it.#hiddenbitcoin #hiddencash pic.twitter.com/WqcukMmcmm
— SF Hidden Bitcoin (@sfhiddenbitcoin) July 4, 2014
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
“[Bitcoin] is a very low cost payment method with strong security features and usable for cross-border transactions, making it advantageous in some regards relative to more traditional payment mechanisms.”
“Key attributes of trust (that the ‘money’ gives rise to settlement of the obligation) and anonymity (it is often efficient for the sale/purchase parties not to have to identify one another) must be met, but if these can be accomplished reliably and sustainably, new technologies could supplant cash as we know it in years to come.”
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(BusinessTech) Bitcoin has grown from an experiment in digital cash to a vibrant, global economy supporting multi-million dollar companies with a market cap of $10 billion.
“While the road has been bumpy, and quite a rollercoaster ride, it is still nascent and holds immense promise to change the world in unprecedented ways,” said Simon de la Rouviere, speaking at the recent Nedgroup Investments Cash Solutions Treasurers Conference.
“In 2013, the hockey-stick growth often found in the technology space kicked off for Bitcoin, seeing adoption increase worldwide.” De la Rouviere, a technology entrepreneur who develops cryptocurrency applications, believes that Bitcoin’s global, public, distributed asset ledger is a fundamental innovation that could upset various industries – from banking to public records. “Any business in the field of recording information fit into a ledger that charges fees to be a middleman is at risk of becoming obsolete,” he said. As copy of Bitcoin’s ledger exists on every network participant’s computer, and is continually updated, reconciled and synchronized in real-time. Each member can make entries into the ledger, which records transactions of a certain amount of currency from one participant to another. Each entry is propagated to the network, so that every copy on every computer is updated near simultaneously and all copies of the ledger remain synchronized. “This blockchain technology could easily be adopted to work with title deeds, physical keys, private equity, derivatives, escrow, dispute mediation, passports, wills, domain names, and sim cards – to name but a few,” De la Rouviere said.
The future
Looking farther ahead, the technology could potentially bring about a new apolitical reserve currency that allows programs and machines to own forms of value without the requirement of human intervention.
This could herald an almost sci-fi era, where machines earn their keep by providing services to humanity at an even more cost-efficient, break-even level than currently possible, De la Rouviere said.
“By thinking of Bitcoin not as a currency, but as a single solution to a previously unsolved algorithmic problem in distributed systems, colloquially known as the Byzantine Fault Tolerance, humanity can create global systems of consensus powered by mathematics.” Bitcoin is a grand experiment, currently at the forefront of showing the equalizing force that the internet brought about. “It might still one day fail,” he added, “but rest assured, it is spurring innovative thinking across the board.” Sean Segar, head of cash solutions at Nedgroup Investments, said that while the bank believes in staying abreast of trends or fads that may affect the industry, “we have no plans to launch a Bitcoin fund”.
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“Bitcoin is still in the earliest phases of industry development. The first years of Bitcoin were about building the infrastructure. Bitcoin entrepreneurs were busy setting up the most basic but fundamental aspects, including wallet and mining services. Today, Bitcoin is just starting to enter the investment phase, where venture capitalist, hedge funds and other financial firms are starting to invest money and capital into this nascent technology. Bitcoin isn’t quite ready for the consumer phase, where end users begin to utilize the services. If the entire history of Bitcoin was a clock, we’re still in the very early time. I would say were maybe in the second second of the entire history.” Nicholas Cary, CEO of Blockchain.info (source)
Disclaimer: The (funny) definition of an economist is “Someone that can use economic theory today to explain why he got all his predictions wrong yesterday“. The market is unpredictable and I can’t always be right
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.