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Bitcoin-Central starts operating as a sort-of-bank
https://mineforeman.com/2012/12/07/bitcoin-central-begins-operating-as-a-bank-sort-of/
In an announcement on BitcoinTalk earlier today Bitcoin-Central reviled that they have partnered with Aqoba and Credit Mutuel to begin operations as Payments Service Provider (or a PSP). While not quite exactly the same as a bank a PSP falls under all the regulatory restrictions and requirements as a bank except they are not able to issue credit.
If you look at the story on BitcoinTalk you will find quite a few advantages to this move but a short list of advantages to this are;-
Non bitcoin Deposits stored in individual Credit Mutuel accounts.
An IBAN Number will be issued within the next few months.
Non bitcoin deposits 100% guaranteed by the French Government.
You will soon be able to get a Debit Card issued.
You will be able to use your BTC with your Bitcoin-Central Debit Card.
Comments
yay, PayPal for Bitcoins!
edit:
"You will be able to use your BTC with your Bitcoin-Central Debit Card" HELL YEAH!
This sounds pretty amazing progress from when bitcoin first started. :-)
Indeed. Especially in terms of providing legitimacy, this is amazing.
a bit off topic but does anyone actually exchange real-life currency into bitcoin? (considering butcoin's price goes up and down all the time)
Chart courtesy of http://bitcoincharts.com/
The varying exchange rate indicates that people do
Seriously though, I know a few people that do in fact exchange USD or EUR for BTC fairly frequently.
time to get the bitcoin miners online.
Quite fascinating. I really didn't think they'd go any farther than just a hobbyist kind of thing.
People do it all the time in #Bitcoin-OTC (on freenode), though if you're not registered/authenicated with gribble bot, no one is going to trade with you to avoid scams, and Paypal is frowned upon greatly as a payment method for BTC.
There is a lot of bad blood against paypal and this can only be a good thing.
Upset ppl are full of creative ideas and some might hold water someday.
Well, I dont know about butcoin (that really made me laugh), but ppl do trade lots of currencies all the time even tho the price goes up and down all the time.
In fact, this is a proof the system is working, not an argument against it.
They should make a market for this and call it FOREX
That is a great idea, then splash ads about it all over the net.
Seriously, the reason bitcoin price is so volatile, is that the amount of speculators to go against the market is low.
Upset ppl are full of creative ideas and some might hold water someday.
It's not so much against paypal itself in the OTC (OTC means Over the counter, in otherword direct peer to peer exchanging of bit coins, etc), but rather how easy it is for a buyer to chargeback/dispute their payment, so people are often scammed when accepting paypal for BTC.
List of payment methods for BTC and their 'value' so to speak for how easy someone can charge back. https://en.bitcoin.it/wiki/Payment_methods
Wait a minute... if it can be added as a real bank, then here comes the people adding bitcoin bank accounts to paypal... great....
I do have to add to this, that in local (country-specific) Bitcoin channels you can frequently find people that are willing to do exchanges without GPG, as long as you use something like a bank account or cash exchange.
Upset ppl are full of creative ideas and some might hold water someday.
The problem with PayPal is actually that PayPal is very hostile towards currency exchange (including Bitcoin), which means that as a Bitcoin seller, you're basically fucked if the buyer charges back. PayPal will always side with the buyer, meaning you're out of both your BTC and your PayPal money.
That is an interesting complication I didn't consider yet.
Yea I agree (GPG isn't the only authentication btw, can do bcauth too), just if you go in there asking for Paypal to BTC without any kind of auth... expect some flaming.
I'm not a big fan of websites that act as exchanges, brokers, etc etc, because the bitcoins are in their hands, and the fees and rates may vary greatly from time to time before you can even get it into your hands.
Yeah, plus if PayPal allowed it, then people could turn paypal $ into bitcoins or vise versa, which would make it extremely stupid, anyways. I better get prepared to mine:
!(http://puu.sh/1xVhb)
!(http://puu.sh/1xVhO)
On that note, LocalBitcoins is growing quite nicely.
Well the rewards already halved few days back (next halving will be in about 3 years), so it's already kind of 'difficult' to mine vs the amount of energy/resources you put into it cost wise.
Also even if Paypal freely allowed payments to be made for virtual currency and the likes, you could only buy as much bitcoins as was already generated, since not like it could be bought out of thin air, the addresses had to be mined/generated already.
I guess in regards to mining some are hoping that eventually the value of 1BTC will be up over 50USD or something which will make it more worthwhile to have mined it before the rewards were halved again (hence becoming more difficult to generate). The difficulty increasing is a good thing as it normalizes the 'market' so to speak as it continues.
Oh sweet, this is pretty cool news!
It's good to see Bitcoin going forward
@kbeezie I already run one miner, but I am setting up this new one I've been planning on setting up for months, now that I hear its going to be becoming a bank-like item, its time to set up this miner.