Man I worry that blockchain will be one of those things everyone talks about but nobody understands how to implement, then all of a sudden a bunch of kids will finish school knowing nothing but blockchain and literally destroy half the businesses in the world by simply doing things a million times better.
It’ll be like the death of the horse and carriage, milkmen and radio dramas all rolled into one.
Video killed the radio star
I may need to see how and where people are implementing blockchain successfully right now, but I really do see it as the very beginning of what’s possible.
Could a cryptocurrency become the base currency for transactions around the world? Are governments going to let that happen? Will the people overrule them and use it regardless?
Without sounding too conspiracy theory led, I do understand why governments have to take control and work with institutions to take the masses down a path. Imagine if we were all given free reign… We’d run amok!
No matter what monetary system we have in place, there are greedy people and there are lazy people and that is the beautiful thing about life.
Looks like banking system is spending 3 times more energy than Bitcoin mining:
Hey @Stefan, thanks for your share. This whole energy 
consumption for bitcoin mining is really interesting. As a neobank with no branches, limited employees and highly efficient lean 
technology, we’re beginning our path to set a new trend in low power energy consumption. However we will be keeping a close eye on bitcoin, blockchain and energy implications 
.
Thanks
@nanoxinja
Love to hear the compliance managers chip in about crypto, not the community managers.
It’s all good and well to chit chat and support what you feel the community is supportive off. However at the end of the day, it’s your compliance team who are going to call the shots, and pull the plug on accounts.
Is anyone contacting or liaising with crypto traders to learn what and how traders accounts are used like, and the risks associated with them?
Hey @Camylopez chasing our risk and compliance guys to come in and answer that - quite agree! more shortly!!!
Hi there
I fit the label of one of Xinja’s ‘compliance managers’ - in my job at Xinja I cover risk and compliance matters and liaise with our various regulators to make sure we operate within the rules and keep our licence!
Regarding your question of us liaising with crypto traders on account use, I’ve not done this however I have traded crypto since Mtgox days so I have a pretty good idea. It’s a market of great interest to me and others here at Xinja 
Thank you for your response.
There are however 2 very different markets when it comes to the purchase/trading of crypto.
You have the traditional exchanges, and you have the peer to peer exchanges.
Quite obviously they operate in a completely different risk profile.
I think people dont quite understand how huge the peer to peer market is, and they are always looking for new banking products.
With the new neobanks in the UK, they have all been hit with crypto traders. some have been very supportive, such as fidor, others not so much.
The issue, is btc traders in the peer to peer market flag themselves up with the compliance guys, even if they are on top of the fraud risk, and banks just dont know how to deal with them. Even fidor started giving up and banning/blacklisting traders. (though i suspect this is cause they are forced to by HSBC)
The reason i bring this up is cause I know that many traders are waiting and watching, and likely invested in this product with the belief they will become banked again. The current talk implies that you guys are not negative towards people using you for crypto trades, but if you dont know how to deal with crypto traders, i can see an issue arising.
I am aware that you dont offer business accounts, however thats a moot point as many will just be sole traders, or buy and sell in quantity without actually being a business.