Last week, De Nederlandse Bank launched a campaign to draw attention to the new European payment directive PSD2
The directive is intended to give commercial parties access to payment data. Note: only if the consumer gives permission for this. According to the bank, it is a safe way to modernize payment transactions. Earlier I wrote about PSD2 and its consequences. Is it a way to beautiful digital payment apps and housekeeping books, or is it mainly a trap for our privacy-sensitive payment data?
Sometime next spring, banks will be legally obliged to provide payment information to third parties if the customer requests it. According to the initiators of the law, it offers opportunities for new companies in the payment market. Others fear the spread of privacy-sensitive payment data.
Those looking for it will find a long and rather technical story on the website of the European Commission. However, the Payment Services Directive 2, which will probably become law next spring, could have significant consequences for our future financial affairs. The new payment law obliges banks, among other things, to pass on payment information to other companies if the customer requests it. You will find more important information about this at Mr Bitcoin Exchange
The law, which is still a European directive, would encourage more competition and lower prices of services in the payment market. In addition, companies without a banking license can develop services related to payment transactions, such as digital household books or apps to pay your bills.
Who benefits from the new guidelines, and are they rapidly taking over the world of financial services? What does the consumer notice in the end, and who will all look into our wallets?
Fintech: threats from the “traditional” banks?
Fintech (short for financial technology) is a broad collective term for financial services that use digital technologies. It is often associated with fast-growing start-up companies, who conquer the market with innovative ideas. Think of smart ways of crowdfunding, apps that allow you to make payments quickly, or digital household books that provide savings advice. PSD2 should pave the way for more such services.
Is fintech the major threat to the “traditional world” of banks? That remains to be seen. Banks are also betting on fintech. The popular payment app Tikkie comes from ABN AMRO, and ING and Rabobank have already invested millions in fintech funds.
Although you can classify so-called cryptocurrencies such as bitcoin under the broad definition of fintech, the fintech companies mainly operate within the existing financial system. The idea behind cryptocurrency is an existence outside the financial system.
New services, more competition
As the name PSD2 suggests, it is the successor to PSD, from 2007. In 2016, the Payment Directive was introduced by the European Commission and would be transposed into national legislation of all 28 member states of the European Union on January 13, 2018. Incidentally, it appeared last January that a majority of the Member States (including the Netherlands) had not yet done so. This is likely to happen here sometime this spring.
Bernard Goldbach via CC BY 2.0
Anna Berlee is an assistant professor of private law at the Molengraaff Institute for Private Law at Utrecht University. She understands why the European Commission is issuing new guidelines. “Financial technology has potential, but under current legislation it doesn’t get the chance to develop freely,” she says. “The banks have the payment information and at most exchange it with other banks and institutions for transactions. Parties outside the banking system, with perhaps good, innovative ideas, have largely been left to the will of the banks to cooperate. Until now, that has actually been done only in small steps. ”
Berlee hopes that PSD2 will provide new services for the consumer, and that more competition and lower prices will arise in the payment market. “Banks have to scratch behind their ears and go along with these developments, otherwise they may soon have it checked,” she says. “What kind of services and companies are involved? Think of parties that arrange payments, for example accounting software that gives the bank the order to pay an account. Services that view your account information go a little further, for example a digital household booklet that oversees all your transactions and advises where you can save. I think there are beautiful products to think ofn useful to the consumer. “
Jason Howie via CC BY 2.0
According to Berlee, there was a need for new legislation, in any case from fintech companies whose products often fell outside the legal framework. The Authority for Consumers & Markets also announced in December that it supported the new legislation.
“The banks themselves may not be keen to share their data. They rightly point out the risks involved in sharing information with other parties, ”says Berlee. “But don’t forget that this can also create opportunities for the banks,” she continues. “Several Dutch banks are focusing on fintech. They can also develop successful apps themselves and become a player in that market. ”
The hot topic: privacy
There is also criticism of the introduction of PSD2, which focuses on the theme of privacy. Of course you give permission before companies receive your data, which you can also withdraw. The fact remains that various parties “watch” where someone does their shopping, which subscriptions there are and who gets money per transfer. That is very privacy sensitive data.
Who should know where you do your shopping?
What if companies soon make products more expensive when I do not provide my data? Or when large tech companies use the payment data as an addition to their already accurate user profiles? That is what professor of digital safety Bart Jacobs of Radboud University wonders in this episode of the TV program Radar.
Berlee agrees that this concerns privacy-sensitive data, and says that it is not yet clear how exactly we guarantee this privacy. “How will we give permission later? With large pieces of text with conditions where you have to put a check mark? Many people accept conditions for digital products without looking closely at them. That is not an effective way to make people aware of the risks, ”she says. “In addition, the Dutch Data Protection Authority has criticized the Dutch bill because it may appear that De Nederlandse Bank will monitor compliance with data protection regarding PSD2.”
But suppose everything is well organized and everyone adheres to the rules, then there is still a privacy issue. Transactions always go between two parties. It may therefore be the case that someone’s payment details end up with a third party via the counterparty, without permission. “That is a tricky point,” says Berlee. “You could anonymize that data, for example, but I don’t see much about that in PSD2. It is not clear how they arrange this. ”
Payment details are valuable. For example, companies can advertise with it.
What the consumer of PSD2 will notice, in the direct sense probably nothing. But it offers opportunities for companies and apps in which payments are more integrated. The success will mainly depend on the number of users of these services. And the way in which the banks will technically share their data, that is what fintechs and banks are already discussing.
Rob van Hilten is the founder of Qoin and an expert in the field of local currencies with which only certain communities or regions pay. “I don’t have a glass ball, but I think PSD2 creates opportunities for companies. It will probably also be easier for us to work with the financial sector. It also challenges the banks. They have to think carefully about what they are doing, that is only good. ”
A company like Qoin counteracts the global financial system with local coins. Van Hilten is not overflowing with enthusiasm about PSD2 either, but he hopes it will improve the collaboration of his local coins with the financial system. “Whether we like it or not, we work with the financial sector. Until now, this coupling has not always been smooth. It would be nice if our customers could link their bank account directly to our coins, without the banks being difficult about that. ”
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It sometimes takes days to a few weeks before your points become visible on your Toluna account.
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In this article, we are going to talk about the smart contracts.
What are smart contracts?
Smart contracts are lines of code that are stored in a blockchain and are automatically executed when the default terms and conditions are met. At the most basic level, they are programs that run as they were configured to be executed by the people who developed them. The benefits of smart contracts are more evident in business partnerships; in which they are generally used to enforce some kind of agreement so that all participants can be sure of the outcome without the participation of an intermediary.
What do smart contracts really do?
The coolest way to describe what a smart contract does is through an example. If you ever bought a car from a dealership, you know that there are several steps and it can be a frustrating process. If you cannot pay for the car directly, you must obtain financing. This will require a credit check and you must complete several forms with your personal information to verify your identity. Along the way, you will have to interact with several different people, including the seller, the finance broker and the lender. To compensate for your work, several commissions and fees are added to the base price of the car.
What smart blockchain contracts can do is simplify this complex process that involves several intermediaries due to lack of trust among the participants in the transaction. With their identity stored in a blockchain, lenders can quickly make a decision about credit. Then, a smart contract would be created between your bank, the dealership and the lender so that once the funds have been delivered to the dealership, the lender will retain the title of the car and the repayment will begin according to the agreed terms. The transfer of ownership would be automatic since the transaction is recorded in a blockchain, shared among the participants and can be verified at any time.
How do smart contracts work?
Smart contracts work by following simple “yes / when … then …” statements that are written in the code of a blockchain. A network of computers executes the actions (releases funds to the corresponding parties; registers a vehicle; sends notifications; issues a ticket) when predetermined conditions are met and verified. The blockchain is updated when the transaction is completed.
Let’s see how this develops in an example supply chain. Buyer B wants to buy something from seller A, so he deposits money into a deposit account. Seller A will use Sender C to deliver the product to Buyer B. When Buyer B receives the item, the money in deposit will be delivered to Seller A and Sender C. If Buyer B does not receive the shipment before Date Z, the money in deposit will be returned. When this transaction is executed, Manufacturer G is notified to create another item that was sold to increase supply. All this is done automatically.
Within a smart contract, there may be as many stipulations as necessary to satisfy the participants that the task will be completed satisfactorily. To establish the terms, participants of a blockchain platform must determine how transactions and their data are represented, agree on the rules governing those transactions, explore all possible exceptions and define a framework for resolving disputes. It is usually an iterative process that involves both developers and business stakeholders.
Smart Crypto Bots
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Speed Bicycle You can certainly enjoy the benefits of speed bicycles without ever having to worry about how you are going to get to your destination. The reason why it is so nice to ride one of these bikes is that they allow you to go as fast as you want in a way that regular bicycles cannot. While you are on a bicycle, you can go as slowly or as quickly as you want, too. You can even pedal while you are standing on the bike and pedaling at the same time.One of the best things about this kind of bike is that riders don’t have to stop every few miles for the chain to catch up to them. Since there are no gears to change, the bike goes as fast as its rider requires it to go. This means that some people will ride much further into a session than others simply because they find it easier to go as far as they need to without pedaling too much. This feature is one of the reasons why some cyclists prefer to ride a single speed bicycle instead of all the other types available. When riders want to go as fast as they want, they simply coast until they reach their destination and then ride as hard as they want as well. This is an especially good option for beginners and for people who are still trying out riding a bike.If you decide to buy a bicycle with only one gear and pedals, be sure that you can handle pedalling as well. It can be difficult for some people to move up and down the gears on the road bike while they are standing still, but many cyclists find that they can pedal much easier if they are moving at a slightly faster speed. Consider buying a road bike that has gears that are easier to change and more suitable for pedalling. This makes it a much better option for some riders.
Reliable Dutch crypto news can sometimes be difficult to find. Many people only want to promote their own projects or crypto, which they own a lot. is one of the largest Dutch- independent websites in the wonderful world of crypto. It is run by two people who work full-time on the website;. In addition, several freelancers help to collect as much relevant cryptocurrency news as possible. The website gets daily updates and is always up to date.
Independent crypto news website
The website has recently received a new layout and logo. The whole is in a fresh orange color. In addition, the color gray comes back. Visitors have responded positively to the changes so far. Nevertheless, the editors are not yet done with the development. There are more changes on the website coming.
Popular articles from bitcoinsaltcoins.nl
Every week, the editorial staff of the website work according to a fixed blog schedule. Three themes have been appointed.
Monday: Gainers and losers in the crypto world form the past 7 days
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Friday: Extensive coin review. Edwin writes a new coin review every Friday. What coins does he like and which he does not like at all?
These articles fall under the most popular items of the week and sometimes also of the year.
The website receives multiple updates daily. Between two and four new articles are placed and the crypto knowledge base is also provided with new information. At the moment this knowledge bank has extensive information about more than 200 keywords. A lot more keywords are coming soon.
Reliable and independent news source
Are you looking for an independent and reliable website where you can read good information about the world of blockchain, cryptocurrency and the like? Then give this large Dutch website a chance. You will be amazed at the amount of information (almost 400,000 words) you can read for free. You do not have to pay membership or take other difficult steps. Everything is available and there are hardly any annoying ads to discover on the website.
Advertising your crypto project in the Netherlands
It’s also possible to advertise a cryptocurrency, ICO, STO or blockchain project on Bitcoinsaltcoins.nl. Take a look at the advertise crypto Netherlands page (translate it in your browser) and contact them for more possibilities.
Ethereum can be readily purchased using different cryptocurriencies like Bitcoin. It may be reduced by an electronic filter, and eliminated by a voltage regulator. If you would like to put money into Ethereum, ETH as a long-term investment which you would love to hold for many years to come, Ethereum is apparently a promising investment.
Ethereum is backed by big foreign banks, according to https://koersethereum.nl
Ethereum will be the leader in the crypto currency market
Ethereum is showing a great deal of promise. Despite protestations to the contrary, it is one of the most palatable options available to Wall Street, because it would not threaten their entire business. It is one of the only currencies which have shown profit when you look at the week-view. To start with, it’s obvious that Ethereum is on the crypto-currency market and it isn’t immune to its shakes. As Ethereum states, the worldwide payments continue to be stuck in the near future. It is also known for its instant payments because of the immediate validation by Ethereum nodes. On the flip side, the Ethereum can be lessened by increasing the order of the filter while at exactly the same time maintaining the exact same rate of roll-off. The exact same thing happens when folks go to devote a deflationary currency. There are many other digital currencies which are a bit of the crypto world.
Trading foreign exchange on margin carries a high degree of risk and might not be appropriate for all investors.
Begin by creating an account on kraken.com
You can begin by creating an account. In the future and so long as banks exist, ETH will probably prove as a good investment, but its prices can observe a downward trend in a number of the months. The info provided is just for educational purposes and cannot be considered a financial advise. Investors feel that should they put the exact same sum of money into Ethereum, or other lower priced coins, they may secure a similar outcome. If you’re making a profit on ETH at this time, you are spending a price. The organization also created its own kind of digital currency dubbed ETH in a way very similar to bitcoin, utilizing the currency to permit financial insititutions to transfer cash with negligible fees and wait-time. In mid-February, it announced Western Union was also seeking to leverage its technology to reduce the time and costs associated with its cross-border transfers.