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jaberwock

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Quote from: The Sceptical Chymist on October 13, 2021, 10:44:39 AM

Whether this is good news or not, a worse situation is happening in the US, where it's being proposed that Americans are going to be under even more financial surveillance. Nancy Pelosi and her cadres are planning on having the IRS looking into bank accounts with more than $600 in them, and having them watch PayPal transactions and so forth. And you'd better believe the banks are going to be in on that, so regardless of what they do with cryptocurrency, we're in trouble if the democrats stay in power.

I would not be surprised if banks begin to provide their services to individuals using only their own wallet, from which, of course, you will not have the keys. I think there will be something similar that PayPal is currently developing. Own digital harvester, in which you can store cryptocurrencies, pay bills, and more. And I will not be surprised if banks start to release educational materials regarding cryptocurrencies and their storage, as did the same PayPal. PayPal is the perfect example of how not to do it.

Binance or Coinbase doesn't give me the keys neither, but I trust them to keep my coins without a problem. If Bank of America does the same thing then I am pretty sure that I would be able to do the same for them as well. Not that I am American, so I can't use bank of america because they do not work within my nation, however if I was American I would use them, or if the bank I am using right now decides to be working like an exchange or even just a wallet then I may end up using that one. They would have much better security, it is a trillion dollar industry that is why it makes sense for us to get something decent and that is why it is definitely something I would be willing to use.

I am not saying that it is something that I would be against. I mean let the situation grow first, let's see what they are doing and if they are doing something fine then we would all be fine with it as well, if it is bad then we will avoid it.

Lanatsa

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Quote from: timerland on October 14, 2021, 02:20:29 PM

It's really a sharp turning point.

A welcome one, though. Even if it's purely out of self interest, any sort of adoption is good adoption and any publicity is good publicity.

Hopefully people aren't fazed by the bait and switch when commercial banks start issuing their own centralized tokens though. That's my fear.

Actually expecting for this one on where theres something behind out of these decisions but same as you said that any publicity would always be good because it do really give out more exposure.

This is really a sharp turning point but im bit skeptical on such change of minds knowing that on how centralized they are and now trying to step their foot into this market?

Well, it seems that I do have some trust issues with banks. Tongue

timerland

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It's really a sharp turning point.

A welcome one, though. Even if it's purely out of self interest, any sort of adoption is good adoption and any publicity is good publicity.

Hopefully people aren't fazed by the bait and switch when commercial banks start issuing their own centralized tokens though. That's my fear.

Leviathan.007

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Honesty, not just the banks but I see some other government-related organizations and people in the US are starting to act like they are friendly with bitcoin, maybe that's because of china since China left the market and started to stand against bitcoin us can use this chance and be friendly with bitcoin and bitcoin. However, doesn't matter how they react because in the end, they will maybe do the same thing as China did and we can't really rely on one government, bitcoin is moving with or without the US.

Fortify

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Quote from: Symmetrick on October 13, 2021, 07:26:39 AM

American banks are beginning to take an active interest in bitcoin and, apparently, have decided to become its allies. The introduction to the global economy continues to grow and now the U.S. Banks, one might say, are beginning to recognize bitcoin. In early October, the U.S. Bank has announced a custodian service for institutions, in which it will be possible to store bitcoin and other crypto assets.

Release here: https://ir.usbank.com/news-releases/news-release-details/us-bank-announces-new-cryptocurrency-custody-services

Interest in bitcoin among corporations and institutional investors is growing, so banks are in a hurry to organize their crypto services in order to occupy a niche in this market segment:

Quote

“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” said Gunjan Kedia, vice chair, U.S. Bank Wealth Management and Investment Services. “Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.”

Bank of America is also beginning to be actively interested in cryptocurrencies and has already formed a whole group to study cryptocurrencies. Perhaps, soon this bank will begin to provide its crypto services.

Release here: https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/10/bofa-global-research-launches-coverage-of-digital-assets.html

Since 2020, the introduction of bitcoin into the global economy is developing rapidly. Banks, countries, chain stores around the world add bitcoin to the list of supported assets. You can see the list of implementations for the last year in my topic: {LIST} The Introduction of Bitcoin Into the Global Economy

How long will it take before we see the provision of Bitcoin storage and support services to individuals by banks such as the U.S. Bank and Bank of America?

I would definitely say that Bitcoin has reached that level of maturity that banks are now starting to see it as a solid threat to their business model, because wallets essentially represent everything the a bank account achieves but on a decentralized blockchain (making banks somewhat redundant). It could actually be very damaging to the whole crypto model when we start to see banks taking a keen interest, because they will copy the model of Paypal. Paypal essentially get the customers to fund Bitcoin but are able to regulate how much flows in and out of their enclosed eco-system because they do not allow direct external transfers. Once the banks recognize the potential, they'll definitely want to follow the model of exchanges like coinbase where they can charge extra transaction fees.

dothebeats

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I don't think that these banking institutions are doing this for the betterment of the space, or to aid people who are using cryptocurrencies. This is to advance their interest on the growing demand and interest on cryptocurrencies and they certainly don't want to miss any of the fun and profits as well. We all know how banks operate, and this is just their way to claim their 'share' of the pie even though they don't deserve any of it.

Currently waiting for the banks to introduce their own custodial wallet. It's not impossible to happen, and if anything it helps them gain control over people's funds, too.

jayoh

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"Hi, we're $BTC friendly. We'll keep your $BTC in the chance of seizure." -Your bank

arallmuus

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I would not be surprised if banks begin to provide their services to individuals using only their own wallet, from which, of course, you will not have the keys. I think there will be something similar that PayPal is currently developing.

Pretty sure this will be the next step. Most average people still think that bank is the safest place to keep your money so if banks offer to keep your crypto for you then pretty sure people are going to swarm in and most people that recently got into crypto dont even know what private keys even means. I've seen people keep most of their crypto in exchangers like binance for months eventhough they are not actively trade anything

Im actually quite okay with this idea tbh, as long as more people get to know about crypto and uses it.

Quote from: KarpovE4 on October 14, 2021, 06:51:16 AM

Banks in my country despise bitcoin and crypto currency in general. I do not think this development in the West ekll come to Africa. You cannot have a crypto diacussion with your banker they call bitcoin a ponzi scheme that will disappear.

Few years ago all banks have the same thought about cryptocurrency but look at them now

KarpovE4

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Banks in my country despise bitcoin and crypto currency in general. I do not think this development in the West ekll come to Africa. You cannot have a crypto diacussion with your banker they call bitcoin a ponzi scheme that will disappear. Even our rulers do not like Bitcoin, recently they announced a official digital currency called e-naira.

bakasabo

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I hope and expect that in maximum half a year all online banking UI will have a button that allows to buy cryptocurrency directly from account. These will be not a "real crypto", but like it is on PayPal (it cant be withdrawn or send to other person). Allowing such a controlled crypto trading will be a major step for adoption.

Lucius

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Quote from: The Sceptical Chymist on October 13, 2021, 10:44:39 AM

Glad I'm not the only one who's extremely skeptical of BoA's statement. They were thieves and liars back in 2008 (and earlier), and they're thieves and liars now.

Most still seem to have short-term memories and don't care too much about what happened before, but that's just not right. If someone ignores me for a whole decade, tries to push me out of the way, and in every possible way prevent me from progressing in life - and then suddenly he comes up to me and says "hey buddy, how are you?", I know something is wrong here.

In addition to everything I have already written, this strategy of theirs seems to me to be a kind of false truce with which they want to gain time. In 10 years, we may have a situation where banks, ETFs, and crypto exchanges will be in the possession of most Bitcoin - because few will be able to resist selling and making a final exit.

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That's right, providing centralized services in exchange for user "safety". Perhaps I will add the word friends in quotes, because indeed, banks are interested only in their own benefit, they do not care about the ideas of cryptocurrency.

The thing is, the average person still trusts banks because they depend on them, which means that banks can be used to become a bridge between users and their investment in Bitcoin. There would be nothing wrong with that, but if most Bitcoins bought that way remain in their custody, decentralization will increasingly become a thing of the past.

What’s next, banks buy or set up mining farms so they can mine BTC and control transactions?

livingfree

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I remember last year that when a lot of people has been telling that it's going to be the institutional investors that will make the market crazy, crazily positive. And I guess has happened and will still make the market more exciting due to this.

When there's one banker, Jamie Dimon and his corporation JP Morgan Chase tells that they don't like bitcoin. I hope that these institutions understands what they're talking about and giving a sign.

Shenzou

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I feel like that the banks are only trying to get in on the hype rather than actual acknowledging the fact that cryptocurrency and bitcoin is a far better finical system, because with how popular the bitcoin has become and with how many people and investors have put their money into it all the while they are watching their whole industry starting to fade, because if you think about it this is only hurting banks and they are trying to jump on the band wagon.

Gyfts

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All this entails are the banking industries dabbling in crypto investments for their customers. Anyone that's been paying attention saw this for years. I wouldn't call this a "friendship," just an emergence into a new market. Visa is starting to advertise itself with crypto, attaching it's centralized payment processing mechanism (ironically) to the crypto markets.

Ask yourself, you think Visa is going to be friends with its competition?

Kakmakr

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The last thing I want to see, is Banks being custodians of people's bitcoins. The whole purpose of owning bitcoins is not to use Banks or any other centralized financial service..and to be your own Bank.

Banks have now reached the final stages of "Disruption" ..where they accept defeat and then try to work with Bitcoin to give them a share of the profits as custodial services. Remember : If you do not own the Private keys... you do not own the coins.

Sterbens

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Let's hope this is good news for the Bitcoin turbulence in the US. It would be great hope if banks in the US made new regulations that opened up space for the existence of Bitcoin. I see this as evidence of US resistance to China. Why is that? because the US already knew when they had to fight against China they had to take the loophole that China had persecuted.

However, referring to the current state of the US, it doesn't look like it's 100% possible to enter Bitcoin payments, plus the level of supervision that is increasingly tightened in transactions. Is this possible to be realized? indeed there are still some individuals who propose that Bitcoin payments want to be placed and given space. Then looking at the history from some time ago, we still don't have high hopes for US policy. I hope that this will not be used as an opportunity to seek profit to cover the US economic recession from the precipitous abyss.

The Sceptical Chymist

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Quote from: Symmetrick on October 13, 2021, 07:26:39 AM

Bank of America is also beginning to be actively interested in cryptocurrencies and has already formed a whole group to study cryptocurrencies. Perhaps, soon this bank will begin to provide its crypto services.

Jesus, it's about time--and they're just now forming a group to study crypto? That doesn't seem right; even if they haven't planned to get involved with bitcoin until now, I would have thought they'd at least have done some analysis on it since 2009. Not sure if I believe Bank of America.

Whether this is good news or not, a worse situation is happening in the US, where it's being proposed that Americans are going to be under even more financial surveillance. Nancy Pelosi and her cadres are planning on having the IRS looking into bank accounts with more than $600 in them, and having them watch PayPal transactions and so forth. And you'd better believe the banks are going to be in on that, so regardless of what they do with cryptocurrency, we're in trouble if the democrats stay in power.

Quote from: Lucius on October 13, 2021, 09:29:17 AM

As for the hypocrites from BOA, I have been reading the news for years about how they terrorized all the clients who had anything to do with Bitcoin, now they have suddenly made a complete turnaround and become friends of Bitcoin? Yes of course, if you are a 5-year-old child who believes in fairy tales...

Glad I'm not the only one who's extremely skeptical of BoA's statement. They were thieves and liars back in 2008 (and earlier), and they're thieves and liars now.

hugeblack

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It is not an interest from American banks, but rather the initiative was from individuals. Individuals’ activity in cryptocurrencies increased, and thus banks found an opportunity to exploit them by providing central services to customers, especially since they are interested in Bitcoin as an investment tool, not a decentralized payment method.

crypto assets are not regulated, so banks may provide these services without even buying bitcoin because most people may want to withdraw using dollars and do not want to use it.

Also, the inclusion of Coinbase as a platform in the United States of America will strengthen the partnerships between them and the banks.

Lucius

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I will put it this way - those greedy bastards who have the mentality of an ordinary leech have never been and will never be friends with Bitcoin, but will only use it to make as much profit as possible. Someone might say, "hey well it's good that banks will be able to sell Bitcoin, everyone will be able to buy it very easily", but if most people think that their Bitcoin is safe in the hands of bankers (you buy - you leave it in the bank custody), the banks will have your money and your Bitcoin, and that is a real nightmare.

As for the hypocrites from BOA, I have been reading the news for years about how they terrorized all the clients who had anything to do with Bitcoin, now they have suddenly made a complete turnaround and become friends of Bitcoin? Yes of course, if you are a 5-year-old child who believes in fairy tales...

https://www.ccn.com/bank-of-america-admits-cryptocurrencies-are-a-threat-to-its-business-model/
https://www.coindesk.com/markets/2018/04/28/bank-of-america-is-closing-my-three-year-olds-account-over-crypto/

Taskford

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They already see the potential of bitcoin that's why they are now becoming friendly to bitcoin and this is a good news to us since once they fully implemented this adoption on their country then this can make bitcoin became more stronger cryptocurrency.

And also this news is not surprising knowing US doesn't want to be left behind towards new technology especially when it can possibly lift their economy.

Charles-Tim

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Quote from: Symmetrick on October 13, 2021, 07:26:39 AM

American banks are beginning to take an active interest in bitcoin and, apparently, have decided to become its allies.

Yes, interest in bank crypto custody is rising in United State, I couldn't remember if this was surfacing in fourth quarter of last year, but I remembered the first quarter of this year about how banks in United States are showing support for crypto custody, there were many news about it this year.

This was in February when the largest Americas bank showing support for crypto custody, it has its head quarter in New York

America's oldest bank, BNY Mellon, will custody Bitcoin

Quote from: Symmetrick on October 13, 2021, 07:26:39 AM

How long will it take before we see the provision of Bitcoin storage and support services to individuals by banks such as the U.S. Bank and Bank of America?

The fifth largest bank in United States announced to launch crypto custody service

Quote from: https://cointelegraph.com/news/america-s-fifth-largest-bank-launches-crypto-custody-service-report

U.S. Bank, the fifth-largest retail bank in the United States, announced Tuesday that it is launching a cryptocurrency custody service for institutional investors, potentially setting the stage for wider mainstream acceptance of digital assets.

As CNBC reported, U.S. Bank has partnered with New York Digital Investment Group, or NYDIG, to provide custody services for Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). Gunjan Kedia, a senior executive at U.S. Bank’s wealth management and investment division, told CNBC that support for other cryptocurrencies like Ether (ETH) will be rolled out over time.

US Bank launches bitcoin custody service as institutions race to cater to crypto demand

So, it is soonest.

Upgrade00

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The topic title could be changed to 'banks try to get involved in Bitcoin to indirectly regulate it'.

Quote from: Symmetrick on October 13, 2021, 07:26:39 AM

How long will it take before we see the provision of Bitcoin storage and support services to individuals by banks such as the U.S. Bank and Bank of America?

Personally, hopefully never. Storing a decentralized currency with a centralized exchange makes little sense, there are ways to get int Bitcoin investment without actually holding coins, however if you wish to hold physical coins, then be your own bank.

Symmetrick

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