650 U.S. banks will soon be able to offer bitcoin purchases - page 2.

Lucius

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Quote from: The Cryptovator on June 30, 2021, 02:13:05 PM

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really.

I read something about this back in early May Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG, but I also found a topic about it here. Also, all of this was preceded by news from last year Big decision by the OCC - Banks can now hodl Bitcoins.

How good or bad this is for BTC is hard to say at the moment, as the question arises as to whether people really want to invest in Bitcoin - and it should not be forgotten that the US has the largest crypto ATM network in the world and also the largest crypto exchange. Therefore, it is not a problem for them to invest, but the real problem is their tax system, which for most is a real nightmare (if we look at it from some other parts of the world).

Welsh

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This is good news for adoption, and potentially transitioning the general public to converting to being their own bank with Bitcoin. Although, personally I'd prefer to avoid storing large amounts of money in banks, and manage it myself.

Quote from: joniboini on June 30, 2021, 07:37:58 PM

It is not surprising considering more and more government starts to accept and legalize crypto. Hopefully, this won't result in a closed environment of crypto trading where people need to register and do lots of KYC, with limited trading activity, and so on.

This is very likely the route it will eventually take. Banks usually don't like you sending large amounts to unidentified banks, due to the issue with scamming, and they sort of have a duty of care. Therefore, they'll likely require users to register, and fill out KYC just because first they'll need to do it under law if it exceeds a certain amount, they'll likely work with the tax man to assure everyone is declaring their taxes, and to prevent illegal activity.

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Quote from: kryptqnick on July 01, 2021, 04:13:38 AM

It sounds nice because it means that people in the US will have more opportunities to invest in cryptos. However, isn't the US against crypto exchanges?

Where did you get that idea? Despite all those conspiracies about the US being the enemy of crypto and the dollar feeling threatened by crypto at the end of the day when you do the math, you see that almost everything that counts for bitcoin will end up having something to do with the US. Coinbase, Gemini, Micro, Grayscale, and many, many more.

Quote from: NeuroticFish on July 01, 2021, 02:59:20 AM

Quote from: The Cryptovator on June 30, 2021, 02:13:05 PM

But surprisingly I notice Bitcoin's price drop after this news (Lol).

Yeah, I was expecting the price moves upward also because in Germany the investment funds are legally allowed starting today play with Bitcoin. But the price seems to go downwards. I'm used with oddities and manipulation, so I'll just give it more time. It'll go up eventually Wink

I'm starting to get used to those, or rather to the lack of reaction, I have a feeling a lot of people and traders are not reacting to the news about the possibility of purchases but they are waiting for the actual numbers in terms of cash flowing to bitcoin through those routes. Also, I think a lot still believe we're heading to a bear season and are just waiting on the side for everyone else to make a move, but nobody wants to be the first, but it's going to be damn funny when nobody would want to be last, we might see some real fomo, just need the right sparks and fuel.

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Quote from: The Cryptovator on June 30, 2021, 02:13:05 PM

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really. Most probably that service will be provided by NCR banks, users will be able to purchase Bitcoin through NCR’s 800,000 ATMs as well. But surprisingly I notice Bitcoin's price drop after this news (Lol). However, I think this step will make it easier to trade Bitcoin for US citizens.

Please read the news source for more details: $6 Billion NCR Opens Bitcoin Purchases To 650 Banks And Credit Unions

That's not going to make a lot of difference because US customers are already using bitcoin exchanges like Binance since a long time now. Also there are privileged enough to use bitcoin ATMs which are installed across the country. Adoption by Banks is just going to make bitcoin more visible to the masses and possibly increase its credibility. But i really hope that as a superpower US will help other nations to adopt bitcoin and come out of regressive mentality.

kryptqnick

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It sounds nice because it means that people in the US will have more opportunities to invest in cryptos. However, isn't the US against crypto exchanges? In that case, does it mean that the US will push against exchanges and in favor of banks, trying to assimilate cryptos and make them a part of the traditional financial institutions? Another concern I have is regarding taxes. I thought that currently, any transaction involving crypto and fiat requires paying some taxes, and it must be really difficult for people who want to trade Bitcoin or sell it for fiat regularly. Will banks handle the taxes or how is this going to work?

Kittygalore

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Quote from: ?? on ??

like i was say on couple post before this that bank sooner or later it will start accepting or using blockhain technology to adapt with new technology

I means that's the only way they can keep up, adapt to changes or have your business get left behind by the continuous march of time and innovations in technology and in society. This is good that they will adopt bitcoin so more people can have access to it but the compromise that I see is the privacy, taxation and possibility of losing your coins because this falls under the not your keys, not your coins category.

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The truth is, people trust banks. We may not like it but that is a fact. Banking institutions offering crypto options will be viewed as a sign that crypto assets are actually trusted assets. And this can help drive capital into the crypto economy. A wider adoption of cryptocurrencies across industries will be the key to its success. After all, giving 24 million Americans access to the crypto market can only mean one thing - more adoption.

It's going to be very interesting to see how this all plays out. But at the end of the day, it's good news.

NeuroticFish

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Quote from: nhaila on June 30, 2021, 02:22:22 PM

Very recently UK already declared , they are no more with the best popular cryptocurrency exchange Binance which have made me frustrated but this news make me again delightful.

The fact that one country disallows certain operations of one company that didn't comply certain laws is really small actually. It's just hyper-inflated by the news papers.

Quote from: The Cryptovator on June 30, 2021, 02:13:05 PM

But surprisingly I notice Bitcoin's price drop after this news (Lol).

Yeah, I was expecting the price moves upward also because in Germany the investment funds are legally allowed starting today play with Bitcoin. But the price seems to go downwards. I'm used with oddities and manipulation, so I'll just give it more time. It'll go up eventually Wink

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Quote from: The Cryptovator on June 30, 2021, 02:13:05 PM

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really. Most probably that service will be provided by NCR banks, users will be able to purchase Bitcoin through NCR’s 800,000 ATMs as well. But surprisingly I notice Bitcoin's price drop after this news (Lol). However, I think this step will make it easier to trade Bitcoin for US citizens.

Please read the news source for more details: $6 Billion NCR Opens Bitcoin Purchases To 650 Banks And Credit Unions

if this really happens, then the domino effect that occurs will be quite large...

Most of the world's major banks are based in the US. if US banks start accepting Bitcoin purchases then other smaller banks will have to follow this trend too, if there is a bank that does not follow this trend then the bank will 'bankrupt'

bittraffic

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So much news that will trigger adoption yet for a regular person out there like the working class, they just mind their business going to the workplace not minding all news like this one. 650 banks will help adoption but it's going to be a tiny step of its only for the bank account holders. Bitcoin is for the unbanked.

If they will just say they are giving away $30 for every user who downloads the government wallet app, every cheeseburger eater out there will be connecting to the internet to follow what goes on in crypto.

pooya87

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Quote from: NotFuzzyWarm on June 30, 2021, 08:52:25 PM

Yes no doubt that like Fiat, the banks will hold the keys to your crypto accounts with them BUT

I think we have to wait and see how this is actually implemented. If you can indeed purchase bitcoin from their ATMs and be paid to your bitcoin address then this is not an issue as you would be the one holding your keys.

Otherwise the part I would be worried about is the banks purchasing bitcoin and owning some and then start their fractional reserve banking crap and end up "lending" more bitcoin than they have. Then all those participating in the centralized corrupted systems run by banks and exchanges could severely disrupt the market.

so98nn

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Just felt good after reading this news while sipping the morning tea. Lolz.
Amazing share man.

This was amazing part from the new, (quoted from article)

Quote

Instead of having to deal with the burdensome regulatory requirements related to actually holding the cryptocurrency for their customers, the financial institutions that opt to make the service available will rely on Nydig’s custody services.

I was actually wondering how they gonna surpass the regulatory requirements of the nation. So if you see the statement then it seems NYDIG will act as sole escrow for the crypto currencies.

And yes, it surpasses the fear of loosing your private keys with the government or whatever authority which keeps track of it.
Here,

Quote

While U.S. banking regulator, the Office of the Comptroller of the Currency last year gave banks the right to custody the private keys that give customers access to cryptocurrency on behalf of their clients, NCR bank clients won’t likely need to worry about that at all.

Wondering how they gonna push the exchange tech through all those ATM's out there?
Isn't this will require upgrading of all the ATM's too?

rhomelmabini

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Yeah seen this news on a telegram channel and just wonder if this will really be done in the near future or just some kind of hopium again. This is indeed a good news because the influx of this banks will be huge and more investors may flock in.

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Quote from: joniboini on June 30, 2021, 07:37:58 PM

It is not surprising considering more and more government starts to accept and legalize crypto. Hopefully, this won't result in a closed environment of crypto trading where people need to register and do lots of KYC, with limited trading activity, and so on.

Sooner or later platforms like Binance will definitely need a license to operate in various countries, with some deals here and there. The government will then force people to use local exchange or exchange with a license to control and monitor the market.

That would be the worst-case scenario where we return back for being unanimous into transparent again. Anyway, since we are in the crypto industry, if something like that might happen in the future, there's always someone that will create something that would offer it used to. like for example the Bitcoin we have right now where you can completely hide your transaction details.

Darker45

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This is Bitcoin hitting the mainstream road. And no small thanks to the ones earlier perceived to be the enemies of Bitcoin, it is the banks now that are bringing Bitcoin to the doorstep of approximately 24 million people. This is huge!

However, I hope this won't encourage people to just let these banks take full custody of their savings. I am particularly looking forward to the near future, hopefully, when this development would eventually provide Bitcoin owners easier access to stores, restaurants, and shops that accept Bitcoin payment. NCR, after all, is " the largest provider of point-of-sale software to grocery and other retail stores globally." This would definitely further push for the treatment of Bitcoin more as a currency.

hd49728

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Not your keys, not your coins!

Quote from: ?? on ??

like i was say on couple post before this that bank sooner or later it will start accepting or using blockhain technology to adapt with new technology

Big techs do and will accept more cryptocurrency. Banks do and will do more adoption on cryptocurrency.

What they care for utmost is profit and adoption on cryptocurrency will help their banks have more income from customers. It's clear that they have to obey to local laws as well as regional laws. It it too confident to say all nations, all banks will accept Bitcoin and cryptocurrency but I believe they will. They can not prevent the revolution in technology goes deeper into human society.

NotFuzzyWarm

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amazed how little discussion about this here... To me it rates as far more important than when PayPal opened up to crypto.
Yes no doubt that like Fiat, the banks will hold the keys to your crypto accounts with them BUT -- as long as they treat crypto the same as fiat, as in allowing transfers not only to merchants but also (unlike PayPal), to other private crypto accounts as well, so what? It would make crypto just as usable as fiat.

Dave1

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Let me quote:

Quote

“We're firm believers in the benefits of crypto and the strategic application,” says NCR president of digital banking Douglas Brown. “And that's true for our banking relationships, as evidenced by Nydig, and across retailers as well as restaurants and the like.”

At least NCR's management is keen on looking at bitcoin and crypto in general. Of course, it's business and all for the money, but this could mean a win-win situation for us. Adoption might be a slow process, but sooner or later we might see more industries betting on the future of BTC.

joniboini

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It is not surprising considering more and more government starts to accept and legalize crypto. Hopefully, this won't result in a closed environment of crypto trading where people need to register and do lots of KYC, with limited trading activity, and so on.

Sooner or later platforms like Binance will definitely need a license to operate in various countries, with some deals here and there. The government will then force people to use local exchange or exchange with a license to control and monitor the market.

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Quote from: nhaila on June 30, 2021, 02:22:22 PM

Very recently US already declared , they are no more with the best popular cryptocurrency exchange Binance which have made me frustrated but this news make me again delightful.

Not US, it is UK. US has longed ago not allowing its citizens to make use of binance.com, US citizens make use of binance.us, this is as a result to have an exchange operating in US so that they can be able to make it to comply with rules and regulations by the US government, maybe that is what UK is trying to also do as UK states that binance is not following certain rules.

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