Banks offering investing in Bitcoin - page 3.

Inwestour

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Quote from: ScamViruS on June 30, 2023, 02:49:52 PM

This is definitely good news. But the government always tries to stay one step ahead of its citizens. Governments do not have accurate data on crypto users due to the inability to invest in the crypto market using banks, resulting in no restrictions being imposed on those crypto investors. Now when crypto users invest in crypto markets using bank accounts, the government will have that investor's information and see how they can be taxed. On the other hand, investing in crypto through banks means increasing the number of investors in the crypto market. Which is definitely good for the crypto market.

I hope that the bank will treat crypto users well and not bother crypto users by keeping the various rules and regulations in place.

A recent example with the Kraken exchange showed that, if necessary, an IRS can obtain any information about users, about their accounts, transactions, and everything that the exchange owns.

If banks provide provide services for the storage and deposits of cryptocurrencies, then a people will contact the bank consciously, they will provide their data to the bank, by his own consent, and this is normal, but it is not normal to demand personal data from exchanges without the consent of users.

I agree that in the long run this can significantly increase the number of contributors who will be more willing to buy bitcoin, which of course will have a very positive impact on adoption. Initially, bitcoin was supposed to be a tool against banks, but it seems that the system will be able to regulate everything.

BenCodie

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No, I do not think banks should enter the Bitcoin economy or be involved in Bitcoin. I think this for the following reasons:
- They originally set out to destroy it. Now they want to profit from it. I can only see a sinister motive alongside profit, not one that will aid Bitcoin and its growth/ecosystem.
- Centralized trades and thus reduced activity from decentralized exchanges, and enforcing their own custody solutions (which is dangerous for user security)
- Tracking coins withdrawn from their facilities will be extensive (if coins can even be moved out of bank custody to begin with!)
- Bitcoin is only a hedge against fiat money which THEY destroyed!

Central banks and their subsidiaries being involved with Bitcoin will not do any good for the ecosystem in the long run.

To mods: My original post was deleted. I have enhanced my post and its reasoning. If it is removed this time, I would like an explanation as to why it is removed. I do not see any reason why it was removed as it was.

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If you asked me, I would say this is a clever strategy by the banks and the people who have executive ranks in those banks, they would make people believe they (the people/the clients) have actual ownership over the Bitcoin offered, when in reality in most of the cases Banks will continue to have control over the capital invested.

It is like a new way to catch the attention of clients, taking advantage of the popularity and growing adoption of BTC

inthelongrun

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It's good that banks are starting to accept bitcoin and are offering it already to their customers. In my country, there are already banks that are also offering the same while some banks are doing it thru their other platforms.

And yes OP, it is possible that governments can collect taxes from these banks and companies, and in return, they can impose fees on their customers. Just like our local stock market here. Every time you make a trade there will be fees and tax.

I can only hope though that local exchanges and banks offer competitive rates. Most here in my country has 3% to 5% spreads and that hurts a lot. And also tax should be low just like in our local stock market which is less than 1%.

Blitzboy

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Quote from: romero121 on July 02, 2023, 05:33:26 PM

Though the banks are with full of flaws, it have gained the trust of common people as it serves as the primary source through which they were able to do their transaction, savings, investment, and different schemes. A person introducing about bitcoin and a person working in a bank explaining about bitcoin have got difference. Those people will show the advantageous part of bitcoin whereas a common bitcoiner explain the risks too. Anyhow this is really a big thing and much needed one to reach the bottom people.

You made a good argument regarding people's faith in conventional banking despite its shortcomings. It's understandable. Banks have provided financial services and security for ages. Bitcoin is a decentralized, peer-to-peer financial system that supplements conventional banking. It might offer global financial inclusion to marginalized populations.

Bankers and Bitcoin users see things differently. A ordinary Bitcoin user would highlight the dangers, whereas a banker would emphasize the rewards. Decision-making requires this balance of information. Bitcoin's full potential requires our cooperation. To help the public comprehend and embrace Bitcoin, we should disclose its advantages and hazards.

romero121

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Though the banks are with full of flaws, it have gained the trust of common people as it serves as the primary source through which they were able to do their transaction, savings, investment, and different schemes. A person introducing about bitcoin and a person working in a bank explaining about bitcoin have got difference. Those people will show the advantageous part of bitcoin whereas a common bitcoiner explain the risks too. Anyhow this is really a big thing and much needed one to reach the bottom people.

Minhxx

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Banks always want to control the flow of money in their system, maybe they will control bitcoin by investing in it, they also asked instead of banning us to pay taxes when owning bitcoins

ScamViruS

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This is definitely good news. But the government always tries to stay one step ahead of its citizens. Governments do not have accurate data on crypto users due to the inability to invest in the crypto market using banks, resulting in no restrictions being imposed on those crypto investors. Now when crypto users invest in crypto markets using bank accounts, the government will have that investor's information and see how they can be taxed. On the other hand, investing in crypto through banks means increasing the number of investors in the crypto market. Which is definitely good for the crypto market.

I hope that the bank will treat crypto users well and not bother crypto users by keeping the various rules and regulations in place.

bittraffic

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Quote from: Obari on June 30, 2023, 02:02:45 PM

Quote from: PeRo on June 25, 2023, 03:06:44 PM

Since they couldn't suppress Bitcoin, some banks are now endorsing investing in it. I remember seeing that I could buy and sell Bitcoin (and other cryptocurrencies if I remember correctly) straight from my business banking app when I was working on financials in some company a while ago. Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Maybe I'm overthinking this, but when banks are involved with Bitcoin it always seems like an attempt of gaining some sort of control over it or push it to be more centralized in some way. And seeing more and more of them getting involved doesn't really comfort me.

What do you guys think, should banks even be in 'the game'?

Bitcoin was created for everyone but banks, government, and everyday people, but we all know most governments are against the decentralisation of bitcoin and with your above statement I think I find the bank suspicious because it is centralised and controlled by the government, just like In my country where the cbn asked some local exchange to flag the accounts of some crypto investors.

However there's a saying that if you can't beat them, you join them maybe these banks have come to understand that is almost impossible to restrict people from using Bitcoin and crypto exchanges in saving and have found out that it aids a better and faster means of transaction so they decided to join. But left for me I'll rather invest or buy cryptocurrency through safe and trustworthy exchange than investing through the bank.

They will attempt to take over BTC. It's not a problem as far as I know since they are going to be using it as well. Otherwise, it will just be in their wallet. Supposedly they will also be selling their BTC when the time comes. Hard to say they can buy all the BTC supply in the market, it wouldn't be that easy but Blackrock is quite rich and they are using coinbase for their custodial.

If they all got the BTC, what would they do to it? Kill?
They had to realize there are lots of cryptos.

Obari

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Quote from: PeRo on June 25, 2023, 03:06:44 PM

Since they couldn't suppress Bitcoin, some banks are now endorsing investing in it. I remember seeing that I could buy and sell Bitcoin (and other cryptocurrencies if I remember correctly) straight from my business banking app when I was working on financials in some company a while ago. Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Maybe I'm overthinking this, but when banks are involved with Bitcoin it always seems like an attempt of gaining some sort of control over it or push it to be more centralized in some way. And seeing more and more of them getting involved doesn't really comfort me.

What do you guys think, should banks even be in 'the game'?

Bitcoin was created for everyone but banks, government, and everyday people, but we all know most governments are against the decentralisation of bitcoin and with your above statement I think I find the bank suspicious because it is centralised and controlled by the government, just like In my country where the cbn asked some local exchange to flag the accounts of some crypto investors.

However there's a saying that if you can't beat them, you join them maybe these banks have come to understand that is almost impossible to restrict people from using Bitcoin and crypto exchanges in saving and have found out that it aids a better and faster means of transaction so they decided to join. But left for me I'll rather invest or buy cryptocurrency through safe and trustworthy exchange than investing through the bank.

Rupok

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Banks understand that Bitcoin will never be suppressed.Banks lost customers because of Bitcoin.The profits from Bitcoins are higher than those from investing in banks, which is why customers are more attracted to Bitcoins.Banks are now forced to approve investments as Bitcoin advances day by day. Bitcoin transactions are very easy compared to banks, as we have heard many banks are on the verge of bankruptcy. But I think this will be a great addition, as ordinary people will have the opportunity to invest directly in Bitcoin.

Pandu Geddon

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Great News, Bank is trusted organisation. People believe Bank is secure Institution. When Bank offering invest in Bitcoin it is vig good news for all cryptocurrency lovers. As Bank offering investing in Bitcoin so i think Bank will accept bitcoin and crypto. I think bank doing it as per customers demand. So it will be win win situation bank and customers all will be profitable i think. For it customers will be satisfied. So i think Bank’s offering investing in Bitcoin it is good idea and for it bank and investors all will benefited and they will happy.

even though the Bank is a trusted party, especially if the Bank is owned by the state. of course we will not doubt his reputation in financial management. but the system isn't it the same when we keep our Bitcoin in the exchange?
it is possible that Banks or government are collecting how many of their customers hold crypto assets. the state may have efforts to participate in maintaining the security of assets owned by customers. but maybe this is more towards tax income which in the future may be programmed by the government.

dezoel

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The very first thing that comes to my mind when I hear banks allowing their customers to make investments in Bitcoin through them is the taxation they want to put on them for doing so. They know that they can't tax everyone using centralized exchanges for buying and selling Bitcoins but if people use them as the intermediary for these sales and purchases, they can easily tax all the transactions going back and forth for Bitcoin buy and sells.

It is not something that would provide any benefits for the customers of the banks, though it will be promoted this way, we should know that they are implementing this for their own benefit, banks were never created to provide benefits to us but they use us to create revenue for their business.

LSDadventure

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Quote from: TravelMug on June 28, 2023, 08:31:01 PM

Yes, it's the business side of it, that's why Banks are scrambling right now to get their hands on bitcoin. And perhaps there is a clamour from their customers. Even the CEO of Blackrock says that they got a hit on keywords like "bitcoin", more than "covid". And that is the main reason why they applied for ETF because they know the potential profits that they are going to make.

As a business, they must satisfy their customers and have to consider to launch new products for their customers. If new products are not prohibited by government and laws, they have no reasons to make their customer disappointed. They must show that they are ready to launch new products by effort like the latest ETF application. Even if the application is rejected by SEC, they will still get good feedback and satisfaction from their loyal customers.

If they are lazy and ignore all request from customers, their customers will move to other businesses.

TravelMug

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Quote from: carlfebz2 on June 28, 2023, 06:56:28 PM

Quote from: Wiwo on June 28, 2023, 06:33:28 PM

Banks are in for the profits and possibly banks could vecome one of the institutional investor in bitcoin if the central banks will allow that to happen, first we may not see the impact of this onnthe value of bitcoin if the bank does not have direct bond in Bitcoin if their going to just ve a third-party service provider like this new stated, the bank have little to no role in this other than being the custtody for the bitcoin and in that regards.

It will still be hard since most bitcoin holders already have the knowledge of self custodyof their bitcoin, so no one is going to use such service from the bank, and if the bank want ti participate their should make direct investment in bitcoin.

They are really indeed for profits and since these institutions are really that heavily regulated then they would be the main place on which the government would really be trying out to track everyone who did purchase out their coins on which it would really be that normal that there would be some sort of monitoring considering that they've been attached or regulated which it wouldnt really be that surprising that to those who had purchased isnt something that totally anonymous. Banks doesnt really like to miss out on making profits and this is why they have seen that crypto space does have that earning opportunity which it would be
no surprise that they would really be offering such service. Its true that this is a good add up for more exposure but in overall essence of its usage or feature is totally contradictory.

Yes, it's the business side of it, that's why Banks are scrambling right now to get their hands on bitcoin. And perhaps there is a clamour from their customers. Even the CEO of Blackrock says that they got a hit on keywords like "bitcoin", more than "covid". And that is the main reason why they applied for ETF because they know the potential profits that they are going to make.

Although for us, it's just better to be our own bank, and self custody of bitcoin. Maybe for others though, they might have to trust banks or institutions to carry for them buying and selling bitcoin.

carlfebz2

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Quote from: Wiwo on June 28, 2023, 06:33:28 PM

Banks are in for the profits and possibly banks could vecome one of the institutional investor in bitcoin if the central banks will allow that to happen, first we may not see the impact of this onnthe value of bitcoin if the bank does not have direct bond in Bitcoin if their going to just ve a third-party service provider like this new stated, the bank have little to no role in this other than being the custtody for the bitcoin and in that regards.

It will still be hard since most bitcoin holders already have the knowledge of self custodyof their bitcoin, so no one is going to use such service from the bank, and if the bank want ti participate their should make direct investment in bitcoin.

They are really indeed for profits and since these institutions are really that heavily regulated then they would be the main place on which the government would really be trying out to track everyone who did purchase out their coins on which it would really be that normal that there would be some sort of monitoring considering that they've been attached or regulated which it wouldnt really be that surprising that to those who had purchased isnt something that totally anonymous. Banks doesnt really like to miss out on making profits and this is why they have seen that crypto space does have that earning opportunity which it would be
no surprise that they would really be offering such service. Its true that this is a good add up for more exposure but in overall essence of its usage or feature is totally contradictory.

Wiwo

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Banks are in for the profits and possibly banks could vecome one of the institutional investor in bitcoin if the central banks will allow that to happen, first we may not see the impact of this onnthe value of bitcoin if the bank does not have direct bond in Bitcoin if their going to just ve a third-party service provider like this new stated, the bank have little to no role in this other than being the custtody for the bitcoin and in that regards.

It will still be hard since most bitcoin holders already have the knowledge of self custodyof their bitcoin, so no one is going to use such service from the bank, and if the bank want ti participate their should make direct investment in bitcoin.

Farma

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if banks do offer bitcoin investing, maybe that's good enough for people who want to invest in bitcoin but don't know how to use an exchange, or don't really trust exchanges. we know that the legality of banks that are supported by the state and also how they have full responsibility for the assets that we store there, so people might increase their level of trust in bitcoin.
Unfortunately, I think it will be difficult for banks to accept a decentralized system, especially that it has a centralized system. they probably wouldn't take the risk of the volatile rate of bitcoin rising and falling rapidly. I think that eventually quite a lot of people who are not very familiar with this investment see their money dwindling fast, or add up fast. however, if banks do get into the game, it might be a pretty good development going forward.

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Quote from: PeRo on June 25, 2023, 03:06:44 PM

Now I wonder, do they just want to enter the market and profit off of it or are there some other intentions? Since they offer an exchange for business users, could it be possible that the system could be used so the government could actually tax Bitcoin by taxing the company investing in it trough the bank account?

Banks are finally realizing that many people want to buy bitcoin and shutting down people's account won't benefit them at all. The banks with that way of doing business will end up like the dinosaurs did. The smart ones will just make some profit as usual. If the banks offers something is because they can make money out of it, as simple as that.

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Quote from: Ojima-ojo on June 27, 2023, 02:15:58 PM

I have mixed feelings about bank involvement with citizens' Bitcoin assets, because as others also pointed out the possible centralization of their Bitcoin and possible control over the assets.

This step has a very high complication and even though it will make a push for mainstream adoption of Bitcoin and create public awareness of the advantage of using Bitcoin as an alternative but the gain of holding Bitcoin will come when the Bitcoin is held in a personal wallet and user hold the private keys because storing your Bitcoin with a third-party is a high-risk an activity at can lead to loss of your asset.

If we look at Bitcoin closely, we will discover that Bitcoin as an alternative to fiat currency has no connection with banks, and a Bitcoin holder doesn't necessarily need a bank to store Bitcoin.

So for that, the bank plays a minimal role in Bitcoin usage, which is at the point of payment/exchange.

what i am seeing here is that banks are just trying to get a hold of some of their users to keep their funds within their realm. seeing that as btc will exist even without their intervention, what they can do is just join the market and offer related services to its users. it may create added credibility to the btc market particularly those non-crypto users. since banks are dipping their hand into this market, it means it is not a scam after all. hence, somehow, for me, it is also good considering this side. and when these people finally understand this market, they will surely get out their crypto funds out of the banks.

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