Banks offering investing in Bitcoin - page 4.

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

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'?

I would never trust a centralized system when it comes to have obvious relations with a decentralized system. The design for bitcoin or other decentralized crypto assets not to have some obvious connection with centralized systems. The most these centralized systems can work for the decentralized assets is serving for a gateway or some form of exchange. Other than that, it would be difficult for users looking out for means to stay off the hook of centralized system getting to trade their crypto assets using banks.

It could have an end to it. In the long run, statements could be released in accounts involved in crypto related transactions and so will the penalty be dished out as well.

Ojima-ojo

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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.

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

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No matter what banks do, they're entirely entering an entirely opposite territory of where they belong and since they couldn't do anything about it, the least they could do is impose an unimaginable fees so that they could somehow do something about it.

Yes, they do want to profit off something from it and other intention is just like the usual incidents you hear like managing their user's PKs and like the usual freezing their wallets when something that they don't like happens. As much as I appreciate their "warm" welcome with crypto, I would not buy any forms of crypto through their means.

About the question of if they should be in game, everyone has the access to crypto anyways so there's not much we could do if banks want to be part of it.

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

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'?

I don't feel bad about banks turning to cryptocurrency, rather I welcome it. Because when banks encourage people to adopt cryptocurrency, it will become more spread the more people will adopt it. As a result, the demand and market for Bitcoin will increase, which I think will be a plus point for cryptocurrency.
But if their main intention is something else, I think they won't be succeed on that, because with these steps, will spread cryptocurrency to more people and they won't even think about controlling it. Because I think Bitcoin is limited to less people, the more chances to control or flow its market flow, so its adoption increase will stop it.

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Depends on the bank of course, but this is what I suggested many many years ago. We need some sort of governmental regulation where Banks could be like crypto exchanges. Lets assume you live in USA right? You want to buy a euro, or yuan, or ruble (well maybe not those because of sanctions and all) or Japanese yen etc etc, basically you can get the currency of other nations and have it in your account, it is allowed. It is allowed in my nation too, I can get euro, dollars or anything else I want.

This is why I honestly believe that the best thing to do in this case is to make sure Banks offer the same thing as well. That way banks basically allows you to buy and sell bitcoin, doesn't have to be all coins, just bitcoin itself is enough. Only problem is, would they actually have enough bitcoin on their books as they say they do.

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I don't know if they are tired of their fiat and offer bitcoin as an alternative investment offered by the bank, maybe the bank has a lot of bitcoin to be traded in its wallet, but we don't know what their goal is actually, whether they want to benefit from trade Or they want to manage Bitcoin bought by their customers, the transfer of people who trust more about banks will be easily controlled by them.

Quote from: Cryptomultiplier on June 27, 2023, 08:06:42 AM

It would be a very nice thing for this to work out on the contrary, but doesn't BTC have to be a legally recognized tender before banks can initiate such an idea? I wonder!

Further more, by banks deciding to allow such investment in BTC, is this not going against what decentralization is all about?

Yes, the rules of the bank's financial institution to do this need to be legal support as their foundation in operating and what things can be traded, and that is necessary for approval from the government.

Where do you take the decentralization point? If you think that the bank has a power over BTC is the same as you save your bitcoin in centralized exchange, it can be said that is a place where you can sell and buy bitcoin, bitcoin remains decentral and no one can control it that spreads widespread.

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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?

Taxes are a side effect of Bitcoin adoption. Banks don't start dealing with BTC to generate more tax income for the government. It's just part of any financial investment or business. The main goal of banks when offering BTC investment is profit.

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

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.

Indeed they take advantage of centralization, as they work as a middleman between the investor and Bitcoin. So it's interesting for them. On the other hand, we could think investors who are investing through banks don't have enough knowledge or will to learn and invest by themselves. So banks are actually doing a favour to increase BTC adoption.

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

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

Of course they should. Bitcoin is open to everyone. It's part of being decentralized.

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Quote from: Cryptomultiplier on June 27, 2023, 08:06:42 AM

Further more, by banks deciding to allow such investment in BTC, is this not going against what decentralization is all about?

They provide investment services, or do they invest directly in bitcoin, it won't affect bitcoin decentralization. As long as they don't control the bitcoin network, no one can make bitcoin centralized. The fact that banks enter the market does not surprise me because their purpose as well as ours is for profit. It would be foolish if they ignored the huge profits from this market. Even though they have stated against bitcoin in the past but I never believe what they say, I just look at what they do, and it's not surprising that they provide services on bitcoin and invest in it.

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Perhaps the banks are getting into it because they want to have a census on the numbers of users who should be taxed as first example to others who should come after.

It would be a very nice thing for this to work out on the contrary, but doesn't BTC have to be a legally recognized tender before banks can initiate such an idea? I wonder!

Further more, by banks deciding to allow such investment in BTC, is this not going against what decentralization is all about?

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Quote from: dunfida on June 26, 2023, 06:58:29 PM

Quote from: Vaskiy on June 26, 2023, 06:51:57 PM

`

Is this happening? If yes then it would really be a good thing about exposure and recognition of Bitcoins existence but if we do speak about its utility and application then going pass through banks would definitely
be removing the real essence of Bitcoins existence or actual utility. For sure for those people who doesnt have idea on what about Bitcoin is would definitely be having that kind of question and on the time that they would be able to make out some Bitcoin investments then the banks would really be still the ones who would be holding those coins or still simply means that you arent the ones who do own those coins
in the end of the line.

Sooner or later people who had invested Bitcoin would really be building up that kind of curiosity on which it would really be resulting on making up some realizations that Bitcoin isnt something that should be connected
by the banks and this is where they would be able to point out on what decentralization means.

Your point on Bitcoin's route to popularity via banks is nice. Imagine a world where Bitcoin holders don't really own their Bitcoins? Talk about irony

But lets remember, we need to walk this tightrope with care. Yes, it seems like a smooth path to mass uptake, but it might lead to central control over Bitcoin - a total antithesis to its spirit.

While banks can't be sidelined in promoting Bitcoin, we must ensure it doesn't damage its fundamental value. Lets keep Bitcoin's true essence intact

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Quote from: Vaskiy on June 26, 2023, 06:51:57 PM

Quote from: Popkon6 on June 26, 2023, 06:38:25 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'?

If the banks agree to buy Bitcoin I think more investors will help accumulate the numbers. Because Bitcoin is not controlled by any owner or authority the only one who buys it (will own that piece of Bitcoin). So this change in bitcoin future is great because banks have created attention to bitcoin which is a plus point. Later on, Bitcoin futures will be dictated by the bank authorities as the number of investors increases and the Bitcoin price continues to peak overnight.

The best thing on such move will be the common man's involvement with bitcoin. Most of the time people doesn't trust something new, but it have big trust upon banks, I'm not sure on what basis is this happening. When bitcoin can be bought through banks surely it'll reach more people and they'll start investing. People who aren't much educated find this difficult to spend online. Banks helps them have a place where they can request help in person which isn't possible while using an exchange service.

Is this happening? If yes then it would really be a good thing about exposure and recognition of Bitcoins existence but if we do speak about its utility and application then going pass through banks would definitely
be removing the real essence of Bitcoins existence or actual utility. For sure for those people who doesnt have idea on what about Bitcoin is would definitely be having that kind of question and on the time that they would be able to make out some Bitcoin investments then the banks would really be still the ones who would be holding those coins or still simply means that you arent the ones who do own those coins
in the end of the line.

Sooner or later people who had invested Bitcoin would really be building up that kind of curiosity on which it would really be resulting on making up some realizations that Bitcoin isnt something that should be connected
by the banks and this is where they would be able to point out on what decentralization means.

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Quote from: Popkon6 on June 26, 2023, 06:38:25 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'?

If the banks agree to buy Bitcoin I think more investors will help accumulate the numbers. Because Bitcoin is not controlled by any owner or authority the only one who buys it (will own that piece of Bitcoin). So this change in bitcoin future is great because banks have created attention to bitcoin which is a plus point. Later on, Bitcoin futures will be dictated by the bank authorities as the number of investors increases and the Bitcoin price continues to peak overnight.

The best thing on such move will be the common man's involvement with bitcoin. Most of the time people doesn't trust something new, but it have big trust upon banks, I'm not sure on what basis is this happening. When bitcoin can be bought through banks surely it'll reach more people and they'll start investing. People who aren't much educated find this difficult to spend online. Banks helps them have a place where they can request help in person which isn't possible while using an exchange service.

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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'?

If the banks agree to buy Bitcoin I think more investors will help accumulate the numbers. Because Bitcoin is not controlled by any owner or authority the only one who buys it (will own that piece of Bitcoin). So this change in bitcoin future is great because banks have created attention to bitcoin which is a plus point. Later on, Bitcoin futures will be dictated by the bank authorities as the number of investors increases and the Bitcoin price continues to peak overnight.

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I think the banks are in the game but in another way… the banks implemented the CBDC (Central Bank Digital Currency). For the simple fact that he couldn't control Bitcoin, hence the idea of these core virtual currencies. Regarding what you said about

Quote

do they just want to enter the market and profit off of it or are there some other intentions?

It seems curious to me because they could be used but maybe not in the way you think... since governments would use BTC as a payment method for trading actions that they do not want to disclose... Or well, it may be that I just want to try one way or another another to control Bitcoin… with results that are not positive at all. I would like you to share with us that banking application that you mention, the ones I know do not give me the BTC option, it intrigues me a bit.

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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'?

The fact is that banks are powerful corporations with their own staff of IT specialists who are looking for additional ways to make money for the bank. And of course, at the time of the appearance of bitcoin, it was considered as such an opportunity. And I am sure that large (not those banks that are local) namely huge world banks invested in bitcoin without a public announcement. Money rules the world and there is no need to think that corporations should report their actions. They can often act covertly in their own interests. It can be compared with Binance, which often acts covertly, and then only in the courts information about their actions becomes widely known.

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Quote from: The Cryptovator on June 25, 2023, 03:58:37 PM

It appears that the bank is likely interested in profiting from Bitcoin trading using fiat currency. When you purchase Bitcoin with fiat, the bank will levy charges, and the same applies when you sell it. However, it's unlikely that the bank itself is assuming the risks associated with Bitcoin's volatility. Instead, they may choose to partner or integrate with a cryptocurrency exchange to mitigate these risks. Additionally, if Bitcoin trading is legal in your country, the government may impose taxes on such transactions.

Thats same thing that is actually trying to happen in my own country, though its much expected since there was a change of government because the previous government actually put a ban to crypto whereas this new government seem to approach it with a nicer view and plans on putting taxes to bitcoin transaction and before ever they would do that, they would need to uplift the ban that was impose by the previous government on bitcoin restricting users to transact bitcoin directly with your fiat banks.

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Some of us think that bank involvement in the crypto industry will be a good thing. Because they think that it may bring more stability to the crypto world. People will get more flexible assets to invest in crypto. But maybe they have some intention behind it. Yes, most likely to centralized Bitcoin with an indirect approach. Bitcoin is decentralized and no one has control over it. So others in power will try to take control of it to make it centralized. Or as you said, they are trying to put a tax on it to make profits/gains. Everyone wants to get a piece of it. So when they were unable to defeat Bitcoin, they joined it. Cryptocurrency has gained a lot of popularity in the past few years. Now it is not possible to suppress it and they know it too. So, they have joined it. As the saying goes, "If you can't defeat them, join them". A perfect example of that. LOL.

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Quote from: rachael9385 on June 26, 2023, 12:59:12 PM

What is your nationality? What bank do you use for transactions or savings? With the knowledge I have I confidently Belive that no bank will allow you to invest on bitcoin with their site, because many bank users have been band for doing bitcoin transaction, so I don't Belive that people can invest in Bitcoin from their bank app, but the question is WERE CAN WE STORE THE BITCOIN IF WE INVEST DIRECTLY FROM OUR BANK APP?,

The Answer of your question is "Yes". You are just investing from your Bank app to buy Bitcoin and you aren't holding it in banks wallet.

I agree with you and I don't know why OP didn't clarify it with us by providing his nationality and Bank name. I saw in every country where Bitcoin is illegal, Banks don't offer investing in Bitcoin. But if it really happens then it's a milestone for Bank users as they are also supporting the Virtual Currency. And it's quite impossible to implement tax regulations on the Bitcoin users as op thought about it.

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What is your nationality? What bank do you use for transactions or savings? With the knowledge I have I confidently Belive that no bank will allow you to invest on bitcoin with their site, because many bank users have been band for doing bitcoin transaction, so I don't Belive that people can invest in Bitcoin from their bank site, but the question is WERE CAN WE STORE THE BITCOIN IF WE INVEST DIRECTLY FROM OUR BANK SITE?, if bank want to involve in crypto currency exchange or investments they need the approval of the government and I believe that it will be a very difficult task because the government think that crypto currency involves scam.

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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'?

Banks involving in crypto is a good idea. Banks will be like an exchange platform to buy and sell Cryptocurrency. But they will be extremely under the control of the government. So dealing with banks should be extremely be careful. Bank is a business firm so anything they do must strictly to business. So the intention of them doing such transaction is for business purposes. And nothing more to that.

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