Banks offering investing in Bitcoin - page 5.

Faisal2202

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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'?

Ok, I get it that your bank allows you to buy Bitcoin and ALTS straight from your banking app which in my POV is very useful like you can easily, and quickly buy BTC with your fiat but where are you going to store that bought BTC?. Will you store bought BTC using Bank app on the same baking app? Because doing that means, you are no longer own the currency as you do not own the keys and I think you have better idea about it.

And about banks being in the game, I found no other issue than storing the assets on the same app and the record of that transaction on the app. Because this will eliminates the basic and most fundamental aim of BTC origin: which is anonymity, and once we lost it what benefit remain there in using it.

We should value the technology and in my opinion banks should set some boundaries if they want to join the game, and the boundaries are set on the factors that could not affect the value and aim of BTC origin.

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Quote from: Despairo on June 26, 2023, 08:07:31 AM

Because it's a win-win situation.

It's a win for the banks because they can make more profit by ask additional fee.

It's a win for the government because they could control some Bitcoin which people willing to sell for them (through the banks).

It's a win for the holders because it would increase adoption by people who're still skeptics against Bitcoin and it increase an access for people who want to buy Bitcoin.

Adoption will expand, but the primary function of decentralization will fade away with full control remaining in the hands of banks. It's as if the banks will act as custodial service providers. The original asset owners will only receive numerical values in their account books, while the banks can utilize their customers' funds for other purposes, such as providing loans and creating money.

That is indeed not incorrect, as until now, society has solely relied on the government and banks for their financial needs. Hence, it is extremely challenging to detach the attribute of "centralized" from every financial requirement they have.

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Quote from: Franctoshi on June 26, 2023, 10:35:38 AM

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 tax Bitcoin by taxing the company investing in it through 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 comfort me.

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

The best approach I do think that Banks and other financial institutions should follow is to find a means of leveraging this technology or tapping into the system, and If things progress and the Government did not place a ban on Bitcoin globally, There may come a time when people may choose to buy almost everything using Bitcoin, when most businesses are accepting Bitcoin as a means of payment, then the use of local fiat currency for transactions will be on the decline, Thereby resulting to Banks losing customers and money in this case.

Won't be easy as it sounds. Banks are after adoption of this technology because of profit. When it comes on governments, then that's taxation. But's that is how things really work, as we all know.

Banks are now adapting to this blockchain by means of a third party wallet as they offer to potential investors. Ofcourse engaging to their platforms would cost you more than the usual because it is their servicd which is being paid. On my end, I'd more engage with centralized exchanges than banks solely. But looking at the birghter side, more institutions would be interested as well towards this industry.

Franctoshi

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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 tax Bitcoin by taxing the company investing in it through 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 comfort me.

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

The best approach I do think that Banks and other financial institutions should follow is to find a means of leveraging this technology or tapping into the system to offer Bitcoin-related services, and If things progress and the Government did not place a ban on Bitcoin globally, There may come a time when people may choose to buy almost everything using Bitcoin, when most businesses are accepting Bitcoin as a means of payment, then the use of local fiat currency for transactions will be on the decline, Thereby resulting to Banks losing customers and money in this case.

Ojima-ojo

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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?

This depend on your country because we still have some countries who have total ban on bitcoin and the CBN hace placed a banned on banks involvement in bitcoin, this have been on for a while now and most central bank are against the adoption of bitcoin because their could not control it and since their can not control amor manipulate bitcoin market the now end up with several santioned and restrictions.

But even at that their are not able to supress the penetration of bitcoin to the peiple and that is why we have increased in the number of Bitcoin adoption globally.

Quote

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 have been the secret investor in bitcoin and most banks around the world have positive mindsets toward bitcoin but restrictions placed on them by the central banks have limited their involvement in Bitcoin.

Some time ago we heard several banks getting involved in cryptocurrency transactions, but then the trouble is that, will the government through the central bank allow such development, and at what point can we truly say that bank/decentralized assets (bitcoin) have become homogenized to meet the global economic standard.

benalexis12

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Quote from: Despairo on June 26, 2023, 08:07:31 AM

Because it's a win-win situation.

It's a win for the banks because they can make more profit by ask additional fee.

It's a win for the government because they could control some Bitcoin which people willing to sell for them (through the banks).

It's a win for the holders because it would increase adoption by people who're still skeptics against Bitcoin and it increase an access for people who want to buy Bitcoin.

Here in our country I have not seen any bank that allows you to buy bitcoin from them. Because all I know is that you will make a transaction from the exchange using p2p to the bank we have here. That's all I know, and the merchants on the exchange will accept what we sell Bitcoin like Binance. But not directly to the bank, as far as I know, that's what has been happening so far.

But if this will happen to some of the banks here, I could consider as one of the good sign for bitcion adoptions anyway.

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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'?

In my opinion, if banks get into the bitcoin market they will want to control it optimally to make them profitable. The big Fed is targeting crypto by imposing alt coins as securities. I don't want big banks to enter this market, they will manipulate the crypto market price

PeRo

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Quote from: Z390 on June 26, 2023, 06:09:01 AM

Which bank are you referring to? If this is really happening why don't you show us a screenshot of your banking app that has it up where customers can buy Bitcoin? I do not find this easy to believe I am sorry for saying this.

and even if this is true we all know that bank are businessmen or the business entities that are here for making more money, so if anyone is buying crypto through Banks they should know that those banks are making money out of them one way or the other.

You need to ask yourself what are the banks benefiting from selling crypto to their own customers it doesn't make any sense, It is also very risky to buy crypto through banks because now they will know that you are into crypto investments yourself and even in future, if the government decide to start going after those that are investing in crypto it will be easier for them because believe me the banks will betray you easily.

I don't have a screenshot because, as I stated - I was working at a company and had authorization to access their bank account including the e-bank app from my work phone. It's not a secret, the bank in question is from Lithuania, I can't remember the exact name of it right now as it was a few years ago.

I do currently own a business and have an account in a Magyar bank, but they do not offer such exchanges/investments in Bitcoin.
I'm also presuming most of the forums members are from the US, I don't know if these services are a thing there, but these banks are clearly offering this in Europe.

Quote from: retreat on June 26, 2023, 08:38:15 AM

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

snip

As far as I know, the banking operations are limited to providing financial services to its customers. For investments, they usually offer services on different platforms, but usually in one group. I don't know how the regulations are in your country, so that your bank can offer Bitcoin investment services directly from their application. Because as we know that banks and bitcoins are 2 things that are quite contradictory and most banks around the world are against the adoption of bitcoins and it is quite surprising that your bank offers Bitcoin investment services which are not their domain.

The thing is, the bank isn't in my state (as the company isn't), so I don't really know the regulations. Maybe they were using some exchange powered by themselves or some associate, who knows. I'm sure they just want to get more money in any way possible.

Z-tight

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Quote from: kotajikikox on June 26, 2023, 06:18:59 AM

Whatever their reason is still having Bitcoin involved is still our priorities because this may add as adoption from banks in which once hated bitcoin that much but now they are extending their hands to have this or be out of the system in money distributing and contracting .

Banks being involved in BTC is not a priority, i don't even think it is possible to buy BTC from any bank and in my previous post in this thread i asked the op if the offer he saw was to purchase BTC on an exchange or crypto platform directly with your bank cards or bank app, that is possible and it isn't a new thing, but banks can't sell BTC to you or buy it from you, it is not part of their responsibility and i don't think it ever will. The way i think banks can be involved with BTC in the future is through offering to store people's keys for them in their vaults as they do with gold, though this is something i would never do, because "not your keys is not your coins".

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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'?

As far as I know, the banking operations are limited to providing financial services to its customers. For investments, they usually offer services on different platforms, but usually in one group. I don't know how the regulations are in your country, so that your bank can offer Bitcoin investment services directly from their application. Because as we know that banks and bitcoins are 2 things that are quite contradictory and most banks around the world are against the adoption of bitcoins and it is quite surprising that your bank offers Bitcoin investment services which are not their domain.

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Quote from: Venik on June 26, 2023, 01:30:40 AM

Banks may be in the game, but it doesn't mean I'm gonna use them. I always kept my Bitcoin in OWNR wallet with other coins, and I will keep doing that. I don't think that you'll be actually holding your coins if you'd buy them in banks. It's not better, or maybe even worse than holding them on exchanges.

Holding the coin is not the issue here, what matters is privacy protection. The bank will allow you use their service to purchase Bitcoin and you can still be able to withdraw it down to your personal wallet, but the wallet in which you transfer the coin to will be taken note of, which they might track every single movement of that coin to the last spending of it.

Those who do not care about privacy might want to use it, it might sound safer for them more than using P2P service since they could easily have any authority to hold for failed transaction and their funds could easily be reverse back to them. If the charges are low then they might be able to convince lot of people in using their service.

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Because it's a win-win situation.

It's a win for the banks because they can make more profit by ask additional fee.

It's a win for the government because they could control some Bitcoin which people willing to sell for them (through the banks).

It's a win for the holders because it would increase adoption by people who're still skeptics against Bitcoin and it increase an access for people who want to buy Bitcoin.

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Some traditional banks have started offering services related to cryptocurrencies, including Bitcoin. However, it's important to note that banking services related to Bitcoin can vary by country and institution

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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'?

In which bank and banking app did you see the opportunity to buy and sell bitcoin?

Any bank, as a commercial organization, first of all seeks to make a profit, and in the addition of a purchase / sale bitcoin service to clients, I see their desire to earn. First of all.

As for other intentions, such as taxing, gaining control, and pushing btc for more centralization, I believe that this is not within the competence and responsibility of the banking industry. But I don't rule out that regulators may oblige banks to do this.

I strongly believe that there is no place for banks between BTC-user and bitcoin.

Pandu Geddon

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because the Bank really cannot put pressure on holders and users of Bitcoin, maybe this method is enough to help collect taxes.
if what is done in a banking application, is it a form of cooperation with an exchange or do they own all the assets traded there? if that's the case isn't it almost the same as a centralized exchange, and it's very inconvenient for anyone investing.

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

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

They are free to do what they want, and they have been doing worse things historically, so yes, let them offer Bitcoin services if they want: the fact is that these services are completely unnecessary for the clients and reflect the own interests of the banks, but if clients aren't willing to believe it, I'm sorry for them, but they have what they deserve.

A very different thing would be that Governments forced to use Bitcoin via banks, which would be an outrage to me, but this is a different question.

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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'?

As much as we would not like it, banks will be in the game, they want to control bitcoin in the same way that they control fiat now. They will want to charge fees for payments, issue loans in bitcoin and carry out all the transactions from which they can earn. I did not see that the bank offered me to buy bitcoin through the banking application, but I think that this will happen in the future.

Then the banks will convince us to give and store our bitcoins to the bank, as they will guarantee us security, I have no doubt about it. But I will never give my bitcoins to the bank.

kotajikikox

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Whatever their reason is still having Bitcoin involved is still our priorities because this may add as adoption from banks in which once hated bitcoin that much but now they are extending their hands to have this or be out of the system in money distributing and contracting .

Z390

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Which bank are you referring to? If this is really happening why don't you show us a screenshot of your banking app that has it up where customers can buy Bitcoin? I do not find this easy to believe I am sorry for saying this.

and even if this is true we all know that bank are businessmen or the business entities that are here for making more money, so if anyone is buying crypto through Banks they should know that those banks are making money out of them one way or the other.

You need to ask yourself what are the banks benefiting from selling crypto to their own customers it doesn't make any sense, It is also very risky to buy crypto through banks because now they will know that you are into crypto investments yourself and even in future, if the government decide to start going after those that are investing in crypto it will be easier for them because believe me the banks will betray you easily.

Sim_card

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The banks are accepting bitcoin transactions so that they can gain for taxing the people buying or selling bitcoin with their banks. This is a good development for bitcoin because it will be easy for people to buy bitcoin directly from their banks and it will also increase the rate of bitcoin adoption. There are some people who think that bitcoin is scam and if they hear the news that the banks are dealing on bitcoin,then these set of people will understand that bitcoin is not scam. The disadvantage of banks trading bitcoin is that you will not be in full custody of your coins which makes your bitcoin the banks own. Not your keys....Not your coins. You can also be tracked down by government if any huge transaction is made with bitcoin. Banks are trying to kill the privacy that bitcoin gives to its users when you buy from banks

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