Banks offering investing in Bitcoin - page 6.

flyingcarpet

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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'?

From the very beginning, governments wanted to tax those who invested in bitcoin through banks. They are making arrangements for it. It is actually both useful and unhelpful for banks to make transactions with bitcoin. The useful thing is that governments accept bitcoin through banks. In this way, they officially acknowledge the existence of Bitcoin. The unnecessary thing is that we have to pay a certain fee to the banks when buying or selling bitcoin.

One of the goals of banks that want to invest in bitcoin is to want to control bitcoin. But I don't think they can take control by buying bitcoin. That's why I love Bitcoin.

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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 that's what banks do now, it has both good and bad effects based on my opinion. Of course this is a point for our crypto enthusiasts because crypto adoptions are spreading, so are you talking about the country anyway?

And what is not good about that is of course, if that is accepted by the banks, Bitcoin will appear no different from their fiat because they will also ask you for the same requirements as the old fiat, second it is also possible to be imposed by That's really a tax, not even directly from the government but the banks themselves can do it because they themselves are the ones who are taxed.

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Quote from: Don Pedro Dinero on June 25, 2023, 10:58:57 PM

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.

You're probably overthinking it but just a little bit. Banks care first and foremost about profit, and this is what has led them to offer bitcoin trading and even custody services. They have seen that there is interest and a growing market and they want to participate in the market. Secondarily, I think they have also realised that what they were worried about at the beginning, the fact that bitcoin is something they cannot control, many people buy it and hold it in centralised entities, and they have decided to be one of those entities because then it is under their control, and not that of the client.

Exactly, of course they opened this project to aim for profits and benefits for them. They are aware of the convenience and opportunities Bitcoin could give to any individual so they tried to be opened as possible and welcome it in to the game. But I think it won't be long for them to give up this case since it would be too hard for them to handle a decentralized system maybe only thing they could do about it is to add fees and interest for their own good.

PeRo

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Quote from: hatshepsut93 on June 25, 2023, 06:56:45 PM

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

Since they couldn't suppress Bitcoin

They actually very easily could. Just block all transactions from crypto exchanges and monitor p2p transfers. But what would they gain from fighting Bitcoin? Bitcoin is not taking away their business. People are not paying with Bitcoin in stores. People are not using Bitcoin for loans. It's more profitable to take their share of Bitcoin pie by processing Bitcoin-related transactions.

Some overly cautious banks were banning Bitcoin-related transactions because they were afraid of dirty money. But it was just their miscalculation.

Don't you think they would already suppress it when they were spreading anti Bitcoin propaganda? I don't think blocking exchanges would be that simple and p2p transfers can't be easily monitored and controlled (plus everyone would switch to them in the case of blocking exchanges).

I see that people have different thoughts on the matter. The reason I was sceptic about this move is because the bank was offering investing to a company. Since the company must take to account Bitcoin purchase and selling, it is easy for the government to tax it. Yes, you are taxed even if you are personally gaining as someone said in the thread(I don't want to spam quotes) but that could be more easily avoided than with a company investing money.

Publicity and availability for Bitcoin is good - as at least half of users stated, but I guess everything comes with a cost.

Venik

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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.

Rabata

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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'?

When no one can control bitcoin there is no option but to authorize it. Moreover, in a competitive business, everyone will want to move forward and those who are ahead will be more profitable. If banks are allowed to invest in Bitcoin, they must have a long-term plan. The government will also want to collect revenue from the public in a reliable way. That task can be done well through banks. Although some banks are already working with Bitcoin, most of the world's banks are deprived of that facility. However, it is certain that if Bitcoin is widely spread through the banking sector then it is somewhat to be controlled but impossible to completely control of it.

avikz

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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 are already in this game! Either in a positive way or in a negative way! They are not staying out of the game.

In some countries where Bitcoin is a legal tender or at least has a legal framework available, Banks are automatically added to the game. On the other side, my bank sends me a monthly newsletter email that always mentions Bitcoin in a very negative way, without fail!

But we all understand one fact, Banks can't control Bitcoin or the network. They are just trying to get themselves integrated with the ecosystem and earn some brokerage income along the way. I do not see a serious consequence unless these banks are jumping into the Bitcoin market with a backup of trillion dollars.

Litzki1990

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People are not responding to their campaigns so maybe they are now suggesting to invest in bitcoins. Maybe there are some banks that have decided to accept Bitcoin. That is, as people used to deposit money with them, now if they want, people can deposit bitcoins with them. In this, the bank may take some part of the interest of the bitcoins deposited with them. And the deposited bitcoins they can invest in different projects that's why different banks can make such decisions. But such initiatives by banks may not be successful as people invest in Bitcoin for a period of time. So I don't think people are going to keep bitcoins in the bank aside from thinking about investing in bitcoins for a long time.

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Quote from: Don Pedro Dinero on June 25, 2023, 10:58:57 PM

You're probably overthinking it but just a little bit. Banks care first and foremost about profit, and this is what has led them to offer bitcoin trading and even custody services. They have seen that there is interest and a growing market and they want to participate in the market. Secondarily, I think they have also realised that what they were worried about at the beginning, the fact that bitcoin is something they cannot control, many people buy it and hold it in centralised entities, and they have decided to be one of those entities because then it is under their control, and not that of the client.

The Bitcoin market is expanding every day and many people especially the youth are using and investing in the sector. Many centralized exchanges are introducing different services to these crypto users thereby attracting them to use their platforms. Before now the banks were ignorant of the profitability of offering these custody services because they underrated the crypto sector. Now, it is clear that they are losing out on the lucrative deals or services they can offer in the crypto industry. They have now woken up to offer similar services that exchanges give so that they can compete with these exchanges and gain some part of the crypto market. It is obvious that they are not driven by the love of the sector but by profits through bank charges, tax, and trading. Some of these banks are aware of next year's Bitcoin halving and they might also have plans to take advantage of it.

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Even though they want to adopt the use of the bitcoin at the end there's a cons on it the chance of getting centralized its now become useless the essence of the bitcoin being a decentralized. Else they will act you can buy a bitcoin to them without any restrictions with the transactions or transferring of asset.

If you are a large whale investor chance of getting KYC for suspicious activity of transactions.

komisariatku

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Quote from: Don Pedro Dinero on June 25, 2023, 10:58:57 PM

You're probably overthinking it but just a little bit. Banks care first and foremost about profit, and this is what has led them to offer bitcoin trading and even custody services. They have seen that there is interest and a growing market and they want to participate in the market. Secondarily, I think they have also realised that what they were worried about at the beginning, the fact that bitcoin is something they cannot control, many people buy it and hold it in centralised entities, and they have decided to be one of those entities because then it is under their control, and not that of the client.

Oh right, I forgot that banks can be a centralized service to collect bitcoins in their wallets. Furthermore, they can use bitcoins for their own benefit, can provide loans to other consumers. Or maybe this is the bank's preparation to collect bitcoins and in the future there may be a bitcoin lending system carried out by the bank

But what is certain, after the bank rejected bitcoin, bitcoin continues to grow and the community is getting bigger so that it has fantastic value. They have realized that there are huge advantages in bitcoin, so they decided to adopt bitcoin. Of course all for profit and money

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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.

You're probably overthinking it but just a little bit. Banks care first and foremost about profit, and this is what has led them to offer bitcoin trading and even custody services. They have seen that there is interest and a growing market and they want to participate in the market. Secondarily, I think they have also realised that what they were worried about at the beginning, the fact that bitcoin is something they cannot control, many people buy it and hold it in centralised entities, and they have decided to be one of those entities because then it is under their control, and not that of the client.

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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 provide services to keep their businesses running and bringing income for their companies. As businesses, they can not survive without customers and income. With new products for Bitcoin and cryptocurrency users, banks will have a new customer population which are not small.

Will they deploy backdoors in request of governments to collect user transactions and use them for taxing? Very possible and they even do it many years, so why do they have to stop it if their customers use their bank services for transactions related with Bitcoin and cryptocurrency business deal ?

I see no reasons why they have to stop collecting customer transaction data.

Quote

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

The game is opened for everyone. Bitcoin network does not censor any transaction and Bitcoin protocol is not against bank systems to join.

komisariatku

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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'?

I think anyone can invest or take advantage of bitcoin. The more people or institutions using bitcoin, the better. Although their only intention is to seek a price increase. The most important thing is that the more people believe in bitcoin, the higher the price

Until whenever no one can intervene bitcoin decentralization. Even though there are those who store bitcoins in large quantities, they still cannot control and make bitcoins centralized. We can always control our own bitcoins, want to sell or keep them. No one can freeze bitcoin assets in our own wallet. This is different from banks, banks can freeze our money in accounts whenever they want.

GreatArkansas

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The majority reason I can see it, of course, is "to profits". We all know how banks work. The best example is their annual interest when you store your money in their custody is extremely low compared to other platforms like decentralized finance (defi) platforms which offers stake or deposit that earns interest, or even in some exchange offers just like that.

Another thing is banks want to become competitive especially these days which traditional banking is being outperformed with modern ones especially cryptocurrency related.

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

Since they couldn't suppress Bitcoin

They actually very easily could. Just block all transactions from crypto exchanges and monitor p2p transfers. But what would they gain from fighting Bitcoin? Bitcoin is not taking away their business. People are not paying with Bitcoin in stores. People are not using Bitcoin for loans. It's more profitable to take their share of Bitcoin pie by processing Bitcoin-related transactions.

Some overly cautious banks were banning Bitcoin-related transactions because they were afraid of dirty money. But it was just their miscalculation.

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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'?

Whether they are in the game or not, or if they are in alignment with the government to tax investors, individuals still have the better choice to buy Bitcoin from other platforms apart from the bank. Although I feel if there is really advertising like you have mentioned, then it will remove the fear of doubt most people have in Bitcoin, like some new investors will come into the picture, but who knows what the results could be? Because of the way banks operate now, if you have a huge amount in your account and you want to withdraw it, your account manager will always want to know what you are using the money for (speaking of my country). So, I think that's likely a situation people will face if they decide to invest in Bitcoin through a bank. I don't buy that idea. Bitcoin was created to remove financial control from the hands of those financial elites and put us in charge, so we must not still rely on banks to make investments in Bitcoin.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

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Quote from: serjent05 on June 25, 2023, 04:15:34 PM

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

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

I am neutral on this since I don't mind if banks wanted to involve themselves in the Bitcoin industry. Besides banks are business establishments too so it is not surprising if they adopt Bitcoin to take advantage of the possible profit they can get from the Bitcoin community. Aside from that it is also a boosting factor for the Bitcoin market if banks accept it as one of their services since it will only prove that Bitcoin is legit. This will also weaken the argument of Bitcoin being a scam or a Ponzi scheme.

I believe I am with you on this I think we should not take this as a competition between the banking sector and Crypto-currency sector. I have always said that the two can actually go exist and there are people here who has a way of working with both the crypto-currency sector and the banking sector.

But if the involvement of any banking system would actually cause an infringement in the anonymity of crypto-currency at any point then that when the toxicity is drawn. I believe anyone can get involved in crypto-currency.

Slow death

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the cryptocurrency market exists for everyone, so banks, big companies, the rich also have the right to invest in bitcoin, of course banks need to follow the laws and with that they will have to create investment mechanisms that comply with the laws governments, I see nothing wrong with banks entering the bitcoin market. I also don't see how banks would control bitcoin, and I highly doubt banks have an interest in controlling bitcoin, banks make a lot of money every year from the high interest lending services they make people

governments are forcing people and companies to have a bank account to receive salaries, save money and make kyc and with that people when they receive their salaries at the bank and look at advertising in the bank about loans, people immediately get into debt and stay for years with lives destroyed, banks have no interest in competing and controlling bitcoin, banks are guaranteed high profits every year and they have government protection. unfortunately, there is still a long way to go for all countries in the world to accept bitcoin as a payment method, until then, fiat and banks are the only option

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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'?

We're going there.

It's going to be taxed soon whenever someone profits from exchanging or trading Bitcoin into fiat, this is for most countries that have just adopted it.

But AFAIK, in countries like US, you can't just skip the IRS and you're already tax as long as you've managed to have gain on it. The banks will just have to adjust on these matters.

They don't mind getting into something new as long as they'll be permitted by the government.

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