The banking sector is already an anonymous investor in Bitcoin. Most of them already invested in the currency a long time ago but can't make it public because of regulation and attacks from outside.
If your bank is already showing you this kind of offer, then that's a great development considering that the government of that country has reduced the pressure they were using to tackle it and restricted the banks from engaging themselves in anything relating to crypto. And if that's actually true, then it could only mean one thing, which is that both the bank and the government of that country are trying to benefit from crypto.
Which is a "yes." They want to tax every account holder using their account to directly deal in crypto transactions because they could easily detect it and tax those using it. Right now, most governments are already feeling cheated since they can't stop their citizens from not using crypto. Why can't they be earning and benefiting from it? I believe that's the reason why they are now gradually moving from the hatred of Bitcoin to the tax and regulatory parts.
Topic: Banks offering investing in Bitcoin - page 7. (Read 1161 times)
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 don't know the offer your bank is giving you, is it that you can buy BTC on exchanges with your bank credit and debit cards or directly from your bank app, if that is it then it is nothing new because most exchanges and crypto platforms support the use of bank cards to purchase BTC and crypto.
I don't think your bank is advertising that you can buy crypto directly from them, i have not heard about any bank which offers that service. It is going to be a complicated service for a bank to offer, are they going to transfer BTC to customers address of choice after purchase, and if they are to hold the BTC, is the customer going to open a separate account with the bank to view BTC balance, etc, this is why i think it is too complicated for a bank to offer this service, and maybe your bank was only telling you that you can buy BTC on crypto platforms using your bank details. It would also be strange to find a bank involved in moving BTC's.
I don't think your bank is advertising that you can buy crypto directly from them, i have not heard about any bank which offers that service. It is going to be a complicated service for a bank to offer, are they going to transfer BTC to customers address of choice after purchase, and if they are to hold the BTC, is the customer going to open a separate account with the bank to view BTC balance, etc, this is why i think it is too complicated for a bank to offer this service, and maybe your bank was only telling you that you can buy BTC on crypto platforms using your bank details. It would also be strange to find a bank involved in moving BTC's.
When you’re investing in BTC through banks, you’re not owning the BTC you buy. It’s similar to investing in paper gold from banks - you buy a paper on which it’s written that you own a certain amount of gold. That in theory guarantees you own the real gold too and can claim it any time, but in reality who knows?
This is a fully custodial service and heavily centralized. Even if they surprisingly allow you to spend and receive using your own addresses, they’ll ask you to explain your transaction when large sums are involved or they decide to trigger the AML KYC laws. It sucks, and Bitcoin was purposely made to avoid these situations.
So of course banks will happily provide their users a way to quickly buy and sell BTC without having to learn how to use a wallet, how Bitcoin works and everything else. It solves two things for them: you don’t get the free finance and banks get to own the Bitcoin you buy for you. In some ways this is progress, but in others it’s them advancing with their plans of basically centralizing what can’t be centralized. They’re hungry for power, they’re sick of us being in control and it shows.
Thank you for explaining how it works, I haven't really researched on the system - I can't even find information about this (which is logical since it isn't in interest to be found). But of course, I knew that there is no 'clean' business there, you can clearly see that without even getting into detail.This is a fully custodial service and heavily centralized. Even if they surprisingly allow you to spend and receive using your own addresses, they’ll ask you to explain your transaction when large sums are involved or they decide to trigger the AML KYC laws. It sucks, and Bitcoin was purposely made to avoid these situations.
So of course banks will happily provide their users a way to quickly buy and sell BTC without having to learn how to use a wallet, how Bitcoin works and everything else. It solves two things for them: you don’t get the free finance and banks get to own the Bitcoin you buy for you. In some ways this is progress, but in others it’s them advancing with their plans of basically centralizing what can’t be centralized. They’re hungry for power, they’re sick of us being in control and it shows.
I even considered investing trough the system, but luckily I never even brought up the suggestion. Lack of knowledge in some moments is a killer.
That's a great addition as it will bring many boomers to try and invest directly in Bitcoin. Some of them were just lazy to google and search how to buy Bitcoin and follow all the steps.
I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
I get that it can be a good addition for increasing the number of Bitcoin investors and growing the market. But there are big disadvantages as stated in the topic, which I think would bring more damage than good to Bitcoin. Are you worried that Bitcoins system could be affected in a bad way with banks entering the market? I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
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.
That's a great addition as it will bring many boomers to try and invest directly in Bitcoin. Some of them were just lazy to google and search how to buy Bitcoin and follow all the steps.
I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
They maybe realizing that they can't beat this market, so why not join this market?
That is true, some people are lazy doing their job, so if it is under their bank, they will be more confident dealing with btc.
Well, that's a good start. Once they realize how to transact with btc and store their own satoshis, they will surely get their btc out of their banks.
But with banks doing business with bitcoin, it will surely add credibility to this market especially for previously non-crypto users.
Most users who are still not into crypto are still thinking that this market is a fraud or scam, but it is the people who are doing business are the ones who
are tainting the image of this market, not the market itself. They will understand this once they got a hold of their own satoshis.
That's a great addition as it will bring many boomers to try and invest directly in Bitcoin. Some of them were just lazy to google and search how to buy Bitcoin and follow all the steps.
I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
I am pretty sure, this change is great for the overall future of the Bitcoin. This also removes one layer of doing extra KYC as the bank already has your information.
However, it's not your Bitcoin if they are just keeping it.
When you’re investing in BTC through banks, you’re not owning the BTC you buy. It’s similar to investing in paper gold from banks - you buy a paper on which it’s written that you own a certain amount of gold. That in theory guarantees you own the real gold too and can claim it any time, but in reality who knows?
This is a fully custodial service and heavily centralized. Even if they surprisingly allow you to spend and receive using your own addresses, they’ll ask you to explain your transaction when large sums are involved or they decide to trigger the AML KYC laws. It sucks, and Bitcoin was purposely made to avoid these situations.
So of course banks will happily provide their users a way to quickly buy and sell BTC without having to learn how to use a wallet, how Bitcoin works and everything else. It solves two things for them: you don’t get the free finance and banks get to own the Bitcoin you buy for you. In some ways this is progress, but in others it’s them advancing with their plans of basically centralizing what can’t be centralized. They’re hungry for power, they’re sick of us being in control and it shows.
This is a fully custodial service and heavily centralized. Even if they surprisingly allow you to spend and receive using your own addresses, they’ll ask you to explain your transaction when large sums are involved or they decide to trigger the AML KYC laws. It sucks, and Bitcoin was purposely made to avoid these situations.
So of course banks will happily provide their users a way to quickly buy and sell BTC without having to learn how to use a wallet, how Bitcoin works and everything else. It solves two things for them: you don’t get the free finance and banks get to own the Bitcoin you buy for you. In some ways this is progress, but in others it’s them advancing with their plans of basically centralizing what can’t be centralized. They’re hungry for power, they’re sick of us being in control and it shows.
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What do you guys think, should banks even be in 'the game'?
It's hard to know the true intention of the banks that are offering investment in Bitcoin but I am sure they will start like Paypal which makes it impossible for the user to transfer their BTC off their platform.According to my prediction,
1. the reason why they (Banks) want to offer investment in BTC could be because BlackRock and other reputable investment company that has an interest in BTC ETF.
2. IMF's latest advice on regulating and taxing cryptocurrency instead of banning it.
What do you guys think, should banks even be in 'the game'?
As the adoption of bitcoin increases it poses a serious threat to the use of banks for day to day activities so it is actually not surprising to see banks showing interest into bitcoin by incorporating it into there system. I would say it is done just not to lose costumers or to gain more.
Although it would help spread the news of bitcoin more since many people are interested in physical entities and banks involved in cryptocurrency would help spread awareness and adoption to these set of people. But overall it is not a save way because we all know that they would certainly require KYC. KYC, centralization and custodianship of one’s keys are what make crypto centralized exchanges scary to hold or trade cryptocurrencies on, for the banks it even more dangerous because it exposes you not to hackers only but to the government which is against the main purpose of bitcoin. Ones the government decides to take a hefty decision against bitcoin or cryptocurrency at large your funds could just easily be frozen through the dealing with banks.
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'?
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'?
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