Banks to allow customers the option of hodling, selling and buying bitcoin - page 2.

verita1

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It might sound like a terrible idea because it takes us away from decentralization but on the other hand I think that people are already convinced that the US dollar is losing value. Americans are interested in investing in bitcoin trusting their banks, otherwise these solutions would not exist.

A common investor in bitcoin could buy bitcoin in Coinbase, Kraken, Geminis among others but an Institution or a wealthy person would be a risk to invest in these platforms for their security, they need services, privacy, and investment strategies.

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About NYDIG

NYDIG is the Bitcoin subsidiary of Stone Ridge, a $ 10 billion alternative asset manager. We are aligned behind the mission of safely unlocking the power of Bitcoin through technologies and financial services that enable forward-thinking companies and investors to access this asset class.

https://nydig.com

Maidak

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Actually, the Banking system & Bitcoin both of it is working as a complement to each other here. If the banking system provides freedom in Bitcoin transactions, people from all walks of life will be better acquainted with Bitcoin and the use of Bitcoin in daily life will increase. This is very important for the mass adoption of Bitcoin. Again when it comes to privacy, people use decentralized platforms to avoid bank harassment, because no one trusts the bank.

So, I think, when the mass adoption of Bitcoin will happen, paper money will gradually disappear. Future generations will be users of "decentralized electronic money".

Gozie51

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Quote from: Coin_trader on June 26, 2021, 07:37:31 AM

Good - Mass adaptation wise since many people can access cryptocurrency directly through there bank accounts.

Bad - For privacy. Like trant post above, Bank will force user to have the full control of the account as well as tracking of each transaction due to regulatory compliance.

There's a pros and cons to this news but I believe what matters is the long term future of Bitcoin which is the mass adaptation.

As on the bad you pointed out, nope I don't think so. I don't think banks will make it mandatory or force users to have control of their hodlings. They might make it optional for those who are not capable to handle it. Remember there are also certain people who don't actually like the freedom and privacy that bitcoin decentralisation covers.

Dave1

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Quote from: Gozie51 on June 26, 2021, 05:44:06 AM

What views do you have on this?

Good to hear that banks finally crypto, but it's going to be custodial one, so there's no difference from the money you put in a bank. And it defeats the purpose of decentralisation, but others could view this as safe because there are investors, specially those early bagholders who lost their bitcoins because they didn't safeguard it.

On the other hand, we have a saying here "BYOB", so for me there's nothing wrong, but I still prefer to have and hold my own bitcoins and having total control of it.

michellee

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The adoption still in progress and it is running well. I doubt that the banking will allow that in their platform unless they have an agreement with the government because that will depend on how good the government reaction to bitcoin. Besides that, I think that will not implement in the near, especially if the government does not yet approve bitcoin as another payment option. But that can happen in the future as the digital era will be more developed than today and the bank with the government is ready to integrate their system with blockchain.

adzino

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Quote from: Gozie51 on June 26, 2021, 05:44:06 AM

The possibilities of higher adoption is coming faster than we expect. I believe the banking sector is beginning high level consideration of having bitcoin as a financial too in their platforms and this is going to create more growth in demand for bitcoin. Obviously the price too will begin to soar.

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In addition to enabling banks to allow their customers to buy, sell and hold bitcoin within their bank accounts, Finserv and NYDIG are “working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs,” the announcement notes

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Banks and credit unions of all sizes can now facilitate the buying, selling, and holding of bitcoin within their banking platforms thanks to a collaboration between Finserv and New York Digital Investment Group (NYDIG). Finserv currently has about 10,000 financial institution clients.

https://news.bitcoin.com/10000-financial-institutions-customers-buy-sell-hold-bitcoin-bank-accounts/

What views do you have on this?

Why do people need banks to hold, sell or buy bitcoins? What's wrong with being your own bank? Makes no sense at all. Bitcoin is a decentralized currency where you have full control of your own money/coins. If bank starts to get involved, it will no longer remain centralized. You will no longer have your "financial freedom". You in fact won't be the owner of the coins. The bank will be the owners. Remember, not your keys, not your coins!

john_nautica

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As stated by the majority, this particular event is beneficial for the Bitcoin mass adoption. Through banks, promoting thru the availability of such option that has to do with Bitcoin, people can be enticed to indulge in exploring Bitcoin. I agree that this step taken by the banks is a way to make themselves still relevant amidst the emergence of centralised currencies. However, in the situation where banks act in between of the people and Bitcoin transactions, the total ownership and privacy as mentioned by the others, are being interfered. Whereas, solid enthusiasts won’t be pleased and become fond of such.

taufik123

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Banks will stay away from a system they have no control over. Bitcoin is not controlled by anyone, bitcoin is not a centralized platform and Bitcoin has transparent transactions that are recorded on the blockchain and can never be deleted. To carry out further adoption of Bitcoin is still impossible. However, it is possible to use Blockchain as a superior recording platform.
The pros and cons of bitcoin adoption will continue.

Sterbens

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I don't think banks have the right to give any choice regarding the Bitcoins we have today. logically the bank does not have any control. isn't the bitcoin business just me and bitcoin. no third party interference, not even the bank itself.
I can't agree to it at any time, we still maintain our ownership of bitcoin rights and the freedom to make transactions as we want.
and if the bank tries to control it all, it means it is against the first rule that bitcoin is not centralized.

sapnu

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Quote from: Gozie51 on June 26, 2021, 05:44:06 AM

The possibilities of higher adoption is coming faster than we expect. I believe the banking sector is beginning high level consideration of having bitcoin as a financial too in their platforms and this is going to create more growth in demand for bitcoin. Obviously the price too will begin to soar.

Quote

In addition to enabling banks to allow their customers to buy, sell and hold bitcoin within their bank accounts, Finserv and NYDIG are “working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs,” the announcement notes

Quote

Banks and credit unions of all sizes can now facilitate the buying, selling, and holding of bitcoin within their banking platforms thanks to a collaboration between Finserv and New York Digital Investment Group (NYDIG). Finserv currently has about 10,000 financial institution clients.

https://news.bitcoin.com/10000-financial-institutions-customers-buy-sell-hold-bitcoin-bank-accounts/

What views do you have on this?

If ever that will come to life sooner or later, we should expect that bitcoin's influence will spread much faster. Banks working with bitcoin and having mutualism towards each other could be the start of the revolution of a new era of currencies. If ever that happens, even those who do not seem to have any interest about bitcoin will be forced to learn about it as it becomes part of the bank and for sure, they will be suggesting that. Investments in bitcoin was deemed much better than in fiat so it will surely make a difference in the making.

Coin_trader

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Good - Mass adaptation wise since many people can access cryptocurrency directly through there bank accounts.

Bad - For privacy. Like trant post above, Bank will force user to have the full control of the account as well as tracking of each transaction due to regulatory compliance.

There's a pros and cons to this news but I believe what matters is the long term future of Bitcoin which is the mass adaptation.

Fortify

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Quote from: Gozie51 on June 26, 2021, 05:44:06 AM

The possibilities of higher adoption is coming faster than we expect. I believe the banking sector is beginning high level consideration of having bitcoin as a financial too in their platforms and this is going to create more growth in demand for bitcoin. Obviously the price too will begin to soar.

Quote

In addition to enabling banks to allow their customers to buy, sell and hold bitcoin within their bank accounts, Finserv and NYDIG are “working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs,” the announcement notes

Quote

Banks and credit unions of all sizes can now facilitate the buying, selling, and holding of bitcoin within their banking platforms thanks to a collaboration between Finserv and New York Digital Investment Group (NYDIG). Finserv currently has about 10,000 financial institution clients.

This seems far too vague and it doe's actually give a timeframe on when it will be released. Banks already have some of the highest security on the planet, so it would make sense for them to work out their own systems for offering Bitcoin rather than doing it through this relatively obscure third party service. Heck, banks right now can refer any customers who want to benefit from speculating in Bitcoin over to paypal in some countries and eliminate any potential risk from hacking liability. Few people seem to appreciate that Bitcoin is actually a threat to banking institutions because it allows decentralizing "accounts", so I don't see them being overly eager to promote it and they might engage with already experienced exchanges if they had to do that.

Oshosondy

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Quote from: Upgrade00 on June 26, 2021, 06:42:54 AM

Adoption is great, but shouldn't come at a cost, the cost of privacy.
Bitcoin was effectively created to give hodlers the freedom banks do not. As a trustless network one did not need a middle man or agency to buy or hold their assets.
Storing a decentralized currency with a centralized agency defeats the purpose and gives the government assess to your assets.

This is not wrong at all, bitcoin was created in a way people can have control over the coin they have without any government or central body interfering, but it is becoming that only few people are after privacy, most people just want to buy bitcoin and hold, they do not care about where to hold it or not, people that are even buying bitcoin nowadays do not know about privacy. This may be becoming worse in the future making decentralized currencies like bitcoin to be used in a centralized way. It is helping in adoption, but absolutely lack privacy which makes it not advisable, holding should be on noncustodial wallets.

Obito

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That will still be the same as having your coins on exchanges meaning that it's not your keys then it's not your coins. Also, isn't New York planning to ban bitcoin a month ago, what happened to that? On an unbiased standpoint, I think this offer by the banks is a pretty good one because it can help people that are curious to try bitcoin but have a hard time navigating and managing their own bitcoin, this is pretty convenient.

Fundamentals Of

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This will happen for sure. Banks cannot be blind as to the demand of the people. They want to make money and remain relevant, they need to acknowledge that Bitcoin is rising and that it is now being treated as either an asset or currency. Either way, they will make the most of it. The banks can easily adjust. They need not be very adamant as to remain in their old setup despite the changes in the world of banking and finance.

tranthidung

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It sounds like you will have a credited number of Bitcoin that equals to the money you use to buy it with bank account.

The main source is from Financial Institutions Can Now Provide Consumers Easy Access to Bitcoin via Fiserv and NYDIG

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In addition to enabling banks to allow their consumer customers to buy, sell and hold bitcoin alongside their bank accounts, Fiserv and NYDIG are working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs.

First, it should be centralized platforms and also connect to banks, not good.
Second, who are owners of private keys for those Bitcoin addresses?

Two big questions and I guess the answers are not good actually.

It can help to bring Bitcoin to mainstream, more deeply and faster but it is not good if you are care about privacy and anonymity.

satoshi created Bitcoin to beat the bank system and now people want to connect their Bitcoin with bank, hold it with bank control. Terrible idea.

Upgrade00

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Quote from: Gozie51 on June 26, 2021, 05:44:06 AM

What views do you have on this?

Adoption is great, but shouldn't come at a cost, the cost of privacy.
Bitcoin was effectively created to give hodlers the freedom banks do not. As a trustless network one did not need a middle man or agency to buy or hold their assets.
Storing a decentralized currency with a centralized agency defeats the purpose and gives the government assess to your assets.

Gozie51

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The possibilities of higher adoption is coming faster than we expect. I believe the banking sector is beginning high level consideration of having bitcoin as a financial too in their platforms and this is going to create more growth in demand for bitcoin. Obviously the price too will begin to soar.

Quote

In addition to enabling banks to allow their customers to buy, sell and hold bitcoin within their bank accounts, Finserv and NYDIG are “working toward implementing additional functionality, including the ability for banks to implement bitcoin-based rewards programs,” the announcement notes

Quote

Banks and credit unions of all sizes can now facilitate the buying, selling, and holding of bitcoin within their banking platforms thanks to a collaboration between Finserv and New York Digital Investment Group (NYDIG). Finserv currently has about 10,000 financial institution clients.

https://news.bitcoin.com/10000-financial-institutions-customers-buy-sell-hold-bitcoin-bank-accounts/

What views do you have on this?

Topic: Banks to allow customers the option of hodling, selling and buying bitcoin - page 2. (Read 279 times)