Bitcoin adoption by banks - good or bad?

Falconer

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Quote from: BuNga_cute on January 26, 2022, 04:21:25 PM

We as Bitcoin supporters really expect banks to adopt Bitcoin, but as we know banks need government approval to be able to adopt Bitcoin.

Banks do not expect decentralization in their financial systems, but we can expect them to provide services that support users to buy (deposit) and withdraw profits from trading to fiat through their services. So don't expect them to adopt bitcoin.

As we know, banks were established with the government's permission to carry out their services to assist the community in meeting their daily financial needs. It is natural for them to comply with government regulations if they want to continue to run their services. But if the government has given the green light for bitcoin, then we can expect something good for bitcoin adoption in the future.

Quote from: BuNga_cute on January 26, 2022, 04:21:25 PM

So it's impossible for banks to adopt Bitcoin right now. But don't know what will happen in the future, there is a chance the government will change its mind and allow banks to adopt Bitcoin. Although the possibility is very small to be true.

The only hope to get the government to change the regulation is for western countries to start adopting bitcoin as a legal tender or currency. But as long as western countries don't do it, then there is little possibility of legality.

BuNga_cute

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Quote from: kapalmabur on January 26, 2022, 05:32:59 AM

Quote from: andriarto on January 25, 2022, 08:23:22 AM

Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

Surely the Bank will not be careless to enter Bitcoin into the Bank,
to be honest if we look at the current time it seems quite impossible for banks to adopt Bitcoin,
The most important thing is to just follow the progress and see what happens next

We as Bitcoin supporters really expect banks to adopt Bitcoin, but as we know banks need government approval to be able to adopt Bitcoin.
The problem is the government considers Bitcoin a threat to the existence of fiat, and also Bitcoin is considered by the government to be widely
used for illegal activities. Even though the government's accusations are not true, and to me that's just an excuse the government uses to limit
the use of Bitcoin. So it's impossible for banks to adopt Bitcoin right now. But don't know what will happen in the future, there is a chance
the government will change its mind and allow banks to adopt Bitcoin. Although the possibility is very small to be true.

MyIdeas

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Quote from: bengsabeng on November 10, 2021, 07:49:52 PM

Quote from: 19Nov16 on November 10, 2021, 04:02:29 AM

The easiest thing is to make bitcoin a product of banks, this will make customers able to deposit and withdraw instantly, banks should immediately adopt bitcoin because bitcoin users are increasing, if not adopting bitcoin it will make customers continue to decrease because they prefer to save their money to bitcoins.

so you mean the bank must accept a deposit in the form of bitcoin? I think most people would prefer to keep bitcoins in their own wallets. if banks don't adopt bitcoin customers will continue to decrease, I think this is a bit of an overstatement. I think customers will keep coming to the bank because they want to keep their fiat money safe, those who store money in bitcoin of course their goal is to invest not keep money safe.

For their bitcoins people also need the safety. They will need banks to keep safe their bitcoin too because many people often lose their bitcoin because of issues of hacking. If banks will involve then they will have the support of government and their security will be high from hackers. They may also guarantee the bitcoin of their customers just like binance is doing, like when a small exchange is hacked then all customers lose their coins while when binance got hack they pay the customers from their own wallet.

justdimin

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Quote from: shield132 on November 02, 2021, 02:41:33 PM

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

This is the maximum place that I can see crypto in. It will be amazing when it actually happens. If I can hold many cryptos in my bank account just like I do with fiat, then we are going to actually have a great increase in crypto adoption. I can't imagine living with purely crypto without ever touching fiat.

I mean sure there will be some cash stuff left, like paying a taxi is still mainly cash, but at the end of the day we are talking about something profitable in 1000x amounts, seriously and I am not even joking. Not right away of course, but it will get there one day after we can use it in banks because people would not have a need to sell anymore, only traders would sell.

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Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

Sacrificing a little bit of decentralization for the sake of adoption is, I think does not hurt that much and it can be beneficial for cryptocurrencies or for us. More adoption in cryptos means more price increase and it will now be easier for us to buy and cash out the profits that we get from cryptos by using a bank.

Let's admit it that there are lots of people in here that still uses a bank despite of getting involved in cryptos. In the end it's still impossible for decentralized cryptos to be totally controlled by banks so there is nothing to worry about. Banks will try their best to stay on the top of the competition over cryptocurrencies.

kapalmabur

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Quote from: andriarto on January 25, 2022, 08:23:22 AM

Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

Surely the Bank will not be careless to enter Bitcoin into the Bank,
to be honest if we look at the current time it seems quite impossible for banks to adopt Bitcoin,
The most important thing is to just follow the progress and see what happens next

Anonylz

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On a more serious note, how will crypto gain mass adoption without the inclusion of these systems? There is not much choice left for crypto if adoption must be achieved, I don't think it is possible to boycott all the regulatory bodies to gain adoption, however distasteful it appears, it is inevitable, otherwise crypto won't go very far in the quest for real adoption.
They are like the necessary evil which we must embrace to reach that goal.

Cookdata

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Not Your Keys, Not Your Bitcoin

I don't know when this arguments will ever end. I hate banks for there trustworthiness, they mismanaged documents that are supposed to be confidentials, more reasons why I don't l like kyc.
Banks aid deposit of fiats and enable more users expose to cryptocurrency but there are some people who will never buy the idea of banks and their transaction.
Personally, I do banks when necessary, not really with cryptocurrency especially fiat to fiat.

DU18

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Quote from: andriarto on January 25, 2022, 08:23:22 AM

Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

In my opinion, blockchain will be able to provide good benefits if banks start to adopt it in their system, but the absence of regulation from the government certainly prevents the central bank from implementing it today, sooner or later of course the government will realize how the benefits of cryptocurrencies will make every transaction easier.
However, regardless of the problem between crypto and the government, whatever the reason the government cannot stop progress in financial technology, so that in the end the government cannot ignore the development of crypto or digital currency in every modern society's life.

Oilacris

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Quote from: andriarto on January 25, 2022, 08:23:22 AM

Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

Government would be always have the final say when it comes to regulations and every sector and institution enclosed to it would really be following on whats mandated.

They wouldnt really be having other options but to deal and abide with those rules or else then you would really be finding some problems.Adoption by banks?
I cant say much since they would really be still following government rules and regulations which would be still remains as centralized as it can.

Questat

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Quote from: andriarto on January 25, 2022, 08:23:22 AM

Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

It is a way they'll take their chance to adopt the change and new technology otherwise they got left behind from the development. We are seeing the growing number of crypto users and establishments accepting this and that supposed they need to catch up as these people will surely use and need their services. Only the thing they need is to ask for support from the government. May regulations applied on their own as to prevent illegal activities but I think this would have a positive output.

andriarto

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Quote from: Ozero on January 23, 2022, 10:58:02 AM

If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

of course the bank will get an order from the government to include bitcoin in bank products. and this kind of thing will be ambiguous because it has not yet had a clear status by the government. unless there are separate regulations that provide space for bitcoin in the bank, of course it will have a greater advantage to be known by the public in order to face the future

Ozero

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If banks will provide any services in cryptocurrency, this is good in any case. A lot of people still don’t know much about cryptocurrencies and therefore, for them to have more trust in cryptocurrencies, it will be better if they see the same trust in it from government agencies. But banks won't get too carried away with cryptocurrencies. Don't even hope for it. But on the other hand, if they provide services in cryptocurrency, this will not have a significant regulatory impact on the cryptocurrency.

godzillarekt007

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Good in general at the moment. I think it becomes bad when they overstep their bounds and try to create the system now but only with crypto. That would be antithetical to the reason why we got started here and would be supremely sad to see that happen.

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Quote from: bengsabeng on November 10, 2021, 07:49:52 PM

Quote from: 19Nov16 on November 10, 2021, 04:02:29 AM

The easiest thing is to make bitcoin a product of banks, this will make customers able to deposit and withdraw instantly, banks should immediately adopt bitcoin because bitcoin users are increasing, if not adopting bitcoin it will make customers continue to decrease because they prefer to save their money to bitcoins.

so you mean the bank must accept a deposit in the form of bitcoin? I think most people would prefer to keep bitcoins in their own wallets. if banks don't adopt bitcoin customers will continue to decrease, I think this is a bit of an overstatement. I think customers will keep coming to the bank because they want to keep their fiat money safe, those who store money in bitcoin of course their goal is to invest not keep money safe.

Perhaps another mode of payment could be used? I agree that it would be extremely difficult if they only accepted bitcoin deposits because the majority of us use fiat currency. Also, I believe that I would prefer to keep my bitcoin in my own wallet rather than in a bank or with anyone else for the sake of security and also to reduce the amount of hassle in the event that the price of bitcoin increases. For example, imagine that a large number of people deposit a large amount of bitcoin in a bank and then the price of bitcoin increases by a factor of ten. I believe that is the time when a large number of people will be queuing up at banks in order to obtain their bitcoins.

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Quote from: fullhdpixel on November 07, 2021, 04:06:31 PM

Quote from: Emitdama on November 07, 2021, 04:03:23 PM

I would say that banks don’t really have any business with cryptocurrency. There is a reason why we have exchanges, and it's for a purpose like this and not a work that is meant for banks to carry out. So, you saying that banks should take over a job like this Is not really going to work, ‘cause they’re only meant to focus on Fiat.

At the same time in my opinion, bank's adoption of cryptocurrencies must be helping people who are unable to find good exchange services for buying and selling cryptocurrencies.

Another thing I would like to say is that a bank is centralized, and the idea of having Bitcoin is for decentralization. So, why would a centralized platform be allowed to handle cryptocurrency? And it’s not just centralized,it is also a platform that is controlled by the government. Having the banks be in charge of cryptocurrency means that the government is now in control of the cryptocurrency community and market. So, you see that there is not really a good idea. It’s best that we leave this for cryptocurrency exchanges and not for banks.

I understand your point and I think that if a bank adopted BTC it would do so to never lose, that is, they would seek the option of not losing when BTC grows, what it could do is that the debt for some increases, because for a bank it would be easy to make or design a credit policy where loans based on btc are made, and an amount is established in BTC or BTC terms, where they place if the price of BTC falls, the same amount of BTC already established is still paid, and If it increases in price based on the amount of dollars to pay at the time of paying the debt either each month including interest, this would clearly bring much more debt for the client or people, because a bank would never lose, then it would be to give much more power to the banks would be a double-edged sword.

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Quote from: bengsabeng on November 10, 2021, 07:49:52 PM

so you mean the bank must accept a deposit in the form of bitcoin? I think most people would prefer to keep bitcoins in their own wallets. if banks don't adopt bitcoin customers will continue to decrease, I think this is a bit of an overstatement. I think customers will keep coming to the bank because they want to keep their fiat money safe, those who store money in bitcoin of course their goal is to invest not keep money safe.

If your bank provides security guarantees and good interest rates for the bitcoins you deposit, why not? But this is not the main problem. If someone or several people agree in this way, why not because I think it will be mutually beneficial for both.

Bitcoin users basically want to manage their money without a central authority where they can make transaction anywhere and anytime they want without being controlled by the authorities. If a bank offers such a service then obviously they have created a centralized service for bitcoin users but not for bitcoin as they don't have the ability to regulate bitcoin but can only do it for users.

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Quote from: 19Nov16 on November 10, 2021, 04:02:29 AM

The easiest thing is to make bitcoin a product of banks, this will make customers able to deposit and withdraw instantly, banks should immediately adopt bitcoin because bitcoin users are increasing, if not adopting bitcoin it will make customers continue to decrease because they prefer to save their money to bitcoins.

so you mean the bank must accept a deposit in the form of bitcoin? I think most people would prefer to keep bitcoins in their own wallets. if banks don't adopt bitcoin customers will continue to decrease, I think this is a bit of an overstatement. I think customers will keep coming to the bank because they want to keep their fiat money safe, those who store money in bitcoin of course their goal is to invest not keep money safe.

Dragonfund

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Quote from: cheezcarls on November 08, 2021, 07:09:59 AM

“If you can’t beat them, join them.”

It’s pretty simple. Banks can’t beat or take down crypto for good. No matter if they choose to ban it, Bitcoin and the crypto world won’t stop and continues to dominate. Not even China’s intense crackdown could stop Bitcoin from rising.

Most banks are still anti-crypto thinking that it’s a threat to their financial system. However, they will be the ones who are going to be left behind later on. They have no choice but to embrace cryptocurrency later on. Massive adoption won’t stop.

Bank will exist and will not be replaced by cryptocurrency. Facebook and Twitter have the same social interaction but the feature and environment are two different things and the two are operating independently. The same goes for cryptocurrency and banks, in fact to enter crypto you will have fund your bank account before you can be able to purchase any of your desire coins.

Banks is an independent body though some believe they rely on central bank and government while Bitcoin depends on its people.

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Quote from: llooafer on November 10, 2021, 02:51:26 AM

Banks will not use Bitcoin everywhere. Banks represent the government. The government may issue its own digital currency, but it will not circulate Bitcoin as its main currency, and Bitcoin is decentralized. Supervision is not in line with Bitcoin's original intention. Bitcoin's anonymity will also be broken.

The easiest thing is to make bitcoin a product of banks, this will make customers able to deposit and withdraw instantly, banks should immediately adopt bitcoin because bitcoin users are increasing, if not adopting bitcoin it will make customers continue to decrease because they prefer to save their money to bitcoins.

Topic: Bitcoin adoption by banks - good or bad? (Read 738 times)