Topic: Bitcoin adoption by banks - good or bad? - page 2. (Read 738 times)

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.

I don't know exactly what bank are trying to adopt from bitcoin and how they will do it. Last February I read on the news that US bank also wanted to do something about bitcoin regardless of whether it was opening an exchange service or getting involved in bitcoin investing. If bank are interested in opening exchange service then they will only add to the list of centralized exchange for bitcoin users where KYC will be the main thing as a condition to fulfill their service. It doesn't matter if that's what they want because so far we have many centralized exchange that work with the government, both international and local exchange.

That's not a bad thing to hear because I don't think bitcoin decentralization will go away just because the government wants to maximize the opportunities for profit. We can choose a centralized or decentralized exchange to trade on, so it's not a big deal for me. Something positive that will probably increase is people's awareness about bitcoin and investment whether they agree with centralization or not. We still have a choice which one is best for us.


The same applies to other exchange that have partnered with the government so you have to go through KYC to use this service. If surveillance is a major issue then you can also use P2P service which will keep your transaction anonymous. Governments only have control, but they cannot prohibit users from remaining anonymous with their bitcoin.

The adoption of Bitcoin by banks means the legalization of bitcoin, and more people will trust and use it.

But Bitcoin's supervision by banks will reduce its decentralization.

Of course, we have to look at this from two sides.
on the one hand it is quite good to see bitcoin will be adopted by banks because with this the main purpose of bitcoin, which is indeed a legal tender, is gradually experiencing a bright spot and this will add something good to bitcoin itself.
on the other hand this will be something that is not good for bitcoin holders, because even though bitcoin will not be able to be regulated with a system that is indeed decentralized, but on the other hand the government and banks will definitely use other ways to control this.

but indeed there are several points of view about this depending on whether we think this is good or not.
I myself feel it will be very worth it for them to be adopted, especially by the government or banks because this will indirectly push bitcoin to a clearer direction in regulation.

Precise line for such condition because even if they do tend to fight nor trying to get rid of crypto but still they would really failed on that part and its been proven out yet we've seen on how far this crypto market had able to reach out.

Bitcoin adoption is all we need and if banks would tend out to join the bandwagon and end up on having an option towards their services that do attached with crypto then its a good option but actually we dont really need it.

At least we do have some choices whether we do like to touch up with those centralized services or would completely go to the opposite side.

Until now the majority of people still trust banks more than Bitcoin, so if it's true that eventually banks adopt Bitcoin, this could trigger a massive
adoption of Bitcoin. If banks could accept Bitcoin, moreover, people who trust banks will definitely adopt Bitcoin too. So I think Bitcoin adoption
by banks is a good thing and is expected by the crypto enthusiast. But as you explained, banks have a lot of rules, so it will definitely not be easy
for banks to adopt Bitcoin. Even if the bank decides to adopt Bitcoin it is unlikely to happen in the near future, so we must be patient waiting for it
to become a reality.

If bitcoin aims to be globally accepted in the near future, then it will surely pay the cost. No thing can be globally accepted that has not been legalized and adopted by banks and other legal institutions. For me, bitcoin adoption by banks may create more opportunities for bitcoin to be more utilized as a currency rather than being a sole investment. People will have more chances to use bitcoin more than fiat, and since bitcoin has its blockchain technology that goes along with this digital age, then most of the people will go for it particularly for those who are tech savvy. Although it may lessen its being decentralized, but i think it will also widen its scope knowing its already backed by banks.

Good for most people but for those maximalist, they would still prefer anonymity offered by some dex or cex compared to this. Bitcoin adoption by banks could potentially be a stepping stone to further enhancements of banking industry. The integration of cryptocurrency to a bank means having more option than the typical fiat only transaction. These days where blockchain technology is far more advance than typical fiat system, many people would surely have a transaction in blockchain. But nonetheless, this move contradicts the vision of Satoshi of having a permission less, decentralised digital currency that needed no intermediary or central bank.

Of course this is a good thing, the more bitcoin adoption it will make the bitcoin circulation more active and this will make demand high and prices rise, banks certainly have a lot of strict regulations if they accept bitcoin then this will make both of them get big profits.

There's a bit good, but overall I think it's bad for the network. It is good in a way that if bitcoin adopts bank it will reach people with ease. Bad, because it comes with a cost. It will also loss it's importance because it is innovated to give financial freedom to the people. And, for the security issues, even a small mistakes will make the user loss a big amount of their money. Bitcoin can be considered already a bank of our own and there is really no need for the presence of banks.

Bitcoin adoption by banks have both good and bad. It all depends on the way it's been considered.

Good

• It helps with reaching the people with ease through the service platform that is already in a well established state
• Even the users who aren't technically skilled to own bitcoin can have it in their wallet
• Generates trust among the common people who find bitcoin something new

Bad

• It loss its importance, because it is innovated to give financial freedom to the people
• Security issues, even a small mistake will make the user loss a big amount
• The network might turn to be centralized

That's actually the reason why some banks are now starting to accept crypto in their system because they are seeing that with the current rate of adoption, some of their clients will really go into crypto. So instead of losing them, why not offer some crypto services in their system? Though it is against some of their principles, they need to adapt the emerging trend in the market, else they will be left behind. And as they can see, even a giant country like China can't topple the crypto market, bitcoin in particular.

Are we 100% sure that Banks can't crypto if they wanted to? I mean there is no person behind crypto, it is a decentralized project that nobody could lead. Whereas banks do have board of directors, CEO's and many other people at the top. What I fear is that if Banks ever wanted to "end" crypto, they could simply just bribe their government and they could do this globally as well, China is already against it and if you do it in major European nations and USA and Canada, then you are nearly finishing.

Imagine a world where 10 of the biggest European nations + USA/Canada all bans usage of crypto, even ownership of it, how much the price would fall? It would fall to very low prices and it would be the end of it. Sure it would still survive a in a vacuum but it won't be as big as it is right now. Only reason why Banks are interested in crypto is that they could actually profit from it. So, they do not see it as a thing that they need to be against, they see it as a thing that they could profit from.

“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.

It will void the anonymity but not the decentralization that is the good thing so as far as the money spend for the legal transactions it is okay and this is the only way to convince the people that bitcoin is not scam anymore.

And also it will change the current banking system, probably the central bank will lose their printing power so the inflation will be no more which has its own good and bad things but still we have to look at the evolution of CBDC!

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.

Having banks to adopt bitcoin doesnt mean that it is legal or backed by the goverment or all that kind of stuff. Its simply that banks are providing 'services' for their customer to reap some amount for those 'services'.


Pretty sure that it doesnt work this way because banks are probably only going to offer the option to buy bitcoin through banks and keeping it safe for the customer. Having the ability to use crypto for the daily transaction will depend on the regulation of each country though. So basically banks only want a piece of the pie by 'adopting' crypto

For me, 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.

People do not understand the word "alternative". Like for example you could have crypto and do as anonymously as you could ever want to and that would be fine, nobody really needs to actually do something that is illegal but you could stay as secret as you want with certain coins and you could just not deposit fiat into crypto and earn it instead, and you would spend it instead of withdrawing and won't have to give anyone your KYC or any information. Meanwhile it would be regulated and you would have something that people could look for from the government.

Governments could do all the regulations and laws about it and that would be fine and there is really nothing that you should be worried about since it is a preference and you won't have to do it, since you are not forced then you would be fine about it and we all could pick whatever we want.

We dont actually need banks because with crypto then we are ourselves to be considered as banks and its the primary reason on why its been existing which is totally opposing centralization.
Although acceptance or considerations out of these heavily regulated institution would be a plus but expect that they will still be abiding centralization which you could say that it is likely to
follow up that system which you might find it not to really be that appealing with your eyes and would soon realize that it isnt something right like this.
We've seen banks had already accepting CBDC's instead.