Bitcoin adoption by banks - good or bad? - page 4.

Botnake

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Quote from: arwin100 on November 05, 2021, 07:05:17 AM

Quote from: Hippocrypto on November 05, 2021, 06:24:02 AM

Quote from: globalpain on November 05, 2021, 06:01:16 AM

Quote from: Kodok Bencot on November 05, 2021, 02:19:44 AM

More adopting bitcoin certainly makes bitcoin users continue to increase, it might be too late but this is better than continuing to fight bitcoin, I believe if the influence of bitcoin gets stronger and people leave the bank so immediately adopting bitcoin is the best thing to survive.

Of course it is a good step and in any case I do not think that it is too late because for me personally it is never too late for a step forward,
and talking about leaving the bank doesn't seem like it's going to happen,
there's no harm in adopting both and it's a good thing

Maybe it was a good step for everyone of us since it will boost the confidence of the people who are towards cryptocurrency. It was good but maybe disadvantages and advantages are always been there if changes might happen. But still, it will depend on how bank will handle bitcoin.

Yes the trust level for crypto will increase if that adoption by bank will happen, knowing skeptical people want to have or see a solid foundation which they can rely on since we can't deny that there are people tagging bitcoin as scam and the presence of the bank will really help them determine that bitcoin is really a good crypto, and maybe this adoption made by legal institution can help bitcoin market itself from people who doesn't know about it yet.

A bank is a business of trust, so it's automatic that people will trust bitcoin if banks will integrate it as part of their payment system. Actually, what the bank would do here is just act as a 3rd party to convert bitcoin to fiat and vice versa, for deposits, it's not necessary anymore as we are the bank of our own and in fact, we can do banking even without a bank.

Since the majority of what we need in this world can be bought by fiat only, there's no way bitcoin will take over and people will use bitcoin for everything. Bank will produce money and people will use bank even bitcoin will become more popular, so it's fiat (bank), then bitcoin as an alternative.

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Quote from: Hippocrypto on November 05, 2021, 06:24:02 AM

Quote from: globalpain on November 05, 2021, 06:01:16 AM

Quote from: Kodok Bencot on November 05, 2021, 02:19:44 AM

More adopting bitcoin certainly makes bitcoin users continue to increase, it might be too late but this is better than continuing to fight bitcoin, I believe if the influence of bitcoin gets stronger and people leave the bank so immediately adopting bitcoin is the best thing to survive.

Of course it is a good step and in any case I do not think that it is too late because for me personally it is never too late for a step forward,
and talking about leaving the bank doesn't seem like it's going to happen,
there's no harm in adopting both and it's a good thing

Maybe it was a good step for everyone of us since it will boost the confidence of the people who are towards cryptocurrency. It was good but maybe disadvantages and advantages are always been there if changes might happen. But still, it will depend on how bank will handle bitcoin.

Yes the trust level for crypto will increase if that adoption by bank will happen, knowing skeptical people want to have or see a solid foundation which they can rely on since we can't deny that there are people tagging bitcoin as scam and the presence of the bank will really help them determine that bitcoin is really a good crypto, and maybe this adoption made by legal institution can help bitcoin market itself from people who doesn't know about it yet.

Hippocrypto

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Quote from: globalpain on November 05, 2021, 06:01:16 AM

Quote from: Kodok Bencot on November 05, 2021, 02:19:44 AM

More adopting bitcoin certainly makes bitcoin users continue to increase, it might be too late but this is better than continuing to fight bitcoin, I believe if the influence of bitcoin gets stronger and people leave the bank so immediately adopting bitcoin is the best thing to survive.

Of course it is a good step and in any case I do not think that it is too late because for me personally it is never too late for a step forward,
and talking about leaving the bank doesn't seem like it's going to happen,
there's no harm in adopting both and it's a good thing

Maybe it was a good step for everyone of us since it will boost the confidence of the people who are towards cryptocurrency. It was good but maybe disadvantages and advantages are always been there if changes might happen. But still, it will depend on how bank will handle bitcoin.

globalpain

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Quote from: Kodok Bencot on November 05, 2021, 02:19:44 AM

More adopting bitcoin certainly makes bitcoin users continue to increase, it might be too late but this is better than continuing to fight bitcoin, I believe if the influence of bitcoin gets stronger and people leave the bank so immediately adopting bitcoin is the best thing to survive.

Of course it is a good step and in any case I do not think that it is too late because for me personally it is never too late for a step forward,
and talking about leaving the bank doesn't seem like it's going to happen,
there's no harm in adopting both and it's a good thing

Semar Mesem

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Quote from: EvieLannister on November 05, 2021, 02:56:08 AM

There are advantages and disadvantages, and it may undermine the decentralization of Bitcoin. Will record our privacy in the bank. The original intention of Bitcoin is different. I hope that we will pay Bitcoin freely in the future, and there is no concern about privacy leakage.

Even though bitcoin is adopted by banks but I'm sure they will not be dominant so they can't control the stock and demand of bitcoin, banks certainly have limited funds and resources because bitcoin users are global so decentralization will continue to be effective without anyone being able to control it.

Argoo

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Quote from: Oceat on November 03, 2021, 06:27:37 PM

Quote from: Alert31 on November 03, 2021, 09:46:26 AM

Bitcoin adoption by banks has a positive and negative effect to all of us that used bitcoin. It's good if bitcoin is regulated because it will help to increase bitcoin awareness and trust but on the other hand the decentralization of bitcoin will be lessen.

It doesn't affect the decentralization of Bitcoin if banks want to buy Bitcoin since we are always our own bank if you have the private keys with you then they have nothing to do with your BTC. I think it's not bad if there's an adoption of Bitcoin to most banks, it's just that not every banks would do the same but as far as the time goes by they will eventually adopt to Bitcoin.

It will help us all in the Bitcoin community since we all needed the adoption as much as we want in order to expand the knowledge of having a crypto especially in Bitcoin. Exchanges doing it somehow makes the other banks aware of the existence of Bitcoin so it's a good thing.

This is good in any case, since it will help increase people's confidence in cryptocurrency if the banking system uses cryptocurrency at least for converting to fiat and vice versa. This will be evidence that governments are serious about cryptocurrency and that this is not a scam or a pyramid scheme, as banks previously argued.
On the other hand, cryptocurrency needs to occupy its own niche in the global financial system and it does not make sense for it to conflict with financial structures and fiat. It will be much better if cryptocurrency and fiat work together.

EvieLannister

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There are advantages and disadvantages, and it may undermine the decentralization of Bitcoin. Will record our privacy in the bank. The original intention of Bitcoin is different. I hope that we will pay Bitcoin freely in the future, and there is no concern about privacy leakage.

Finestream

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Quote from: Quantum907 on November 04, 2021, 10:54:35 PM

Quote from: ?? on ??

The early banks understand that we are in a different financial age, the better for them. The earlier they accept the fact Bitcoin has come to stay and adapt it as a means of payment, the better for all.
The convenience of using Bitcoin should encourage them in the first place, then they can look for ways to regulate it if they want to.

Bitcoin is growing rapidly, consumers will leave it if banks don't adopt bitcoin soon and this is what makes me believe that slowly bitcoin will become a global currency and will become the most profitable asset.

Banks will also have a good function for bitcoin and once they start adopting bitcoin and create crypto transactions in the banks, then it will be a good assurance that bitcoin is heading to a greater function, as a global currency. With banks and governments supporting bitcoin, the users and consumers too will also feel more security and feel at ease knowing bitcoin is now legal and is accepted in all parts of the world. With this, global adoption will be much easier, regardless of the fact that bitcoin will be more regulated and lessen its decentralization factor because the government has already an access to it.

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More adopting bitcoin certainly makes bitcoin users continue to increase, it might be too late but this is better than continuing to fight bitcoin, I believe if the influence of bitcoin gets stronger and people leave the bank so immediately adopting bitcoin is the best thing to survive.

killerfrost

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Either way, many experts agree that Bitcoin is on a path to completely knock out fiat currencies within the next 30 years.

Quote

The Bitcoin effect has also appeared in banks, as more and more institutions take Bitcoin seriously. The obstacle for them now is regulatory uncertainty that will not allow them direct exposure to cryptocurrencies. Not only that, some Governments have introduced strong policies against Bitcoin that restrict banks from interacting with it.

Banks seem to be preparing for a “Bitcoin world” where digital currencies, whether central bank money, private market issuance, cryptocurrencies will become ubiquitous.

Quantum907

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Quote from: ?? on ??

The early banks understand that we are in a different financial age, the better for them. The earlier they accept the fact Bitcoin has come to stay and adapt it as a means of payment, the better for all.
The convenience of using Bitcoin should encourage them in the first place, then they can look for ways to regulate it if they want to.

Bitcoin is growing rapidly, consumers will leave it if banks don't adopt bitcoin soon and this is what makes me believe that slowly bitcoin will become a global currency and will become the most profitable asset.

ultrloa

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I will call it as good acceptance to happen since knowing we will not get restricted to buy some bitcoins by using our own debit card or credit card anytime we want although there will be possible taxes will taken out but this acceptance could strengthen the bitcoin mass adoption knowing banks have huge influence to the economy. But I doubt it will happen sooner so maybe its good to have more adoption on the merchant before we can see this to happen.

blockman

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What remains if bitcoin gets a massive adoption including the banks is the volatility. The banks and governments can't control the volatility of bitcoin.
What do I see with bitcoin being adopted by the banks is that they can educate their clients about bitcoin and it's now up to the client if he wants to learn more about decentralization and volatility for which what bitcoin is portraying.

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Quote from: wxa7115 on November 04, 2021, 12:15:25 PM

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.

The thing is there is nothing we can do about it, banks will eventually get into this market as banks move only because of one reason and that is money, banks are not moved by ideologies, if their owners think they can make money with bitcoin then they will adopt it and offer it to their clients and eventually offer custodial services as well.

This is nothing unexpected, or did anyone thought they would refuse to adopt bitcoin despite the profits they could get and they would watch while bitcoin takes over their traditional services? They will adopt it and will try to mold it to their needs, but as long as we can transact our coins without them being in the middle of the transactions they are not really affecting the fundamental way in which the bitcoin network works.

Sooner or later, we just have to accept the fact that bitcoin will be adopted by banks and all financial institutions. As bitcoin continues to be part of big companies, then it will also likely to happen that in the near future, banks too will also adopt bitcoin and integrate crypto related activities in their transactions. For now, its not yet happening but as bitcoin gets mainstream and continue to receive positive feedbacks, then for sure the government will allow banks to accept bitcoin or crypto in the long run. The process might be tough only in the start and will be smooth sailing as the time goes.

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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.

The thing is there is nothing we can do about it, banks will eventually get into this market as banks move only because of one reason and that is money, banks are not moved by ideologies, if their owners think they can make money with bitcoin then they will adopt it and offer it to their clients and eventually offer custodial services as well.

This is nothing unexpected, or did anyone thought they would refuse to adopt bitcoin despite the profits they could get and they would watch while bitcoin takes over their traditional services? They will adopt it and will try to mold it to their needs, but as long as we can transact our coins without them being in the middle of the transactions they are not really affecting the fundamental way in which the bitcoin network works.

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Quote from: 24Kt on November 03, 2021, 06:37:41 PM

Because a lot of people are still trusting banks to hold their finances. We can't ignore such fact. So even if they can be their own banks, they want someone to hold their funds. They feel security if the banks are holding their finances. There are pros and cons in this situation. But as we want more adoption, the participation of banks is necessary. But the anonymity feature will be compromised. Now, if you are a crypto user, you have the option to use banks or not. At the end of the day, you can find other options that will keep your anonymity, if you want to preserve it. It is not obligatory that you will deal with banks, unless the only option left to convert your crypto to fiat is via bank services.

"A lot" of people do, but the percentage is dropping every single year. If you check the % of how many people are using banks, it is not as much as it used to be but at the same time more people are using it. Meaning, the population is rising, so even though the % is dropping the number is increasing. 90% of 100 people would be 90, 50% of 1 million people would be 500k, as you can see the % dropped but the number increased.

It is not this drastic, but that is exactly what is going on right now in the world. I assume that we are going to be doing fine in the future with banks, they will not be gone but we are going to have a lot less people who are interested in banking as it is. This will result with banks changing some stuff and becoming something that is more robust and modern and innovative. Otherwise, the current banking system can't survive for too long.

Wong Gendheng

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Of course this is good, bitcoin is decentralized with a marketcap of more than $1 trillion and it is almost impossible for anyone to control bitcoin, especially banks have strong legalities so that if adopted it will make bitcoin users increase drastically.

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Quote from: adzino on November 03, 2021, 06:31:19 PM

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.

It would be good or bad depending on the way they would be handling bitcoins. More likely bad. If banks starts to offer crypto currency services like buying, selling, storing and saving, more people would trust them and start using their services. More people trusting banks to hold their coins mean more power to the banks. They will be holding most probably a lot of coins that can have impacts on the market. Again, decentralization would be lost. Why do we need banks when bitcoin was already invented so we be our own bank? Wasn't one of the main goals of bitcoin was to avoid any third party to control your finances?

Because a lot of people are still trusting banks to hold their finances. We can't ignore such fact. So even if they can be their own banks, they want someone to hold their funds. They feel security if the banks are holding their finances. There are pros and cons in this situation. But as we want more adoption, the participation of banks is necessary. But the anonymity feature will be compromised. Now, if you are a crypto user, you have the option to use banks or not. At the end of the day, you can find other options that will keep your anonymity, if you want to preserve it. It is not obligatory that you will deal with banks, unless the only option left to convert your crypto to fiat is via bank services.

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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.

It would be good or bad depending on the way they would be handling bitcoins. More likely bad. If banks starts to offer crypto currency services like buying, selling, storing and saving, more people would trust them and start using their services. More people trusting banks to hold their coins mean more power to the banks. They will be holding most probably a lot of coins that can have impacts on the market. Again, decentralization would be lost. Why do we need banks when bitcoin was already invented so we be our own bank? Wasn't one of the main goals of bitcoin was to avoid any third party to control your finances?

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Quote from: paxmao on November 03, 2021, 06:14:57 PM

Good, all adoption is good for Hodlers. It really depends for the rest of people. If you trade, you may not want too many professional traders hanging around as it may become a fiery competition. If you believe in decentralisation and being your own bank, you probably want them out. Else, you probably are happy about it and about being able to get your stuff in a bank.

I think in general, bitcoin adoption is good. It's good for all of us as it gets more usage rather than simply as an investment alone. And to think that the main goal of crypto is to become a global currency, then it will certainly happen soon no matter what. The process might be hard and tough for bitcoin to be fully adopted in the whole world, but i think once we got there, there will be more benefits we can gain from having crypto compared to fiat so definitely it we be all worth it. The country's economy will progress, and there will be financial independence not just for our individual's economy but rather for the whole world. But for sure, bitcoin will be more regulated by that time.

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