Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm

Asuspawer09

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Quote from: TheCryptocurrencyPortal on May 08, 2021, 11:14:13 PM

Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG! https://www.youtube.com/watch?v=PTBd2f6KyHI

Could be true bitcoin is recognized by a lot of giant companies and it's not surprising that this will happened in the future, banks are already losing from cryptocurrency.

It wouldn't make sense to put your money in the bank at this time since putting or investing your money in cryptocurrency would make a lot of sense than putting it in the bank so it's not really surprising.

Obviously, they need to make a way out of it, and adopting cryptocurrency in the banks is one of the ways to get customers since practically banks are already useless.

MrcMrc

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This will be good news because so many bank customers will like to transact using cryptocurrencies. And if the US bank approves cryptocurrency transactions, it will encourage other countries where cryptocurrency is not legal to have a second thought.

fiulpro

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I am not so sure about it though.
Yes , it should get integrated and that would be a really positive news for all of us but will the government really go forth and let it happen ?
The banks are already scared about letting Bitcoins and other cryptocurrencies take over but answer one question ❓ would they be willing to take a chance when the pandemic is still going? I do think all of this will happen eventually but honestly not during pandemic. There are very less crypto pro people in the Centralized section of the government and banks. At the same time they won't be able to do that without any good regards from the central government. Biden is maybe pro Bitcoins, but who knows ?? We might have to wait until the centre makes any statement.

noorammak

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As more businesses approach and invest with Bitcoin and cryptocurrencies, digital money storage will occur. Banks are the most advantageous for hosting services because they have a wide US network and easy access to businesses. I think the trend of banks accepting Bitcoin across the US will quickly spread around the world in the next 10 years.

(o)(o)ilikeboobs(o)(o)

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Currently, the demand for investing in cryptocurrencies by businesses around the world is increasing.
Over the past week, it has been recorded that the largest e-commerce company in the Latin American region has invested $ 7.8 million in Bitcoin.

https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

Auto insurance company Metroline added Bitcoin as the payment unit for its contracts, and it also plans to buy $ 10 million in Bitcoin.

https://cointelegraph.com/news/nasdaq-listed-insurer-metromile-plans-10m-bitcoin-purchase

https://finledger.com/2021/05/06/metromile-adds-bitcoin-as-payment-option-to-create-fairer-insurance-for-all/

After these businesses own Bitcoin, can they be safely stored? Elon Musk himself made a contract with Coinbase to store Tesla assets. So banks will be the most convenient Bitcoin storage businesses can think of. Banks will seize this opportunity to become a storage unit of Bitcoin. This is called the law of supply and demand of the market.

blackened515

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The banks are losing customers right now so they are thinking of a way to implement blockchain technology into the banking system, definitely, the detail truths about banks and their cheating policy is starting to go exposed to the public.

I have just noticed that people are getting aware that bitcoin is the people's bank, the charges are paid according to the owner of her wallets that's why banks are scared of loosing customers.

ninkdwi

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What is the problem with signing a letter of agreement with the Bank, Bitcoin will give up on this far-reaching achievement? Banks will still not like it and will continue to do everything they can to get Bitcoin users away.

but, are we going to give up, while on the one hand, the value of money generated this year has resulted in inflation that has already exceeded the maximum limit.
that's why we don't like the money system that burdens us, when taxes from crypto income are poured out as a fee we are obliged to pay off.

Fundamentals Of

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Of course it will happen. The banks don't have a choice. Bitcoin is already being accepted by more and more people. The banks are not stupid as staying to their old prejudice against this rising digital currency even if the population is already demanding for it.

But we need to be cautious because the banks' entry in the Bitcoin market may only mean they will take a larger role, even trying to bend the fundamental rules of Bitcoin such as decentralization and privacy.

electronicash

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i've also watched some youtube particularly from Rauol Pal where he mentioned banks interested not just BTC but also ETH and Defi. but this isn't just what banks could do as well, because they are meant to watch Bitcoin users closely.

getting Bitcoin to be mainstream is going to make the price high and the people who were influenced BTC as a scam will be confused about what is going on.

cryptomaniac_xxx

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Quote from: elda34b on May 09, 2021, 05:57:22 AM

Honestly it's kinda weird. Lots of people from the finance and banking industry have been trashing bitcoin for the last few years, and now they'll start doing custody for it. Either they changed, or they want to control the market more. I doubt they do this just because people are asking for it. Why would you use a custodial solution if you're into crypto in the first place. That point makes no sense imo.

It's probably that bitcoin is already making a lot of noise as well in the coming years that banks need to adapt in the changing digital world. However, we have a saying that BYOB, so it totally defeat that purpose. In any case though, if bitcoin has be accessed by ordinary people through banks specially those who are technically incline, then this might bring some impact to the price in the future.

Twinkledoe

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★Bitvest.io★ Play Plinko or Invest!

Quote from: SFR10 on May 09, 2021, 06:29:57 AM

Although this sounds great at the beginning, I'm sure sooner or later they'll end up freezing customers' funds ^[BTCitcoin] with all sorts of excuses by the banks ^{[they just love to control everything]} and that paints a bad picture about BTCitcoin usage to those new customers.

In the first article shown on that video it mentioned "buy, hold and sell" and that perfectly describes that none of the customers would be able to have full control over those or to actually own something ^{[they're ^[banks] just after capitalizing on the situation, nothing more]}.

Maybe they can attract some beginners in crypto but for those who are already into crypto, I don't think they will use banks for their crypto dealings. This news may be good for possible additional crypto users but their crypto services may not really be good for the users. It maybe an initial step for these users to be oriented in crypto but once they learn a lil bit, they can always get out of their banking system. So let us accept this news positively as there are possible good results that may happen owed to this action.

SFR10

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Crypto Swap Exchange

Although this sounds great at the beginning, I'm sure sooner or later they'll end up freezing customers' funds ^[BTCitcoin] with all sorts of excuses by the banks ^{[they just love to control everything]} and that paints a bad picture about BTCitcoin usage to those new customers.

In the first article shown on that video it mentioned "buy, hold and sell" and that perfectly describes that none of the customers would be able to have full control over those or to actually own something ^{[they're ^[banks] just after capitalizing on the situation, nothing more]}.

elda34b

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Honestly it's kinda weird. Lots of people from the finance and banking industry have been trashing bitcoin for the last few years, and now they'll start doing custody for it. Either they changed, or they want to control the market more. I doubt they do this just because people are asking for it. Why would you use a custodial solution if you're into crypto in the first place. That point makes no sense imo.

avikz

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Kind of good news but with few risk elements as well. If banks start accepting bitcoin that will create more awareness among the masses. But at the same time banks will start controlling a big percentage of cryptos under their custody which may further centralize the circulation of it.

But it is a net positive because the adoption of bitcoin will increase heavily among the mass and the businesses. That means more liquidity and a price increase could follow. We just need to keep the big corporates out from this game!

ILuckyGuyI

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Quote from: TheCryptocurrencyPortal on May 08, 2021, 11:14:13 PM

Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG! https://www.youtube.com/watch?v=PTBd2f6KyHI

Yeah, I've heard of it and I'm really excited about this news. Because it's a big step forward for the integration of Bitcoin and the other cryptocurrencies with banks. If they didn't such thing, they were going to be under the risk of being destroyed in the future.

7788bitcoin

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New York Digital Investment Group LLC might have information regarding US banks adopting Bitcoin but i cannot find any official statement from them nor anything published relating to that and the video you posted is just speculation about it. The reality is that we do not need banks unless you need to purchase them and for that all you need is a bank account and Bitcoin is created for the sole purpose of giving you the ability to transact and hold without a third party help in short that is what we call financial freedom.

Daniel91

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Very interesting news.
If that really happens, I think there will be even more interest in bitcoin among the average citizen but also investors, and that we could see a new and more significant rise in the bitcoin price.
The more the acceptance and popularity of bitcoin increases, the higher the growth of bitcoin prices can be expected which is very good news for us.
We have seen how the news that Musk is buying btc has affected the increase in the price of btc and this news will certainly help further increase that price.

Poker Player

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Yes, I've also heard about that.

Quote from: ?? on ??

If this happens by the end of the year, it could create an epic about banks and bitcoins.

This is just a typical case of "if you can't beat your enemy join them".

We have gone from banks saying Bitcoin was a scam, a ponzi scheme, etc. to them going to offer escrow services.

Traditional banking is dead, and with the introduction of digital currencies even more so. They are trying to adapt to save themselves.

TheCryptocurrencyPortal

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Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG! https://www.youtube.com/watch?v=PTBd2f6KyHI

Topic: Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm (Read 204 times)