Topic: Bitcoin trading by Italian Banks - page 2. (Read 552 times)

Banks are seeing a dwindling revenue as a result of ths crisis, so they need to stay profitable otherwise they may as well lay off some staff and be forced to make some adjustment. They need to be innovative and stay in business or remain rigid and run into crisis like Nokia phones did.

It's sad, but the whole world may be heading in this direction. The epidemic is growing day by day and has increased its effect especially in Europe. As I always say, monetary value makes no sense in this environment. But it is important to remember that cryptocurrencies are unique for such environments. Safe, reliable, community-based, and, as we always say, something decentralized is everyone's needs right now.

Ok, this is what I was looking for to complement what I said in a prior post about BTC ownership:

The above looks like the customer does not really have the conventional private keys, but rather security is managed by a layer of security provided by distributed keys for use within the platform. That should be taken into consideration and studied in greater detail by the potential customers. I would infer from the above that the bank is the custodial really (if anyone from Italy can further clarify, please do (fillippone? – this may hopefully summon him to this thread …))

See: https://dailyhodl.com/2020/03/21/private-bank-launching-bitcoin-btc-trading-for-huge-customer-base-amid-ongoing-lockdown/

Note: The service is Beta-testing, and is not expected to roll-out until end of month (according to the above article).

As I have reported in another thread...

I don't know, I would say it's never too late. Bitcoin was born during the last economic crisis. One might even say it was a great necessity to finally push it out to the world. If the economy never crashed, if the banks never got bailed out, people would never have needed to find a use for Bitcoin.

Same as all the "bad things" that happened to Bitcoin in the past. Necessity drives invention. People learnt P2P when governments banned it. People learnt to use their own wallets when Mt Gox crashes. Never too late!

Who knows? After the COVID crisis, people will realize the importance of cryptocurrency especially bitcoin, when they have no means of transaction online. I am pretty sure that the situation not just thought us about being careful and clean, it also thought us about being open to technology, adopting cryptocurrency will allow us to transact even without direct contact to the person.

Regarding to the Italian Banks, Is it too late that they have just allow it in the critical time like this? I think they should've done this before so that it helped allot of people.

I guess we can call it a good news. Crisis situation can change many things and that is what is happening in Italy. It has been the most affected nation by this damm virus. I hope things change for better for the people living in that country.

Mind over matter I think. How come those unfamiliar with crypto will become an enthusiasts out of sudden situation. I like Italy move but they just showing how they create decision when the time isnt appropriate. They should have done this before not even the spreading of this virus, now they are introducing on a rush event things like trading bitcoin. People from their country now are also in the midst of confusion, but for some old timer who lives there, they can rip now the advantage of dealing with cashless in spitr of the incident there.

With the complicated situation of covid-19, I think that although this is good news, but surely that the health of everyone is above all, making more profits from the market at the present time is no longer a top issue of people too.

I think this reason why bitcoin suddenly break to higher price last day after bitcoin trading by Italian bank, Italian become country have bigger effect of corona virus and they try to accept bitcoin as transaction payment to get their people keep away and safety from corona virus than using cash money.

In any case, this is a reasonable step on the part of the Italian government. The time for the introduction of bitcoin for citizens through the banking system will never be ideal. True, the maintenance of such a bank account in bitcoins seems to me a little expensive. However, the main thing is to start so that this mechanism works. In the future, the operating conditions of such accounts may vary depending on specific circumstances.

You are rigth, at the moment the situation is very bad , right now it's a worldwide problem, my fear will be after the coronavirus, the world economy may be in danger, and we don't know what will happen next.

Good news but Italy is in bad shape and with those considerations mentioned by Ddmr.

It's confusing how people that doesn't really use bitcoin will be able to own bitcoin.

That's dead confusing. There is of course one question that always needs answering - can you deposit and withdraw to and from a wallet completely under your control? If it's saying you need the second key to complete transactions and they control it then perhaps not but equally that might be just for on platform transactions.

They need to give us more info.

They just need to save face, since there is need to encourage cashless transaction now, one of the ways to facilitate this is though Bitcoin. I know some people will say bad timing but wrong, because those people expose to Bitcoin now, now understand its advantage over Fiat.

I agree with that. Bitcoin trading isn't exactly a priority when hundreds are dying every day, and things don't seem to be getting better. However, perhaps it can be helpful if EUR starts to crash following the harsh situation in Europe (it's not just Italy, multiple Western European countries have thousands infected now), so people can switch to fiat for Bitcoin. Otherwise, I don't think it'll help with adoption.

Not the best time to implement such. And this might even confuse merchants and citizens should it get recommended by their banks and/or authorities for purchase. Nevertheless though, at least they see the importance of bitcoin in times like this wherein physical cash is not viable for use by the public. Digital currencies excel in situations wherein physical contact should be limited, plus it saves a lot of time and effort as well. But then, knowing the general age of people in Italy, it might be long before they fully adapt bitcoin even though banks have somewhat initiated the interest kn the said digital currency.

We will see even wider bank adoption in future. Here in Germany banks already thinks about it

That definitely is number one priority, however when government funding isn't covering their bills, and more importantly they can't feed their family some might opt to get into Bitcoin to try and recuperate their money. Its a risky solution, but will definitely appeal to certain people within the world. Unfortunately, the way the world works is a lot of people will put money before a lot more important things.

I'll be honest during the dip in Bitcoin price I wanted to purchase a large amount before I was blocked by my bank. This was a calculated move, and the pandemic had no effect on the decision in fact it didn't even enter my mind at the time. However, now that I'm thinking about the pandemic, and a potential lock down in my country its got me thinking that maybe keeping my money might have been the best outcome because of local businesses for food will not be accepting Bitcoin. I'm still kind of annoyed that I couldn't purchase it at the time, but these are things that need to be considered, and I'm hoping that not too many people in Italy have done an impulse buy before considering the long term effects that COVID19 could have. I think due to their circumstances (being in lock down), that a lot of people would have been more aware of the effects than myself, and other people from other countries.

That was quite good too because they are now appreciating the bitcoin just to make an investment still it is quite good if they are trying to make more profit with the help of bitcoin. Today bitcoin is one of the best coins that you can make a lot of income by this you can now make a lot of advantages and improvements by the transaction you have today. Also, bitcoin or the cryptocurrency is one of the best things we need to adopt today because we are avoiding having transactions of physical money because it may cause spreading the virus we are having today. It is better to avoid for a while the use of face to face transactions and conversation instead adopt the use of digital currency.