Bitcoin trading by Italian Banks - page 3.

DdmrDdmr

legendary

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There are lies, damned lies and statistics. MTwain

There are of course some things to consider:

- You purchase BTC through the bank, at their rates.

- The amount of BTC you can purchase is limited to 50K€/year with a premium account (2,5K/year with the basic account), which charges 9,90€/month.

- There is a 2% commission for TXs (some sources cite 1%, but the official press release I’ve read in Italian states 2%).

- You need to be a Hype customer, which require registration (requires at least full name, id, email, phone number).

- Apparently, the customer has control to the private keys, although the information talks about:

Quote

The sophisticated three-key system of integrated technology allows the customer to HYPE Bitcoin, unlike what happens through traditional exchanges, to actually hold the custody, and therefore the ownership of the currency, ensuring security against hacker attacks, identity theft or loss.

The customer has control of his or her private key and neither Conio nor HYPE can handle Bitcoin on its behalf. The first key is for the exclusive use of the customer, it is generated and encrypted on the access device so that no one else can use it. The second is kept by Conio and created only for each individual account to complete the transactions associated with it. The third key is one that allows the user to recover access to his or her portfolio in the event of loss of credentials and is kept by HYPE in a protected archive that is not connected to the network.

I personally don’t fully understand how it works, so whoever is interested should look into it further.

So it looks like a way to bypass the use of Exchanges, but at a higher commission rate, although with access to the Hype ecosystem that allows you to spend those purchased BTCs through their platform. Not something to rush to in my opinion, but it may attract a segment of the novice crypto market there in Italy (the private keys thingy still bugs me as to the specifics).

https://www.somagnews.com/italian-bank-starts-selling-bitcoin-amid-global-crisis/
https://www.the-blockchain.com/2020/03/20/hype-bitcoin-trading-now-open-via-banca-sella-to-1-2-million-italians-customers-during-lockdown/

Sadlife

sr. member

Activity: 1400

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l could see why they've done this, it is because the covid virus rapidly infect thousand of people and the death toll have risen significantly. The Italian government realize that people should not use cash to buy stuff cause it may also contain the virus. In times like this, cryptocurrency payment is a much more safer and viable way to prevent the furthering of disease. This event will prove Bitcoin's true usefulness.

cryptoaddictchie

legendary

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Fully Regulated Crypto Casino

Quote from: Pmalek on March 20, 2020, 05:25:51 AM

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health.

Correct.

Im not sure why they roll it now, after so much damages and casualties has been reported and happened. Crypto can help on avoiding such contact to those many people by means of using its online services. They should implemented it earlier to avoid such causes, but anyway good thing is now they implemented it and can help to add addtional option to usage of availing goods and services.

Pffrt

sr. member

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Quote from: Pmalek on March 20, 2020, 05:25:51 AM

Trying to make money is not on top of their to-do-list right now.

It's not about making money of course. The whole point is that people don't have to touch the fiat which may spread the virus more and more. Since, using crypto is now more easier in Italy, they may not have the necessity of using fiat at all for a while. That's good for them to resist the virus, good for the bitcoin ccommunity too.

Pmalek

legendary

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Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health. I think people in Italy have other things on their mind right now, like staying healthy and keeping their loved ones safe. Trying to make money is not on top of their to-do-list right now.

Wexnident

hero member

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I don't request loans~

Recently, Italian banks have opened up their own crypto trading services. Not only is it for trading, but the crypto traded can also be used as a mode of payments for goods and services. It's also a timely decision by them especially with the quarantines happening all over the place, and even if there wasn't one, people would still be quite afraid of going outside in fear of being infected by the virus. Don't tell me about how the chances are close to null if there isn't anyone infected in your place, fear can be quite a fearsome thing.

It's quite encouraging that even among banks, some fully support the development of Cryptocurrency and would even be the one to start influencing their fellow countrymen of its existence. Plus, they're also fully integrating it into their everyday transactions. I'm not particular about the specifics of how the system does the trading, but based on the article, no KYC is involved which is another plus factor imo.

Source: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

Topic: Bitcoin trading by Italian Banks - page 3. (Read 552 times)