Customers in switzerland can now send their cryptocurrency to their banks - page 3.

nguyenhoven

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Activity: 248

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Quote from: Jamesp2k on August 07, 2018, 09:53:15 AM

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

Falcon Private BankBanks e a Change
Maerki Baumann private bank

Customers can now send their digital asset to the bank.

What's the implication?

I would like to learn more info about what you mean by sending the crypto assets to the bank. Is the bank offering the crypto addrsses where the money can be deposited?

Naficopa

hero member

Activity: 2002

Merit: 516

Quote from: renes on August 07, 2018, 11:15:20 AM

I think cryptocurrency does not need a bank you can store them in your own bank, that's much more secure and you are not vulnerable if you are smart enough.

Exactly, I don't understand why to send crypto to the bank. After all, the whole idea of crypto is independence from banks and decentralization. Will the crypto stored in the bank be more secure in this way? My wallet is my bank.

SnapDown22

sr. member

Activity: 714

Merit: 250

Quote from: Jamesp2k on August 07, 2018, 09:53:15 AM

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

Falcon Private BankBanks e a Change
Maerki Baumann private bank

Customers can now send their digital asset to the bank.

What's the implication?

a fairly positive development if it can happen maybe someday all countries can do the same thing and make investors feel easy and comfortable in investing

nussy

newbie

Activity: 80

Merit: 0

The markets force will soon force the banks to accept cryptocurrency systems one way or the other, want every financial transaction now evolved on Crypto they will not have choice than to adopt it.
I will be more than glad to get more information on how those two banks adopt the process for customers to send in their cryptocurrency. Do the banks open a wallet for each customers or which methods do they adopt to make it easier to use and more transparent.

Fortress12345

member

Activity: 100

Merit: 10

Then it was a good news for them. They can send their crypto currency to the banks so it means they can use it to store their money but I think it is better to store your money on your own wallet that was safer.

MarioV

hero member

Activity: 2268

Merit: 709

Just this fact (Switzerland is unsurpassed for the management of the value/money with Israel) has made me even more convinced that the future will be that. We are still in time to be the forerunners of this world (not as first, but as seconds yes).

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Some kind of old news.

That's likely to happen, they can't bitcoin as many customers like on how bitcoin can become a currency and as an investment at the same time.

A bank that adopts crypto gives an idea on what will be the future.

They can't beat it so they are joining and this is good for them for being a pioneer.

vv181

legendary

Activity: 1932

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It will highly become centralized, which it is ironic Bitcoin already been offering pseudo-anonym currencies, sending your coin to centralized entities will indirectly make it will be centralized. In the end, it contradicts with Bitcoin decentralized purpose.

Miklight88

copper member

Activity: 238

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GDZKVBV3L3JU5TFDBWMUMPZAHD3OSM2I3TAJRWPG7KU5U4UZCI

This is a big sign to cryptocurrency and it growth, blockchain is a very unique technology that all financial institutions need in keeping their data base and for banks to be accepting the deposit of crypto asset is a save way that will make it grow.

gidaahmad

full member

Activity: 476

Merit: 100

Of course, it will facilitate crypto traders in Switzerland. In my country, there is no Bank that does this because the government prohibits transactions using Cryptocurrency.

thepers0n

newbie

Activity: 224

Merit: 0

I think it is the great news for all users. Because there is first good news about the common solution between BTC and state financial system. I hope it will be a worldwide common practice soon

painkiller321

newbie

Activity: 84

Merit: 0

It is great news for crypto users that they can transfer their digital assets in their bank accounts. Two of Switzerland’s private banks have allowed its customers to deposit their crypto coins in their accounts. Like these two banks; if other banks of other nations allow to deposit crypto coins then this market will get a big boost.

bitcoindiary

newbie

Activity: 84

Merit: 0

This is good news for the people living in Switzerland. Now they can deposit their crypto currency in the banks. But the main of the crypto currency was not to be in the bank like fiat currency! It was designed to be decentralized and to secure money without the bank intervention. From my opinion; I am supporting the idea of bank.

kanayaTabitha

sr. member

Activity: 980

Merit: 252

hello friend, can you provide a news link? big news like this is very useful for us and for other countries to be able to study and develop cryptocurrency assets and hopefully be able to build a country's finances. I hope not only in Switzerland but in other countries too ...

Jannatul Shefa

member

Activity: 312

Merit: 11

Still I didn't have heard about it. But if it has happened its really wonderful. In this way bank and government will understand the value of cryptocurrencies. The business of cryptocurrencies will reach a new high.

aso118

legendary

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★Nitrogensports.eu★

Quote from: squatter on August 07, 2018, 10:14:38 AM

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency! Roll Eyes

Banks are not being forced by market forces to accept Bitcoin. They don't even act as custodians for people's cryptocurrencies. They just provide a way for people to take Bitcoin exposure.
Things will change when deposits and loans are made in cryptocurrencies. That will truly revolutionize the business model of financial institutions.

chidrawarster

full member

Activity: 406

Merit: 100

It's indeed a good news for all the Crypto space we'll wishers. This way atleast banks will understand the volatility of btc and also the major setbacks as well in tandem. However., as long as banks are just concerned with their fees and all crypto space could afford that, rest they will charge from customers. I suggest everybody to just read the terms and conditions of banks before getting into crypto world.

darkangel11

legendary

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Don't let others control your BTC -> self custody

Quote from: eternalgloom on August 09, 2018, 02:39:53 PM

I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

Same here, especially since taxes in Switzerland are high and they are also taxing your income from Bitcoin, even if you lose the coins somehow or don't realize the profits.
I'd see this move as a way to spy on crypto users. The main problem of government agencies is to assign coins to IDs, so that in future they can track the coins and if any of them end up in an illegal business they will start knocking on doors of its previous owners. If you send coins directly to a bank you're literally signing them.

eternalgloom

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I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

BitCoinGuy10

newbie

Activity: 188

Merit: 0

This is a really good move for the crypto scene according to me. More people will be interested when they will get to know that banks are also getting interested in working with cryptos. But the pull back here is that; the main objective of cryptocurrencies is to remove the necessity of going to any bank; so here it contradicts with the actual cause.

Topic: Customers in switzerland can now send their cryptocurrency to their banks - page 3. (Read 513 times)