Topic: Does the bank glad to support cryptocurrency trade? - page 2. (Read 497 times)
Banks will never support cryptocurrency as it will directly affect the market capitalization of the Banks leading to decrease in their profits. Because of this reasons, only the Government are supporting the banks and banning Cryptocurrency as Banks are the most powerful economic generator of any Country.
So many Banks for now are still not in supportive of Bitcoin because of its Deregulation purpose which devoid them the opportunity of interest Discounting on transactions, and basically because of its Decentralization simultaneously. However, Exchangers that are avoiding Wire transfer of various forms may have their different reasons for doing so. Probably because of unsafe Record keeping and many more. But the fact remains that few of them are still operating at that level.
In economy world there is no word 'glad or not glad' everything use strategy, politic and a chance. For me cryptocurrency (who have base on blockchain) and bank is an contradictory place. Bank will refuse cryptocurrency came, but human as a consumer will need cryptocurrency for make easy life.
But in fact we the user of cryptocurrency still need a bank now. Some country who ban cryptocurrency will need a bank for exchange coin to money physic. We can't enjoy our money without bank for now, it will be good if cryptocurrency and bank will be together for help us, and us will help bank and cryptocurrency exist.
But in fact we the user of cryptocurrency still need a bank now. Some country who ban cryptocurrency will need a bank for exchange coin to money physic. We can't enjoy our money without bank for now, it will be good if cryptocurrency and bank will be together for help us, and us will help bank and cryptocurrency exist.
I think the obvious reason would be is that the cryptocurrencies can’t be controlled. And I don’t think the bank will support the cryptocurrency trading because it is not regulated. They can’t track the records of transactions using the blockchain technology because of its anonymity; and you know how banks works they need information such as tax records and transactions too.
The banks never support any kind of things related to the cryotocurrency field because crypto currency was found mainly to kill the third oart transaction which menas banks.But they can't do anything if we do the cryotocurrency trades in small amount because they have no clue that whr is that amount from but if we do it in bigger term they can freeze oit bank account for large flowing of money.
If they investigate more about what advantages there are in the crypto then surely they can agree on. This may be subject to their respective policies in the country.
Banks can not independently decide on the use of cryptocurrencies. Laws are binding on everyone. But banks have influence on many politicians, and so they can always lobby for their interests. It is not profitable for banks to support their competitors. Bankers can comply with the requirements of the law but voluntarily they will never recognize cryptocurrencies.
If they investigate more about what advantages there are in the crypto then surely they can agree on. This may be subject to their respective policies in the country.
in 2017 bitcoin recorded a record that became a hot potato around the world, so its phenomenal bitcoin until the banks and the government intervened. we all know that banks will never support bitcoin, because bitcoin offers such an easy system. a strong reason why governments and banks ban bitcoin, because they claim that bitcoin is not a valid means of exchange or means of payment to use. so, in my opinion until whenever the bank will never support virtual / digital currency like bitcoin. in fact there are still many reasons for this ban.
but i guess in future if we leave banks no choice maybe they will consider accepting to support cryptocurrency,we all know how crypto affecting them more depositors are going and transferring their funds inside crypto because of volatility and the privacy together with the freely feeling of having a full access and manage for your own moneycould be, sir! Make sense also the statement you mean just now, sir! hopefully in the future, cryptocurrency Have got a chance to get / get Get along with bank and the government also approved it. I think, if such circumstances are likely, cryptocurrency (bitcoin) will be a great opportunity to become a global currency. we just need to believe in every cryptocurrency movement for now.
Only after there would be a system which will be focusing no loss of taxation compared to the current system, we can expect government to come forward to adopt crypto-currency so that banks will start supporting crypto currency trade.
in 2017 bitcoin recorded a record that became a hot potato around the world, so its phenomenal bitcoin until the banks and the government intervened. we all know that banks will never support bitcoin, because bitcoin offers such an easy system. a strong reason why governments and banks ban bitcoin, because they claim that bitcoin is not a valid means of exchange or means of payment to use. so, in my opinion until whenever the bank will never support virtual / digital currency like bitcoin. in fact there are still many reasons for this ban.
but i guess in future if we leave banks no choice maybe they will consider accepting to support cryptocurrency,we all know how crypto affecting them more depositors are going and transferring their funds inside crypto because of volatility and the privacy together with the freely feeling of having a full access and manage for your own moneycould be, sir! Make sense also the statement you mean just now, sir! hopefully in the future, cryptocurrency Have got a chance to get / get Get along with bank and the government also approved it. I think, if such circumstances are likely, cryptocurrency (bitcoin) will be a great opportunity to become a global currency. we just need to believe in every cryptocurrency movement for now.
they are not glad. but they will adopting the technology to stay relevant.
Many banks fear for years about bitcoin development, the bank's concerns about bitcoin because they see so much potential for bitcoin for the future so they think about how to ban bitcoin from loyal users is too risky, but otherwise they are at a very bitcoin risk of changing the economy of society . the bitcoin bank fears will replace it.
What are banks?
Is a system that facilitates interaction between two parties that trust the third party(Bank system).
Bitcoin is P2P without need any third party.
Banks were reaping the process of converting Bitcoin to Cash.
But with the increase in the use of bitcoin and the decline in the need for that process, banks are more afraid of cryptocurrencies.
"The cryptocurrency business is completely unregulated and because users are anonymous, it's very open to being used for money laundering" said one senior banker.[1]
Is a system that facilitates interaction between two parties that trust the third party(Bank system).
Bitcoin is P2P without need any third party.
Banks were reaping the process of converting Bitcoin to Cash.
But with the increase in the use of bitcoin and the decline in the need for that process, banks are more afraid of cryptocurrencies.
"The cryptocurrency business is completely unregulated and because users are anonymous, it's very open to being used for money laundering" said one senior banker.[1]
Sources:
#1 https://www.forbes.com/sites/heatherfarmbrough/2018/02/09/why-britains-largest-bank-stopped-customers-buying-bitcoin-with-credit-cards/#58583d984a53
Answering the question on the title, it is easily a conflict of interest as banks stand aligned towards centralised model of working while cryptocurrencies are typically known to follow the decentralised model.
Why exchanges do not accept wire could be for a couple of different reasons of their own. One good reason would be the pain of maintaining offline records of all transactions for tax purposes. Another one would be the unsustainable fees which can't entirely be put on the user's side of things.
Why exchanges do not accept wire could be for a couple of different reasons of their own. One good reason would be the pain of maintaining offline records of all transactions for tax purposes. Another one would be the unsustainable fees which can't entirely be put on the user's side of things.
in 2017 bitcoin recorded a record that became a hot potato around the world, so its phenomenal bitcoin until the banks and the government intervened. we all know that banks will never support bitcoin, because bitcoin offers such an easy system. a strong reason why governments and banks ban bitcoin, because they claim that bitcoin is not a valid means of exchange or means of payment to use. so, in my opinion until whenever the bank will never support virtual / digital currency like bitcoin. in fact there are still many reasons for this ban.
but i guess in future if we leave banks no choice maybe they will consider accepting to support cryptocurrency,we all know how crypto affecting them more depositors are going and transferring their funds inside crypto because of volatility and the privacy together with the freely feeling of having a full access and manage for your own money 
we think that the banks will never support btc because it is an alternative to them and exchanges wire transfer but imagine if banks would like to create their own coin it is a matter of time for them to do so but wire transfer for exchanges is very hard to get established.
Well once crypto goes to the banks then the dream of Mister Satoshi will end.
Really? How so? Banks aren't that different from exchanges and online wallet services; they all are centralized parties holding your funds for whatever period of time. If you consider that to be the end of Satoshi's 'dream', you are just a stupid being not knowing how everything here works. Also, Satoshi's 'dream' has no meaning in this time anymore. People choose how to use Bitcoin according to their needs.Since crypto was included in the G20 topic, the alternative money become a real threat to banks so as usual they will do anything to control the marketing.
Bitcoin isn't a threat to the banking system, and especially not when you consider that banks themselves may adopt Bitcoin at some point in the future. As much as people here enjoy the benefits of Bitcoin and its potential, banks can do so too. The only thing lacking here is the regulatory framework allowing them to do so. Most governments don't fear Bitcoin because people aren't using it as currency to bypass fiat transactions, and as long as governments don't see that change, there is nothing to fear for them, and that makes sense.
As of now, banks are benefit in cryptocurrency because fiat currency is still using by the people around the world. Digital currency is not totally used by all people, it just serve as a means of exchange, currency and asset but only a small portion of the world. However, if the fiat currency is still there, banks are also need in the economy. And that's what I think that banks are glad in crypto because they are benefiting by cryptocurrency right now.
Yes, 1.They cannot control the cryptocurrency.
They indeed cannot control the decentralized cryptocurrencies we have today, but they can make their own centralized crypto, enabling support for cryptocurrency trades.2.The cryptocurrency is safer, cheaper, and more private, and once the average person on the street becomes aware of this, it is even less likely to stop the rise of cryptocurrency.
It is also likely that some countries would not make a move to stop the rise of cryptocurrency, but instead they or some institution that is under government's control to make their own one and harness it's power to benefit from the tech it has(blockchain). As we know, not many exchanges will support the international wire transfer, what is the mainly reason in it?
In order for the exchange to support the possibility of using Fiat, it needs to have a license from the Central Bank of the country in which it operates. It's complicated. We all know that bankers are opposed to supporting the use of cryptocurrencies. The main task of the appearance of cryptocurrency was an alternative to Fiat. Therefore, many exchanges do not want to support Fiat.Yeah may be right. The alternative currencies are made so that we can have borderless transactions. I mean why should we again push ourselves into the chaos of getting the attraction of banks and government while transferring the money. We can just send the funds over to other addresses without even any documentation, proof of identity and all the hassle involved in that way. In todays date the bank wore could cost more than 50 bucks for nay amounts you send over the wire. However, with the crypto currency you might just need to pay few cents of fees to transfer any giant amount that you want to send.
Neither banks will entertain the crypto exchanges nor any decentralised community will try to shake the hands with the real world banks. That would be awkward.
As long as your cryptocurrency exchange has an option for wire transfers then there is no problem for you or your bank account. And I think you have created this thread because you are misinformed about banks banning accounts related to cryptocurrency, well there is no such thing and it is all FUD, voiding a wire transfer from an exchange is not a valid reason for banks to not accept your wire transfer, it is like stopping you from receiving your own money. Also one of the main reasons why they don't have wire transfers is they want you to deal with it personally using your own appropriate crypto wallet, I don't think that all exchange have the capacity to be an all in one service.
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