First Liechtenstein bank to directly sell cryptocurrencies

alyssa85

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Quote from: Eternu on March 01, 2018, 10:41:52 AM

I guess you are right about newbies, for some people it is easier to go via banks. But still its less than good choice. Invested time into learning is not wasted time, and on longer terms it would pay out even more than going via banks. As you probably know, in crypto trading easier way is most of the time wrong way to go.
I don't like banks, maybe that is why I don't support banks entering crypto world. But I guess it was inevitably, and it could bring price of crypto up, which is good at the end.

In December, there was enormous interest in cryptocurrency, and only Coinbase was operating normally and able to take advantage of that. Kraken had closed to new members and their trading engine collapsed. Bitfinex had also closed to new members and was having problems with banking. Even Bitstamp closed to new members for several weeks.

Basically existing exchanges dropped the ball, which is why we are now seeing banks moving into the space to take advantage.

Eternu

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Quote from: alyssa85 on March 01, 2018, 10:24:42 AM

Quote from: Eternu on March 01, 2018, 10:01:33 AM

Being able to invest in crypto that they support once a day sounds like bad idea. Also I am not sure why would people use banks and pay for their services for something they can do theirselves.

Noobs who are struggling with all the KYC requirements from the normal exchanges tend to use services like this. Don't forget many bitcoin exchanges closed to new members because they couldn't handle the demand.

So if you were a noob, dealing with your existing bank (where you don't have to do KYC as you already have an account with them), is preferable than taking a risk in localbitcoins or trying to register with foreign exchanges.

I guess you are right about newbies, for some people it is easier to go via banks. But still its less than good choice. Invested time into learning is not wasted time, and on longer terms it would pay out even more than going via banks. As you probably know, in crypto trading easier way is most of the time wrong way to go.
I don't like banks, maybe that is why I don't support banks entering crypto world. But I guess it was inevitably, and it could bring price of crypto up, which is good at the end.

Radientgurkin

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Quote from: dothebeats on March 01, 2018, 10:15:22 AM

Why would someone in their sane mind pay a bank to manage their investements especially crypto, knowing that it's easy to handle it on your own? As I can see this would only be a money grab by the bank and might sound appealing to unknowing people because, well, it's the bank dudes who'll handle their money.

Banks and crypto don't match well, and this one might not even get some serious attention since investing in crypto can be done even without intermediaries. And it's even more flexible to just use a crypto exchange rather than let the banks do the trading, or just let the money sit in their platforms.

Very good point. Why would anyone use this service? Huh

My only guess is noobs (particularly unsavvy noobs) would be more comfortable with a middleman handling the technical issues.

But I will say this: Even if I would never recommend this I'm happy crypto related services are spreading, regardless of the supplier.

alyssa85

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Quote from: Eternu on March 01, 2018, 10:01:33 AM

Being able to invest in crypto that they support once a day sounds like bad idea. Also I am not sure why would people use banks and pay for their services for something they can do theirselves.

Noobs who are struggling with all the KYC requirements from the normal exchanges tend to use services like this. Don't forget many bitcoin exchanges closed to new members because they couldn't handle the demand.

So if you were a noob, dealing with your existing bank (where you don't have to do KYC as you already have an account with them), is preferable than taking a risk in localbitcoins or trying to register with foreign exchanges.

dothebeats

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Why would someone in their sane mind pay a bank to manage their investements especially crypto, knowing that it's easy to handle it on your own? As I can see this would only be a money grab by the bank and might sound appealing to unknowing people because, well, it's the bank dudes who'll handle their money.

Banks and crypto don't match well, and this one might not even get some serious attention since investing in crypto can be done even without intermediaries. And it's even more flexible to just use a crypto exchange rather than let the banks do the trading, or just let the money sit in their platforms.

Eternu

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Being able to invest in crypto that they support once a day sounds like bad idea. Also I am not sure why would people use banks and pay for their services for something they can do theirselves.

Cold storage is used for holding crypto for longer time, not sure how this bank would use cold storage for day to day trading. Which means they have their own system for trading and transferring crypto later on, and that is nothing new. So again, I don't see point in using their services. At least that is what I think.

alyssa85

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https://captainaltcoin.com/first-liechtenstein-bank-directly-sell-cryptocurrencies/

Quote

Bank Frick has made it possible to trade five crypto currencies with immediate effect, as the Liechtenstein-based bank announced on Wednesday.

Professional investors and financial intermediaries can invest in the digital currencies Bitcoin, Bitcoin Cash, Ether, Ripple and Litecoin once a day via the Frick platform. Cornerbank, Falcon, IG Bank, Leonteq, Swissquote and Vontobel already offer similar services in Switzerland.

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