German Bank announces to support Bitcoin; says it's important to own private key

Zlantann

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Quote from: Marvelman on May 08, 2022, 12:44:56 PM

It is unfortunate, but it is true. A couple of days ago, I visited one of the Raiffeisen offices in my city and the staff there did not know that anything like this was planned in our branch.
Normally they get information a few months before the launch of any new service. However, they haven't received anything regarding cryptocurrency yet.

This Bitcoin support policy by Raiffeisen bank is a new innovation, hence the bank needs sometime to expand this bitcoin services to other branches. The bank would need to test this services in few branches to ascertain its effectiveness and ineffectiveness. Corrections would be made where necessary to improve this service. After that Raiffeisen bank's bitcoin services would be extended to other branches until every branch adopts and give the services. Its a good news for bitcoin and we expect this bold step by Raiffeisen bank to open the door for more banks to come into the bitcoin world.

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Quote from: Marvelman on May 08, 2022, 12:44:56 PM

Quote from: fillippone on May 06, 2022, 06:04:39 PM

Quote from: Marvelman on May 01, 2022, 04:03:50 PM

Quote from: tygeade on May 01, 2022, 03:40:12 PM

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

I am also not German but we have a Raiffeisen bank in my country as well. Good news indeed, and I hope to see a similar service being offered at our branch in the future. Besides providing safer storage options for Bitcoin cold wallets, this will also make Bitcoin more accessible to anyone, regardless of where they are or who they are.

Sadly, I guess that product offering in various EU countries is subject to local regulators. So different criterium must be followed for the same product sold to different European countries. This is a mess often preventing the same service or products being offered to every European customer. Yet another example of politics-induced subpar treatment of the European customer.

It is unfortunate, but it is true. A couple of days ago, I visited one of the Raiffeisen offices in my city and the staff there did not know that anything like this was planned in our branch.
Normally they get information a few months before the launch of any new service. However, they haven't received anything regarding cryptocurrency yet.

This is weird. I guess that given the supposedly high reputation al risk involved with cryptocurrencies any product related procedure to be extra cautiously tested. And this involves sales team training, or at least indication to escalate toward more specialised desk.
Not being able to answer basic client request doesn’t fit very well into this.

Marvelman

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Quote from: fillippone on May 06, 2022, 06:04:39 PM

Quote from: Marvelman on May 01, 2022, 04:03:50 PM

Quote from: tygeade on May 01, 2022, 03:40:12 PM

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

I am also not German but we have a Raiffeisen bank in my country as well. Good news indeed, and I hope to see a similar service being offered at our branch in the future. Besides providing safer storage options for Bitcoin cold wallets, this will also make Bitcoin more accessible to anyone, regardless of where they are or who they are.

Sadly, I guess that product offering in various EU countries is subject to local regulators. So different criterium must be followed for the same product sold to different European countries. This is a mess often preventing the same service or products being offered to every European customer. Yet another example of politics-induced subpar treatment of the European customer.

It is unfortunate, but it is true. A couple of days ago, I visited one of the Raiffeisen offices in my city and the staff there did not know that anything like this was planned in our branch.
Normally they get information a few months before the launch of any new service. However, they haven't received anything regarding cryptocurrency yet.

Vaskiy

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Quote from: fullhdpixel on May 07, 2022, 04:45:23 PM

Quote from: Disruptivas on May 06, 2022, 08:55:15 PM

WOOOOOW!!!!

It's amazing man! Recently, with all the news about the war in Ukraine, we've seen many CEOs of exchanges talking about the importance of customers not keeping all founders on exchanges, in regards to concerns about government censorship. It was very nice behavior and good advisers. He showed how the ethical and rational side can prevail over business interests.

Seeing this same perspective and behavior of German bank is super interesting. I really hope they are examples to be followed.

Indeed it's amazing and refreshing at the same time to see a news like this because we all know that banks are always allergic to cryptocurrencies and they even created their own version of cryptos but only it's centralized.

I didn't know that there is still a hope for those banks to change their perspective and accept cryptos the way it was. Banks supporting cryptos is already a big thing to us, much more if they educate the people about the importance of having their own private keys. That's a generous offer but I am not sure if other banks on other countries will follow the same path because for them, their local currencies are still more important.

To educate people about the cryptocurrencies and the process involved it is good to have their own support centers similar to banks at specific locations. This will bring more common people towards cryptocurrency and the user-friendly applications will make cryptocurrencies reach the low bottom of the people with ease.

fullhdpixel

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Quote from: Disruptivas on May 06, 2022, 08:55:15 PM

WOOOOOW!!!!

It's amazing man! Recently, with all the news about the war in Ukraine, we've seen many CEOs of exchanges talking about the importance of customers not keeping all founders on exchanges, in regards to concerns about government censorship. It was very nice behavior and good advisers. He showed how the ethical and rational side can prevail over business interests.

Seeing this same perspective and behavior of German bank is super interesting. I really hope they are examples to be followed.

Indeed it's amazing and refreshing at the same time to see a news like this because we all know that banks are always allergic to cryptocurrencies and they even created their own version of cryptos but only it's centralized.

I didn't know that there is still a hope for those banks to change their perspective and accept cryptos the way it was. Banks supporting cryptos is already a big thing to us, much more if they educate the people about the importance of having their own private keys. That's a generous offer but I am not sure if other banks on other countries will follow the same path because for them, their local currencies are still more important.

Disruptivas

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WOOOOOW!!!!

It's amazing man! Recently, with all the news about the war in Ukraine, we've seen many CEOs of exchanges talking about the importance of customers not keeping all founders on exchanges, in regards to concerns about government censorship. It was very nice behavior and good advisers. He showed how the ethical and rational side can prevail over business interests.

Seeing this same perspective and behavior of German bank is super interesting. I really hope they are examples to be followed.

lornadane

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Quote from: Marvelman on May 01, 2022, 04:03:50 PM

Quote from: tygeade on May 01, 2022, 03:40:12 PM

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

I am also not German but we have a Raiffeisen bank in my country as well. Good news indeed, and I hope to see a similar service being offered at our branch in the future. Besides providing safer storage options for Bitcoin cold wallets, this will also make Bitcoin more accessible to anyone, regardless of where they are or who they are.

This is good news about the development of bitcoin even though the bitcoin market is currently down, but this news illustrates that bitcoin is getting more and more in demand and expected among the public.
But on the other hand, bitcoin type is growing and alive and easy to access here and there, maybe the government will also implement regulations for every user who uses bitcoin in their lives.

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Quote from: Marvelman on May 01, 2022, 04:03:50 PM

Quote from: tygeade on May 01, 2022, 03:40:12 PM

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

I am also not German but we have a Raiffeisen bank in my country as well. Good news indeed, and I hope to see a similar service being offered at our branch in the future. Besides providing safer storage options for Bitcoin cold wallets, this will also make Bitcoin more accessible to anyone, regardless of where they are or who they are.

Sadly, I guess that product offering in various EU countries is subject to local regulators. So different criterium must be followed for the same product sold to different European countries. This is a mess often preventing the same service or products being offered to every European customer. Yet another example of politics-induced subpar treatment of the European customer.

Marvelman

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Quote from: tygeade on May 01, 2022, 03:40:12 PM

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

I am also not German but we have a Raiffeisen bank in my country as well. Good news indeed, and I hope to see a similar service being offered at our branch in the future. Besides providing safer storage options for Bitcoin cold wallets, this will also make Bitcoin more accessible to anyone, regardless of where they are or who they are.

tygeade

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Quote from: fillippone on April 30, 2022, 04:14:39 AM

Raffaisen Volksbank Bayern Mitte is moving in the right direction.

They are selling Hardware wallet, but also letting their customers deposit the Bitcoin in their cold storage.
Not everyone has the possibility, or the knowledge to self-custody.
The choice is theirs.

This is actually an improvement in the world banking where I wouldn't really expect it to be at this time. I mean maybe in 10 years we could see this becoming a bit more common, but in today's world I would have expected banks to be quite against bitcoin instead of being supportive of it.

I am not a German so I do not know what will happen or how it will happen, but I know for sure that this is a good news for bitcoin and Germans who uses bitcoin. Let's hope that they do it much better than any other exchange out there so that people would start to use it more and get the exchanges hear about their shortcomings. Exchanges have been monopoly for too long, they needed competition.

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Quote from: cheezcarls on April 30, 2022, 05:05:35 AM

Quote from: 1miau on December 30, 2021, 01:59:20 PM

Recently, a famous German Bank (Volksbanken Raiffeisenbanken, Bayern Mitte) has announced to consider offering Bitcoin services. It happened a few days ago already but it’s a very bullish news if you look at 2 facts:

1. All Volks- und Raiffeisenbanken in Germany will be likely to follow and have around 30 millions of customers.

2. How it was announced:

All employees will be educated in workshops about Bitcoin, including the most important topics.
Andreas Streb, board director, said „sooner or later, Bitcoin will be important for every Bank and every company“, so he suggested to start adopting it as soon as possible because it’s important for him to stay ahead of foreign players or even local startups. In addition he wants to offer a safe, established environment for his customers to avoid the risk to get scammed by shady foreign exchanges or getting hacked.
Only Bitcoin will be offered:
„We will only offer Bitcoin, not other Crypto assets. Quite simply because only Bitcoin is really a decentralized blockchain application and from our point of view only Bitcoin offers sufficient security against manipulation. All other crypto assets are not comparable to Bitcoin. Above all, they are not decentralized, but there are companies or business models behind influencing the respective Crypto value.“
Most important point: it’s important to own your Bitcoins:
„The most important topic when trading or storing Bitcoin is to be owner of your so-called private key, (secret key allowing access to your Bitcoin). This is where our first considerations were made.
Which trustworthy solutions can we offer for our customers? Many crypto platforms only give limited or no access to private keys because all Bitcoins are centrally stored on behalf of the customer.
[…] Bitcoin centrally stored by platforms is of course an interesting target for hackers. This also counteracts the decentralized storage in the Bitcoin blockchain. That's why we were looking for solutions in which the customer keeps his private key himself and can therefore own his Bitcoin himself.“

It’s a very bullish signal if a board director of a German bank points out what’s important about Bitcoin (education about Bitcoin’s tech, supporting a really decentralized coin (no shitcoins), not your keys not your coins).
We would expect such statements from most long-time forum members, but it’s surprising to hear it from a board director of a German bank.
100% bullish.

It was published here (German), very recommended read (if you translate it): https://www.profil.bayern/12-2021/praxis/bitcoin-wir-lassen-unsere-kunden-nicht-alleine/

This will give Bitcoin a long-term push because of the German bank’s support about it alone and not other cryptocurrencies. It’s very bullish for me in my opinion. Hopefully in a slow but surely, other crypto-friendly banks would also do the same thing.

Here in the Philippines, there are only a few banks who are friendly to Bitcoin (and there’s even one bank named UnionBank of the Philippines who had its own government-regulated Bitcoin ATM). Hopefully more banks would embrace and accept Bitcoin in open arms, but it’s not going to be easy and swift.

Germany is all over the news.
just read an article which read "Germany Drops Plan To Extend Mortgage Term For Tax-Free Sales Of Crypto To 10 Yrs"

rmhuntley

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bitcoin is indeed very difficult to hack has a very strong private key so it is very rare for hacking by irresponsible people if indeed one of the banks in Germany announces the adoption of bitcoin will certainly be a very good thing for the survival of bitcoin in the future considering that bitcoin is currently in dire need of adoption from several companies and various groups if this is really realized what one German bank said where they announced they would adopt bitcoin, and we as miners really hope that this process can be realized soon

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Quote from: 1miau on December 30, 2021, 01:59:20 PM

Recently, a famous German Bank (Volksbanken Raiffeisenbanken, Bayern Mitte) has announced to consider offering Bitcoin services. It happened a few days ago already but it’s a very bullish news if you look at 2 facts:

1. All Volks- und Raiffeisenbanken in Germany will be likely to follow and have around 30 millions of customers.

2. How it was announced:

All employees will be educated in workshops about Bitcoin, including the most important topics.
Andreas Streb, board director, said „sooner or later, Bitcoin will be important for every Bank and every company“, so he suggested to start adopting it as soon as possible because it’s important for him to stay ahead of foreign players or even local startups. In addition he wants to offer a safe, established environment for his customers to avoid the risk to get scammed by shady foreign exchanges or getting hacked.
Only Bitcoin will be offered:
„We will only offer Bitcoin, not other Crypto assets. Quite simply because only Bitcoin is really a decentralized blockchain application and from our point of view only Bitcoin offers sufficient security against manipulation. All other crypto assets are not comparable to Bitcoin. Above all, they are not decentralized, but there are companies or business models behind influencing the respective Crypto value.“
Most important point: it’s important to own your Bitcoins:
„The most important topic when trading or storing Bitcoin is to be owner of your so-called private key, (secret key allowing access to your Bitcoin). This is where our first considerations were made.
Which trustworthy solutions can we offer for our customers? Many crypto platforms only give limited or no access to private keys because all Bitcoins are centrally stored on behalf of the customer.
[…] Bitcoin centrally stored by platforms is of course an interesting target for hackers. This also counteracts the decentralized storage in the Bitcoin blockchain. That's why we were looking for solutions in which the customer keeps his private key himself and can therefore own his Bitcoin himself.“

It’s a very bullish signal if a board director of a German bank points out what’s important about Bitcoin (education about Bitcoin’s tech, supporting a really decentralized coin (no shitcoins), not your keys not your coins).
We would expect such statements from most long-time forum members, but it’s surprising to hear it from a board director of a German bank.
100% bullish.

It was published here (German), very recommended read (if you translate it): https://www.profil.bayern/12-2021/praxis/bitcoin-wir-lassen-unsere-kunden-nicht-alleine/

This will give Bitcoin a long-term push because of the German bank’s support about it alone and not other cryptocurrencies. It’s very bullish for me in my opinion. Hopefully in a slow but surely, other crypto-friendly banks would also do the same thing.

Here in the Philippines, there are only a few banks who are friendly to Bitcoin (and there’s even one bank named UnionBank of the Philippines who had its own government-regulated Bitcoin ATM). Hopefully more banks would embrace and accept Bitcoin in open arms, but it’s not going to be easy and swift.

fillippone

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Raffaisen Volksbank Bayern Mitte is moving in the right direction.

They are selling Hardware wallet, but also letting their customers deposit the Bitcoin in their cold storage.
Not everyone has the possibility, or the knowledge to self-custody.
The choice is theirs.

Wimex

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Quote

All employees will be educated in workshops about Bitcoin, including the most important topics.

Only Bitcoin will be offered:

„We will only offer Bitcoin, not other Crypto assets. Quite simply because only Bitcoin is really a decentralized blockchain application and from our point of view only Bitcoin offers sufficient security against manipulation. All other crypto assets are not comparable to Bitcoin. Above all, they are not decentralized, but there are companies or business models behind influencing the respective Crypto value.“

It is evident that this German bank made a strategic and evolutionary decision; instructing your employees about bitcoin and all the technology it encompasses will give them favorable results, since they will know how to manipulate the information and take the necessary measures in the face of any inconvenience, which will allow greater efficiency when carrying out the work. Bitcoin is a currency that will possibly dominate the financial part in a few years, and it is in itself the main currency, it has no comparison, so orienting yourself on this path is the ideal way to guarantee a significant position in the world in a future not too distant .

MinMan

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Having a bank sell something is beyond my understanding. In my nation they only deal with financials and usually work with papers and digitally and never really sell an item. To have a bank to create a product and then sell that is not something I have seen before. But in any case, this is the first bank I know of that is doing this and I believe that it should mean something bigger than people expect it to mean.

Maybe not as much as they think it would, but it is certainly something that we should all be considering at this point as a wonderful start, it could grow from here and become something usual and if all banks start to offer crypto services it would only mean good things for us.

fillippone

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Raffaisen is also going to sell hardware wallets on their branches!

@Stadicus300 informs us about this one initiative:

Probably nothing.

1miau

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Quote from: Lucius on January 02, 2022, 06:08:59 AM

Quote from: 1miau on January 01, 2022, 02:48:40 PM

It's only 1 year, so if you HODL your coins 1 year, it's tax free profits.

But I'm not sure how long it will stay that way.
I'm very surprised that it hasn't been chanced already. Cheesy

I read somewhere that this only applies to coins stored in custody wallets, is that correct?

If coins are stored centrally (exchange), it's also 1 year HODL until it's tax free but what's not tax free are derivatives (also including stocks).
But profits from real coins are tax free after 1 year, no matter if people own these coins or coins are stored on an exchange account (Binance, Coinbase etc.).

Quote from: Lucius on January 02, 2022, 06:08:59 AM

I am of the opinion that Germany is not a country that changes laws just like that, despite the fact that this particular law seems rather strange from the perspective of those in power, and incredibly good for every investor.

It's in place for Gold ounces for example and called "private Veräußerungsgeschäfte" (private sale transactions) in Germany: https://www.gesetze-im-internet.de/estg/__23.html

Quote from: Lucius on January 02, 2022, 06:08:59 AM

Croatia also has an identical model, with the difference that this period is 2 years, and that all crypto assets acquired before January 1, 2016 are tax-free. I think that such things will change only if a common agreement is reached at the level of the whole EU, which is completely unrealistic at the moment.

Yes, sounds reasonable but as far as I know, Austria has written new laws (reform) about crypto taxation recently.
Experts have said, it's a very crypto-friendly reform.

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Quote from: rozak on January 02, 2022, 02:58:27 AM

Quote from: worle1bm on January 02, 2022, 12:27:03 AM

A good move by the german banks to adopt the future payment system and provide people Direct exposure to bitcoin through it's services.The thing which makes it different from others is they are educating people at first about bitcoin so they come to know about what actually it is and how it works and all other trading aspects also as well the term shitcoins aslo mentioned in this which clearly indicates they are bullish on bitcoin only and beleive it to be true currency.Overall nice explanation and appreciate the director of this German bank who come up with this nice decision.

gradually I think some big countries are finally starting to open up with the adoption of bitcoin and the importance of blockchain technology that can be developed for banking in the country.
if more positive news like the German Bank does, I'm sure all countries in the world can start considering bitcoin for the future of world finance. some may have been pessimistic when El Salvador announced their adoption. because there are so many contradictions. but when more and more big countries give positive opinions of course it becomes a big hope for bitcoin adoption that will be even greater in the future.

After this German announcement we can expect some more from big countries in Europe because they are now having some better view about this, and they can adopt this all very easily with having very strong market already and Blockchain Technology is also developed in these countries. After El Salvador adoption many countries already studying about this all even very big community is still unable to have benefit from this because of very slow work and corrupt system is still not ready to accept all this blockchain and crypto for better way and fair for all, but we all know this could be change even take some good time.

Lucius

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Quote from: 1miau on January 01, 2022, 02:48:40 PM

It's only 1 year, so if you HODL your coins 1 year, it's tax free profits.

But I'm not sure how long it will stay that way.
I'm very surprised that it hasn't been chanced already. Cheesy

I read somewhere that this only applies to coins stored in custody wallets, is that correct? I am of the opinion that Germany is not a country that changes laws just like that, despite the fact that this particular law seems rather strange from the perspective of those in power, and incredibly good for every investor.

Croatia also has an identical model, with the difference that this period is 2 years, and that all crypto assets acquired before January 1, 2016 are tax-free. I think that such things will change only if a common agreement is reached at the level of the whole EU, which is completely unrealistic at the moment.

Topic: German Bank announces to support Bitcoin; says it's important to own private key (Read 772 times)