Topic: German Bank announces to support Bitcoin; says it's important to own private key - page 2. (Read 772 times)

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.

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.

A great explanation so far to adopt Bitcoin. This is what I was thought exactly how Bank should adopt Bitcoin. It doesn't matter Bitcoin is decentralized, it could use by a centralized organization. German Bank just realized the importance of Bitcoin and they don't like to stay back. Though it's the beginning more central Banks should take a lesson from here. We would see someday the central Bank consider Bitcoin as reserve money. To be honest, explanations are enough to adapt Bitcoin and open for Citizens to deal with it rather than deal illegally. Seems German banks going to start with Good practice especially about storing Bitcoin. It's the most important thing they highlighted.

At least, those of us who think Bitcoin will be the death of fiat will have a rethink now. As time goes on, certain misconceptions of our hearts are brought to the fore and corrected. This is why we should objectively (and not subjectively) access all situations at all times.

The growth of cryptocurrency should be a synergy between it and the bank. I believe the expectations that one will lead to the extermination of the other is a misplaced thought.

I expect more banks to join in the imitation of what Volksbanken Raiffeisenbanken has done.

Why suspicious?  
In Germany it's a bit different, it's not wallstreet here.  

There was a story about a little bank in a small town, a Raiffeisenbank. There was one employee, the bank didn't had internet until 2009. Founded as a traditional Raiffeisenbank, it was important for the saving of the village.
There's a small story in German: https://www.genonachrichten.de/2021/02/16/fritz-vogt-und-die-raiffeisenbank-gammesfeld/

Things have changed a bit ofcourse but the story is very inspirational.
Not all banks are greedy but "free market" competition has made bigger banks more profitable driving out Banks like described in the article.




From what the board director said, that's not what Volksbanken Raiffeisenbanken are planning. It's completely the opposite.
Owning private keys and self-custody is very important and will part of their Bitcoin education.


 
Buy / sell will require KYC but as customers are already KYCed for their bank accounts, no additional KYC will be needed.
At least a different German Bank (Sparkasse) will handle it like that.

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While Bitcoin remains at 40% Bitcoin-dominance, it's quite a big part.
And I like the idea of only offering Bitcoin for now, because it's a fact that most Altcoins are Shitcoins and a risky investment. The Shitcoin manufacturers have still much power; Shitcoins are not really decetralized.
We only need to look at CMC: Top 10 coins have changed very often, Bitcoin always stays number one.

People who want Altcoins might get informational material about it too. But we don't know yet.


Quite possible.

They don't want to custody the bitcoin of their customers to avoid the german cryptocurrency regulations. So they won't ask additional KYC procedures for these services according to what they claim in the article.

https://www.profil.bayern/12-2021/praxis/bitcoin-wir-lassen-unsere-kunden-nicht-alleine/

My point was, if you can't lend or take a loan in decentralized way, you would need to do it in centralized way, so banks are needed for that. Of course you could make a private contract without intermediaries, but it would be too risky, so it's better to put your coins in a bank if you want to earn interest.

That's not really bullish... Most of people are not interested in Bitcoin because it is too slow and too expensive to be used in real life then I'm not sure they will convince many customers if they only offer Bitcoin.

I'm curious to see what they will offer to their customers? A new hardware wallet like trezor/ledger branded "Volksbank Raiffeisenbank Bayern Mitte" or something like opendime/tangem?

Even if that's the reason, they could have greater gains if they promoted an altcoin instead, which is far more centralized and easier to manipulate. Even if they enforced their users to use it custodially, they don't have much to gain and they're against its purpose. Zoom out and see that the existence of it is against its purpose.

We shouldn't expect from the banks to spread the usage of bitcoin, it's ironic. Bitcoiners, remember your moto! Bitcoin = Liberty ≠ Subjugation = Banks!

Banks only exist because of profits and control of money, so it sounds a bit suspicious they would allow customers to own bitcoin on their own wallets.
I am thinking how they are planning to make their own centralized wallets, something like it was done in El Salvador with Chivo wallet, but that is just my speculation.
I also doubt bank would allow anyone to hold Bitcoin without revealing kyc customer information, maybe even worse than some centralized exchanges are doing now.

It's possible, but this would be major news in Germany and worldwide, and I didn't hear anything about this.
However, some of their board members and investors probably invested in Bitcoin as part of their portfolio.

Maybe, they have invested big in Bitcoin 

From their announcement, I would say yes to the bold part. But we have already a model in Germany, different from a trading platform: Bitcoin.de. It's like an open marketplace.
Could also be an option for Volksbanken Raiffeisenbanken maybe...

But the procedure isn't clear yet.

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We don't know much yet about their business model but I expect higher fees similar to ATMs.

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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.  

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Banks like Volksbanken Raiffeisenbanken are a bit different from what we know about Americans banks, so profits are important but not that important.
We discussed profits here:

This is very interesting news and forum is the first place I heard about it, it's even more interesting when we know that Raiffeisenbank is operating in my other European countries and not only in Germany.
It's true that banks can't do anything on their own but in reality we know they are all supporting politicians that can speed up adoption of Bitcoin.
Question I am asking myself is why would a bank do such a big deal related with Bitcoin if they don't have some benefit and profit from this deal, there must be some hidden agenda I can't see right now.
Looks like a step in a good direction but let's wait and see what happens in next few months.
 

Really admirable step towards the upcoming future of the Crypto world. These are not only admirable but also appreciable steps and every country must have to follow them.

Nowadays banks are taking it for granted as digital assets in many countries, but soon it will become mainstream for payment or mode of exchange for goods and services in many countries as more and more users are getting into the digital economy.

Adoption of such an innovative and revolutionary concept is a bit harder for many countries, but as we all know Bitcoin is completely decentralized, no one control it. It is an open-source, transparent, and peer-to-peer network that keeps a record on the ledger for every transaction made within the network. Along with no one control Bitcoins price.

So in such specific conditions, no country or government has control over Bitcoins production, No control over Bitcoins distribution, even no control over its price volatility so, how can any government make law for it.

Better to adopt it and make the legal framework for taxation is the only way for many countries to regulate it.

Most governments support bitcoin, but certainly not as a currency or mean of payment. Government support for bitcoin has so far been limited to trading and investment assets although some countries have legalized it as a means of payment but the majority have not. The ban on bitcoin is only carried out by a small number of countries in the world because most have been legalized by statutory provisions as a tradable asset. Only china bans all bitcoin activity and all altcoin, I won't talk about them here.

Banks actually know what they can get if they want to have a service for bitcoin, yes that's an advantage. Bank can generate profit from bitcoin transaction where it is the thing they are most likely to get from users, this support is of course for various reason because banks and bitcoin are rivals in the financial system. But what is surprising is, they educate people on how to have good security when someone has bitcoin in their wallet.

More banking institutions getting on board could actually be a signal for governments support for cryptocurrencies but of course having legislation which dictates the governments position will take time but this on its own is a win win for everyone! Hope more banks join this crypto journey.

Not bad news. If I am not mistaken, Germany has some more or less lenient views on taxing crypto income (Crypto that's been held for 2 years or more is not taxable).  Banks offering crypto services in business operations is a smart move, it might even push other banks in the EU to do the same.

Of course, from the beginning, the Bank was always challenged with Bitcoin, but here we are facing a moment that is quite strange. German banks break the concept of banking. We don't know what is the meaning behind all this. But it becomes a turning point for anyone who is dealing with Bitcoin will eventually succumb little by little. Whatever the German Bank is doing. Hopefully, it will provide good service and provide benefits for the welfare of the community in terms of Bitcoin ownership.

Wow, how I almost missed this news! It's wonderful!
It's not only that the board director tells about the correct moves, but education is very important. And Germany is a powerful trend setter in Europe, and German banks are spread all over Europe. I wish it work out. It can be the thing, the big change. I'm impressed.

The attitude of many people who understand Bitcoin is that we don't need banks and that Bitcoin was created just to get around them when we do transactions. But given that banks exist for profit, we could have known that things like this would start happening sooner or later and that none of us could do anything to prevent it. If banks had a modus operandi introduced in the OP, then they would do minimal damage, while at the same time helping to promote and adopt Bitcoin - because it is an indisputable fact that most people still fully trust the banks.

Consequently, the question arises as to whether Bitcoin can use banks as a Trojan horse to spread among a population that still has a completely wrong notion of what Bitcoin really is?