The Best Bitcoin Banks of 2020 | Bitcointalksearch.org

Sirait

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Quote from: Chris Barth on November 06, 2020, 03:35:43 PM

~snip

^ Banks accept Bitcoin = just a dream. The only thing in the mind of the Bank is the profit, the Bank is never sincere to its customers. when the bank finds out you have a lot of Bitcoin they will lick you.

now we already have the best hardware and software wallet swallow that is very safe, it is more than enough to be our own bank.

Chris Barth

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It's great to know that some banks out there supports bitcoin.

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What is the best bank for your crypto?

None! Unfortunately for me and the fellow bitcoin enthusiasts in my country, banks do not support bitcoin. Once they notice that your account has something to do with it, they lock up your account, ask you for KYC verification, and some stories that can piss one off.

Quidat

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Quote from: Krislaw on November 06, 2020, 02:58:28 PM

Well, the list is short and we hope more institutions embrace it. But have it in mind that these are financial institution which are being monitored by government bodies. Always prepare for issues from government because they'll try to make things centralised.
Even if they have their own blockchain, they can't be 100% trusted for saving funds, they are third party and third parties aren't supposed like them will give a lot of terms.

When you do build a bank then its anticipated or already expected that it is heavily centralized and how the hell would somebody will make use of these institutions
if Bitcoin itself doesnt really need to be banked at all? We are our own banks but im still shocked that there were still people whom do make use of these things
which this isnt different when you do put up your own money on conventional banks.You are just simply risking out your funds and might face up some
future headaches soon.

Always bear in mind that not your keys = not your coins and if you do decide to make up some deposit then think up the possibilities.

20kevin20

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To be honest, I would not trust any bank at all. While some of them seem to be friendly, I would never hold any crypto funds on there. Crypto hodlers are considered suspects in way too many cases and that makes me wonder why I wouldn't be one if I ever wanted to hold crypto in my bank account.

And then, considering that harsh limits are right now being rolled around the world with cash txs, I suppose the situation with crypto txs will get much worse soon. I'd avoid linking any kind of crypto activity with my banks. I'd rather be my own bank instead.

Krislaw

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Well, the list is short and we hope more institutions embrace it. But have it in mind that these are financial institution which are being monitored by government bodies. Always prepare for issues from government because they'll try to make things centralised.
Even if they have their own blockchain, they can't be 100% trusted for saving funds, they are third party and third parties aren't supposed like them will give a lot of terms.

famososMuertos

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None.
But it's absurd to think it's the inevitable forced marriage to which you can't say No. Well at least I have a hidden romance with bitcoin.

In the practical reality of those of us who have lived closely with the abuse of banks, we regret that we almost "never" can make a p2p in the complete and absolute concept that it represents. The necessary third party should be an option and not a condition.

Banks want to be a condition.

AjithBtc

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As of now we haven't got much banks to function completely on bitcoin allowing deposits of cryptocurrencies. Whenever there is a discussion about bitcoin banking someone will state bitcoin itself serve as it's own wallet. Just because we've got the private seed we can't state it to be a bank. Bank does lot many things than a single wallet does. As per my view one can compare the DEFI as the banking of cryptocurrencies with the traditional one.

bittraffic

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Banks will help the adoption as it will open its users to using cryptocurrency like BTC. I bet some of them are buying BTC bit by bit because they are also rooting for BTC somehow before the pandemic had started. The scenarios that we might not get our BTC bank is just a scarier scene than storing cryptocurrency in a bank account. Cryptocurrency does not belong to a bank, it's supposed to be used online.

Coins and tokens are actually in the blockchain and all we have are access to it using our private keys which basically still ours. If you store it in a bank, would this mean the bank will have to learn about your wallet's private key?

Yey09

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In crypto you can be your own bank. For what you need another one? You can combine your wallet and traditional bank without mixing it

LFC_Bitcoin

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Worldwide, mass adoption is coming so banks have no choice but to allow & accept bitcoin use through their systems. It’s either join them or get left behind. Companies like Coinbase have been a helpful bridge from crypto to mainstream banking. Many crypto companies used to have trouble getting mainstream banks to accept their business but that isn’t the case any more.

suzanne5223

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Quote from: Tytanowy Janusz on October 16, 2020, 06:35:01 AM

That's what i'm the most scared about. Banks accepting and storing bitcoin for you... All for the convenience of the end user. Great.

Banks were also storing gold and giving us piece of paper for our convenience (convertible back to gold anytime) Try to get your gold back now

Impossible after 1970.

Second step after reaching enough customers? Those banks will implement their old school tricks - fractional reserve system and Bitcoin supply will grow to 200 mln (offchain supply in banks system) - https://bitcointalksearch.org/topic/m.49096584

The only good way of storing bitcoin is your own wallet. Otherwise, you are risking loosing money or harming bitcoin by allowing others to inflate it.

First, if we want Bitcoin to be mainstream will need the institutions to come in and I think we need to be happy that the institutions now have some interest in Bitcoin which is a sign that the future is totally bright for cryptocurrency. Despite, their interest in Bitcoin we should always be prepared for issues that may arise cause the institutions can't do without their centralization ethnic and with cryptocurrency exchange like Kraken having the license to operate as banks things shouldn't be that bad.

ChrisPop

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Not your Keys, Not your Bitcoins

From the five listed in the OP I only know Wirex and Bitwala. I have heard that Wirex is in full expanding after they secured a partnership with Mastercard if I am not mistaken and now they are in the process of raising funds to further accelerate their growth.

I'd have to make some further research to come with an educated answer, though.

CarnagexD

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Banking your cryptocurrencies defeats the very essence of having cryptocurrency in the first place, decentralized network puts into centralized network does not sound too well to me honestly. I don't wanna blame people for having bank or their currency though, they choose it because they see something else more than what we see. However I don't suggest letting your cryptocurrencies just sleep in another's arm!

so98nn

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Quote from: Tytanowy Janusz on October 16, 2020, 06:35:01 AM

That's what i'm the most scared about. Banks accepting and storing bitcoin for you... All for the convenience of the end user. Great.

Banks were also storing gold and giving us piece of paper for our convenience (convertible back to gold anytime) Try to get your gold back now

Impossible after 1970.
[…]
The only good way of storing bitcoin is your own wallet. Otherwise, you are risking loosing money or harming bitcoin by allowing others to inflate it.

Somehow it’s true. Change is always good and here we see lot of upgrades in the bitcoin usage. The fact that these changes are being made to ease the use of it somehow indigestible due to the way they are portraying it. What I mean is, they are compromising the very nature of anonymity. If we had to the bitcoin into banks then man what’s wrong with the real money???

We can always have best of both worlds if real banking stays real, and well bitcoin stats bitcoin. Isn’t it ?

The Cryptovator

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I don't know why, but I can't access your article from my browser. Even tried from the Tor browser but still, access denied. I was quite curious to read your article about Bitcoin bank.

Quote from: Bitcasino.io Support on October 16, 2020, 06:18:07 AM

What is the best bank for your crypto?

Sound like centralization, isn't that? Bank means a third-party organization, which wasn't the goal of bitcoin creation. Bitcoin slogan is "be your own bank". So the best bank for me, my own hardware wallet.

romero121

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Often used to see on some articles that bitcoin is accepted by specific bank, further we never get any information regarding the same. This way till date several banks have started to accept and store bitcoin. Same time more banks have restricted and stopped services for bitcoin associated businesses. As of now we can't make any conclusion on the list of banks working with bitcoin and the best from that list.

kryptqnick

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I think it's good that some banks are joining the market and trying to offer services to crypto users. I understand how such a bank would be very useful for, say, a business that accepts Bitcoin because many banks would not be willing to deal with businesses that have anything to do with cryptos. I think this can also be a good solution for people who want to try using Bitcoin, but prefer it when money is in the bank (it looks more trustworthy to them this way), so they might join the market thanks to such banks. And if there were a reputable crypto banks accepting customers from my country, I'd probably give it a try. However, banks undermine the whole point of Bitcoin because with Bitcoin one doesn't need such an intermediary to perform transactions.

avikz

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Quote

Which Bitcoin-friendly banks should you know?

SEBA
WIREX
Bitwala
Fidor
LHV

Does it mean people can keep cryptocurrencies in their own bank account if the accout belongs to any of these banks?? If yes, then it's a great news! I know many people would oppose to this thought. But I believe such things wil only help in increasing bitcoin adoption among the mass!

A common people is always afraid of doing something illegal. However, if they see banks are accepting cryptocurrencies, that would definitely make them interested about it! That's what matter at the end of the day!

Lucius

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Quote from: davis196 on October 16, 2020, 07:44:09 AM

I've never heard anything about the so called "Bitcoin-friendly banks" in your list.
The whole purpose of Bitcoin was to never use a bank again in your life.Now everyone is just talking about whether or not the banks will accept Bitcoin.Maybe that's why Satoshi left the BTC community-too many centralized third party solutions and services on top of the Bitcoin Core blockchain.

Well at least Wirex and Bitwala are pretty famous (at least to me personally) because they’ve been mentioned a lot on the forum over the past few years. Bitwala had a service that offered prepaid cards, but like many others was forced to suspend the service at a time when Visa and Mastercard decided to stop working with crypto related services. What I do know is that Bitwala today is a very serious service based in Germany, and provides services for anyone who wants to buy, trade with crypto or have a Mastercard card linked to their crypto account.

Quote from: https://en.wikipedia.org/wiki/Bitwala

In September 2018, Bitwala raised 4 million Euro from venture capital investors Earlybird and Coparion, enabling them to proceed with their re-launch November 2018. In December 2018 Bitwala launched Europe's first regulated blockchain banking solution that enables users to manage both their Bitcoin and Euro deposits in one place with the safety and convenience of a German bank account. The bank account is hosted by the Berlin-based solarisBank.

I think it’s very illusory to expect that Bitcoin can change the way people look at finances in just 10+ years, it’s just too little time. Speculation as to why Satoshi disappeared is different, but I’m sure there was nothing in this sense in 2010 that would make him disappear, because that was the very beginning. In my opinion, perhaps the best reason for his disappearance (if it was voluntary) is that he wanted to avoid Bitcoin being in any way connected to just one man - he started the whole thing, but in order for BTC to be fully decentralized he left everything to others.

royalfestus

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Though the anonymity of bitcoin is not an attractive feature any more, it could also be a disadvantage for security. In most cases all what we need to a wallet is the private keys, especially for those who demand sole custody of their asset. Giving banks your private keys looks even more dangerous to me. Any hack whatsoever makes you asset gone, which could not be traced or recover. It share most disadvantages of hard wallet, so one custody is still safer if you know how to keep it.

Topic: The Best Bitcoin Banks of 2020 (Read 347 times)