Why don't banks work with cryptocurrency? - page 4.

Mahanton

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Quote from: Princejebs on August 17, 2021, 07:43:58 PM

Quote from: bosede1 on August 12, 2021, 06:44:36 AM

My instinct is telling me that some of the banks may partially be working with cryptocurrency, they might not bring it to the table for everyone to see but some might be trading anonymously.

I have the feeling that they are in but since they know is risky, they wouldn't disclose it to the public especially when they know that central banks will harm their reputation.
Sometime before the ban of bitcoin in my country, some bank workers were expelled for risking and using customers money to buy bitcoin and after the last collapse, they couldn't balance sheet the money they took for investment.

Most of the time banksters would really be hating up Bitcoin or crypto generally due to its characteristics which is totally opposing centralization so its no brainer that they would really be hating crypto
wont tending to make out some integration in terms of payment system but talking individually then we dont know that theyre accumulating silently specially to those whom do see that it could really
have the potential to make profits and not really minding about on what would others said but its just dumb that they would really be making it obvious.Everything would really be silent
in terms of accumulations even though its not proven but its likely that it is happening behind.

Princejebs

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Quote from: bosede1 on August 12, 2021, 06:44:36 AM

My instinct is telling me that some of the banks may partially be working with cryptocurrency, they might not bring it to the table for everyone to see but some might be trading anonymously.

I have the feeling that they are in but since they know is risky, they wouldn't disclose it to the public especially when they know that central banks will harm their reputation.
Sometime before the ban of bitcoin in my country, some bank workers were expelled for risking and using customers money to buy bitcoin and after the last collapse, they couldn't balance sheet the money they took for investment.

South Park

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Quote from: tiCeR on August 13, 2021, 06:28:28 PM

Quote from: South Park on August 13, 2021, 05:45:10 PM

Quote from: livingfree on August 12, 2021, 05:23:05 AM

Quote from: nicecrypto on August 11, 2021, 10:28:42 AM

Quote from: Bravehash on August 05, 2021, 01:13:03 AM

They can't, crypto isn't a stable asset it's highly volatility and far different from money, it's going to be hard to see crypto and medium of exchange really because the volatile part doesn't guarantee anything

In all, I believe that is the major issue cryptocurrencies have when it comes to seeing it as a means of exchange and on a positive note, why people are more into crypto. If there was no volatility in crypto, there wouldn't be the king of profits that investors get from it and wouldn't have been investing in it that much. So, what is a positive for crypto investors is what makes it difficult as a means for exchange hence, it is different from money.

Yes, it's one issue to the banks.

A highly volatile asset can't be accepted by them and most of the banks aren't really looking forward in adopting cryptocurrencies with their services.

But there might be some open-minded banking management that shall adopt this soon in the future. The crypto market is showing unstoppable potential and growth so they won't ignore it.

If bitcoin was anything other than a currency you can be sure that they would have adopted bitcoin already as it is widely known that banks have no problem investing in all kind of speculative assets as long as there is the potential to make a lot of money, the problem is that bitcoin is a direct competitor to their business, and not only it is a competitor it is probably the biggest competitor that they had to face during the last centuries and they do not like this one bit.

The difference being with Bitcoin that banks are not the ones who earn a fee from every single transaction being made on the Bitcoin network. Earnings from transaction fees in the banking system are the easiest earnings you can make. It is all automated and you just let it run and take a cut every single time someone makes a payment. They don't have that guaranteed income anymore if a currency like Bitcoin would overtake that role and destroy that business branch for banks. Not that banks make most money with transaction fees, but as I said it is the easiest money they are making by far. They also have less data available if their customers use Bitcoin instead of their own bank accounts. That's again something banks want to avoid.

That is without a doubt a problem for them, after all it is almost as if they receive free money out of those transactions and not only that banks charge you a fee that depends on the amount of money that you are sending so the fee can be very high if you are sending an amount of money that is very high, but when it comes to bitcoin the fee depends on the size of the transaction and how long you can wait for it to be confirmed which means that someone can send a fortune and pay very little in fees.

tiCeR

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Quote from: South Park on August 13, 2021, 05:45:10 PM

Quote from: livingfree on August 12, 2021, 05:23:05 AM

Quote from: nicecrypto on August 11, 2021, 10:28:42 AM

Quote from: Bravehash on August 05, 2021, 01:13:03 AM

They can't, crypto isn't a stable asset it's highly volatility and far different from money, it's going to be hard to see crypto and medium of exchange really because the volatile part doesn't guarantee anything

In all, I believe that is the major issue cryptocurrencies have when it comes to seeing it as a means of exchange and on a positive note, why people are more into crypto. If there was no volatility in crypto, there wouldn't be the king of profits that investors get from it and wouldn't have been investing in it that much. So, what is a positive for crypto investors is what makes it difficult as a means for exchange hence, it is different from money.

Yes, it's one issue to the banks.

A highly volatile asset can't be accepted by them and most of the banks aren't really looking forward in adopting cryptocurrencies with their services.

But there might be some open-minded banking management that shall adopt this soon in the future. The crypto market is showing unstoppable potential and growth so they won't ignore it.

If bitcoin was anything other than a currency you can be sure that they would have adopted bitcoin already as it is widely known that banks have no problem investing in all kind of speculative assets as long as there is the potential to make a lot of money, the problem is that bitcoin is a direct competitor to their business, and not only it is a competitor it is probably the biggest competitor that they had to face during the last centuries and they do not like this one bit.

The difference being with Bitcoin that banks are not the ones who earn a fee from every single transaction being made on the Bitcoin network. Earnings from transaction fees in the banking system are the easiest earnings you can make. It is all automated and you just let it run and take a cut every single time someone makes a payment. They don't have that guaranteed income anymore if a currency like Bitcoin would overtake that role and destroy that business branch for banks. Not that banks make most money with transaction fees, but as I said it is the easiest money they are making by far. They also have less data available if their customers use Bitcoin instead of their own bank accounts. That's again something banks want to avoid.

South Park

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Quote from: livingfree on August 12, 2021, 05:23:05 AM

Quote from: nicecrypto on August 11, 2021, 10:28:42 AM

Quote from: Bravehash on August 05, 2021, 01:13:03 AM

They can't, crypto isn't a stable asset it's highly volatility and far different from money, it's going to be hard to see crypto and medium of exchange really because the volatile part doesn't guarantee anything

In all, I believe that is the major issue cryptocurrencies have when it comes to seeing it as a means of exchange and on a positive note, why people are more into crypto. If there was no volatility in crypto, there wouldn't be the king of profits that investors get from it and wouldn't have been investing in it that much. So, what is a positive for crypto investors is what makes it difficult as a means for exchange hence, it is different from money.

Yes, it's one issue to the banks.

A highly volatile asset can't be accepted by them and most of the banks aren't really looking forward in adopting cryptocurrencies with their services.

But there might be some open-minded banking management that shall adopt this soon in the future. The crypto market is showing unstoppable potential and growth so they won't ignore it.

If bitcoin was anything other than a currency you can be sure that they would have adopted bitcoin already as it is widely known that banks have no problem investing in all kind of speculative assets as long as there is the potential to make a lot of money, the problem is that bitcoin is a direct competitor to their business, and not only it is a competitor it is probably the biggest competitor that they had to face during the last centuries and they do not like this one bit.

dezoel

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Banks could definitely may have a problem and that is going to be the main thing. If the banks are very happy about it, then it is the future of where crypto will be going, and that’s great, we could definitely end up being 1+ million dollars. However at the same time, if we are going to end up seeing banks doing bad things and trying to prevent crypto then that is going to be a horrible thing as well.

This is just how the situation is right now, we may or may not see something good with crypto and that is the trouble depending on banks. I have seen a lot of people from banks saying bad things, I have seen many hedge fund level bank related stuff end up getting into bitcoin as well, I have seen both sides. However, there is a wider bigger banking world when they get together and decide on something and this means that we may get a bad or a good result from that.

conected

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Quote from: rosebrand on August 12, 2021, 08:26:37 PM

There are just too many reasons to why banks dislike bitcoin, firstly take not that bank is a regulated entity and won't love to work with an anonymous asset, secondly there are being fed with taught of bitcoin filled with many illicit activities like money laundering, illegal transfer of funds etc, just too many to mention but the early there get to see the importance of bitcoin the good for them, the fact here is bitcoin can be used for both good and bad, it all depends on the individual.

- Banks are also not a legal environment as you think, there are some money laundering activities from businesses that are supported by banks, the problem is just an outlawed agreement between organizations, the rate of profit as well as the level of risk avoidance, the bank only works for the top institutions in such a style, in return for a long-term cooperation. The coroner also couldn't verify, the numbers were changed too small and faked too much, sometimes crypto is also a little corner of their office with secret numbers

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Quote from: Semar Mesem on August 13, 2021, 09:19:59 AM

Quote from: sisikin on August 13, 2021, 03:08:39 AM

If the bank uses cryptocurrency, it means that cryptocurrency no longer has anonymity, and every transaction will be recorded.
The advantages of cryptocurrency p2p will not exist. There is also the existence of a third party.

Banks and crypto are difficult things to put together, if banks accept crypto then their function can only be like exchanges which of course is nothing new, maybe the best way is for banks to make crypto as a product but the risk of profit or loss of course cannot be controlled.

I agree, where banks can make crypto as their product, where this is like saving money but has a legal umbrella, but unfortunately at this time there is no such program. maybe for the first time that banks can use is a blockchain that has many benefits. and this is inseparable from the role of the government which will provide policy, because we know that banks are under the control of the government

Semar Mesem

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Quote from: sisikin on August 13, 2021, 03:08:39 AM

If the bank uses cryptocurrency, it means that cryptocurrency no longer has anonymity, and every transaction will be recorded.
The advantages of cryptocurrency p2p will not exist. There is also the existence of a third party.

Banks and crypto are difficult things to put together, if banks accept crypto then their function can only be like exchanges which of course is nothing new, maybe the best way is for banks to make crypto as a product but the risk of profit or loss of course cannot be controlled.

bengsabeng

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Quote from: rosebrand on August 12, 2021, 08:26:37 PM

There are just too many reasons to why banks dislike bitcoin, firstly take not that bank is a regulated entity and won't love to work with an anonymous asset, secondly there are being fed with taught of bitcoin filled with many illicit activities like money laundering, illegal transfer of funds etc, just too many to mention but the early there get to see the importance of bitcoin the good for them, the fact here is bitcoin can be used for both good and bad, it all depends on the individual.

actually all the negative things can be avoided if the government regulates bitcoin ownership. all these bad things happen because there are no clear rules regarding bitcoin so that anyone is free to buy and use bitcoin. each country must strictly monitor the circulation of bitcoins so that suspicious transactions can be detected and reduce the adverse effects of bitcoin circulation.

sisikin

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If the bank uses cryptocurrency, it means that cryptocurrency no longer has anonymity, and every transaction will be recorded.
The advantages of cryptocurrency p2p will not exist. There is also the existence of a third party.

nicecrypto

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Quote from: livingfree on August 12, 2021, 05:23:05 AM

Quote from: nicecrypto on August 11, 2021, 10:28:42 AM

Quote from: Bravehash on August 05, 2021, 01:13:03 AM

They can't, crypto isn't a stable asset it's highly volatility and far different from money, it's going to be hard to see crypto and medium of exchange really because the volatile part doesn't guarantee anything

In all, I believe that is the major issue cryptocurrencies have when it comes to seeing it as a means of exchange and on a positive note, why people are more into crypto. If there was no volatility in crypto, there wouldn't be the king of profits that investors get from it and wouldn't have been investing in it that much. So, what is a positive for crypto investors is what makes it difficult as a means for exchange hence, it is different from money.

Yes, it's one issue to the banks.

A highly volatile asset can't be accepted by them and most of the banks aren't really looking forward in adopting cryptocurrencies with their services.

But there might be some open-minded banking management that shall adopt this soon in the future. The crypto market is showing unstoppable potential and growth so they won't ignore it.

Yeah but I believe as it is now, some Banks are offering their customers cryptocurrency investment in some countries already like in the US.

Wells Fargo: US bank set to offer crypto fund to rich clients

I also believe that other banks in the US are doing a similar thing

Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG]

Bitcoin as far as it is now is becoming inevitable and sooner than later most individuals and institutions will have to jump on it.

wahyu wida

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Quote from: rosebrand on August 12, 2021, 08:26:37 PM

There are just too many reasons to why banks dislike bitcoin, firstly take not that bank is a regulated entity and won't love to work with an anonymous asset, secondly there are being fed with taught of bitcoin filled with many illicit activities like money laundering, illegal transfer of funds etc, just too many to mention but the early there get to see the importance of bitcoin the good for them, the fact here is bitcoin can be used for both good and bad, it all depends on the individual.

The negative interest that is always highlighted from bitcoin not being usable can actually also be overcome by the government. but it is a government regulation that cannot be violated so that banks still use the conventional method. Actually, even though anonymous can be seen, the last transaction to be converted to fiat money must have an identity listed, so I don't think it's purely anonymous either

rosebrand

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There are just too many reasons to why banks dislike bitcoin, firstly take not that bank is a regulated entity and won't love to work with an anonymous asset, secondly there are being fed with taught of bitcoin filled with many illicit activities like money laundering, illegal transfer of funds etc, just too many to mention but the early there get to see the importance of bitcoin the good for them, the fact here is bitcoin can be used for both good and bad, it all depends on the individual.

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Quote from: gustavroy on August 12, 2021, 06:03:20 PM

People do not know but actualy they are working with crypto specially with EFT's and since 2017 we all know central banks interest with blockchain even some central banks was working with ripple but idk what happened. So My opinion is since 2025 Those interests will be more solid.

Blockchain doesnt totally mean that it would really be considered to be totally opposing banks or centralization because it would rather be helpful and beneficial when it comes to transactions although it would be all
transparent and could be seen on the blockchain which basically means that there would be no transactions that could be hidden neither doing some inbound or outbound transactions and this is where some
institutions doesnt really prefer on adopting it specially with banks.Hate to say but centralized things would totally not like decentralized ones .
Lets see on how long they would really be waiting up for it to be considered.

gustavroy

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People do not know but actualy they are working with crypto specially with EFT's and since 2017 we all know central banks interest with blockchain even some central banks was working with ripple but idk what happened. So My opinion is since 2025 Those interests will be more solid.

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By adopting Blockchain technology in the banking system, the bank will not have more flexible control over its customers. This of course will limit the space for the banks to manage their customers' finances.
Besides we do not know clearly, what the money from customers is used for, the controllers of the customer's money also certainly have a threat to the assets that we keep in the bank.
We know that every bank takes advantage of non-transparent money services. In fact, many banking cases are actually very detrimental to the customer. This is because the customer's strength to fight is not strong and does not dare.

EdwardB00

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My opinion is that banks do not want to use crypto because it is not safe, at no time does it know if you are going to be at the top or at a low that you will not be able to get out. So the banks can't afford it. They are safe institutions and if they lose money for some cryptocurrency then what will happen to them? They have to raise%, to ask for more from people or on a bad occasion - close.

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Quote from: bosede1 on August 12, 2021, 06:44:36 AM

My instinct is telling me that some of the banks may partially be working with cryptocurrency, they might not bring it to the table for everyone to see but some might be trading anonymously.

It's hard to confirm that statement since we don't know that there are are banks really do that but what we can see right now is they are not engaging with crypto stuff but hopefully this institution will work with cryptocurrency since if they do that for sure this one could boost their growth as many bitcoin users or whales really want to secure their money on legal institutions but maybe we could see this happen once government will successfully adopt bitcoin.

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My instinct is telling me that some of the banks may partially be working with cryptocurrency, they might not bring it to the table for everyone to see but some might be trading anonymously.

Topic: Why don't banks work with cryptocurrency? - page 4. (Read 1792 times)