I think the whole idea of cryptocurrencies was to not let any big authority like banks for example , can have control of our assets.
Why would we just go back and then just let that thing spin again ? This way we are in control , if someone is so insecure he or she can run and full node , make things more secure or just choose a hardware wallet ..
Also in case if a bank goes through a bad stage then what would happen?
I think I will pass ... We are the bank here man , no middle man.
Topic: You Can Now Keep Your Bitcoins In A Bank - page 4. (Read 21703 times)
Quote
Crypto receipts!
This is the most perfect thing I have ever read about the blockchain:
I want to cry. I want to give those paragraphs a hug. I have written, more than once, about the complexities and inefficiencies of having pretty much all U.S. stocks held by DTCC. “It’s enough to make you wish for a blockchain,” I once wrote. A secure, open, permissionless, immutable record of who owns what, one that doesn’t require investors to trust either a bank or a central Wall Street intermediary or to rely on those intermediaries’ old-fashioned systems: That is a core dream of the blockchain, a central appeal of cryptocurrencies.
And then here is Citigroup Inc. looking at investor demand and concluding: Yes, sure, Bitcoin is great, but what Bitcoin investors really want is to hold Bitcoins in the form of receipts issued by a giant bank and registered at DTCC. That’s where the real innovation is! That’s what the people want! “Take this blockchain away from me,” they cry, “and give me the old system that I know!”
A claim that you sometimes hear is that the blockchain will revolutionize back-office processes — settlement, custody, etc. — in the financial system. But look at the actual experience of cryptocurrency custody. The main story of institutional investment in cryptocurrency these days is a story of custody, broadly speaking: Large institutional investors want to get access to Bitcoin, but they do not want to own actual Bitcoins, themselves, on the actual Bitcoin blockchain. They want Bitcoin exchange-traded funds, or Bitcoin futures, or Bitcoins held in custody by regulated crypto exchanges or traditional big banks, or, sure, crypto depository receipts, why not. Everywhere there is a blockchain, a trusted central intermediary — often a bank or other old-school Wall Street middleman! — springs up to make it useful. Does that tell you anything about the prospects for blockchains to replace central intermediaries?
I confess, though, that it goes the other way too: “Two financial technology companies won New York state approval to issue cryptocurrencies pegged to the U.S. dollar,” the Gemini dollar and the Paxos Standard, “creating more regulated and transparent competitors to Tether and other so-called stable coins,” which are in turn competitors to … the dollar. If you want to hold your Bitcoins through a bank, you can, but on the other hand if you want to hold your dollars through a blockchain, you can do that too.
https://www.bloomberg.com/view/articles/2018-09-10/keep-your-bitcoins-in-the-bank
This is the most perfect thing I have ever read about the blockchain:
Quote
Citi has developed an instrument it is calling a digital asset receipt. It works much like an American depositary receipt, which have been around for decades to give US investors a way to own foreign stocks that don’t otherwise trade on US exchanges. The foreign stock is held by a bank, which then issues the depositary receipt.
In this case, the cryptocurrency would be held by a custodian, with the so-called DAR issued by Citigroup, the people said. The bank would alert the Depository Trust & Clearing Corp., a Wall Street middleman that provides clearing and settlement services, that it issued a receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they’re already familiar with, the person added.
In this case, the cryptocurrency would be held by a custodian, with the so-called DAR issued by Citigroup, the people said. The bank would alert the Depository Trust & Clearing Corp., a Wall Street middleman that provides clearing and settlement services, that it issued a receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they’re already familiar with, the person added.
I want to cry. I want to give those paragraphs a hug. I have written, more than once, about the complexities and inefficiencies of having pretty much all U.S. stocks held by DTCC. “It’s enough to make you wish for a blockchain,” I once wrote. A secure, open, permissionless, immutable record of who owns what, one that doesn’t require investors to trust either a bank or a central Wall Street intermediary or to rely on those intermediaries’ old-fashioned systems: That is a core dream of the blockchain, a central appeal of cryptocurrencies.
And then here is Citigroup Inc. looking at investor demand and concluding: Yes, sure, Bitcoin is great, but what Bitcoin investors really want is to hold Bitcoins in the form of receipts issued by a giant bank and registered at DTCC. That’s where the real innovation is! That’s what the people want! “Take this blockchain away from me,” they cry, “and give me the old system that I know!”
A claim that you sometimes hear is that the blockchain will revolutionize back-office processes — settlement, custody, etc. — in the financial system. But look at the actual experience of cryptocurrency custody. The main story of institutional investment in cryptocurrency these days is a story of custody, broadly speaking: Large institutional investors want to get access to Bitcoin, but they do not want to own actual Bitcoins, themselves, on the actual Bitcoin blockchain. They want Bitcoin exchange-traded funds, or Bitcoin futures, or Bitcoins held in custody by regulated crypto exchanges or traditional big banks, or, sure, crypto depository receipts, why not. Everywhere there is a blockchain, a trusted central intermediary — often a bank or other old-school Wall Street middleman! — springs up to make it useful. Does that tell you anything about the prospects for blockchains to replace central intermediaries?
I confess, though, that it goes the other way too: “Two financial technology companies won New York state approval to issue cryptocurrencies pegged to the U.S. dollar,” the Gemini dollar and the Paxos Standard, “creating more regulated and transparent competitors to Tether and other so-called stable coins,” which are in turn competitors to … the dollar. If you want to hold your Bitcoins through a bank, you can, but on the other hand if you want to hold your dollars through a blockchain, you can do that too.
https://www.bloomberg.com/view/articles/2018-09-10/keep-your-bitcoins-in-the-bank
....
Summary: Citibank has created something they call a "digital asset receipt(DAR)" which could allow purchasers of bitcoin to have banks hold their coins. The details aren't clear. There isn't much information posted here about minimum purchasing amounts or who digital asset receipts will be marketed to. Its nice to see innovation and new offerings for crypto enthusiasts. Although I have a feeling these digital asset receipts might come bundled with $100,000 dollar minimum investments and cater only to high(er) end demographics.
I would guess some would opt for DAR's if they could provide insurance on bitcoins and crypto up to limited amounts.
What happened to having the ultimate responsibility over you money?
Summary: Citibank has created something they call a "digital asset receipt(DAR)" which could allow purchasers of bitcoin to have banks hold their coins.
So these DARs are going to be similar to ETFs. Same story, different package. The point is, you as an investor, don't want to be dealing with creating and saving your private keys. You want someone else to do that for you. Is it good or bad news for the Bitcoin ecosystem? Honestly I don't know. On the pros side, it may help pump new money in. But I tend to think it is not so good, as we get these weird financial constructions, where someone else keeps your bitcoins, not you in reality. Will these custodians be transparent and to what degree? Will they enable landing or other financial instruments on top of these DARs? Will it affect the underlying Bitcoin system, will it introduce a sort of inflation... a lot of unknowns...
If you have a hardware wallet you can be your own bank, why would you pay someone else to keep your bitcoins when you can do it by yourself? For extra security, you can buy some nice wallets like trezor or ledger, but if you don` t wish to pay for a wallet you can find some good one for free. If you don`t own private keys you don`t own bitcoins, have that in mind all the time.
They are some banks in Swiss and Liechtenstein are allowing bank customers to hold their bitcoin in their banking services which is a positive sign for crypto industry
What is the storage mechanism?do they integrate FIAT currencies with crypto currencies? or do they provide a special space to store Bitcoin and other crypto currencies? without being linked to the FIAT currency.
They are some banks in Swiss and Liechtenstein are allowing bank customers to hold their bitcoin in their banking services which is a positive sign for crypto industry
I cannot really understand that how the Bitcoin is suitable are connected with the banks and moreover it is not possible in the current situation when the bank is not accepting the Bitcoin as a payment then it will not be possible in all the time in some of the banks were also accepted it if the government of a country will agree to use only we can make the transaction with that
.
.
I have not seen such a Bank which accepts cryptocurrency as deposits here in my country. However, I know of an app (HubrisOne) which merges both cryptocurrency wallets and Bank accounts (GBP, USD and EUR dominated currencies). Here, a user can have access to both assets or currencies with single tap and conversion to either currencies can be made on the same app.
I participated in the Bounty company when a project for this application was created. Indeed a lot of promising Hubrisone project, but still very raw and still far from real use.
Now with the IBM partnership will MPCX release the platform earlier?
I have not seen such a Bank which accepts cryptocurrency as deposits here in my country. However, I know of an app (HubrisOne) which merges both cryptocurrency wallets and Bank accounts (GBP, USD and EUR dominated currencies). Here, a user can have access to both assets or currencies with single tap and conversion to either currencies can be made on the same app.
I prefer to save my bitcoin in my personal wallet, so that I will also be easier to invest and transact. because for me if we keep it in my personal wallet even though for years it is also very safe
If you want to store your Bitcoins in a Bank, buy a Ledger Nano S or a Trezor, store your Bitcoins in any of them, go to your favorite Bank, ask for a safety deposit box (you can get the smallest one if you like), sign the lease contract and leave your Trezor or Ledger Nano S there and you are done, Bank wont even think that you just stored a digital asset inside their premises. However, there are Banks that requires safety deposit box users to have an account with them with a minimum average daily balance. Rental fee for box with the size of 5”x5”x24” is just 0.005360BTC at current BTC price of 1BTC is to $3,574 USD.
Now no banks is allowing us to store Bitcoin in the bank's, but surely in the coming days we are going to see banks will allow us to store Bitcoin with the approvals from the government. But I don't think it is good idea to store in banks because again we are giving control to the bankers again.
I do not believe in the bank and when I store at the bank the bitcoin assets that I have will be known by the bank and it is very terrible and when you save in the bank then you cannot grow the bitcoin that you have, I better use it for trading not just keep quiet .
We are using bitcoins because we want to avoid the banks and you are giving us suggestion to use the bank. That's not the bitcoin users who want banks again. We are getting rid of banks through bitcoins as we are not happy with the current strict rules of the banks.
Like or not, we need something and trade with others using fiat money because government not regulating and prohibiting bitcoin in merchant. I think its good idea if banks accept bitcoin deposit
I am glad with bank want accepted bitcoin as saving money and we can save our asset bitcoin or altcoin at bank we get many benefit by using bitcoin for saving at bank with higher or security than saving on wallet.
I agree. with a bank that provides storage for bitcoin, it means that there is already legalization from the government, this is good for the development of bitcoin, as well as providing security guarantees for bitcoiners, as you explain
I am glad with bank want accepted bitcoin as saving money and we can save our asset bitcoin or altcoin at bank we get many benefit by using bitcoin for saving at bank with higher or security than saving on wallet.
These are really good news. may i add that also the FIDOR Bank in Germany accepts normal Bank Accounts for Fiat (Euro) and Bitcoin on the same account.
Bank exists already since a few years and has good reputation.
Company Website: https://www.fidor.com/
Direkt Online Banking for German Customers: https://www.fidor.de/
Direct Online Banking for UK Customers: https://www.fidorbank.uk/
greetz, whore-ray
Bank exists already since a few years and has good reputation.
Company Website: https://www.fidor.com/
Direkt Online Banking for German Customers: https://www.fidor.de/
Direct Online Banking for UK Customers: https://www.fidorbank.uk/
greetz, whore-ray
this is a very good development step because more and more people will accept bitcoin to save there and it looks like there will be more developments that can be obtained in the future because bitcoin will continue to have extraordinary developments in the future.
We need more of this to advertise bitcoin to different types of investors but isn't that the same in regular fiat investing such as fractional reserve banking where banks sell coins that they dont actually have then put it with some interest to make money out of nothing maybe their planning some kind of scheme or something but i hope this doesn't have a negative effect in bitcoin in the coming years.
Their intention is to control the decentralized funds,so don't fall for the bankers words because we actually in o need of any bansk to store our crypto currencies. Jump to: