Bitcoin Forum

As we know, not many exchanges will support the international wire transfer, what is the mainly reason in it?

Yes, 1.They cannot control the cryptocurrency.
2.The cryptocurrency is safer, cheaper, and more private, and once the average person on the street becomes aware of this, it is even less likely to stop the rise of cryptocurrency.
For example, okcoin is not support the wire transfer before, but it is going to cooperate with epay to solve this problem.
http://blog.epay.com/c/a_detailed_tutorial_teach_you_how_to_correctly_use_okex

So there is the reason why appear many ewallet now,  I have used epay they can provide many functional service for me all the time, okcoin is a great choice for this time.

As I see it yes. Cryptocurrency has its value in the economy. Bank earn as we transact to them. As we use cardless ATM, as we need fiat. I think there's no problem with it as long as cryptocurrency has its value.

i think no , because we dont use bank as media
so they didnt get any payment for that
so they didnt support or they will make own crypto

Banks will never support the crypto currency trades and neither they are approaching that way toward them. The wire transfer is completely different thing and that gets separated with the membrane of decentralisation and centralisation. In this one crypto exchanger being decentralised can get the money transferred from one country to another as they dont recognise the location and neither they restricted to do so. But when it comes to the wire transfer from one country to exchanger of another country then are restricted to do so due to the rules and regulations of transferring bank itself. There is no doubt that this can be solved as long as both the parties agree on the rules. This cant happen as exchangers are devoid of the rules.

They have many reason about it and the most one reason is they afraid of adjusting on a crypto world because they think that they can not get a discount from any crypto tokens because the value of those coins/tokens are volatile that's why they afraid of using cyrpto for now.

In order for the exchange to support the possibility of using Fiat, it needs to have a license from the Central Bank of the country in which it operates. It's complicated. We all know that bankers are opposed to supporting the use of cryptocurrencies. The main task of the appearance of cryptocurrency was an alternative to Fiat. Therefore, many exchanges do not want to support Fiat.

in 2017 bitcoin recorded a record that became a hot potato around the world, so its phenomenal bitcoin until the banks and the government intervened. we all know that banks will never support bitcoin, because bitcoin offers such an easy system. a strong reason why governments and banks ban bitcoin, because they claim that bitcoin is not a valid means of exchange or means of payment to use. so, in my opinion until whenever the bank will never support virtual / digital currency like bitcoin. in fact there are still many reasons for this ban.

Well once crypto goes to the banks then the dream of Mister Satoshi will end. Since crypto was included in the G20 topic, the alternative money become a real threat to banks so as usual they will do anything to control the marketing.

As long as your cryptocurrency exchange has an option for wire transfers then there is no problem for you or your bank account. And I think you have created this thread because you are misinformed about banks banning accounts related to cryptocurrency, well there is no such thing and it is all FUD, voiding a wire transfer from an exchange is not a valid reason for banks to not accept your wire transfer, it is like stopping you from receiving your own money. Also one of the main reasons why they don't have wire transfers is they want you to deal with it personally using your own appropriate crypto wallet, I don't think that all exchange have the capacity to be an all in one service.

Yeah may be right. The alternative currencies are made so that we can have borderless transactions. I mean why should we again push ourselves into the chaos of getting the attraction of banks and government while transferring the money. We can just send the funds over to other addresses without even any documentation, proof of identity and all the hassle involved in that way. In todays date the bank wore could cost more than 50 bucks for nay amounts you send over the wire. However, with the crypto currency you might just need to pay few cents of fees to transfer any giant amount that you want to send.

Neither banks will entertain the crypto exchanges nor any decentralised community will try to shake the hands with the real world banks. That would be awkward.  ;D

They indeed cannot control the decentralized cryptocurrencies we have today, but they can make their own centralized crypto, enabling support for cryptocurrency trades.
It is also likely that some countries would not make a move to stop the rise of cryptocurrency, but instead they or some institution that is under government's control to make their own one and harness it's power to benefit from the tech it has(blockchain).

As of now, banks are benefit in cryptocurrency because fiat currency is still using by the people around the world. Digital currency is not totally used by all people, it just serve as a means of exchange, currency and asset but only a small portion of the world. However, if the fiat currency is still there, banks are also need in the economy. And that's what I think that banks are glad in crypto because they are benefiting by cryptocurrency right now.

Really? How so? Banks aren't that different from exchanges and online wallet services; they all are centralized parties holding your funds for whatever period of time. If you consider that to be the end of Satoshi's 'dream', you are just a stupid being not knowing how everything here works. Also, Satoshi's 'dream' has no meaning in this time anymore. People choose how to use Bitcoin according to their needs.

Bitcoin isn't a threat to the banking system, and especially not when you consider that banks themselves may adopt Bitcoin at some point in the future. As much as people here enjoy the benefits of Bitcoin and its potential, banks can do so too. The only thing lacking here is the regulatory framework allowing them to do so. Most governments don't fear Bitcoin because people aren't using it as currency to bypass fiat transactions, and as long as governments don't see that change, there is nothing to fear for them, and that makes sense.

we think that the banks will never support btc because it is an alternative to them and exchanges wire transfer but imagine if banks would like to create their own coin it is a matter of time for them to do so but wire transfer for exchanges is very hard to get established.

but i guess in future if we leave banks no choice maybe they will consider accepting to support cryptocurrency,we all know how crypto affecting them more depositors are going and transferring their funds inside crypto because of volatility and the privacy together with the freely feeling of having a full access and manage for your own money

Answering the question on the title, it is easily a conflict of interest as banks stand aligned towards centralised model of working while cryptocurrencies are typically known to follow the decentralised model.
Why exchanges do not accept wire could be for a couple of different reasons of their own. One good reason would be the pain of maintaining offline records of all transactions for tax purposes. Another one would be the unsustainable fees which can't entirely be put on the user's side of things.

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Sources:
#1 https://www.forbes.com/sites/heatherfarmbrough/2018/02/09/why-britains-largest-bank-stopped-customers-buying-bitcoin-with-credit-cards/#58583d984a53 (https://www.forbes.com/sites/heatherfarmbrough/2018/02/09/why-britains-largest-bank-stopped-customers-buying-bitcoin-with-credit-cards/#58583d984a53)

Many banks fear for years about bitcoin development, the bank's concerns about bitcoin because they see so much potential for bitcoin for the future so they think about how to ban bitcoin from loyal users is too risky, but otherwise they are at a very bitcoin risk of changing the economy of society . the bitcoin bank fears will replace it.

they are not glad. but they will adopting the technology to stay relevant.   

could be, sir! Make sense also the statement you mean just now, sir! hopefully in the future, cryptocurrency Have got a chance to get / get Get along with bank and the government also approved it. I think, if such circumstances are likely, cryptocurrency (bitcoin) will be a great opportunity to become a global currency. we just need to believe in every cryptocurrency movement for now.

But definitely not in near future because banks and government just need to understand the advantages of using a crypto currency only after that we can expect them to adopt/support cryptocurrency trade. But I'm afraid they will not be ready to adopt crypto currency in any near future as of now because they are very much firm on continuing with fiats due to taxation kind of things.

Only after there would be a system which will be focusing no loss of taxation compared to the current system, we can expect government to come forward to adopt crypto-currency so that banks will start supporting crypto currency trade.

If they investigate more about what advantages there are in the crypto then surely they can agree on. This may be subject to their respective policies in the country.

Banks can not independently decide on the use of cryptocurrencies. Laws are binding on everyone. But banks have influence on many politicians, and so they can always lobby for their interests. It is not profitable for banks to support their competitors. Bankers can comply with the requirements of the law but voluntarily they will never recognize cryptocurrencies.

The banks never support any kind of things related to the cryotocurrency field because crypto currency was found mainly to kill the third oart transaction which menas banks.But they can't do anything if we do the cryotocurrency trades in small amount because they have no clue that whr is that amount from but if we do it in bigger term they can freeze oit bank account for large flowing of money.

I think the obvious reason would be is that the cryptocurrencies can’t be controlled. And I don’t think the bank will support the cryptocurrency trading because it is not regulated. They can’t track the records of transactions using the blockchain technology because of its anonymity; and you know how banks works they need information such as tax records and transactions too.

In economy world there is no word 'glad or not glad' everything use strategy, politic and a chance. For me cryptocurrency (who have base on blockchain) and bank is an contradictory place. Bank will refuse cryptocurrency came, but human as a consumer will need cryptocurrency for make easy life.

But in fact we the user of cryptocurrency still need a bank now. Some country who ban cryptocurrency will need a bank for exchange coin to money physic. We can't enjoy our money without bank for now, it will be good if cryptocurrency and bank will be together for help us, and us will help bank and cryptocurrency exist.

So many Banks for now are still not in supportive of Bitcoin because of its Deregulation purpose which devoid them the opportunity of interest Discounting on transactions, and basically because of its Decentralization simultaneously. However, Exchangers that are avoiding Wire transfer of various forms may have their different reasons for doing so. Probably because of unsafe Record keeping and many more. But the fact remains that few of them are still operating at that level.

Banks will never support cryptocurrency as it will directly affect the market capitalization of the Banks leading to decrease in their profits. Because of this reasons, only the Government are supporting the banks and banning Cryptocurrency as Banks are the most powerful economic generator of any Country.

Not all banks are happy and supportive with the existence of digital money / crypto money, for example in certain countries only banks support crypto money most countries forbid it when most people use the crypto money.

yes many banks are not happy with cryptocurrency because cryptocurrency gives no benefit to the bank, cryptocurrency can not be controlled. cryptocurrency is decentralized so it is impossible for the bank to support it.

You’re confusing some people, according to your headline the question was if the bank will gladly support Bitcoin, now you’re asking why many exchanges does not support wire transfer (if not all).

Well, when it comes to bank supporting cryptocurrency, I don’t really know if that is possible in anyway cause they both have difference. Bitcoin is just an asset and it’s not something that is being held in bank, you can only get it from the right source – Blockchain. So bank can’t support Bitcoin, but they can support exchangers that are into Bitcoin, cause every money you use to buy Bitcoin is being sent to the exchangers bank account.

For the next question on why most exchanges does not accept wire transfers, well, why would they accept wire transfer anyway? This is a business that has to do with online and you will have to do withdraw to the right source first, which is your wallet, before talking about taking it to banks.

I really love the way you are explaining the things. But you helped me to understand the humiliating situation how banks or governments are facing. Still I expect governments to start thinking about adopting bitcoin for their people's day today life. I do believe in less than ten years we can see many countries will be adopting bitcoins as their official payment system.

if I do not think all banks support cryptocurrency because for them cryptocurrency is a threat because they are not everyone believes anymore and in the digital world, the ambition of bitcoin and other cyrptocurrency to become the single currency in the world is brilliant: make the transaction process very easy, super efficient, and can negate the transaction costs that are often imposed by conventional banks.

I dont think so. Banks are centralized. They hate cryptocurrency because it is decentralized. It cannot be controlled. They're against bitcoin and say that bitcoin is used for illegal activities because they think bitcoin is taking away the business that is helping them grow. As you can see with wire transfer, banks makes money out of every transaction and it usually takes to long to be confirmed. With cryptocurrency, its automatic. You dont have to wait long lines to transfer money oversease. That's why banks will never support cryptocurrency.

I think banks will fear crypto currency. It is because if crypto will be used by many, it might make them close because there will be lesser people to invest in their bank. It is more secure and safe than their system. And also their transactions might take a longer time than that of crypto currency.

Happy or not, The Bank must adopt cryptocurrency exchange or they will be left behind, the technology never wait us to changes, if the bank adopt cryptocurrency they will get the fees from exchange Bitcoin or any alternate cryptocurrency. This the new finance technology, for all human kind, for our freedom, for our prosperity.

The Zurich-based bank already offers crypto-asset management solutions which allow the purchase, trade, and holding of Bitcoin.

Which bank exactly? I can't believe that financial institutions do that, so it has to be through a lower but seperate division of the bank. Goldman Sachs did so too for their clients, and various other major banks as well, so it's nothing really new. The regulatory framework doesn't yet allow them to get involved in crypto directly, so these 'proxies' are the only alternative for them. I don't know how long it will take before this becomes reality, but governments aren't that motivated to allow financial institutions to enter this market that easily, even not in a well develop country as Japan, and everyone by now knows their status in crypto terms.

They knew already. They are well known of every aspect of bitcoins that what they are offering and how they can affect the combined market where banks are working too. Clients are the main focus of such banks which are already working on the competitors. So better for banks is to organize their policies and methods such that bitcoins can be accompanied easily and efficiently.

Regulation may change a lot of things though. We already have exchanges and they are serving as banks in most countries, at least in mine, I have Luno and it has been pretty effective, I believe in the long run, with regulation, most banks may come up with their own exchange platform. As long as they are gaining from it, you think they will just keep a blind eye to it? No way.

And why is that? Who even need them to be friendly anyway as it is not like we have not been doing well without them. Banks will not end up seeing cryptocurrency as threat in the long run, and with the issue of conversion to fiat, I see banks also filling those gaps in the long run. There is a great benefit for them and as long as there is regulation in play, and they are given the license, why not?

Banks want their cut and people are doing the transactions around the bank. They will need to do something or even get in the crypto somehow and not just to expect the government to take action in their favor.

I do not think that banks will ever like to adopt bitcoin or to support it, because bitcoin can make the banking system useless. Therefore i do not think that they will ever like to support bitcoin, but they have to accept the fact that bitcoin is the new emerging crytpo currency of the world and will very soon spread throughout the world and all the people of the world will very soon start using bitcoin for everything for which they are using fiat in current time.

I sure Banks will never allow this at all because its completely against the Banks rules and can ruined them very badly main problem is crypto never been recognize from where its coming and have no restrictions but banks need some more details about this even in wire transaction they have complete data of sender and receiver but in crypto its not going to work for them There is no doubt that this can be solved as long as both the parties agree on the rules. This cant happen as exchangers are devoid of the rules

I don't really understand the question of this topic.
actually I don't see banks need to anything in supporting cryptos.
where do crypto users refund their assets ??! Bank..
where do crypto exchanges save their fund ??! Bank..
glad or not, Banks take benefits on crypto.

or do I miss anything ??

Maybe you did not follow the G20 meeting. Cryptocurrency during the meeting was not even classified as a threat in anyway and the last thing that can be done is just to regulate the space. Also, controlling is something they cannot achieve, unless you are trying to refer to regulations, but as far as I am concerned, only your activities are monitored, it still remains a decentralized environment and that makes it uncontrollable.

Adopting new technology like blockchain should not be a problem for banks as it is already obvious they do not see cryptocurrency as threat and the only thing that is needed is regulation which would even help us all to move forward. Banks do not need to use crypto, they can only serve as an exchange medium in the long run for those who may need to convert to fiat, whichever way; they are still making money.

if my opinion is not supporting but providing service, because like local exchanger in my country provide fiat money exchange service, and has been approved as company from government. because cryptocurrency is prohibited in my country for transactions

Recently, the impression is growing stronger that large banks want to destroy crypto-currencies. At least this impression is formed by listening to the speeches of many well-known bankers.

I think that is why many banks not supports decentralized currency because they are scared holding not cash transaction they cant regulate it because even government does not know how to handle this kind of currency and worst is some government already banned this digital currency or crypto. Luckily i am belongs to the government who are pursuing to make have regulation about crpto because they see the potential that this currency may help our economy.