Bitcoin Forum

I read this article 2 hours ago and I think it's a great use case for more companies to understand the value of accepting crypto.

We are still in so early stage in this market and every time that a new website/company that decides to accept their site:

1. Gets a lot of media coverage
2. Get new clients.

Will be cool to see more use cases such as this in the near future




Link to the original Article:
https://blog.bitsofgold.net/a-bank-in-liechtenstein-grew-its-traffic-by-900-by-selling-cryptocurrencies/

It seems like they are not only accepting cryptos but also providing ICO services to cater their funding needs! I have just visited the website of Bank Frick and it seems like they are offering a whole array of blockchain banking products including trading and custodian services.

https://www.bankfrick.li/en/blockchain-banking/crypto-structuring-services

Even though the bank is very small in size, but enough to make a major impact in the world of banking by setting a positive example! Kuddos to Bank Frick management!

I didn't know that, is a great news, i hope we can have more banks who will do this on long term and maybe this will help us to have mass adoption, but who know if banks will want to.

Have I got it right? Does the bank sell cryptocurrencies? This is something completely new!

Hmm, seems demand in high in Liechtenstein but for bank services, demand will always be because financial institute is something that we all of us use.
But to be fair, in some countries there isn't big demand in banks for cryptocurrencies, in country where I live, almost no one uses Bitcoin ATM. One man from this forum accepted bitcoin payments in his caffee and during two month, there was only one transaction which was almost donation.

I disagree. Accepting crypto only because it will give you some media coverage and some new clients, while making good business sense for the company in question, isn't exactly a "great use case" for bitcoin on the whole. We want to reach a point where companies want to accept crypto because it is cheaper, faster, easier, safer, etc., than accepting fiat.

In terms of this bank specifically, I was concerned when I read this line in the article:
It says customers will not be required to use their own wallet, but it doesn't say if customers can use their own wallet if they wish to. Trusting a third party institution, such as a bank, exchange, or web wallet, to hold your coins on your behalf has only ever turned out poorly, with such institutions being hacked, shutting down, disappearing, scamming, becoming insolvent, etc. Not your keys, not your bitcoin.

Due to the increased demand it is expected to see a growth in the bank sales and trading. Even small crypto exchanges can compete with the big traditional banking institutions in terms of providing financial services and profits.

So a bank in Liechtenstein created their own trading platform. Alright. It's a good business move to say the least. I don't see anything special though? It's just a new trading platform and it just so happens that a bank started it. Technically probably no different than other legitimate and regulated trading platforms.

In our country there are some Crypto atm but only few used it. I think the demand for crypto is indirect or uncertain on how crypto should be market to the public. But banks can play major role to explain how cryptocurrency works to their clients.

It's cool that instead of fighting the future, some banks are supporting it and finding ways of making profits out of it. Crypto trading is indeed in high demand, and doing it through the bank makes it more official, which can be more comfortable for some people than using popular exchanges.
I have mixed feelings about banks providing services for ICOs. If the bank is able to dive deeply into the project and make sure it's a legit one, then it's great, because it might be a way of throwing scam away from the market. If the bank is mainly focused on profits and is thus only checking whether minimum formal requirements are met by ICOs, it is supporting the market that makes a lot of people lose their money.

The country has a bit the same mentality as Switzerland about money. So the fact that they sell such products is not so surprising.
The bank itself is surely more interested to attract new customers than the 'mass adoption". And talking about it, it doesn't help, people interested to buy such products via their bank are interested to "hold" only, not to use.

Well it is good for both sides they attracted a lot more customers and the crypto gets promoted by them.
So I think it is a win win situation for both parties but when it comes to their ICO I don't really think that the crypto enthusiast would really invest in it .
Crypto is known for being decentralized and banks creating their own ICO would be the other way around for me it seem's like they just want to make some centralized crypto to let them control it and be part of crypto industry.

So a 'bank' basically acted as a 'middleman' which bitcoin, in its ethos, wants to eliminate? Props to the bank for thinking outside the box but seriously, I see this something as a gimmick to gain more users and peers rather than revolutionize the said digital currency. At its core, those are still bankers we're talking about, and they create these financial services to gain profit from facilitating deals that could also be done outside their platforms but hey, we trust them with our money anyways. I'm quite torn as to what to expect on this move, but one thing's for certain: Liechtenstein is open in revolutionary ways to bank and to deal with the growing Fintech hype.

Traditional banking is feeded by the blood of average people and greedy bankers want all. It is not nice by their side to see a new contender which has the ability to destroy their rigged system with the mathematically correct algorithm. Liechtenstein can not be an exception but they also don't want to miss a train for any case IMHO.

is a great news a bank that accepts the crypto and is favorable and supports the ico, no matter the size of this bank it is perhaps a new beginning of the plot, the collaboration between two different worlds the fiat world / banks and the virtual world / altcoins maybe even the last barriers are about to fall...

Accepting crypto just for media exposure will not provide long term media coverage. It will only last a short time though it will surely be a great privilege to be endorsed. This kind of news is another point for cryptocurrency because we all know that banks are too competitive with crypto. Knowing that they're accepting crypto is also another chance to spread awareness about it.

I agree with you. Most people now trust cryptocurrency and exchanges more than traditional banks because of the advantage of financial freedom. I have never heard that banks are now selling cryptocurrency but what I know is they're accepting it. It's still great news for crypto world and will push it more to grow further.

It is great that they are finally embracing cryptocurrency and accepting it.
They really are into crypto just look at how much service they are offering the other stuff that they would also do in the future.
I hope that the other banks would also follow their step and accept the change.

that is not a good indication though because generally people are reluctant to spend their bitcoins. and on top of that whenever price is falling (which has been the case for more than a year in 2018) they are ever less willing to spend their bitcoins. if this was during a rise and if the fees weren't high then you could see a lot more spends.

So we waited for the moment when the banks themselves will begin to join the blockchain revolution. Although conversations continue that the cryptocurrency market is not large enough to be able to talk about full-fledged expansion, one cannot but see the convenience of the blockchain technology. And apparently once in the news they say that a group of banks is creating their project to secure a payment coin, they will probably soon decide how to settle the blockchain to make it universal.

This is not just about the bank seeing their traffic growing by 9 times though, it should also translate to some of those traffic converting to customers, which is practically what the article is saying as well by revenue. I think it would be interesting also for some companies especially banks, to start to say, are we making more fiat money or making more btc and crypto?

For the widespread adoption of new technologies, it is not enough just to set standards. We need to train people so that they also understand the benefits and risks of investing in cryptocurrency. That is why it seems to me very promising platform taklimakan, where you can understand from the most basic principles how it all works and continue to improve skills to learn how to trade.

Fiat currency is created by monopolists, which creates market restrictions and creates a division of society. Cryptocurrencies are free and open, no one is above them. Therefore, they can be called a unifying factor for society. We should be able to use any currency for trading and storing savings. And the fact that even banks see the possibility of creating their own cryptovalues shows that they are ready to meet people

Creating their own cryptocurrency banks simply try to maintain their influence and relevance. after all, decentralized cryptocurrency. In the past a central body (read Bank) was necessary to keep the system secure and safe. Cryptocurrency makes the need of a central body unnecessary.

Funny thing though is the headline, 900% traffic? does it equate to more profits for the bank themselves?  ;D. Of course we love to hear banking system integrating crypto for their clients so that we can enjoy the best of both worlds. But this is just one small banks, and it doesn't mean that we can removed that stigma that banks are anti-crypto. I don't know what's Liechtenstein relationship to EU, but they need to watch their backs, just saying. But what can we say? Kudos to Bank Frick for spearheading this one and I'm sure their clients are very very happy with this bold move.

I guess some banks are understanding and realizing the power the blockchain can bring and that it doesn't have to be their enemy. Pretty clever bank.


The bank doesn't need to be big to exchange lots of cryptos that is the beauty of it. It would be interesting to find out how much ROI they made doing this. They of course we not reveal this. Noone in their right mind would.

If the source of that news is reliable then it is proven that cryptocurrencies and banks can coexist and help each other realizing a common vision: acquire more clients or investors. The report also proved that not all banks are against cryptocurrencies and many of them have already plans to utilize the blockchain technology in the near future. A big bank in the Philippines, for example, established its first bitcoin ATM to meet the growing demand of people in the local crypto community. By using the technology that drives the cryptocurrencies, banks will realize that there is no real threat from the virtual coins and can help each other in their busibess needs.

Great news..With their own trading platform they can earn double profits too.Smart move..Liechtenstein is great place to start this trend.

"The country has a strong financial sector centered in Vaduz. Almost 20,000 people commute to work in Liechtenstein. Liechtenstein is a member of the United Nations, the European Free Trade Association, and the Council of Europe, and although not a member of the European Union, it participates in both the Schengen Area and the European Economic Area. It also has a customs union and a monetary union with Switzerland" -Source Wikipedia

So we can trust on financial sector.Its not shut gun one.Hope this will spread to another banks too.

Banks accepting Bitcoin or any other Crypto currency is not a "use case", it is a disaster waiting to happen.  ::)  We wanted to get rid of Banks and it's centralized influence over our financial matters and now people are getting exited when Banks starts to accept Crypto currencies?  ::)

The saying, "You do not own Bitcoin, if you do not have full control over the Private keys." is very applicable to this type of scenario. Banks are corrupt by nature and if they control your private keys, then you do not own those coins.  :P <The same thing is applicable to any other centralized service, where you share your private keys with them.>  >:(

One of the most positive news for crypto  currency is banks selling crypto this bank in Liechtenstein is example of many country central banks for crypto currency adoption

Cryptocurrency is being the most searched keyword on the internet. The cryptocurrency that is being chosen by many is the preferred portfolio to be explored. Many people say that future Crypto will be able to replace FIAT, so they need to make investment decisions today before it explodes.

I hope this article just have to read the heads of banks.I can only accept 1 excuse from banks why they still do not use cryptocurrency in their activities.They just don't know what cryptocurrency is.