Bitcoin Forum

I guess they can't really beat Bitcoin.
Just saw on Reddit where
An old article states dated September 13,2017

"bitcoin is a fraud that will blow up, says JP Morgan Boss"

And now May 12,2020
"JP Morgan Extends Banking services to bitcoin exchanges"

I guess if you can't beat 'em join 'em.

So  i guess as my opinion on bitcoin future will be stable and no coin will take over it.

So whats your insight about this news? What will happen in bitcoin ?

JP Morgan issue is an old one if I am correct. Long ago, they have created JPM Coin too for their bank which is a stablecoin.

That sounds good and in future, everyone will follow the same. By the way, you have written it JK instead of JP.

your title doesn't make any sense. bitcoin didn't join anything, it is as it has always been. it is the banks that are now slowly changing their stance because they have realized their FUD didn't go anywhere or do anything.

so you needed a bank to start offering its service to another centralized service (ie. exchange) to make this conclusion?!!!

OP must have confused JKMorgan with J.P. Rowling.  :D

The banks are starting to break, they need to bend. At this phase, it is futile for them to go against the flow of Bitcoin adoption. Their options are limited, either they doggedly stick to their old system, become obsolete, and eventually perish or adapt and perhaps continue to create wealth.

We already have a topic for this that was created 3 days ago.

Topic: JPM Bank changes tone and opens for crypto exchanges https://bitcointalk.org/index.php?topic=5248220

Anyway, my response was:

Bitcoin joins Bank. Its Sound pretty odd. Maybe title should be Bank join Bitcoin. Bitcoin is just bitcoin and its no need to join anyone. Adoption and demand keep increasing day by day of Bitcoin. Current banking system is worthless and not worthy. In India few days ago their is bank named YES bank their founders member stole money from their customer and many peoples can't makes any withdrawal to their own money. Now its solved by the government but the big question is that is banking system is safe? For me big NO. With bitcoin you can totally control on your wealth and your wealth keep increasing with it.

Not surprising, seeing that some old naysayers might also be trading behind our backs (e.g. Warren Buffett)

that is very possible, those who are visibly against with bitcoin may be doing silent hoarding of bitcoin or trading of cryptocurrencies. we don't know the truth behind closed doors. and since it is proven that banks can't stop the usage of crypto, the reason why they joined the ranks. as adoption is growing in terms of usage and application, what they can do is accept the fact that bitcoin and other alts are good alternatives in payment method or better way of transferring of funds and other use cases in the market.

One might already refer to the article stated where the banks around are allowing people to buy the Bitcoins using their accounts , which was previously banned.
See the thing is , Bitcoins is a Currency which can never go away even if the government an everyone will put a ban on it , it will stay forever.
Now that banks are not immune to the market ups and downs and right now they are facing a lot of problems , whatever they can do to increase their customers , they will do undoubtedly.
Therefore I do think that it is only reasonable for them to do so .

Haa. I belive this is a "cheat game". In this market, We buy "rumor, sell news". So, Do you think they seeding a news to FUD?. JP Morgan is a big trader, so I believe He will not ignore potential market. maybe this is not a good time to join in crypto market.

This is really interesting.

How cunning banks are? They cannot fight it or destroy it. hence, they will use it for their own benefit. For every transaction I am sure JP Morgan would be charging a good fee to the exchanges. Still it is a good news for the community.

Do you know there's a saying/ fact that banks are basically licensed loan sharks? ;D

They'd do anything to squeeze every cent out of ya.

JP Morgan made the right choice. Nowadays almost every financial organization understands that cryptocurrencies are here to stay. And offering custody service is more popular.

I like to think of it in another perspective in which bitcoin is the one that needs these banks and financial institution. My reasoning is that bitcoin needs to have these connections because the institutions are well established and they cater a lot of people and a lot of these people do not have a knowledge about bitcoin. I can agree that these is a good move for banks but it is good for bitcoin because of these connections, it will garner more attention and in time more people will try to get their hands on one. In conclusion it is very likely that having these connections will be a good move for bitcoin to further deepen its stronghold in the financial industry.

as above, bitcoin hasn't Joined anything.. but mainstream institutions building connections with bitcoin can be good for the future of bitcoin.

There are a lot of people requesting having a bitcoin bank today but I think it is not most in demand for now while we have crisis let's start before the crisis there are a lot of people requesting to have a bitcoin bank because they want to make sure all of their funds are secured with the help of this kind of bitcoin banks but still the government on the different places must need to have a lot of research and actions before they do this kind of request also for the government does not entertain this kind of transactions because does not have to get any earnings with the use of the bitcoins also it is hard to earn if the coin is generalized.

Today it is hard to be implemented this kind of banking system because of this pandemic outbreak coronavirus but still, there is a chance because most of the efficient way as a payment method today is with the use of the online transaction which bitcoin is included.

i haven't heard of anyone requesting a bitcoin bank..  one of the keys to the concept is that there is no bank required.

People are resistive to change. And they are not always right with what they think they know. JP Morgan might not have understood what bitcoin is at that moment and when he realized it, his banking service extends to crypto exchanges. It doesn't mean JP Morgan likes or is bullish about bitcoin. He is a businessman and he does what makes him money.

JPMorgan died over a century ago in Rome, this refers to the bank of his name.. but i agree with your point.

years ago banks had lots of chargeback scammers who would buy bitcoins with fiat through their bank. and then claim they didnt make that fiat transfer and they would ask for a chargeback.
thus blacklisting exchanges thinking they were thieves. when infact it was greedy users wanting free coin

years ago banks feared not being able to trace 'money laundering' so didnt want to get involved. with trying to trail the value that went via bitcoin. so continued to blacklist exchanges

but now that exchanges are doing their own AML/KYC to identify users and make sure the user biting/selling bitcoins actually owns the bank account. and recording all transactions including the taint of bitcoin deposits.

banks are getting more confident to service the fiat accounts of exchanges

JP Morgan are acting like total hypocrites for the past few years.They are actively trying to get more customers,who are interested in using and trading cryptocurrencies,but at the same time,Jamie Dimon acted like a FUDster and trolled Bitcoin all the time.This is their sneaky strategy I guess.
JP Morgan joining the crypto industry isn't good news to me.A bank like JP Morgan doesn't like the Bitcoin project,the only thing they want is the money of their future customers.Stay away from that bank.

Banking will be changed due to crypto. In some countries they are already working with it. Soon we will see greater adoption in the EU

The title is really meaningless and should perhaps be "Banks start doing business with Bitcoin", although in this particular case JPM is actually starting to bank with the Coinbase and Gemini exchange. I am not surprised at all by such moves, despite the fact what JPM CEO has talked about Bitcoin in the past. Some may think that people buy BTC in some magical ways without the involvement of banks, but the fact is that it is just the opposite - every fiat deposit on a crypto exchange comes right through the client's bank account.

It is certainly strange to some, and they do not approve the involvement of banks when it comes to Bitcoin, which is understandable given the complete opposite of what a centralized monetary system is as opposed to a decentralized one. But what is happening in Germany with their banks (https://www.ledgerinsights.com/digital-asset-custody-forty-german-banks-cryptocurrency/) only shows their great interest in taking their share of the pie by offering new services related to crypto.

Banks cannot actually harm Bitcoin if they provide services to the crypto sector, but can only give it legitimacy by integrating it into their business. Many people are very skeptical about Bitcoin, they still consider it some kind of internet fraud used by criminals, which is definitely a myth which will change if states and banks change their stance on Bitcoin.

Greenpeace joins Chevron!!
How is that possible? Well, one of their ships uses diesel to go around!  ;D
Bitcoin can't join anything as it has no will of its own and JP Morgan didn't join any "bitcoin" as they are providing transactions for exchanges.

The bitter irony in this is that people are hailing how JP Morgan will make a lot of money from commissions taken from you, which is really pure gold!
So yeah, now use their services and make them richer, as they have joined bitcoin!

Some say there isn’t really any big profit from those fees, at least if it is to believe what is written in this article (https://www.theblockcrypto.com/post/64906/jpmorgan-now-serves-crypto-exchanges-coinbase-and-gemini-first-clients-report).


Maybe we can expect a JPM coin listed on those exchanges, which would definitely bring the company a big profit considering that this coin is currently available to a very small number of clients. It seems to me that these are some strange games in the background, but I'm sure that, as always, everything is aimed at making as much profit as possible.

I don't think Bitcoin will join the bank because Bitcoin is a kind of bank. Moreover, the banking system of many countries has become insecure. I don't think there is any need to add bitcoin to the bank. Bitcoin is completely illegal in different countries. In order to co-operate with the bank, the banking policy of that country has to be changed.

I don't think that the banks will change their stance regarding BTC and other major cryptocurrencies that easily. This case is an exception in my opinion. Major banks around the world will fully embrace crypto when the volatility factor goes down so that they are more reliable in the long term.

Also, educating the public about the basics of crypto is another hurdle which needs to be resolved in order for the banks to fully embrace crypto.

Yeah, but this comes from an unknown source from the other side of the coin...
To see the disadvantages of bitcoin you listen to the bankers, to learn about the disadvantages of banks you listen to a bitcoiner.
Every day we hear how bitcoin buys and sells are breaking records after records with millions and billions pouring in, and then...we have no income for the ones walking this heap of money round, sorry but I don't buy it.


A JPM coin will happen after Libra...never!  ;D

I think that JPM coin still has a better chance than Libra, which is perceived as a threat to national currencies (at least that is the attitude in the USA & EU). On the other side JPM coin is just something they use in a very limited environment (for now), but since it is designed to be as stablecoin, it could serve as something to be used for internal banking transactions. In other words, it is a Libra for banks with quite open possibilities to become something more.

Maybe not really joining the bank that means because bitcoin is on a world of its own, not operated like fiat. Banks are having regulation and country based but bitcoin isn't that way. It is different with blockchain technology and different ATM too.

In every perspective i just see it in a possitive way sir.
With the bitcoin being accepted by the Bank and known person it really gives bitcoin fortitude.
With the person having a big name  and accepting bitcoin . It will influence many people to buy bitcoin.

They just realized that they could benefit from cryptocurrencies, and therefore changed their minds. This is not unusual, they may even hate cryptocurrencies, but as long as they bring them income, in the form of interest from operations, they will work with them.

Before nobody thinks twice about investing in Bitcoin but now compared to how the US dollar is created people is moving to Cryptocurrency market specifically Bitcoin because the value cannot be manipulated by a central Authority and the value cannot be printed because it has a fix supply. Unlike the current the massive quantitative easing historic events that is what the feds are doing that will eventually lead to hyperinflation.

What will happen to bitcoin? It may be adopted more today.
 And it will still stay as cryptocurrency and banks will still be not at ease with it. Probably JP Morgan realized that bitcoin has some potential though it can be an alternate monetary online payment. If this is your point about btc joining banks are those bitcoin bank friendly now where we can purchase some bitcoin, well it is. But very few.

The news about JP Morgan joining bitcoin is proof that nothing can beat bitcoin. I believe bitcoin is the future, therefore it's no wonder
bitcoin is developing so rapidly. Because bitcoin has many benefits compared banks, especially the most preferred of bitcoin is the freedom
to control our own finances. That which is not owned by the bank. Of course in the future more and more banks will join bitcoin.

not only him but i can see that many people have that reasoning e.g calling btc a scam or fake but eventually we will not know that those haters before are now silently buying and holding btc   .  your stated phrase is  " if you cant beat them join them " is correct and shows a good example on those people  but maybe i wont agree when you say that btc will be more stable  however i will agree on the part where you said that btc is unbeatable   . nice to know that jp is not into btc   . i am now expecting another rise in the future

Of course, that would be their only chance at actually getting approval, PayPal money  ;D
But, this leads to a small twist, if they go with this approach they would not need lobby for exchanges nor will they need this "coin" to be actually traded.

Now, assuming JPM has the power to get their coin through all the hurdles in the US, where Facebook itself has failed, do you think they would need support from entities that by themselves have problems with the legislature? Rather than helping them, associating with exchanges would actually be a burden, making JPM coins like something can be used for...you know, everything bad cryptos are used for  ;)

So, unless I see some real evidence backed by some facts I will go with the making money approach with this one.

Thank you for this topic, and for your post that you posted. These are really very important links. The fact is that, in my opinion, there are no contradictions in these publications. Bitcoin has every chance of becoming the greatest fraud in the history of trade and finance. However, I am not ready to say that this will be done on purpose. Simply, a combination of circumstances can lead to this. I think that there are no people who cook this, but there are people who know about it. And these, you see, are different things...

Of that i agree, that no coin can take over Bitcoin because technological revolution and solving 500 years mathematical problem by it doesnt come everyday :).
Bitcoin is revolutionary technology seen one in a century.

It will need time to grow tho, and this news about banks, i dont care much about it because they can adopt it fast and well or slow and in bad way (not easy to use) so it will probably needs time also.

When Bitcoin first appeared, many people did not believe that bitcoin could carry out various transactions as it is now, but over time more and more investors joined and that's when the world community began to accept the existence of bitcoin as it is now and then applied to various transactions.
so don't be surprised if the bank now wants to work together and make transactions through bitcoin

Yes, Bitcoin is a new revolutionary technology and in a way started new revolution in finances.
But Bitcoin is not the only cryptocurrency, although for now it's best and no other coin.can achieve the same level of value and adoption.
However, that doesn't mean that will last forever, in theory there is possibility that one day some coin appear that could compete with Bitcoin. But such coin should be much more progressive, based on even better technology and with high potential for huge market value and adoption. However, at the moment I don't see any other coin that could be better than Bitcoin.

Even before they did that, they created their own cryptocurrency which is known as the JPM coin. It has been a long time now that they created their own cryptocurrency, and it's a stablecoin. What I am not really sure is whether they already issued the coin to their customers. The last time I checked on their website they said the coin was still a prototype and that they are not yet giving it out to the public, except a few selected special people.

So, I don't know if they are done with their experiment now. They are not the only one that called Bitcoin a scam back then, there were lots of people that called it a scam and now they are investing in it. This way, I am sure many governments may start working with bitcoins for various reasons or at least treating bitcoin as a digital gold. So, bitcoin may replace traditional banking in slow and steadily; yes expect the unexpected.

i always say time will prove everything.and this is just begining of not just bitcoin but blockchain in world.now every system can see they cant bit bitcoin now they want to join but its to late .i wonder how they going to act to control people again.

They always say trash about cryptocurrency, and when the time comes they will still adopt it. A lot of people and big names have said things about Bitcoin that are similar to the same thing that JP Morgan said. JP Morgan even went to the extent of trying to discourage their customers from investing their money in Bitcoin and they told them Bitcoin is the wrong choice for investment.

But, now they are working cryptocurrency exchanges and creating their own. Very funny. I can imagine how those investors that believed them back then would feel right now, because they will not be happy that JP Morgan misled them. How do you tell people to avoid something and then you don't avoid it, and you're making profit from it? Lol, the people you deceived won't be happy with you.

You cannot blame them because they find Bitcoin as Threat to their business so expect negative feeds from them not until they
 finally realized that they need to be join force to bitcoin and Cryptocurrency if they want to stay in business and
to have client still in future before all the people divert in crypto and leave banks.
This is normal after finding how beneficial and revolutionized Cryptocurrency is,not they will be one of the adopters
of crypto that will start the popularization in each part of the world.

Banks cannot deny the fact that they Need Crypto for Future

This topic by JP Morgan was 2017 when he argued that Bitcoin was a fraud and now he extends his business to connect the bank service with Bitcoin. This proves that any negativity till now about Bitcoin has defeated and Bitcoin is still dominating the crypto as well as world future currency.

More techonocratics will put bitcoin priority because of the bank want to make bitcoin drop it's price. More people will believe on bitcoin than fiat . So were gonna expect that the price will up again. And wishes that ethereum will go up proportionally with bitcoin

In our community where we are almost all bitcoin enthusiast, it is easy to say that bitcoin is getting too much popularity but in fact, it is still not that adopted by many, people are still preferring banks and their digital payments. Like for example, try to look at online stores, most of the time, they only accept paypal, or credit cards.

Unless we can see majority of online businesses offering bitcoin as a mode of payment, we cannot claim too much about bitcoin getting over banks and other financial institutions. We still have allot to improve, and allot of services needed to be understood by most of the people.

thanks for opening this thread, I am of the opinion that there is currently no real mass adoption and for many bitcoins it is seen as a bubble that will explode sooner or later, but I am noticing that some banks and monetary services such as Revolut and hype are giving the possibility of being able to use cryptocurrencies as a form of payment, for those unfamiliar with hype, is a service of an Italian bank called Banca Sella

Bitcoin is decentralized so it is not going to join with any banks? It just banks accept bitcoin as a form of payment but it doesn't mean they accept decentralization they just trying to make profits but they have hidden agenda towards these kind of words.But the two different statements is a proof why we should never trust anyone with crypto advices.

"Bitcoin joins the bank". That's eminently,
 as bitcoin has upward trended so far. So
 I don't think banks should be in  any
dilemma to provide services to bitcoin."

This could happen in the near future. I don't see any possibility of that happening anytime soon. Here are some things to keep in mind. Bitcoin has not been recognized by the government of any country yet. If bitcoin is to be added to a bank, it must be approved by the government of a country. Then that country can add bitcoin to their bank. Since no country has yet recognized Bitcoin as their currency, this is often the case.

I totally agree with the term "if you can't beat them then join them". That's a fact that's happening right now, which is the government
and the bank trying to beat bitcoin. Which results always fail, and in the end some big banks decide to join bitcoin. This one already
conducted by German and Indian banks. Therefore I am sure in the future more and more banks will decide to join bitcoin.

I knew it already that this will happen.

They criticized Bitcoin in the past years and many have declared Bitcoin is dead already. These bank owners are spitting shit with Bitcoin and now this pandemic happens and they will support Bitcoin and will use it in their Banking services. I'm happy that they've supported it but I know that this will not last long as I don't trust any banks. They just added it so that they will have some money to use for the pandemic. They added Bitcoin exchanges because the value of dollar is slowly withering already. I don't fucking trust these bank owners who criticized Bitcoin at first then now they are supporting it.

I'm just kinda frustrated with them. I know that this will be a good news for the holders but these are banks who are the greatest enemies of crypto. Most of them are against to it and now they are just supporting it.

Bitcoin doesn't die reason I wake up happy every day and my wife and my mum ask me "are you not going to look for a new job! I tell them, I already earning from bitcoin revolution from trading to teaching newbies who are enthusiastic about bitcoin and its future. Bitcoin is one of the best thing to have happened to this generation.

Bitcoin will be better and better.

Its jomust pointing out how hypocrits JP can be.
But it is a good news for bitcoin so we are all going to benefit to the improvement of bitcoin alsowith the Bigname of the investor many will trust bitcoin and don't let it just go pop.

Will be just an issues only bitcoin join the bank and make many people glad for investing in bitcoin and altcoin?
I think many way try by investor how to make bitcoin and altcoin suddenly on the top price,
then after many investors buy bitcoin they will sell without get confirmation and don't know by any one else
suddenly bitcoin drop and you need waiting get back your money

They are now supporting it because the bankers saw the opportunities of accepting cryptocurrencies. In these past years we saw how did they warns the public about making investment with bitcoin and some cryptocurrencies. They keep insisting that it is a bubble or it is a scam so stay away with it.  They are also destroying the image and spreading fake news but now it seems that they are willing to give support to change and upgrade the current system.

The banking system will eventually crash in the neae future if there will be no specific developments, investors and its customers will decrease gradually if it happens and that is why there should be change that they should now do in order to improve their current system and avoid the next crisis. For sure that they will agree that bitcoin and the blockchain technology is what we need in this Information Age.

Your title must be the other way around. It should be "Banks join the Bitcoin".

Well I think that bitcoin is here to stay for long since it is the king of cryptocurrencies.
But I am not sure if bitcoin would be chosen as the primary cryptocurrency to be accepted as payment or not because it is just too volatile to be accepted as payment method. To be practical, this generation would never accept a highly volatile cryptocurrency as their choice of payment method.
But yeah I do think that bitcoin will pave the way for better cryptocurrencies to be born.

I cannot clearly understand but I think I get your point though.

What will be the issue about these bitcoin investing is that unlike gold, the only thing you could do to steal it is by robbing a bank on which different case with bitcoin. You see even with the monthly maintenance and security check up of exchanges ( not far in bank by category ) they are steal prone to hacking and data breaching incident. I think the security will still be an issue even after a bank holds your bitcoin if ever, well of course aside from the volatility of it but that would be a risk by the investor to get into, not by letting bank hold their bitcoin.

They can't stop Bitcoin, the best they can do is to say trash about it and try to discourage people. But it doesn't work, as time goes on people will come to learn that what they were being told are lies and not the truth. And when the right time comes, they will all still join the cryptocurrency community. The cryptocurrency community has been growing and the level of the market back then is not the level it is now, it has gotten to a bigger level and I'm still looking forward to more growth and improvement and that will surely come.

I strongly believe that from now to next year the market will be taking a big move and that will make more high profile people and financial institutions will be joining with bitcoins. With upcoming bull run, bitcoin will do lots of miracles as it is probably going to have 6 digits of value which must be more than enough to convince anyone to adopt bitcoins.

Bitcoin and banks are incompatible. But not because bitcoin bears competition, it is free and so on. Banks need it, just because it does not bear competition. Bitcoin has many limitations (speed, scalability, and others). Therefore, it is beneficial for banks to keep it solely as a standard, the motto of the currency for the crypto world, like a dollar.
However, this relationship is not forever.

I guess if you can't beat 'em join' em.
It is a very evident reason.
I maintain the faith that BTCitcoin has resisted and will forever be with others. Today I am satisfied how bitcoin is being used.
According to my point of view, people like to invest in Bitcoin because they can have many benefits, ROI, Bitcoin is more accepted in several e-commerce stores.

Today we see how Bitcoin is gaining popularity, not only can you have it in your wallet, it can be used for loans, earn interest and more. I feel safe with Bitcoin when I want to exchange it for FIAT, immediately I can have my local currency in my bank account.

It's a sure fact now that bitcoin is here to stay and it's getting stronger everyday and even the people against it's vision are beginning to accept that fact now. Every smart investor and business is trying to get a stake in bitcoin amd other cryptocurrencies so I'm not surprised jp morgan just got his through extending his banking services

I'm sure that bitcoin will stick around for a while. I'm even more certain that other coins will come out that will be close to beating bitcoin like etherium.
But to be honest, I believe that Bitcoin will still stay on the top. At least for now.

If banks will extends a banking service to bitcoin exchange it will be good. More and more people will use bitcoin and it will become more useful in the future. For now there is no other coin that can take over bitcoin but in the future we can't tell if there is another valuable coin exist in crypto market which  are able to take over bitcoin.

Actually It's not Morgan, it's Jamie Dimon who told that BTC is a fraud.
If something completely new ever catches everyone's eye, there will always be some people against it, Jamie Dimon was one of them. I can remember the bullshit statement of Jamie Dimon, CEO of "JPMorgan Chase and Co", who said that BTC is a fraud. But the hilarious thing is that JPMorgan's attempt to build their own web cash in 2013 and claimed that they will make Bitcoin's alternative, but they were rejected and failed to launch their web cash.  :D
it's looks like "grapes are sour"  :D :D

Jamie Dimon might be the one that make the statement but when a CEO of a company said something he's automatically talking for the company.

Jamie Dimon is just like others (CSW, McAfee etc) who want to cause FUD in the market for their own selfish reason.

To be honest, i feel like this is just the beginning and with each day to come, more and more people will be getting to know more about bitcoin and even those that knows about it and still skeptical about it's vision will eventually realize one day that cryptocurrency and blockchain holds the key to the future as centralized systems are getting more and more complicated with each day. The difference between jp morgans tweet of years back and that of this year clearly shows that bitcoin has proven to him to be more than what it really assumed it to be

I don't think, that it will join in some big way. Crypto is extremely volatile and only few % of their money to Bitcoin and they can even rise price even by a few hundred USD. But I am sure, that they will buy or make some ETFs and they are now very interesting even for institutional investors, cause it is hard for them to buy real BTC.

I think it's just a matter of semantics. But of course, the import of the OP is well understood. The crazy "bubble" theory against Bitcoin was everywhere in 2017 and that did scare a lot of noobs. I was a noob then too. Now we all know they were just fudding to keep their business afloat against their perceived threat from Bitcoin.

It's a case of other businesses wooing Bitcoin now as the most desired Bride.

Maybe at first he thought bitcoin was gonna die in the long run, buh lo and behold it's still standing strong and even much better in terms of price, liquidity and usage compared to back then in 2017,I still think they are greater heights for bitcoin to attain, I believe very soon it will be widely used and accepted all over the world, although payments using bitcoin has increased  drastically over these few years.
Am still counting on bitcoin to beat the $20k mark record that was set in December 2017,lets see how the next few months will go,i still believe its going to cross $20k mark.

Banks can’t afford to take Bitcoin down. It is why some banks have decided to embrace and welcome cryptocurrencies in open arms to their system.

Like in the Philippines, Unionbank was the first-ever bank with a cryptocurrency ATM that is regulated by the Bangko Sentral ng Pilipinas (BSP). On top of that, more virtual currency exchangers (VCEs) are approved and licensed to operate by the BSP and CEZA (Cagayan Economic Zone Authority).

I’m also glad that JP Morgan is also doing the same to join us after their CEO blasted Bitcoin or cryptocurrencies as scams. Slowly but surely, banks are gonna transition and integrate cryptocurrencies in their financial ecosystem.

JPMorgan, PayPal. who will be the next??

They were against Bitcoin and now they joined it. it looks ridiculous and absurdly, because all their statements are stored in history.

When I saw these news I was even a little angry. Of course, we can say that people can change their minds, but they called Bitcoin fraud and thin air, and now what? nah?

No country and no government can resist the global and market trends. High technologies are being introduced by all the leading industries and businesses, while people themselves choose In which direction they should move. Based on this, as it were, earlier, governments, as well as various companies or banking institutions, did not express a negative about cryptocurrency, today, or in the near future they will have no choice but to accept cryptocurrency and not only cooperate with cryptocurrency users, but also introduce it for state and international use.

Having a bitcoin bank here in the Philippines is really good. In other countries there are many banks allowed for cryptocurrencies. But here in the Philippines the only bitcoin bank that I know is in Makati. Many people are really wanting to have a bitcoin bank today because of the pandemic. Many hackers and scammers are getting out so they want to make sure that their money is safe and secured and that would be possible if there is a bitcoin bank available to check the balance. Bitcoin transactions will also be more accessible if bitcoin bank is present. But for now I think it is much difficult because only few people believes in bitcoin here in the Philippines. Due to news many think that bitcoin is just a scam and they wom't get any benefit from it.

Bitcoin was still new at the time, and they all thought that it was another type of a ponzi scheme and would be used to scam people. They all tried to stop many people from buying Bitcoin and now they have watched the same cryptocurrency grow from 2008 to now and still going hard. They are now the ones that are trying to look for means to be part of the movement. Even influencers that were hating on Bitcoin, some of them can’t come out openly to agree that bitcoin is not a scam. They are now investing in Bitcoin secretly. Funny set of people lol.

That must be the power of bitcoins as it has proved its strength to its haters over the times. I guess this kind of trend will spread all over all the other concerns and individuals as well. This way I am expecting bitcoin to be a mainstream of payment system in real time soon. We may not banks to adopt bitcoin as people will start using bitcoins as their preferred banking system.

I also believe that sooner or later banks will offer Bitcoin related services to their clients, like Bitcoin accounts, credit cards or loans. However, that will not happen over night and although sime banks are testing Bitcoin and cryptocurrencies in general that is still far from implementation in reality
One of the big obstacles for incorporating Bitcoin into banks is regulation or better to say the lack of it and also relatively small number of interested clients. We have to be honest and say that still small number of people around the world is using Bitcoin and banks are interested in high profit. So, to.offer some service it has to be profitable and with crypto that is not so easy to achieve. There are also volatility, high risk and similar so I don't think we will see classic Bitcoin banks soon.

Bitcoin us already Popular and many people have known about the Name,But the problem is how can we lure these people to Enter and invest in cryptocurrency.because of many scamming and FUD's that going around this market and this Pushes people to Invest even with small amount inside things that they really regret when the Halving effect comes this year or the Next though there is no Blaming because it is their money that will be at stake and not ours.

Hey there! I was always thinking that merging banks and crypto is a good idea. I even use a prepaid euro card balckcatcard with a crypto wallet linked to it. I make crypto-fiat or fiat-crypto exchanges straight from the wallet to the euro account or vice versa.

for me there is no influence whatsoever from the news that happens, it is normal for all people who want to give their opinion on the existence and treatment of bitcoin. for me it is legitimate but everything now returns to individuals of the person who received the information, many who already know and are not shaken to continue to give bitcoin treatment as it already exists and have not changed at all. because for investors is bitcoin can provide benefits that can be adapted in the future and always continue to be sought.

bitcoin and banking are two different things and have run by themselves, if the bank wants to accommodate the needs of bitcoin, of course it is a plausible thing as long as it remains profitable for banks, but if it harms it certainly will not be used. During this time without bitcoin banking can still run by itself because there is already a separate market share.

I barely remember what bank that is but I know there are already banks that is offering bitcoin as an investment, it sounds crazy tho coz they suppose to protect people from losses yet they have it. I pretty much like how they introduces it to people, and people are wary about the volatility of cryptocurrencies especially with bitcoin. I heard there are also central crypto banking that is being tested right now, maybe we'll stick into that rather than using bitcoin, or we will have it both in the future.

Even now laws aren't as strong as the fiat currency, the problem with cryptocurrencies are always up on the table for talks.

National banks already testing out their own cryptocurrencies, but are all stable coin.

Kindly share one of those national banks that has their own cryptocurrency?

Sorry but seems like i missed that News.

So basically, they're testing anything but actual cryptocurrency

Now about 80 percent of states are considering introducing nationally stable coins. However, this is simply their digitized regular currency.
Central banks of states will be forced to work with a decentralized cryptocurrency. I also do not see another way for cryptocurrency. In order to successfully develop, cryptocurrency requires cooperation with states and their central banks.

After the last decentralized finance (defi) projects hype/trend I'm sure traditional banks will do something to reach closer to the features crypto currency universe is offering to its enthusiasts. However they can't control bitcoin, what isn't interesting for banksters goals , so it's normal we see even more altcoins surging and bitcoin market dominance decreasing, at least on the medium run.

What I see is crypto currency developing very fast. This universe is very volatile and doesn't stay idle for much time. Every year is different from the previous ones. It really makes me think that changes regard the relation between banks and crypto currency is going to happen very soon and I just hope we, common users, can benefit ourselves from these changes and not only the banksters.

Great, it's indeed the dream of every individuals who are already into this business,
coexisting with banksters and have the share rewards.
Most of us are hoping that this relation will happen and reward a good benefits to
people who believe that it will succeed.
Though it will take time but being positive that everything will go according to the
direction where bitcoin will be adopted and be used.

In past years many people rejected Bitcoin, some called it fraud, some said it's been used for illegal activities so therefore there can't work with, but as time goes on bitcoin started developing and becoming more successful, people started seeing the benefits of working with bitcoin, many who rejected Bitcoin started buying and owning good amounts of bitcoin, even banks are now coming closer to bitcoin and soon bitcoin will get mass adoption.

In fact, what happened in the past and some speculations about it was true, many people do really rejected bitcoin because it was used to scam people around. That has happened because many people way back before don't really know what bitcoin is, and how it is used. Mainly, people who knew bitcoin before spread false news and information and they focused to use bitcoin to earn easy money by scamming people.

But as time passes by, more and more articles have been published and more and more videos of bitcoin being used to daily lives came out, which makes people knowledgeable about bitcoin so that they will not believe a person who says about investment with exact date or sometimes they are inviting people to invest to double their money.

I have been hearing about Bitcoin joining the bank for a long time, but it has not happened so far. Joining Bitcoin Bank requires government approval.  If it goes under a government, its legitimacy will be fully revealed. I wonder if it happens all bitcoin users will benefit. I hope this happens as soon as possible and Bitcoin can go under a government.

They must have realised Bitcoin's true value regarding having a fix supply and it is against quantitative easing but it's feature is quantitative hardening.
Due to pandemic, fear arises in stock market after the recent crash of oil. That's why they're amazed how Bitcoin still has value and probably found out why.

I don't think there is a need to do it. People's confidence in the bank is declining day by day.In the last few years, several banks in Asia have been scammed. The common people did not get their money back. If my bitcoin is not safe after being added to Bank, then what is the benefit of being added to the bank ???

It may be true, I just hope more people will spend time reading those article. However, its kind of hard to change that image of btc right now especially when scams are still all around the facebook comment section, I just realized it this month when all of the sponsored post in my timeline are full of those troll account spamming the same messages about btc. Anyone will realize it ain't true so if they know nothing about btc, they will it as a scam already. Kind of sucks, I just hope they researched first about it.

Bitcoin could not be integrated to centralized currency system so it should be treated differently. In this case if banks will join bitcoin then the coin will be coming from the the people and not for them. However, they can process from fiat to coin exchange to where this is another form of earning from them from the process they will going to make.

Sounds like another job for the bank clerk and it will surely involve high value of exchanges. Another money making activity very simple, fast and easy.

No bank will ever accept any currency without commission From now on they take an interest at a reasonable rate Fiat takes commissions from now on due to currency centralization but in the case of Bitcoin it is never possible. If the banks can't provide Bitcoin security then no one will deposit and the demand of the banks will decrease Without adequate facilities the exchange will become much more difficult.

I used to wonder what will happen to banks, a lot of people have said that they will disappear because of Bitcoin, but I don’t really think so. I think whatever happens, these banks will still be here, rather they will upgrade to a level that is more advanced and be able to extra features and services to their customers in a way that they can fit in with the new changes.

In some ways we are always going to be in need of banks. I know some of us can stay without banks, but majority of us cannot do that, so there will always be a need for them in some ways. In near future, I am sure decentralized bitcoin banks will serve people with possible collateral and all other required things. A bitcoin wallet itself a banking client but it is missing with lending functionality alone ;D.

I thought as much, sometimes the title that members of this forum give goes in one way and the content of the post is also in a different direction. This makes it very difficult to follow up and build decent conversations in here.

I think JP Morgan made some FUD efforts to get loaded with BTC in order to become a market maker and get a piece of the action... It is something like "if you can't beat them, join them", but also "there's money there, how can we get it?"...
These guys are always smelling the same thing... money

In this modern world, anything is possible. So try to avoid overconfidence. Though Bitcoin is a decentralized coin, may be something new is coming to get accepted on bank. We should wait some more time to complete the process.

I don't think bitcoin will be stable, because we have to look at the amount of bitcoin and the impact of the demand that will occur. I'm also not sure banks will do that, instead I think that banks will be more fortunate to implement blockchain technology and make coin fiat, and this makes more sense to my mind. Banks are approaching bitcoin at this time so as not to appear evil when implementing the technology into their systems. Bitcoin is decentral and it is detrimental because many people will play around on the value of bitcoin if banks join bitcoin.

I don't think bitcoin can beat banks yet. Because governments are not interested with bitcoin yet. They just can't control it.
But they can easily control banks. So maybe we can see in our dreams bitcoin beats banks..

Bitcoin has already entered the banks' availabilities. You can see my article written some time ago:

https://www.publish0x.com/cryptouniverse/the-first-bank-that-offers-bitcoins-is-italian-xolgzxd

The first bank is Italian, but there are/will be many others in Switzerland and Germany.
If they can earn the banks sell any type of asset.

I can translate that to "In some ways we are always going to be slaves". We don't need banks. Banks need us.

Bitcoin banks? Never. Maybe a "crypto bank" that promotes a centralized currency, but Bitcoin will never be agreed. Banks will never step forward and lose their power, not even partially. If we all were to stick together move completely from banks to crypto, we'd easily get them all into bankruptcy.

What banks can do and Bitcoin can't is control and seize your assets.

I don't understand that guy.  ??? Isn't he supposed to be very clever or something? Yet he constantly contradicts himself? I don't understand how someone can do that. Even if he has no alternative agenda it is still wierd. I guess he is just a weird guy. Maybe he just likes money too much and will take it any way it comes. Still calling out that something is a fraud then using it financially...

I think banks have no choice but to deal with crypto. Banks will be extinct and I think some of them know it. I think in 50 years time banks as we know them will be almost gone. Why use goverment issues currency when you could use others that would give you interest and things like that? Government issued currency is not on your side.

People who dream about the banking system disappearing are dreaming as they have no idea about the financial structure, as you mentioned lending is one of the major service provided by banks and you cannot expect it from a decentralized market  ;D. The positive note is that if these banking institutions use the blockchain technology then we will have more transparency and we might see them implement that in the future.

It is not a viable business venture to have a decentralized bank. We have seen many lending business but we know that many have closed their doors.

I prefer to say that the Bank joins Bitcoin, the fact is that Bitcoin does not need a Bank to develop. Proven from being created
many banks try to drop Bitcoin, but now many banks joins Bitcoin. Because banks have begun to realize that Bitcoin cannot be
stopped, continues to grow and become more popular nowadays.

It is possible if you let the bank take care of your bitcoin with insurance and this might be the most likely to happen with mass adoption for bitcoin. If banks would dare to get into bitcoin, they will take the risk to do so giving their full accountability in exchange for trust with the cryptocurrencies. Commissions on bitcoin will be high that's for sure given banks will risk a huge part of them just to get long with the trend, besides if it clicks massively they will get a huge profit out of it. Just in case it happens   :-X

Security in terms of technology, there is no more secure facility of money in the online but only crypto, what's not secure is the 3rd party services. I think bank will also run after the blockchain, they might introduce a new technology, an innovative blockchain, how is that for the security?

Bitcoin is already gaining from mainstream and with that banks are seeing it and wanted to take some slice of benefits, they are now allowing things to

happen unlike before where we seen a lots of negativities coming from this banksters, bitcoin is proceeding to more success and bringing this opportunities

to everyone, adoptions will be more successful in coming years.

true, with such a progression, banks need to be able to accept bitcoin, not the other way around. because after all bitcoin can run by itself does not need the support of banks, but banks really need bitcoin because he sees that if you register bitcoin will certainly benefit from each transaction.

bitcoin has developed more without anyone's help because it's clearly a far different platform.
but many are looking for profits from any of what is made to smooth the bitcoin transactions, it is natural because they see the preospect from quite a lot of bitcoin enthusiasts.

They are compatible because they have something in common... Both are a way to handle money, and sometimes we want to hold our cash on cryptos and some times we want it on dlls, if we want the money and not the cryptos banks are the easy way to withdraw.

I agree, cryptocurrencies and banks can go together. Some crypto users are too rigid and don't want to see that there are not so many differences between fiat money and cryptocurrencies. Yes, they are functioning different way, have some different principles but at the end of the day its about value they have and how it could be used in real world. That is why are banks interested in crypto and they are willing to adjust their business to be more compliant with cryptocurrencies.

When most whitepaper says "peer to peer transactions" or like "no third party needed" it doesn't mean we cannot connect banks and crypto, right now, there are regulations established by the government that allows cryptocurrency to be used and regulated. Just like what we have here in the Philippines, our local exchange Coins.ph is could be used to connect your account to your bank accounts. Meaning to say that you can directly buy bitcoin from your fiat funds. Wouldn't it be better if other exchange will have this feature? Instead of us separating crypto, we use both because in the end, it will be us that will benefit from these emerging technologies.

I totally agree
banks and crypto are not compatible, both made for the same purposes, trading and investing or savings but each can handle it in a different way.

maybe some crypto coins trying to be near to fiat money to attract people out of the crypto world showing their coin stability but crypto wasn't made for stability.

simply people with a lot of fiat money are against the crypto because they couldn't invest earlier and earn from the bitcoin massive jump or simply have no idea about crypto.

Yeah heard Switzerland gets another ‘Bitcoin bank’ that holds cryptocurrency for customers. " SEBA " says it’s trying to bridge the gap between traditional and digital assets, whilst maintaining high levels of security. At the moment, the bank supports five cryptocurrencies: Bitcoin, $BTC▲4.15% Ethereum, Stellar, Litecoin, and Ethereum Classic.