Bitcoin Forum

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really. Most probably that service will be provided by NCR banks, users will be able to purchase Bitcoin through NCR’s 800,000 ATMs as well. But surprisingly I notice Bitcoin's price drop after this news (Lol). However, I think this step will make it easier to trade Bitcoin for US citizens.

Please read the news source for more details: $6 Billion NCR Opens Bitcoin Purchases To 650 Banks And Credit Unions (https://www.forbes.com/sites/michaeldelcastillo/2021/06/30/6-billion-ncr-opens-bitcoin-purchases-to-650-banks-and-credit-unions/?sh=5fe5483f826d)

Very recently UK already declared , they are no more with the best popular cryptocurrency exchange Binance which have made me frustrated but this news make me again delightful.

Not US, it is UK. US has longed ago not allowing its citizens to make use of binance.com, US citizens make use of binance.us, this is as a result to have an exchange operating in US so that they can be able to make it to comply with rules and regulations by the US government, maybe that is what UK is trying to also do as UK states that binance is not following certain rules.

It is not surprising considering more and more government starts to accept and legalize crypto. Hopefully, this won't result in a closed environment of crypto trading where people need to register and do lots of KYC, with limited trading activity, and so on.

Sooner or later platforms like Binance will definitely need a license to operate in various countries, with some deals here and there. The government will then force people to use local exchange or exchange with a license to control and monitor the market.

Let me quote:


At least NCR's management is keen on looking at bitcoin and crypto in general. Of course, it's business and all for the money, but this could mean a win-win situation for us. Adoption might be a slow process, but sooner or later we might see more industries betting on the future of BTC.

amazed how little discussion about this here... To me it rates as far more important than when PayPal opened up to crypto.
Yes no doubt that like Fiat, the banks will hold the keys to your crypto accounts with them BUT -- as long as they treat crypto the same as fiat, as in allowing transfers not only to merchants but also (unlike PayPal), to other private crypto accounts as well, so what? It would make crypto just as usable as fiat.

Big techs do and will accept more cryptocurrency. Banks do and will do more adoption on cryptocurrency.

What they care for utmost is profit and adoption on cryptocurrency will help their banks have more income from customers. It's clear that they have to obey to local laws as well as regional laws. It it too confident to say all nations, all banks will accept Bitcoin and cryptocurrency but I believe they will. They can not prevent the revolution in technology goes deeper into human society.

This is Bitcoin hitting the mainstream road. And no small thanks to the ones earlier perceived to be the enemies of Bitcoin, it is the banks now that are bringing Bitcoin to the doorstep of approximately 24 million people. This is huge!

However, I hope this won't encourage people to just let these banks take full custody of their savings. I am particularly looking forward to the near future, hopefully, when this development would eventually provide Bitcoin owners easier access to stores, restaurants, and shops that accept Bitcoin payment. NCR, after all, is " the largest provider of point-of-sale software to grocery and other retail stores globally." This would definitely further push for the treatment of Bitcoin more as a currency.

That would be the worst-case scenario where we return back for being unanimous into transparent again. Anyway, since we are in the crypto industry, if something like that might happen in the future, there's always someone that will create something that would offer it used to. like for example the Bitcoin we have right now where you can completely hide your transaction details.

Yeah seen this news on a telegram channel and just wonder if this will really be done in the near future or just some kind of hopium again. This is indeed a good news because the influx of this banks will be huge and more investors may flock in.

Just felt good after reading this news while sipping the morning tea. Lolz.
Amazing share man.

This was amazing part from the new, (quoted from article)

I was actually wondering how they gonna surpass the regulatory requirements of the nation. So if you see the statement then it seems NYDIG will act as sole escrow for the crypto currencies.

And yes, it surpasses the fear of loosing your private keys with the government or whatever authority which keeps track of it.
Here,


Wondering how they gonna push the exchange tech through all those ATM's out there?
Isn't this will require upgrading of all the ATM's too?

I think we have to wait and see how this is actually implemented. If you can indeed purchase bitcoin from their ATMs and be paid to your bitcoin address then this is not an issue as you would be the one holding your keys.

Otherwise the part I would be worried about is the banks purchasing bitcoin and owning some and then start their fractional reserve banking crap and end up "lending" more bitcoin than they have. Then all those participating in the centralized corrupted systems run by banks and exchanges could severely disrupt the market.

So much news that will trigger adoption yet for a regular person out there like the working class, they just mind their business going to the workplace not minding all news like this one. 650 banks will help adoption but it's going to be a tiny step of its only for the bank account holders. Bitcoin is for the unbanked.

If they will just say they are giving away $30 for every user who downloads the government wallet app, every cheeseburger eater out there will be connecting to the internet to follow what goes on in crypto.

if this really happens, then the domino effect that occurs will be quite large...

Most of the world's major banks are based in the US. if US banks start accepting Bitcoin purchases then other smaller banks will have to follow this trend too, if there is a bank that does not follow this trend then the bank will 'bankrupt'

The fact that one country disallows certain operations of one company that didn't comply certain laws is really small actually. It's just hyper-inflated by the news papers.


Yeah, I was expecting the price moves upward also because in Germany the investment funds are legally allowed starting today play with Bitcoin (https://bitcointalk.org/index.php?topic=5346848). But the price seems to go downwards. I'm used with oddities and manipulation, so I'll just give it more time. It'll go up eventually  ;)

The truth is, people trust banks. We may not like it but that is a fact. Banking institutions offering crypto options will be viewed as a sign that crypto assets are actually trusted assets. And this can help drive capital into the crypto economy. A wider adoption of cryptocurrencies across industries will be the key to its success. After all, giving 24 million Americans access to the crypto market can only mean one thing - more adoption.

It's going to be very interesting to see how this all plays out. But at the end of the day, it's good news.

I means that's the only way they can keep up, adapt to changes or have your business get left behind by the continuous march of time and innovations in technology and in society. This is good that they will adopt bitcoin so more people can have access to it but the compromise that I see is the privacy, taxation and possibility of losing your coins because this falls under the not your keys, not your coins category.

It sounds nice because it means that people in the US will have more opportunities to invest in cryptos. However, isn't the US against crypto exchanges? In that case, does it mean that the US will push against exchanges and in favor of banks, trying to assimilate cryptos and make them a part of the traditional financial institutions? Another concern I have is regarding taxes. I thought that currently, any transaction involving crypto and fiat requires paying some taxes, and it must be really difficult for people who want to trade Bitcoin or sell it for fiat regularly. Will banks handle the taxes or how is this going to work?

That's not going to make a lot of difference because US customers are already using bitcoin exchanges like Binance since a long time now. Also there are privileged enough to use bitcoin ATMs which are installed across the country. Adoption by Banks is just going to make bitcoin more visible to the masses and possibly increase its credibility. But i really hope that as a superpower US will help other nations to adopt bitcoin and come out of regressive mentality.

Where did you get that idea? Despite all those conspiracies about the US being the enemy of crypto and the dollar feeling threatened by crypto at the end of the day when you do the math, you see that almost everything that counts for bitcoin will end up having something to do with the US. Coinbase, Gemini, Micro, Grayscale, and many, many more.


I'm starting to get used to those, or rather to the lack of reaction, I have a feeling a lot of people and traders are not reacting to the news about the possibility of purchases but they are waiting for the actual numbers in terms of cash flowing to bitcoin through those routes. Also, I think a lot still believe we're heading to a bear season and are just waiting on the side for everyone else to make a move, but nobody wants to be the first, but it's going to be damn funny when nobody would want to be last,  we might see some real fomo, just need the right sparks and fuel.

This is good news for adoption, and potentially transitioning the general public to converting to being their own bank with Bitcoin. Although, personally I'd prefer to avoid storing large amounts of money in banks, and manage it myself.

This is very likely the route it will eventually take. Banks usually don't like you sending large amounts to unidentified banks, due to the issue with scamming, and they sort of have a duty of care. Therefore, they'll likely require users to register, and fill out KYC just because first they'll need to do it under law if it exceeds a certain amount, they'll likely work with the tax man to assure everyone is declaring their taxes, and to prevent illegal activity.

I read something about this back in early May Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG (https://www.cnbc.com/2021/05/05/bitcoin-is-coming-to-hundreds-of-us-banks-says-crypto-firm-nydig-.html), but I also found a topic about it here (https://bitcointalk.org/index.php?topic=5336239.0). Also, all of this was preceded by news from last year Big decision by the OCC - Banks can now hodl Bitcoins. (https://bitcointalk.org/index.php?topic=5264025.0)

How good or bad this is for BTC is hard to say at the moment, as the question arises as to whether people really want to invest in Bitcoin - and it should not be forgotten that the US has the largest crypto ATM network in the world and also the largest crypto exchange. Therefore, it is not a problem for them to invest, but the real problem is their tax system, which for most is a real nightmare (if we look at it from some other parts of the world).

I beg to differ. I found that paying this years taxes involving BTC to be very painless. Services like cointracker.io made is exceptionally easy for my tax folks to process the taxes due from new coins and taxes due after I cashed out a fair bit (to pay off my house mortgage). Since the coins I cashed out were earned more than 1 year ago they were treated as long-term gains resulting in a surprising low tax rate of only 8%. :D

As I said earlier, as long as banks allow transfer of coins to/from other accounts -- just like fiat -- this is a huge win-win for all parties.

No, I wouldn't agree with you in this case. I am not sure if you read The history of bitcoin ATMs is much longer than I thought! (http://The history of bitcoin ATMs is much longer than I thought!) wrote by The Pharmacist. He has struggled to reach Bitcoin ATM. So if more Bitcoin ATMs accept buy and sell Bitcoin then it will easier to cash out Bitcoin for US Citizens. Cashing out Bitcoin easily is a challenging task for me. Especially those countries that do not allow Bitcoin just imagine how hard for them cash out Bitcoin. Anyway, it's a good move by US banks, somehow it will encourage US users more to use Bitcoin.

Total Agree with your statement what they care first is profit and second was the customer  ;D
to be honest bank who first accepted crypto available for customer will gain more and more user, paypal mastercard and visa is one step ahead to do this i hope country who not banning will start to adapting also

Profit is what they are after of course. They won't even care about what blockchain is and but just pure making money from the crypto economy. Paypal was forced to allow users to withdraw BTC actually so the information about "not your key, not your coins" works. And when no customers are actually going to use banks to store their coins to them, they will eventually do what Paypal did.

Bitcoin wallet is a bank itself.

yes you are right, this step will make it easier for US citizens to buy bitcoins legally. As for the recent decline, I think the impact of the negative news about China's ban is still there. that's why the price of btc has decreased. but apart from that, I see the market is doing better than last month.

I think like you, but I think there will indeed be people who will use banks for custodianship. Some retail invesors and also institutions that hold large amounts. MSTR does not custody its bitcoin itself, for large companies and large amounts it may make sense.

The only problem that we are facing right now is the unlikelihood that other country's banks will do the same as US banks because we all know that they think different and have different opinion against bitcoin so we can't hold on too much hope that others will follow suit.

Banks adopting the operation of Bitcoin will really be a welcome development since it will go a long way in enhancing the financial market and alleviate the standard of living

I support your point of view. From the perspective of time, Bitcoin is still a child, only 12 years old. His growth must have been ups and downs. In the early stage, the price of the currency became the harvesting tool of certain consortia, and even some The comments of celebrities can make prices rise and fall, but the overall trend is that it will be recognized by more and more countries and banks. For an exchange, it is just a very small part of the issuance process, and You may have to comply with the policies of various countries in the initial stage.

I quote from the NCR website:

I've never heard about NCR before.It seems to me that NCR is more like a payment service provider,that works with banks and other businesses,rather than an actual bank.
Having such big payment services provider to accept Bitcoin payments is as big as Paypal accepting Bitcoin payments(which didn't happen,Paypal will never truly adopt BTC). Unfortunately,most of the people don't know anything about NCR.This is definitely bullish news.

In what way do you think cashing out here will be easier than, for example, selling against FIAT on Binance and transferring it to the bank account?

ATMs have very high fees (> 5%) and charge KYC even for relatively small amounts (here in my country starting from $999), so it is very expensive and very troublesome to use such ATMs. Transferring the coins to an exchange, selling them against FIAT and transferring FIAT to my own bank account, on the other hand, costs me hardly any fees and I can do it from home.

In countries where BTC is prohibited there will be no ATMs either way ;) For me personally, the ATMs are one thing: a great advertising tool to make Bitcoin known to the normal population, but nothing more.

If they soon realize their old-fashioned, short-sightedness will kill contemporary economics.  It has to happen and without any compulsion.  Today's bitcoin network will increase the difficulty of hashing.  The running of the cows will begin soon.  I'm more optimistic in this situation than 1/2 off ATH.  Excited to wait :))

That might be a good start, many Banks began allowing the currency trading that means accept bitcoin to pay the audience get bigger, although by supervision, but also suggests that encryption currency became legal, the penetration and mainstream financial institutions to participate in, it will lead to a variety of shops and Banks, the currency as a means of payment will be more and more widely recognized, This may also have an impact on some cryptocurrency exchanges, and it's unclear what the exchanges will do in response.

I suppose I could see Bitcoin getting further to "the people" by having more ATMs offer it as a "convenience" for users, and getting a wider audience. That might help further its adoption.
The reality is that there are still many businesses and shops that don't accept anything else but cash. Food markets are the prime example. Even credit cards aren't always practical, so people have to carry cash with them. There will always be a need for ATMs as long as cash is in circulation and money doesn't become completely digital. I think there will come a time when all ATMs include a crypto exchange.

Relative to cryptocurrency adoption we're getting positive as well as negative news in the global market. 650 US banks allowing for the purchase of bitcoin makes the possibility of trading and other bitcoin needs met with ease. By the time Europe declaring Binance no more on usage is the news against the market. India at the same time has been gaining good momentum with more crypto adoption and new exchanges into launch and now coinbase is on the track for its launch in India.

These news will help more new users get into the cryptospace, when people get easy access.

People and businesses are now aware of cryptocurrencies, especially Bitcoin, and adding more 650 US banks to do the transactions, it was a massive development and adoption,

making bitcoin more accessible, will surely increase  BTC volume in the market!   

Adoption cant be stopped at this rate. Inflation of fiat currencies is growing and with it exposure and interest in other stores of value. Great news for Crypto.. all of this I see as just building blocks for this space. It will take time, but is ultimately for the best.

I think that depends on where you live. Here in my country in the EU I can pay everywhere without cash, most stores even prefer it, especially since Corona. Additionally, some countries have even announced that they will be completely cashless by 2025 (https://sweden.se/life/society/a-cashless-society), so I'm sure many will follow suit:


Of course, this has little to do with increasing crypto adoption for the time being. However, the more people get used to cashless payments, the more likely it is that alternative payment methods like Bitcoin will be accepted.

Since Paypal accepted Bitcoin many people are getting to know Bitcoin, this is a good thing for the development of Bitcoin. So I'm not surprised
that 650 US Banks finally accepted Bitcoin transactions, because I believe Bitcoin will finally be accepted in all countries in a few years.
Therefore we have to be patient with the current market conditions, because positive news about Bitcoin is gradually starting to emerge.
We just need to be patient until finally Bitcoin can return to prices above $60k again.

Bitcoin purchases using ATMs right but anyone really going to use bitcoin ATM to buy bitcoin because where we need to pay huge fee compared to buying on exchanges, so its always good to buy with coinbase and coinbase pro or bitcoin.us, but this ATM adoption may increase the adoption rate as payment mode, possibly yes I guess.