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Author Topic: What bank accept Bitcoin?  (Read 119 times)
Adenike
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January 31, 2018, 02:52:37 PM
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What I know is that with Bitcoin, you own your own online bank at blockchain, If I accept payments with bitcoin or earned bitcoins from one of my invesment programs that means i will  be able to send my bitcoins to a bank account to get FIAT currency without using an exchange?
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BrewMaster
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January 31, 2018, 02:59:34 PM
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no you need to go elsewhere (an exchange) and then turn your bitcoin to fiat then deposit that fiat into your bank.

what you ask is like wanting to deposit Dinar of UAE into an American bank which only accepts US dollar.

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January 31, 2018, 03:05:41 PM
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What I know is that with Bitcoin, you own your own online bank at blockchain, If I accept payments with bitcoin or earned bitcoins from one of my invesment programs that means i will  be able to send my bitcoins to a bank account to get FIAT currency without using an exchange?
yes, of course you will be able to get it. the bank will take care of it (an exchange). and most importantly that the bank already has a prior agreement or agreement on the matter.
babarian
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January 31, 2018, 03:16:41 PM
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Until now I have not heard of any bank receiving bitcoin, even if you will exchange your bitcoin against your country's currency, you have to redeem it to a special exchanger in your country
Adenike
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January 31, 2018, 03:17:54 PM
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First of all, you all that have answered so far gave some really good insight on Bitcoin, but that does not answer the  question (If I am understanding the question correctly).  I am sure that someone else will still have this same question. In that case, I will give my best attempt to answer the question that i asked.

I think that the people that have so far answered the question didn’t realize at the time of posting their answers didn’t realize that banks are actually allergic to Bitcoin. What do I mean by that? Well… Before you do any kind of serious trading or transactions with Bitcoin, you must first have some things in place. For instance, you must have an anti money laundering agreement in place. People think that profits from Bitcoin is tax free. The IRS doesn’t see it that way. Bitcoin profits are taxed as capital gains. So if you’re going to do any kind of significant volume using a bank as a middle man, you have to have things in order, or else, they will shut your account down and you may even see a negative balance. Bank of America is notorious for shutting down accounts!

To get a good idea about which banks are most Bitcoin friendly, I suggest that you visit Bitcoin News, Blockchain News, Prices, Charts & Analysis - CoinDesk and inquire within the community.

I hope this helps! Just keep in mind it’s going to be more so about that anti money laundering paperwork than it really is about the bank itself.
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February 01, 2018, 01:09:15 PM
 #6

First you need to convert your btc to USD then you can convert it to Fiat currency.
There are lots of website or exchange for conversion.
But i think someday these process will be very easier than now and government will accept bitcoin.

Platio
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Platio
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iagyei259
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February 01, 2018, 01:57:06 PM
 #7

I don't think  there is a bank that accept bitcoin  direct but there a third party  services like exchanges or online banks like Nereller or skrill where you can deposit bitcoin before withdrawing to your bank.
fritzwalter195
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February 01, 2018, 06:16:22 PM
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Banks accepting bitcoin? Is that a joke or what? Banks hate Bitcoin and they have a reason for that, didn't you know. Banks and Bitcoin and two words that cannot do well in one sentence together.  Wink
aardvark15
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February 01, 2018, 07:48:04 PM
 #9

What I know is that with Bitcoin, you own your own online bank at blockchain, If I accept payments with bitcoin or earned bitcoins from one of my invesment programs that means i will  be able to send my bitcoins to a bank account to get FIAT currency without using an exchange?

You need to find an exchange that lets you cash out your Bitcoins. In the US, You can send your Bitcoins to Coinbase, sell for US dollars, and they will deposit the money in your bank account. There may be other exchanges that do this as well. You can also try localbitcoins to meet up with someone in person that will buy your Bitcoins and give you cash.
RektEx
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February 02, 2018, 12:40:05 AM
 #10

What I know is that with Bitcoin, you own your own online bank at blockchain, If I accept payments with bitcoin or earned bitcoins from one of my invesment programs that means i will  be able to send my bitcoins to a bank account to get FIAT currency without using an exchange?

You will need an exchange to withdraw from.
MaximMax
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February 02, 2018, 02:49:32 AM
 #11

As of now, no bank has started accepting bitcoin as currency.
But Bank of America has seen it as potential currency of future. This is an optimistic gesture.
However, some associations across the world have opened bitcoin ATM, where such transactions are entertained.
Here's a good article about companies that accept BTC in different countries.

https://coinreport.net/coin-101/accepting-bitcoin/
elramsy
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February 02, 2018, 05:03:06 AM
 #12

For now no any official bank that accept bitcoin, it's only exchange community that accept bitcoin and other cryptocurrency.
BlinkLink
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February 02, 2018, 11:56:53 AM
 #13

Good questions, sadly no banks now accept Bitcoin as Bitcoin is a destroyer to them as it will affect their vampire sucking money making methods like, unreasonable transaction fees, service fees, other fees that is for what inside? Bitcoin destroy the banking industry there for no banks will accept bitcoin and due to rules and regulations banks has the rights to freeze your account if you're involve with bitcoin they will say your money laundering and your funds will be frozen... it sucks 
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