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Author Topic: Does the bank glad to support cryptocurrency trade?  (Read 200 times)
Cathy1701
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April 02, 2018, 02:50:39 AM
 #1

As we know, not many exchanges will support the international wire transfer, what is the mainly reason in it?
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April 02, 2018, 03:00:32 AM
 #2

Yes, 1.They cannot control the cryptocurrency.
2.The cryptocurrency is safer, cheaper, and more private, and once the average person on the street becomes aware of this, it is even less likely to stop the rise of cryptocurrency.
For example, okcoin is not support the wire transfer before, but it is going to cooperate with epay to solve this problem.
http://blog.epay.com/c/a_detailed_tutorial_teach_you_how_to_correctly_use_okex
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April 02, 2018, 03:09:27 AM
 #3

So there is the reason why appear many ewallet now,  I have used epay they can provide many functional service for me all the time, okcoin is a great choice for this time.
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April 02, 2018, 03:35:23 AM
 #4

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

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April 02, 2018, 05:23:38 AM
 #5

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

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April 02, 2018, 06:48:23 AM
 #6

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

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







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April 02, 2018, 08:41:36 AM
 #7

in these few days I think most of the bank will not be friendly with these cryptocurrency,but as time goes by,they have to accept them and adjust them。
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April 02, 2018, 08:47:50 AM
 #8

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

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April 02, 2018, 09:21:17 AM
 #9

As we know, not many exchanges will support the international wire transfer, what is the mainly reason in it?
In order for the exchange to support the possibility of using Fiat, it needs to have a license from the Central Bank of the country in which it operates. It's complicated. We all know that bankers are opposed to supporting the use of cryptocurrencies. The main task of the appearance of cryptocurrency was an alternative to Fiat. Therefore, many exchanges do not want to support Fiat.
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April 02, 2018, 09:50:26 AM
 #10

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

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April 02, 2018, 10:02:42 AM
 #11

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

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April 02, 2018, 10:11:22 AM
 #12

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

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April 02, 2018, 10:40:22 AM
 #13

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

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

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

   

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April 02, 2018, 11:19:47 AM
 #14

Yes, 1.They cannot control the cryptocurrency.
They indeed cannot control the decentralized cryptocurrencies we have today, but they can make their own centralized crypto, enabling support for cryptocurrency trades.
2.The cryptocurrency is safer, cheaper, and more private, and once the average person on the street becomes aware of this, it is even less likely to stop the rise of cryptocurrency.
It is also likely that some countries would not make a move to stop the rise of cryptocurrency, but instead they or some institution that is under government's control to make their own one and harness it's power to benefit from the tech it has(blockchain).

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April 02, 2018, 11:27:46 AM
 #15

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


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April 02, 2018, 11:30:07 AM
 #16

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

Since crypto was included in the G20 topic, the alternative money become a real threat to banks so as usual they will do anything to control the marketing.
Bitcoin isn't a threat to the banking system, and especially not when you consider that banks themselves may adopt Bitcoin at some point in the future. As much as people here enjoy the benefits of Bitcoin and its potential, banks can do so too. The only thing lacking here is the regulatory framework allowing them to do so. Most governments don't fear Bitcoin because people aren't using it as currency to bypass fiat transactions, and as long as governments don't see that change, there is nothing to fear for them, and that makes sense.

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April 02, 2018, 11:32:42 AM
 #17

we think that the banks will never support btc because it is an alternative to them and exchanges wire transfer but imagine if banks would like to create their own coin it is a matter of time for them to do so but wire transfer for exchanges is very hard to get established.
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April 02, 2018, 11:49:51 AM
 #18

in 2017 bitcoin recorded a record that became a hot potato around the world, so its phenomenal bitcoin until the banks and the government intervened. we all know that banks will never support bitcoin, because bitcoin offers such an easy system. a strong reason why governments and banks ban bitcoin, because they claim that bitcoin is not a valid means of exchange or means of payment to use. so, in my opinion until whenever the bank will never support virtual / digital currency like bitcoin. in fact there are still many reasons for this ban.
but i guess in future if we leave banks no choice maybe they will consider accepting to support cryptocurrency,we all know how crypto affecting them more depositors are going and transferring their funds inside crypto because of volatility and the privacy together with the freely feeling of having a full access and manage for your own money

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April 02, 2018, 12:19:39 PM
 #19

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


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April 02, 2018, 12:35:02 PM
 #20

What are banks?
Is a system that facilitates interaction between two parties that trust the third party(Bank system).
Bitcoin is P2P without need any third party.
Banks were reaping the process of converting Bitcoin to Cash.
But with the increase in the use of bitcoin and the decline in the need for that process, banks are more afraid of cryptocurrencies.
"The cryptocurrency business is completely unregulated and because users are anonymous, it's very open to being used for money laundering" said one senior banker.[1]

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

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