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Author Topic: Will banks ever offer bitcoin deposits?  (Read 6336 times)
warriorcryptobar
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August 01, 2018, 06:48:04 PM
 #1401

If the banks decided to offer bitcoin deposits, it would theoretically create a profitability banks could leverage into crypto with. Eventually they could become so powerful that they control a major aspect to rules and requirements across the entire industry, maybe even evolving the standards and practices.  I'm curious to know how much infrastructure banks would need to build in order to facilitate total crypto integration.
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fmasta
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August 03, 2018, 08:02:56 PM
 #1402

We all know how risky bitcoin is. Let's imagine the most riskiest money deposit situation.
What do you think guys, will this moment ever come and banks decide to offer us Bitcoin deposits (e.g. fixed profit on 1 year deposit and etc).
This can be very, very profitable for banks if they make correct decisions.
P.S I don't mean freebitco.in's offer of holds on their wallet. I mean if official banks ever offer us this service.
I don't think it can be real thing in the future. Because you how banks are controlled by government and the system want to know who you are and how many money you have. Which going are still opposite to it.

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Rozita
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August 03, 2018, 08:06:48 PM
 #1403

I believe it would happen in future. Bank suppose go provide financial support for people. If cryptocurrency do become our financial instrument i believe bank will provide this kind of services. It would be like a custody that similar to what coinbase are doing. So i  do think anything could happen and i absolutely think bank would do it if crypto market get bigger.

What if you give your coins to bank and they cannot give back your coins after a big price rise?
Your wallet is your bank. It's the best place for storing your bitcoins.
predictors
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August 03, 2018, 09:52:11 PM
 #1404

commercial banks dont accept bitcoin for now, They trade/transact in government backed fiat currencies only. Although Bitcoin is a legal payment tender in some countries. Your traditional banks do not directly deal with Bitcoin. There might be some intermediary who convert Bitcoin to local currency and vice versa. But with time i see a development towards this.
splash914
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August 03, 2018, 10:39:39 PM
 #1405

Yes, most likely will be. Bitcoin provides big problems for banks ... so just to continue their existence will have to deal with the provision of similar services
jamota
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August 03, 2018, 10:42:26 PM
 #1406

I believe the bank will provide this kind of service. It will be like a prisoner that is similar to what coinbase does. So I think anything can happen and I really think the bank will do it if the crypto market gets bigger.
Al the Alpaca
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August 03, 2018, 10:51:23 PM
 #1407

commercial banks dont accept bitcoin for now, They trade/transact in government backed fiat currencies only. Although Bitcoin is a legal payment tender in some countries. Your traditional banks do not directly deal with Bitcoin. There might be some intermediary who convert Bitcoin to local currency and vice versa. But with time i see a development towards this.
Well, that's right. Bitcoin is just for online business. Bitcoin is different from commercial banks because they really accept real money/fiats and not bitcoin. Bitcoin is just a digital currency, Banks need an actual money. Maybe they should accept it soon but not for now. Remittance centers are now accepting bitcoins. Here in the Philippines, there are some remittance centers that are ables you to withdraw your bitcoin through these remittance centers and it is nice to hear this. But, I hope that banks will do the same soon.

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August 03, 2018, 10:56:31 PM
 #1408

I think banks will never offer bitcoin deposits. Because they don't like cryptocurrency. And banks don't enter a risky thing like bitcoin.

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August 04, 2018, 01:53:47 AM
 #1409

Well, I don't think it will be a great idea, Bitcoin it self can perform any transactions online. Online wallet is enough to store our bitcoins, if we go through the banks it will be more complicated because of its volatility. Therefore, banks will never offer bitcoin deposits I guess.
Olayinka225
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August 04, 2018, 06:43:21 AM
 #1410

I don't think that can ever be actualized going by series of news and law flying around against bitcoin, SEC  regulations and many more.
ATM9807
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August 04, 2018, 06:56:40 AM
 #1411

If Banks go into bitcoin, it will be profitable for them but I don't think that will happen soon because bank is centralized and bitcoin is decentralized. And if banks embark on btc it will affect the price at the beginning and who knows if that will be the downfall of bitcoin
BitcoinGuru123
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August 04, 2018, 06:58:48 AM
 #1412


If it would be considered of the banks in future I bet that it would undergo procedures and processes before it would be implemented. But if it is considered by the banks then it would be a great help to bitcoin itself to become more well-known cryptocurrencies exists.
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August 04, 2018, 07:17:51 AM
 #1413

I believe it would happen in future. Bank suppose go provide financial support for people. If cryptocurrency do become our financial instrument i believe bank will provide this kind of services. It would be like a custody that similar to what coinbase are doing. So i  do think anything could happen and i absolutely think bank would do it if crypto market get bigger.

What if you give your coins to bank and they cannot give back your coins after a big price rise?
Your wallet is your bank. It's the best place for storing your bitcoins.

Bitcoin wallet is like banks account. I am believes banks know this and that why banks afraid on bitcoin or cryptocurrency. With bitcoin, we dont need third party for our transaction and having bitcoin wallet is like we have banks account without providing our identity

Ngewex Yuk
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August 04, 2018, 07:52:09 AM
 #1414

I think this depends on whether the country has legalized bitcoin or not, if the government does not legalize bitcoin, it is impossible for banks to make bitcoin as a deposit, the thing that makes everyone doubt is that bitcoin prices are too volatile.

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Miklight88
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August 04, 2018, 07:54:16 AM
 #1415

I don't think bank need to allow Bitcoin deposit to make more profit because Bitcoin can be save on it's own wallet with you having your private key and can only sell or hold your position if needed but in the area of fixed return on all Bitcoin deposit on yearly basis , some token has made move on that like moneytoken and some others like that but I don't know how it's going to be run yet but let wait and see if is profitable to both investors and the organization.
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August 04, 2018, 08:22:53 AM
 #1416

We all know how risky bitcoin is. Let's imagine the most riskiest money deposit situation.
What do you think guys, will this moment ever come and banks decide to offer us Bitcoin deposits (e.g. fixed profit on 1 year deposit and etc).
This can be very, very profitable for banks if they make correct decisions.
P.S I don't mean freebitco.in's offer of holds on their wallet. I mean if official banks ever offer us this service.

Every business needs to adapt to changes and challenges like this. Im pretty sure banks are already finding ways to join the bandwagon.they will surely profit from it. It would just be a matter of time until they accept bitcoin deposit and withdrawals.
As of today, the volatility of bitcoin is one of the reason why banks is not yet adopting it. But as we all know soon enough bitcoin will be accepted by everyone and this will be the catalyst on why the bank will start accepting bitcoin. Good point to the part where bitcoin is very profitable, but in some point, bank did not like the fixed thing. Bank want to earn profit in a sure manner, and if bitcoin will go down then they are affected. But as for today, bitcoin is continuously increasing and this may be the reason why banks will soon accept bitcoin. The potential the bitcoin has.

jamisky
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August 04, 2018, 08:37:42 AM
 #1417

The adoption of cryptocurrencies by traditional financial institution is achievable. Because cryptocurrency and Blockchain technology is here to stay and it just need a little bit of regulation for stability
vitek_dyb
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August 04, 2018, 08:58:52 AM
 #1418

I think it will be not acept in early future becouse banks see in bitcoin see a currency in competition,but now i see info- Digital bank Web21 has just announced that they are accepting bitcoin deposits. This article explores what the future of bitcoin might be.Can possible that national banks accept bitcoin to deposits maybe in one day it happens who know...
Sentinel211
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August 04, 2018, 12:39:22 PM
 #1419

Not until they get Btc regulated since they're not going to take any big unmanageable risks because they might go bankrupt should anything crop up...
Maybe a little later Wink
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August 04, 2018, 12:52:11 PM
 #1420

There is a possibility that banks would offer bitcoin deposits because it would add up to their income specially the deposit fees and they can use it to buy and sell bitcoin.
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