Customers in switzerland can now send their cryptocurrency to their banks

[Jamesp2k]

Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;

 Falcon Private BankBanks e a Change
 Maerki Baumann private bank

Customers  can now send their digital asset to the bank.

What's the implication?

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[khufuking]

It is always better to provide links with such news . If I am not mistaken with fast google search , falcon bank is an old news back in 2017 . But Maerki Baumann private bank is new one .

some links
https://www.swissinfo.ch/eng/business/game-changer-_swiss-private-bank-accepts-bitcoin/43328354 ( Falcon back in july 2017 )   
https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/ (Falcon in july 2017 )
https://toshitimes.com/second-major-swiss-bank-begins-accepting-crypto-deposits/

[squatter]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

[Jamesp2k]

It is always better to provide links with such news . If I am not mistaken with fast google search , falcon bank is an old news back in 2017 . But Maerki Baumann private bank is new one .

some links
https://www.swissinfo.ch/eng/business/game-changer-_swiss-private-bank-accepts-bitcoin/43328354 ( Falcon back in july 2017 )   
https://snbchf.com/2017/07/swiss-bank-accepts-bitcoin/ (Falcon in july 2017 )
https://toshitimes.com/second-major-swiss-bank-begins-accepting-crypto-deposits/

This is the link. Its new https://www.livebitcoinnews.com/cryptocurrency-users-can-now-send-assets-to-two-swiss-private-banks/

[boolog]

This is very good news for people from switzerland. Hopefully, the banks in my home country will soon be ready to offer the same service. But what i ask myself are the crypto deposits somehow secured, if it comes to a hack or something?

[Vanes_brz]

in Switzerland, the banking business is very developed, it is not surprising that they decided on such a step, we hope that this will turn out to be a positive moment for the crypto currency

[amila_cs]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

I agree with you, whole idea of cryptocurrency is to be decentralized and have no single governing organization. Satoshi wrote “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” — Bitcoin Genesis Block, so he believe bitcoin will force out banks some day. But until we see that day this is good for the growth of crypto in mid term

[frankforty]

this is the good news for Switzerland peoples now they can deposit cryptocurrency in the banks i think banks and financial institution are accepting cryptocurrency as like other fiat currency. i hope soon peoples can buy and sell bitcoin and other cryptocurrency directly from banks and no need any third party exchange and wallets.

[aoluain]

My thinking is that these are private banks offering solutions to their existing customers requests.
Wealthy customers who can afford to use a private bank rather than a mainstream one.
Wealthy customers who hold Bitcoin as part of their portfolio.

[BitcoinNewbie15]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Totally agree, however, as much as I hate to say this, one thing I do think is that trusted escrows are needed for crypto adoption. It can be too dangerous/complicated for the everyday joe to properly store and secure their own Bitcoin, even more so if they are technically illiterate. So they could lose their entire retirement fund in one fell swoop, which can be a problem. What I like though, is that using a trusted third party is totally optional. Bitcoin empowers the users so if they don't want to trust someone with their coins, they don't have to! As long as they know how to properly store their coins, they will be ok.

Either way, I think this is huge news! More and more banks will be adopting crypto in this way IMO, and this is wayyyy better than having a bank create their own centralized cryptocurrency.

[merchantofzeny]

Are there any particular recent news from Switzerland you are thinking about?

People should stop being surprised about the Swiss's attitude towards crypto. Being "neutral" especially when it comes to money is how they managed to get a good chunk of their income. If it's money, their bank would take it, even it's NAZI loots.

Rather than fight the trend, they're figuring out ways to keep on top of it.

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Yeah, maybe still keep bitcoins in wallets that would never be used with the traditional banking system so the address can't be linked back to you. The "anonymity" is one of the main reasons people used it in the first place

[dangkhoasn]

Cryptocurrency is growing rapidly in European countries. Hopefully in the future cryptocurrency will also flourish in Asian countries...

[renes]

I think cryptocurrency does not need a bank you can store them in your own bank, that's much more secure and you are not vulnerable if you are smart enough.

[mostkey]

I don't like banks if they interfere in cryptocurrency issues, they will only seek profits in any form, it is clear that Bitcoin is designed for P2P systems so that it aims to secure all money with yourself without bank intervention to provide interest at any time, it is very difficult, the government often wants to connect banks to better manage the financial system in cryptocurrency.

[smnjms]

Isnt it ironic how banks are adopting crypto, yet one of the main reasons in for the rise of crypto was decentralization 

[BitCoinGuy10]

This is a really good move for the crypto scene according to me. More people will be interested when they will get to know that banks are also getting interested in working with cryptos. But the pull back here is that; the main objective of cryptocurrencies is to remove the necessity of going to any bank; so here it contradicts with the actual cause.

[eternalgloom]

I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

[darkangel11]

I would never personally make use of a service like that. I'm not willing to give over control of my coins to anyone, especially not to a for-profit company like a bank.
What's the point of having Bitcoin if you're going to let someone else keep them? That's how I see it.

That's not to say that this couldn't be useful for some people, but I do wonder what happens if the bank that's storing your coins goes bankrupt.
Would they return your assets or do they get auctioned off to pay back creditors?

Same here, especially since taxes in Switzerland are high and they are also taxing your income from Bitcoin, even if you lose the coins somehow or don't realize the profits.
I'd see this move as a way to spy on crypto users. The main problem of government agencies is to assign coins to IDs, so that in future they can track the coins and if any of them end up in an illegal business they will start knocking on doors of its previous owners. If you send coins directly to a bank you're literally signing them.

[chidrawarster]

It's indeed a good news for all the Crypto space we'll wishers. This way atleast banks will understand the volatility of btc and also the major setbacks as well in tandem. However., as long as banks are just concerned with their fees and all crypto space could afford that, rest they will charge from customers. I suggest everybody to just read the terms and conditions of banks before getting into crypto world.

[aso118]

Double-edged sword. On one hand, banks will be (and are being) forced by the market to adopt cryptocurrency -- a clear response to heightening adoption.

On the other hand, this totally defeats the purpose of Bitcoin. I wonder how many people will eventually get screwed over by trusting banks to hold onto their peer-to-peer currency!

Banks are not being forced by market forces to accept Bitcoin. They don't even act as custodians for people's cryptocurrencies. They just provide a way for people to take Bitcoin exposure.
Things will change when deposits and loans are made in cryptocurrencies. That will truly revolutionize the business model of financial institutions.