You Can Now Keep Your Bitcoins In A Bank

[voltesbit777]

I would rather to keep my bitcoin on my own cold storage wallet which is electrum or Nano ledger rather than a bank. There's a tendency in the near future once you put your bitcoin in bank they can hold your Bitcoin. Because, they are centralized while bitcoin was not instead it is
decentralized, I don't know if some of you would agree with me.

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[reda]

Most of the country will not accept the bitcoin. So bitcoin will be not accepted some country bank. But some country will be accepted the bitcoin. So people time to exchange and time to invest. It good ideas. So people will be wait for the bitcoin accept all country. It can change the world. It help to people growth.

[zacad]

At present, Bitcoin Bank is too advanced, and it is basically the same as a bank with a common currency. But this is at least a good news. But I won't go to the bank to save my bitcoin. The core of the future banking industry is the intermediary, not the people who manage Bitcoin.

[pinoyden]

I would rather to keep my bitcoin on my own cold storage wallet which is electrum or Nano ledger rather than a bank. There's a tendency in the near future once you put your bitcoin in bank they can hold your Bitcoin. Because, they are centralized while bitcoin was not instead it is
decentralized, I don't know if some of you would agree with me.

Dont worry i agree with you because that is also im doing right now . i only stored my cash in bitcoin rather than a traditional bank because im afraid that my money could be put on hold ( like what you said above )  and the worst thing that could happen is what if the banks will become bankrupt and they wont give any refunds to your money since they already loose it all in illegal business   .

Anyways , My money is safe in the form of bitcoin and im also earning a huge percent of interest as long as the market will be in good mood .  

[dimox]

you know if you can save your asset by yourself. as long as you not going to be scammed by people.
im afraid if this way is the one of the other ways of government to touch bitcoin.
if you put your coin in bank, it make more risk. many people try to hack exchanger, than bank will be the second target for them.

[kakonhat]

Crypto receipts!

This is the most perfect thing I have ever read about the blockchain:

Citi has developed an instrument it is calling a digital asset receipt. It works much like an American depositary receipt, which have been around for decades to give US investors a way to own foreign stocks that don’t otherwise trade on US exchanges. The foreign stock is held by a bank, which then issues the depositary receipt.

In this case, the cryptocurrency would be held by a custodian, with the so-called DAR issued by Citigroup, the people said. The bank would alert the Depository Trust & Clearing Corp., a Wall Street middleman that provides clearing and settlement services, that it issued a receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they’re already familiar with, the person added.

I want to cry. I want to give those paragraphs a hug. I have written, more than once, about the complexities and inefficiencies of having pretty much all U.S. stocks held by DTCC. “It’s enough to make you wish for a blockchain,” I once wrote. A secure, open, permissionless, immutable record of who owns what, one that doesn’t require investors to trust either a bank or a central Wall Street intermediary or to rely on those intermediaries’ old-fashioned systems: That is a core dream of the blockchain, a central appeal of cryptocurrencies.

And then here is Citigroup Inc. looking at investor demand and concluding: Yes, sure, Bitcoin is great, but what Bitcoin investors really want is to hold Bitcoins in the form of receipts issued by a giant bank and registered at DTCC. That’s where the real innovation is! That’s what the people want! “Take this blockchain away from me,” they cry, “and give me the old system that I know!”

A claim that you sometimes hear is that the blockchain will revolutionize back-office processes — settlement, custody, etc. — in the financial system. But look at the actual experience of cryptocurrency custody. The main story of institutional investment in cryptocurrency these days is a story of custody, broadly speaking: Large institutional investors want to get access to Bitcoin, but they do not want to own actual Bitcoins, themselves, on the actual Bitcoin blockchain. They want Bitcoin exchange-traded funds, or Bitcoin futures, or Bitcoins held in custody by regulated crypto exchanges or traditional big banks, or, sure, crypto depository receipts, why not. Everywhere there is a blockchain, a trusted central intermediary — often a bank or other old-school Wall Street middleman! — springs up to make it useful. Does that tell you anything about the prospects for blockchains to replace central intermediaries?

I confess, though, that it goes the other way too: “Two financial technology companies won New York state approval to issue cryptocurrencies pegged to the U.S. dollar,” the Gemini dollar and the Paxos Standard, “creating more regulated and transparent competitors to Tether and other so-called stable coins,” which are in turn competitors to … the dollar. If you want to hold your Bitcoins through a bank, you can, but on the other hand if you want to hold your dollars through a blockchain, you can do that too.

https://www.bloomberg.com/view/articles/2018-09-10/keep-your-bitcoins-in-the-bank

....

Summary: Citibank has created something they call a "digital asset receipt(DAR)" which could allow purchasers of bitcoin to have banks hold their coins. The details aren't clear. There isn't much information posted here about minimum purchasing amounts or who digital asset receipts will be marketed to. Its nice to see innovation and new offerings for crypto enthusiasts. Although I have a feeling these digital asset receipts might come bundled with $100,000 dollar minimum investments and cater only to high(er) end demographics.

I would guess some would opt for DAR's if they could provide insurance on bitcoins and crypto up to limited amounts.

That's a good news. Today I got one more good news though it was published in October but I saw the news today. Neteller now allow buy/sell Cryptocurrency. That's really amazing.

[aeternus]

It is interesting to see the new financial instruments being created around bitcoin, but I do not really see the point of a service like that, bitcoin allow us to be our own bank so that service offered by banks is going to be made redundant, why will anyone want to store their coins in a bank that can easily steal your coins if that is what they wish to do.

[MarchToke]

For me, i rather keep my bitcoin and other crypto assets in my own digital wallet because if you keep your bitcoin in bank, i believe there will be bank charge for that and i am not into giving any money for that stuff. So why not keep it for your own?

[BitcoinCommodor]

why should we put our crypto in bank? so that bank can issue IOU and inflate the market again with bitcoin? what bank going to do if the market hitting bubble? Plus, putting it in bank defeat the very purpose of bitcoin creation.

Better it is not to put bitcoin in banks until bitcoin banks are not formed. There are so many banks who play enemy game with bitcoin. And if you contact them unfortunately and put your bitcoin there, they would do bad with them. You should wait for some good options where government itself is providing safe security to bitcoin in form of banks or merchandise.

[wingsthegreat21]

Its actually a win win situation for both parties when we send money to the bank, it means also that we give the control to the bank, which then loses the decentralization of the bitcoin but in positive way bitcoin will be known globally and will make sure that your coins are all secured, you can also manage and control your bitcoin yourself in your wallet without having to provide any information to a third party in the near future.

[cryptokingdom]

When it comes to bitcoin you are your own bank. No bank is needed for your bitcoin to be safe. I see it as being risky, the bank will now know the amount of bitcoin you possess and there will be some restrictions, terms and conditions in the process.

[btctrader69]

this is very good !

[Tervelatuk]

When it comes to bitcoin you are your own bank. No bank is needed for your bitcoin to be safe. I see it as being risky, the bank will now know the amount of bitcoin you possess and there will be some restrictions, terms and conditions in the process.

i think if bank want to be safe place to keep our bitcoin they have to open their own exchange.only it is the chance for bank to open service saving bitcoin for their customer.

[BlackFor3st]

Crypto receipts!

This is the most perfect thing I have ever read about the blockchain:

Citi has developed an instrument it is calling a digital asset receipt. It works much like an American depositary receipt, which have been around for decades to give US investors a way to own foreign stocks that don’t otherwise trade on US exchanges. The foreign stock is held by a bank, which then issues the depositary receipt.

In this case, the cryptocurrency would be held by a custodian, with the so-called DAR issued by Citigroup, the people said. The bank would alert the Depository Trust & Clearing Corp., a Wall Street middleman that provides clearing and settlement services, that it issued a receipt, one of the people said. That lends an important layer of legitimacy and gives investors a way to track the investment within a system that they’re already familiar with, the person added.

I want to cry. I want to give those paragraphs a hug. I have written, more than once, about the complexities and inefficiencies of having pretty much all U.S. stocks held by DTCC. “It’s enough to make you wish for a blockchain,” I once wrote. A secure, open, permissionless, immutable record of who owns what, one that doesn’t require investors to trust either a bank or a central Wall Street intermediary or to rely on those intermediaries’ old-fashioned systems: That is a core dream of the blockchain, a central appeal of cryptocurrencies.

And then here is Citigroup Inc. looking at investor demand and concluding: Yes, sure, Bitcoin is great, but what Bitcoin investors really want is to hold Bitcoins in the form of receipts issued by a giant bank and registered at DTCC. That’s where the real innovation is! That’s what the people want! “Take this blockchain away from me,” they cry, “and give me the old system that I know!”

A claim that you sometimes hear is that the blockchain will revolutionize back-office processes — settlement, custody, etc. — in the financial system. But look at the actual experience of cryptocurrency custody. The main story of institutional investment in cryptocurrency these days is a story of custody, broadly speaking: Large institutional investors want to get access to Bitcoin, but they do not want to own actual Bitcoins, themselves, on the actual Bitcoin blockchain. They want Bitcoin exchange-traded funds, or Bitcoin futures, or Bitcoins held in custody by regulated crypto exchanges or traditional big banks, or, sure, crypto depository receipts, why not. Everywhere there is a blockchain, a trusted central intermediary — often a bank or other old-school Wall Street middleman! — springs up to make it useful. Does that tell you anything about the prospects for blockchains to replace central intermediaries?

I confess, though, that it goes the other way too: “Two financial technology companies won New York state approval to issue cryptocurrencies pegged to the U.S. dollar,” the Gemini dollar and the Paxos Standard, “creating more regulated and transparent competitors to Tether and other so-called stable coins,” which are in turn competitors to … the dollar. If you want to hold your Bitcoins through a bank, you can, but on the other hand if you want to hold your dollars through a blockchain, you can do that too.

https://www.bloomberg.com/view/articles/2018-09-10/keep-your-bitcoins-in-the-bank

....

Summary: Citibank has created something they call a "digital asset receipt(DAR)" which could allow purchasers of bitcoin to have banks hold their coins. The details aren't clear. There isn't much information posted here about minimum purchasing amounts or who digital asset receipts will be marketed to. Its nice to see innovation and new offerings for crypto enthusiasts. Although I have a feeling these digital asset receipts might come bundled with $100,000 dollar minimum investments and cater only to high(er) end demographics.

I would guess some would opt for DAR's if they could provide insurance on bitcoins and crypto up to limited amounts.

Is citibank really going for cryptocurrencies?
I don't think that far because already banks are having a war against cryptocurrencies and are in favour of neglecting them.
In such situation, if what you are saying is real than i think bitcoins and cryptocurrencies are really doing well.
DAR sounds intresting and would like to know about it ahead.

[Wipangga]

I thought, I would save my bitcoin not at the bank, I would rather keep my bitcoin in my personal wallet, so I thought it was safer than I had to keep it in the bank.

[horrifiedx1]

When it comes to bitcoin you are your own bank. No bank is needed for your bitcoin to be safe. I see it as being risky, the bank will now know the amount of bitcoin you possess and there will be some restrictions, terms and conditions in the process.

i think if bank want to be safe place to keep our bitcoin they have to open their own exchange.only it is the chance for bank to open service saving bitcoin for their customer.

besides that with the bank that provides bitcoin storage, one of the advantages is that our funds will be safer, maybe this is needed for corporations that have large funds. I don't think I have to open an exchange myself, I think the bank will work like myetherwallet or something else. therefore it can make us a choice

[romero121]

That's good, but your holding on a centralized platform makes the service un-anonymous. This will let the government know who has got cryptocurrency in their portfolio. Particularly this will be good for countries accepting bitcoin, and it isn't good for the people in the country where cryptocurrency isn't given legal rights for usage by the government.

[boled]

This is good news, but I have a bad experience with Citibank, I am not too interested in entering the crypto world, if they are successful, they will try to monopolize, and Bitcoin is created to avoid the banking system and patterns.

[r_uyab]

storing bitcoin in the bank for me is still not safe, I myself prefer to keep my bitcoin in my wallet, so I also find it easier to use it. than I keep in the bank.

[BeGoods]

I would rather to keep my bitcoin on my own cold storage wallet which is electrum or Nano ledger rather than a bank. There's a tendency in the near future once you put your bitcoin in bank they can hold your Bitcoin. Because, they are centralized while bitcoin was not instead it is
decentralized, I don't know if some of you would agree with me.

I think all exchange sites are also centralized right? so are some online wallets? I don't think it's a problem as long as the security is
guaranteed right? after all when you keep it in the bank. your coins will grow because of interest