You Can Now Keep Your Bitcoins In A Bank

[Betwrong]

Yeah it is a good thing because there are now banks who appreciates bitcoins but I do not prefer to store my bitcoin in banks because I know that storing bitcoin in my bitcoin wallet is more safe than storing in bank. We are not sure if the banks can really secured our bitcoins.

Its too risky to trust the banks because they can freeze your account if bitcoin has been banned to your place. I know this is a good move by the banks but its your choice whether to use banks or not. Maybe in the future if there’s already a mass adoption, I will start to trust the bank again, and put my precious bitcoin there.

You are absolutely right, and even in the future I can see no point for putting your Bitcoin in a bank, but this is not about people like you. You have been using BTC for some time already, right? But more than 99% of the world population don't use it, and they are not going to unless some entities, like banks, for instance, provide them with guarantees on their safety. Mass adoption is impossible without steps like this.

[Sadlife]

We need more of this to advertise bitcoin to different types of investors but isn't that the same in regular fiat investing such as fractional reserve banking where banks sell coins that they dont actually have then put it with some interest to make money out of nothing maybe their planning some kind of scheme or something but i hope this doesn't have a negative effect in bitcoin in the coming years.

[zhekinsp]

We need more of this to advertise bitcoin to different types of investors but isn't that the same in regular fiat investing such as fractional reserve banking where banks sell coins that they dont actually have then put it with some interest to make money out of nothing maybe their planning some kind of scheme or something but i hope this doesn't have a negative effect in bitcoin in the coming years.

Their intention is to control the decentralized funds,so don't fall for the bankers words because we actually in o need of any bansk to store our crypto currencies.

[Google+]

this is a very good development step because more and more people will accept bitcoin to save there and it looks like there will be more developments that can be obtained in the future because bitcoin will continue to have extraordinary developments in the future.

[whore-ray]

These are really good news. may i add that also the FIDOR Bank in Germany accepts normal Bank Accounts for Fiat (Euro) and Bitcoin on the same account.

Bank exists already since a few years and has good reputation.

Company Website: https://www.fidor.com/

Direkt Online Banking for German Customers: https://www.fidor.de/

Direct Online Banking for UK Customers: https://www.fidorbank.uk/

greetz, whore-ray

[tetyulfania]

I am glad with bank want accepted bitcoin as saving money and we can save our asset bitcoin or altcoin at bank we get many benefit by using bitcoin for saving at bank with higher or security than saving on wallet.

[fauzan Ichsan]

I am glad with bank want accepted bitcoin as saving money and we can save our asset bitcoin or altcoin at bank we get many benefit by using bitcoin for saving at bank with higher or security than saving on wallet.

I agree. with a bank that provides storage for bitcoin, it means that there is already legalization from the government, this is good for the development of bitcoin, as well as providing security guarantees for bitcoiners, as you explain

[Pattart]

I do not believe in the bank and when I store at the bank the bitcoin assets that I have will be known by the bank and it is very terrible and when you save in the bank then you cannot grow the bitcoin that you have, I better use it for trading not just keep quiet .

We are using bitcoins because we want to avoid the banks and you are giving us suggestion to use the bank. That's not the bitcoin users who want banks again. We are getting rid of banks through bitcoins as we are not happy with the current strict rules of the banks.

Like or not, we need something and trade with others using fiat money because government not regulating and prohibiting bitcoin in merchant. I think its good idea if banks accept bitcoin deposit

Yeah this is still a pro and a contra, some people certainly avoid banks because they want anonymity, thats why they join bitcoin. and other people like this idea because you can more easily use bitcoin and it's easier to exchange it for fiat. I think there is no requirements to save your bitcoin in the bank, so it doesn't need to worry

[marketone]

Now no banks is allowing us to store Bitcoin in the bank's, but surely in the coming days we are going to see banks will allow us to store Bitcoin with the approvals from the government. But I don't think it is good idea to store in banks because again we are giving control to the bankers again.

[nydiacaskey01]

If you want to store your Bitcoins in a Bank, buy a Ledger Nano S or a Trezor, store your Bitcoins in any of them, go to your favorite Bank, ask for a safety deposit box (you can get the smallest one if you like), sign the lease contract and leave your Trezor or Ledger Nano S there and you are done, Bank wont even think that you just stored a digital asset inside their premises. However, there are Banks that requires safety deposit box users to have an account with them with a minimum average daily balance. Rental fee for box with the size of  5”x5”x24” is just 0.005360BTC at current BTC price of 1BTC is to $3,574 USD.

[Wipangga]

I prefer to save my bitcoin in my personal wallet, so that I will also be easier to invest and transact. because for me if we keep it in my personal wallet even though for years it is also very safe

[DisWhale]

I have not seen such a Bank which accepts cryptocurrency as deposits here in my country. However, I know of an app (HubrisOne) which merges both cryptocurrency wallets and Bank accounts (GBP, USD and EUR dominated currencies). Here, a user can have access to both assets or currencies with single tap and conversion to either currencies can be made on the same app.

[Judylori845]

Now with the IBM partnership will MPCX release the platform earlier?

[whyrqa-1]

I have not seen such a Bank which accepts cryptocurrency as deposits here in my country. However, I know of an app (HubrisOne) which merges both cryptocurrency wallets and Bank accounts (GBP, USD and EUR dominated currencies). Here, a user can have access to both assets or currencies with single tap and conversion to either currencies can be made on the same app.

I participated in the Bounty company when a project for this application was created.  Indeed a lot of promising Hubrisone project, but still very raw and still far from real use.

[semobo]

I cannot really understand that how the Bitcoin is suitable are connected with the banks and moreover it is not possible in the current situation when the bank is not accepting the Bitcoin as a payment then it will not be possible in all the time in some of the banks were also accepted it if the government of a country will agree to use only we can make the transaction with that
.

[automaticmoney]

They are some banks in Swiss and Liechtenstein are allowing bank customers to hold their bitcoin in their banking services which is a positive sign for crypto industry

[mirawantirinjana]

They are some banks in Swiss and Liechtenstein are allowing bank customers to hold their bitcoin in their banking services which is a positive sign for crypto industry

What is the storage mechanism?
do they integrate FIAT currencies with crypto currencies? or do they provide a special space to store Bitcoin and other crypto currencies? without being linked to the FIAT currency.

[Barbut]

If you have a hardware wallet you can be your own bank, why would you pay someone else to keep your bitcoins when you can do it by yourself? For extra security, you can buy some nice wallets like trezor or ledger, but if you don` t wish to pay for a wallet you can find some good one for free. If you don`t own private keys you don`t own bitcoins, have that in mind all the time.

[Wallflower28]

Summary: Citibank has created something they call a "digital asset receipt(DAR)" which could allow purchasers of bitcoin to have banks hold their coins.

So these DARs are going to be similar to ETFs. Same story, different package. The point is, you as an investor, don't want to be dealing with creating and saving your private keys. You want someone else to do that for you. Is it good or bad news for the Bitcoin ecosystem? Honestly I don't know. On the pros side, it may help pump new money in. But I tend to think it is not so good, as we get these weird financial constructions, where someone else keeps your bitcoins, not you in reality. Will these custodians be transparent and to what degree? Will they enable landing or other financial instruments on top of these DARs? Will it affect the underlying Bitcoin system, will it introduce a sort of inflation... a lot of unknowns...

It will always inflict an effect in bitcoin industry. The introduction of DAR is either help the bitcoin enthusiasts. In good side, that will be a huge step for bitcoin to take the dominance. Imagine, banks will accept the idea of bitcoin already. On other hand, it may cause also a stealing effect to those people that will save their bitcoin in banks. Once you give your private keys, assure that it can be accessed by banks. Why do we need to keep to them if crypto is invented with their wallets.

[vitimers]

What happened to having the ultimate responsibility over you money?