You Can Now Keep Your Bitcoins In A Bank

[asus09]

It is good really if the banks are accepting the cryptocurrency ,so it will add the popularity of cryptos that it will be accepted by banks a deposit or any kind of bank transactions , it will add the goals of bitcoin and cryptos to be accepted by this finance institutions.

I am very happy if have bank support with bitcoin and we can save in the bank not only with money but also we can use bitcoin or altcoin as our saving assets, we do not worried with hacked wallet bitcoin account because we use very safety place for saving bitcoin in the bank, now looking for which one bank want to support using bitcoin and altcoin as our saving money or saving bitcoin and altcoin.

[kapalmabur]

It is good really if the banks are accepting the cryptocurrency ,so it will add the popularity of cryptos that it will be accepted by banks a deposit or any kind of bank transactions , it will add the goals of bitcoin and cryptos to be accepted by this finance institutions.

I am very happy if have bank support with bitcoin and we can save in the bank not only with money but also we can use bitcoin or altcoin as our saving assets, we do not worried with hacked wallet bitcoin account because we use very safety place for saving bitcoin in the bank, now looking for which one bank want to support using bitcoin and altcoin as our saving money or saving bitcoin and altcoin.

but not all BANKs in the country want to provide this service, as far as I know, only in Japan can provide this service because Bitcoin there is guaranteed by the government,
if all BANKS in the country are allowed, I'm sure the price of Bitcoin will also go up

[toast]

It's a great platform for the bank but I'll stick to online wallets than a bank. The government has the ability to seize that money if they encounter a huge problem related to cryptocurrency. Online wallets are much safe, you can control and check it every day while in the bank, it's just the same. It's riskier than the usual thing.

I'm ok with the adaptation of the banks to bitcoin but the idea is shady when the government interferes.

Crypto currency was created using the advances of times and technology and it will be needed in that development and people will definitely need crypto currencies just like the country's economy will surely also use the system used in crypto currencies maybe more practical and fast

[joinfree]

In as much is this is something new and also opens up the crypto industry to other sectors of the world i don't think it's necessary. First of all, one of our main goals as crypto enthusiats is to get rid of the activities of centralized institutions such as banks and now we want to go back and hand over our bitcoins to them. Hell no! i don't know how y'all feel about this but this does not go down well with me unless i am missing something.
It's always best to be in full control of your funds and not hand it over to someone else for safe keep.

[Beparanf]

In as much is this is something new and also opens up the crypto industry to other sectors of the world i don't think it's necessary. First of all, one of our main goals as crypto enthusiats is to get rid of the activities of centralized institutions such as banks and now we want to go back and hand over our bitcoins to them. Hell no! i don't know how y'all feel about this but this does not go down well with me unless i am missing something.
It's always best to be in full control of your funds and not hand it over to someone else for safe keep.

I hate banks too, when you cash in they will ask additional fee for cash-in which seems not reasonable percentage when you withdraw they will deduct percentage again in your withdrawal plus the wasted time waiting for your queue. I regret sometimes using their service so I already teach some of my family member how to use crypto and just cashout in remittances for lower fee than banks. The system and approach in banking is not properly trained as if you really need their service.

[tungaqhd]

It is good really if the banks are accepting the cryptocurrency ,so it will add the popularity of cryptos that it will be accepted by banks a deposit or any kind of bank transactions , it will add the goals of bitcoin and cryptos to be accepted by this finance institutions.

I am very happy if have bank support with bitcoin and we can save in the bank not only with money but also we can use bitcoin or altcoin as our saving assets, we do not worried with hacked wallet bitcoin account because we use very safety place for saving bitcoin in the bank, now looking for which one bank want to support using bitcoin and altcoin as our saving money or saving bitcoin and altcoin.

I understand that the support of the bank means a lot to our appreciation for the future and development of bitcoin and altcoin but except that we'll feel safer from bank storage, what's the next benefit? Besides this question, whether we will feel comfortable when the government starts to look at the amount of money in our accounts. The answer would be uncomfortable, sometimes we are engaging in crypto to evade taxes or serve some personal purposes, excessive regulation from the bank will discourage our freedom

[Colt81]

In as much is this is something new and also opens up the crypto industry to other sectors of the world i don't think it's necessary. First of all, one of our main goals as crypto enthusiats is to get rid of the activities of centralized institutions such as banks and now we want to go back and hand over our bitcoins to them. Hell no! i don't know how y'all feel about this but this does not go down well with me unless i am missing something.
It's always best to be in full control of your funds and not hand it over to someone else for safe keep.

I hate banks too, when you cash in they will ask additional fee for cash-in which seems not reasonable percentage when you withdraw they will deduct percentage again in your withdrawal plus the wasted time waiting for your queue. I regret sometimes using their service so I already teach some of my family member how to use crypto and just cashout in remittances for lower fee than banks. The system and approach in banking is not properly trained as if you really need their service.

In my own personal opinion, It is the reason why most crypto users does not used banks often because we hate having huge fees when we are about to cash-in or cash-out are money in banks. So the idea of storing your bitcoins in banks would not be successful because we could just store safely our crypto in our own wallet and to prevent having huge fees.

[Apes]

in this article there are various kinds of responses many praised and many criticized. if seen from the positive side storing bitcoin at a bank provides comfort, security and guarantee, if you only have 1BTC you don't need this bank service, but imagine if you have more than 100BTC, if I had to choose I would choose to save at the bank. cyber crime is what makes me worry about saving it myself and if I choose to save it on my personal device I worry that the device will broken. so the choice depends on each taste.

[Pearls Before Swine]

Anything ever come of this?

I sure as hell would not keep my bitcoin in a bank, but I would be interested to know if anyone is using Citi's service.  People are so used to using banks to keep their cash in that I bet there would be even a little demand for something like this, tho most bitcoiners should know better than to hand over their coins to someone else for safekeeping.  I don't think Citi would scam anyone, but there goes all your anonymity if you let them hold your coins.

we hate having huge fees when we are about to cash-in or cash-out are money in banks.

That's certainly true, and I'm not sure how the bank would make money from this unless they got into the crypto lending business. 

[Xxmodded]

Anything ever come of this?

I sure as hell would not keep my bitcoin in a bank, but I would be interested to know if anyone is using Citi's service.  People are so used to using banks to keep their cash in that I bet there would be even a little demand for something like this, tho most bitcoiners should know better than to hand over their coins to someone else for safekeeping.  I don't think Citi would scam anyone, but there goes all your anonymity if you let them hold your coins.

we hate having huge fees when we are about to cash-in or cash-out are money in banks.

That's certainly true, and I'm not sure how the bank would make money from this unless they got into the crypto lending business. 

Keep saving bitcoin in the bank only support if bitcoin have been legal become transaction payment by government, if not bank still not available saving your bitcoin in the bank, many investor want to save their investment assets like bitcoin and altcoin in the bank because very safety for saving in long term, they are not worried with hacker stole their bitcoin and altcoin assets because bank very safety saving assets.

[Capt00]

It is good really if the banks are accepting the cryptocurrency ,so it will add the popularity of cryptos that it will be accepted by banks a deposit or any kind of bank transactions , it will add the goals of bitcoin and cryptos to be accepted by this finance institutions.

I think this is a good start for cryptocurrency, it only means that people are now trying to adopt to cryptocurrency and that some institutions are also starting to adopt. Cryptocurrency has increased it’s popularity and I believe that there is no stopping crypto to reach almost all of the people thus, banks are now starting to realize that cryptocurrency is the future and for them to survive they have to adopt it as soon as possible, way to go crypto world.

[stomachgrowls]

A bank for your Bitcoin? Insurances? Its a total BS thing. Why would you entrust up your coins into a service if you can store it on your own?

[Vinalians]

Wow I just recently found out about this one and it makes me feel so excited about what would happen in the future if all people knew about bitcoin and other cryptocurrencies. I mean half of the smart people right now knows bitcoin there is a big chance that they would make profit on it.
Bitcoins in a bank is a clever move for me because it can be the legal way to introduce bitcoin in bank industry.

[Aying]

in this article there are various kinds of responses many praised and many criticized. if seen from the positive side storing bitcoin at a bank provides comfort, security and guarantee, if you only have 1BTC you don't need this bank service, but imagine if you have more than 100BTC, if I had to choose I would choose to save at the bank. cyber crime is what makes me worry about saving it myself and if I choose to save it on my personal device I worry that the device will broken. so the choice depends on each taste.

Indeed. in that case bank is still needed if you hold much more enough that scammers will chase you. because banks had the security that our wallet cant provide. storing in an simple wallet cant guarantee the safetiness  of your money. a lot of users or big traders lost their funds because they trust much of their self. but if you store your money at a bank just be sure that bank are trusted that cant have providers that Only thinking deceit and self.

[cotton ball]

in this article there are various kinds of responses many praised and many criticized. if seen from the positive side storing bitcoin at a bank provides comfort, security and guarantee, if you only have 1BTC you don't need this bank service, but imagine if you have more than 100BTC, if I had to choose I would choose to save at the bank. cyber crime is what makes me worry about saving it myself and if I choose to save it on my personal device I worry that the device will broken. so the choice depends on each taste.

Indeed. in that case bank is still needed if you hold much more enough that scammers will chase you. because banks had the security that our wallet cant provide. storing in an simple wallet cant guarantee the safetiness  of your money. a lot of users or big traders lost their funds because they trust much of their self. but if you store your money at a bank just be sure that bank are trusted that cant have providers that Only thinking deceit and self.

Saving bitcoin and altcoin assets in offline wallet like ledger wallet still safety and not have to save our bitcoin and altcoin in the bank, why have to save there which our money using for not trusted business, maybe our saving money in the bank loan by the other and use for black business like drug or other else, better save our bitcoin and our money in offline ledger wallet and very safety.

[ice098]

It is good really if the banks are accepting the cryptocurrency ,so it will add the popularity of cryptos that it will be accepted by banks a deposit or any kind of bank transactions , it will add the goals of bitcoin and cryptos to be accepted by this finance institutions.

I am very happy if have bank support with bitcoin and we can save in the bank not only with money but also we can use bitcoin or altcoin as our saving assets, we do not worried with hacked wallet bitcoin account because we use very safety place for saving bitcoin in the bank, now looking for which one bank want to support using bitcoin and altcoin as our saving money or saving bitcoin and altcoin.

I have read a lot of statement that there are countries accepting bitcoin in their bank, but you need to convert it into fiat first, I think it is good even though you need to convert it first, because when the time that you need it you may withdraw it instantly in any atm machine but they will charge you a little amount around $1 I think . There is also a bitcoin atm machine I saw it in facebook I think it is available in Asia.

[ufaiz50]

Banks must have other innovations regarding alternative crypto payments. From what I read about the blockchain's popularity, we need more benefits from depositing it in the bank. We can save our own bitcoin even though there are still many weaknesses compared to saving in a bank. What I think is any payment with an alternative payment like USDT as a stable coin.

[Memminger]

In as much is this is something new and also opens up the crypto industry to other sectors of the world i don't think it's necessary. First of all, one of our main goals as crypto enthusiats is to get rid of the activities of centralized institutions such as banks and now we want to go back and hand over our bitcoins to them. Hell no! i don't know how y'all feel about this but this does not go down well with me unless i am missing something.
It's always best to be in full control of your funds and not hand it over to someone else for safe keep.

Exactly! LOL. Why would you need a bank to store your bitcoins or any other cryto assets if you can be a bank by yourself. It is completely unnecessary. You can easily secure your wallet by purchasing a cold wallet which will make you 100 percent in control of your funds. The point that Bitcoin exist is to eliminate this kind of things and it would lose its purpose if you ever think of storing it in a bank. All you need to do is keep your private keys safe leaving no trace online but rather use your something physical to keep it safe or memorize it if you want to. There a lot of creative ways.

[Oilacris]

In as much is this is something new and also opens up the crypto industry to other sectors of the world i don't think it's necessary. First of all, one of our main goals as crypto enthusiats is to get rid of the activities of centralized institutions such as banks and now we want to go back and hand over our bitcoins to them. Hell no! i don't know how y'all feel about this but this does not go down well with me unless i am missing something.
It's always best to be in full control of your funds and not hand it over to someone else for safe keep.

Exactly! LOL. Why would you need a bank to store your bitcoins or any other cryto assets if you can be a bank by yourself. It is completely unnecessary. You can easily secure your wallet by purchasing a cold wallet which will make you 100 percent in control of your funds. The point that Bitcoin exist is to eliminate this kind of things and it would lose its purpose if you ever think of storing it in a bank. All you need to do is keep your private keys safe leaving no trace online but rather use your something physical to keep it safe or memorize it if you want to. There a lot of creative ways.

Getting some main idea on Satoshi Nakamotos BTC WP.

"A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution."

So why would really need a Bank? Its fully contradictory.

[Kersh768]

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.

There's no sense on having a bank that stores your bitcoin, we can simply have your own version of your bank where you can manipulate it yourself. We don't need such thing though it can be a great help for some who's having a hard time in finding a good wallet. It can also help in revolutionizing bitcoin all over the world but for now, it's not yet necessary knowing that bitcoin is still not yet legally globally. It is meant to be be transacted person to person without any interuption of banks so it is not really a good idea for me.