Bitcoin trading by Italian Banks

[Wexnident]

Recently, Italian banks have opened up their own crypto trading services. Not only is it for trading, but the crypto traded can also be used as a mode of payments for goods and services. It's also a timely decision by them especially with the quarantines happening all over the place, and even if there wasn't one, people would still be quite afraid of going outside in fear of being infected by the virus. Don't tell me about how the chances are close to null if there isn't anyone infected in your place, fear can be quite a fearsome thing.

It's quite encouraging that even among banks, some fully support the development of Cryptocurrency and would even be the one to start influencing their fellow countrymen of its existence. Plus, they're also fully integrating it into their everyday transactions. I'm not particular about the specifics of how the system does the trading, but based on the article, no KYC is involved which is another plus factor imo.

Source: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

[Pmalek]

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health. I think people in Italy have other things on their mind right now, like staying healthy and keeping their loved ones safe. Trying to make money is not on top of their to-do-list right now.   

[Pffrt]

Trying to make money is not on top of their to-do-list right now.   

It's not about making money of course. The whole point is that people don't have to touch the fiat which may spread the virus more and more. Since, using crypto is now more easier in Italy, they may not have the necessity of using fiat at all for a while. That's good for them to resist the virus, good for the bitcoin ccommunity too.

[cryptoaddictchie]

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health.

Correct.

Im not sure why they roll it now, after so much damages and casualties has been reported and happened. Crypto can help on avoiding such contact to those many people by means of using its online services. They should implemented it earlier to avoid such causes, but anyway good thing is now they implemented it and can help to add addtional option to usage of availing goods and services.

[Sadlife]

l could see why they've done this, it is because the covid virus rapidly infect thousand of people and the death toll have risen significantly. The Italian government realize that people should not use cash to buy stuff cause it may also contain the virus. In times like this, cryptocurrency payment is a much more safer and viable way to prevent the furthering of disease. This event will prove Bitcoin's true usefulness.

[DdmrDdmr]

There are of course some things to consider:

- You purchase BTC through the bank, at their rates.

- The amount of BTC you can purchase is limited to 50K€/year with a premium account (2,5K/year with the basic account), which charges 9,90€/month.

- There is a 2% commission for TXs (some sources cite 1%, but the official press release I’ve read in Italian states 2%).

- You need to be a Hype customer, which require registration (requires at least full name, id, email, phone number).

- Apparently, the customer has control to the private keys, although the information talks about:

The sophisticated three-key system of integrated technology allows the customer to HYPE Bitcoin, unlike what happens through traditional exchanges, to actually hold the custody, and therefore the ownership of the currency, ensuring security against hacker attacks, identity theft or loss.

The customer has control of his or her private key and neither Conio nor HYPE can handle Bitcoin on its behalf. The first key is for the exclusive use of the customer, it is generated and encrypted on the access device so that no one else can use it. The second is kept by Conio and created only for each individual account to complete the transactions associated with it. The third key is one that allows the user to recover access to his or her portfolio in the event of loss of credentials and is kept by HYPE in a protected archive that is not connected to the network.

I personally don’t fully understand how it works, so whoever is interested should look into it further.

So it looks like a way to bypass the use of Exchanges, but at a higher commission rate, although with access to the Hype ecosystem that allows you to spend those purchased BTCs through their platform. Not something to rush to in my opinion, but it may attract a segment of the novice crypto market there in Italy (the private keys thingy still bugs me as to the specifics).

https://www.somagnews.com/italian-bank-starts-selling-bitcoin-amid-global-crisis/
https://www.the-blockchain.com/2020/03/20/hype-bitcoin-trading-now-open-via-banca-sella-to-1-2-million-italians-customers-during-lockdown/

[Assface16678]

Recently, Italian banks have opened up their own crypto trading services. Not only is it for trading, but the crypto traded can also be used as a mode of payments for goods and services. It's also a timely decision by them especially with the quarantines happening all over the place, and even if there wasn't one, people would still be quite afraid of going outside in fear of being infected by the virus. Don't tell me about how the chances are close to null if there isn't anyone infected in your place, fear can be quite a fearsome thing.

It's quite encouraging that even among banks, some fully support the development of Cryptocurrency and would even be the one to start influencing their fellow countrymen of its existence. Plus, they're also fully integrating it into their everyday transactions. I'm not particular about the specifics of how the system does the trading, but based on the article, no KYC is involved which is another plus factor imo.

Source: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

That was quite good too because they are now appreciating the bitcoin just to make an investment still it is quite good if they are trying to make more profit with the help of bitcoin. Today bitcoin is one of the best coins that you can make a lot of income by this you can now make a lot of advantages and improvements by the transaction you have today. Also, bitcoin or the cryptocurrency is one of the best things we need to adopt today because we are avoiding having transactions of physical money because it may cause spreading the virus we are having today. It is better to avoid for a while the use of face to face transactions and conversation instead adopt the use of digital currency.

[Welsh]

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health. I think people in Italy have other things on their mind right now, like staying healthy and keeping their loved ones safe. Trying to make money is not on top of their to-do-list right now.   

That definitely is number one priority, however when government funding isn't covering their bills, and more importantly they can't feed their family some might opt to get into Bitcoin to try and recuperate their money. Its a risky solution, but will definitely appeal to certain people within the world. Unfortunately, the way the world works is a lot of people will put money before a lot more important things.

I'll be honest during the dip in Bitcoin price I wanted to purchase a large amount before I was blocked by my bank. This was a calculated move, and the pandemic had no effect on the decision in fact it didn't even enter my mind at the time. However, now that I'm thinking about the pandemic, and a potential lock down in my country its got me thinking that maybe keeping my money might have been the best outcome because of local businesses for food will not be accepting Bitcoin. I'm still kind of annoyed that I couldn't purchase it at the time, but these are things that need to be considered, and I'm hoping that not too many people in Italy have done an impulse buy before considering the long term effects that COVID19 could have. I think due to their circumstances (being in lock down), that a lot of people would have been more aware of the effects than myself, and other people from other countries.

[bitcoin_bob]

We will see even wider bank adoption in future. Here in Germany banks already thinks about it

[dothebeats]

Not the best time to implement such. And this might even confuse merchants and citizens should it get recommended by their banks and/or authorities for purchase. Nevertheless though, at least they see the importance of bitcoin in times like this wherein physical cash is not viable for use by the public. Digital currencies excel in situations wherein physical contact should be limited, plus it saves a lot of time and effort as well. But then, knowing the general age of people in Italy, it might be long before they fully adapt bitcoin even though banks have somewhat initiated the interest kn the said digital currency.

[kryptqnick]

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health. I think people in Italy have other things on their mind right now, like staying healthy and keeping their loved ones safe. Trying to make money is not on top of their to-do-list right now.   

I agree with that. Bitcoin trading isn't exactly a priority when hundreds are dying every day, and things don't seem to be getting better. However, perhaps it can be helpful if EUR starts to crash following the harsh situation in Europe (it's not just Italy, multiple Western European countries have thousands infected now), so people can switch to fiat for Bitcoin. Otherwise, I don't think it'll help with adoption.

[jacafbiz]

They just need to save face, since there is need to encourage cashless transaction now, one of the ways to facilitate this is though Bitcoin. I know some people will say bad timing but wrong, because those people expose to Bitcoin now, now understand its advantage over Fiat.

[gentlemand]

There are of course some things to consider:

That's dead confusing. There is of course one question that always needs answering - can you deposit and withdraw to and from a wallet completely under your control? If it's saying you need the second key to complete transactions and they control it then perhaps not but equally that might be just for on platform transactions.

They need to give us more info.

[boyptc]

Good news but Italy is in bad shape and with those considerations mentioned by Ddmr.

It's confusing how people that doesn't really use bitcoin will be able to own bitcoin.

[davide72]

Good news but bad timing. Considering that the Italian government has decided to extend the lock down, there are a lot of uncertainties with jobs and especially health. I think people in Italy have other things on their mind right now, like staying healthy and keeping their loved ones safe. Trying to make money is not on top of their to-do-list right now.   

You are rigth, at the moment the situation is very bad , right now it's a worldwide problem, my fear will be after the coronavirus, the world economy may be in danger, and we don't know what will happen next.

[senin]

Not the best time to implement such. And this might even confuse merchants and citizens should it get recommended by their banks and/or authorities for purchase. Nevertheless though, at least they see the importance of bitcoin in times like this wherein physical cash is not viable for use by the public. Digital currencies excel in situations wherein physical contact should be limited, plus it saves a lot of time and effort as well. But then, knowing the general age of people in Italy, it might be long before they fully adapt bitcoin even though banks have somewhat initiated the interest kn the said digital currency.

In any case, this is a reasonable step on the part of the Italian government. The time for the introduction of bitcoin for citizens through the banking system will never be ideal. True, the maintenance of such a bank account in bitcoins seems to me a little expensive. However, the main thing is to start so that this mechanism works. In the future, the operating conditions of such accounts may vary depending on specific circumstances.

[metenjean]

I think this reason why bitcoin suddenly break to higher price last day after bitcoin trading by Italian bank, Italian become country have bigger effect of corona virus and they try to accept bitcoin as transaction payment to get their people keep away and safety from corona virus than using cash money.

[longtkhd]

With the complicated situation of covid-19, I think that although this is good news, but surely that the health of everyone is above all, making more profits from the market at the present time is no longer a top issue of people too.

[minairia3]

They just need to save face, since there is need to encourage cashless transaction now, one of the ways to facilitate this is though Bitcoin. I know some people will say bad timing but wrong, because those people expose to Bitcoin now, now understand its advantage over Fiat.

Mind over matter I think. How come those unfamiliar with crypto will become an enthusiasts out of sudden situation. I like Italy move but they just showing how they create decision when the time isnt appropriate. They should have done this before not even the spreading of this virus, now they are introducing on a rush event things like trading bitcoin. People from their country now are also in the midst of confusion, but for some old timer who lives there, they can rip now the advantage of dealing with cashless in spitr of the incident there.

[pakhitheboss]

I guess we can call it a good news. Crisis situation can change many things and that is what is happening in Italy. It has been the most affected nation by this damm virus. I hope things change for better for the people living in that country.