Bitcoin trading by Italian Banks

[Debonaire217]

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.

Who knows? After the COVID crisis, people will realize the importance of cryptocurrency especially bitcoin, when they have no means of transaction online. I am pretty sure that the situation not just thought us about being careful and clean, it also thought us about being open to technology, adopting cryptocurrency will allow us to transact even without direct contact to the person.

Regarding to the Italian Banks, Is it too late that they have just allow it in the critical time like this? I think they should've done this before so that it helped allot of people.

[buwaytress]

Regarding to the Italian Banks, Is it too late that they have just allow it in the critical time like this? I think they should've done this before so that it helped allot of people.

I don't know, I would say it's never too late. Bitcoin was born during the last economic crisis. One might even say it was a great necessity to finally push it out to the world. If the economy never crashed, if the banks never got bailed out, people would never have needed to find a use for Bitcoin.

Same as all the "bad things" that happened to Bitcoin in the past. Necessity drives invention. People learnt P2P when governments banned it. People learnt to use their own wallets when Mt Gox crashes. Never too late!

[bitbollo]

As I have reported in another thread...

I am an HYPE User already and I haven't received any update on my app or any new ToS to be signed.
This service actually isn't implemented and has not received any mass adoption...  
https://bitcointalk.org/index.php?topic=787292.940 (italian thread)

[DdmrDdmr]

Ok, this is what I was looking for to complement what I said in a prior post about BTC ownership:

“The custody system has 3 keys, 2 of which are always necessary for transactions, and is structured as follows:
1. a key is on the customer’s smartphone;
2. a key is on the Conio servers;
3. a key is kept by Hype offline and is divided between different operators.
To operate, the customer just needs to use his key: Conio automatically uses his own. If the customer loses the phone, Conio blocks any transaction. The key in Hype is used by the customer only in emergencies, to recover his funds.

The above looks like the customer does not really have the conventional private keys, but rather security is managed by a layer of security provided by distributed keys for use within the platform. That should be taken into consideration and studied in greater detail by the potential customers. I would infer from the above that the bank is the custodial really (if anyone from Italy can further clarify, please do (fillippone? – this may hopefully summon him to this thread …))

See: https://dailyhodl.com/2020/03/21/private-bank-launching-bitcoin-btc-trading-for-huge-customer-base-amid-ongoing-lockdown/

Note: The service is Beta-testing, and is not expected to roll-out until end of month (according to the above article).

[Nadziratel]

It's sad, but the whole world may be heading in this direction. The epidemic is growing day by day and has increased its effect especially in Europe. As I always say, monetary value makes no sense in this environment. But it is important to remember that cryptocurrencies are unique for such environments. Safe, reliable, community-based, and, as we always say, something decentralized is everyone's needs right now.

[omone1]

Banks are seeing a dwindling revenue as a result of ths crisis, so they need to stay profitable otherwise they may as well lay off some staff and be forced to make some adjustment. They need to be innovative and stay in business or remain rigid and run into crisis like Nokia phones did.

[fiulpro]

When a person won't go to the job and won't be able to pay the banks and stuff at the end of the day they will make everything possible for the people , they are just expecting to earn from at least some place .
When people ask them to do so they won't. But when in the time of crisis the government is failing, they are now accepting Bitcoins which they were against till the beginning.
But this is actually good because they see the importance of Bitcoins now.

[boltz]

Finally I read some goods news regarding Bitcoin but the timing is not so well chose, right ? But then again, no country wants to encourage their people to buy Bitcoin as they don't want to become "rich" so instead they're choosing times like this when people don't care about Bitcoin or any other cryptocurrencies.

Anyway I hope italians will understand the value of Bitcoin and its potential in the next coming years.

[Cryptoreflector_666]

Banks are seeing a dwindling revenue as a result of ths crisis, so they need to stay profitable otherwise they may as well lay off some staff and be forced to make some adjustment. They need to be innovative and stay in business or remain rigid and run into crisis like Nokia phones did.

Any major bank is required to have a strategy for dealing with the crisis. Moreover, these strategies are worked out in advance on simulated situations. Of course, there are emergency situations, such as coronavirus, but large banks know what to do even in such difficult times.

[camito]

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

Due to the lockdown, which we don't know the end, probably the Italian bank admitted the need for a system that would not risk the health of its customers and users. We know crypto trading can be done even in homes so at times of turmoil like this, we really need to adopt crypto. This is good news for the Bitcoin community and I hope for Italians also (Bitcoin user or not). We just hope that at the end of the day, when the pandemic is over, the Italian government would fully adopt crypto.

[Asuspawer09]

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.   

Im thinking this is a good implementation through the COVID 19 virus somehow the fiat money could be a way to spread the virus to a lot of people especially in Italy where the COVID 19 virus is already infecting a lot of people in their country. For me Bitcoin trading could be useful at these times in their country can be a good way to use in order to minimize the virus and also have a digital transaction that you could do but since if it is already a total lockdown it would be useless at this time unless their already sell of their investment at this time. It would be a great help if they already implemented and support this bitcoin or cryptocurrency before the virus is already out.

[Oasisman]

Finally I read some goods news regarding Bitcoin but the timing is not so well chose, right ?

No, this in infact the right timing for those who have not learned about cryptocurrency yet, due to community full lockdown in Italy, people will have enough time to read , watch video, and learn about cryptocurrency.
I guess the bank did a great job to open up about the benefits and opportunity of Bitcoin to the people while they aren't busy doing their day jobs and daily routines. Also, atleast they will going to have options to make an income amidst the health crisis and lockdown.

[Janation]

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

That is so true though.

I think would just use fiat right now to live through the lockdowns and the community quarantines that are happening in our country. They would not be thinking about the investment they have, they would be thinking how would they be able to survive for example in Italy where a lot of cases are happening. They would not focus on using Bitcoin or other cryptocurrencies, they will think how and where would they buy essentials for them to be safe.

[Sanugarid]

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

That is so true though.

We have massive information on that with the help of the internet.

I think would just use fiat right now to live through the lockdowns and the community quarantines that are happening in our country. They would not be thinking about the investment they have, they would be thinking how would they be able to survive for example in Italy where a lot of cases are happening. They would not focus on using Bitcoin or other cryptocurrencies, they will think how and where would they buy essentials for them to be safe.

Although I think bitcoin was made for situation like this, we can't just tell people or even us to use digital currency because of the threat we are facing right now. The fact that we don't have much bitcoin supporting businesses and machines already disorients the idea of using bitcoin in times of crisis. However they could use bitcoin to store their monetary values but the thing is people does really need money to buy their essentials right now.

[cutesgirl]

Italian have lock down their country because corona virus and absolutely their economic situation down and solution for bitcoin trading is best way, after many business killed by corona virus I think bitcoin keep stronger and best way without have any problem with corona virus, but many people still afraid for investing in bitcoin.

[ethereumhunter]

It is good news for us who involve in the crypto world, but I don't think that is good news for people who lived in Italy because they still fight with the virus, and they are still trying to get the medicine. But if they can get the medicine, and they can get cured, I think that decision will help people in Italy to use crypto for making the transaction besides fiat. They will have another payment method that they can use for buying something, and that will be good if some local merchant can accept crypto for the payment.

[tbterryboy]

That’s really great. This is not the first time I’m seeing this news today, I have also seen someone that said this same thing when I was going through the Economics section in the forum. This is a sign that countries are now starting to accept Bitcoin, though not as their main currency, but at least by integrating it in their banking app means that they are encouraging people to start making use of it.

Don’t be surprised as time goes on even the bigger banks will start doing the same thing and will allow people to buy and store bitcoin using their Bank app. That will be really cool mehn.

[Janation]

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

That is so true though.

We have massive information on that with the help of the internet.

I think would just use fiat right now to live through the lockdowns and the community quarantines that are happening in our country. They would not be thinking about the investment they have, they would be thinking how would they be able to survive for example in Italy where a lot of cases are happening. They would not focus on using Bitcoin or other cryptocurrencies, they will think how and where would they buy essentials for them to be safe.

Although I think bitcoin was made for situation like this, we can't just tell people or even us to use digital currency because of the threat we are facing right now. The fact that we don't have much bitcoin supporting businesses and machines already disorients the idea of using bitcoin in times of crisis. However they could use bitcoin to store their monetary values but the thing is people does really need money to buy their essentials right now.

But the problem here is the acceptability.

People are definitely buying a lot of essentials are groceries and even if people are prone to get the virus using fiat they will keep on using it since there are not that many groceries accepting Bitcoin. They would not even think of using it since they are more focussed on buying the essential and keeping theirselves alive inside their houses for the rest of the quarantine.

[elenag742]

They were able to hide just about any indication of failure, as cashless exchanges should now be strengthened, though it often encouraged Bitcoin as a mechanism to do just that. I understand that two people will say horrible facts but say wrong, in light of the fact that the people who are currently introduced to Bitcoin, you can currently understand its advantages as opposed to Fiat. That's why

[perfect999]

I don’t really get how a bank is letting you trade cryptocurrency without any KYC, are you really sure of what you read? If there is no KYC involved, on whose account are you trading them? You’re still going to be needing your bank account to make payments and things like that, when you’re trading with the bank.

But anyway, it’s good that they took such a bold step. Before now I have been expecting that such will start Germany, because there was news that a new law passed in Germany will allow banks to be able to trade cryptocurrency with their customers. Anyway, let’s wait and see what banks in other countries are going to do. I will be happy if they all start to do the same thing.