Bitcoins joins the bank

[Flickkk]

I guess they can't really beat Bitcoin.
Just saw on Reddit where
An old article states dated September 13,2017

"bitcoin is a fraud that will blow up, says JP Morgan Boss"

And now May 12,2020
"JP Morgan Extends Banking services to bitcoin exchanges"

I guess if you can't beat 'em join 'em.

So  i guess as my opinion on bitcoin future will be stable and no coin will take over it.

So whats your insight about this news? What will happen in bitcoin ?

[1714916983]

1714916983

[Little Mouse]

JP Morgan issue is an old one if I am correct. Long ago, they have created JPM Coin too for their bank which is a stablecoin.

And now May 12,2020
"JK Morgan Extends Banking services to bitcoin exchanges"

That sounds good and in future, everyone will follow the same. By the way, you have written it JK instead of JP.

[pooya87]

your title doesn't make any sense. bitcoin didn't join anything, it is as it has always been. it is the banks that are now slowly changing their stance because they have realized their FUD didn't go anywhere or do anything.

So  i guess as my opinion on bitcoin future will be stable and no coin will take over it.

so you needed a bank to start offering its service to another centralized service (ie. exchange) to make this conclusion?!!!

[Darker45]

JP Morgan issue is an old one if I am correct. Long ago, they have created JPM Coin too for their bank which is a stablecoin.

And now May 12,2020
"JK Morgan Extends Banking services to bitcoin exchanges"

That sounds good and in future, everyone will follow the same. By the way, you have written it JK instead of JP.

OP must have confused JKMorgan with J.P. Rowling.  

The banks are starting to break, they need to bend. At this phase, it is futile for them to go against the flow of Bitcoin adoption. Their options are limited, either they doggedly stick to their old system, become obsolete, and eventually perish or adapt and perhaps continue to create wealth.

[mk4]

We already have a topic for this that was created 3 days ago.

Topic: JPM Bank changes tone and opens for crypto exchanges https://bitcointalk.org/index.php?topic=5248220

Anyway, my response was:

Their CEO Jamie Dimon can talk crap about anything and it still wouldn't change 100% of the business decisions of JP Morgan. In the first place, JP Morgan is a business. Hence, it's safe to assume that what matters most to them is making money. They're going to street towards almost anything regardless what they say in the past as long as they can make money off it.

[Bitlover10]

Bitcoin joins Bank. Its Sound pretty odd. Maybe title should be Bank join Bitcoin. Bitcoin is just bitcoin and its no need to join anyone. Adoption and demand keep increasing day by day of Bitcoin. Current banking system is worthless and not worthy. In India few days ago their is bank named YES bank their founders member stole money from their customer and many peoples can't makes any withdrawal to their own money. Now its solved by the government but the big question is that is banking system is safe? For me big NO. With bitcoin you can totally control on your wealth and your wealth keep increasing with it.

[UserU]

Not surprising, seeing that some old naysayers might also be trading behind our backs (e.g. Warren Buffett)

[CaVO32]

Not surprising, seeing that some old naysayers might also be trading behind our backs (e.g. Warren Buffett)

that is very possible, those who are visibly against with bitcoin may be doing silent hoarding of bitcoin or trading of cryptocurrencies. we don't know the truth behind closed doors. and since it is proven that banks can't stop the usage of crypto, the reason why they joined the ranks. as adoption is growing in terms of usage and application, what they can do is accept the fact that bitcoin and other alts are good alternatives in payment method or better way of transferring of funds and other use cases in the market.

[fiulpro]

One might already refer to the article stated where the banks around are allowing people to buy the Bitcoins using their accounts , which was previously banned.
See the thing is , Bitcoins is a Currency which can never go away even if the government an everyone will put a ban on it , it will stay forever.
Now that banks are not immune to the market ups and downs and right now they are facing a lot of problems , whatever they can do to increase their customers , they will do undoubtedly.
Therefore I do think that it is only reasonable for them to do so .

[billykannithi]

Haa. I belive this is a "cheat game". In this market, We buy "rumor, sell news". So, Do you think they seeding a news to FUD?. JP Morgan is a big trader, so I believe He will not ignore potential market. maybe this is not a good time to join in crypto market.

[pakhitheboss]

I guess they can't really beat Bitcoin.
Just saw on Reddit where
An old article states dated September 13,2017

"bitcoin is a fraud that will blow up, says JP Morgan Boss"

And now May 12,2020
"JK Morgan Extends Banking services to bitcoin exchanges"

I guess if you can't beat 'em join 'em.

So  i guess as my opinion on bitcoin future will be stable and no coin will take over it.

So whats your insight about this news? What will happen in bitcoin ?

This is really interesting.

How cunning banks are? They cannot fight it or destroy it. hence, they will use it for their own benefit. For every transaction I am sure JP Morgan would be charging a good fee to the exchanges. Still it is a good news for the community.

[UserU]

This is really interesting.

How cunning banks are? They cannot fight it or destroy it. hence, they will use it for their own benefit. For every transaction I am sure JP Morgan would be charging a good fee to the exchanges. Still it is a good news for the community.

Do you know there's a saying/ fact that banks are basically licensed loan sharks?

They'd do anything to squeeze every cent out of ya.

[coolbaughandrew]

JP Morgan made the right choice. Nowadays almost every financial organization understands that cryptocurrencies are here to stay. And offering custody service is more popular.

[Lorence.xD]

JP Morgan made the right choice. Nowadays almost every financial organization understands that cryptocurrencies are here to stay. And offering custody service is more popular.

I like to think of it in another perspective in which bitcoin is the one that needs these banks and financial institution. My reasoning is that bitcoin needs to have these connections because the institutions are well established and they cater a lot of people and a lot of these people do not have a knowledge about bitcoin. I can agree that these is a good move for banks but it is good for bitcoin because of these connections, it will garner more attention and in time more people will try to get their hands on one. In conclusion it is very likely that having these connections will be a good move for bitcoin to further deepen its stronghold in the financial industry.

[planteria]

as above, bitcoin hasn't Joined anything.. but mainstream institutions building connections with bitcoin can be good for the future of bitcoin.

[Assface16678]

There are a lot of people requesting having a bitcoin bank today but I think it is not most in demand for now while we have crisis let's start before the crisis there are a lot of people requesting to have a bitcoin bank because they want to make sure all of their funds are secured with the help of this kind of bitcoin banks but still the government on the different places must need to have a lot of research and actions before they do this kind of request also for the government does not entertain this kind of transactions because does not have to get any earnings with the use of the bitcoins also it is hard to earn if the coin is generalized.

Today it is hard to be implemented this kind of banking system because of this pandemic outbreak coronavirus but still, there is a chance because most of the efficient way as a payment method today is with the use of the online transaction which bitcoin is included.

[planteria]

i haven't heard of anyone requesting a bitcoin bank..  one of the keys to the concept is that there is no bank required.

[Tipstar]

People are resistive to change. And they are not always right with what they think they know. JP Morgan might not have understood what bitcoin is at that moment and when he realized it, his banking service extends to crypto exchanges. It doesn't mean JP Morgan likes or is bullish about bitcoin. He is a businessman and he does what makes him money.

[planteria]

JPMorgan died over a century ago in Rome, this refers to the bank of his name.. but i agree with your point.

[franky1]

years ago banks had lots of chargeback scammers who would buy bitcoins with fiat through their bank. and then claim they didnt make that fiat transfer and they would ask for a chargeback.
thus blacklisting exchanges thinking they were thieves. when infact it was greedy users wanting free coin

years ago banks feared not being able to trace 'money laundering' so didnt want to get involved. with trying to trail the value that went via bitcoin. so continued to blacklist exchanges

but now that exchanges are doing their own AML/KYC to identify users and make sure the user biting/selling bitcoins actually owns the bank account. and recording all transactions including the taint of bitcoin deposits.

banks are getting more confident to service the fiat accounts of exchanges