Bitcoins joins the bank

[davis196]

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 ?

JP Morgan are acting like total hypocrites for the past few years.They are actively trying to get more customers,who are interested in using and trading cryptocurrencies,but at the same time,Jamie Dimon acted like a FUDster and trolled Bitcoin all the time.This is their sneaky strategy I guess.
JP Morgan joining the crypto industry isn't good news to me.A bank like JP Morgan doesn't like the Bitcoin project,the only thing they want is the money of their future customers.Stay away from that bank.

[tbone777]

Banking will be changed due to crypto. In some countries they are already working with it. Soon we will see greater adoption in the EU

[Lucius]

The title is really meaningless and should perhaps be "Banks start doing business with Bitcoin", although in this particular case JPM is actually starting to bank with the Coinbase and Gemini exchange. I am not surprised at all by such moves, despite the fact what JPM CEO has talked about Bitcoin in the past. Some may think that people buy BTC in some magical ways without the involvement of banks, but the fact is that it is just the opposite - every fiat deposit on a crypto exchange comes right through the client's bank account.

It is certainly strange to some, and they do not approve the involvement of banks when it comes to Bitcoin, which is understandable given the complete opposite of what a centralized monetary system is as opposed to a decentralized one. But what is happening in Germany with their banks only shows their great interest in taking their share of the pie by offering new services related to crypto.

Banks cannot actually harm Bitcoin if they provide services to the crypto sector, but can only give it legitimacy by integrating it into their business. Many people are very skeptical about Bitcoin, they still consider it some kind of internet fraud used by criminals, which is definitely a myth which will change if states and banks change their stance on Bitcoin.

[stompix]

Greenpeace joins Chevron!!
How is that possible? Well, one of their ships uses diesel to go around! 
Bitcoin can't join anything as it has no will of its own and JP Morgan didn't join any "bitcoin" as they are providing transactions for exchanges.

The bitter irony in this is that people are hailing how JP Morgan will make a lot of money from commissions taken from you, which is really pure gold!
So yeah, now use their services and make them richer, as they have joined bitcoin!

[Lucius]

The bitter irony in this is that people are hailing how JP Morgan will make a lot of money from commissions taken from you, which is really pure gold!
So yeah, now use their services and make them richer, as they have joined bitcoin!

Some say there isn’t really any big profit from those fees, at least if it is to believe what is written in this article.

JPMorgan is reportedly providing cash-management services to the crypto exchanges and handling dollar-based transactions for their U.S.-based customers. It will process wire transfers, and deposits and withdrawals through the Automated Clearing House (ACH) network... "There is little business in fees associated with processing wire and ACH payments, I would expect that there are other associated benefits to JPM from any associated banking services, additional collaboration with both of those firms, potential for winning any future IPO or another angle such as JPM coin being offered on either of those platforms."

Maybe we can expect a JPM coin listed on those exchanges, which would definitely bring the company a big profit considering that this coin is currently available to a very small number of clients. It seems to me that these are some strange games in the background, but I'm sure that, as always, everything is aimed at making as much profit as possible.

[K4C]

I don't think Bitcoin will join the bank because Bitcoin is a kind of bank. Moreover, the banking system of many countries has become insecure. I don't think there is any need to add bitcoin to the bank. Bitcoin is completely illegal in different countries. In order to co-operate with the bank, the banking policy of that country has to be changed.

[Haunebu]

Many people are very skeptical about Bitcoin, they still consider it some kind of internet fraud used by criminals, which is definitely a myth which will change if states and banks change their stance on Bitcoin.

I don't think that the banks will change their stance regarding BTC and other major cryptocurrencies that easily. This case is an exception in my opinion. Major banks around the world will fully embrace crypto when the volatility factor goes down so that they are more reliable in the long term.

Also, educating the public about the basics of crypto is another hurdle which needs to be resolved in order for the banks to fully embrace crypto.

[stompix]

~
Some say there isn’t really any big profit from those fees, at least if it is to believe what is written in this article.

Yeah, but this comes from an unknown source from the other side of the coin...
To see the disadvantages of bitcoin you listen to the bankers, to learn about the disadvantages of banks you listen to a bitcoiner.
Every day we hear how bitcoin buys and sells are breaking records after records with millions and billions pouring in, and then...we have no income for the ones walking this heap of money round, sorry but I don't buy it.

Maybe we can expect a JPM coin listed on those exchanges, which would definitely bring the company a big profit considering that this coin is currently available to a very small number of clients. It seems to me that these are some strange games in the background, but I'm sure that, as always, everything is aimed at making as much profit as possible.

A JPM coin will happen after Libra...never! 

[Lucius]

A JPM coin will happen after Libra...never! 

I think that JPM coin still has a better chance than Libra, which is perceived as a threat to national currencies (at least that is the attitude in the USA & EU). On the other side JPM coin is just something they use in a very limited environment (for now), but since it is designed to be as stablecoin, it could serve as something to be used for internal banking transactions. In other words, it is a Libra for banks with quite open possibilities to become something more.

[Gozie51]

Maybe not really joining the bank that means because bitcoin is on a world of its own, not operated like fiat. Banks are having regulation and country based but bitcoin isn't that way. It is different with blockchain technology and different ATM too.

[Flickkk]

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?!!!

In every perspective i just see it in a possitive way sir.
With the bitcoin being accepted by the Bank and known person it really gives bitcoin fortitude.
With the person having a big name  and accepting bitcoin . It will influence many people to buy bitcoin.

[FanatMonet]

They just realized that they could benefit from cryptocurrencies, and therefore changed their minds. This is not unusual, they may even hate cryptocurrencies, but as long as they bring them income, in the form of interest from operations, they will work with them.

[Sadlife]

Before nobody thinks twice about investing in Bitcoin but now compared to how the US dollar is created people is moving to Cryptocurrency market specifically Bitcoin because the value cannot be manipulated by a central Authority and the value cannot be printed because it has a fix supply. Unlike the current the massive quantitative easing historic events that is what the feds are doing that will eventually lead to hyperinflation.

[maxreish]

What will happen to bitcoin? It may be adopted more today.
 And it will still stay as cryptocurrency and banks will still be not at ease with it. Probably JP Morgan realized that bitcoin has some potential though it can be an alternate monetary online payment. If this is your point about btc joining banks are those bitcoin bank friendly now where we can purchase some bitcoin, well it is. But very few.

[MCobian]

The news about JP Morgan joining bitcoin is proof that nothing can beat bitcoin. I believe bitcoin is the future, therefore it's no wonder
bitcoin is developing so rapidly. Because bitcoin has many benefits compared banks, especially the most preferred of bitcoin is the freedom
to control our own finances. That which is not owned by the bank. Of course in the future more and more banks will join bitcoin.

[imstillthebest]

not only him but i can see that many people have that reasoning e.g calling btc a scam or fake but eventually we will not know that those haters before are now silently buying and holding btc   .  your stated phrase is  " if you cant beat them join them " is correct and shows a good example on those people  but maybe i wont agree when you say that btc will be more stable  however i will agree on the part where you said that btc is unbeatable   . nice to know that jp is not into btc   . i am now expecting another rise in the future

[stompix]

On the other side JPM coin is just something they use in a very limited environment (for now), but since it is designed to be as stablecoin, it could serve as something to be used for internal banking transactions.

Of course, that would be their only chance at actually getting approval, PayPal money 
But, this leads to a small twist, if they go with this approach they would not need lobby for exchanges nor will they need this "coin" to be actually traded.

Now, assuming JPM has the power to get their coin through all the hurdles in the US, where Facebook itself has failed, do you think they would need support from entities that by themselves have problems with the legislature? Rather than helping them, associating with exchanges would actually be a burden, making JPM coins like something can be used for...you know, everything bad cryptos are used for 

So, unless I see some real evidence backed by some facts I will go with the making money approach with this one.

[lyka]

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 ?

Thank you for this topic, and for your post that you posted. These are really very important links. The fact is that, in my opinion, there are no contradictions in these publications. Bitcoin has every chance of becoming the greatest fraud in the history of trade and finance. However, I am not ready to say that this will be done on purpose. Simply, a combination of circumstances can lead to this. I think that there are no people who cook this, but there are people who know about it. And these, you see, are different things...

[Velkro]

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 ?

Of that i agree, that no coin can take over Bitcoin because technological revolution and solving 500 years mathematical problem by it doesnt come everyday .
Bitcoin is revolutionary technology seen one in a century.

It will need time to grow tho, and this news about banks, i dont care much about it because they can adopt it fast and well or slow and in bad way (not easy to use) so it will probably needs time also.

[Midy]

When Bitcoin first appeared, many people did not believe that bitcoin could carry out various transactions as it is now, but over time more and more investors joined and that's when the world community began to accept the existence of bitcoin as it is now and then applied to various transactions.
so don't be surprised if the bank now wants to work together and make transactions through bitcoin