650 U.S. banks will soon be able to offer bitcoin purchases

[Welsh]

This is good news for adoption, and potentially transitioning the general public to converting to being their own bank with Bitcoin. Although, personally I'd prefer to avoid storing large amounts of money in banks, and manage it myself.

It is not surprising considering more and more government starts to accept and legalize crypto. Hopefully, this won't result in a closed environment of crypto trading where people need to register and do lots of KYC, with limited trading activity, and so on.

This is very likely the route it will eventually take. Banks usually don't like you sending large amounts to unidentified banks, due to the issue with scamming, and they sort of have a duty of care. Therefore, they'll likely require users to register, and fill out KYC just because first they'll need to do it under law if it exceeds a certain amount, they'll likely work with the tax man to assure everyone is declaring their taxes, and to prevent illegal activity.

[Lucius]

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really.

I read something about this back in early May Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG, but I also found a topic about it here. Also, all of this was preceded by news from last year Big decision by the OCC - Banks can now hodl Bitcoins.

How good or bad this is for BTC is hard to say at the moment, as the question arises as to whether people really want to invest in Bitcoin - and it should not be forgotten that the US has the largest crypto ATM network in the world and also the largest crypto exchange. Therefore, it is not a problem for them to invest, but the real problem is their tax system, which for most is a real nightmare (if we look at it from some other parts of the world).

[NotFuzzyWarm]

Therefore, it is not a problem for them to invest, but the real problem is their tax system, which for most is a real nightmare (if we look at it from some other parts of the world).

I beg to differ. I found that paying this years taxes involving BTC to be very painless. Services like cointracker.io made is exceptionally easy for my tax folks to process the taxes due from new coins and taxes due after I cashed out a fair bit (to pay off my house mortgage). Since the coins I cashed out were earned more than 1 year ago they were treated as long-term gains resulting in a surprising low tax rate of only 8%.

As I said earlier, as long as banks allow transfer of coins to/from other accounts -- just like fiat -- this is a huge win-win for all parties.

[The Cryptovator]

That's not going to make a lot of difference because US customers are already using bitcoin exchanges like Binance since a long time now. Also there are privileged enough to use bitcoin ATMs which are installed across the country.

No, I wouldn't agree with you in this case. I am not sure if you read The history of bitcoin ATMs is much longer than I thought! wrote by The Pharmacist. He has struggled to reach Bitcoin ATM. So if more Bitcoin ATMs accept buy and sell Bitcoin then it will easier to cash out Bitcoin for US Citizens. Cashing out Bitcoin easily is a challenging task for me. Especially those countries that do not allow Bitcoin just imagine how hard for them cash out Bitcoin. Anyway, it's a good move by US banks, somehow it will encourage US users more to use Bitcoin.

[dansus021]

Big techs do and will accept more cryptocurrency. Banks do and will do more adoption on cryptocurrency.

What they care for utmost is profit and adoption on cryptocurrency will help their banks have more income from customers. It's clear that they have to obey to local laws as well as regional laws. It it too confident to say all nations, all banks will accept Bitcoin and cryptocurrency but I believe they will. They can not prevent the revolution in technology goes deeper into human society.

Total Agree with your statement what they care first is profit and second was the customer 
to be honest bank who first accepted crypto available for customer will gain more and more user, paypal mastercard and visa is one step ahead to do this i hope country who not banning will start to adapting also

[cabron]

Big techs do and will accept more cryptocurrency. Banks do and will do more adoption on cryptocurrency.

What they care for utmost is profit and adoption on cryptocurrency will help their banks have more income from customers. It's clear that they have to obey to local laws as well as regional laws. It it too confident to say all nations, all banks will accept Bitcoin and cryptocurrency but I believe they will. They can not prevent the revolution in technology goes deeper into human society.

Total Agree with your statement what they care first is profit and second was the customer 
to be honest bank who first accepted crypto available for customer will gain more and more user, paypal mastercard and visa is one step ahead to do this i hope country who not banning will start to adapting also

Profit is what they are after of course. They won't even care about what blockchain is and but just pure making money from the crypto economy. Paypal was forced to allow users to withdraw BTC actually so the information about "not your key, not your coins" works. And when no customers are actually going to use banks to store their coins to them, they will eventually do what Paypal did.

Bitcoin wallet is a bank itself.

[sulis sudibyo]

I have tried to find a similar topic and wondering how this news was missed in the forum. 650 US banks will open Bitcoin purchases, I think it's not a small adaption if it happens really. Most probably that service will be provided by NCR banks, users will be able to purchase Bitcoin through NCR’s 800,000 ATMs as well. But surprisingly I notice Bitcoin's price drop after this news (Lol). However, I think this step will make it easier to trade Bitcoin for US citizens.

Please read the news source for more details: $6 Billion NCR Opens Bitcoin Purchases To 650 Banks And Credit Unions

yes you are right, this step will make it easier for US citizens to buy bitcoins legally. As for the recent decline, I think the impact of the negative news about China's ban is still there. that's why the price of btc has decreased. but apart from that, I see the market is doing better than last month.

[Poker Player]

Profit is what they are after of course. They won't even care about what blockchain is and but just pure making money from the crypto economy. Paypal was forced to allow users to withdraw BTC actually so the information about "not your key, not your coins" works. And when no customers are actually going to use banks to store their coins to them, they will eventually do what Paypal did.

Bitcoin wallet is a bank itself.

I think like you, but I think there will indeed be people who will use banks for custodianship. Some retail invesors and also institutions that hold large amounts. MSTR does not custody its bitcoin itself, for large companies and large amounts it may make sense.

[Kong Hey Pakboy]

Bitcoin's march to the mainstream isn't slowing. This is significant because most international bank transfers today are not allowed to be used to transfer cash to or from bitcoin, and only a handful of banks offer cryptocurrency-based payments to customers outside the United States.

The only problem that we are facing right now is the unlikelihood that other country's banks will do the same as US banks because we all know that they think different and have different opinion against bitcoin so we can't hold on too much hope that others will follow suit.

[Philipruch]

Banks adopting the operation of Bitcoin will really be a welcome development since it will go a long way in enhancing the financial market and alleviate the standard of living

[ZOOOOM]

Very recently UK already declared , they are no more with the best popular cryptocurrency exchange Binance which have made me frustrated but this news make me again delightful.

The fact that one country disallows certain operations of one company that didn't comply certain laws is really small actually. It's just hyper-inflated by the news papers.

But surprisingly I notice Bitcoin's price drop after this news (Lol).

Yeah, I was expecting the price moves upward also because in Germany the investment funds are legally allowed starting today play with Bitcoin. But the price seems to go downwards. I'm used with oddities and manipulation, so I'll just give it more time. It'll go up eventually 

I support your point of view. From the perspective of time, Bitcoin is still a child, only 12 years old. His growth must have been ups and downs. In the early stage, the price of the currency became the harvesting tool of certain consortia, and even some The comments of celebrities can make prices rise and fall, but the overall trend is that it will be recognized by more and more countries and banks. For an exchange, it is just a very small part of the issuance process, and You may have to comply with the policies of various countries in the initial stage.

[davis196]

I quote from the NCR website:

We provide the software, hardware and services you need to deliver experiences that delight your customers.

    Banking. · Digital Banking. · Interactive Teller & Banker. · Digital Connected Services. ...
    Restaurants. · POS Solutions. · Contactless Ordering & Payment. ...
    Department & Specialty Retail. · Mobile Shopping. · Self-checkout.

I've never heard about NCR before.It seems to me that NCR is more like a payment service provider,that works with banks and other businesses,rather than an actual bank.
Having such big payment services provider to accept Bitcoin payments is as big as Paypal accepting Bitcoin payments(which didn't happen,Paypal will never truly adopt BTC). Unfortunately,most of the people don't know anything about NCR.This is definitely bullish news.

[Lakai01]

-snip-
So if more Bitcoin ATMs accept buy and sell Bitcoin then it will easier to cash out Bitcoin for US Citizens. Cashing out Bitcoin easily is a challenging task for me. Especially those countries that do not allow Bitcoin just imagine how hard for them cash out Bitcoin.

In what way do you think cashing out here will be easier than, for example, selling against FIAT on Binance and transferring it to the bank account?

ATMs have very high fees (> 5%) and charge KYC even for relatively small amounts (here in my country starting from $999), so it is very expensive and very troublesome to use such ATMs. Transferring the coins to an exchange, selling them against FIAT and transferring FIAT to my own bank account, on the other hand, costs me hardly any fees and I can do it from home.

In countries where BTC is prohibited there will be no ATMs either way For me personally, the ATMs are one thing: a great advertising tool to make Bitcoin known to the normal population, but nothing more.

[ivankoh]

At first, they hated crypto, and now they are trading it. Not bad, not bad.

If they soon realize their old-fashioned, short-sightedness will kill contemporary economics.  It has to happen and without any compulsion.  Today's bitcoin network will increase the difficulty of hashing.  The running of the cows will begin soon.  I'm more optimistic in this situation than 1/2 off ATH.  Excited to wait )

[Tristan Bieber]

That might be a good start, many Banks began allowing the currency trading that means accept bitcoin to pay the audience get bigger, although by supervision, but also suggests that encryption currency became legal, the penetration and mainstream financial institutions to participate in, it will lead to a variety of shops and Banks, the currency as a means of payment will be more and more widely recognized, This may also have an impact on some cryptocurrency exchanges, and it's unclear what the exchanges will do in response.

[FatFork]

For me personally, the ATMs are one thing: a great advertising tool to make Bitcoin known to the normal population, but nothing more.

I suppose I could see Bitcoin getting further to "the people" by having more ATMs offer it as a "convenience" for users, and getting a wider audience. That might help further its adoption.
The reality is that there are still many businesses and shops that don't accept anything else but cash. Food markets are the prime example. Even credit cards aren't always practical, so people have to carry cash with them. There will always be a need for ATMs as long as cash is in circulation and money doesn't become completely digital. I think there will come a time when all ATMs include a crypto exchange.

[romero121]

Relative to cryptocurrency adoption we're getting positive as well as negative news in the global market. 650 US banks allowing for the purchase of bitcoin makes the possibility of trading and other bitcoin needs met with ease. By the time Europe declaring Binance no more on usage is the news against the market. India at the same time has been gaining good momentum with more crypto adoption and new exchanges into launch and now coinbase is on the track for its launch in India.

These news will help more new users get into the cryptospace, when people get easy access.

[romecheo]

People and businesses are now aware of cryptocurrencies, especially Bitcoin, and adding more 650 US banks to do the transactions, it was a massive development and adoption,

making bitcoin more accessible, will surely increase  BTC volume in the market!   

[sherryDEFI]

Adoption cant be stopped at this rate. Inflation of fiat currencies is growing and with it exposure and interest in other stores of value. Great news for Crypto.. all of this I see as just building blocks for this space. It will take time, but is ultimately for the best.

[Lakai01]

The reality is that there are still many businesses and shops that don't accept anything else but cash. Food markets are the prime example. Even credit cards aren't always practical, so people have to carry cash with them.

I think that depends on where you live. Here in my country in the EU I can pay everywhere without cash, most stores even prefer it, especially since Corona. Additionally, some countries have even announced that they will be completely cashless by 2025, so I'm sure many will follow suit:

How many Swedes use cash?

In ten years the proportion of Swedes using cash has fallen from 39 to 9 per cent, according to Sweden’s central bank, the Riksbank. The use of cash is mostly limited to making small payments and by the elderly. In shops and cafés, it is much more common to find the sign ‘Card only’ or ‘Cashfree’ than ‘Cash only’ as in many other countries.

Of course, this has little to do with increasing crypto adoption for the time being. However, the more people get used to cashless payments, the more likely it is that alternative payment methods like Bitcoin will be accepted.