Bitcoin adoption by banks - good or bad?

[davis196]

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

Crypto is going to be heavily regulated WITH OR WITHOUT adoption from the banks.
Actually the banks will be more willing to adopt cryptocurrencies,if the cryptocurrencies are more regulated and there's better legislation regarding the crypto industry.
The people,who are happy about cryptocurrencies being adopted by the banks are excited mostly about the possibility of the Bitcoin/altcoin prices going up due to the bullish news.They don't care about the increased level of convenience or anything else.
By the way,I don't think that many banks are becoming crypto friendly.Most of the banks worldwide are still pretty hostile or at least neutral towards the cryptocurrencies.  

[nullama]

Banks are trying to keep their customers by giving them exposure to Bitcoin.

I doubt they will allow withdrawals to your own wallets though.

A negative for Bitcoin would be that there's the possibility of more IOU Bitcoins than the real amount.

A positive for Bitcoin would be that more people are aware of it and want to buy more.

[bakasabo]

I also dont believe that banks will allow withdrawals or even a transfer between bank accounts. It will be like on PayPal. You can trade, but you can not move anywhere further than your account. With a system like that, banks will keep full control of crypto. It is a sort of a crippled adoption. On one hand it is good, because users will have an opportunity to earn (if they are good at trading) with crypto. On the other - the whole idea of being anonymous and uncontrolled is spoiled. However, this will make a positive vision of cryptocurrency, as users will feel safe (who does not trust its own bank?) and the chances of being scammed are as low as possible (banks will do all the research whether altcoin is scam or not, banks will be fully responsible for that).

[yhiaali3]

You are right to be concerned, I am also concerned about it. Everyone would like to see Bitcoin adoption in all banks and all governments in the world, but this means strict regulations and a greater tendency towards centralization and control by banks and governments and this completely corrupts Bitcoin.
I have said this many times before: Banks and governments fail to ban Bitcoin and prevent people from using it so they will resort to a cunning way of adopting Bitcoin and trying to control and impose restrictions on it so that it eliminates the decentralization and privacy which are the main features of Bitcoin.

[LogitechMouse]

Good for the Bitcoin users but Bad for the banks themselves.
Why good for us? More users = more adoption. People will know Bitcoin and crypto more. People will be more curious thus, there will be new investors who might choose to invest into it.
Why bad for the Banks? Well, the main reason why Bitcoin is created is to eradicate the use of banks when we are transacting from Point A to Point B. Their business might get affected if they will put Bitcoin into their business.

Either way, I don't think that this will happen though that banks will adopt crypto. Well, there are some banks who are supporting it anyways like converting your crypto funds into fiat then putting into your bank account.

[Snappycoco]

I think its good for crypto right now specially when this news means more adoption. Bank users would probably learn more about bitcoin and could possibly be interested to it. If bank offers buying and selling bitcoin to its costumers, I think confidentiality is a thing for it. I think its much safer than most crypto exchanges.

[bakasabo]

Of course it's good, the more companies that adopt bitcoin, this will make the use of bitcoin even more massive, banks certainly have the power of money to be able to guarantee consumers who want to invest in bitcoin and this will allow the state to legalize bitcoin.

That is the correct word - power. The power over your Bitcoin will belong to banks. You and Bitcoin will be perfect feeder for banks and government. You gain profit from trading - share profit with government. You get profit from holding - share profit with government. You suffer losses - it is your problem. Banks and government will get a part from each of your success, giving to support in a case if failure.

I see you wear a signature and you are from Japan. Will you agree to get 5% less reward than other Sr.Member? But in case your signature fails to distribute, it is your problem and no one intends to help you somehow.

[AicecreaME]

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point, I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

The adoption of bitcoin by the central organization has its pros and cons. As much as we want to retain the nature of bitcoin if ever it will be globally adopted, we really have to compromise. Like what they say, any good thing comes with a cost, most especially we are talking about money matters here. For sure though the government won't allow such adoption to happen without them benefiting out of it. We have to make sacrifices in order for us to thrive. Although I'm really thinking if do we really need such validation from them? Because bitcoin alone can stand on its own anyway. Without the regulations that would make an impact on its features.

But I also must say that gone were the days whereas decentralization and anonymity were valued by the users because lately crypto has been regulated in different levels in different countries. There are platforms where the local government regulates and mandates KYC. Almost every platform actually has a connection with investing and trading. I guess the world is really dynamically changing. For good or bad, that depends on how we view it and on what situation we are currently in. Because everything has its two sides of the coin. We just have to weigh and choose what would be more relevant and beneficial to its longevity and function overall.

[uneng]

I think this adoption is positive because it ensures more safety to investors when holding bitcoins, also incentivizing the increasement of the number of bitcoin adopters. It's true more regulations are created this way, but nobody is forced to deal with banks if they don't wish it and I suppose there is always going to be some decentralized exchanges that can be used together with personal physical wallets by those who feel unconfortable in centralized platforms. Banks adopting bitcoin is mainly great for generating interest from your holdings in a relatively safe way.

[michellee]

Even if the banks or the government will regulate crypto, people are still free to select when they want to save their money and save their money in crypto. They use the banks to help them convert their crypto into fiat if, in their country, a few merchants accept crypto as payment.

People can use the banks to buy crypto and save it in that banks if the banks offer them to save their crypto. People will feel safe from scams that can happen in the exchanges or other places while using their own wallets to save the other amount for their long-term investment.

[Alert31]

Bitcoin adoption by banks has a positive and negative effect to all of us that used bitcoin. It's good if bitcoin is regulated because it will help to increase bitcoin awareness and trust but on the other hand the decentralization of bitcoin will be lessen.

[geegaw]

Of course it's good, the more companies that adopt bitcoin, this will make the use of bitcoin even more massive, banks certainly have the power of money to be able to guarantee consumers who want to invest in bitcoin and this will allow the state to legalize bitcoin.

Well, at least with the openness from the bank, we will no longer worry when the black markets will disappear, these are the trading areas for converting from bitcoin to cash that rely only on intermediaries and trust over the network, although quite a few exchanges have opened up conversion services but the user's sense and caution still need to be very vigilant, the bank's entry will offer a more reliable service. However, in the face of a reliable service, much disclosure and disclosure of earnings and holdings may very well be mandatory, the government will happily raise taxes and that's really sad for us

[Anonylz]

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

I don't think you can see crypto truly being adopted without paying the bigger price 'which is regulation' can you even picture crypto being accepted all over the world without banks and government involved! The world is intertwined in the sense that crypto can not exist without the presence of other elements that makes it whole, it is inevitable, as much as we hate it, it is bound to happen sooner or later.

[fiulpro]

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

If the banks do not make weird laws about regulating the whole industry, then I do understand that they would be fine with cryptocurrencies but at the same time the idea of them dominating the whole market is always there which makes it harder for the general public to appreciate the efforts that they might be putting into.

Banks integrating with cryptocurrencies might be a good thing for the holders since they would allow the bank customers and the crypto holders to trade efficiently without much efforts at the same time other banks might wanna do it as well because of the competition do that open doors for mass adoption, but how would it go? Since after that the government might wanna make stricter rules and regulations.

Then the countries would go in that as well and this way we can see crypto being accepted all around the world therefore it can both be a +/- thing.

Depending on how they take it.

[Oilacris]

As far as I see, a lot of people here are very happy when they read news about this or that bank adopting bitcoin exchange, offering crypto related services or doing something related to crypto.

At some point I understand that people like it because they want to see crypto everywhere but the downside of this is that crypto gets more regulated and I think it losses the magic/spell that it had before. Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat. I think as time goes, anonimity, decentralization and these words are fading away and they turn into myths like Greek gods.

I don't think you can see crypto truly being adopted without paying the bigger price 'which is regulation' can you even picture crypto being accepted all over the world without banks and government involved! The world is intertwined in the sense that crypto can not exist without the presence of other elements that makes it whole, it is inevitable, as much as we hate it, it is bound to happen sooner or later.

Totally contradicting eh?

Dont know on why people are really that in a hurry when it comes to this yet they do know that regulation is something in return or needed
if  they are really asking into a certain extent of adoption which totally opposes on the essence of decentralization of crypto.

Banks might create their own stuff and  might only consider those CBDC's.If ever they would really handle out crypto deposits
then i dont see for those depositors on minding about the true meaning of decentralized.

[Coyster]

Personally, I think that more adoptions and regulations won't do any good for bitcoin, it will just become a little bit different digital version of fiat.

I'm afraid there is no sort of regulations/sanctions by the government and their banks that can bring Bitcoin to this level, it can't be compared to fiat or be a distinct version of it, mind you that no matter what, the government can't print/create Bitcoin, they can't control it, neither can they make it scarce, etc, they can only try and set their regulations and make it somewhat difficult for Bitcoin users to use the network and also seek a way to track them through centralized exchanges.

Having said that, I think in a few years to come, governments/banks will only have CBDC's as their major concern, the government only focuses on what they can control, and since they can't control Bitcoin, I'm not looking forward to a period were governments will be wholly into Bitcoin.

[TheNineClub]

As with everything, the answer is somewhere in the middle, and it depends. If we want mass adoption, then it doesn't matter if it's good or bad, it's necessary. I'm guessing the crypto community but also the major financial institutions will have to adapt to the new situation. So it's not a question of it being good or bad, rather it being necessary or not depending on the goal.

[paxmao]

Good, all adoption is good for Hodlers. It really depends for the rest of people. If you trade, you may not want too many professional traders hanging around as it may become a fiery competition. If you believe in decentralisation and being your own bank, you probably want them out. Else, you probably are happy about it and about being able to get your stuff in a bank.

[Oceat]

Bitcoin adoption by banks has a positive and negative effect to all of us that used bitcoin. It's good if bitcoin is regulated because it will help to increase bitcoin awareness and trust but on the other hand the decentralization of bitcoin will be lessen.

It doesn't affect the decentralization of Bitcoin if banks want to buy Bitcoin since we are always our own bank if you have the private keys with you then they have nothing to do with your BTC. I think it's not bad if there's an adoption of Bitcoin to most banks, it's just that not every banks would do the same but as far as the time goes by they will eventually adopt to Bitcoin.

It will help us all in the Bitcoin community since we all needed the adoption as much as we want in order to expand the knowledge of having a crypto especially in Bitcoin. Exchanges doing it somehow makes the other banks aware of the existence of Bitcoin so it's a good thing.

[Botnake]

Good, all adoption is good for Hodlers. It really depends for the rest of people. If you trade, you may not want too many professional traders hanging around as it may become a fiery competition. If you believe in decentralisation and being your own bank, you probably want them out. Else, you probably are happy about it and about being able to get your stuff in a bank.

I think in general, bitcoin adoption is good. It's good for all of us as it gets more usage rather than simply as an investment alone. And to think that the main goal of crypto is to become a global currency, then it will certainly happen soon no matter what.  The process might be hard and tough for bitcoin to be fully adopted in the whole world, but i think once we got there, there will be more benefits we can gain from having crypto compared to fiat so definitely it we be all worth it. The country's economy will progress, and there will be financial independence not just for our individual's economy but rather for the whole world. But for sure, bitcoin will be more regulated by that time.