Bitcoin adoption by banks - good or bad?

[SquallLeonhart]

A bank is a business of trust, so it's automatic that people will trust bitcoin if banks will integrate it as part of their payment system. Actually, what the bank would do here is just act as a 3rd party to convert bitcoin to fiat and vice versa, for deposits, it's not necessary anymore as we are the bank of our own and in fact, we can do banking even without a bank.

Even we can be our own bank, most part of the people in tier 2 and tier 3 countries are not able to make use of bitcoins like they cannot buy and sell cryptocurrencies in secured environment which is the reason when bank will be adopting bitcoin might be helping them even banks are not necessarily needed. As of now we do not need to go for the discussion of bank adoption of bitcoin is needed or not but it is already started happening in some part of world hence we need to look for what are the advantages and disadvantages if that will be happening in more intensive.

Since the majority of what we need in this world can be bought by fiat only, there's no way bitcoin will take over and people will use bitcoin for everything. Bank will produce money and people will use bank even bitcoin will become more popular, so it's fiat (bank), then bitcoin as an alternative.

After getting into to a payment wallet in your mobile phone then you will not be bothering anymore it will be a fiat or bitcoin when you are able to spend bitcoin everywhere (same applies to merchants). This way I am not ready to agree with you that most of the things can be bought only with fiats. In near future, we can buy anything for bitcoin payment in most part of this world.

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[savetheFORUM]

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 have always had this thought on what would happen when all these banks  have finished taking control over most of the crypto currency exchanges. The government are trying as much as they could to have  a strong grasp on the cryptocurrency market: they want to be able to control the market and make the decisions on what happens and what doesn’t and we have also seen the news where they talked about How the government is going to start regulating the market very soon by making sure that every transaction is registered with KYC and they are able to know who is receiving the cryptocurrency and who is sending it out.

[nakamura12]

It is good for banks as they can benefit from it. It could also help some people to use their bank to receive the money when you decided to sell your crypto to fiat. In my country, there is an exchange wallet where it is regulated by the bank and so far I don't have any problem with it. I was able to received bitcoin, sell and buy then I can withdraw it on the ATM or could use it to pay electricity bill, water bill using the same exchange wallet.

[matchi2011]

It is good for banks as they can benefit from it. It could also help some people to use their bank to receive the money when you decided to sell your crypto to fiat. In my country, there is an exchange wallet where it is regulated by the bank and so far I don't have any problem with it. I was able to received bitcoin, sell and buy then I can withdraw it on the ATM or could use it to pay electricity bill, water bill using the same exchange wallet.

Banks always on the good side, adopting crypto will bring them money aside from regulations that they needed
to comply, banks also understand the volatility nature of this market, they can adjust and makes that they have
the right system to avoid losses when big dumped takes place, the problem is the sense of decentralization will
be voided, banks works with the government and in order to use the services of the bank you also need to comply.

[Sled]

It is good for banks as they can benefit from it. It could also help some people to use their bank to receive the money when you decided to sell your crypto to fiat. In my country, there is an exchange wallet where it is regulated by the bank and so far I don't have any problem with it. I was able to received bitcoin, sell and buy then I can withdraw it on the ATM or could use it to pay electricity bill, water bill using the same exchange wallet.

Banks always on the good side, adopting crypto will bring them money aside from regulations that they needed
to comply, banks also understand the volatility nature of this market, they can adjust and makes that they have
the right system to avoid losses when big dumped takes place, the problem is the sense of decentralization will
be voided, banks works with the government and in order to use the services of the bank you also need to comply.

To adopt crypto is what they suppose to do now since this could really have a positive comeback on their side knowing that the demand is high but because of the risk accompanied to this, it made some banks owners become doubtful and unwilling to offer such services. I know their worries about losing but I guess they should have to adopt the new development or else they will be left behind and still it was a losing end on their side.

Maybe, this could change their insights if they know that the government is supporting crypto and much more if they had announced its legality.

[habebe]

actually, in fact a bitcoin to network is decentralized and it will remain a trustworthy system so the mediator are not required for a peer to peer transfer to two addresses for the bitcoin blockchain, therefor the Bank’s network is not allowed to provide for crypto  currency.

[herurist]

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 have always had this thought on what would happen when all these banks  have finished taking control over most of the crypto currency exchanges. The government are trying as much as they could to have  a strong grasp on the cryptocurrency market: they want to be able to control the market and make the decisions on what happens and what doesn’t and we have also seen the news where they talked about How the government is going to start regulating the market very soon by making sure that every transaction is registered with KYC and they are able to know who is receiving the cryptocurrency and who is sending it out.

Even so, the result will be the same as it is now.
Even if adoption is possible, it doesn't mean they can create a monopoly on this.
they can only slightly take advantage of taxes and others but for transactions it will still be very difficult to control because crypto will still be in a decentralized system so it will be difficult to do that.

[shield132]

We want it to be globally adopted, but we don't want these big players to get involved?

Obviously, the adoption from the banks' side was inevitable to happen and will bring regulation, but hey, that's the cost. You couldn't except from the governments to hug bitcoin and its highly anarchic ideology warmly. It may be recognized as a better store of value asset, but I'm pretty sure they'll abuse their power on tracing us way too much.

As for your last words; anonymity is mostly gone since 1995 and decentralization isn't affected from banks' adoption.

To my mind the cons of adoption outweighs the pros of bitcoin and cryptocurrencies. When something gets typical and usual, it loses the spell. Personally, I don't want bitcoin that will be massively used but will be regulated like a fiat. Then, what will be the difference between bitcoin and fiat? Only the blockchain system? I think bitcoin lost it's value as a currency, it turned into an investment option. Almost everyone that I know looks bitcoin as an investment option nowadays while at past I have seen some people who were enthusiastic on it as an innovative payment method but now, I really haven't heard from anyone new into it saying that bitcoin is innovative payment method. It's sad how crypto world become a puppet of some people.
Rich businessmen kill everything good for their wealth and fame!

[Shenzou]

There are advantages and disadvantages, and it may undermine the decentralization of Bitcoin. Will record our privacy in the bank. The original intention of Bitcoin is different. I hope that we will pay Bitcoin freely in the future, and there is no concern about privacy leakage.

I agree, and this where i think we have moved away from the original concept of using bitcoin an crypto in the first place, on the one hand bitcoin becomes widely accepted and approved by governments and banks, but on the other hand we lose the privacy and anonymity that came with it that it was built upon, decentralized crypto is the future and they know that and since they can't control the currency they can control how is using it, meaning that all your transactions will be know so there will be no difference between using it and the fiat, i personally won't use any crypto bank related stuff because i care about the privacy part of the crypto.

[dupee419]

There are advantages and disadvantages, and it may undermine the decentralization of Bitcoin. Will record our privacy in the bank. The original intention of Bitcoin is different. I hope that we will pay Bitcoin freely in the future, and there is no concern about privacy leakage.

I agree, and this where i think we have moved away from the original concept of using bitcoin an crypto in the first place, on the one hand bitcoin becomes widely accepted and approved by governments and banks, but on the other hand we lose the privacy and anonymity that came with it that it was built upon, decentralized crypto is the future and they know that and since they can't control the currency they can control how is using it, meaning that all your transactions will be know so there will be no difference between using it and the fiat, i personally won't use any crypto bank related stuff because i care about the privacy part of the crypto.

Well, to be honest, it's either we lose the specialty of Bitcoin which is being decentralized or we just let Bitcoin on the ground, I think banks and governments adopting Bitcoin is a good idea, though sacrifices will have to be made, of course we won't have that much anonymity anymore but privacy definitely comes in firs.

[barabeku]

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.

When banks adopt Bitcoin it is a sign for crypto investors that crypto is valuable and can be trusted. Bank crypto services enable more people to invest as this way more people become aware of crypto industry and banks help newbies to start their journey to the crypto world. You are right that if big companies have a lot of Bitcoin on their accounts, Bitcoin loses its decentralisation and it is sad.

[Joshapat]

The more companies and even banks that adopt bitcoin then this will make the use of bitcoins will continue to increase, banks certainly have a lot of considerations to make bitcoin as their product and this of course is good for making bitcoin last longer and of course more useful for all humans .

[molsewid]

The more companies and even banks that adopt bitcoin then this will make the use of bitcoins will continue to increase, banks certainly have a lot of considerations to make bitcoin as their product and this of course is good for making bitcoin last longer and of course more useful for all humans .

I am personally looking forward for a worldwide adoption of bitcoin and this includes the adoption of banks in bitcoin or cryptocurrency because for sure this will be a great development to the crypto platform. However, even though currently bitcoin adoption is not practice in a bank transaction activity here in my country but people still uses their bank accounts in their crypto transactions with the use of a P2P process, if ever bitcoin adoption by banks will be practiced this will become a more convenient way to every crypto users.

[dimox]

yeah, regulation will make thing struggle more and more. and the follower will take many effect, can be positive, or negative. and people always have different perspective about regulation.
bank have own weapon and reason, why they take this way, when some people have bad rate at this situation.
im not sure but hoping if this make good move, so people know more about crypto. and regulation always walk behind the scene

[skarais]

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.

Is that a form of your concern about bitcoin adoption?

Bitcoin is a currency, so adoption should increase. I may agree with bank and government adopting bitcoin and regulating it because one of the successes of bitcoin as a currency is its acceptance by government regulation.

I don't think government regulation of bitcoin will eliminate anonymity and decentralization on the ground that bitcoin users can still make transaction anytime and anywhere without having to get government approval. Transaction are made between users, so even though bitcoin will be regulated by the government, users can still do so anonymously.

[Cling18]

As long as this kind of adoption would be beneficial to Bitcoin especially to users, I think it wouldn't have too much bad effect. We all know that for us to encash or change crypto into fiat, we will still be needing banks so I still see it as a good thing. We need more adoptions so we shouldn't fear if banks would also adopt crypto.

[Pejoh Asu]

There is no doubt that the influence of bitcoin will be stronger in the future, this can be seen from the many global companies that invest in bitcoin, and now there are bank plans to adopt bitcoin, this is a good step so that banks do not lose their customers because cryptocurrencies are increasingly making people move money from banks to cryptocurrencies especially bitcoin.

[freedomgo]

There is no doubt that the influence of bitcoin will be stronger in the future, this can be seen from the many global companies that invest in bitcoin, and now there are bank plans to adopt bitcoin, this is a good step so that banks do not lose their customers because cryptocurrencies are increasingly making people move money from banks to cryptocurrencies especially bitcoin.

Bitcoin can be considered already a bank of our own and there is really no need for the presence of banks.  But if we want to make it more legal, then its also a good thing that banks will come to adopt bitcoin and all its crypto related services to make it easier for all bitcoin enthusiasts and to make it more legal to the eyes of the people since having banks means its always backed by government. And its a good start too for all people who wants more options than fiat so they can start using bitcoin without much pressure that the government might strictly prohibit it from using. In this way, it makes more easier and faster for global adoption to be realized.

[chrisculanag]

Bitcoin can be considered already a bank of our own and there is really no need for the presence of banks.  But if we want to make it more legal, then its also a good thing that banks will come to adopt bitcoin and all its crypto related services to make it easier for all bitcoin enthusiasts and to make it more legal to the eyes of the people since having banks means its always backed by government. And its a good start too for all people who wants more options than fiat so they can start using bitcoin without much pressure that the government might strictly prohibit it from using. In this way, it makes more easier and faster for global adoption to be realized.

Very well said , then because of that we have a time to share legally the importance of using cryptocurrencies to other. Banks adoption in cryptocurrencies is important because its make cryptocurrencies popularized to the people in and also they trust this too without afraid to invest just because of the banks.Lastly its makes us easily to use because of this like as your said.

[Quidat]

Bitcoin can be considered already a bank of our own and there is really no need for the presence of banks.  But if we want to make it more legal, then its also a good thing that banks will come to adopt bitcoin and all its crypto related services to make it easier for all bitcoin enthusiasts and to make it more legal to the eyes of the people since having banks means its always backed by government. And its a good start too for all people who wants more options than fiat so they can start using bitcoin without much pressure that the government might strictly prohibit it from using. In this way, it makes more easier and faster for global adoption to be realized.

Very well said , then because of that we have a time to share legally the importance of using cryptocurrencies to other. Banks adoption in cryptocurrencies is important because its make cryptocurrencies popularized to the people in and also they trust this too without afraid to invest just because of the banks.Lastly its makes us easily to use because of this like as your said.

We dont actually need banks because with crypto then we are ourselves to be considered as banks and its the primary reason on why its been existing which is totally opposing centralization.
Although acceptance or considerations out of these heavily regulated institution would be a plus but expect that they will still be abiding centralization which you could say that it is likely to
follow up that system which you might find it not to really be that appealing with your eyes and would soon realize that it isnt something right like this.
We've seen banks had already accepting CBDC's instead.