Will banks One day accept Bitcoin deposit?

[Bitcoin Smith]

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This is already happening in most countries, like in my country you can make crypto transactions with your bank account which is why we mainly use P2P to our trade Bitcoin.

This is not what OP meant to say as depositing bitcoin into bank account. What you do is just use bank account to buy bitcoin by paying in fiat currency from your bank account and the same goes for selling bitcoin too but you can't deposit bitcoin into bank account.
In my country every bank got their app just for CBDC so we are moving forward and hope one day we might use bitcoin to pay for things too but depositing into bank account may never happen unless people consider bitcoin as just an asset and use bank to keep them but it's against what the nature of decentralization and we should not move in that direction.

[fruktik]

That is no longer true, bitcoin is no longer legal tender in El Salvador and residents are no longer allowed to use bitcoin to pay taxes.

While bitcoin remains a legal payment method in El Salvador, but many reports suggest that people there are not inclined to use bitcoin as a currency or payment method. They still prefer to use traditional solutions and USD is still the dominant currency in their countries, not bitcoin.

Yes, you are right. The citizens of El Salvador did not show much interest in Bitcoin and did not start using it everywhere to pay for goods and services. Still, traditional currencies turned out to be much more convenient. Or perhaps it is all about the conservatism of people. Just recently I wrote about how difficult it is for the world to perceive something technologically new. It will take a long time for everyone to come to understand its usefulness. The same goes for functionality.

[WhoYouCantKill]

 It is possible that could happen, but the possibility relies on regulation and global consensus. Certain banks are now experimenting using Bitcoin custody and service of payment, though international approval as a means of exchange can most likely come when key governments identify with it formally. If that hasn't happened, banks remain cautious with reasons of it's volatility and issues of complain.

[dunfida]

That is no longer true, bitcoin is no longer legal tender in El Salvador and residents are no longer allowed to use bitcoin to pay taxes.

While bitcoin remains a legal payment method in El Salvador, but many reports suggest that people there are not inclined to use bitcoin as a currency or payment method. They still prefer to use traditional solutions and USD is still the dominant currency in their countries, not bitcoin.

Yes, you are right. The citizens of El Salvador did not show much interest in Bitcoin and did not start using it everywhere to pay for goods and services. Still, traditional currencies turned out to be much more convenient. Or perhaps it is all about the conservatism of people. Just recently I wrote about how difficult it is for the world to perceive something technologically new. It will take a long time for everyone to come to understand its usefulness. The same goes for functionality.

It shows how adoption on paper doesn’t always equal adoption in real life governments can pass laws and make bitcoin legal tender but if people don’t feel it solves a real problem for them they will naturally stick to what is easier and more familiar in El Salvador usd is stable, trusted, and deeply rooted in daily transactions so most people prefer it over something as volatile as bitcoin.

The lack of enthusiasm is not surprising change in financial habits usually takes decades not just a few years people are often skeptical about shifting to something new especially when the risks seem higher than the benefits the same thing happened with credit cards, online banking, and even mobile payments at the start they were slow to gain trust until time and experience proved their value.
Bitcoin may not have taken off in El Salvador the way some expected but that does not mean it failed completely it just highlights the reality that adoption is a gradual process sometimes pushed by technology, sometimes by necessity it could take a new generation or an economic shift before we see mass usage but for now it remains more of an investment or store of value than a daily currency.

[Youngrebel]

It all depends from the country you're, some have once allowed for this before the government changed the regulations and ban the commercial banks from using crypto, dome do allow their banks to transact cryptocurrency, which all depends on the country and the regulations that their government are setting in place over the use of crypto, if banks do not accept the use of bitcoin, then this shows more clearly that it wasn't created for them, instead the people through p2p and not a third party organization before we can make use of bitcoin for any payment or transactions.

Nigeria government had done that too so it is not new to them again. You don't mention anything concerning cryptocurrency in the bank teller or at the cashier table and if you does you fave some penalties so everyone avoid to mention it when dealing with the commercial banks.
But I don't see the important of depositing bitcoin in the bank when I can easily do that in my wallet. And I can send it directly to the receiver. I will never like banks to be a mediators in cryptocurrency because they will over do.

[fruktik]

It shows how adoption on paper doesn’t always equal adoption in real life governments can pass laws and make bitcoin legal tender but if people don’t feel it solves a real problem for them they will naturally stick to what is easier and more familiar in El Salvador usd is stable, trusted, and deeply rooted in daily transactions so most people prefer it over something as volatile as bitcoin.

The lack of enthusiasm is not surprising change in financial habits usually takes decades not just a few years people are often skeptical about shifting to something new especially when the risks seem higher than the benefits the same thing happened with credit cards, online banking, and even mobile payments at the start they were slow to gain trust until time and experience proved their value.
Bitcoin may not have taken off in El Salvador the way some expected but that does not mean it failed completely it just highlights the reality that adoption is a gradual process sometimes pushed by technology, sometimes by necessity it could take a new generation or an economic shift before we see mass usage but for now it remains more of an investment or store of value than a daily currency.

Do you know what else can motivate people to accept Bitcoin in the masses? It is a global financial crisis. For example, the one that happened in 2008. Then the whole world significantly shook in the economic direction and many countries felt the horror of the consequences. At such moments, there is a chance for the entire crypto industry to take an honorable place on the pedestal of financial instruments and accept it as an alternative to the fiat system, which has proven its effectiveness.

[Abiky]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

Why would banks do that? Isn't Fiat better for them? Besides, Bitcoin is not legal tender. How would banks allow customers to deposit something that isn't officially recognized as such by the government? Regulators would surely be on their tails.

Bitcoin is all about being your own bank. When we let traditional banks take over, we'd be bringing back the middleman (a single point of failure). This is something Satoshi meant to avoid in the first place. I've thought spot ETFs were bad in the sense that it opened the doors to "Wall Street". But letting banks in, is much worse. I hope this never materializes during our lifetime. Only time will tell...

[Fivestar4everMVP]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

Definitely yes, there is really a high possibility that this will happen though no one can tell when in particular it would happen, can happen in 5, 10, 15  or 20 years from now, or may even happen sooner than any of us think, it all depends on individual countries and what their policy on bitcoin would be.

But most important to know  and note is that banks are not important for bitcoin, depositing bitcoin into banks is like we running back to the same problem bitcoin was created to solve after embracing bitcoin, it makes no sense, banks had and still have custody of our fiat money, they control it, if we should now start depositing bitcoin to the same banks we should be running away from because of their monopoly, what makes us think they will not start controlling bitcoin one day as well?
Best way to enjoy bitcoin is to allow it remain decentralized as it is, hold and manage your own coins by yourself, you will always be more at peace with yourself when you know that you will always be able to make use of your bitcoin when exactly you need to without waiting for an approval from any body or entity.

[uneng]

One day they will accept. It's just a matter of time now. The first steps towards adoption they have already done. For an example, banks in my country offer Bitcoin as investment alternative, although you can't access your Bitcoins directly, without using the bank. However, it doesn't have to be like this forever. Soon I believe they will become less strict, allowing customers to deposit and cashout their BTCs to external addresses, although some kind of KYC must be implied along the process.

[tottong]

Nigeria government had done that too so it is not new to them again. You don't mention anything concerning cryptocurrency in the bank teller or at the cashier table and if you does you fave some penalties so everyone avoid to mention it when dealing with the commercial banks.
But I don't see the important of depositing bitcoin in the bank when I can easily do that in my wallet. And I can send it directly to the receiver. I will never like banks to be a mediators in cryptocurrency because they will over do.

That's very strange, isn't it? We haven't mentioned much more than that, and we've heard how the Nigerian government is treating crypto.
My country is more friendly to this, and we're only prohibited from using crypto and bitcoin as a means of transaction, but as an investment, it's not a problem.
Not only is it unnecessary, but we don't even need banks as a means of storing bitcoin because we have a number of much more secure wallets to store it in.
But in the future, no one knows for sure, as banks could begin to evolve to accept bitcoin deposits, and perhaps even more.

[Abiky]

One day they will accept. It's just a matter of time now. The first steps towards adoption they have already done. For an example, banks in my country offer Bitcoin as investment alternative, although you can't access your Bitcoins directly, without using the bank. However, it doesn't have to be like this forever. Soon I believe they will become less strict, allowing customers to deposit and cashout their BTCs to external addresses, although some kind of KYC must be implied along the process.

The question is: Will regulators allow it? The US is a pro-crypto country, so it wouldn't have a problem with this. But what about other countries such as those within the EU bloc and BRICS? I'm pretty sure they won't allow banks to offer crypto services to their customers. Besides, Bitcoin is NOT legal tender. So banks would be "playing" at their own risk.

Why care about banks, though? Isn't Bitcoin good on its own? With Bitcoin, you can truly be your own bank. I guess the OP doesn't understand what Bitcoin is all about. It's more than just money or "digital gold". It's a movement, a revolution meant to bring back monetary freedom to the people. I hope it fulfills its purpose, before it's too late.

[Nothingtodo]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

When people all over the world give importance to Bitcoin instead of keeping money in the bank and all the payment systems through Bitcoin, the bank will open the deposit through Bitcoin. Very likely these days are not far away, especially when the world is emphasizing Bitcoin's strategic reserves, and people are now curious about investing Bitcoin, the bank authorities are in tension that Bitcoin may not be far away.

[davis196]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

Bitcoin was created with the sole purpose of being a currency for the unbanked and for the people to use it without the need of a bank account. The fact that some people would agree to deposit BTC in banks defeats the whole purpose of Bitcoin/crypto and "being you own bank". I don't get the point of depositing BTC in a bank. Do you believe that the bank would give you interest for your deposit? Do you believe that your Bitcoin is safer in a bank in comparison to you keeping your cold wallet and seed phrase in a safe place?
I can assume that you are a total Bitcoin newbie. You should read more and learn more about the core principles of Bitcoin.

[fuguebtc]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

When people all over the world give importance to Bitcoin instead of keeping money in the bank and all the payment systems through Bitcoin, the bank will open the deposit through Bitcoin. Very likely these days are not far away, especially when the world is emphasizing Bitcoin's strategic reserves, and people are now curious about investing Bitcoin, the bank authorities are in tension that Bitcoin may not be far away.

I find it hard to believe that one day people will take bitcoin more seriously, they will stop depositing money in banks and choose bitcoin as an alternative. I also don't think people will use bitcoin as a payment method, and abandon banks either.


Our world is colorful and not everyone values ​​privacy and wants to be their own bank. The proof is that since the ETF was approved, most of the money flowing into bitcoin has gone through there or most of the trading volume and liquidity has happened on CEX. It's clear that people don't want to use bitcoin to be their own bank or care about privacy.
In my opinion, banks will open deposits through Bitcoin, and the reason is not because they are afraid, but because they will make a profit from it.

[simonova]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

I wish that day never comes. Instead, I expect a day when bitcoin has completely replaced banks.

[ultrloa]

One day they will accept. It's just a matter of time now. The first steps towards adoption they have already done. For an example, banks in my country offer Bitcoin as investment alternative, although you can't access your Bitcoins directly, without using the bank. However, it doesn't have to be like this forever. Soon I believe they will become less strict, allowing customers to deposit and cashout their BTCs to external addresses, although some kind of KYC must be implied along the process.

The question is: Will regulators allow it? The US is a pro-crypto country, so it wouldn't have a problem with this. But what about other countries such as those within the EU bloc and BRICS? I'm pretty sure they won't allow banks to offer crypto services to their customers. Besides, Bitcoin is NOT legal tender. So banks would be "playing" at their own risk.

Why care about banks, though? Isn't Bitcoin good on its own? With Bitcoin, you can truly be your own bank. I guess the OP doesn't understand what Bitcoin is all about. It's more than just money or "digital gold". It's a movement, a revolution meant to bring back monetary freedom to the people. I hope it fulfills its purpose, before it's too late.

Actually base on this article there are banks already accepting it https://en.zcredito.com/banks-that-accept-cryptocurrency-deposits/

So there's really good chance that more banks would follow especially that there are few banks initiate this acceptance already.

But for me I don't really care if they accept it or not since I want Bitcoin to be in my full custody. I don't want bank to hold my funds then get profits with it.

I wish that day never comes. Instead, I expect a day when bitcoin has completely replaced banks.

But unfortunately that situation you are expecting or hoping for won't gonna happen since for sure banks and fiat are first priority of government so for sure Bitcoin will be just be their option.

[Baki202]

One day they will accept. It's just a matter of time now. The first steps towards adoption they have already done. For an example, banks in my country offer Bitcoin as investment alternative, although you can't access your Bitcoins directly, without using the bank. However, it doesn't have to be like this forever. Soon I believe they will become less strict, allowing customers to deposit and cashout their BTCs to external addresses, although some kind of KYC must be implied along the process.

The workers at the bank can individually accept it but the bank it's going to be hard and another thing is that Bitcoin been a large investment male's the banks interested because you can purchase usdt directly with your card to buy Bitcoin and one way or the other the circulation of money around Bitcoin is very serious. And the truth of it is that Bitcoin can not do with money and money is under the custody of the bank.

No matter how independent Bitcoin is they still need the bank because of conversion and many more so they both have there role to play and this is why I don't even see this as any big deal because even if you are spending Bitcoin it's going to be calculated in fiat so money is from the bank so it's not a new thing.

[GeorgeJohn]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

It's obvious...bitcoin has been the newest currency so far that is spreading across the world, if not that at the initial time bitcoin was introduced, many people condenm the fact that bitcoin is use for money laundering, and that's the one of the factors that government used to castigate the uses of bitcoin

Banks shall accepts bitcoin in future because bitcoin has numerous acceptance from different countries but the problem is that, it's yet to be confirmed as a legal tender, once bitcoin is generally accepted by the most prominent countries, banks will adopt bitcoin  as a legal tender as one of trading means, actually most of the banks are trading with bitcoin secretly.

[suzanne5223]

I think before banks start accepting Bitcoin as a medium of exchange, governments of powerful nations must first recognize it officially. Without legal acceptance, no bank will risk integrating Bitcoin into their system. However, once governments see Bitcoin as a legitimate and stable financial tool, banks will not only allow deposits but may even create new financial products around it.
But the main question is — will all governments agree to this? Because Bitcoin challenges their traditional monetary control, and this makes the process much slower.

I believe this could start with the US, based on the US president's stance towards Bitcoin and how it advises them on the creation of their own stablecoin. However, I believe we will see it happening after the banks understand the volatility of Bitcoin, or when they choose to partner with a centralized crypto exchange.
We already have banks like Ally Bank, which allow their users to link their accounts with CoinBase, and USAA also allows their users to do almost the same.

In the meantime, it is too early to decide if banks will allow their customers to deposit Bitcoin, but I can feel that we're on the verge of seeing it happen.

[AmaGold70]

One day banks will accept Bitcoin as medium of exchange and accept deposits from bitcoiners. As soon as the world powers accept it as medium of exchange.

World power are low key accepting Bitcoin but I don't think their acceptance would influence others to accept it too, bank accepting Bitcoin solely depends on the country you are from. I don't see our tradition banks accepting Bitcoin deposits because fiat currency and crypto currency are two different currencies that shouldn't be mixed under the same building. Bitcoin will challenge the government's control over the fiat currency and they wouldn't want that so it would be difficult for the government to agree with this, satoshi idea about Bitcoin was for Bitcoin to be a decentralized currency and I like it that way so I don't care about if the Bank accepts it or not.