Will banks One day accept Bitcoin deposit?

[Danica22]

Admit it, most of us are just interested in profits, not many people care about the decentralization, privacy of bitcoin as we keep preaching.

Before, it was for the tech, and to be honest, it was a golden era when people mostly invested in Bitcoin because of its decentralization, and truly in it for the tech. But today, can't deny that most are just interested in the profits, and it's not going to change. Time has changed but those people that are truly concerned about bitcoin's decentralization was still there. Fighting in the shadows and doing it silently. And maybe the others don't care anymore when it's only about the value of it which everyone is looking up to.

But that golden period was short, didn't last long, and not everyone invested in it just because of the decentralization. At that time, people still cared about profit but it was not the top priority, people pushed for more decentralization, privacy and expected it to be able to compete with centralized systems. That is one of the reasons why some people still believe that bitcoin will replace banking, the traditional monetary system to this day.

Those who just want to use bitcoin as a peer-to-peer currency, prioritizing privacy, are still there but can be counted on the fingers of one hand. The rest of the market, the only thing they care about is "profit" but many people don't dare to admit it.

[hedgeh0g]

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.

Where I live, if they accept Bitcoin as a good means of payment, then only under full tracking. They will also demand information about where I got this cryptocurrency, and ask for documentary justification. And now in the world there are only two ways to legally increase the share of Bitcoin in your wallet before the state, this is mining and trading.
But both methods have many aspects. And therefore the state where I live will never recognize income from signature campaigns as legal, and online casinos will not be an exception. It is easier to move to a normal country than to wait for improvements here.

[Abiky]

Sending bitcoin to the bank defeats the purpose for which it was created. Bitcoin signifies "freedom of the unbanked," so what is the point of sending it to the bank then? Besides, the bank is a third party, and Bitcoin came as a rescue from third parties, and this also includes the banks which uses every opportunity it has to exploit people from their hard earned resources because of the fact that the government backs them up for their dirty acts. Even if the banks accept bitcoin, it will be the last thing I will ever do to deposit my bitcoin with the bank when I can keep it under my own custody.

True. But if banks start accepting BTC deposits, most people won't hesitate to entrust their coins in them. They prefer convenience above all else. This will ultimately enrich banks, as they profit from customers' holdings. Although, I don't think most banks would be willing to take that risk. Especially when Bitcoin is volatile.

Besides, adopting Bitcoin will uncover banks' dirty schemes. It is a transparent ledger, after all. Banks are better off with Fiat because they can manipulate it to "their hearts' content". But who knows? With "Wall Street" in the game, anything's possible. Let's us hope Bitcoin doesn't turn centralized in the long run.

[Wakate]

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.

Where I live, if they accept Bitcoin as a good means of payment, then only under full tracking. They will also demand information about where I got this cryptocurrency, and ask for documentary justification. And now in the world there are only two ways to legally increase the share of Bitcoin in your wallet before the state, this is mining and trading.
But both methods have many aspects. And therefore the state where I live will never recognize income from signature campaigns as legal, and online casinos will not be an exception. It is easier to move to a normal country than to wait for improvements here.

This is one of the problem with banks and we need to be very confident when making transactions with them. The government uses the bank to scrutinize us and get information about us. If all banks start allowing customers to make deposits using Bitcoin,  that means there will be no privacy again and everything about us will be leaked to the government.

The way Bitcoin is operating is better for us allowing people to make transactions without their privacy information like name, location to be attached on each addresses. I know the government will do everything possible to get access to us even though transactions through the blockchain can look very hard to track individual users.

[Ronsbit]

Sending bitcoin to the bank defeats the purpose for which it was created. Bitcoin signifies "freedom of the unbanked," so what is the point of sending it to the bank then? Besides, the bank is a third party, and Bitcoin came as a rescue from third parties, and this also includes the banks which uses every opportunity it has to exploit people from their hard earned resources because of the fact that the government backs them up for their dirty acts. Even if the banks accept bitcoin, it will be the last thing I will ever do to deposit my bitcoin with the bank when I can keep it under my own custody.

True. But if banks start accepting BTC deposits, most people won't hesitate to entrust their coins in them. They prefer convenience above all else. This will ultimately enrich banks, as they profit from customers' holdings. Although, I don't think most banks would be willing to take that risk. Especially when Bitcoin is volatile.

Besides, adopting Bitcoin will uncover banks' dirty schemes. It is a transparent ledger, after all. Banks are better off with Fiat because they can manipulate it to "their hearts' content". But who knows? With "Wall Street" in the game, anything's possible. Let's us hope Bitcoin doesn't turn centralized in the long run.

There are those who would be quick to deposit with the bank, but I strongly believe core Bitcoin enthusiasts would never make such a mistake because they already know the implications, and as for the banks, all they do is for profit. Believe me, when it comes to banks handling anything financial, they must always look for what to use in closing their tracks so that no one may know, and I would not be surprised to see banks coming up with their own crypto App designed for their nefarious act, for which they would compel people to use so they can easily do what they want from their end.

Whether the market is volatile or not doesn't concern the banks; all they care about is their profit. As long as they get their own cut or share from every transaction that goes on within their ecosystem, they are good to go, but I am wondering the criteria they would likely use to measure one's asset deposited with them for transaction records. whether by monetary value as at when deposited, or the exact volume or quantity deposited, as this would be the basis on which transactions involving bitcoin are being carried out in the bank.

[Orpichukwu]

It would be great if they could accept it, it would help us to easily convert or withdraw our crypto.
It could lessen the transaction fee, and would save us time.
But it would also completely ignore most of Bitcoin features or the main point of cryptocurrency.

It will be a great and easy-to-use feature, but it will not be cheap. Banks don't do things for free, so they will always want a commission if they handle such a transaction. A transaction fee will always be paid to move your bitcoin from self-custody down to the banking wallet before converting it and crediting your account directly. All of those banks will always want their commission, and they will ask a lot of questions with respect to how you came about that bitcoin.

[Abiky]

This is one of the problem with banks and we need to be very confident when making transactions with them. The government uses the bank to scrutinize us and get information about us. If all banks start allowing customers to make deposits using Bitcoin,  that means there will be no privacy again and everything about us will be leaked to the government.

The way Bitcoin is operating is better for us allowing people to make transactions without their privacy information like name, location to be attached on each addresses. I know the government will do everything possible to get access to us even though transactions through the blockchain can look very hard to track individual users.

Well, that's the plan. To "deanonymize" as much Bitcoin users as possible by forcing them to go through KYC. Governments did this with centralized exchanges, and now they're trying to do it with banks. I think they will succeed. Especially when most people don't care about their privacy, or even decentralization/censorship-resistance. They're only into Bitcoin for the money.

By providing Bitcoin-based deposits, banks can benefit from market price volatility. They'll be able to make more money this way than simply investing in stocks. Pretty smart, huh? I hope that despite these efforts, Bitcoin remains decentralized. The community must stay strong no matter what. We'll see what happens in the long run.

[Lanatsa]

Sending bitcoin to the bank defeats the purpose for which it was created. Bitcoin signifies "freedom of the unbanked," so what is the point of sending it to the bank then? Besides, the bank is a third party, and Bitcoin came as a rescue from third parties, and this also includes the banks which uses every opportunity it has to exploit people from their hard earned resources because of the fact that the government backs them up for their dirty acts. Even if the banks accept bitcoin, it will be the last thing I will ever do to deposit my bitcoin with the bank when I can keep it under my own custody.

True. But if banks start accepting BTC deposits, most people won't hesitate to entrust their coins in them. They prefer convenience above all else. This will ultimately enrich banks, as they profit from customers' holdings. Although, I don't think most banks would be willing to take that risk. Especially when Bitcoin is volatile.

Besides, adopting Bitcoin will uncover banks' dirty schemes. It is a transparent ledger, after all. Banks are better off with Fiat because they can manipulate it to "their hearts' content". But who knows? With "Wall Street" in the game, anything's possible. Let's us hope Bitcoin doesn't turn centralized in the long run.

There are those who would be quick to deposit with the bank, but I strongly believe core Bitcoin enthusiasts would never make such a mistake because they already know the implications, and as for the banks, all they do is for profit. Believe me, when it comes to banks handling anything financial, they must always look for what to use in closing their tracks so that no one may know, and I would not be surprised to see banks coming up with their own crypto App designed for their nefarious act, for which they would compel people to use so they can easily do what they want from their end.

Whether the market is volatile or not doesn't concern the banks; all they care about is their profit. As long as they get their own cut or share from every transaction that goes on within their ecosystem, they are good to go, but I am wondering the criteria they would likely use to measure one's asset deposited with them for transaction records. whether by monetary value as at when deposited, or the exact volume or quantity deposited, as this would be the basis on which transactions involving bitcoin are being carried out in the bank.

And that is where the biggest concern lies because banks are not charities they never handle assets without a way to profit from them if they ever integrate bitcoin into their system it won’t be out of goodwill but rather to design a model where they get their cut from every single move deposits withdrawals transfers and maybe even by rehypothecating assets just like they do with fiat the whole idea of bitcoin was born to escape that system to allow people true custody and true ownership without middlemen stepping in so the thought of handing it back to banks feels like undoing the very foundation it was built on.

Still it’s also realistic to admit that many people don’t want the responsibility of holding their own keys managing cold wallets or worrying about security they will trade custody for convenience any day and that is where banks see opportunity they will likely measure deposits in fiat value at the time of entry since volatility complicates accounting but in doing so they strip bitcoin of its identity and turn it into just another line item on a balance sheet in the end it will come down to choice those who value sovereignty will never let banks hold their coins while those who prioritize convenience will hand it over willingly the real test will be whether bitcoin as an ecosystem can maintain its ethos of decentralization while still existing in a world where banks inevitably try to mold it into their profit machine.

[WhoYouCantKill]

Depending on regulation and international politics, this can eventually take place in the future. When global authority identify Bitcoin as a legal means of exchange, then banks will have to follow if they must stay relevant.  Presently some banks view it more as just asset than money. Adoption will only grow if government provide obvious rules and users continue to request it during transactions.

[nullama]

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 think it will take about a decade for banks to start having a large amount of bitcoin as reserves.

The "central bank of central banks" already allowed central banks to have up to 2% of their reserves in bitcoin.

That's a massive change in how banks work, and I can assume this will only expand over time.

[DaNNy001]

Sending bitcoin to the bank defeats the purpose for which it was created. Bitcoin signifies "freedom of the unbanked," so what is the point of sending it to the bank then? Besides, the bank is a third party, and Bitcoin came as a rescue from third parties, and this also includes the banks which uses every opportunity it has to exploit people from their hard earned resources because of the fact that the government backs them up for their dirty acts. Even if the banks accept bitcoin, it will be the last thing I will ever do to deposit my bitcoin with the bank when I can keep it under my own custody.

True. But if banks start accepting BTC deposits, most people won't hesitate to entrust their coins in them. They prefer convenience above all else. This will ultimately enrich banks, as they profit from customers' holdings. Although, I don't think most banks would be willing to take that risk. Especially when Bitcoin is volatile.

Besides, adopting Bitcoin will uncover banks' dirty schemes. It is a transparent ledger, after all. Banks are better off with Fiat because they can manipulate it to "their hearts' content". But who knows? With "Wall Street" in the game, anything's possible. Let's us hope Bitcoin doesn't turn centralized in the long run.

I doubt that would happen someday, just like you said the banks are actually the government or even private users ways of extorting or self beneficial way of milking their customer and i think the original idea of bitcoin itself was to contradict the traditional third party involvement of an unknown entity in financial transactions since whenever you want to confirm a payment or even do one the system of banks allows a third person not involved in the transaction to take full and control of how and when your money get to the receiver ends.

[BTCETFInvestor]

I believe all major U.S. banks are likely already planning for the day they will accept Bitcoin deposit. They already know how important cryptocurrencies are to investors and they can't avoid knowing about Bitcoin.

https://www.marketplacefairness.org/cryptocurrency/wells-fargo-cryptocurrency-policy/

   

[Swordsoffreedom]

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 think it will take about a decade for banks to start having a large amount of bitcoin as reserves.

The "central bank of central banks" already allowed central banks to have up to 2% of their reserves in bitcoin.

That's a massive change in how banks work, and I can assume this will only expand over time.

Are you referring to the BIS decision? However, that will depend on the decision of each country's central bank. So far, leading central banks like the Fed, ECB, BOJ or BoE are still skeptical about bitcoin, they do not really support this idea. Just like the ECB has been outspoken in stating that they have no intention and do not support the idea of ​​adding bitcoin to their bitcoin reserves.

It can be said that no central bank has supported this idea yet, so I don't think it will happen in the next decade. It will probably take longer.

[JeffBrad12]

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 think it will take about a decade for banks to start having a large amount of bitcoin as reserves.

The "central bank of central banks" already allowed central banks to have up to 2% of their reserves in bitcoin.

That's a massive change in how banks work, and I can assume this will only expand over time.

2% is still pretty low if we compare to the bank's gold reserve but it's a progress regardless. If they accept crypto deposit however, this number could jump up and who knows regulation cater to the demand and increases the allowed reserves of crypto. What it needs is just one bank with crypto deposit and hype. The other bank will follow later.

[nullama]

~snip~
Are you referring to the BIS decision? However, that will depend on the decision of each country's central bank. So far, leading central banks like the Fed, ECB, BOJ or BoE are still skeptical about bitcoin, they do not really support this idea. Just like the ECB has been outspoken in stating that they have no intention and do not support the idea of ​​adding bitcoin to their bitcoin reserves.

It can be said that no central bank has supported this idea yet, so I don't think it will happen in the next decade. It will probably take longer.

Yes, the BIS one.

That's correct, every central bank will decide by themselves, but at least now they are able to do so.

Before, even if a central bank wanted to, they were not able.

So, it's definitely a step in the right direction in my mind...

[0t3p0t]

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.

Banks can do nothing about competency and decentralization so they maybe forced to do this "if we can't beat them join them" thing. It seems banks are just another option when it comes to engaging financially because some countries are now eyeing Bitcoin as something like a strategic reserve so maybe we can see banks will soon show it's interest on investing or maybe integrating Bitcoin into their financial capability to offer services for their clients.

[Royal Cap]

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 don't think that banks have any particular incentive to accelerate the adoption of Bitcoin, but history demonstrates that they do eventually change when the stress is sufficiently high. Consider how the internet began, how it was disregarded by traditional institutions that then opposed it, and now they cannot live without it. There are already some smaller banks who are testing custody services due to client demands, despite their late mover status by the big banks.
 The moral of the storey here is not that banks should legitimise Bitcoin, go ahead and use it as it was meant to be, peer to peer, and continue to use it until such time as they do.

[HistoLock]

Depending on regulation and international politics, this can eventually take place in the future. When global authority identify Bitcoin as a legal means of exchange, then banks will have to follow if they must stay relevant.  Presently some banks view it more as just asset than money. Adoption will only grow if government provide obvious rules and users continue to request it during transactions.

Yes, you have made the right comment. I agree with your comment. Of course, it is right that when talking about this issue, one must keep one's head, if banks will accept deposits from Bitcoiners, it may take a long time and depend on international policies. However, if banks collectively accept Bitcoin deposits, then a legal rule for Bitcoin will be introduced worldwide. However, I think that although this can happen, I do not know clearly how quickly it is possible, but I would like to request everyone to clear this issue more nicely. Thank you for presenting this valuable comment.

[arwin100]

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 don't think that banks have any particular incentive to accelerate the adoption of Bitcoin, but history demonstrates that they do eventually change when the stress is sufficiently high. Consider how the internet began, how it was disregarded by traditional institutions that then opposed it, and now they cannot live without it. There are already some smaller banks who are testing custody services due to client demands, despite their late mover status by the big banks.
 The moral of the storey here is not that banks should legitimise Bitcoin, go ahead and use it as it was meant to be, peer to peer, and continue to use it until such time as they do.

But actually base on this site there are banks already that accepts this kind of option https://en.zcredito.com/banks-that-accept-cryptocurrency-deposits/

I never tried this yet, but if it happens that there are people who can access and try those banks if its possible to deposit there then maybe they should give a shot if they are really seeking for banks accepting this kind of option.

Hopefully we could see more banks accepting this since this is great for Bitcoin and for its global adoption.

[Marvell1]

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.

Banks can do nothing about competency and decentralization so they maybe forced to do this "if we can't beat them join them" thing. It seems banks are just another option when it comes to engaging financially because some countries are now eyeing Bitcoin as something like a strategic reserve so maybe we can see banks will soon show it's interest on investing or maybe integrating Bitcoin into their financial capability to offer services for their clients.

You need to know that most of the strategic reserves of countries like the US, EU, Russia are bought and held by central banks, the government has no authority on this matter. So which country is looking to add bitcoin to its strategic reserves, that is the intention of the Congress and the central bank. So whether we see bitcoin reserves soon, or whether banks adopt and accept bitcoin deposits, depends entirely on the central bank's decision. Don't think the president, the treasury department or any agency has the power to do that.