Will banks One day accept Bitcoin deposit?

[shield132]

Profit smokes people's heads off, just like with anything related to it.

Banks are just there for the opportunity too, and it's our choice to give them such with our BTC.

People will give their bitcoins to banks, that's inevitable because banks have all the power and resources for that. The majority of Bitcoin holders are here for the money and the majority of them don't know how to use self-custody wallets. Statistics show that exchanges hold the most Bitcoins and soon companies like BlackRock will take them over. I don't know how ETFs work in the USA and abroad but in my country, ETFs are available via banks, so if you want to buy ETF, you have to create a bank account and from that bank account via web app or mobile app, you'll be able to buy ETFs within seconds. Our opportunity was before 2021, now it's banks' opportunity.

[fikrett]

Profit smokes people's heads off, just like with anything related to it.

Banks are just there for the opportunity too, and it's our choice to give them such with our BTC.

People will give their bitcoins to banks, that's inevitable because banks have all the power and resources for that. The majority of Bitcoin holders are here for the money and the majority of them don't know how to use self-custody wallets. Statistics show that exchanges hold the most Bitcoins and soon companies like BlackRock will take them over. I don't know how ETFs work in the USA and abroad but in my country, ETFs are available via banks, so if you want to buy ETF, you have to create a bank account and from that bank account via web app or mobile app, you'll be able to buy ETFs within seconds. Our opportunity was before 2021, now it's banks' opportunity.

Agreed...I am glad I went into the space earlier to understand what lies behind such "integrations" from the banks and such institutions.

[Hypnotizer]

My point of wonder would be, the individuals that would see having their Bitcoins with banks for a good or better safe keep.

It really worth wondering because why on earth will someone prefer keeping his Bitcoins with bank rather than keeping it himself….based on me I think your coins are much more safer with you i mean what was the purpose of Wallet creation if not for you to secure and hold your coins yourself and even the banks will store all the bitcoins in a wallet, which is also what you as an individual would do but maybe they might bring an initiative for insurance of your coins…lol

Well,  I wait to see what the future will look like….a time where bitcoin is used for international trade, many people wanting to have bitcoin but find it difficult to because of scarcity……hope to see that someday before I'm gone

[melinoe]

My point of wonder would be, the individuals that would see having their Bitcoins with banks for a good or better safe keep.

It really worth wondering because why on earth will someone prefer keeping his Bitcoins with bank rather than keeping it himself….based on me I think your coins are much more safer with you i mean what was the purpose of Wallet creation if not for you to secure and hold your coins yourself and even the banks will store all the bitcoins in a wallet, which is also what you as an individual would do but maybe they might bring an initiative for insurance of your coins…lol

Well,  I wait to see what the future will look like….a time where bitcoin is used for international trade, many people wanting to have bitcoin but find it difficult to because of scarcity……hope to see that someday before I'm gone

People who won't read between the lines would probably be exposed to BTC through said banks: unfortunately, they have all the influence to make it happen.

But those who will take their time to understand why their custody matters would never choose such an option.

[Pablo-wood]

Profit smokes people's heads off, just like with anything related to it.

Banks are just there for the opportunity too, and it's our choice to give them such with our BTC.

People will give their bitcoins to banks, that's inevitable because banks have all the power and resources for that. The majority of Bitcoin holders are here for the money and the majority of them don't know how to use self-custody wallets.

Banks might have the resource but they lack the power. With DEXs and CEXs already available, most users don’t need banks. They will mainly attract those who are not familiar with self-custody.

People who won't read between the lines would probably be exposed to BTC through said banks: unfortunately, they have all the influence to make it happen.

But those who will take their time to understand why their custody matters would never choose such an option.

Those set of people should be living in the stone age in the 21st century. I see no reason people in this present era where information flies faster than light will choose to stay in the dark when Bitcoin related topics are discussed almost everywhere on social medias. I don't think there is a justifiable excuse for trusting banks with the rate of sensitization going on about self-custody. The least anyone who feels ignorant about the trend can do is ask questions.

[Wake Up]

Bitcoin, as a concept, is a creation that opposes banking. Remember Satoshi's hidden message. I, too, am against banks being so involved in the system. Today, we see banks heavily involved in money transfers and cryptocurrencies. I am against banks ever directly conducting cryptocurrency transactions. That would be completely contrary to Bitcoin's core idea.

As much as we want Bitcoin to be "free" from middleman, there's nothing we can do to stop centralized entities from getting involved in it. After all, it's a free market. Centralized exchanges started to dominate the market from the very beginning, and now banks and "Wall Street" are getting in the game.

What's important is that most of Bitcoin's circulating supply ends in the hands of the people. As long as this is the case, we should have nothing to worry about. Fortunately, entities hold less than 1% (sort of) of the circulating supply. I hope that number stays low forever. Otherwise, it would be the end of an era. All good things must come to an end, right?

Of course, all good things come to an end. We might offer similar criticisms of Bitcoin, but right now, along with Satoshi's lost Bitcoins, many Bitcoins in the Bitcoin world will no longer be in circulation. Of course, we know that buying Bitcoin requires money, and buying money requires banks. Banks are now a part of life, and we can't reject them. Although we oppose the banking system, we are intertwined with it. I wish this weren't the case and that we could achieve our theoretical goals in practice. However, many investors sell their Bitcoins when they make a profit, and institutions buy these sold Bitcoins.

[melinoe]

Profit smokes people's heads off, just like with anything related to it.

Banks are just there for the opportunity too, and it's our choice to give them such with our BTC.

People will give their bitcoins to banks, that's inevitable because banks have all the power and resources for that. The majority of Bitcoin holders are here for the money and the majority of them don't know how to use self-custody wallets.

Banks might have the resource but they lack the power. With DEXs and CEXs already available, most users don’t need banks. They will mainly attract those who are not familiar with self-custody.

And I hope more people will come to the same conclusions (before it's late).

 

[Assiduous]

Actually I think banks will not accept Bitcoin deposits directly. There are many reasons for this, the biggest reasons are that I personally think the main purpose of Bitcoin is freedom. And people always like to keep Bitcoin in their own wallet. And depositing Bitcoin is not its real purpose. Bitcoin is made to be kept by oneself. And to do peer to peer transactions. But it is true that if a government legalizes Bitcoin, then maybe Bitcoin can be deposited. However, the safest way to use Bitcoin is to keep your own keys with yourself.

[shield132]

Banks might have the resource but they lack the power. With DEXs and CEXs already available, most users don’t need banks. They will mainly attract those who are not familiar with self-custody.

In what way do they lack the power? Why do you think that despite the fact that DEXs and CEXs exist, people don't need to use banks? People don't really know what they need. I don't know how banks work in other countries but in my country they are on another level. Two of our local banks have one of the best UI/UX designs in the world. Can you imagine? We are in competition against the US, UK, Germany and other banks and our banks are more advanced in digital technologies than them. Btw, this is probably the reason why almost every second person in my country has an active loan.
I believe that if banks adopt Bitcoin, they'll succeed. When you have all the money and human resources to build a better product than those DEXs and CEXs did, you'll succeed.

[Mame89]

Actually I think banks will not accept Bitcoin deposits directly. There are many reasons for this, the biggest reasons are that I personally think the main purpose of Bitcoin is freedom. And people always like to keep Bitcoin in their own wallet. And depositing Bitcoin is not its real purpose. Bitcoin is made to be kept by oneself. And to do peer to peer transactions. But it is true that if a government legalizes Bitcoin, then maybe Bitcoin can be deposited. However, the safest way to use Bitcoin is to keep your own keys with yourself.

I think so too. It's unlikely that banks will accept Bitcoin deposits because the two are so different. Bitcoin represents freedom, while banks are controlled, making them difficult to reconcile.

Because banks can be controlled, that's why Bitcoin was created. Furthermore their functions are also different banks are state money, while Bitcoin is a digital asset that lives on the blockchain. If we hold Bitcoin, we can't deposit it in a bank because banks don't have access to the blockchain. The difference between the two is stark banks are places where money is stored and transferred bound by state regulations. Crypto wallets on the other hand allow us to access the blockchain, store, and transfer crypto assets without being controlled.

[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://pocketoption.com/blog/en/knowledge-base/markets/wells-fargo-bitcoin/

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

  

[Achalugo BTC]

Well in my own perspective, we can't really tell but with the look of things, i think things will no longer be the same, laws may change and the government might see reasons why they should permit everyone to use or make use of crypto in whatever thing they are doing because everything will not always be the same, as the days goes by, so will things change and either become more better or worse but we pray for things to get more better for the benefits of the society.

[Antona]

Possibly but it defeats the purpose why deposit your Bitcoin in a bank? For "safety" Not your keys, not your coins they'd likely just act as a custodian, not a true depository institution for spending the day banks fully embrace it is the day Bitcoin has been fully financialized and stripped of its disintermediation power

[Plutomanian]

As much as we want Bitcoin to be "free" from middleman, there's nothing we can do to stop centralized entities from getting involved in it. After all, it's a free market. Centralized exchanges started to dominate the market from the very beginning, and now banks and "Wall Street" are getting in the game.

What's important is that most of Bitcoin's circulating supply ends in the hands of the people. As long as this is the case, we should have nothing to worry about. Fortunately, entities hold less than 1% (sort of) of the circulating supply. I hope that number stays low forever. Otherwise, it would be the end of an era. All good things must come to an end, right?

The best shares goes to those who are wise enough to grab opportunities. Banks will start accepting bitcoin as legal tender? It will be good news but I think this process will outrun fiat currency. Let's hope for good days, that because banks doesn't keep open till midnight. Accepting crypto is definitely something to hold on to. I mean the whole world have a direction they're going to.

[X-ray]

Possibly but it defeats the purpose why deposit your Bitcoin in a bank? For "safety" Not your keys, not your coins they'd likely just act as a custodian, not a true depository institution for spending the day banks fully embrace it is the day Bitcoin has been fully financialized and stripped of its disintermediation power

It could be for institutional purpose such as diversification of the managed funds. The same way current regulation requires firms and fund management company to use competent third party custodial service for crypto diversification.

Honestly, even if there is no crypto deposit through bank ever happened there is ETF, it's basically the same thing. Although yes it defeats the very purpose of self custody and be your own bank, some people don't seem to be interested into learning to self custody and only want price exposure.

[ruykeri]

The banking system is built mainly on fiat currency. And Bitcoin basically runs in the opposite direction of the banking system and fiat currency. Whether a bank will accept Bitcoin in the future will depend on the bank authorities and the country in which this bank is located. However, this time is still too late. Not all people still take Bitcoin positively. Maybe when the next generation gets the right idea about Bitcoin and Bitcoin becomes more acceptable, then the opportunity to accept Bitcoin-based transactions will be created in the banking system. but im not sure about that will really happen.

[Antona]

Possibly but it defeats the purpose why deposit your Bitcoin in a bank? For "safety" Not your keys, not your coins they'd likely just act as a custodian, not a true depository institution for spending the day banks fully embrace it is the day Bitcoin has been fully financialized and stripped of its disintermediation power

It could be for institutional purpose such as diversification of the managed funds. The same way current regulation requires firms and fund management company to use competent third party custodial service for crypto diversification.

Honestly, even if there is no crypto deposit through bank ever happened there is ETF, it's basically the same thing. Although yes it defeats the very purpose of self custody and be your own bank, some people don't seem to be interested into learning to self custody and only want price exposure.

It's true a lot of people just want the exposure without the homework. Can't blame them but it does feel like missing the point the ETF is basically a bet on the price, not an adoption of the technology or its ideals both will exist side by side.

[Lorence.xD]

They will have to eventually, technology is supposed to advance and bitcoin is one of those technological advances that isn't something that can easily be replicated in terms of success so I'd say they will accept bitcoin, I think there are some banks that are open to this idea given that they have the concept of online banking to a T already. We just have to patiently wait and hoard as much bitcoin as we can so we don't miss out and regret when bitcoin breaks it's all-time high again.

[vanesha]

I truly don’t believe that will happen. We already know how crypto has become a major rival to fiat currencies issued by banks all over the world. If banks were to accept crypto as a deposit medium, it would be like undermining the banks themselves, and the risk would also be too great if we dared to invest heavily in crypto. Take good care of your assets, because they may be needed in the future.

[Ojima-ojo]

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 have no doubt this will happen some day, banks will one day open their doors wide to customers willing to deposit their bitcoins in the bank, though I will never encourage people to deposit their bitcoin into any centralized system but we all know the world we live in, some people will always want to remain with a centralized system they grew up to meet rather than choose to embrace freedom.
Bitcoin will one day become the world's most powerful currency/asset, and I can't help but try to imagine what it's price will be by then and whether we still be alive to witness this