Will banks One day accept Bitcoin deposit?

[Fiasem20]

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.

Gradually the world has started accepting bitcoin as a medium of exchange,even traditional banking systems are becoming friendly towards bitcoin transaction as most banks around the globe are considering to work hand in hand with bitcoin.But the primarily reason bitcoin came into existence is to eliminate a third party in a transaction,so as an enthusiast wouldn’t you consider prioritizing your own financial freedom?depositing your bitcoin to the bank is just like relying on a third party to have control over your bitcoin.

[GiftedMAN]

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.

Gradually the world has started accepting bitcoin as a medium of exchange,even traditional banking systems are becoming friendly towards bitcoin transaction as most banks around the globe are considering to work hand in hand with bitcoin.But the primarily reason bitcoin came into existence is to eliminate a third party in a transaction,so as an enthusiast wouldn’t you consider prioritizing your own financial freedom?depositing your bitcoin to the bank is just like relying on a third party to have control over your bitcoin.

That’s correct, the purpose of bitcoin is to give individuals direct control over their own financial information and transactions without any foreign interference or third parties. Which is why it’s important as a bitcoiner to prioritize self custody, because that’s the original purpose for the creation of Bitcoin.
But however, the involvement of banks in the system still wouldn’t completely eliminate the role that bitcoin plays in the life of its users. As long as there’s awareness then there shouldn’t be any issues, if a person decides to give up their full control by depositing their bitcoin in a bank, then it should be a conscious choice and not because of ignorance.

[Antona]

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.

Gradually the world has started accepting bitcoin as a medium of exchange,even traditional banking systems are becoming friendly towards bitcoin transaction as most banks around the globe are considering to work hand in hand with bitcoin.But the primarily reason bitcoin came into existence is to eliminate a third party in a transaction,so as an enthusiast wouldn’t you consider prioritizing your own financial freedom?depositing your bitcoin to the bank is just like relying on a third party to have control over your bitcoin.

That’s correct, the purpose of bitcoin is to give individuals direct control over their own financial information and transactions without any foreign interference or third parties. Which is why it’s important as a bitcoiner to prioritize self custody, because that’s the original purpose for the creation of Bitcoin.
But however, the involvement of banks in the system still wouldn’t completely eliminate the role that bitcoin plays in the life of its users. As long as there’s awareness then there shouldn’t be any issues, if a person decides to give up their full control by depositing their bitcoin in a bank, then it should be a conscious choice and not because of ignorance.

Well said the "conscious choice" part is critical the system wins when people give up control out of ignorance, not after weighing the pros and cons as long as the knowledge and ability to self custody exists the power is still with the individual

[Pauldesaints]

If banks accept Bitcoin or not is non of my business because Bitcoin is not primarily for bank deposit it's a decentralised exchange.

[Tinubu]

Of course....even most banks now currently do accept Bitcoin deposits..banks like:
...JPM
...Goldman Sachs..e.t.c (so it's already happening)

But the odd thing... Bitcoin itself was created so that people wouldn't need the banks (Bitcoin contradicts the commercial Banks).. because you are in Total control of your Bitcoin account....so asking "if the banks will one day accept Bitcoin" is kinda wrong🙄 because most banks are already accepting Bitcoin...but rather..the question should be "will Bitcoin owners want to work with the banks"..... because looking at the features of Bitcoin (it was actually designed to contradict the banks)

So probably the banks will offer to hold your Bitcoin (like a safe box)...and trust me,many people will use it.. because they can rely more on the banks..than themselves...but that's not how Bitcoin was originally created to work...

[Peanutswar]

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.

Seems its not quite far because some of the banks right now are supported the use of the cryptocurrency most of the banks as of now with my country are now offering the services of the crypto investment, but of course such as limited feature, considering the deposit, withdrawal and also having a wallet to their platform. So now its not new if the banks will now support the use of the bitcoin as a mode of payment with their services because its part of their features, just the thing is how they will a head from those real exchange because they are convenient in terms of transactional base compared with the exchanges.

[BlackHatCoiner]

One day? Probably, yes. Isn't centralized exchanges the same as banks anyways, more or less? Binance allows you to take loans, it allows to transact, it gives you a debit card for Point-of-Sale payments. And it obviously accepts depositing bitcoin and doing whatever the hell you want with it.

Traditional banks would rather use it as collateral, because it's the apex predator asset which checks everything from the "collateral list". It's only a matter of time until they realize it. Will they accept it to transact as currency? Doubt it, but over the long term, I don't see why not.

[Judith87403]

Such an outcome is possible, yet it may arrive with trade offs. Banks may one day approve and accept Bitcoin the moment regulation is clear and demand become strong, likely giving charge and services of payment instead of true deposits. International acceptance as a means of transaction can legitimize Bitcoin more, yet the main worth of Bitcoin stays independent of commercial banks. Even though banks may join in, the purpose of Bitcoin as without permission, self custodial funds do not have to be forgotten

[Abiky]

One day? Probably, yes. Isn't centralized exchanges the same as banks anyways, more or less? Binance allows you to take loans, it allows to transact, it gives you a debit card for Point-of-Sale payments. And it obviously accepts depositing bitcoin and doing whatever the hell you want with it.

Traditional banks would rather use it as collateral, because it's the apex predator asset which checks everything from the "collateral list". It's only a matter of time until they realize it. Will they accept it to transact as currency? Doubt it, but over the long term, I don't see why not.

No. Centralized exchanges are not financial institutions per-se. They're far less regulated than banks themselves. It's this reason why many investors prefer to convert their crypto directly to Fiat instead of a stablecoin or leaving them on an exchange. Imagine once banks start accepting BTC as collateral. It will be huge.

I think the US already gave the "green light" for banks to start providing BTC custody services to their customers under President Donald Trump's leadership. We will soon live in a world were banks will start adding BTC instead of Gold to their reserves. While banks and "Wall Street's" involvement in Bitcoin helps spur mainstream adoption worldwide, it's in no way beneficial towards its decentralized and egalitarian (as in distribution of the circulating supply) nature. These powerful entities might buy most (if not all) of the BTC, forcing everyone to comply with KYC just to "own a piece of the pie". But that's another subject. For now, banks' embracement of Bitcoin is minimal. I hope it stays that way for a very long time.

[fuguebtc]

While banks and "Wall Street's" involvement in Bitcoin helps spur mainstream adoption worldwide, it's in no way beneficial towards its decentralized and egalitarian (as in distribution of the circulating supply) nature. These powerful entities might buy most (if not all) of the BTC, forcing everyone to comply with KYC just to "own a piece of the pie". But that's another subject. For now, banks' embracement of Bitcoin is minimal. I hope it stays that way for a very long time.

Everything has a price, and that's the price we have to pay for Bitcoin to become popular and adopted globally. More importantly, even if we don't like it, there's no way to prevent banks and centralized institutions from interfering in the market. Bitcoin is an open market for everyone, and they are the ones in power, we cannot stop them. So, what we need to do is find ways to adapt to all changes instead of complaining, because complaining won't change anything.

[X-ray]

While banks and "Wall Street's" involvement in Bitcoin helps spur mainstream adoption worldwide, it's in no way beneficial towards its decentralized and egalitarian (as in distribution of the circulating supply) nature. These powerful entities might buy most (if not all) of the BTC, forcing everyone to comply with KYC just to "own a piece of the pie". But that's another subject. For now, banks' embracement of Bitcoin is minimal. I hope it stays that way for a very long time.

Everything has a price, and that's the price we have to pay for Bitcoin to become popular and adopted globally. More importantly, even if we don't like it, there's no way to prevent banks and centralized institutions from interfering in the market. Bitcoin is an open market for everyone, and they are the ones in power, we cannot stop them. So, what we need to do is find ways to adapt to all changes instead of complaining, because complaining won't change anything.

With bitcoin it all comes down to choice. Don't want KYC? just self custody, don't want exchange fee? just P2P transaction with other. It's that simple.

The most important thing here is that the blockchain itself is decentralized, no centralized entity can mess up with the ledger. Things like bitcoin bank and so on are completely optional that I don't even think it's any problem to the current decentralization.

[Mahiyammahi]

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 treat Bitcoin either as an asset or as a currency, and both approaches are possible. If we compare it with gold, banks can store gold in their vaults and allow customers to withdraw it whenever they want. A similar model could exist for Bitcoin as well.
If Bitcoin is treated as a currency, banks could support it as an alternative or independent currency. For example, banks might allow Bitcoin deposits as an alternative coin, and people could trade it among themselves through P2P transactions.

However, if you’re talking about Bitcoin being directly tradable with fiat currency, that mainly depends on the country and its regulations. Even with growing adoption, we are still far from that reality today. That said, I believe this is something that will eventually happen in the near future.

[zakservers]

Due to the nature of the crypto, I dont think so that current banking and financial system of the banks, will ever accept it as a deposit.

[Smartprofit]

In my opinion, commercial banks have no future. It's worth noting that bankers themselves are well aware of this. For example, in my country, the largest commercial bank, Sberbank, changed its name to Sber. It now positions itself not as a commercial bank, but as a technological innovation platform. 🙋

Central bank digital currencies (CBDCs) are currently being implemented around the world. CBDCs don't require commercial banks as intermediaries for their operation. After all, they are fiat currencies, completely under the control of the country's central bank. And if commercial banks have no future and no prospects, this means they won't be able to accept Bitcoin deposits (in the future).

Furthermore, I would like to point out that both central and commercial banks are ideological opponents of Bitcoin. Bitcoin was created by Satoshi Nakamoto as an alternative to the modern financial system.  Imagine you're an official in the Ministry of Finance and tasked with promoting central bank digital currencies in your country. Would you support Bitcoin over a CBDC? Of course not! Therefore, in my opinion, we shouldn't expect anything positive for Bitcoin from governments and institutional players. Bitcoin's development is our task and our mission. No matter how lofty that may sound. 💁

[Marvelockg]

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.

The only reason why any bank will refuse to accept bitcoin will be just because government policy in that country does not allow such to take place. bank as an institution does not have a single thing against bitcoin. they are looking for more customers and if through bitcoin they can get it, they will be in full support of bitcoin.

The big players in this case that should be a source of concern for us is the government and institution that stands as key decision makers in the world. though bitcoin is decentralized, it is only the government that can make policies that tend to affect bitcoin and so, it is better to be concerned of when these government will accept bitcoin rather than if bank will accept it or not. if the government ask banks to accept bitcoin, they will do so without hesitation.

[AbuBhakar]

Due to the nature of the crypto, I dont think so that current banking and financial system of the banks, will ever accept it as a deposit.

This is true. I also don't see it as possible because they know that crypto is their enemy. Once they accept crypto as a deposit, it seems like they have accepted that their era is over, and they need to upgrade to newer technology, which is impossible to happen. Maybe they can set up a direct exchange of crypto with them, but you should still deposit fiat.

The big players in this case that should be a source of concern for us is the government and institution that stands as key decision makers in the world. though bitcoin is decentralized, it is only the government that can make policies that tend to affect bitcoin and so, it is better to be concerned of when these government will accept bitcoin rather than if bank will accept it or not. if the government ask banks to accept bitcoin, they will do so without hesitation.

I think that's more difficult because the government knows that it can sometimes be used for money laundering. Before that happens, there are still many new laws that need to be submitted and approved to prevent exploitation, and when that happens, the government will have greatly controlled the crypto system in your country.

[Finebone]

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.

Taking your bitcoin to the bank to make a deposit will kill the whole idea and purpose of Bitcoin, which is self custody.
I know that it will get to a point where most authorities will make an announcement that anyone that has bitcoin can come and keep it with them(banks), just like in the case of gold, diamond and silver, but once you up large or agree and start doing their bidding, just know that they have taken that self custodian right from you that bitcoin offers, so even though it may be possible, it's going to be a very bad idea if any of us do such, by taking our Bitcoin to the bank.

[Hispo]

I mean... There are already banks who keep Bitcoin as their custody from people and also there are those so-called "neo-banks", which deal with both Bitcoin, Ethereum and FIAT, so it is pretty sure to say inevitably banks will get to accept Bitcoin as deposit eventually.
Obviously, it would require some clearer regulation and control over what banks do with those deposits, and seek for insurance for those Bitcoin being hold by the bank in behalf of their clients.

It is possible, very possible... Governments want to combat self-custody anyways.

[Alonso_]

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.

If I may ask why would you want to take your bitcoin to the bank or why would you want to have a bitcoin transaction in the bank, If Banks begins to accept bitcoin deposits you should be rest assured there will be a lot of charges involved, and mostly you will have delay in your transaction, I think Bitcoin was just made to be an online asset, It doesn’t matter how if banks accept bitcoin deposits, be rest assured that bitcoin will always be Independent to itself. Bitcoin will always remain an online asset.

[henry_of_skalitz]

I mean... There are already banks who keep Bitcoin as their custody from people and also there are those so-called "neo-banks", which deal with both Bitcoin, Ethereum and FIAT, so it is pretty sure to say inevitably banks will get to accept Bitcoin as deposit eventually.
Obviously, it would require some clearer regulation and control over what banks do with those deposits, and seek for insurance for those Bitcoin being hold by the bank in behalf of their clients.

It is possible, very possible... Governments want to combat self-custody anyways.

They would rather give the people the ability to expose themselves to BTC / any other coin no matter which one, but it would still be their custody, their coins, and their ability to snap them out from you anytime they desire.

Unfortunate, but true.