Is It Right That Banks Now Accept Bitcoin?

[MusaPk]

Banks accepting bitcoin is not something we should be excited about. These banks and even the government are trying hard to bend everyone towards centralization so they'll still be in charge as usual.

I do not welcome the idea of banks accepting bitcoin, bank's involvement contradicts one of the aims of bitcoin which is for bitcoiners to be their own bank. If banks are allowed now, with time, they will introduce strict rules. The banks cannot be lenient with their rules.

Banks do have there own interest and they won't easily surrender in front of decentralization. Banks accepting Bitcoin is nothing to be excited of because they will do necessary formalities with Bitcoin before accepting it and these formalities just destroy the original concept of Satoshi Nakamoto i.e. decentralization. Bitcoin is getting popularity and Banks are jumping in to be part of this global revolution just to make sure they won't miss their share. Bitcoin has survived and thrived without support of banks, and will grow further high with help of people supporting it.     

[BlackBoss_]

Banks do have there own interest and they won't easily surrender in front of decentralization. Banks accepting Bitcoin is nothing to be excited of because they will do necessary formalities with Bitcoin before accepting it and these formalities just destroy the original concept of Satoshi Nakamoto i.e. decentralization. Bitcoin is getting popularity and Banks are jumping in to be part of this global revolution just to make sure they won't miss their share. Bitcoin has survived and thrived without support of banks, and will grow further high with help of people supporting it.     

Banks are backed by governments and they don't surrender against Bitcoin, they will never do that. Governments allow banks to accept Bitcoin for getting benefit from people who want to use bank accounts with trades related to Bitcoin and cryptocurrencies. This is their adaptation to maintain their appearance in citizen practice and also get benefit as most as they can.

In another way, they try to create more laws, regulations as barriers against Bitcoin, in order to force Bitcoin users to use banks if they want to trade bitcoins for example. It's helpful for governments to do strict taxation on their citizens but believe me, governments and banks will not kill Bitcoin.

[retreat]

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

Bitcoin is not really accepted by banks, they are just making a profit from it, because basically they can no longer stop the development of Bitcoin, so instead of not getting anything, they choose to take advantage of it. And because of that, several banks have started to be interested in providing services related to Bitcoin, not that they support what Bitcoin offers, but they want to make a profit - because they are just a business and aim to be able to capitalize on any emerging market trend that brings in revenue.

[purple_sparkles]

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

Bitcoin is not really accepted by banks, they are just making a profit from it, because basically they can no longer stop the development of Bitcoin, so instead of not getting anything, they choose to take advantage of it. And because of that, several banks have started to be interested in providing services related to Bitcoin, not that they support what Bitcoin offers, but they want to make a profit - because they are just a business and aim to be able to capitalize on any emerging market trend that brings in revenue.

Banks, in essence, can’t really do anything about bitcoin right now.If banks can’t beat bitcoin best that they can do join them, and play by the new rules. Otherwise, at some point, they might simply become irrelevant and lose profit and clients.

[Sticky Bomb]

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

Bitcoin adoption is open to everybody and every institution that deems it fit to adopt it. Banks don't want to be left behind, they're business entities and are doing their best to advance with the trend, keeping custody of bitcoin is still a way to validate their relevance even in digital finance although those who trust them are very ignorant of the very reason bitcoin was created which is self-custody and elimination of middlemen in which banks happens to be one.

Bitcoin isn't designed to challenge them but to remove them totally in it's financial propagation. They have found a way trying to reclaim relevance by offering to be bitcoin custodians which is a smart move but a true bitcoiner who values privacy and freedom wouldn't include the services of middlemen in handling his Bitcoin portfolio.

[Zigabel]

It feels strange seeing banks suddenly open their doors to Bitcoin when the original message was “banking without banks.” Bitcoin was created to remove middlemen, to let people control their money directly without relying on traditional institutions. yet now, the same system that Bitcoin tried to replace is starting to embrace it.

Some say it’s a good sign, its mass adoption means more legitimacy and convenience, but others see it as a step backward, a slow takeover of something that was meant to be free from centralized control.

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

Firstly Bitcoin was not intended to completely replace banks, rather it was to be a better or perfect Alternative, and as a matter of fact, you will need the banks to an extent to get in to the Bitcoin space mostly if you are looking to put in some money and not getting your Bitcoin as a reward or payment or even a gift, if you want to buy Bitcoin from exchanges, they will require the services of the traditional Bank to get your fiat payments for which you will be then credited with Fiat, they are at this point both complementary.

It perfectly replaces the Banks when it has to do with savings and also investing. At some point you will need the bank to complete you Bitcoin transactions except in situations where it has to be an express payment and even to acquire Bitcoin, you will be needing the services of the Bank, all of which still brings them into the picture, so they are and weren't intended to be eliminated just yet but to be perfectly complemented.

[passwordnow]

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

They are in it for both, to adopt, to profit and that's part of the progress. It can't be removed that the bank's interest will be their priority and that's to make money. They don't want to be left behind with the innovation that's happening globally through Bitcoin. We should be open to that idea if they're also doing it for their mere business because they can't let it slide that technology eats up the sources of their income and people are also adopting it. There is no way for them to stop the adoption growth of Bitcoin, and it's either they lose against it or join.

[TheUltraElite]

Banks have been using blockchain technology for their services in the past - so now they understand the potential of bitcoin and are willing to be a part of it. There is nothing bad about it. You dont need the bank directly to buy or sell bitcoin, so how they will profit is their age old service - loans. They will probably set up systems to take crypto loans that you need to pay back or some credit system to borrow bitcoin.

Beyond that as some others have suggested, ETF buying/selling might be done but exchanges are better posed for this.

Either way, if it improves acceptance and use, I see no problem.

[Ojima-ojo]

You should do well to include a Link that can at least lead us to recent Banks development towards Bitcoin and crypto adoption, but to be Frank with you, we can really trust the centralized banking system as most of them have drive means to suck alot from their customers balance.

Must of the Bank have found Bitcoin as a reserve assets and for that reason will definitely welcome Bitcoin because of the profits their stand to gain from Bitcoin holdings and it usage within the banking system.

[Fivestar4everMVP]

It feels strange seeing banks suddenly open their doors to Bitcoin when the original message was “banking without banks.” Bitcoin was created to remove middlemen, to let people control their money directly without relying on traditional institutions. yet now, the same system that Bitcoin tried to replace is starting to embrace it.

Some say it’s a good sign, its mass adoption means more legitimacy and convenience, but others see it as a step backward, a slow takeover of something that was meant to be free from centralized control.

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

It is people ignorance to knowledge and basic facts, bitcoin offer every one two choices when it comes to it's usage, and those two choices are..
1. Decentralised usage
2. Centralised usage.

Choosing decentralised usage simply means that even if banks or the government fully adopts bitcoin and opens its doors to people and offer to help them hold and manage their bitcoin just same way they do with Fiat, you as a bitcoin owner will reject such offer and choose to hold and manage your bitcoins yourself by simply storing them on your self custody wallet..

While the second choice which is the centralise usage is the direct opposite of the first, those who perhaps still lack basic knowledge of what bitcoin is and all about will always take their bitcoin to third party for management and it's their choice any way.

[Kagaru]

Banks accepting bitcoin is not something we should be excited about. These banks and even the government are trying hard to bend everyone towards centralization so they'll still be in charge as usual.

I do not welcome the idea of banks accepting bitcoin, bank's involvement contradicts one of the aims of bitcoin which is for bitcoiners to be their own bank. If banks are allowed now, with time, they will introduce strict rules. The banks cannot be lenient with their rules.

Banks do have there own interest and they won't easily surrender in front of decentralization. Banks accepting Bitcoin is nothing to be excited of because they will do necessary formalities with Bitcoin before accepting it and these formalities just destroy the original concept of Satoshi Nakamoto i.e. decentralization. Bitcoin is getting popularity and Banks are jumping in to be part of this global revolution just to make sure they won't miss their share. Bitcoin has survived and thrived without support of banks, and will grow further high with help of people supporting it.     

The entry of banks is actually completely contrary to the ideals of Bitcoin. When Satoshi Nakamoto created Bitcoin his goal was to create a financial system where people would have full control over their money, without having to rely on any central authority or third party. If banks come here, they will definitely impose their old structures and rules which will destroy the original idea. Also some countries are now offering Bitcoin custody services where users don't actually hold their private keys the banks hold them. This is again like the old banking system. It loses the benefits of decentralization.

But it is also true that the interest of banks means that this market is no longer undervalued. They understand where the money is going, So I would say be cautious but do not be completely negative either.

[Satofan44]

I haven't heard of banks holding Bitcoin. Maybe that's the case in your country? If so, it's not as bad as it might seem.

A private bank would not need to declare publicly whether it is holding Bitcoin or not.

This a good deal for the centralized banks, but a bad deal for us who want to maximize privacy and freedom.

Wrong. This does not affect people who want to use Bitcoin in a free and private preserving way.

Some years ago, we prayed that the government, the banks and other institutions should adopt bitcoin, and today they are here and we are threatened. Let's just follow bitcoin and enjoy the liberty bitcoin brought to us

Nobody who understands Bitcoin or the asset maturity cycle is threatened. Those that feel threatened are usually those that compensate with emotions for their lack of knowledge about matters. The same is true of pretty much any threat vector. You can see it with the theoretical 51% attack, with quantum computers and pretty much anything. Those that have knowledge and the capability will analyze the situation in detail and provide a balanced view.

Anyway,  the bank has nothing else to go after Bitcoin but to take advantage of its profitability.

Neither is this generalization true. You are making a grand assumption that no bank owner and no board members anywhere in the world are able to become red pilled Bitcoin maxis and adopt Bitcoin according to available laws. Furthermore, you are assuming that now successful company in crypto is going to open their own banks. Neither of which is true.

[Cekikafa]

 
 Why bankers, politicians suddenly pro bitcoin?
 Banks love control and profit. If they are pro Bitcoin, that means they can control the Bitcoin price like stocks and paper gold. Forex stuff.

[uchegod-21]

In another way, they try to create more laws, regulations as barriers against Bitcoin, in order to force Bitcoin users to use banks if they want to trade bitcoins for example. It's helpful for governments to do strict taxation on their citizens but believe me, governments and banks will not kill Bitcoin.

This is my own major concern with banks getting involved. Many people who invest in bitcoin are either too lazy to do anything relating to bitcoin on their own or don't have sufficient knowledge to be their own bank. They will definitely feel safe with the banks who will use that opportunity to create some unnecessary barriers for them. The banks are known for imposing unnecessary barriers.  Even those who keep fiat with them are not safe, how much more bitcoin which they say is a tool used by criminals? I will rather trade p2p than be comfortable having bitcoin dealings with the banks.

[goldkingcoiner]

It feels strange seeing banks suddenly open their doors to Bitcoin when the original message was “banking without banks.” Bitcoin was created to remove middlemen, to let people control their money directly without relying on traditional institutions. yet now, the same system that Bitcoin tried to replace is starting to embrace it.

Some say it’s a good sign, its mass adoption means more legitimacy and convenience, but others see it as a step backward, a slow takeover of something that was meant to be free from centralized control.

So is this progress, or just another way for banks to profit from what was supposed to challenge them?

I am sure that banks are trying their hardest not to become Blockbusters.

If you do not know what I am referencing it is that Blockbusters used to rent videos/movies in physical CD and VCR form. They became irrelevant during the birth of streaming services and instead of adapting their business model, they continued the old model. That led to the complete closing down of what used to be a very big business.

There are other examples as well but this one is the most relevant.

TL;DR : Banks think if they join crypto they will be survive in the future.

[Satofan44]

TL;DR : Banks think if they join crypto they will be survive in the future.

They stand a fair chance though. If you think about it, the average Bitcoiner is currently very limited in the availability of financial services. If you want to use Bitcoin as collateral to get a loan there are 2 options:

• DeFi on other blockchains, with many downsides:
  
  • You have to exchange real Bitcoin for wrapped Bitcoin.
  • You have to use a DeFi platform -- and every now and then one gets hacked.
  • It is harder to document this and use the funds legally depending on circumstances and you still need another platform to get the stablecoin converted to fiat.
  • Variable interest rate.
• New financial companies, with many downsides:
  
  • Often go bankrupt or fail.
  • Low loan to value.
  • High interest rate.

The banks that start offering these services to the regular people at good conditions are the ones that will survive and possibly even thrive in the future. Revolut gained a lot of prominence primarily from their support of cryptocurrency related transactions, and later by providing customers the option to purchase many of them directly within the app. It is a case study that proves that this strategy can and has worked.

[DiMarxist]

Banks getting into Bitcoin could easily bring back the same restrictions and control that the crypto space was intended to avoid. People might trust banks out of convenience, but more often than not, that trust has its unspoken costs and limits. And once banks take over, they may stipulate strict regulations, fees, and monitoring whereby Bitcoin will no longer have the freedom that it is decentralized for. Personal feelings aside, I would prefer peer-to-peer trading where I am in full control of my assets without relying on banks or middlemen.

Well said, banks entering the Bitcoin space could indeed undermine the essence of decentralization. Once traditional institutions take control, they tend to bring the same rules and oversight that Bitcoin was designed to bypass. Peer to peer actually trading maintains the original spirit of crypto trading, like freedom, and privacy. And it might not be as convenient as using banks, but the independence it actually offers is worth preserving.

[Miles2006]

Bank embracing bitcoin doesn’t stop the actual purpose why bitcoin was created neither does privacy, bitcoin privacy is certain although banks embracing bitcoin now depends on the region. Bank digital currency is different from bitcoin and in a country where bitcoin is not yet a legal tender or the use is not permitted except when regulated bitcoin can’t be accepted by banks. Banks accepting bitcoin seems off because government don’t want freedom although the government can’t limit bitcoin growth likewise challenge bitcoin growth.

[Richbased]

If banks begins to accept bitcoins i don't see it as being problematic against the decentralization of bitcoin. Perhaps, bitcoin wasn't created to eliminate the fiat currency so banks also have the privilege to accept bitcoin as an alternative to the fiats that they are known to store and keep but come to think of it, bitcoin is not in cash such that one can go to the bank to deposit it so who are those that will prefer to entrust the safety of their bitcoin in the custody of a bank. Those are the people that are going against the decentralized nature of bitcoin and not even the bank.

[Cekikafa]

Banks only love and accept PAPER GOLD.  They like to control and manipulate price and profit against average people.

Bitcoin aligning with banks is against the P2P.