Bitcoin: Banks called it fraud, now they want a piece of the pie

[suzanne5223]

The provided link on OP does not state that banks want to adopt Bitcoin; instead, it says Blockstream wants to create a consulting platform in Lugano, Switzerland, where they plan to set up a hub that will serve as central infrastructure, with services spanning technical strategy, system architecture, etc.

Yes, the provided link by the OP does not state that banks adopt Bitcoin, but you seem to have missed the point the OP was trying to prove, which is the result of Blockstream consulting for banking institutions, which literally will be adoption, and we already have Banks that have adopted BTC. But if we say banks adoption, it doesn't mean all Banks will adopt BTC.

If not for the strict policies around the native financial/banking systems, it will help increase the wide adoption of the Bitcoin use, while respecting the decentralized nature of Bitcoin. Well for the long run, we may end up on same direction, yet, where those who prefer to be in-charge of their holdings can still do their thing, while banks will hold for those who are scared of the risk of losing their possession.

It is actually the centralized nature and the KYC system o the financial/banking system.

[Bitcoin-Forever]

Has it not happened to us at some point in time that we discovered what we kicked against in the past has now turned out to be what we advise others to do, when we already have a changing approach to what we thought about it?

This is what we have been saying with bitcoin over the time as well, some institutions and government that have already found out considering bitcoin as an investment or asset now support it, this shows that the more the Time goes by the discover various opportunities with bitcoin that they never knew before now.

It's just a matter of time; people's mindset towards bitcoin will definitely change, and this may only take some extra effort to see that many have the right information on what bitcoin is all about.

[Webutxo]

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

I don't know why I see anything bad in this, this can be adopting. The banks want to get involved in anything that will fetch them profits. If not that institutional investors has gone big in Bitcoin accumulation, this kind of news would have give Bitcoin some headline news on Monday morning that can even make it pump.Trump hated Bitcoin one time with his full chest but today, he is one of the advocate of Bitcoin, even if it came with self interest, he gave it attention and exposure.

People used to dislike Centralized exchanges those time, they always say don't used centralized exchanges and then it became don't use centralized custody. Everyone now use the exchanges for trades and do kyc, some used them for custody. When Bitget was hacked recently, many people made had their investments on the exchange and where hoping they open withdrawals. People are going to do what they want even if that possess some dangers.

[Chibit01]

When they don't understand something, they will call it a fraud, or scam, which is somehow understandable, but when they already know how it's supposed to be working, painting it red is just an act of fear. They fear bitcoin will open the eyes of their customers from the custody lies they have been selling for years

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

They can't control it, they also can't kill it, so they need to create a room they can directly make a profit from it. They have moved from adopting it, to buying and holding. Now they are offering fiat loans with bitcoin serving as collateral.

[OcTradism]

People used to dislike Centralized exchanges those time, they always say don't used centralized exchanges and then it became don't use centralized custody. Everyone now use the exchanges for trades and do kyc, some used them for custody. When Bitget was hacked recently, many people made had their investments on the exchange and where hoping they open withdrawals. People are going to do what they want even if that possess some dangers.

It's only their sayings while their practice can be very different and most people still use centralized exchanges for trading. Firstly most people love trading, even they know that trading is very risky and not profitable. By sticking with active trading, people have to do another more risky thing, store their fund on centralized exchanges a long time.

It's both trading: buying and selling are parts of trading, but investors only fund their accounts on centralized exchanges, finish their trades, and withdraw funds back to non custodial wallets almost immediately.

With traders, who actively trading day by day, they will not fund and withdraw fund in short time but would like to leave their fund on centralized exchanges and accounts there a long time. This practice escalates risk a lot and there is Reminder: do not keep your money in online accounts.

[Tonimez]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

Gradually, everyone will adopt bitcoin. Since governments are beginning to make good adoption of bitcoin, there will always be several adoptions every day. What I can make out of this is the need to intensify your accumulation process, buy as much bitcoin as possible and store safely in a wallet. As long as you don't partner with banks in your bitcoin accumulation, whatever policy they bring will not affect bitcoin. It's not just banks, exchanges also prevent users from having a complete freedom and also controls your funds for you.

Banks are profit oriented so I think their Forex unit could also enlighten the banking management of the importance of having a bitcoin reserve for their best interests.

[Awaklara]

As long as you don't partner with banks in your bitcoin accumulation, whatever policy they bring will not affect bitcoin. It's not just banks, exchanges also prevent users from having a complete freedom and also controls your funds for you.

Banks and the government might be able to know the amount of Bitcoin in your wallet. You cannot avoid the involvement of banks when you buy Bitcoin with your fiat that you transfer to a centralized exchange. Transactions will always be recorded, and if the government wants to make certain policies, it could potentially affect all of us. Even though in terms of usage, we still have full control over the Bitcoin we hold in our wallets.

[Dickiy]

Well the current situation indicates good situation, this also means that more adoption will come on Bitcoin.

Speaking of the growing adoption of bitcoin, there are still many who do not quite accept it. Now institutional adoption is almost in control of the rest of bitcoin in circulation, while retail holders have to struggle with various bearish market speculations that easily enter the game, as a result of which retailers relinquish ownership and institutions buy more.

[Jubilee58]

Bitcoin suffered criticism in the past, from many sectors including banks, but that was majorly in Bitcoin early days when they were full of doubt about the sustainability of Bitcoin in the digital market making them have reduced interest in the purchase, and holding of Bitcoin. Today there doubt has been cleared, and banks have seen the need to inculcate Bitcoin as a major asset in their reserve. However, Bitcoin remains decentralized, and I don't think banks owning Bitcoin can change the purpose of decentralization because they are only doing it to boost their financial goals, and not control it or make decisions on how Bitcoin transactions should be done.

[#CapsLOck]

I believe the two are different, and I believe we should differentiate between the two.I believe that it can be differentiated between banks offering Bitcoin-related services and banks that actually adopt Bitcoin. Bitcoin use is different from providing infrastructure for institutions interested in Bitcoin. Business opportunities may arise at banks, but that's not indicative of widespread adoption. The more important question is if more people will be turning to custodians rather than using their own private keys. While the majority of newcomers get into Bitcoin via banks, they may be exposed to the price without having the financial freedom that Bitcoin provides. They could also make Bitcoin easier for those who do not own wallets to use, however. At the end of the day, losing control of our own money is what is truly alarming, and adoption doesn't have to be bad for Bitcoin.

[Princeemmanuel070]

Banks called BTC fraud because they know it might replace them eventually and everyone will try to protect his interest even if it means talking down on a new tech, also most of them dont understand it then.

[oll]

Now this is getting interesting. with this development it looks like banks are adopting bitcoin.

Bitcoin was created to make transactions without relying on banks, at early stages banks even called bitcoin a fraud, and we always advocate that we don't need banks to do transactions as we have blockchain to make them transparent, but with this news looks like banks cannot hold their horses but want to adopt bitcoin as probably they see some potential for huge profit why can't they just leave bitcoin alone.?

Although adoption is good but banks and institutions adopting bitcoin is like making bitcoin follow their strict policies as well, the system is fine but its policies are making bitcoin users not enjoy the freedom.

Because banks and institutional systems are arrogant jerks who have long been accustomed to thinking little and only counting money, taking the place of intermediaries who risk nothing and only receive dividends and commissions. And when they first heard about Bitcoin, they didn't even bother to delve into its essence; to them, it was just a strange currency on the internet.
And I think they were extremely shocked to see the inevitability of Bitcoin's distributed structure and its limited supply. Perhaps the bankers didn't sleep well at night.
But now they've learned how to become intermediaries in this matter, and of course, they're not at all opposed to crypto and Bitcoin.