Banks Are Getting Into Bitcoin: Bad or Good?

[nakmantu99]

That's great but bank only need the technology not the coin, for this one I think many country will agree. Until now ( maybe forever ), fiat still become the main product and I never know bank release their own coin. I believe bitcoin will stay in their road and never disturb any fiat, both need each other with special way. Bank is bridge and bitcoin are vehicle both have different function and should work together not against each other.

Yes ,I agree I think bank only need the block chain technology for their development projects, If the allow.
Because I see many banks seem not allow and adopt crypto technology.

[Freemind]

Yes ,I agree I think bank only need the block chain technology for their development projects, If the allow.
Because I see many banks seem not allow and adopt crypto technology.

It is normal that banks want to use blockchain technology, they want a piece of the cake, that is why they will never directly support cryptocurrencies, their most direct rivals. Banks will adapt blockchain to their businesses (with private chains of course) and will try to "tell" the world that they are pioneers. Fortunately, not everyone will believe them. Blockchain is precisely the technology that shows that banks, with their business models, are obsolete.

[Alcor]

Yes ,I agree I think bank only need the block chain technology for their development projects, If the allow.
Because I see many banks seem not allow and adopt crypto technology.

It is normal that banks want to use blockchain technology, they want a piece of the cake, that is why they will never directly support cryptocurrencies, their most direct rivals. Banks will adapt blockchain to their businesses (with private chains of course) and will try to "tell" the world that they are pioneers. Fortunately, not everyone will believe them. Blockchain is precisely the technology that shows that banks, with their business models, are obsolete.

Banks are forced to implement blockchain technology into their banking system, as they have seen that in practice it is much more efficient than their outdated SWIFT method. Like any financial structure, they will implement everything that will allow them to generate more profit and attract new users of the services they provide.
The fact that banks use cryptocurrencies for this, for example, like Ripple, is very good in my opinion. Any such interpenetration is welcome. This will mean that cryptocurrency is more firmly included in our world and everyday life.

[Freemind]

Banks are forced to implement blockchain technology into their banking system, as they have seen that in practice it is much more efficient than their outdated SWIFT method. Like any financial structure, they will implement everything that will allow them to generate more profit and attract new users of the services they provide.
The fact that banks use cryptocurrencies for this, for example, like Ripple, is very good in my opinion. Any such interpenetration is welcome. This will mean that cryptocurrency is more firmly included in our world and everyday life.

I believe that the case of XRP in Japan, where it is used by banks, and the case of El Salvador, where Bitcoin is a legal currency, are the only cases in which a country uses cryptocurrencies with the approval of governments. What we can see more and more are additional services from banks or other types of companies, yesterday for example I saw how a personal security company launched a cryptocurrency custody service.

Banks know that their business model has been outdated for years, the emergence of Bitcoin and blockchain has "saved" their lives, but governments must legislate, otherwise banks will do what they want, as always.

[Hamida]

In 2017, the boom in Bitcoin and cryptocurrency had been fueled by retail investors or those where ordinary guys like you and me were then taking the market by storm...little investors but in huge numbers but the disadvantage with this is that people can easily be swayed by FOMO can many were then burned partly resulting into the eventual crypto winter. Many were then dreaming that one day there can be institutional adoption...that was a hard dream at the that time because banks and other traditional institutions were rejecting the idea behind cryptocurrency much more participate on it. Fat forward into 2021, we are now seeing a different scenario because gradually many traditional institutions adopted Bitcoin and crypto and many embraced with gusto. I am sure that many would agree that this a very welcomed development but what are the disadvantages of these banks getting into Bitcoin?

Of course good if banks will get in to bitcoin.
But, I think It needs the government regulations.
So, Not easy to happen.

[Review]

Is not this is kinda like governement trackin us? suppose I have not done any single transaction yet of crypto by bank because this is not allowed here and the govt don't know I deal with crypto. So if the bank now start to accept bank and give us the opportunity to swap or crypto from bank, this means bank are taking document and prove for us which will be harmful for us later for sure. This is the bad advantage of crypto for sure!

[mlawson71]

I think it may not be a bad thing, if banks wish to trade Bitcoin. It means that mainstream acceptance of cryptos is increasing.

[hasyurt]

When the time comes, I think no country will be able to stay away from these crypto currencies. The era is now the era of technology and whoever stays away from technology becomes a poor country. Currently, most countries are concerned about their own currency being damaged so that it does not fall into the background, but the day will come when all of them will have to use bitcoin or other alternative currencies. This is not so long after. It will be in the very near future.

[Abdulcrypto784]

I think it is bad news because bank charge taxes and fee and other charges. In my opinion this not good for all.
Bank should not be involve in cryptocurrency

[Freemind]

I think it is bad news because bank charge taxes and fee and other charges. In my opinion this not good for all.
Bank should not be involve in cryptocurrency

In part I agree with you, but we can't control everything. When we sell our cryptocurrencies and we want fiat, they also charge us commissions and taxes, regardless of whether we do it in a bank or in a specialized cryptocurrency store. I think what banks will do is offer services for cryptocurrencies, such as custody and the like, but at very high prices of course.

Think that many people could not invest in cryptocurrencies if they did not do it through their credit cards or bank transfers. In this case, banks are like the two sides of the coin, the good and the bad.

[Bobcrypto]

In 2017, the boom in Bitcoin and cryptocurrency had been fueled by retail investors or those where ordinary guys like you and me were then taking the market by storm...little investors but in huge numbers but the disadvantage with this is that people can easily be swayed by FOMO can many were then burned partly resulting into the eventual crypto winter. Many were then dreaming that one day there can be institutional adoption...that was a hard dream at the that time because banks and other traditional institutions were rejecting the idea behind cryptocurrency much more participate on it. Fat forward into 2021, we are now seeing a different scenario because gradually many traditional institutions adopted Bitcoin and crypto and many embraced with gusto. I am sure that many would agree that this a very welcomed development but what are the disadvantages of these banks getting into Bitcoin?

First, banks getting into Bitcoin is a welcome development and it is a good idea. Crypto and the Blockchain is already shaking the banking/financial sector of the world and these sectors have no opinions than to come on board. Just take a look at DEFI, it has become a game changer on the financial sector that the bank has to integrate or they may become obsolete by rate of it's continuous developments.
Now, one of the disadvantages of the banks coming into crypto is possibly launching it crypto bank/financial sector that may become a duplicated efforts because crypto is still decentralized while the banks is operating a centralized system.

[Callisto]

I think this is bad. In any case, if the banking system somehow flies the bitcoin, then it will cease to be so popular, because complete decentralization and adaptation to the banking system will take place, and this is not needed by anyone, at least the crypto community.

[Fenix]

Is not this is kinda like governement trackin us? suppose I have not done any single transaction yet of crypto by bank because this is not allowed here and the govt don't know I deal with crypto. So if the bank now start to accept bank and give us the opportunity to swap or crypto from bank, this means bank are taking document and prove for us which will be harmful for us later for sure. This is the bad advantage of crypto for sure!

In cryptocurrency, we always have the right to choose which tools to use and which partners to choose. Therefore, for the exchange of cryptocurrency, we can always find more suitable structures than banks. But in general, if banks use cryptocurrency, it will be very good for its further implementation and distribution, because people's confidence in it will increase if government financial structures also use cryptocurrency.
Cryptocurrency, in order to be legalized, must coexist with banks and their currencies.

[Master107]

I think this is bad. In any case, if the banking system somehow flies the bitcoin, then it will cease to be so popular, because complete decentralization and adaptation to the banking system will take place, and this is not needed by anyone, at least the crypto community.

Not bad at all. Why? Banks are always capable to elevate themselves to adopt the necessary change to cater the people. If they cannot upgrade their system, they might find themselves obsolete particularly when they are located in rich and advance country that are productive for any cost.

[syedrasool2011]

Yes thats so good banks are entring in bitcoin if banks allow bitcoin that country will legal bitcoin for that's good for bitcoin now days good news are coming may be good news coming from USA it will good.