Is It Right That Banks Now Accept Bitcoin?

[Nothingtodo]

If banks accept Bitcoin, there is no reason to be happy about it because when banks take access to Bitcoin, the security of users' Bitcoin will be weakened. For example, when holding Bitcoin in a custodial wallet, all the control of the user is in the hands of the user, but when Bitcoin is controlled by banks, then the bank can take control of Bitcoin like a central exchange. Then the decentralized nature of Bitcoin will become centralized.

[krishnaverma]

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?

What do you mean by " banks are accepting bitcoin ?"

There are no banks in my country which accept bitcoin. In fact, they are against bitcoins . In some cases, some of the popular banks have even blocked accounts of people doing lot of crypto transactions using their bank accounts.

[Mpamaegbu]

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...

If we can go through centralized exchanges to get our cryptos, why not banks too? As far as I'm concerned, Cexs are the same as banks. Both of them are middlemen and demand KYC.

Some say it’s a good sign, its mass adoption means more legitimacy and convenience...

I'm one of those who see involvement of banks in this industry as a plus towards the mass adoption we've always wanted. This industry can't exist in isolation if it were to expand rapidly. However, I would rather get my cryptos on exchanges than from banks. My reason is because of the uncertainty of government legislation towards cryptos, especially in my country where government restricts crypto activities, so to say, how it chooses.

[₿itcoin]

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

But I dont think that’s a bad thing. Its not that Bitcoin is bank friendly,, its that banks have realized that they cant ignore Bitcoins impact. So they are having to change to survive.

In terms of BTC custody or services the fundamentals of Bitcoin dont shifting,, its still decentralized, eternal &  unstoppable. The core users will remain secure &  Bitcoin will continue to operate as it was intended to be used. Banks are only interested in one part but they dont really have control over it

[Floxynice]

As long as the government will not force anyone of us to pass through the banks on Bitcoin related matters, I don't care whether the banks accept Bitcoin or not. Those who wish to invest through the banks and feel it guarantees them safety and convenience can go ahead to  trust the banks with their investments. The banks don't have what it takes to bend everyone towards centralization. Satoshi has done well by putting Bitcoin out of control by any one entity.

[Baki202]

Most of the banks here in my country already supported the use of the feature with the deposit and withdrawal pf crypto and even exchange to local currencies into coin they are desired for me its easier and convenient in my part but of course needed to be considered the transaction fee and rates even though they support it still some of their features are quite so slow to operate and compared with the international exchange well they just offer a feature for those who would like to invest too. For veterans already of course they will choose not link to their accounts.

Since it's a multiple billion dollar bitcoin can not function without the bank because money is what can be used to buy bitcoin, and for our country we only have the p2p function.  And it's not a bad option. And even if the bank is not fully involved they are still.one way or the other involved.  But we know that boundaries so the banks can not invest and the only thing is that they can make use of the block chain technology and it's because of how Bitcoin is designed that is why the only offer banks can give for now is to buy when you buy fiat then you  can buy Bitcoin, that is the only interaction that is between them. And when bitcoin started they were trying to discourage people from buying.

[Distinctin]

I don't see it's bad for something like bitcoin that global adoption is still working in progress. Banks and government are part of acceptance of bitcoin, so this can be seen as a progress for bitcoin because these centralized institutions have finally noticed bitcoin. However, although anonymity and privacy are at stake now, but where there are no adoption from banks and government, majority of people will also continue to doubt about bitcoin.

Banks now accepting bitcoin and praising bitcoin are good signs. But the thing here, we are still shocked with the sudden turn of events as we aren't used that banks finally support bitcoin, even if it means for their own advantage.

[avp2306]

If banks accept Bitcoin, there is no reason to be happy about it because when banks take access to Bitcoin, the security of users' Bitcoin will be weakened. For example, when holding Bitcoin in a custodial wallet, all the control of the user is in the hands of the user, but when Bitcoin is controlled by banks, then the bank can take control of Bitcoin like a central exchange. Then the decentralized nature of Bitcoin will become centralized.

Well as always Not Your Keys, Not Your Coins. If they give the possession of their Bitcoins to the bank because they believe they are in trusted institution then those people doing that is exposing their selves on some risk that might possible to happen in future.

But if for me I don let any banks will handle my holdings. Since we are so fine to hide our Bitcoins in our safe wallets. We actually don need them, those banks is just adopting for their survival and own profits that's why we should not get surprised about those actions they do since they are there just for pure business.

I think Bitcoin will still be decentralized only those funds sent to their institution is at high risk to be seized by government if there's some sudden shift of regulation happen which is not in favor to those people who hold Bitcoin in their jurisdictions.

[Cookdata]

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?

Right and wrong is subjective to a person that lack Bitcoin knowledge, as for a person with that is well knowledge upstairs will disagree with this concept of gambling with Bitcoin. There are people that I have come across this forum with wack ideas that justify self custody and say Bitcoin is better with Banks even if you die, it's in their safe deposits and they will never tempered with them and I'm like, you think the banks don't look into this so called safe deposit, damn it we are cook!

If I kill an ant right now and decided to not share that information with anyone until my death, nobody will ever knew that I did something of such, that's how difficult it's for people to know you have a seed phrase and Bitcoin but the moment you tell one person and instruct the person not to tell anyone, the person will tell the next person and not to tell another person, that's how privacy is abused, something that is meant to be silent, is now everywhere the world knows about it.