Banks and Bitcoin

[Bravosi]

Hey there!
Ironically I asked this question elsewhere a while ago. The way I see it, it could be possible in theory, but in reality, many banks won't go for it, and nor users either. First of all, cryptocurrency is very unpredictable. Secondly, users began to buy bitcoin and other cryptocurrency in order to stay away from banks, and try to create a new model of economy.

[Kakashi2020]

On 11/25/2018 at 7:06 PM, Martinsx said:

Who knows how long it's going to take before other parts of the world would accept and approve the use of cryptocurrencies for transaction purposes. 

In my opinion, it would be the earlier the better for everybody. 

I do hope that the government would create or allow a crypto exchange in our country, so that people interested in crypto trading won't be duped by Scammers and Bogus Sites.

[Martinsx]

8 hours ago, Kakashi2020 said:

I do hope that the government would create or allow a crypto exchange in our country, so that people interested in crypto trading won't be duped by Scammers and Bogus Sites.

Well, my country Nigeria will definitely be among the last country that its government would approve and accept the use of cryptocurrency in the banking sectors. Recently, I just saw a news update that one of the banks in Nigeria called Union Bank threatened to close down any account that is cryptocurrency related. 

[janie1984]

If the banks can make money off of it, of course they'll accept the currency. Banks will literally do anything to make money- i.e. the global financial crisis that almost destroyed the world's economy. Banks are also not beholden to the wishes of government and routinely do business with criminals, so accpeting a cryptocurrency is probably very low on the spectrum of things they do that are shady.

Edited December 2, 2018 by janie1984

[nekonieden]

On 11/5/2018 at 5:11 PM, Kakashi2020 said:

Is there a possibility that the banking system would recognize Bitcoin and other Cryptocurrencies by accepting crypto deposits, withdrawals and investments?

I think it's still need a long process before they recognize and accept bitcoins and any other crytocurrencies but I believe they will soon accept and approve withdrawals. There's no possibilities that they approve it just like any other transactions.

[Kakashi2020]

2 hours ago, nekonieden said:

I think it's still need a long process before they recognize and accept bitcoins and any other crytocurrencies but I believe they will soon accept and approve withdrawals. There's no possibilities that they approve it just like any other transactions.

I think it's only natural that banks tend to thread carefully when it comes to Cryptocurrencies because of the risks involved. Cryptocurrencies are unregulated and posts a lot of risks.  Risks which banks are not comfortable with.  So unless it becomes mainstream banks tends to stay in the sidelines.

[nekonieden]

7 hours ago, Kakashi2020 said:

I think it's only natural that banks tend to thread carefully when it comes to Cryptocurrencies because of the risks involved. Cryptocurrencies are unregulated and posts a lot of risks.  Risks which banks are not comfortable with.  So unless it becomes mainstream banks tends to stay in the sidelines.

Yes, so true. They must be carefully look unto that. I think the possibilities are low in accepting it in banks. The first one that should accept cryptocurrencies is the government but It all depends upon a country as other countries are so much restricted when it comes to that matter.

[Kakashi2020]

On 12/4/2018 at 4:35 PM, nekonieden said:

I think it's still need a long process before they recognize and accept bitcoins and any other crytocurrencies but I believe they will soon accept and approve withdrawals. There's no possibilities that they approve it just like any other transactions.

I do think that they would be accepting withdrawals soon but with a more lower rate to lessen risks.  I remember that in the height of the Bitcoin craze last year some banks here were exchanging Bitcoin for almost half of it's value.

[NerdIndeed]

On 11/6/2018 at 2:56 AM, Martinsx said:

It's all dependent on the government of most countries accepting and approving the use of cryptocurrencies for transaction purposes. There are some countries where this is possible already and it's all a matter of time before it's acceptable generally. 

What are those countries that you are referring to?

[Martinsx]

8 hours ago, NerdIndeed said:

What are those countries that you are referring to?

Well, at the moment my country's government Nigeria is yet to approve and accept the use of cryptocurrency for any kind of business transaction. Some banks that are running cryptocurrencies related accounts are almost closing down such accounts. 

[Alania]

That's an interesting question.

Although it would be optimal for everyone, but I think banks would refuse it. First of all it's a risk (we can see how the cryptocurrency is going up and down nowadays). Secondly, they wouldn't want to get themselves involved into the cryptocurrency world.

[NerdIndeed]

20 hours ago, Martinsx said:

Well, at the moment my country's government Nigeria is yet to approve and accept the use of cryptocurrency for any kind of business transaction. Some banks that are running cryptocurrencies related accounts are almost closing down such accounts. 

Oh really? I didn't know that. Did they mention what the grounds for not allowing Bitcoins or other cryptocurrencies are? I mean why?

[Martinsx]

On 12/7/2018 at 4:47 PM, NerdIndeed said:

Oh really? I didn't know that. Did they mention what the grounds for not allowing Bitcoins or other cryptocurrencies are? I mean why?

 

It's simply on the grounds that the government doesn't approve the use of cryptocurrencies for any kind of transactions in the country. 

So, the banks don't want to get caught up in the government laws. 

[NerdIndeed]

On 12/9/2018 at 5:12 AM, Martinsx said:

 

It's simply on the grounds that the government doesn't approve the use of cryptocurrencies for any kind of transactions in the country. 

So, the banks don't want to get caught up in the government laws. 

Hmm, I see. I heard some online stores accept cryptocurrency payments now. What if someone from your country buys a product overseas using Bitcoins, will he be violating any law? Or will the rule apply only on local transactions?

[Steve5]

On 12/9/2018 at 5:12 AM, Martinsx said:

 

It's simply on the grounds that the government doesn't approve the use of cryptocurrencies for any kind of transactions in the country. 

So, the banks don't want to get caught up in the government laws. 

I've also heard about this. I guess other countries just aren't comfortable with the whole cryptocurrency prevalence nowadays. I don't know if they'll change their minds anytime soon. Let's just make do with other ways of obtaining bitcoin. 😶

[Martinsx]

12 hours ago, NerdIndeed said:

Hmm, I see. I heard some online stores accept cryptocurrency payments now. What if someone from your country buys a product overseas using Bitcoins, will he be violating any law? Or will the rule apply only on local transactions?

Exactly! It's only some handful of online stores that are accepting cryptocurrency for any transaction purposes. Not all online stores accepts Bitcoin, and these stores are accepting cryptocurrency at their own risk, the government would back them up if anything goes wrong. 

[Martinsx]

7 hours ago, Steve5 said:

I've also heard about this. I guess other countries just aren't comfortable with the whole cryptocurrency prevalence nowadays. I don't know if they'll change their minds anytime soon. Let's just make do with other ways of obtaining bitcoin. 😶

Exactly! The government and central banks doesn't want to suffer from dealing with cryptocurrency, so they pull off their support in the cryptocurrency, thereby making it difficult for the currency to be stable. 

[Alania]

1 hour ago, Martinsx said:

Exactly! It's only some handful of online stores that are accepting cryptocurrency for any transaction purposes. Not all online stores accepts Bitcoin, and these stores are accepting cryptocurrency at their own risk, the government would back them up if anything goes wrong. 

I didn't know there are online stores that accept Bitcoin. I thought the only way for people to use the profit from the Bitcoin is by using some website as a converted in order to get X amount of USD for an Y amount of Bitcoins.

[NerdIndeed]

1 hour ago, Martinsx said:

Exactly! It's only some handful of online stores that are accepting cryptocurrency for any transaction purposes. Not all online stores accepts Bitcoin, and these stores are accepting cryptocurrency at their own risk, the government would back them up if anything goes wrong. 

Forgive me, but I don't get it. If the stores are outside of Nigeria, will the online store be held liable if someone from Nigeria buys from them using Bitcoin? Or only the buyer from Nigeria will be violating the law?

[Steve5]

5 hours ago, Martinsx said:

Exactly! The government and central banks doesn't want to suffer from dealing with cryptocurrency, so they pull off their support in the cryptocurrency, thereby making it difficult for the currency to be stable. 

That makes me wonder what else they're doing. Because other banks have dutifully adapted to bitcoin. They charge you more with their added fee simply to convert them directly to your bank account. And they're earning lots of money because of it. 😂

[Martinsx]

20 hours ago, Steve5 said:

That makes me wonder what else they're doing. Because other banks have dutifully adapted to bitcoin. They charge you more with their added fee simply to convert them directly to your bank account. And they're earning lots of money because of it. 😂

What I would suggest for banks to do would be to device a way through which they can impose charges on Bitcoin accounts and transactions. 

I'm very sure that all cryptocurrencies dealers wouldn't have any other choice but to deal with them. 

[Martinsx]

23 hours ago, NerdIndeed said:

Forgive me, but I don't get it. If the stores are outside of Nigeria, will the online store be held liable if someone from Nigeria buys from them using Bitcoin? Or only the buyer from Nigeria will be violating the law?

These stores doesn't have any business with the central banks. They are dealing on cryptocurrency at their own expense, if anything goes wrong, they will bear the burnt completely. 

So, in principle they are not violating any laws but just exposing themselves to risks. 

[NerdIndeed]

Hmm, I see. It looks complicated to me, but as long as it works, I guess it's okay.