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[simmonjoshua]

I just heard that the US banks will start the transactions of BTC and ETH just like cash? Does anyone heard of it too? Or is it fake?

 

[Balint098]

This is old news. Some banks already allow people to purchase bitcoin since some time ago. Some example: Goldman Sachs, USAA and more.

 

[Rassy011]

I just heard that the US banks will start the transactions of BTC and ETH just like cash? Does anyone heard of it too? Or is it fake?

Yeah, it is real and it's been on for some time now, a lot banks in the US have already started transactions with crypto currency, which is a very good development as it will further increase the popularity of crypto currency.

 

[Reznov]

Oh well, i guess it's gonna be complicated as BTc's value can be increased or decreased by up to 2.88% unlike the other currencies, no stable value which will cause a lot of issues

 

[Balint098]

Oh well, i guess it's gonna be complicated as BTc's value can be increased or decreased by up to 2.88% unlike the other currencies, no stable value which will cause a lot of issues

I think bank can do something about that, or at least should be able to do what some exchanges do in the past, like giving a 10 minute window of freeze time, so that within that time period, the price get frozen over regardless of the true price fluctuation of bitcoin, thus giving them a chance to quickly convert their crypto to fiat in case of emergency.

 

[simmonjoshua]

But how will the banks manage the risk of volatility of crypto currencies? I mean, how are they managing?

 

[Ewogboka]

I think bank can do something about that, or at least should be able to do what some exchanges do in the past, like giving a 10 minute window of freeze time, so that within that time period, the price get frozen over regardless of the true price fluctuation of bitcoin, thus giving them a chance to quickly convert their crypto to fiat in case of emergency.

This is good strategy but I think freeze will still affects their bitcoin value before the convert because changes can occur in bitcoin within a short time

 

[Balint098]

But how will the banks manage the risk of volatility of crypto currencies? I mean, how are they managing?

They won't. Banks can't do nothing to address the crypto volatility problem, maybe they even like it because that's how traders gain profit.

 

[SCAMEXPOSER]

I am confident that some bank or bankers are also into trading so they can't address anything and in the first place crytpo currencies has no correlation with bank in any it is only the users that use bank to withdraw their local currency.

 

[Reznov]

They won't. Banks can't do nothing to address the crypto volatility problem, maybe they even like it because that's how traders gain profit.

exactly, the only thing that controls the value of a crypto coin is the huge demand on it, and as banks are dealing with offline real cash, nothing can be done

 

[SCAMEXPOSER]

Banks are seriously considering how they are key safely with out affecting them. Bitcoin no doubt is a future currency , in the last 4 months there has been more positive news than negative about bitcoin.

 

[Wisdom01]

I just heard that the US banks will start the transactions of BTC and ETH just like cash? Does anyone heard of it too? Or is it fake?

Its real most bank have start using it for transaction and more are planning its even in usa, crypto currency really has a big future ahead

 

[SCAMEXPOSER]

Crypto currencies has come to stay, what is most important to discuss now is how financial sectors and other interested individual can key into it.

 

[Wisdom01]

Sure its still surprising that despite how popular crypto currency is most individual still doesn't know about , I think proper enlightenment and orientation will do the job

 

[SCAMEXPOSER]

This is a new development.. Just found out about it.. But how would the bank cope with unstable prices of bitcoins and other crypto currencies especially when the prices drop drastically.....well crypto is becoming global and people are getting more exposed to it

Banks don't trade Crypto currencies officially, so people who trade them are already familiar with the trend of rise and fall in the price of Crypto currencies.

 

[crypworld]

Now it's actually harvest time in the digital world. With the spike in Covid-19 numbers around the globe, many banks are opting to adopt and transact in Crypto currencies, though it is not official.

This is not the only reason but many countries are aware of the benefits of using the blockchain technology in the Financial sector.

 

[Josemendez]

I am confident that some bank or bankers are also into trading so they can't address anything and in the first place crytpo currencies has no correlation with bank in any it is only the users that use bank to withdraw their local currency.

That's it. When you buy cryptocurrency with your bank account , the bank is never affect rather they may gain from the fee they will charge .the same thing applies when one withdrawal , so bank don't have any business with cryptocurrency volatility.

 

[SCAMEXPOSER]

The basic fear of the banks is how blockchain will render most of their services useless by co-opting them into Crypto currencies acitivites aside that Crypto to Fiat currencies is a plus to banks.

 

[Josemendez]

The basic fear of the banks is how blockchain will render most of their services useless by co-opting them into Crypto currencies acitivites aside that Crypto to Fiat currencies is a plus to banks.

That's true but I doubt if government will give blockchain and cryptocurrency support to that extent . they won't want to have less control on the cryptocurrency transaction , thus they will only limit blockchain service to buying and selling .

 

[Someonenew]

Well the banks have been allowed to hold people's crypto keys, Maybe in future they are allowed to do so.