...a private bank, called, obviously, Falcon Private Bank, decided to let its customers access their Bitcoin portfolio directly through their e-banking platform. In other words, if you're client of that bank, you can also manage your Bitcoin through their mobile app, which doesn't mean, obviously, you have to store your Bitcoins with them.
It's still not clear if there are any management fees for Bitcoin specifically, although, of course, for fiat the package should come as a monthly subscription. It's interesting how more and more banks are starting to validate the process of the Bitcoin blockchain, giving the impression they have no idea they're actually digging their own grave with this.
Read the whole story in this cointelegraph article.
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The banks are not digging their own graves by embracing Bitcoin - they are being smart.
Banks are all about managing other people's money right?
Bitcoin is other people's money. so how do you manage it? with the bank of course because that's what you have been doing for the last 30+ years.
Remember the vast majority of the world doesn't want decentralization. They don't want anarchy. They want comfort and security.
So when their kids buy them Bitcoin for Christmas they are going to want to out it somewhere safe - like in the bank - because it's money and that's where you put your money.
this whole notion that banks fear crypto is nonsense. Crypto is a boon for banks. It's a new form of currency that they can use to make more money. Remember this is their business. They don't care if it is Bitcoin or pesos. If they can make some profit trading it, they will.
Cryptos may be decentralised, but the banks are still big player in the market because they have lots of other people's money to play with. They don't have to control the mechanism to make obscene profits.
And...... because the anarchists are buying into the idea that the banks fear crypto, they are just aiding and abetting the bank's profit machine. Their own egos are being mined for crypto by the banks.
then when it is time to bail out and take those profits they will. And then point out the fragility of the crypto markets as they crash (after they have got their money out of course)
This is their stock and trade. They have been doing this for generations. And they are good at it.
What we need is to recognize this and understand that nothing really changes when it comes to the money markets. Once you realize that, then you can plan your strategy accordingly, and watch, and learn. You won't beat the banks, but you can use them to help you stop being so poor, and dependent on them.
If we need an alternative to the banking system, then the alternative needs to not be another currency.
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All banks are someway trying to get close to Bitcoin and the blockchain....future of banking revolves around them only.
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Haha digging their own grave. You got that right.
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Bitcoin is the new Schweitzer :D
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Will be interesting to see where this road goes ......
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Very interesting development and it seems almost daily the acceptance of crypto is getting closer. The banks aren't going to take this lying down, and that is worrisome. Regulation might be a meeting in the middle so to speak. Time will tell. Thanks for posting this.
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IDK if it's digging their own grave to get involved in bitcoin. I really doubt that 100% of people are going to keep all of their savings / investments on their own hardware wallets, at least not for many generations - people are going to want to rely on trusted third parties to keep stuff safe.
You could argue this is a smart, forward-thinking move by Falcon bank.
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Using a bank to manage crypto - which is decentralized by nature - doesn't make any logical sense.
You invest a bank with trust to keep your money, and the bank pays you back interest, that's how it works now with fiat.
But there's no need to invest somebody else with trust for crypto, that's the whole idea behind the project: you spend whenever you want, how much you want, in full trust that everything will go as expected.
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You're right that there is no NEED to, but I wouldn't be surprised if many people WANT to - because it's what they are used to, it's "easier", etc.
There's a lot of people who can barely even use a computer, what happens when they want to invest in bitcoin?
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The more people investing to Bitcoin and altcoins the more better. I consider this good move.
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good
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Such good news. Definitely a step in the right direction
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Nice post .i am following upvote u .pls help this time i uses my huge time for this post .https://steemit.com/medicine/@kabirbastola/knowledge-what-really-happens-inside-the-human-body-once-someone-is-pronounced-dead
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Bitcoins are here to stay whether we like it or not!!!!!
And we LOVE IT,Financial Freedom.
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thats the only thing left to see
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