ListingDock

Cryptocurrency bank deposits



Enter a reason for deleting this comment

Cryptocurrency bank deposits

Hello there!

I was wondering, when would official banks and government recognize cryptocurrency as an every-day money?

Would be nice to be able to make a deposit in bank to store your cryptocurrency and increase the amounts of it.
Obviously, cryptocurrency is less predictable and more unstable, but would be interesting to see it there still.

Bitcoin, ethereum, dash and etc.

Comments

Please login or sign up to leave a comment

Join
Alymae

This might be possible in the future but not now since there are still a lot of controversies regarding digital currency. I have read some articles regarding banks that are thinking of opening a cryptocurrencies deposit. Some countries are open to this. As for my country, it won't be anytime soon.



Enter a reason for deleting this comment

Barida

While they are countries that are open to this kind of arrangement, there are still others that don't feel that cryptocurrencies will help to improve the economy and this is one of the reasons you see them going against anything that concerns it as well.



Enter a reason for deleting this comment

stbrians

Countries and banks shy away from crypto. It took time for my country to accept and set blockchains here. Crypto looks like fantasy. I do not think banks will distribute it in the near future. Blockchains guard it like gold.



Enter a reason for deleting this comment

Youngshark

My country too will not and may not be in the process of opening any crypto wells. It is disheartening but undersdable with the economy.



Enter a reason for deleting this comment

Kakashi2020

I think maybe in 20 years time Cryptocurrencies would then be mainstream and banks would be willing to accept Cryptocurrencies as a legitimate currency.



Enter a reason for deleting this comment

Youngshark

It can only be a hope that in the future things will get better. It is such a flexible currency which would do the world log of good



Enter a reason for deleting this comment

Barida

It is because of the unpredictable nature of crypto coins that made some government to think otherwise on this matter. We should always look at situations like this and get to understand that they are trying to protect the financial institutions as well.



Enter a reason for deleting this comment

Alymae

True. Crypto coins are so unpredictable that countries are not willing to have them in their banks. Some countries that are saying yes to bitcoins are Australia, Canada, and the United States. From what I have read, China is not one of those that has a friendly-stance with digital currency but it seems that they are biggest miners of bitcoins.



Enter a reason for deleting this comment

jayjaydimson

Yes, because the price of the bitcoin is very unpredictable it can be lower yesterday or higher tomorrow.



Enter a reason for deleting this comment

Youngshark

It has some uncertainty but I am a firm believer in the power of cryptocurrency and just like in the past when it bounced back I believe it will this time too.



Enter a reason for deleting this comment

Alymae

I also think so too. Part of my belief is that we are in a digital age. So, naturally, someday will come that we will legalized cryptocurrencies. I'm waiting for that day to come. Also, Bitcoin always bounced back.



Enter a reason for deleting this comment

stbrians

Cryptocurrency came about when groups of people joined together to create blocks. Their mission was for crypto not to be controlled by countries nor central banks. Maybe when it is becoming a problem to manage is when they will relent.



Enter a reason for deleting this comment

anyone01

It's far nevertheless a completely young market wherein you may flow prices with relativly “small” quantities of cash. That is really very ordinary for young markets and turns into better as soon as the Cryptocurrency market can be more handy to institutional investors.



Enter a reason for deleting this comment

burgosmichael24

I agree with you. It is impossible for cryptocurrencies to establish a bank deposits while it was inconsistent in the trade market. Unpredictable trend of bitcoin and other cryptocurrencies made it hard for the financial institutions to incorporate that in their system.



Enter a reason for deleting this comment

overcast

Crypto has bad people in it. Like say mafias and the big business who have mafia money. Those people are seem to be into it. And they are using the bitcoin and others for sending the money. So it can be definitely bad in many ways. I'd say in such case it's reasonable to say that bank deposits to be considered.



Enter a reason for deleting this comment

jayjaydimson

Cryptocurrency has become one of the highest value in money online, like for example the bitcoin, it's even higher than any currency, so I think it's safer to have a bank deposit.



Enter a reason for deleting this comment

stbrians

Being high does not matter. It is far below its predicted value. It was predicted to reach $100,000 this year. The currency was to be controlled by blovkchains and not central banks nor countries.



Enter a reason for deleting this comment

Youngshark

I hear in Canada it is recognised and Even used by some banks as the government tries means of regulating it. Just my research though.



Enter a reason for deleting this comment

Alymae

Yes. From what I have read Canada accepts bitcoins. In Australia, it is legal to buy, trade or mine cryptocurrencies. Despite this, some countries remain unaccepting to bitcoin because of its volatility.



Enter a reason for deleting this comment

theresajane

Oh, really? I hope that every country would accept cryptocurrencies in the future to avoid the instability and so more people would put their trust into it.



Enter a reason for deleting this comment

Youngshark

Sure if more countries accepted the currency then I think that it would become one of the best means of doing business globally especially due to the flexibility it offers.



Enter a reason for deleting this comment

Jeane

The one problem is bitcoin is a little too volatile. Though one shouldn't expect its value to drop significantly overnight, it can happen. That's why many business-people would be rather wary about being paid in bitcoin since the value can drop abruptly. Few would want to deal with this possibility of incurring losses on daily basis.



Enter a reason for deleting this comment

Youngshark

I think also that there is a lot of work which needs to be done in ensuring it's standardisation.



Enter a reason for deleting this comment

Jeane

With no central authority I don't know how that would be possible. One thing I'd like to find out though is considering there is no central authority how does the price of bitcoin fall? Do the transactions themselves affect the price of bitcoin?



Enter a reason for deleting this comment

amelia88

I think right now it differs from country to country. For instance, Vanuatu accepts cryptocurrency payments if you want to buy citizenship there, so even their government departments recognize it.

I think it's gonna be a while though until it's more globally accepted.



Enter a reason for deleting this comment

theresajane

Well, maybe because of the inconsistencies of the cryptocurrencies, the government is still not recognizing it. I just hope that in the future, it becomes more stable.



Enter a reason for deleting this comment

anyone01

In case you want a bank to manage your cash, there isn’t any base to proudly owning bitcoin. The primary time table of bitcoin and cryptocurrencies were to abolish the intermediary authority like banks, fee gateways, and the government tax rules. However, in case you are speaking approximately banks which could transfer your bitcoin in a few forex then there are numerous such banks.



Enter a reason for deleting this comment

stbrians

You are right here. Bitcoin and other altcoins are guarded like gold. They won't let any banks or countries to manage them.



Enter a reason for deleting this comment

anyone01

Other than that, some thing is precious if people agree with it is treasured. That’s why currencies and stock markets crash at instances. Due to the fact the perceived price isn't always subsidized through the real truth, which no person knows precisely what that is. It’s difficult to evaluate.



Enter a reason for deleting this comment

Bravosi

Hey there!

You've got a point, but yet again, they're not so stable as other currencies. My father bought bitcoin worth of 10,000 USD, right before it has dropped by 40% (it was a while ago I believe). Might sound rude, but I think we can't trust cryptocurrencies, perhaps that's why banks wont go for them?



Enter a reason for deleting this comment

cks003

The crypto coins will not go away at least in the short term as the block chain technology used to support its circulation is very useful in many industrial applications. But to see the coins be used widely as fiat currency will be a little bit far fetched as the tokens/coins are not stable in value and they are not supported by any commodity (no intrinsic value). So keeping crypto coins in a bank as fixed deposit is still very long way to go.



Enter a reason for deleting this comment

stbrians

Cryptocurrency are managed by blockchains. They have no government control or any central bank control. These are also the digital currency that are not tangible.

Now compare cryptocurrency to goods that skip the wholesaler and retailer. They move directly from the manufacturer to consumer. That is how cryptocurrency works.



Enter a reason for deleting this comment

Bravosi

I know this might be an odd question, but perhaps there's a scheme to it? I honestly want to believe that cryptocurrencies are independent from banks and governments, but what if it's all a plot to get people's money?



Enter a reason for deleting this comment

emiaj55

Japan in my last read, is already framing up the system for Cryptocurrency for every day use. It serves as the breeding ground of the currency in Asia.



Enter a reason for deleting this comment

Martinsx1

Exactly! Asian countries are very well into the use of cryptocurrency. From my analysis so far on the countries that deals with cryptocurrencies the most, Asian countries tops the chart.



Enter a reason for deleting this comment

emiaj55

Well, not really all Asians. From the same article, it was mentioned that Korean and Chinese governments have more or less blocked crytocurrencies in their countries.

"China is poised to block more than 120 foreign cryptocurrency exchanges as part of the government’s broader crackdown on activities related to digital money, according to state media.
-Zheping Huang-"

Here is the link to the whole article.
https://www.scmp.com/tech/enterprises/article/2161014/china-block-more-120-offshore-cryptocurrency-exchanges-crackdown



Enter a reason for deleting this comment

EfficientNinja

I think it would depend on the country's government and its banks. Most don't like cryptocurrency because they think their business will get affected negatively. No one would know when they would be fully accepted because cryptocurrencies are too volatile to hold.



Enter a reason for deleting this comment

nrnlss

I agree with you, and as what he has said it is unstable and it always changes its value so it is really hard to make a deal to put it in the bank.



Enter a reason for deleting this comment

theresajane

I agree with you. The fact that it is still unstable makes email lot of people doubt if their money would be safe in investing their money on cryptocurrencies.



Enter a reason for deleting this comment

emiaj55

Well this is really true. But of course its volatility greatly depends on the quantity of people that invests in it.

Another factor that is purely based on speculation, but very interesting to ponder about is that: Since blockchain would promote transparency for every transaction, a lot of businesses are reluctant to invest of it in fear of having "under-the-table" (or shady) transactions revealed. A lot of major businesses do this for many reasons, one of which is to avoid huge taxation. But then again, pure speculation.



Enter a reason for deleting this comment

Jeane

cryptocurrency because they think their business will get affected negatively.

Another reason why governments and banks hate cryptocurrencies is the difficulty it poses to trace transactions because cryptocurrency was designed for anonymity. Governments hate.

They claim it could be used for money laundering and others would fail to pay their taxes if they hold their payments, proceeds from business, etc., in some wallet the government doesn't know exists. That's why we probably won't see many banks accepting cryptocurrency deposits any time soon.



Enter a reason for deleting this comment

nrnlss

I don't think it will happen sooner, because as what you have said it is unstable it constantly increase and decrease its value, so it is really hard to put it in a bank.



Enter a reason for deleting this comment

Martinsx1

Well, the issue of volatility of cryptocurrency is a very big problem for even the countries where the digital currency are approved and accepted for investment and transaction purposes.

This is actually something that I believe to be part of the reasons why most countries are yet to accept cryptocurrency.



Enter a reason for deleting this comment

Martinsx1

In some countries, cryptocurrency is already recognized by the government and approved for acceptance in any kind of transaction within the country.

It's the parts of the world that cryptocurrencies are yet to be approved that this question applies to. Even though cryptocurrency is very volatile, it's still being used in such countries where it's approved by the government.



Enter a reason for deleting this comment

Youngshark

Yeeeah there are countries that have even introduced their own cryptos to rival the obvious big giants. It is a great move since it encourages Diversity.



Enter a reason for deleting this comment

theresajane

Really? I just hope that all of the countries in the world would accept and approve the use of cryptocurrencies. It may be a big factor for its consistency in the future.



Enter a reason for deleting this comment

DenisP

I wouldn’t except cryptocurrency to be accepted in banks for a while. The truth is that while many people use cryptocurrency perfectly legally, a lot of major corporations still see crypto as a liability because it’s notorious for being used on the deep web to make illegal purchases.

Many companies have backed off from accepting it due to this negative press. That being said, most of the major world governments are actually in support of cryptocurrency, so it’s sure to have a positive impact on its progression in the near future.



Enter a reason for deleting this comment

ajahcuizon

Cryptocurrency is still in the stage of their development, or some might say, under experiment. Truly, cryptocurrency has its own advantage but considering the disadvantages is also like taking such risks for your money. I have been scammed and lost a huge amount of money because if its uncertainty when it comes to safety. Unless they have seen a solution on these scams, I would consider of going back on using cryptocurrency again.



Enter a reason for deleting this comment

esteban123

I think that cryptocurrency banks would be possible in the future because people are now using bitcoins for online payment and purchases which is a sign that it is now becoming popular and may be come more useful as time goes by. Here in my country in the Philippines cryptocurrency are very useful and I see a big potential in it in the future, it give us a lot of convenience which is really good to have.



Enter a reason for deleting this comment

jayjaydimson

Well, you can load your bitcoin here in the Philippines thru a website which is coins.ph.



Enter a reason for deleting this comment

Youngshark

Coins pH. I think I have seen something like that online. Does it only work in the phillipines or they can be loaded online the coins I mean.



Enter a reason for deleting this comment

jaymish

I think that this is not the purpose of a cryptocurrency. The biggest advantage given for crypto currency is that it is currency that you can keep yourself. It is not meant to be currency which you deal with a bank or central authority. It is a currency that you exchange person to person without fees and rules and regulations that are put in place in a bank or by a central bank. I don’t think we will ever see cryptocurrency kept in a bank. You also have to remember this is a virtual currency.



Enter a reason for deleting this comment

overcast

No country that I know of supports cryptocurrency. But there are some online companies who do support the crypto. So if you are making use of the crypto or holding them. In such case you should be making use of the uphold wallet. As that tends to support local currencies. I have learned that it can be useful for some people who want to hold online and want to get paid for the same.



Enter a reason for deleting this comment

amelia88

Have a read of this - Vanuatu in the South Pacific is really progressive with cryptocurrency. They even allow you to buy citizenship there with bitcoin.

https://bitcoinexchangeguide.com/vanuatu-issues-first-cryptocurrency-exchange-license-to-dstoq-platform/

Super progressive for a small country!



Enter a reason for deleting this comment

overcast

I think that could be because they need money being a small country. And they want to attract the rich people. So they tend to offer some sort of stuff. Same with cyprus and similar other countries. So on that note I'd say they may offer something like this.



Enter a reason for deleting this comment

burgosmichael24

I believe this can be possible anytime in the near future. Cryptocurrency made a huge impact despite controversies. These coins will play a great role in the fullfilment of the prophecy about One world religion, One world government and One world currency.



Enter a reason for deleting this comment

Kakashi2020

I don't think that there could be a single, religion, government nor currency. Historically, there's no precedent. The world is too big to conquer and to rule by a single ruler.



Enter a reason for deleting this comment

Kakashi2020

Banks are conservative, I think that they are still unsure how to treat Cryptocurrencies. In my opinion, banks will not accept cryptos as a currency until the time cryptos are used by mainstream society.



Enter a reason for deleting this comment

esteban123

@jayjaydimson Yes that is really true and I am using my coins.ph now in making some buying and payment purposes online. It is really good and very useful since I can buy now some things that I want without bringing a real cash on my pocket since I will just swipe on my coins.ph account and there it goes my few bitcoins converted into real money to pay for my online purchases.



Enter a reason for deleting this comment

Franzel2oo

In recent times, banks have been known to dissuade their clients from buying cryptocurrency using their credit cards. It is no secret that the altcoin market is volatile and unpredictable at best. Banks will rather keep their client's money and stay in business, than see those clients lose money to a bad cryptocurrency investment, which only naturally, means a loss for the banks as well.



Enter a reason for deleting this comment

stbrians

This is a matter of pulling to yourself. Banks pull and protect their own-flat money. Crypto are also striving to kick banks out. That is business competition.



Enter a reason for deleting this comment

Franzel2oo

You are right stbrians. It truly is all about the competition. Cryptocurrency is all about anonymity, kicking out the system of banks and fiat currency that is highly regulated. The banks also don't want this because cryptocurency taking over will mean they'd. be out of business.



Enter a reason for deleting this comment

overcast

I think considering cryptocurrency can't be controlled, it's necessary for banks to safe guard themselves. Because crypto can get hacked we have seen that in case of bitcoin and few other crypto. So it's reasonable to see that bank deposits are being taken care of with some identity. Nobody wants to lose money to stranger.



Enter a reason for deleting this comment

beerthooyah

I own a not so substantial amount of crypto currencies which I bought several months ago. My opinion about these currency is that it is highly volatile with high risk involve if you are going to use it as an investment. It is good for those who take high risk in investing because prices of which easily goes down or up over a short period of time. I really don't believe that bank will accept this as deposits however, banking institution may consider this but a different set of rules and regulation must be applied in managing these kind of resources. Cash deposits in bank are insured because it is highly stable which is on the contrary with cryptocurrencies.
There are other platform online which caters to these kind of currencies in which they also issue an interest rate on the amount you have in your account over a period of time but I still believe it is far too risky investing in this kind of money so due diligence must be observe if you have decided to add this on your investments portfolio.



Enter a reason for deleting this comment

esteban123

I think that it would still takes a lot of time for some banks and governments to recognize cryptocurrency as our day to day money because of having an unreliable price and value up to this very moment. I think if the time will come that the value of the cryptocurrency would now be fixed and would not drop frequently, then it might now be accepted to some banks as a deposit or a guarantee whenever we like to seek some loans to some banks and government institution.



Enter a reason for deleting this comment

jpk0007

Well Cryptocurrency is one of the most popular modes of investment these days. people are very eager to invest in cryptos inspite of the inherent risks involved. Currently there is a considerable drop in the value of cryptos , but still people are seeing this as an opportunity to invest more. I think that taking into account, the popularity of the cryptocurrency all the countries where there is a ban on its transactions should reconsider there decision in this regard.



Enter a reason for deleting this comment

iambeth

I think the government will enable cryptocurrency in the future. They are just on the planning stage and are thinking of how they can regulate it. Most governments survive on taxes so if they have figured out how they can take advantage of this mode of currency, then they will surely allow it.



Enter a reason for deleting this comment

agbuyarashel

I was encouraged to invest in bitcoins befire but right now with the lowering currency I don't think so. The bitcoins currency keeps on going down, very unstable and unpredictable. It's very risky.



Enter a reason for deleting this comment

gutzman

Cryptocurrency is still very controversial in our country. Some of the people here use it to scam their victims. Aside from that it is very unstable and unpredictable at the moment. I think banks won't gamble on something that would make them bankrupt anytime soon. Banks are still businesses and if you are the owner, you don't want to gamble between billions and none.



Enter a reason for deleting this comment

coolavender

Cryptocurrency is too volatile to be considered as an acceptable alternative for cash. Banks may consider having them in the future but they will most likely be accepted as deposit based on their own value but not for exchange with real world currency. As a form of service, they may allow their clients to deposit cryptocurrency and also allow them to withdraw or pay in the same type of currency. However, they may only offer this service if they are convinced that the use of cryptocurrency has become prevalent. I do realize that many users of cryptocurrency in my country are actually people who prefer to use alternative channels over banks as these online channels usually have less documentary requirements.



Enter a reason for deleting this comment

Judas2018

Cryptocurrencies such as bitcoin, etc will never be recognized as official currency any time soon. The market is rife with too much fraud, shady dealers, etc.



Enter a reason for deleting this comment

romyter013

Its really inviting to this kind of procedure to be part of it and you specially if you see that its really growing just like what you expect. Yeah I know there are countries that do this kind of deposits but I'm not sure yet exactly to my country. Its not safe these days cause of so many fraudsters that we heard thru news. Like you spent most of your time to earn that amount then it will only lost just like a wind.



Enter a reason for deleting this comment

HappyLady

I have never really got my head around the bitcoin mentality and I wish I could, just so there was an alternative form of economy. Somewhere floating on the internet, I own an account that may even have a bit of a bitcoin or e bitcoin or something in it, but no way can my muddled mind remember where! My concerns are that this way of trading is easily upen to fraud and not understood by the average person. If banks recognise it as money, and convert it into a familiar form of currency, was it not, in a sense always part of the normal economy of the world anyway? I just do not see the advantage of paying someone £1 worth of a bitcoin to leave it in a bitcoin form and then change it into £1. At least everyone you deal with understands £1. It seems no different from a site offering so many points for doing a particular task and then you cash out at £1 or whatever. Isn't that what you do when you cash in points for $1 in Paypal and if so, are banks not in effect, already converting one economy to another? (They would be if you can trade points for something with others on the same point earning site.) However, I probably missed the point completely, and maybe someone can explain.



Enter a reason for deleting this comment

esteban123

I think since the price of the bitcoins is dropping we need to take advantage of buying some of it for future trading so that we can earn some profit out of it. That is the only advantages that I see as of now because in regards with investment bitcoins is not reliable for now due to the low price and value that it has.



Enter a reason for deleting this comment

Wenkx03

I think it's not that possible. Theres so many controversies about cryptocurrencies. I think that our country is just not that ready for it.



Enter a reason for deleting this comment

GeorgeDr

I think that It would be possible for certain banks to start offering that service but not many customers would actually go for it. The reason is anonymity. Bitcoin has been built exactly on the concept that anyone's transactions should be untraceable in the name of freedom. A lot of people would prefer to stay that way , so a reason that banks are stalling on that regard is that. Also bitcoin is not controlled by some agency and is very unpredictable in its price , so that instability factor is a no-no for banks.



Enter a reason for deleting this comment

kaushikangara

I don't think banks would accept crypto currency deposits anytime soon in the future. There have been many issues with crypto currencies and also many ransom ware attacks associated with them. Also, there are security issues with crypto currencies. They cannot be readily converted to cash and vice versa. Banks would not take such high risks in accepting crypto currency deposits as a massive fall in their value would hurt them immensely.



Enter a reason for deleting this comment

Jeane

Banks would not take such high risks in accepting crypto currency deposits as a massive fall in their value would hurt them immensely.

Actually this just might be one of the main reasons why banks will not allow someone to deposit cryptocurrency in an account. Since the identity of the person who makes the deposit might not be verified, they'd be wary of handling money that might land them in trouble if say, someone uses cryptocurrency deposited in some account for some illegal activity.



Enter a reason for deleting this comment

Corzhens

My take on crypto currency is the misnomer that it is not really a currency but a commodity. The government, particularly the central bank, cannot just allow crypto currency to be accepted anywhere because there are issues to be resolved. First issue is the control. How can the government take control of the crypto currency when it is not the one doing the printing or the production like the US dollar. Second issue is the back up. The US dollar is backed by gold reserves. What is backing up the crypto currency?



Enter a reason for deleting this comment

esteban123

I think that up to this moment cryptocurrency is far from being accepted as a real currency to be deposited into some banks because of its nature of becoming volatile to changes in price and value from time to time. I don't think that it will be taken into consideration by banks and other government institution for future investment if the price of it would not be regulated.



Enter a reason for deleting this comment

mhingnhormz

Cryptocurrency bank deposit: It may possible to happen because cryptocurrency now is making a traffic also in term of investment but for my self i won't go with it. It was to risky to invest with it. It is not reliable, we don't have any idea or clue where they base the ups and down the value the crpytocurrency.



Enter a reason for deleting this comment