Post
Topic
Board Economics
Merits 4 from 2 users
Re: From 2020, the sale and custody of Bitcoin will be allowed to all German banks
by
The Pharmacist
on 29/11/2019, 16:17:15 UTC
⭐ Merited by fillippone (2) ,El duderino_ (2)
It makes a lot of sense for a Bank to sell Bitcoin.
Yes it does, and I'm actually surprised that banks haven't started to do it yet.  Granted, banks don't sell gold or stocks or other investments, but bitcoin is kind of a hybrid thing--an investment that's also a currency.  And most banks also offer some investment services, usually to their wealthier customers.  The only thing I can see that would make it not make sense is that banks are well aware of the criminal activities bitcoin is associated with and I'd think they might not want to be connected to any of that.

But here's the thing:
But why would make it sense from a customer point of view?
As a customer, I'm not sure I'd want to purchase bitcoin from a bank.  That would be almost as bad as buying it from the government.  They would obviously know where that bitcoin is going and perhaps even what it was spent on if they could connect addresses.  If you're not doing anything illegal, it wouldn't cause you any trouble but who wants banks or the government tracing your financial transactions?  They already can if you're using your debit card or checking account, but my guess is that if you spend bitcoin you'll be under a microscope.  Yikes.

However, I do agree that this is a bullish thing overall.  While I wouldn't take advantage of such a service, other people might--and I hope it works out in Germany and that adoption increases there as a result of this.