Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: German Bank announces to support Bitcoin; says it's important to own private key
by
Welsh
on 31/12/2021, 00:10:22 UTC
⭐ Merited by 1miau (1)
I'm really not suprised, because Bitcoin is not a full replacement for banks, so it was always a possibility that banks would offer Bitcoin services and earn money with them. For example, you can't lend Bitcoin in a decentralized way, so a bank would be needed for that.
I'm only surprised by the way they're going about it; providing education to their employees, announcing only Bitcoin, and not any other Altcoin, and pushing the fact that owning a private key is important. Technically, they could offer their services without suggesting to own the private key, which speaks tenfold about their trustworthiness. Hopefully, they'll incorporate into their services that the client will be required to own the private key, and not just suggest it. I guess, if a client wanted too they could opt out, but by default it should be that way I think.

I understand that not everyone wants to be completely responsible for their money, and therefore banks or some sort of third party is likely forever going to be needed. Although, I think by default at the very least the client should be offered what they want to do by default, and be explained without bias on what that exactly means.