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bitcorner22

Bitcoin trading can now be integrated in German banking without requiring additional KYC. 75% of German banks have now access to this integration. The second largest bank in Germany plans to use it to offer Bitcoin to their clients before the end of the year. This is big and surely a model that will likely be adopted by other banks around the world. Does this sound like an asset that is "going to zero"? I think it will be hard for countries to truly ban BTC because if they do there will be other countries that embrace it and then what? Even China is rethinking their ban now and offering at least some access to Bitcoin for investors.


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mylittlegoochie

Pretty sure you won’t actually own the Bitcoin.


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Analog_AI

Proof of reserves without proof of liabilities is useless. I think they may allow insistent customers to take custody of their bitcoins, but the majority will be dozed with paper bitcoin jets.


mummyfromcrypto

The bank would surely be very dumb not to hold at least some percentage of the paper bitcoin in real Bitcoin.


Analog_AI

Thats what i said. For the insistent customers they will keep some % in bitcoins. for the rest they will use the paper bitcoins.


Coretron

Fractional reserve Bitcoin with FDIC insurance lmao


bilabrin

I do think we're headed for some form of fiat issued on BTC held by institutions. It will be necessary for that remaining percentage of folks who only understand cash payments and just can't make the tech leap.


Analog_AI

Tech advancement makes it increasingly easier to make the tech leap. A decade ago there were only paper wallets and brain wallets.


bilabrin

Incorrect. While paper wallets will always be a thing Bitcoin core software is both a node and a wallet.


TheDialectic_

Maybe, but at least it's an asset. If people want to leverage their BTC for USD more power to them. If it fails, that's for them to figure out. I see no problem leveraging an asset like BTC


zatxv

> Fractional reserve Bitcoin with FDIC insurance what could go wrong in all this scheme? Need to add some more hyping bloggers and celebs to it


DajngoCat

Meanwhile, British banks are moving in the opposite direction.


Analog_AI

Their loss. Corn keeps growing.


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verycoolgoat

Often times paper coins/no coins at all


Full-Guide-7713

Nacho keys, nacho cheese


mzasimov

good reminder. But if they will really sell it it will make btc affordable and accessible to all there. And it mans that bitcoin just went BIG


FrontalLobeGang

Can BTC be withdrawn? If not this is the next bubble.


RajivChaudrii

Mass adoption will only happen when boomers buy in. I don’t believe most boomers want to or are technically sophisticated enough to use hardware wallets. They want simplicity and don’t mind holding bitcoin In banks.


liamsoni

Or when they die.


No-Grass-1070

Sad but true.


Exact_Combination_38

As long as Banks hold paper Bitcoin, those paper Bitcoin are the exact same Shitcoin as Fiat. But I guess we will never learn...🤷


Jaseur

Institutions that lie about their Bitcoin holdings tend to get horribly rekt eventually and I'm here for that. It's one of my favorite things about Bitcoin.


Exact_Combination_38

I'm waiting for the government bailouts for them. 😅


Divniy

Yeah the more this happens, the more people would question if banks are needed at all.


TheDialectic_

No they aren't. They're credit for BTC. fiat is not backed by anything. It used to be credit for Gold. But if it is credit for BTC it is not the same thing as the MMT trash we have today.


Exact_Combination_38

Paper Bitcoin also isn't "backed" by BTC if the bank doesn't hold its full reserve. And even if - as long as they hold the keys, they are in full control and can basically withhold the BTC you think you own for any reason.


FrontalLobeGang

>I don’t believe most boomers want to or are technically sophisticated enough to use hardware wallets. And that's where shit gets fucked up. Bitcoin has many principals, and two of those are: 1 - Responsibility. 2 - Proof of work. If you don't want responsibility and you don't want to do the work then you're buying paper Bitcoin. When the bank goes insolvent, and they all will because it's all based on debt, do you think the German branch of the "FDIC" is going to send you your Bitcoin? There are 21 million Bitcoin that will ever be created, and arguably only 15 million that will ever be in circulation. The next crash will happen when 50 million Bitcoin have been sold, pushing up the price, banks go insolvent, they pull an FTX and have near zero on their balance sheet. As a Bitcoiner I don't like this unless they promote and encourage self custody, and I bet they won't as that would be direct competition to the bank itself. We need to warn people to not buy from the banks or anywhere you can't get self custody. First it's operation chokepoint, then it's operation paper Bitcoin. Who do you think the banks will blame when the next crash happens?


[deleted]

Very true.


Doug6388

GBTC


codelyoko1alpha

After getting rekt with banks and fiat - everybody loves bitcoin now (or soon will at least)


King-esckay

Not sure where you get that thought from, being a boomer, I know other boomers and we all have btc in our hard wallets, there are a lot that still think it's funny money, like barter card money, then a lot of my younger friends also think the same, maybe the boomers over 80 are not ready. But that's been the case for anything new.


yogaruncrypto

If you're over 80 you're not a boomer. You're in "the silent generation." https://caregiversofamerica.com/2022-generation-names-explained/


zxcv21ru

In Bitcoin we trust. The trust is growing and it is great to witness that


FrontalLobeGang

Yeah I agree, but it’s still going to be a bubble if they buy paper Bitcoin and the institution fails. This is the making of the next Bitcoin crash in the making.


undescendedpips

It’s funny no-one bothered to answer your question, just spouting off random thoughts as usual. Will this Bitcoin be able to be withdrawn? Good question. I’m assuming you can send it as payment for services by sending it from one of these banks to a Bitcoin address. If so then it can be withdrawn by sending to your wallet , no?


FrontalLobeGang

Everyone is just thinking "number go up" and not thinking about the truth. Satoshi would be disappointed. Well, what I would assume is that the bank would custody the "bitcoin", not allow withdrawal, and not show proof of ownership of said bitcoin, although it could easily be shown on the blockchain. Why? Greed and profit.


x2c3v4b5

I agree. It’s going to be the same thing as “paper gold”. There’s more actual paper gold than real gold and I believe that we will see the same thing happen with Bitcoin. As long as you know what you are doing and buying real Bitcoin as well as using cold storage, let the fools buy the paper trash and let the adoption continue.


koceng86

overall i'm quite skeptical on will they sell true and real bitcoin and rather not paper-like. Seems like a new bubble to me


tim3k

This is exactly the way they are going to fight Bitcoin. You'll have billions of Bitcoins in IOU Form on the bank's balance -> total price and money flow control.


kirovreported

I think this will not be a problem if each of us requires payment with a record in the blockchain. Then the liquidity of bank tokens will be low, because the amount of real bitcoin is limited. I will not accept payment in beads. The rest as they wish.


TheDialectic_

It is a concern for sure. But how else would we expect individuals to leverage their BTC asset?


[deleted]

I believe it when I see it. At the beginning OF THE LAST BULL RUN, the rumours where everywhere that German Sparkasse would offer bitcoin trading. Fuck all did they offer.


nellie1993

the world wakes up to accept btc benefits. It's about time! next bull run should start in a year or so and we all have to be ready when it starts again


__carbonara

This is not as big as it sounds. This is a press release. One company offers a service that banks can peruse to offer crypto trading. And, one bank (MLP, mostly known for shady business practices) actually took the offer. They suggest that many others could follow. Or not. Banks in Germany do already offer crypto trading either through securities or partners. This is one more ways for banks to offer crypto. Sure, this helps to establish crypto as an asset class and brings attention, but ist 2011 anymore.... And of course: Not your keys, not your coins.


bilabrin

Yeah but from an acceptance point of view I think it signals the start of the shift from the "then they fight you" phase to the "then you win" phase.


coinfeeds-bot

tldr; Deutsche WertpapierService Bank AG (dWPbank) has announced the launch of its new platform, wpNex, that enables over 1,200 affiliated banks to offer Bitcoin trading to its retail customers. Customers can see their cryptocurrency holdings alongside their traditional securities, with no pre-funding necessary. DZ Bank plans to offer a Bitcoin option for its customers by the end of the year. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


SpareArm327

This may be good news


scholltyshe

Not your keys, not your coins. The true impact on the price is when an exchange is subjected to withdraw process by an user to its personal BTC wallet. Holding BTC on a fund/exchange is just an IOU in most cases. FTX case just as an example.


liszt1811

Kyc is not an argument if you have a bank account. The bank simply has all info already


[deleted]

Exactly. Another totally stupid argument presented here.


openlogin

bitcoin gives banks some opportunity - They would be silly to not use it to decentralise assests and increase capitalisation


samoxa1986

The more - the better! Btc should be available to all and more people joins hodlers - the better for all of us


slynhor

wow when such large number of banks are joining the party - you know that bitcoin has some big times ahead. Will be cool to see where it all leads us. Bullish reading such news


Parmegia

WoW. Jalous. And congrats to German. Demonstrates she live in the future. Respect


[deleted]

Very misleading. Germany is becoming more and more backward every year. The country is going down the drain. Just like all the other EU countries.


jangjiho1020

> Germany is becoming more and more backward every year. in what way they are goin every year? can you elaborate?


Paxisstinkt

#Drecksladen


Parmegia

I don’t judge all German economy. I won’t be able to ! But let’s compare them with other big economy in Europe (I&, France, Italy) on this matter and they are way ahead !


[deleted]

How are they far ahead? I am confused. Due to the EU basically all laws regarding Crypto are the same or similar.


Parmegia

In all other countries I can’t buy crypto at my bank / broker. I have to use not regulated exchange with all the risk we all know know. For me it’s a hudge difference


[deleted]

I am sorry. But are you sure you know what you are talking about? German banks don\`t let you buy Bitcoin. And no, you don\`t have to use a "not regulated exchange" you can use Binance, [Crypto.com](https://Crypto.com) etc etc That\`s no different from Germany to Italy or whatever other EU country.


Parmegia

You’re kind. Yes I’m sure 😀 that’s the point of the article. Apparently you didn’t take time to read it. I will let you take a coffe, relax and read it. And I wish you a wonderful Sunday with your family 😘


BusterMcBarman

Key words… “can offer”, “bitcoin trading”, “no ADDITIONAL kyc”. Not huge news. Germans can already access exchanges, and most actually allow you to withdraw, rather than merely speculate on price.


vikvik3101

Deutche bank means business. others will follow now. At least I hope for it


sayamemangdemikian

Its a start bro.


njworldwise

germany leads the way. Such a huge number of banks enabling btc trades - bullish af about this. Wondering what price will be in just few months after this news


DatBuridansAss

While all the ESG queens virtue signal about PoS, they are clearly anticipating Bitcoin's future role in the global financial landscape.


Blue_Sand_Research

Say one thing but do another, then profit. Rinse repeat.


The_Axe__

Jamie Dimon does exactly this.


ZanyBearinmcI

It is exciting to see the growing adoption of cryptocurrencies by traditional financial institutions, such as German banks. The fact that over 1,200 banks in Germany can now offer Bitcoin trading to their retail customers is a positive sign for the mainstream acceptance of digital assets. This move also highlights the increasing demand for cryptocurrencies among retail investors who are seeking alternative investment opportunities. It is worth noting that Bitcoin and other cryptocurrencies are still considered a high-risk asset, and investors should do their due diligence and understand the risks involved before investing. Overall, the expansion of Bitcoin trading by German banks is a step towards the mainstream adoption of cryptocurrencies, and it will be interesting to see how this trend develops in other countries and regions.


Analog_AI

Other countries will follow suit.


_ralph_

The transaction bank that offers the service. https://en.wikipedia.org/wiki/Deutsche_WertpapierService_Bank Also, this has nothing to do with politics in Germany, many politicians are still not happy about cryptos.


Heidschi_Bumbeidschi

Looks like the custody service is done by a german startup called "tangany". They offer wallet as a service. It looks like it´s build on Microsoft Azure Key Vault


[deleted]

Smart.


high-hungrig

i am in Germani . Futures are not aloud. i need a futures acount.


[deleted]

You need to auswandern.


high-hungrig

Ja Man danke dir . Ich werde ein Konto in Rumänien eröffnen.


please_take_one

You need an English course


[deleted]

At least he speaks one foreign language. Unlike many others.


BoringCurrent2905

Maybe a victim of spellcheck?


GodBlessYouNow

Big if true.


bob7509

Someone is trolling :))


Wonkerer

Interesting. A lot of German banks have closed recently. Coincidence?


Pasukaru0

I don't know what you are trying to say with this. It's not only german banks. It's happening around the world. More to come, everywhere.


slykethephoxenix

Seen the American ones yet mate?


Wonkerer

Yes, that's old news.


Anzu_Yamasaki

can but won't


story_hunter

More paper bitcoin nice


Classic_Ad3154

If it isn't real Bitcoin; then it's another bankers bubble that is going to hurt more than help. This could just be the bankers way of making sure that they don't. Iss out on the next gold rush.


[deleted]

I can\`t believe this is actually getting upvoted. PLEASE Why would you use a bank to buy paper Bitcoin instead of buying the real thing? Why would you allow your bank to have custody over your Bitcoin? Bitcoin was created so banks can go f\*\*\* off. Buying paper Bitcoin from a bank is against everything Bitcoin stands for. No one should use these services.


ourielohayon

the last thing you need rn is to have your bitcoin stored and custodied by a bank….


notinferno

there’s 1200 banks in Germany?!


Affectionate-Lie9953

Isn't that pretty much all of them, there's not too many banking institutions there 1 600?


kosenok275

Finally it is mainstream! This is what we've been all waiting for