Bitcoin and the Banking System

To this day, I want my bank to know nothing about my Bitcoin-related purchases as in the past they have been nothing but anti-Bitcoin to their customers. A few years back I had an acquaintance tell me their friend’s account was closed simply for deposting a check that had “Bitcoin” written on it and many a story of Bitcoin-related companies having to jump through hoops trying to find banks to work with but is any of this surprisising? Not one bit

Bitcoin and the banking system: Slammed doors and legacy flaws

“Despite Bitcoin’s (BTC) promise of a peer-to-peer world, building a Bitcoin-first business in 2022 still requires third-party intermediaries. Whether it’s startup capital, using fiat money or simply exploiting fiat payment rails, Bitcoin business means interaction with the legacy financial system.

A necessity for the vast majority of Bitcoin-based businesses, it means that they probably need a bank.

Cointelegraph spoke to Bitcoin-only businesses about their experiences working with banks, given that ultimately, Bitcoin gets a lot of bad press in mainstream media. Plus, some of the banking industry’s biggest supporters love to bash Bitcoin. Ben Price, founder of the Bitcoin Company, recently shared that they’d lost ‘dozens of dozens of banking partnership opportunities simply because we’re a Bitcoin company.’”



Master Asked on August 24, 2022 in Bitcoin.
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