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JamPower 1y ago

Good morning, #Nostr! I have a question: What would be the issue with banks acting as #Bitcoin custodians, especially if #companies need a legal framework to operate within regulations? It seems like the only way businesses can fully enter the Bitcoin era.

Some degree of regulation seems necessary for the entrepreneurial world. In my experience, I’ve encountered scams in business, and I find it hard to imagine a utopian world where everyone follows the rules perfectly. There will always be individuals with different #values, beliefs, and natures.

#Asknostr

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The Bitcoin Promise 1y ago

On the road to hyperbitcoinization, it is inevitable that the banks step in and play a custodian role. They can then also provide loans against #bitcoin. All within regulatory boundaries.

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The Bitcoin Promise 1y ago

Nobody controls #Bitcoin, but if the banks get too big they could attempt to play pricing games. And the banks are controlled by the state. So in extreme situations, confiscation of assets is also possible.

For us as self custodians that would mean that Bitcoin has become so valuable that the state wants more of it!

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JamPower 1y ago

Right on! Thanks for the detailed answer.

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freemymind 🇨🇭 1y ago

I think this is the only way for massadaption. Since there are many people without technical intrest or knowledge. So these people need professional help to hold their money. But in the end this is no problem at all. Giving your trust to a company or a person is something everyone does every day of its life. So why not with storing money?

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JamPower 1y ago

Agree! Thanks so much.

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Se7enZ 1y ago

Will the BTC be FDIC insured? 🤔

🤣🤣🤣