Some people celebrate that more and more banks are offering Bitcoin services, but it's not the same. You lose important characteristics of Bitcoin, such as permissionlessness.
Not only do banks, as state-regulated institutions, require full KYC, but the wallet you have there does not belong to you. And if you want to transfer your BTC assets from there to a self-custodied wallet, your transaction is still subject to scrutiny by the bank. For example, I wanted to transfer Sats worth only $8, and the bank promised a transfer time of about 60 minutes. Due to their 'internal review,' the entire process took over 48 hours. And the self-custodied wallet you transfer to is also doxxed through the KYC.
So it's best to forget about buying Bitcoin through banks; they are absolutely not suitable for that. Anonymous P2P, into self-custody, is still the best option.
Freedom Tech Architect / Alp
npub175…9g6w0
2024-09-19 05:24:18
Author Public Key
npub175nul9cvufswwsnpy99lvyhg7ad9nkccxhkhusznxfkr7e0zxthql9g6w0Published at
2024-09-19 05:24:18Event JSON
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"pubkey": "f527cf970ce260e74261214bf612e8f75a59db1835ed7e4053326c3f65e232ee",
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"content": "Some people celebrate that more and more banks are offering Bitcoin services, but it's not the same. You lose important characteristics of Bitcoin, such as permissionlessness.\n\nNot only do banks, as state-regulated institutions, require full KYC, but the wallet you have there does not belong to you. And if you want to transfer your BTC assets from there to a self-custodied wallet, your transaction is still subject to scrutiny by the bank. For example, I wanted to transfer Sats worth only $8, and the bank promised a transfer time of about 60 minutes. Due to their 'internal review,' the entire process took over 48 hours. And the self-custodied wallet you transfer to is also doxxed through the KYC.\n\nSo it's best to forget about buying Bitcoin through banks; they are absolutely not suitable for that. Anonymous P2P, into self-custody, is still the best option.",
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}