Cryptocurrencies have existed in their early forms since 2009, when Bitcoin, now the oldest and largest representative, was launched. The path they have traveled in the meantime is impressive. It took some time for at least something to emerge from their niche existence, but since around 2015 the topic of "crypto" has become more and more present.
Just two years later, around 2017, the price jumps of the major players in this area caused a global stir. Interest suddenly went beyond financial and technology experts, so that private investors also opened up to the promising money. The increases in value in the following years proved them right and brought investors enormous profits with cryptocurrencies. Despite the highly volatile prices, digital money is a profitable investment in the long term.
Acceptance of crypto in society is increasing
But in addition to the price rallies that are keeping the stock market on tenterhooks, cryptocurrencies are now a lot more. Acceptance in society is increasing significantly and the understanding of crypto is also becoming more pronounced among the general public. There are now many contact points, especially on the Internet, where the most common cryptocurrencies are already accepted as a means of payment.
A number of trends have emerged, especially in the gaming industry. For example, among digital casinos, Bitcoin casinos that specialize in dealing with cryptocurrencies are increasingly common. Deposits and withdrawals can be made easily using the virtual currencies. In other areas, even gaming tokens have found their way onto the market. The metaverse also has an important influence on the topic, as NFTs also play an important role in addition to cryptocurrencies for payment.
With banks like Sparkassen and Volksbanken starting to explore cryptocurrency, it feels like crypto is moving into the mainstream. This could even shake up sports betting as we head into major events like the World Cup. If you’re into sports betting and want a look at the latest odds and tips for the tournament, check out this guide. It’s interesting to see how crypto and traditional banking are coming together—and it’ll be exciting to see how it affects the betting world.
Volksbanken and Sparkassen with different approaches
Blockchain BitcoinThis clearly underlines how important cryptocurrencies and the blockchain are for our everyday lives. The past year in particular is often described as the year in which digital coins found their way into the mainstream. The latest projects of the Volksbanken and Sparkassen also show how well they have arrived there.
Until now, interested investors were only able to purchase or trade cryptocurrencies if they used an exchange or broker that allowed access to the market. Although the major players among them are quite straightforward, established and secure, you had to bring the basic understanding and the corresponding research yourself, which is why many still viewed it with skepticism. Now the two banking groups also want to open the door to trading for their customers. However, this does not mean a universally applicable concept, as the decision still depends on the branch.
Volksbank Bayern enables trading in Bitcoin
The Volksbank Bayern Mitte was one of the first locations to put the project into practice and has been enabling trading in Bitcoin since April. To do this, it has its own BitcoinGo trading portal for investing in the cryptocurrency. It also offers Bitcoin products in VR-OnlineShop. The approach is quite comprehensive and paid Bitcoin information sessions are also offered for detailed advice, secure storage is also to be guaranteed and wallets and the VR Bitcoin GoCard round off the offer. Other currencies are not yet in the repertoire, which is due to uncertainties regarding the security and value stability of other coins.
Money riseThe savings banks, on the other hand, have not yet fully decided on the project, as there simply seem to be too many unanswered questions for them. There is talk of too many risks for customers, and it is also a form of investment that does not fit into the concept, a spokesman for the savings banks said. Other regions are optimistic and, as with the Volksbanken, the final decision is made more or less individually at the branches.
Banks and financial service providers get involved
Offering trading for customers as a house bank has some advantages. This includes obtaining information on the topic, which will work much better in a personal conversation with familiar employees. There will also be corresponding employee training, which will increase the general understanding of digital money. It would therefore be a further step towards suitability for everyday use.
Banks and financial service providers are getting involved
Offering trading for customers as a house bank has a number of advantages. This includes obtaining information on the subject, which will work much better in a personal conversation with familiar employees. There will also be corresponding employee training, which will increase the general understanding of digital money. It would therefore be a further step towards suitability for everyday use.
Customer requests make it clear that trading in crypto and other digital currencies is becoming more and more attractive to more and more consumers. The desire is to have options for trading directly via the checking account. Commerzbank is also following the trend of these developments and was the first bank to apply to the Federal Financial Supervisory Authority for a license for crypto custody. The banks have the undeniable advantage of being able to address a new customer group.
Other companies in the financial world are also recognizing the increasing importance of cryptos. PayPal opened up the possibility of buying and trading in the USA and Great Britain in 2021 - an option that is also to follow in this country. A stablecoin called “PayPal Coin” is also set to come onto the market and will be linked to the US dollar. Mastercard and Visa are also in the process of integrating cryptos into their systems, which would give a huge number of customers access to the digital currency.
