Bitcoin Forum

Would you, or would you not?

no

Why not? If you store 100BTC, next year you've got 110 BTC. I know BTC is decentralized but holding your coins on your local wallet or exchange doesn't grow your amount.

The rate is just too unrealistic.. The profit of the bank has to come from somewhere to pay your interest rates. They will most likely be doing some extremely risky investments to pay you then.

That's why the answer is no.

Neither does storing it in a bitcoin bank.

No

There is no difference with  real money banks here...

the difference is that real banks are insured against loss

nope i would not.

Based on the information you provide the answer is - no!
Will you put your money to bank which will just post such question?

http://imagizer.imageshack.us/a/img633/5318/plcoX6.gif

Hint : exchanges are the futurs "banks".

assume we live in 2020, BTC is a stable and trustable currency and the BTC bank is insured for losses. Would you trust your BTC to a bank with an annual 10%?

No, because bitcoin is created against the idea of central banks that are controling money and when you put your bitcoin under bank control so you do not understand the purpose of it

The issue is not the interest rate, it is the level of trust that the company has.  If a "bitcoin bank" offered a high interest rate, but showed very clearly how they used their deposited funds and how they were able to pay such a rate, then there is a real possibility that this would work.  10% interest rate is not incredibly high in the bitcoin world anyway.

I understand the purpose of BTC sir. I just see things in another perspective.

maybe; that depends who insured it against what kind of losses

i would say no because for yearly annual intrest 10% will be very low i can invest myself n other things and also i can manage my own bitcoin i know when to sell or buy or gamble invest etc...

Ofcourse there is.. Real banks offer interest rates under 1% at the moment.

Having a bitcoin bank offer 10x more is just screaming insane risks, there is not any option at the moment where they can make such an amount realistically.

If it is a bank holded and cautioned by a big company, a even better, a big bank, why not ;) !

Yes, I'd like to get on my BTC, but I wouldn't trust a sh*tty start-up though. I would only do it if HSBC, Credit Suisse, or a really old and respected large bank offers this kind of service. Hey, I believe in the blockchain, but I certainly don't believe all BTC entrepreneurs.

TBH, no. 10% is quite alot, and also with bitcoin's increase in price, it's unbelievable. So no, I wouldn't trust this bank with my bitcoin. I'd rather convert my coins into fiat then put it into another more trusted bank.

firstly. fiat banks do not invest customer funds.. its fractionally reserved...
lets say the bank had $1m of customers funds in accounts.
now separately
they are legally allowed to CREATE $10million into new mortgage accounts and its the debt interest on the repayments of the newly created mortgage money. that eventually bank customers see as their 'savings interest'.

customers funds do not get handed to potential home owners.. its just used as an asset measure to validate a banks liquidity and allow it to create money.
bitcoin cant do that.. the only way to make more bitcoin is to trade/gamble it on markets. meaning there is a risk of loss..
no one is going to insure that otherwise wall street(investments) would never go broke if they could insure losses.

so in short. no i wont hand my funds to third party for a year long. sorry.
OP i think you need to research 'trendon shavers'

F*** banks.

No, I don't trust any banks. That's why I use Bitcoin.

No, I do not trust third parties with my possessions. Third party involves a lot of risk. What if this "Bitcoin bank" gets hacked? Bitcoin does not rely on a third party and this makes it more trustable.  :)

HAHA Thought this was gona be a joke but i read to the end and had a laugh

ahh  :D  what about the idea that mybe next year your 100BTC becomes 0BTC because, well here are a few reason,

the Company goes bust,
the owner does a runner with all the private keys
a trusted employee steels the bitcoins
they get hacked
they lose the private keys

"if you dont have the keys you dont own the bitcoin"

BTC jam are doing P2P loans but even then you have risk of someone not paying back, so you spread the risk over say 100 loans.  if you have all your coins in a so called bank in one account, then in my opinion you are asking for trouble.

I would not, 10% annual interest rate sound far too sketchy.
How would it even be possible to offer those kinds of rates while keeping your funds safe?

I would assume that you'd need to partake in some pretty risky investments..

It is not rate of interest that matters to me but the credibility of the Bank that would be decisive point for me.If the promoters of Bitcoin Bank are reputable,and they have means to provide best security to bitcoins,then yes I would definitely keep my Bitcoin with them

Not currently.  In the future maybe.  Markets change.  Global / Regional interests rates change.  But currently the global interest rate average is about ZERO.  10% looks too good to be true.

This defeats the whole raison d'être of bitcoin, so no.

Bitcoin is disinflationary so naturally grows "sitting under your mattress" , if a bank is offering high returns , turning a profit and paying for employees and overhead you know there must be some sort of scam involved.

Do not trade your bitcoins for IOUs or promises.

it's funny, but I would trust my Bitcoin with my local bank perhaps but would never trust it with anyone on this forum or pretty much anyone in the Bitcoin world. There are so many fucking scams going on here that trust is nowhere to be found.

well I respect half of that comment.... but trusting banks is very naive. Bail ins, austerity measures and asset forfeiture is the new trend.

https://i.imgur.com/lcxyE0D.gif

Depends on where you live.  The banks in Canada are backed by the government, so I do have a fair amount of faith in our banks.  If the situation gets to a point where the government can't cover it, I will probably have more pressing issues than my bitcoins.

Do you realize that some countries have negative interest rates for the first time in history? We are in uncharted waters and governments are using new techniques to pay off their debts and reckless spending. Bail-ins are becoming popular and will come unannounced. You will wake up one morning and see a line outside of every ATM where you are allowed 100 dollars a day withdrawal maximum while they decide how to devalue your assets. -- coming to a country near you.

print money.




use simple words ... bitcoin is as simple as that : you can not print money with this system.
intact fund, intact economy (work = money), recycling of fund (bad money = justice) ... over decade.




trusted money over generation of humans.
http://imagizer.imageshack.us/a/img633/5828/td1zId.gif

If bitcoin price will be fixed at rates similar to standard FIAT currencies, then keeping your money in a bitcoin bank for a year could be beneficial for you.
But bitcoin's price is so volatile that there is no way that here will be bank paying for all prices shift. So after a year you can end with less money you invested initially into this.

And that's why I keep a pantry full of food and water, and a safe full of guns.   :)

I guess it's the nature of democracies, where one government doesn't care what condition they leave the country in for the next one, as long as they get re-elected.  Hell, leaving it in horrible condition might actually get you re-elected for the next one.

No, unless the bank was a previously reputable company with a fairly long history in the Bitcoin space, I would immediately think that it was a scam and move on with my life.

However, if it is a reputable company with a large history in the Bitcoin space, I would still think it's a scam and move on.

10% is absolutely massive, and is hugely unsustainable for a long period of time. Unless the bank was giving out loans like crazy, with fairly large interest rates, and, of course, inevitably leading to the fractional reserve lending that stems from such a system, it seems way too good to be true.

Hell, I put in $100 to that bank, and in a year I would earn $10. That is mind boggling. I can see earning $1/year when someone inputs $100, but 410 a year? Never happening until a cup of Tim Hortons is $30.

Suppose you had 100 BTC. I'm sure many of you do. If you put it in a Bitcoin Bank account and had 10% interest, you might find yourself in negative equity after that year, even with the new balance of 110 BTC. Its unwise to do this.

I would not trust my bitcoin to a bitcoin bank.
Even it will have an annual interest of 10%.
as its too good to be true.. we all know that theres a lot,
of scam happening in bitcoin. we do not know if this is also one of it.
and even the future if that happens... it will still not be good to bitcoin.
as if it happens... it will not be different to a fiat anymore...
:(

I would consider it if the bank offered reasons as to why it can provide such an interest. But you can get more than that investing in mining or loans.

I guess there could be two sides to this argument. If Bitcoin becomes the main currency for everyone and there are "Bitcoin banks" popping up, there would be a need for people to take out loans of some sort to start up businesses and that sort of thing. There is always sims type of need for loans, and therefore a market to make you and the bank that 10%.
Then you also have to look at the purpose of why Bitcoin was created. To stay away from the banks and become your own bank. Central banks can't just print away bitcoins which makes them valuable. So in order for someone to take out a loan, there would need to be a very direct plan of making substantial amount of profits.

Hard decision, but I know if the opportunity presented itself in the future my answer will still be no.

No, the whole point of having bitcoin is to not put money in a bank.

If I`d want a bank then I would hold my money in fiat in a bank.



Plus what bank gives 10% anyway. It's impossible to generate that high ROI with huge capital. Sounds like the Madoff ponzi scheme, he promised 10% APR too :D

I get it but my money has been safe in a bank for years whereas anyone in bitcoin looking to give you interest on a btc deposit has pretty much been a knave.  Yes I see the things you said but in the us for example the bailouts are the reason why your money is still safe in the bank.

But I could be totally wrong and I've been called naive before.

No, just no.

Nope, you cannot trust anything. Banks are a no no.

Banks are also just places that supposedly hold your money but they actually lend it out and sometimes fuck up the economy when they lose.

People are not aware how rotten banks really are. Banks were originally created to help people mange their money or give credits.
Now it is more like they are here to leech out our money above all else. I don't keep my money in a bank and won't store (if that was possible) my bitcoins in a bank either.

Why not, if it is some legit bank. There will be things like that in future for sure, some them will be scams, some will be legit. It will be on people to try to avoid to be scammed. Of course before giving money I will try to inform myself as much as possible.

I can get bigger interests investing BTC by myself. Even with fiat, in the correct investments.

Why should I do it?

I would if they have a proof of solvency audit made every few months to ensure that they are solvent. Even so, I would still be very wary and invest a tiny bit. Currently, there is no way for banks to make money other than loaning it out which is hard for a pseudonymous currency like Bitcoin. It would most likely be a ponzi.

Now you are comparing bitcoin interest to keeping fiat safe. That is not a correct comparison.
The interest you got in the bank is not even worth mentioning at the moment, inflation is even higher and also any taxes you have to pay over your wealth will top this easily..

No, why would you go to the other way of centralizing your fund when Satoshi had insighted that Bitcoins will be a decentralized money?

If i would trust that Bank enough and if i have coins i could afford to lose, i would invest there. PPl should understand that putting money (fiat, bitcoin, gold or anything of value) in to bank is investment, and moment you send money there, it is not yours money anymore. If you dont have keys of vault (physical or digital no matter) it is not yours what is inside. From perspective of average Joe, life is a Casino lol.

No i would not, banks can buy bitcoins directly if they want and not "playing" with their clients money and delay the withdrawals for sure.

only if they had insurance against anything, so my money are fully covered from hacker, server problem, the usual "we lost our backup" and shit like that

otherwise no, and i would prefer if my money were not freezed in the meantime while i'm earning this interest, i hate that shit...

Some of the larger exchanges and mining farms already provide this interest and their model is sustainable and verifiable. So it all comes down to transparency. If there s no transparency, I trust noone.

But do they offer a 10% interest rate? That is the part in worried about. 2% or something seems viable in current economy, but 10% is just waaay too high and sounds too good to be true.

No, I wouldnt do this. Why would I trust a bank with my bitcoins? I don't trust banks in general either. That's why I try to stay away from it. I don't trust banks with a savings account either. I can invest into bitcoin myself without the 10% interest and make more profits from those bitcoins rather than giving it to a bitcoin bank.

What type of bank are we talking? Maybe if they had a location and
I could actually go in and meet the people doing it etc. Which kind
of goes against what bitcoin is about.

But definitely no random bank on some website operated out of the
costa rica (some dudes basement who knows how to design a website)

If it works like a regular bank, I would have to decline. It's one of the reasons I went into bed with bitcoin. I don't have to pay any fees to even have a wallet. Transaction fees are also cheaper with bitcoin. With that 10% rate I could just hold my bitcoins for a couple of months and dump when a pump happens, it's possible to have made a 100% profit from that already.

I would consider it if at MINIMUM the following are in place:
- Some kind of insurance similar to the FDIC insurance that protect depositors at US banks,
- A guarantee that the CEO goes to prison if depositors' coins are lost, regardless of whether the loss was due to bad business decisions, unintentional negligence or criminal intent.

risky investment, no

Nope. I will never give a third party control over my Bitcoins. It doesn't matter how much interest they are promising me annually. My coins will always stay offline in MY control :)

I would have to say no to this. You can make way more money by just holding bitcoin for a year rather than investing it into a bank. Even when it is a bitcoin bank. There's a possibility you could make at least 50% profits on this. Just look at how much bitcoin has grown this year. If you were to buy bitcoin a couple of months ago, it was worth around $200 in October, if you were to hold on and sell right now that would've been 100% profits for you, and that's just something you would've made in a handfull of months.

Why would you give your coins to a Bank when you can just have them with yourself all the time???
And about interest rates, Bitcoins themselves give much better interest than mentioned in the title, so obviously a no from me too...

I would not I only trust if other people have some experience about it and what the rate of the bitcoin bank is.
Bitcoin is a baby for bitcoiners so always be safe what you choose.

I'm sure it's already been stated but isn't the whole point of bitcoin that we can be our own bank? Besides, if bitcoin is adopted worldwide and it continues to grow bitcoin will naturally gain interest and much more than 10% a year. Haven't we already grown ny much more than this this year alone and we didn't need to let filthy banks hold our coins.

The 10% a year is in bitcoin terms not usd terms. If you hold it by itself your btc will not grow, it may grow in usd terms but number of bitcoins held is the same!! I would like to have such a service given that its trustworthy, at least some proof of how they get their money.

Even if one to assume bitcoin overcomes volatility it is economically less suitable to be an instrument of debt due to its disinflationary nature. Banks would need to charge interest rates above appreciation from disinflation. This would indicate that only high interest loan shark "banks" would have a business model where they could share in profits due to bank overhead, volatility, and the extra infrastructure. I would not want to invest in any of these businesses even if they provided a service gouging the poor and uneducated needing payday loans.

There really isn't any viable ways for banks to securely promise those returns with bitcoin.

basically like having a sidechain that turn bitcoin in a pos coin, i can see this happening in the future, and why not, it is certainly welcome to have one

If it's a legit source then why not? Like lending for margin trading such as magnr or haobtc with mining service

Well I am not sure, but if no one of here trust it.
Then I wouldn't trust it too, I don't want to lose my coins.

The main reason for me to say no is bitcoin is anonymous and decentralized an its bank will be same. Without any physical And central part bank can't work as there should be someone responsible for the security of our bit coin.

By now banks are bound to fail sooner than bitcoin. Trusting coins to a central party involves a great risk and given the current financial situation that we have, the risk of holding your money at a bank gets bigger and bigger. The latter is of course when your countries financial situation ins't that good. But the whole world cannot escape this inevitable trap.

There shouldve been an IF with that question.

That is a big percentage for a bank though. 10 percent is huge. Hmmm I would say no for now.
The price is not stable. You can profit that 10 percent through exchange. Maybe a littlr risky but still a profit. Plus you dont know what could happen. What if it falls and you want your bitcoin where the price that you started putting it in the bank.

Yes my decision also would be No.
I'm not greedy to 10% interest because bitcoin value appreciations itself will fetch me more than that for sure. This may be the extra one. But I'm not ready to take risk with my bitcoins.

Really? They offer that kind of interest rate on accounts within their website?

In one way that would make more sense because it is an exchange and thus they can take some of their fees and convert them to interest as a means of generating interest in their site, but that still seems like an exceptionally high number.

If bitcoin gained widespread adoption and everyone was using it, I think you not would be able to get much of a return on a deposit since its basically a deflationary currency.  Most likely you would have to pay the bank for their security and storage services.

Yes, who the heck would give you this much return on your investment? This wouldn't be sustainable at all. Some pyramid scheme that would last limited amount of time maybe, but a legit business to pay you 10%, I don't think so!

IMHO
10%/yr sounds reasonable
dont forget that lending btc will always be way more risky (and thus expensive) than fiat. banks cant rely on freshly printed money if they need some, its irreversible and if someone defaults the money is away - but they still have their obligations...

No definitely not I will be more willing to trust my wallet than a most probably shady bank

100% no. It's pure and simply not possible without it either being a flat out scam or unacceptable risky. Anyone who did go for it would be just another mindless sap waltzing into oblivion.

It mind sound reasonable if you would have a half decent company out there that you could trust but something like this still doesn't exist.

If Coinbase would start lending with 10% annual interest, would you lend them?

i dont trust coinbase ;-)

if eg gmaxwell would start a lending-service and would collect funds and says he is insured i would.
a while ago i lend money on bitfinex with success (ok thats somehow a little safer than normal lending because they cant withdraw - so only the usual counterparty risk applies)

Mtgox 2.0 no thanks.  Maybe if it was regulated in some way so there's no risk of running with my coins.

no wait we are not talking about an exchange here, but about a bank, that give you interest on deposit, did mtgox gave you interest on deposit? no

also they would be covered against any issue, like banks that operate in fiat

OK, fair enough! I pulled Coinbase just like that, it was the first one that came to my mind! :)


It is pretty stupid idea, but I bet someone will open one and many people will use it. You'll see!
Also 10% is quite high in my mind as well!

I'm not aware of any legit "Bitcoin Banks". All of them are scams of some sort(such as HalleyBTC)

If that was the case then yeah I'd probably use one.  Especially if I wasnt using flat at all anymore.

And what if bitcoin price drops from 400$ to 100$(or less)?
Will you care about that 10% annual interest rate?

I would wait for atleast a year to check if the bank is genuine and trustworthy. It would be then I would invest bitcoins in parts (max 0.2 BTC).


Is HSBC or HDFC do start accepting bitcoins, I don't feel they will offer over 3%-5% but still I would store my bitcoins there. Better than keeping it in blockchain that can anytime be closed down.

Whaat?
Of course not. The word Bank sounds like heresy to me. It is way dirtier than whore.

Bankers need to go to work on the field to reevaluate the cost of life.  

I am my own bank and do not need interest rate on deflationary in nature currency which is decreasingly inflating at the moment.

The deflationary nature doest grow your bitcoins. A trusted company who can use your dormant bitcoins and pay you back more, I would put it there. 10% seems pretty reasonable considering the risk associated with bitcoins

I would not trust anyone to keep my bitcoins for any interest as I am in Bitcoin because of decentralization and freedom of usage and being my own bank.I will keep in my possession all my funds.

It would all depend on who is running the bank, how they make their profit to give you interest and what the thoughts are of the community as to its trust factor after it has been in business for at least a year.

I the bank seems to have a good reputation and could be trusted, i should be fan of this.
Why not. 10 % should be good i think.

Even Bank with pristine reputation can fall in time of crisis. Have you heard about Cyprus and more recently Greece? Money people kept in banks were grabbed by government to save country's economy.
That of course, without consent of people. In fact that money were simply stolen. Why do you think it will be different with bitcoin bank?

Yes that's correct. If there is only one bank who will store all the BTC, it can go wrong as with some other banks.
Maybe it should be better that a lot of banks all around the world with good reputation should accept BTC and you can deposit your BTC there.

I definitely would not trust my Bitcoins to a Bitcoin Bank with annual 10% interest rate.

Firstly because you can easily lose all your money if you put them in a bank.

And secondly I believe that Bitcoin will gain more than 10% in dollar value in a year.

Wait, are you talking about a bank which offers 10% interest rate in Bitcoins? Then it is 100% scam.

If it would be a known bank when i would invest in it, then yes, i would probably trust them with a few BTC.

No.

A big part of why I like bitcoin so much is that they the banks don't have control of it. I like being in control of my own money my own bank and that is priceless. Ten percent is not even close to me selling out if at all. The question I would ask is why and how can they give the interest rate when they are not printing coins?

I wouldn't. Just because of the fact that I believe I could make much more just holding my bitcoins rather than put it in a bitcoin bank.
Plus if this bank would work like an actual bank they would be able to give out loans. Giving out loans would mean that the bank would use other people's bitcoins to give out those loans.

Never! Bitcoin banks will be regulated by Government as they will have to pay taxes and they have to agree on certain government rules like "Don't loan out more than 1btc's with 10% interest"etc.The minute government and this commercial banks come into picture ,I get insecure about bitcoin's existence and smooth flow that we have created .

I can think about that. If the bank gives us 10% annualy in terms of amount of money, then i will not invest in it. But if the bank gives me intrest in bitcoins, then i will definitely invest in that bank.

Hell NO!

Even knowing and being an atracting interest ,and well the potencial income amazing ,where the banks would generate those ammount? Playing exchange?No one would request a loan to pay 10% when they can have the loan for something like half or less %.Sure some people would give a try if there is a well know person or big bank,into such project,but put a company into the interest would allow government to tax the company and control the bank soo the answer would be no ,no way to put my money into bank to government control it once again.

The problem is bitcoin moves like hell this days. If you will take interest through bitcoin what would you prefer. I mean in what way would you like to profit. still the best profit is just holding your bitcoin for a price increase.

check haobtc. they have an interest paying wallet. the btc stored there are used to fund their mining operation and that's how hey generate interest

But main question is they are legit and honest,running a business with a model to always profit or is just another ponzi project to pay in the begining and then run away.Its weird no one had talked about those  haobtc project or well im outdated i didnt saw nothing.

Given the condition that my funds and annual interest profits are strictly in bitcoins, i would be interested in the idea.
10% a year sounds like something realistic, they could make profits in giving loans @>10% and payout their clients that are saving.
But idk, there's something about banks that's repulsive, so i'm not sure i would make such a step.

cheers

if it was a legit company bank like coinbase or something then definitely yes. but if it was something someone just created then i wouldnt, mainly because of the lack of credibility.

10% seems unrealistic. 5% or 6% would be much more likely to happen.

If it's a legit bank I don't see why not, but that figure is just fantasy really, why would they offer such high rate when you can't even get 2% in most banks with dollars?

Also I don't think Bitcoins and banks really mix as of today, they prefer to see Bitcoin as something evil, it's more like an enemy. Only startups, tech companies and entrepreneurs adopted Bitcoin so far.

So unrealistic. So, no.

10% seems small to bitcoin at this rate better be 15% or more also i will never trust a bank with my BTC

No, it is not small at all. But the problem lies in something else. With bitcoin volatility is is hard to guess price of BTC in 12 months.
If that interest would be payed from the initial value of deposit we have a problem - this value could be lower that bitcoin price during the year, and that mean your potential loss, because you could react and buy/sell to prevent this outcome.

It would depend who is behind the bank.

An anonymous party
> Hell no!

A branch of a large international bank
> Sure why not. If they have reasonable fees and provide 10% interest I am prepared to give in some privacy.

If it was a big bitcoin company that made the bank, I would trust them. If it was some unheard of company, no way.

There's already something like this that is free (IIRC); it's called online wallets, specifically ones such as Xapo. Those tend to be horrible when it comes to security and support, but you get what you pay for (or, in this case, what you don't pay for).

This interest rate seems to goods to be true. Are you trying to make us lose our bitcoin. If you leave the bitcoin in your wallet, your will still earn money as the price of bitcoin is increasing.

no i would not,i dont interest with bank just because they dont have a good rules for make profit,that annual 10%? i dont know how they give us annual,and i will choose trading with less profit or keep storing my bitcoin for price increase.
anyway,is there any bitcoin bank on your country?

No way, that rate have scam written all over it. Secondly ;), bitcoin bank? Everyone in bitcoin are their own bank.

Coinbase is doing sample tests with holders...

No.

Bitcoin bank wont happen ,even with 10% we are at bitcoin because we dont wanna to pay anymore those high fees they take ,the montly fee and the credit fee.Sure 10% would be great return but remember to bank offer such they would need to loan above 10% and no interest to it,even if they play with the bitcoin value it would be very risk soo better stay away from any idea like this one its currently impossible to offer such service.Banks usually ask 10% and take around 33% from any loan ammount soo if a bank can reduce this and force the people to pay the loan maybe one day this can be possible,but now its impossible to banks force you to pay.

10% interest rate per year is not enough, I think rate must be higher. And the second question would be the trust - how can measure the BTC bank trust, if you are going to transfer them higher BTC amount ?

If the rate is too high,  over the level any legit businesses can afford to pay, I can guarantee the bank is Ponzi! I have a link share with you http://coinour.com/index.php/earning-bitcoin-interests/
The Bitcoin banks are backed by the underlying solid business , like Chbtc, Huobi (top exchanges ) , and mining industry Haobtc . They are paying stable interest for a few years! You could try with small part of your Bitcoin!

10%? good luck  :-*

If it was a real bank I may put some coin on deposit. Real bank definition is insured by a government agency though. This kind of defeats the purpose of Bitcoin.

I think we may see some of the exchanges offering banking services at some point. If they are going to go thru all the trouble of getting a license etc. They would be stupid not to take full advantage of it.

With Bitcoin I can be my own bank.
And never would I lend out my BTC to a bank, not for 10% and not for 100%.
To me this is a case of "stick to your principles". Bitcoin and Bank --> No way!

There are already some exchanges doing the interest and allowing people to get loans to invest ,called margin trade ,and there are lending program running at some exchanges already as poloniex,bitcoin wont have a fiat bank connected to bitcoin world atleast not now.

yeah, I think the rates go up close to 10% a year. this is legitimate way of earning bitcoins. Bitfinex does this too. anyway isn't haobtc offering a similar rate?

yeah but this is different, the thing that exchange those is to encourage the usage of their exchange and you put your money at risk, with this idea of banking give you interest, you don't really invest

you just lock your money like in any normal bank for a year, and they give you 10%, your funds should be fully covered by the government, otherwise it may look like a ponzi...

In Bitcoin world, it is normal for more than 10% interest rate to attract bitcoiner due to bitcoin's volatility. Haobtc offers 6% interest rate for just using the wallet! If you move the coins to finance fixed account, you will get more than 15% interest for one year fixed deposit!

I would not.  There is no government control with Bitcoin and there is no insurance company out there that is willing to insure a Bitcoin bank the way the FDIC insures the banks in the USA.  The banks make money when they have money deposit from customers, because the insurance they get allows them to loan out up to 10 times the amount of your money in the bank.  So if you have 100k in the bank, the bank can loan out 1,000,000 to customers at a 10%+ interest rate and in return make 100% profit in one year on the money you have deposited.  With out that insurance, a Bitcoin bank would have to charge interest rates near 25% in order to stay above water, so your bitcoin would be there with no security and basically be one of these hourly rip-off sites like Hourlyweb.com or BTCFlex.

The higher rate, the more change you will get scammed! 10% should be reasonable! Even for the big popular trusted Bitcoin related business, you might be safe to deposit coins there but there is still small chance they get hacked! Just invest what you can afford to lose!

I also agree that the higher rate the more chance you will be scammed.  Bitcoin is the owner of the people and there is no way a big business is going to take control of it in a bank form and make money.  If they try this, the people will not pay the high interest and will walk away.  SAY NO TO BITCOIN BANK

There's one simple answer to this question & without going into any detail - NO FUCKING CHANCE!

It would defy the whole logic & point of bitcoin, I am my own bank with bitcoin.

absolutly not bank dont deserve to keep a wonterfull currenfy in their vault and even the do it i will not gonna support them .so no i wont trust banks having bitcoins

what if it's a wallet that pays interest? like magnr or haobtc

Yes, but just for a small amount of Bitcoin not for all of my Bitcoin
 ;)

This idea sounds similar to the Bitcoin Savings & Trust ponzi that fell apart in ~2012.  They were offering huge payouts with a similar interest rate.  How would this bank even make the 'interest' that they were paying out?

Because it's suicidal... what guarantees that the bank will be there next year to give your money back?
Even if it was perfectly regulated, consider the fact that governments are free to take money out of the banks to deal with their bullshit.
I think to consider this at this point is to not have learned the lesson yet.

through mining or interest on loans such as for margin trading. would that help?

I trust some fiat to banks. That's too much already. No, a Bitcoin bank will not have success.

But who owns the bank? Under which country's jurisdiction?

if it's a private company?

No, because it would ruin of the purpose of Bitcoin.
A decentralized money

Probably not, because it might raise 20% in that time. Even if they caluclate that in, still no, because i like it in my own wallet.

No really.

Both mining and margin trading are high risk activities.  I would not want to risk my bitcoins for only a 10% yearly return in those kind of actives.

Why would I entrust my money to some kind of third-party 'investors' who promise to use my money for them to invest and return it +10% interest when I could probably do greater profit myself? Completely nuts, sounds like a ponzi and not feasible in the long run unless they're generating such profit without risks (which is not going to happen.)

I doubt bit holders of bitcoin would be interested into those,their name will be connected to the fortune,the most bitcoin holders love the fact they are anonymous and rich soo why to change,besides those bitcoin purpose is take control of our money from them soo why to let the money for 1 year or more at some bank backed by government ? To they control you ,they say you cant retire or you will loose those income  and a fee willl be taken off?We can get those income investing time,and being doing some lends ,exchanges montly soo why to let others control once again our bitcoin, no way.

No why would I do that if I have my own wallet that I like.
The only think what I can trust with my bitcoins is where people have a good experience and my own wallet.

I wouldn't trust my Bitcoin anywhere but on my own Trezor.

No way. Banks are exactly what is wrong with the current system.
Not only of their high fees, but more because they make be dependable on them.

I know some people would trust their bitcoins into some banks,with the concept of growing the ammount,but we all know that there is a limited numbers of coins running ,soo this in something like 10 years would be insane,imagine have 1000btc and all years have more 100bitcoins,where would the bank get those bitcoins from exchanges?I believe if a bank happen this way they will go into exchanges invest the bitcoin and wait to try to reach the 10% along the year but well this wont will become true because the most of us wont invest a penny ,without a garantee.

i wouldnt trust my bitcoins to a bank for such interest for sure because in my opinion it should be impossible to make that much money anually just from investments they would do or something like that i would better keep my bitcoins safe in my cold storage

At crypto world is possible to make that income,in one day or even a week ,lets say they spend 7 months tradings to get those income,the rest would be their profit,but we all know that exchange may turn into loss,the same way as forex,one of those two options would be the market they would be at to cover such income.If i could make a 10% year alone with my balance why i would take others capital,to maximize my income,sure it would be great to invest 500 btc and get 50 instead some 0.05 or above,but well if any bank opens with this offer be sure that is a reputable bank and well good luck.

The interest rate given by a bank shouldn't matter since it's better to not leave your coins anywhere beside in your own control. Even if they offer a fairly low, which might make them seem a bit more legit, then still I wouldn't leave a single Satoshi there. Holding Bitcoin gives you the best interest rates in terms of increasing $$$ value. And the best thing of that is, that you have 100% control over your holdings. :)

Talking about banks, I just had my bank account hacked and ~ 400 USD stolen from it.

The bank, which is responsible for the security of my account, has frozen all my acces to my money and is giving me a really hard time getting my money back to me.

So, the answer to the OP is,

NO FUCKING WAY


Ironically, today I got my Ledger Wallet from the mail. So that's where my savings are going from now on.

Which bank are you using?

Absolutely NOT..because if somehow that so called bank scammed me,i can go no where as bitcoin is anonymous and can not be governed by anyone..if i still have to invest for 10% annual interest then instead i will first sell my btcs and then invest it in local bank which will be safe too.

I wouldn't trust a bank unless there is some kind of assurance that they wouldn't just run away with the money, like the fiat ones do but I can't say about others, people are too careless with their money, you'll see a lot of them investing in Ponzis, HYIPs and so called "Cloud Mining" companies and they give no collateral loans to anonymous strangers they meet online. And those people will not think twice before investing in such Bitcoins bank and believe it or not we're going to see these sort of banks soon and people are going to invest in them like idiots.

that is actually quite true. anonymous nature of Bitcoin makes it hard to govern and hence the higher risks of scam. but usually with bonds, higher risk equals higher payouts. that would warrant higher interest rates

Security is what bitcoin can offer better then any other.Banks hackers can easy steal any money from us,they havent a good service to control our money,they have securitie issues a nerd person can easy hack banks accounts,bitcoin need to get the key the identifier and now the 2fa key,soo as i know its almost impossible to break all these walls.

No way. The reason i came into bitcoin was because of the control banks have on you and your money.
Sure i like interest, but i like my money more. More then interest...

I'm surprised that so many of you say that you trust current banks. One of the reasons for the creation of Bitcoin was that banks can't be trusted. You think that deposits are insured - look at Cyprus and think again. The EU has just passed a law to allow bail-ins.

The thing is we cant trust but we have no choice besides bank were would we use our money or let it?We need to have money to spend later if and when we need and only banks are a safe place to store.

The intention of Bitcoin = no banks.  so no.

10% on a deflationary currency (at least in the long term) is way too much to expect.
I will be happy with a much lower rate (assuming that the bank is well rated).

Im sure the most members here would deposit their bitcoins dreaming the 10% year since the most arent able to make extra bitcoin,and the most are loosing instead growing their portfolio and just a great and big bank could do this but i doubt this will happen.Maybe some scammer will use a bank name to try to fund his or her project and steal a lot of bitcoins.

Absolutely right!
But some people would go for this I believe.
Imo this would be dumb!If you wanna have control over your money go with Bitcoin.
If you wanna go with banks, stay with fiat.
And 10% sounds scammy!I wouldn't trust this so called "bank".

It goes completely against the concept of decentralization.  Especially if its fractional reserve banking.

If a big bank opens this feature related only to bitcoin i doubt they wouldnt get any deposit,to earn 10% over a year doing nothing its a dream that fiat wont give to anyone,even knowing that bitcoin bank would act against bitcoin concept.

Yes but it would be a risk. Probably wouldn't put all in at first but as it develops more of a positive reputation I would put more in

Hell know I wouldn't trust any bank with the one currency they don't have control over. Start letting them loan out your Bitcoin and extort interest rates from the victims/customers then in a very short amount of time they would corner the market as usual.

The above is a disaster for Bitcoin but you would clearly get many people fall straight into their game and hand over their Bitcoin. Tut tut.


You answered your own question lol

But where to find such a bank. Do they exist?
Banks are very risky to take Bitcoin at interest. Constantly changing course, and after a year can happen trouble.
In fact, 10% are not so much.

10 percent for how many months right? Or maybe a year. While just watching how bitcoin rise or fall you can earn some in a week or sometimes just days. Including trading those other currencies.