Bitcoin Forum

https://bitcoinmagazine.com/articles/global-digital-bank-wb-starts-accepting-bitcoin-deposits-1466103194/

According to this article it states that Digital bank WB21 announced that it has added Bitcoin as a method for its customers to transfer and deposit funds to their checking accounts. WB21 customers can now send Bitcoin to make real time account deposits in any of the 18 currencies supported by the bank.

This is the first time we will be having a bitcoin digital bank and as of now they are located at California, Switzerland and Hongkong.

Is this a good news or bad news, whats your say?

In my opinion this is totally bad news for me , because I am also a Bitcoin trader and making deals in the Bitcoin to buy and sell daily for the fiat ( USD and local money ) .
But if the Bitcoin bank will start then surely most of the persons will use Bitcoin bank and that will be results into the lake of the customers for me and finally this will steal my job of Bitcoin trading . So I don't like it , but idea of Bitcoin bank is good :( .
Here also another traders in the Bitcoin field , will also leave Thier job of trading .

It's partly good news for me because it's about time someone in the banking industry actually realises that bitcoin is going to be the future and start to capitalise the idea of bitcoin. We're getting very positive media coverage here, essentially free as always.

But still, bitcoin does not need a bitcoin bank to survive the same way fiats need a central bank and commercial banks that branches under the central bank to survive. It's not all good news when people start depositing their bitcoins into a central entity, when they can store their bitcoins in their own private keys more securely and efficiently. Think about all the hacks involving btc, and all the scams.

The fundamentals of what a bank means will be different because they won't be able to create credit in the traditional sense.

The Bitcoin bank will truly have to back all of their assets with other cryptos or Fiat in order for savings account holders to make a return, and there will not be a government to bail out anyone. If they go out of business, good let getting your BTC back.

It's hard to imagine right now. But when we get started then it will feel more. BANK bitcoin could have a different way of working and systems with conventional BANK today. Now it must have started to emerge an institution that dared to take on this role, they should start implementing BANK bitcoin design in real life.

Is this real?

I am not an active trader but for.sure this will affect those who really trades bitcoin to dollar to local money, they have now big competetor.
For sure those who buy coins will try their services and those traders will lose their “job” and lessen their income because of this.

And for sure the feature of bitcoin will be broken for this, like the anonymity of each user of bitcoin bank because you have to sign message, put your name every transaction done or made, put sender's name and also signature, which totally broke the big asset and uniqueness of bitcoin. That is the sad part of having bank for bitcoin.

I've never heard of this bank before and I don't know if its real or serious but either way I'm not surprised. Its only a matter of time before banks take bitcoin seriously and start offering better and better terms to deposit btc with them, they may even start offering interest rates on bitcoin deposits but for now I think it will just be a matter of allowing u to withdraw to fiat effectively letting them act as an exchange.

a bitcoin bank seems like an oxymoron to me. those two dont belong together at all.

I think some other bank also started something like this, read it here now done remember what thread it was. Pros of this we have a more secure authority dealing with Bitcoins. It's easily accessible in different areas. And we are safe to transact. Cons of it you will have to give up your identity, how do we know bank details can't be hacked, or they won't give it to authorities who will come down on your for not declaring your income. Plus what if some bad organisation hacks your account makes some transactions boom you are as good as dead. So no for me I won't ever link it with my bank account and would advise people not to.

i can't see why not, if a bank can offer insurance and good interests on deposit like they do on fiat, it will be only good for the average joe that don't want to hold their bitcoin in their computer and risking a ransomware or other shit

i believe bitcoin are good to increase adoption in the future, or accelerate the already one that is established

coinbase/gdx is basically a bitcoin bank

http://theheureka.com/wb21-founder-has-history-of-fraud


I lost count. How many to-date posters on this thread, along with the OP and the media source, didn't do ONE GODDAMN BIT OF INVESTIGATION related to this story?

I'll wait, you fuckin morons!  :P

I think its ok as long they really can make any insightful interests or put any tax in it. With my current income in btc i can be satisfied with just e cash but maybe in the near future if i want to incash higher amounts then i bank can be really useful. But i think in my locality, people really are not interested in btc that even if there are proposal in banks to adapt btc, they wont entertain it because of the lacking in btc users.

Hey, astute morons, guess what I just did prior to this thread making it to the second page -> https://bitcointalk.org/index.php?topic=1937209.0

Meanwhile, posters are still jacking off all over themselves because they think this is greatest thing since BFL announced its ASIC line of bitcoin miners.  ::) ::) ::)

BTW, the article cited in the OP is dated Jun 16, 2016, almost a year ago.

I have commented many times about bitcoin in my posts, It really bad for bitcoin;'s future. For short term price may take to moon. Banks accepts bitcoin means they will reserve right to control the transaction and control it. Fees and charges would same like bank in future. Example, now we are able to send the bitcoin to any part of the world with the same mining fees but in future it will depends upon the location. Due to this Paypal, moneygram, International exchanges will retain their business easily in the market. Hoping everything should go good in future.

I wouldn`t say that this is a bitcoin bank.
It`s a normal bank that accepted bitcoin for transfers,because btc got more popular.
They just follow the trends.

Doesn't this kinda go against the whole point of decentralization?

I'm all for expansion of cryptocurrencies, but the idea is to spread the love!

Of course a digital bank in its level has a few difference on the traditional banks but in essence it is still a bank and will function as a bank. When we talk about credit we are not yet certain if they release some credits but in time when the local version of that banks will be established they will be allowing creditors in the local area. We do not know what is their scope but they are trying to extend their services globally and that is why they decided to adopt bitcoins.

This still isn't the true Bitcoin bank, they have some traditional financial business and they just added Bitcoin as an option. The question is would people embrace the Bitcoin banks with all their features, once they appear, having in mind all bad experiences they have with traditional banks and would that mean that Bitcoin has become centralized.

If we talk about legal way to transfer BTC into cash in large quantities , that s going to be a problem since AML laws are more less the same in any developed country. If we talk about securely saving your BTC, that s OK, but there re already so many different options.

All in all, what is that bank going to do?

The transfer of BTC into the currency is more or less developed in North America, Western Europe and Australia with Japan. But for Latin America, Africa and other less developed countries this can be a big problem

I don't really see how that could be bad for Bitcoin's future

People are hellbent on confusing regular banks with Bitcoin "banks". In fact, Bitcoin "banks" have been there for ages, any decent web wallet can be rightfully called a Bitcoin bank. Regular banks operate with fiat, and you have to use them for any significant amount of money, whether you like it (them) or not. It is not the case with web wallets (or Bitcoin banks, if you please). No one is forcing you to use them, so there is absolutely no reason to think that such banks would bode ill for Bitcoin or threaten its future. This is the principal distinction you fail to make

I feel comfortable with the blockchain-based financial system. A new breakthrough for financial transactions without involving third parties (banks). And this is an advance in the banking world.
Is not this a setback. I disagree with the digital bank

The sound of Bitcoin bank brings to mind centralization and the ability of the powers that be to control our finances so I have never supported the idea of a Bitcoin bank besides, every Bitcoin wallet is more or less lijebyour own bank so why do we need another bank to protect your bank?

Interesting, that bank is an actual bank, correct? I mean using the depositers funds through profit-based system? if not it won't add much to the current stage, we are easily able to send TX's through wallets (which act as our banks), if they don't offer profit on BTC deposits then it's nothing new, and better yet, offer loans through BTC.

To me this is just another business organization accepting bitcoin as a payment. The underlying mode of transaction is still fiat- unless they allow bitcoin deposit directly into bitcoin accounts.

Coinbase doesn't pay interest for any deposit, and does not use you coin for investment, so to me it is just a "warehouse" for your coin.

I think some bank accept bitcoin for some reason and it will help the people who use it that they can deposit there bitcoin in that bank. In the near future all banks in the world will accept bitcoin as deposit of their costumer to get more funds. Having bitcoin is a good idea for us.

If there a bitcoin bank it will help the people who use it and they can deposit there bitcoin instantly it will help the bank to get more funds. In coming future all bank in this world will accept bitcoin as deposit of there costumer. Having bitcoin bank will help all the people to keep there bitcoin safe and secure. I think no ones will try to stealth in that bank.Lastly, i think some bank accept bitcoin for some reason.

Guys someone had reported this owner at scam acusation soo i would think twice before deposit any satoshis at this banks, i dont like to have my bitcoin into a bank, as a trader a bank supporting bitcoin will need legalization and as i know banks doesnt support bitcoin, atleast not directly, soo open your eyes and read all about the company you looking at, and quest your self do we need centralization ?

I think it is good because the bitcoin are being accepted by these banks, but I think having a account on that bank where you send bitcoin makes you not anonymous. Making it easy for them to know where you make your profit and where you use it.

I have seen about it too. Found on this site: https://ftalphaville.ft.com/2016/10/18/2177180/the-founder-of-digital-bank-wb21-was-previously-sued-for-allegedly-stealing-millions-of-dollars/

I don't know if this site is trustful, but I believe they wouldn't fake an article about the founder of this digital bank, WB21. Article from last year.

Excellent news, finally a bank not just slightly cooperating with an exchange but one showing completely acceptance and cooperation with BTC which is impressive completely. People in the EU should really make use of this one, companies and individuals alike IMO.

Didn't understand something even after reading the article, will the accounts be in BTC "i.e balance: x BTC" or will it cooperate and integrate BTC merchants and transfer balances to fiat immediately... Curious too if they offer some interest on BTC deposits/accounts.

Like it, But:

- is this a real bank? I mean does it exist actually or just virtually, does it have multiple branches, offices, sites etc...
- how will they handle accounts? do deposits come to your personal address etc...
- does it offer interest? otherwise it's just a less comfortable wallet than Electrum and Multibit.

I feel its a good news after all simply because it still promotes the acceptability of bitcoin to other spheres of the society which will even make someone somewhere try to find out one thing or the other about bitcoin. However, I will want to read their terms and condition very well as it relates to the volatility of bitcoin before concluding whether its the right service to use at this point or its not another way to make some people richer that they already are.

I believe it is a good idea because it will help increase the Bitcoin market cap as more and more non techy lay people will want to get a piece of the Bitocin pie. If all the ordinary folks started a savings account in Bitcoin can you imagine what that will do to the Bitcoin price?  :)

Exchanges are very much like banks now so to me this is not a great development but for the average person this could lead them to use the bank to store their bitcoin and to me this is a mistake since we need to be the only ones in possession of our private key because if we don’t then we don’t have any coins.

Checking accounts typically don't offer interest

Even in respect to fiat, though some banks do pay interest on your debit card balance if you make a certain total of purchases during, say, a month. Regarding virtual versus real, some genuine banks may still operate mostly online. I am myself a client of such a bank which has only one central office, no branches, no subsidiaries or remote offices. In all other respects, it just a regular bank which has a banking license issued by the Central bank. The bank discussed here seems to be registered in three countries, though I can't say how well it matches the notion of a regular bank in those jurisdictions

I hope this ain‘t real. I am a trader so this is bad thing in my part, for sure people will prefer to use bank for their transaction, especially those who buy big quantity of bitcoin especially now that the value is gettig higher and higher so it is more risky to buy coin to a strangers like me but we will lose our opportunity to earn.

Nope , nobody gives a damn about what is posted after the first post.
Just read the title post two lines of nothing and get paid for a signature campaign.

Not only is the article outdated , the bank shady... but it is not even a bank :


ps.
are we the only ones on this forum that read the dates? )))))

Here please take my money, I want a Bitcoin bank so badly that even Gleb made a noise about me bitching around asking for a bank, the foundation of Bitcoin is built against the banks, read the genesis block text.
But guys how about this idea:
I deposit 2 Bitcoins in a bank at a price of $2500 and if price increased then the value of my deposit increases but if the price decreased then the value stays at $2500 is there any bank to accept such a deal?

i do not think that we need for any bank to keep our bitcoins there, as to me  think the present online wallet system is the best option, i do not like to adopt the previous boring banking system where you have to visit a bank for depositing and withdrawal of bitcoin. in online wallet system we do not need to visit a bank for depositing or withdrawal of bitcoins.

There's a lot of pressure on financial institutions similar to paypal to be corrupt organizations that look for the smallest excuse to close accounts & confiscate money for no legitimate reason.

I hope this digital bank is a good thing.

If it offers a similar to paypal it may likely become corrupt eventually, similar to how coinbase's list of complaints is growing.

Chaos about to happen. Once more Banks try to integrate Bitcoin into their payment systems then they should get a little bit hurt when the price of Bitcoin goes down to zero or single digits. People that have Bitcoin will cause the large Banking companies build a bigger disaster than it already is.
As with the current situation right now, people could cash Bitcoin out when the people feel like it though there is already a bunch of places that allow that option already.

For me this is a good news that there's a bank for bitcoin this can help to people who earn bitcoin on that country where that bank open. what about other bitcoin earner in other part of the world! I hope they can support this transaction worldwide that even far-far away person can transact without hustle!.

With the advancements in technology, you no longer have to visit a physical bank to withdraw or deposit cash, for example Digibank, DBS, simple KYC and biometrics. Availing credit facilities and shopping through bitcoins stored in any online wallet has its limitations. You need bitcoin ATMs where you can quickly convert BTC to your local currency and shop according to your convenience, for that you need bitcoin banks unless each and every major shopping outlets are accepting BTC. Does your online wallet have debit/credit card facility? There is bitplastic, but still cannot be counted as a debit card.

You need bitcoin banks that have tie up with other local banks so that you can convert BTC to your local currency at any ATM, obviously that would involve that country legalising bitcoins and stuff like that.

If Japan would not have legalised bitcoins and have not opened several ATMs, then the current bitcoin price would still have been below 1K, trading does not simply give any currency a hike like this,  economics is involved. So obviously the more bitcoin ATMs are opened in different parts of the world, the more bitcoin would grow. Instead of just trading, gambling, people would be able to start using BTC like their primary currency for all their needs.

Well, it isn't really a "Bitcoin bank" so much as a "Bitcoin accepting bank". If ti was a Bitcoin bank then they would allow for patrons to deposit Bitcoin directly into their accounts, they just accept Bitcoin as a way of putting fiat into bank accounts. Not a "real" Bitcoin bank in my opinion.

As for whether or not it is a good thing, I don't know. It's good for people that want fiat, probably a bad thing if banks start to lap it up.

I have two sides on this news, but let's go with the good news. On this matter, this is a very good news as this bank recognizes the power of bitcoin and it can help to increase the popularity and demand of bitcoin. On the other part, the only thing we don't like about banks is the charging of fees and other hidden charges they are doing to us.

I don’t see what is the problem for you as a trader, unless you are selling in local bitcoins or something this should not affect what you are doing as a trader.

The first bank in world who started using bitcoins officially it is Ukrainian Privat Bank. It is one of biggest banks in Ukraine and you can transfer bitcoins to your bank account and get fiat currency for it. And it is not virtual bank but real.  ::)

Ukraine itself is mostly a virtual state nowadays

So its banks cannot be less virtual than that. But it would be still interesting to find out if you can open at least a checking account in Bitcoins there. If you can, then this Privat Bank would cut it as a Bitcoin bank. If you can't do that, and in real life it uses some third party Bitcoin-to-fiat payment processor as an intermediary, this would evidently be a far cry from a real (or pseudo-real) bank accepting bitcoins. As simple as it gets

As to me, this has nothing to do with reality

First of all, Bitcoin had already been well above 1,200 dollars per coin months before Japan made Bitcoin legal in their country. The price had even jumped over 1,300 dollars a few hours prior the SEC announced their decision (i.e. rejection) on the Winklevii Bitcoin ETF application. Thus you will have first to explain how the price got there without Japan. Further, if trading was not involved in this rally, you will have also to explain coherently how the price managed to crash over 700 dollars within a couple of days (remember, trading is not involved as per your assumption). Does it mean that people rushed to withdraw fiat using these ATM's "opened in different parts of the world" just a week or two after buying their bitcoins via these machines? This simply doesn't add up

If you are a bitcoin trader then this thing wont really bother at all since you can decide anytime on not making use of those banks even there are already accepting bitcoin.There are traditional ways that you can able to use without the need of those banks. Its a good news for me since they are gradually accepting bitcoin but i think no one would use on their service too much when it comes on anonymity purposes.