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Thinking of certain investments in the project where they are planning to arrange a cryptocurrency bank! And I saw discussions about cryptocurrency banks and their "place" in our crypto-future, and, which is even more interesting, noticed that there is quite a number of those who are of the opinion that there is no need for cryptocurrency banks at all. Well, guys, we can discuss that forever, but how do you imagine then the communication with the so-called real world for the sake, e.g., of making deposits or obtaining a loan? How can the whole system function properly without cryprocurrency banks, which are anyway somewhere on the border between the real and crypto worlds?

The primary functions of a bank are holding and transferring money, but they can also perform a variety of other functions because of their ability to hold and transfer money. Now that cryptocurrencies give everyone the ability to hold and transfer money, the dominance of banks will come to an end.

Still, the demand for banks is likely to continue though it will take a different form.

To me primary thing why cryptocurrency exist is to cut of the middle man. But these crypto banks are quite opposite of what crypto agenda should be, in my opinion. They are there to make profit, although I don't say that your investment should not be profitable if they are some well known crypto bank they could potentially get you nice profit. But I tend not to touch things I don't want to be in our future, that's why I personally wouldn't invest.

A bank can be said to perform two different functions.

The first function is that it allows you to deposit your money and have it safely stored. Today, of course, when we use digital money, there is no deposition of physical money (cash aside). Rather, the customer pays for access to financial infrastructure which allows them to pay by card in stored, withdraw money from ATMs etc.

The second function is that you can borrow money from a bank in exchange for a fee, the interest rate. In order for the bank to have any money to lend, it must attract customers willing to lend their money to the bank, again in exchange for a fee, or an interest rate.

These functions are actually different, but in practice they are not. As far as I know, there is no bank where I can choose to deposit money for a fee, but also say that the bank is not allowed to lend this money to anyone.

Cryptocurrencies can, and perhaps will, eliminate the first function, at least to an extent. Anyone can have a wallet on their phone or computer, and they only need an internet connection to transfer their money. Possibly, the payment hubs which are hypothesized to develop in the lightning network will do something a bit similar to the first function. There will be no deposition with them, but you might pay them a small fee to route your lightning transactions.

The second function will of course remain, as it is integral to the economy. I therefore think banks will still be around, but mostly serving the second function. If fiat currencies are replaced by cryptocurrencies, this will have a tremendous effect on the banks, as they can no longer benefit by tapping into the cash flow from the central bank.

it is not a good idea to create a bank for cryptocurrency. if they do the exchange "Coin" to "$".
The bank will not be stable and will easily get bankrupt . because of the behavior of every price of the crypto.
and i think if there is a cryptocurrency bank , Loaning will be not available. and only Storing and Withdraw is
the only Choice.
i think we should let our Wallets and some Legit Coin exchanger do that banking system.
 

Local fiat and Cryptocurrencies would never collide to each other since they do have their own field. Cryptocurrency banks will really make the essence of decentralization would be useless. What are the purpose of wallets being created if there are banks? For sure people would still choose up to hold their coins on their own wallets than on tending to put into those banks. I know your point and things in mind but I would say its not really possible.

We already have cryptocurrency banks but they call themselves exchanges, or online wallets, now to answer your question more directly banks for fiat will always exist that is the way the economy works but for bitcoin we do not need banks, we are our own bank, but then you may ask how are we going to get loans to buy houses or anything like that? We wont, we will return to a time that the only loans given were for productive endeavors.

i don't think that we need a crypto bank. What makes cryptocurrencies actually interesting is that there isn't a need for a trusted third party. Putting a bank between crypto investors and the crowd actually Leeds to the well known conflicts of interests, which bitcoin is actually aiming to solve

maybe you should list the things that you think a bank is offering but lacks from bitcoin and is required for the "functioning properly" so we can discuss them instead.

you already mentioned two things.
making deposits. deposits where? i don't get it. you control your money when you use bitcoin, you have access to them at all times and you don't need to put it with some third party and use it when they allow you.

obtaining loans? i'd say this is not a necessity for "functioning properly". there are people who never take a loan and hate doing so. and it is not a required thing in our lives. and even if needs be, you can always take a loan from someone else without a bank in the middle.

There's some need for it yes, but the issue is they're vulnerable to being hacked and won't be able to reverse money stolen like regular banks do. Frankly, having your funds with the cryptocurrency bank wouldn't be all so different than keeping your funds on an exchange. The only difference is the bank may offer more payment-type services than an exchange would offer because frankly that's not part of their scope of business.

I think the only reason anyone would want a cryptocurrency bank would be so that they'd be able to make loans. Same with lenders, they want their money to be able to come back complete. For keeping the money, cryptos in themselves should suffice. If only the transaction time don't take hours, you can even say crypto would be more liquid (assuming of course that you are not converting to fiat).

Kind of a mixed bag on this one because on one hand it would be safer to have funds in a sort of decentralized bank if that is possible but on the same hand we have the bank in our hands which means we don't need bank access. It is however safer to have funds in a decentralized network than it is elsewhere but a bank safe is just as safe as this.

They are needed, like it or not. As you said, we need loans, we need creditors, and we need to be able to hire someone to hold custodian of our keys because we don't trust themselves (some people find it easier to pay someone to hold your bitcoins rather than having to trust yourself to remember passwords, for example I have lost access to some hard drives which I encrypted and now I can't access them because I forgot the password) so yes banks are needed. The question is, are they going to adapt, or are they going to try to endlessly try to crush bitcoin (which is impossible and a waste of time and resources).

Crypto is perfect the way it is, at least that is what I can say and I also believe many of us may have the same mind set. You may think that crypto don't have a bank, what do we call the exchange and wallets? They serve same purpose. In the term of collecting loans, an exchange may decide to implement that provided that the collecter will have to verify themselves through KYC and give something as collateral.

Absolutely yes! We do need cryptocurrency banks. They offer low prices for transactions, great privacy and fast exchanges.

it is good to have a cryto currency banks but I'm afraid this will only lead to incurring too much lose for the banks who would going to hold our funds since the value keeps fluctuating and seems that majority are to increasing value rather than deflation. I used to be in banking institutions that's why I don't just look on the benefit of depositors but also the bank that will hold our funds.

Crypto-Currency bank already exists, it's called... Bank!  :D

Digital banks deal with local country's currency, but they are digital, you don't need pape money, all the transactions can be done virtually, but you aren't using a decentralized platform, you are using the bank's centralized one. And even you use a "Crypto-Currency bank" it will be centralized anyway, because you will using them as third party service, they will be under control.

I believe there wouldn't be any difference between the currently local centralized bank's system and the Crypto-Currency bank's system you are talking about.

I agree with those who say that cryptos were supposed to get rid of a middle institution, but still if it become of everyone's use, will it still be comfortable to operate as it is now? If billions of people will be "their own banks"?
I think we will need if not regultaion but a place where we can do a lot of operations with currence as we do with fiats.

It will be good if we actually have a cryptocurrencies bank and which should serve as a commercial bank to cryptocurrencies community.This will unified many things in cryptocurrencies and it will promote blockchain technology very well. We would need to have bitcoin price stable  and other cryptocurrencies before this can work very well as the instability or fluctuations in price will not make this work.

Anyone knows if there already exists such an idea of Crypto bank?

Xapo is a crypto bank in a sense. They are custodians of thousands if not hundred of thousands of private keys which are held by them, and it's their responsibility to keep them safe. Apparently they have an underground cold storage bunker somewhere in switzerland, we have at least picture evidence and im sure there are videos so we can assume that it's all real, im not sure if they've been audited. I would know all of these details if I was choosing them to hold my money obviously, but the idea is that they are indeed a bank. You should also look with massive detail about how much of what you are holding will they cover in case of bankruptcy. Since they are a private company, it could be that you would lose everything in case they file for bankruptcy, so have that in mind.

Banks in crypto is a complete opposite of the essence of bitcoin and would defeat everything that bitcoin stands for which is decentralization. Banks don't become banks because they keep money or they accept deposits or issue loans at an interest rate but they are banks because they comply and continue to comply with the law of the land being overseen by the central bank.

Coming to the crypto bank, who then makes the law, who issue the license, who collects the insurance deposits, who confirms the appointment of directors, who ensures that best practice is kept to the highest level and a host of other conditions that must be met for any business to be regarded as a bank. Ensuring all of this in place has defeated the essence of crypto currencies.


The last part of your message only shows that Xapo is just a wallet service provider that provide services similar to a bank but not a bank.

To my opinion yes, we need some kind of cryptocurrencies banks. I think the gap on the market that we have now because of Bitcoin debit cards withdrawal cleary shows that. The first financial institution that establish Bitcoin bank and all related services will have great success.
And existance of Bitcoin bank doesn't mean Bitcoin centralization, these could be two totaly different things.

Well the entire crypto world started from the idea that we don't want anymore banks, taxes and so on so why should we think at a cryto bank....there is no need for it

For me personally? No. If we look at how the average person doesn't want, or at least doesn't care, to be fully responsible for its own funds, then yes. This is a market based on supply and demand, and as long as people think centralized services offer them the usability and convenience they are looking for, it automatically means that the demand is definitely there, and the services offering all this as well. I have no doubt that Coinbase, which more or less can be seen as a Bitcoin bank already, will at some point offer actual bank-like features to capitalize on their significant market position. I however like to see more services end up doing this, because at current rate, Coinbase is going to dominate this market with iron fist....

I don't think so, banks aren't needed, for every example you've given it's only a preference, it's not a must.



You can get loans from other people, you can get leans here on the forum. Well you not trusting yourself is kind of your own problem, you don't need to leave it for someone else to keep it for you but you'd like to.


No, crypto banks are not needed, because in some way you already have a crypto bank. There's nothing you can't do right now with crypto that a bank would be able to provide.

I don't mind having one in the industry and i think different class of business equipped with blockchain or cryptocurrency will be good for this cryptocurrency market as long as this cryptocurrency banks will secure its investors and having less to non scam issue because financial institution like that will work if they get the trust of the community.

For this it could opinions divided cuz if we look how normal banks do dont think that this crypto bank will do anything different maybe it could be even worse. And on top of that who will be the first one to open it what will it be like, will it allow credit loans like real one even can it be purchasing cars or house/apartment. This for me opens so many questions with so little answers.

Maybe we could wait little with this idea, concept for this i believe is good, but we could always expect to see something that we didnt wanted to see.

This is a horrible idea, and goes against the whole principle of cryptocurrencies. But I do agree that there will be cryptocurrency banks (which undermine the whole concept), because you simply cannot the the average person be responsible for their own finances. People already dick around with their cryptocurrencies way too much, and so far we have mainly tech savvy people on board. I can't even dare to imagine the Average Joe jumping along...

Bitcoin has survived without banks or financial institution so I don't think they are needed in anyway. It might further create conflict of interest or may start controversies if bitcoin will be entrusted to banks.

The world's first Bitcoin bank opened in the capital of Austria. The Bitcoin-Bank financial institution, dubbed the virtual currency, enables its customers to exchange euros at Bitcoin and vice versa, as well as receive a variety of currency information.

The purpose of creating the bank is that the purchase of the virtual currency is times faster than other currency transactions and can be performed without an intermediary.

i think we should have that. but its too risky. maybe the government are thinking too. what if they will build a crytptocurrency bank. then it should be published worldwide so all of this cryptocurrency holders around the world would be aware of it. bitcoin should have a bank although no one owns it. cause all of the people in this world have an knowledge about bitcoin right. we should have it cause we want to become decentralized too.

At first glance I think using a bank to hold crypto is not aligned to the crypto purpose. One of the points of crypto being decentralized, is to empower it's users and make them independent from centralized institutions like banks. You can be your own bank and control your money. But then I imagine a world in the futures, where all we have is bitcoin. I don't know if I would feel comfortable in keeping access to all my economies by holding a private key. Not saying this is not secure, but this could incentive criminals to try to get that key from me, and then transfer all my savings to their accounts.

Since crypto is suppose to be private as well, I would probably never see my money again. If my coins were on a safe place, this would not be possible. Even with online bank transfers, it would not be possible for someone to come to my house and force me to transfer all my funds to another account since the bank would not authorize this without me confirming the transaction.

Then we have loans services that banks offer. We don't really need banks for this though, since we have lending platforms emerging like Salt for example. But even though banks are not needed for this, we will need some sort of lending platform.

So maybe banks are not needed, but increased security (to store our private keys, not for the network itself), and lending platforms will probably be required.

If you think about it bitcoin is already a decentralized bank in which each user hold his own coins in their own private bank, so why do we need centralized banks or even decentralized banks when we are already in one? This is what the bankers are fearing, they understand that bitcoin will completely destroy their business model if they cannot stop it before it becomes massive.

We don't need a bank, we already have our own bank it's called "wallet" a decentralized bank, actually cryptocurrency was created to take control over your money not giving access to a 3rd party that you called Bank. I just don't get it why do we have to need it while there are so many advantages by holding your money on your own private bank, at least your money will not be taxed and the bank can't freeze it or even lock it you have ultimate control over it.

We think it would be great. What do you think about instant loans secured by BTC?

Im not saying I don't trust myself, I hold my private keys, but not everyone trusts themselves, therefore there is a need for "crypto banks", like it or not, otherwise why isn't Xapo filling for bankruptcy? get real, there is a market there, a huge one actually.

I guess not anymore because it may only results to confusion since we already have the banks feature in our online wallet we currently used besides having a crypto currency banks may only lead to putting control over ownership of cryptos and having so much regulations which I don't think people will like. Let's just support our online wallets since they are very helpful and convenient to use.

Well, a bitcoin bank is just a philosophical contradiction,  because bitcoin was create just to allow people to not depend from banks.
But actually any online wallet that keep you private key is practically a bank!
Probably, they will start to offer typical bank services.

Btw, I don't trust them at all, and I prefer to keep my private key under my control.

I think it would be useful to have a bank that would provide safety to trading with cryptocurrencies.

So that it would be as easy as it is nowadays to invest in stocks. Just transfer from your normal deposit account to your trading account, instantly be able to use it, and have access to the market through that account.

If that would be possible, I would use that instantly. It would make the entire process so much easier.

A project of that magnitude would be difficult to pull off though.

You are right which when we do tend to read up the whitepaper on just on bitcoin alone we would really able to say that it is really a contradiction on what its actual purpose. Keeping it on our wallet would be more better than entrusting our coins into those banks and whats the use of those banks? Just for security? We wont need that service and come to think of that they are just making out of money for sure.Those institutions wont build up for nothing.

There are so many ICO's that is offering a bank-like service and they already thought about these kind of problems. But based on their services it won't be enough to provide a real deal in everyday transactions in the barrier between digital and the real world. Unless the government will take part in this bank of cryptocurrencies it won't be implemented, especially in those countries that have a strict policy in the crypto world. They won't let people or private individuals to fully implement the banking system for cryptocurrencies in that kind of problems.
This border will still be governed by the government, and IMO they are slowly taking actions regarding this kind of matters.

long as there is a currency there must be a good bank that is crypto currency, because the function of all banks is to temporarily save the assets we have, but I think crypto bank has many functions other than to save the assets pliers we have bank crypto can also be used for trading the crypto currency we have

Thats true, in the widespread sense of online wallet that has your private key is actually a bank, because they have full control over your bitcoin, I think when cryptocurrency banks arrive they do not offer a new system, just like online wallet and add other facilities like interest, loans, etc, which is the main problem is lost decentralization and identity that becomes visible, yeah I don't really like this idea and I didnt need it, but as long as it is not a liability, it does not need to be fussed

I do not think it's necessary because we all know that when we use Bitcoin, we put Bitcoin in online wallet. That means we can be the bank itself. Everyone can be a bank with Bitcoin and crypto. It is the uniqueness of Bitcoin, very cool yet unique. I do not think we need banks at the moment, and the government to interfere with Bitcoin. But if for the future, I do not really know about it. That's because I can not predict the future, but I hope it will all get sophisticated and better for Bitcoin and the crypto world to grow. I hope I can take advantage of Bitcoin while I can and get a lot of profit from Bitcoin.

As we move to the virtual money era, it is  increasingly necessary to look into the security of our assets. It cannot be entirely left to decentralisation. The idea of a cryptocurrency bank is needed. I have seen ICOs having such idea as the reason for the project.

I don’t know why people keep asking questions about Bitcoin banks, like seriously, what is so special that we need banks? By the way, there are already Bitcoin banks, like Bitpay and the rest of them that are alike, they offer you a debit card to withdraw your Bitcoin in cash through ATMs, they allow you to send and receive money through Bitcoin… tell me what else you still need.

You're right. I don't think that a cryptocurrency bank was needed. A decentralized system was created to become independent from banks. Establishing a bank would probably involve additional fees that you have to pay.

Simply take the word, decentralized currency. If somehow there would be a cryptocurrency bank, it would immediately tolerates it from decentralization and ruin the whole concept of its creation - to be free of its utilization. Who cares about loans or making deposits. The whole point of it, is for you to manage all of it in your own, bend it, broke it, spend it the way you wanted. We already have the communication between real world and the digital world its called internet.

The system functions properly as you can see. Cryptocurrencies have come a long way, and no crypotocurrency banks have ever been needed.

I don't know what have been engraved in your mind, to think that having someone controls your money makes you better than anyone else.

Your average person is lazy, after a day of work they do not want to concern themselves to how to invest or save, that is why those that invest use the bank to do it for them, they could choose other investments options which will give them better returns by making the very same investment but they do not want to bother, as long as they can watch their favorite TV show and have some money to buy useless junk they do not care about the ways to improve their economic situation.

Why do you need a crypto currency bank in the first place,let us have some argument on why we need one,if you are looking for a loan and hedge crypto currencies for fiat cash,and then you will finish off the loan in due time,first and foremost thing you have to remember is,selling the coins at that price is much more profitable than looking for a loan with it,because you will be getting less than sixty percentage of the market value or below that because of the volatility.

Bitcoin acts like a bank itself but some people might feel they need a bank to use cryptocurrencies.

There is no sense: a bank is something create to store money in a safe place.
Bitcoin is stored in the blockchain, so there is no need for banks.

Banks also give loans and interest on money.

Now bitcoin is absolutely not suited for the banking system. In conditions of high volatility may not be any Bank. Fiat money, like stability. Show me a suicide bomber who is willing to take a loan in bitcoins. No one can predict the price of bitcoin a year from now. In order to take out a loan you need to have a plan to pay it back. In this situation, you may forever remain a debtor. The cost of bitcoin could grow much more than your income. Are you ready to go into slavery to the Bank?

The whole idea of using cryptocurrency is to be free of any government or bank that control your money and monitor what you do with it and violates your privacy, and having a crypto banks defies the whole idea besides why pay banks to keep your money where you can keep them by yourself in your own personal wallet.

Well, I don't have any serious issue against the having of cryto bank, just some fundamentals that would ensure that it runs properly as a bank when those are settled,then its all good to have a crypto bank among such are

1. What will be the initial deposit that they will have to have before operating a bank, who will collect it? Who will issue the license to operate as such.

2. Who will guarantee funds, how would they pay interest on deposit because a conventional bank do that to customers deposit.

3. Who will be held responsible in case hackers get hold of funds and the fund is stolen? If all these can be answered an verified , we can have such.

I have to say, the idea is really great. But, making it happen isn't that easy. The problem that a project of such kind, can threaten the cryptocurruncy. It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them  to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin behind bitcoin's creation is its "anonymity" .

There are wallets where users of Bitcoin can store their wealth, the only thing that it doesn't have is the option loan. But storing on wallets I think is also good since users will be able to fully monitor the market together with their Bitcoin. And alsso, in the first place, the concept of Bitcoin and Banks are in contrast, one is centralized and one is not so I think it is not possible.

I think having a crypto currency bank is a good idea especially now that there are lot's of new coin out in the circulation, another is that most online wallet we have has a very high transaction fees which is very annoying while is we have banks they will be the one who do our transactions which might reduce or eliminate transaction fees.

the purpose of crytpo currency is to get rid of banks precisely so we do not need it

How would a bank eliminate the fees if the bank also has to use blockchain while transferring money from one address to the other? Do you want crypto trades to be done off chain to reduce the cost? Lightning network is doing it without the need for banks. If you want banks to start managing transfers virtually without blockchain then you got yourself a centralized fiat system not cryptocurrency.

I have to say, the idea is really great. But, making it happen isn't that easy. The problem that a project of such kind, can threaten the cryptocurruncy.
It can give some sides (people), the power to have a bit of control on bitcoin, which will allow them to affect it in any way they want. Also, what is make bitcoin special , is the fact that it is untrceable. In any transaction, both sides can send as much as they want without knowing anything about each other. However, if such a bank exists, it will need a loan guarantee in order to give you the money. Which is , in bitcoin's case a bit hard in my opinion. We like it or not, the reason bitcoin was created is its "anonymity".

Banks for cryptocurrency must necessarily exist, look at the world history of money, long ago paper money did not exist at all and there were commodity relations, then entered pieces of paper that were provided with gold or other valuables, the same thing is happening now, the world financial system is changing, if banks now do not enter this process, then their function in the cryptoworld will be taken by more forward-looking and progressive institutions.

if applied to the crypto currency system I think of course it is likely there will be interference from the government because the bank is a financial center like a central fiat fiat in general where there will be a system or a rule that will be applied by the government. and certainly there would be no more freedom that the crypto currency would have as it always is because everything is in control of the government. and of course this will shut down the systemic decentralized system of the crypto currency so that it will no longer be of any decentralization from crypto itself.

There's a possible advantages and disadvantages if cryptocurrency banks will exist. In its good side if this banks will make transactions faster and the ease and safe saving of cryptocurrency. In the bad side, banks are needed to ruled under the constitutions of the government which mean this will be regulated and taxes will be deduct from it (maybe good for the economy, i think this is not bad afterall).  We will never tell this possibilities until this banks will establish.

It's more profitable to take the credit in Bank Fiat to buy bitcoin. The price growth of the cryptocurrency is far ahead of the interest on the loan. I don't recommend to do it. It is very risky. But from a mathematical point of view it is. Why take a loan in the crypto Bank? How to pay the debt on this loan? I do not believe that the idea of creating a crypto Bank is now feasible.

Banks will always be required on a basic level to provide loans and liquidity to longer term assets.    Every business needs cash flow, crowd funding is a positive force but I doubt it will be the only one that provides funds even in a distributed crypto economy.

Banking is just a label, many firms provide funding to others in various ways.   I think it will be a positive to see more companies providing a kind of assurance to various deals, the old merchant banks helped to ensure contracts were secure for transactions.     The bank gets a cut and the participants feel more able to continue normal business with various parties.   It should at least be an option, however BTC is lacking revenue streams from facilitated micro economies and I think that is the bedrock to an overall economy and greater business involvement.

What would be the best possible creation, a bank dedicated to cryptocurrencies or that banks begin to accept and transfer cryptocurrencies through their network systems?

In my opinion i don't really believe that there is any need for crypto currency bank to come into existence to further compound the middle men that Bitcoin or blockchian is traying to fight against. With the advent of Bitcoin we have choose to be our own bank and there is no need for any crypto currency bank to come into existence for i don't see any need for it.

It seems you have it backwards, banks will love to do that, after all they are already giving loans to anyone that ask so people can be their slaves for the rest of their lives, bankers are probably having mixed feelings, in one hand bitcoin affects their business but in the other hand they could lend it and earn fortune as well, the ones that have no need for a bank is everyone else but people are so used to the way things work they may decide to use bitcoin banks anyway.

Well if that crypto currency banks are safe, then maybe for me it is still needed.Because our wallets are not really safe.So if we have banks for our crypto currency, then that is still appreciated because in my case I still need it.

Are you sure that your wallet is not safe? as long as you have your own private key you are safe with your wallet.
There's a many wallet that can we stored safe like paper wallet and hardware wallet, why we should have that crypto currency bank for sure they will manipulate us about with our holding crypto currency or like bitcoin. For me blockchain wallet or hardware wallet is safe as long as no body knows with my private key.

A "bitcoin bank" is completely meaningless: if you own the private key, YOU are the bank.
And if you let some exchange to manage your private key...well, they are the bank. If they fail, your money are gone.
May be in the future you'll can trust your bitcoin to someone that will borrow them. Who knows?

This means our bitcoin will become centralization. As beginning of this crypto developing people are aware that decentralization which Blockchain bring are become new fresh thing that offers financial freedom investing. While few times ago, some news even reported that banks interesting to studying how Blockchain technology works and chance to implemented it, then why we should retreat back.

This is good so that our digital currencies will be 100% safe for sure. If our coins are in the banks it will be 100% secured, will earn monthly interest , will be covered by insurances and other benefits that can be found in fiat banks in which this could be possible without replacing paper money. We all knew that our wallet alone are so vulnerable from the hackers but thru the crypto banks we are in good hands that even it the banks will be hack at least our coins are insured than keeping it alone.

I would be happy with a crypto bank bank as it would be a useful halfway house. The thing is your money is insured and ringfenced in a real bank, so no matter if you are scammed or hacked they will give it to you back.

So I would keep a portion still in my wallets but also a portion in the crypto bank.

I don't think that they are needed or required for the cryptocurrencies because what is the reason for creating a wallet and having a hardware wallet if the banks are there also for crypto? It will be just centralized and that is what don't want to happen because we are here in cryptocurrencies because we want decentralization and based on my experience, the hardware wallets are already good for having our own banks.

There are many project which were based on crypto bank,and they have got a good community but going as a official bank is really difficult.bank will use blockchain technology to enhance security for fund but having a bank especially for crypto is really difficult to get approval maybe in future.

For bitcoin and any other decentralized coin I don't think that a centralized system is needed in order to take care of the coins. When a coin is given out by a company, then we already have a centralized system.
But in general I do not see what services a crypto bank can offer. Interests with cryptocurrencies that will not happen. Storing the coins is something everybody can do. What else is there?

I am still confident about my opinion about it and I believe that since crypto is based on the blockchain technology which relies on the principle of decentralization, it would kill the core values of it if we are making such banks mandatory but if someone is not comfortable in handling his responsibility then there should be some mechanism for him to manage his funds through third party authorities. If he is ready to bear the risk involved in that option.

As long as you have a coin wallet you didnt need cryptocurrency bank, some who joining cryptocurrency was in investment and trading  i think no one have interest to save in banks because if you have a hardware wallet to save, invest and trade you coins. For the future we are in one world currency that didnt need a bank just use your wallet for savings.

Maybe such a system will sometime be in the future, but at the moment it's hard to believe, as some countries react negatively to crypto-currencies.

If it is a decentralized cryptocurrency bank it will be okay but we all know that interventions of governments towards cryptocurrency is getting closer and is clear as crystal nowadays. They don't want us to have financial freedom, they are greed and they want to control everything. We only need cryptocurrency exchanges not banks. No need to avail loans in crypto because we can earn them slowly. If you want to invest in crypto the easiest way is to invest time since it's a free capital we all have. Only hardwork matters most especially to each and everyone of us. I myself hate loans that is why I stay away from it as long as I can. But if not especially in times of trouble I think much better to try and ask for help with our dear friends.

If we have crypto Banks all over the world it is much better, transaction will be much more easier since at least they could issue cards that we can use on shopping at any mall in any give time, like the usual a.t.m card.
Amazing..

Yeah and bank is not even required even if it was possible I won’t think About it to sue as bitcoin has a lot of wallets now it is availed at the most easy way then why would people buy a lot of  other expensive banks for bitcoin, and  it will be even hard to have bitcoin at the time of need because maybe we will not be able to get a bank nearby,. So I am not in favor of bitcoin as wallets are enough to provide us safety and security,

Yes you’re  right. There is no good reasons as of why we need any bitcoin bank.  What will even be the work of a bitcoin bank if any happens  to be introduced? They make no sense at all,  you have wallets that offers you all you need to use Bitcoin, including some of them that allows the use of debit cards. You can also store in offline wallets,  and can have your private keys,  which puts you in charge of your money.  So, banks for Bitcoin makes no sense.

We cannot expect such banks all over world in its beginning itself. So, there could be many significant inconveniences but over the time, things will change and will settle into better revolutions for sure.

I think there is no need of crypto banks because crypto is itself a banks and making it bank oriented will not bring any changed on other hand many of people will think it will become like flat so this thing is keep this momentum to flow because people are followers of bitcoin because it is not like banking systems and if a third part involves in it many of question will rise on the anonymity and the security so no from my side.

Not only that thinking off that having these cryptobanks will really remove the decentralized thing of a certain coin.We do know we do have already corresponding wallets which we can store up our own possesion without even the need on using those things.Even though they would be built or exist i do bet most people wont really bother or choose up on using their service and would rather choose to hold their coin on their own.

I think most users come and use bitcoin one of the reasons for decentralization and make their identity undercover. certainly with the cryptocurrency bank will make all of that be lost. for myself it will not be useful/needed because I can save my bitcoin in the wallet of course without any limitations, controls, and rules from anyone. it's better for me. but as long as the cryptocurrency bank is not mandatory to use it is not a problem for me if that exists. because it is possible that the government will make crypto bank realized

I think that in the long run Cryptocurrency Banks is a necessity. This bank will be responsible for dealing with coin transactions, so it can avoid cheating and fraud on the market. This is a great suggestion and I will support this project. But always ensure the anonymity and security of the altcoin, this problem can be resolved very well.

There is no such thing as a decentralized Bank.

If we accept that, then crypto should never have a Bank.

The whole purpouse of cryptocurrencies is the noncommitment to states ..

I understand what you are talking about, but I am categorically against such banks. The sense of decentralization of the economy is lost. When such a bank appears, many decide to impose a cryptic currency on deposits there, and someone will take out loans, and then we will be able to get the situation we see today. The richest countries are not countries, but banks in which everyone keeps their savings. And who can dictate their terms to everyone without restrictions. I believe that in order to take out loans, credit organizations are needed, but for deposits I absolutely forbade the use of crypto banks.

There are already some platforms that includes Cryptocurrency banking and their programs might be effective because they must be trusted before they can implement their platforms and programs in the future. If I remember correctly, i have read about Aureus which is backed up by Bitcoin so whenever there are anomalies, that problem would be solve. Maybe we need banks because in banks, we can withdraw the cash real fast and anytime we need it and all we need to do is look for a place to withdraw that money.

I don't think a cryptocurrency bank is really necessary at all. As it will forfeit bitcoin's attribute of being decentralized as every transaction made in the bank can be trace, a tax can also be imposed. So i guess it's better to use my bitcoin wallet than having a cryptobank.

If banks there ,crypto become a bank notes(centralized currency) which authorized by government.only thing it is online and virtual....

Cryptocurrency is developing day by day and it is accepted by the people more warmly ad it is one of the main cause to more popular of it. People can get very much benefits and facilities by using bitcoin. But people want to get more from that thing and if there is a cryptocurrency bank ten people can take some loan from that and can do more work with these coins.
They can also put their coins at that bank with more security also. So if there will be a cryptocurrency bank then it will be more comfortable for those people who are involved with cryptocurrency.

Cryptocurrencies was created because people was tried of banking system and you asking about banks, really? Decentralization is the purpose so think about it.

One thing i can tell you straight is that we really do not need crypto currency banks,what is the need for a bank,everything started out because people are tried of the centralized banking system where they control everything and they do not care about the common investor,i really do not want to see any crypto banks either,because it makes no sense.

This is a fact that no bank is decentralized, each and every bank is controlled by some authority whether it is state or some private authority. I don’t think so people are going to approve a crypto bank because again there all transactions, investments and all related things would be highly monitored.

Bank can also access their wallets without their permission. Crypto currencies are the symbol of liberty and banks are opponents of bitcoin and other virtual currencies. People are enjoying liberty with crypto coins.

I don't think they are needed. Because we can protect our assets on our own. With the online wallets, we have right now that we own its private key, we don't need someone else to the safekeeping of our digital assets.