Bitcoin Forum

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?

It will be a very good decision if the bitcoin bank operates through out the world and it is not bad to use bitcoin bank instead of commercial banks for different transactions. Bitcoin bank will be a more convenient for us to make online transfer and online buying and selling of goods and services and i hope that in this year this project can be take a start because all the bitcoin users are happy to know this.

I doubt that Bitcoin Bank can exist. Nobody likes the word "bank" in the cryptoworld, because it is associated inevitably with fiat money and loans The main problem is that if a bank does not have a debit with a loan and the bank expects a collapse, then we will not get any Bitcoin from it. And this is exactly what we want to avoid, using Bitcoin. Our money must remain with us and be safely preserved.

What you talk about is already done, at least partially, by exchanges and lending platforms. Also, casinos where you can invest in their bankroll and faucets like freebitco.in where they give you around 4% interest for your savings.

So, I think it is possible to create it but I don’t think the government would impost it, rather to allow some people or a company to create it.

   You listed options that you have on exchange`s. Not all of them have same option`s,
maybe there is I am not registered on all of them, someone knows this better.
   Exchange like bank is a service, run buy someone else. Someone else but not you! Bitcoin
is be your own bank, do not keep your asset in some exchange or bank, keep it in your
wallet.
   You can give them any name, options you listed can be part of any new company with a
new name, governments will regulate it in any way just to collect taxes from them, and they
would like to control them, will they be able? With centralized systems yes, with decentralized
it will be very hard for one government to do that cause jurisdiction of one government is just
their country, not the whole world.

The idea is good and i think its really possible but not this year, it will take more time before this thing to happen. However you can still use some exchanges to store your bitcoin but in terms of security that is not guaranteed. Transacting cryptocurrency without is I think its not possible, lower fees instead.

Dude what is wrong with you people? This is not the first time I’m seeing this topic in this forum, but the fourth time, and you guys will still post it again. What in the world makes you think you need a Bitcoin bank, and why do you even need it? I don’t need a Bitcoin bank, all I need is my wallet and I believe most people in this forum needs the same, so stop posting this sh**

You listed options that you have on exchange`s. Not all of them have same option`s,
maybe there is I am not registered on all of them, someone knows this better.
   Exchange like bank is a service, run buy someone else

It obviously depends on the central bank. Even if in some country such bank will be aproved it doesn't guarantee that people in other countries will be able to use it.
it is already legal, at least in civilized countries
even SWIFT have problems with security. The key point is that if the bank is experiencing such problems then bank is taking all the expenses. While if the crypto exchange got hacked you may not get your funds back.
Take a look at the interest rates in EU or US banks. Does it seems like a good way to invest money?
You can do it with some altcoins or crypto services

I do not see sense to take out loans in bitcoin. It's very risky. If the price will go up you can have the interest on the loan that does not repay the debt ever. I support the idea of creating a bitcoin Bank but only for other purposes. For example, the possibility of protecting transactions from fraud. Or to speed up transactions within such a Bank.

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That is something that we need, our own Bitcoin bank. Why? For me a much lower transaction fee or even no transaction fee since we are going to have our own Bitcoin Bank. That is very good establishment if we will have our own bank. A good way if we need a fiat in our hand our instantly, fiat exchange in an instant if we need one.

I guess the best opportunity will be Investment Crypto Bank. Where you could lend your coins to people with more experience to manage it for profit.

Otherwise I prefer to save my coins alone. I don't need a bank for this.

As the demand is continuously increasing that is why we really need to have a bank that does accept bitcoin because we really need this kind of company that will fit our needs especially when you do have a lot of bitcoin and a single transaction from other remittances has a limit.

Can you stop being so short sighted? It's great that you can take care of your own funds, which is the best way to move forward, but that's not the case when it comes to the majority of the people. In the same way that people trust their fiat and valuable items to a bank, they trust their crypto assets to whatever centralized service as well. In other words, a large group of the people just aren't capable of taking the responsibility of maintaining and securing their own wealth. If they feel it's necessary to make use of a bank or whatever centralized service, then let them do so, why should you care? It offers them convenience and a wide set of available options that may or may not turn out to be handy at some point for them. It goes further than just holding coins.

Which I think is already possible given that exchanges are registered businesses in a particular country where they are headquartered.


Well, banks are often targets of hackers and lots of bank databases have been compromised in the last 5 years or so. Also, there had been many glitches on banks' systems compared to crypto exchanges. Dealing with a bank doesn't ensure your funds are 100% secured.


This wouldn't be approved by a bank, given that they only lend money on people who have stable incomes and using the money on trading isn't really a great reason as to why you're asking for a loan.


If it is an external account, there'd still be fees accompanied to it. Also, there needs to be a maintaning balance on your account just so you can use it, which I think is a rip off if you're already dealing with cryptos.


Possible though far-fetched. Why would the government approve this if they are benefiting from their fiat?

Bitcoin was made to remove third party involvement. So there's no need for a bank. We are the bank ourselves. If you are taking precautions carefully, chances of someone stealing your bitcoins are quite low.

I do not think it will become a bitcoin bank. this situation is against the purpose of the establishment of bitcoin.

Well, a bank can make transactions reversible. And it is fundamental to bitcoin that exactly this is not possible.
The only way I can imagine how that can be established is that you have some kind of account that is not a real bitcoin address. It only shows how much coins you have transferred to the institution.
But then again, this all would remind me of something we already have: an exchange.
And I think we all know how protected our coins are when we keep them at an exchange...

I don't think that this will be a great idea since the idea of Bitcoin is more on self managing and freedom. Also, the examples you are saying is just like the functions of alot of exchanges online expect the loan thing. It is great but having a site with secured crypto "savings account" is not that easy to say since exchanges are saying the same thing but they are still being hacked.

I am ok on how I manage my coins rather than letting the government hold it for me.

Yes and that already exists, it's called fiat system, totally centralized and totally the opposite of Bitcoin. You can't have all the advantages of a decentralized system and all the advantages of a centralized one at same time... If you want central bank approval, you are just wanting to use the fiat's system and it will be worthless to use Crypto-Currency, it will be the same than using "eletronic cash", fiat anyway.

And I doubt these Crypto-Currencies would still be so profitable for everyone as now if they were heavily regulated.

Banks that can accept Bitcoin are very important because then the level of public confidence will increase, one of them is when we have a lot of Bitcoin and we try to secure the Bitcoin we have. Banks are the best option, especially when there is a regulation governing how Bank Bitcoin can have the authority. If likened to a bank that has a service like a conventional Bank then Bank of Bitcoin can be very extraordinary and has a lot of users. This is a good idea in the era of technological advancements that are so increasing, even the Bitcoin market has grown in our daily lives. That is clear proof that Bitcoin is now desperately needed and we are all getting used to using Bitcoin.

In future maybe we can have bitcoin and crypto currency banks if the crypto replaces the fiat money system.But the crypto currencies are against the banking system the crypto currencies are decentralized so we can have the full control of our funds.But we don't need banks we just need decentralized exchanges where we can exchange our cryptos .

If I am not mistaken, crypto-currencies, in particular bitcoin with its blockchaine technology, were created not to be stored in banks, but on the contrary, that there would be no intermediaries and everything was transparent and convenient, and you could store in your purse, from which the private key, only you.

It was but you can never openly talk about how successful you are in crypto, and that is a problem. Not that you need to show off your money but you don't want to have to censor yourself that way forever. This is a catch 22 for sure and I would argue there is a spot in this space for a decentralized bank. Not sure how it would function but there are a few ICOs trying to do something like that right now. Crypterium and Datarius come to mind, don't know if there are others.

Banking serves two basic purposes. first is accepting deposits and secondly lending out. If we see broadly this service could definitely work but the problem is that there is no assurance. I mean the number of scams by bank will be enormous. If you deposit some bitcoins with any bank. They will lend it out in some other wallet to someone else. Who could scam quite easily if he is a decent software worker. All this really doesn't makes sense.

How would btc be different from fiat if that happened and why would anyone want a centralized entity for crypto.

It's can be the great ideas and a little bit. All crypto transactions we can do in bank and bitcoin can legalized by the government. No banned bitcoin anymore. You can do fast payment using bitcoin and try another coins.

It is impossible to create something that cannot be hacked. A lot of people still think that banks are impossible to breach but I really doubt it. I don't understand why people use web wallets and I have no idea why would they give their crypto to a bank which would "secure their crypto". The best method for now is cold storage and I guess it won't change for years. I wouldn't risk lending crypto. Assuming that their price would be still volatile, you could get into a serious problem.

I think that the banking system will always do what the money can bring. Despite even the unstable crypto currency, it still brings good returns and banks will take advantage of this. Therefore Bitcoin does not exactly destroy the banking system.

As many of us have already noticed, it's a tricky idea. To sum up:

• have your BTC in your wallet, do not trust any "banks"
• trade on a reliable exchange platform
• don't even think about loans - if the price goes up, you'll be in debt
• THE MAIN IDEA of BTC is to be decentralized and oppose the bank system

I do not see any pros for organizing a bank. You can open an exchange and call it "a bank".

The centralized term is also connected with banks. I agree with you that the Bitcoin will never connect with some bank because the final users and that is all of the crypto holders would never support such event. Banks are supported by the government and we all know that government is against Bitcoin but they are slowly accepting it because it is inevitable. Some people are even speculating that Bitcoin will replace the banks in the future but that situation will also not happen because the government won't allow to the crypto to destroy something centralized that has to be built trough ages.

I am a beginner in the world of cryptocurrency, can you explain what is bitcoin bank? And what are the advantages and disadvantages possessed by bitcoin bank? Thank you very much

Is there such a name like that already? Bitcoin bank? I would be so delighted if there is one in my country. It will be more easier for me to receive,deposit and withdraw my money from different accounts. But I also heard bitcoin investment of my co-member that related to bitcoin and gains USD 100 every week. I hope this one too.

You kind of have all those things right now, even the loans, although they are not run on the same platform. You don't really need a bank to do that for you. The only exception for this is the loan of course, since they would need to have some collateral in order to loan you crypto or fiat. But you can already hold your coins on a safe place, if you use a hardware wallet, or any king of cold storage. You don't need banks for that. You can also send crypto, and buy it legally, without using banks. You do need to use exchanges, and use your bank to fund the exchanges, but you can do it.

It is impossible to have an account that cannot be hacked, you can try to protect yourself but nothing is 100% secure this is something that has been known for a lot of time and second very few people here will ever accept that, a bitcoin bank? That is what we are trying to avoid by using bitcoin what it is the point of using bitcoin if you are going to let a bank control your money.

There will be both pros and cons of having bitcoins banks like:

Cons of Bitcoins banks

1) Banks will not provide any service for free as they have to pay for the staff and infrastructure. So we will have the burden of an additional tax.

2) Such a bank can face lack of funds in case drop like 50% or more occurs in a single day.

Pros of Bitcoin banks

1) The loan facility you mentioned is a good feature and will give extra cash to people to invest.

2) Another benefit of such a bank is that the customers will get some safety for the transactions made.

I am not really sure with this one,  Banks are centralized and cryptocurrencies including Bitcoin are decentralized. It means that Banks are usually controlled by Givernments and it happened that Bitcoin cannot be controlled. So the concept I think is in contrast. Also, there are wallets as an alternative of the mentioned uses of Bitcoin banks.

I think a Bitcoin bank sounds like a good idea, who wouldn't want to properly and legally secure their investments.
A system that conveniently caters to the people of the bitcoin community, this could really boost and elevate the whole
bitcoin revolution and community. It just makes you wonder though if this bank ever happens, would bitcoin lose it's
appeal? Decentralize becomes fully centralized and bring btc's prices to a stability. Not to mention taxes and transaction
fees, regulation protocols. I mean how will that bank profit from such a illustrious institution, how will it maintain.  

If this would happen, believe me bitcoins would lose their basic concept and worth. They were developed to be spreader all over the world not to keep them in banks and accounts. Although saving is a strategy and it has its own importance but when it comes to bitcoins, such monumental coins, you don’t need to save them in coins. Invest them, trade with them and earn money out of them.

Everything that you mentioned except for the last one ... We do have ..!
We have all those things in form of wallets and stuff and I don't see why we need.. a bank for that.
Wallets and everything else is more affordable and most importantly it's governed by us ourselves thus you know it's kind of very trustworthy.
The banks might see downfall and everything else may die but if..we use hardware wallets and everything else it just makes everything much easier .
Also the last thing that you said about no fee.
Is there is no fee how do you expect them to work ? Not only the banks but then bitcoin market !
Fee is something that's necessary.

Its not possible at the moment since government hasn't finalized the regulation and legalization of bitcoin but i dont think crypto bank can have enough secured crypto savings to not get "hacked" since we all know that everything can be hacked nowadays depend on is it worthed or not, and if there would be a way to send crypto with limitless function and without fees, then how can they pay the security for the secured saving mention above?? Did they run this bank from charity??  ;D ;D Its good to think the future but still it need to be logical

Why did you still need a bitcoin bank?? You just need your wallet, exchanger, and miner.  It's more simple than a bank; no tax, decentralized system, and more safe. I think we need more simple system and quick transaction, and bank is not like this. But, your idea was great!

Kinda sounds like fiat backed by crypto. I dont think it helps though. You can do most of those services on your own. It kinda adds another level of unnecessary centralization. Additionally, how would this bank profit? Banks profit by loaning money they dont have. That's how they're sustainable and i dont think you could apply the same to this crypto bank.

Why not? There is no impossible nowadays, it can really happen in the near future especially if one country insist on it for sure that some countries will follow it, so there is no impossible in cryptocurrency for as long as we will just continue to support it no matter what.

Many traders have computerized trading systems set to monitor fluctuations in similar financial instruments. Any inefficient pricing setups are usually acted upon quickly and the opportunity is often eliminated in a matter of seconds. In bitcoin bank I know theres a lot of members are agree to have bitcoin bank for the easiest of transaction.You can save it in your Bitcoin wallet for safe keeping or a rainy day.

It's not impossible but why we would use that? A bitcoin bank is not going to be able to give to me anything I cannot do by myself, this is the beauty of bitcoin we are now as powerful as a bank we can do all the very same things that in the past only banks could do so there is simply not a single reason or the necessity for a bitcoin bank at all.

Bitcoin is intended to replace banks and with a simple wallet you can send and receive money without the need to a third party like banks.
The concept of Bitcoin and the Blockchain is completely against banks rules and it will be hard for them to legalize it.
Some cryptos are trying to make partnerships with banks like Ripple but I don't think it will work.

Bitcoin - actually the blockchain - is already a bank itself, so the idea of a bank for bitcoin is meaningless.

It takes many years coming up that blockchain technology replaces banks. We know banks are totally aware of crypto development, and it could be possible that they adopt this new system rather than of staying the old fashion system. But then,  they can't escaped from retaining the old once since not all of us are in crypto and still many people are using fiat.

Nope. Banks and Bitcoin is two different concept. To be specific, Bitcoin concept is against banks and visa-verse. Your suggestion or expectation is good but the concept will change if that happens. I think in future there will be a one like you said, lets wait for that day.

Bitcoin bank is good idea but it is impossible to happen. Bitcoin can stand alone without making it as bank. As we can see, bitcoin users have the flexibility to send or receive using bitcoin. The users also can store amount of bitcoin in their wallet. Bitcoin was made in order to avoid centralization and I think making it as bank will result to a centralized system wherein the bitcoin will circulate and regulate by the bank.

   No. Crypted transactions dont need to be coltrolled by anyone

   I dont need to sell it legal, I only want authorities to dont interfere to my business and dont consider me as criminal. Current situation is the best I can imagine
   Why you think some manager can secure my account better then I do? We have many cases of stolen money from banks accounts here, I would better trust myself
   I dont want third party to observe what I do, I would like to use some kind of smart contracts or healthy trusted relationships with someone as a human being with human being
   I would like to better pay some fee for my freedom, besides bitcoin's fee will be really small when Lightning Nerwork will be implemented. Banks also force us to pay fees, for issurance or card maintenance
   It may be possible, but its disgusting to even think about it. Hope to avoid it by any way

Bitcoin bank is a useful and important financial usage of the bitcoin like we will buy and sell crypto currencies and it will legally accepted every where while the bitcoin bank will provide the services of traditional banking industry like they will provide the loan facility to the customers they will deal the insurance policies as well so from bitcoin bank we will send crypto every where.

So far this is not an achievable goal. There are no mechanisms that would allow this to happen.

Absolutely, that's a very good project if this bitcoin bank will created inside the cryptocurrency system because it can help to boost our digital economic and it can help to the world value og bitcoin to remain stable and pumping without dip volatility because we have an alternate banking procedure were demand and supply are easily be controlled.

Then there will be bitcoin banks for us to reserve the currency. But is it guaranteed that it will not lose with what we believe? It's hard, because we're storing bitcoins on our wallets it's similar to a bank so perhaps creating a bank containing all the bitcoin in the world is far too

I think that at the moment conditions are still not fulfilled for bitcoin bank to be established but with time I'm sure this will happen.
To my opinion bitcoin bank is not centralization of bitcoin but something that will come along with regulation and that will help to improve bitcoin related services and also opportunity to offer the new ones, attract the new users. Personaly I would like to see bitcoin bank very soon.

There will be many problems then. The crypto won't be decentralized anymore. There will be no anonymity. The only benefit is people can buy it from a physical bank. There are problems too. Banks have to prepare a lot of papers and documents before processing every transaction. So, Bitcoin bank is an impossible dream.

The banking system is government, but most governments do not really accept bitcoin until now, so it's hard to build a bitcoin bank. We're keeping bitcoin on our wallets, now. Why do we need a bank? No transaction fees on all transactions no better?

Bitcoin bank is not needed at all. The cryptocurrency was created just to become independent of the banking system. So creating such a bank is contrary to the idea of cryptocurrency.

This is good for those newbies who are skeptic about investing in bitcoin. And if they will verify that there are existing bitcoin banks, it will lessen their worries that bitcoin is something that they shouldn't invest. I'm not sure if this is happening somewhere although it's not that new. As far as I remember, there are commercial banks that are already working with these functions.

There are some ways to combine both under one roof - Bitcoin and Banks.

Check my signature and the project - Datarius. Read there WP and you will see that we still need a bank, or kind of.

I think this is the best thing that would happen because its more easy to transact and even payments of bill will be done and i think you can save your bitcoin fearing not be hacked and always secured so looking forward to this project.

Well i think its on the future though, take note that there is still some counties that haven't yet implemented bitcoin. Its still illegal on some countries so i think its better to be legalize it first.

But on the other hand, if we have bitcoin bank surely and positevely it can help us mostly us users of bitcoin. It would bs a lot easier than we thought.

I think the bank bitcoin very was good, because it’s going to help the user bitcoin, and as the bank in common her if they alan gave replacement if there is lost bitcoin then the existence of the bank bitcoin is helping to save and secure bitcoin

It won't work, and then banks and governments will try to create their own cryptocurrencies it is not going to be difficult since we already did all the job for them, but no one is going to use those currencies, the average person is not going to use it because they can use their cash and credit cards, and we're not going to use those coins as we know it's a trap.

I think this is a good idea, but it is very risk for competitors from other banks in their respective countries. if bitcoin has its own bank, I think a lot of competitors are jealous and want to drop. but it all depends on the consumer to see the product, surely all have advantages and that should be priority consumers for your savings. may be a lot of enthusiasts if bitcoins have a bank, in terms of transaction sophistication and bitcoin security is superior to other banking systems. the problem is that every government regulation is certain to agree and disagree with this bitcoin system. of course they will apply taxes on each of our transactions through bitcoin. although this is just an opinion, I personally still support bitcoin, and hopefully bitcoin becomes the motivation for the country in overcoming the transaction system to be even better.

Norway's largest online bank has launched a bank account and a BTC account networking service, as well as a gesture by the Norwegian bank to actively embrace and embrace innovations in financial technology.

This may be the beginning of a trend in which BTC is integrated in more areas and financial technology trends to provide innovative services to customers, although these services may not be very lucrative.

if bitcoin bank is posible. will be make me confident have bitcoin investment.

The Nordic countries are not an indicator. They have many advantages over all countries of the world, but this has not led to the fact that most countries are implementing their experience. Such banks restrict the use of their accounts only to citizens of their country. How can this affect the whole world? The ability to open an account with this Bank to any citizen of the world could be a revolution. But it won't.

Destroy the whole blockchain and start using fiat if you need the banking system in cryptos.

We have regulation to make crypto legal.

Decentralized wallets and personal hardware wallets are much more safer than anyother way to keep cryptos.

Simply impossible to implement a "limitless without fees" system.

This is the only feature i find interesting.

There is no need of any such institution called 'BANKS' to perform any of functions. we already have secure crypto wallet address which serves the function of a saving account. Now many new ICO's has come up with their decentralized loan services. Coins like NEO etc do not charge any transaction fees.
All just need is to make it legal. Rest all the infrastructure is ready.

Bitcoin bank sounds like interesting but Govt. will never legalize it because decentralize in nature, an one thing more if bitcoin bank had happened than what would have happened after 21 millions bitcoin, how banks can create liquidity in the market. It is no where possible to create bitcoins after 21 millions.

Even if this would happen, define there will be a problem, not one but so many others as well. The most important and sensitive would be that of liquidity of bitcoins among the whole nation. Like if some country have good relations with bitcoins and they somehow agreed on bitcoins banks. Then how can even they cope the need of all their citizens and I am sure they will be more than 21 million.

Such a banking system haven't got existed till date. It's very long, some banking network such as the nova Scotia has started functioning completely on bitcoin. But, in terms of transaction and for other necessity there is no banks. Hope this will change in this year with more firms adopting blockchain technology as well cryptocurrency.

The situation we are in now is better than others. We are already sending our Bitcoin without ''Bank''. If there are Banks, governments enter into this business, we don't want this kind of regulation. Because people use Bitcoin for freedom, less fee and privacy, and for this reason, if governments and banks enters cryptos, there will not be any freedom or privacy.

You have given a very good idea, I agree with you. The government can take steps to prevent fraud against fraudulent crypts. The central bank is offline bank & crypt currency is the online bank.
Yes we need wallet, but the day-to-day crypt is affecting the government's decision. Crypt off transactions without some countries. But PayPal Maximum is ruling the country.

Everyone has their own opinion but I do not really care about bitcoin been integrated in more areas of the financial world what I want is for bitcoin to be accepted directly without having to exchange it for fiat and when that finally happens I will not care anymore about the regulations that governments pass about know your customer policies and similar things like that.