Bitcoin Forum

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

you should know that Bitcoin cannot be stored in banks but wallets don't get it confused. It's a digital currency and not fiat. I don't understand what the use of this, when we have centralized exchanges that has same function like you have stated. But have to know that the best way to store your Bitcoins is by your self, in non custodial wallets and offline. Don't store your coins with third parties NOT YOUR KEY NOT YOUR COINS. With this idea you've stated, peoples funds might be at risk as it's not even secured or safe way to store for a long term.

Own Bitcoin private keys and have your own bank.
Not your keys, not your bitcoins.

By that, who needs your custodian Bitcoin bank as they will not have keys, not have coins?

They can store their bitcoin by themselves, being non-custodian without any service fee, and without KYC.

Why KYC is extremely dangerous - and useless (https://bitcointalk.org/index.php?topic=5221497.0)

Waiting three months for withdrawal, damn no one will use your service.

Being non custodian, people can send their bitcoin permissionless and don't have to wait 3 months like your service.

2%+ fee. Seems pretty damn expensive. Pretty dang easy to safely store bitcoin yourself for free once you know what you are doing.

Besides there have for a long time been services like this. I'm thinking of one that I think starts with an X, maybe its a Swiss company. I forget exactly, but its been around for like a decade for HNWI to store massive amounts of bitcoin for them. But really it's not hard to take a few precautions to safely secure your own bitcoin, no matter how much you own. That's one of the beautiful things about Bitcoin! Use secrecy, encryption, and redundancy. That's all you need.

 Op I don't need to read everything in your thread. Your caption and the content of your thread is wrong. Op I must tell you, you brought a very wrong idea to the forum and that will not even included in the plan of bitcoin even in the future. Well what you saying is not far from centralized exchanges so you can save your coins in the central exchange platform but remember once you do that the coins will never be your custody again but the owners of the exchange will be in control of your coins. But if you are referring to bitcoin to be saved in bank then lock this thread because that will never happen in any day.

sounds like a nightmare waiting to happen.

the good thing about Bitcoin is that you can be your own bank, so I don't really see the point of using a third-party service if you yourself can take the necessary amount of security and precaution to safely store your Bitcoin. while I understand that some people are not tech savvy and still want to invest in Bitcoin and this kind of service could help them, but, if they are going to invest a significant amount in Bitcoin and plan to hold it for a long time they should learn how to properly store their Bitcoin safely and not rely on a third-party service.

Without having security concerns? Surely you understand how absurd that sounds?  What more security concerns could you possibly build into a system than requiring people to give up ownership of their money and entrust it in custody to some shady third party? Honestly, if someone wants long-term crypto storage, they have far better options - like hardware wallets. Your idea, frankly, creates more problems than it solves.

This idea might make sense to people who keep their coins on exchanges because they believe it’s safe and convenient, but for the rest of us, it is a terrible idea. You’re advocating for more Kyc and government restrictions. Bitcoin doesn’t need a bank. Bitcoin was created to cut the third parties and make direct p2p transactions possible. OP do you have a problem with self custody? Cause it sounds like you can’t live with the idea of being solely responsible for your own money.

There are already several wallets that offer very good security. Whey would anyone trust you with their bitcoins?

They lose their anonymity, their bitcoins are now controlled by a third party and they have lesser security, in addition, they need to pay for all these.

This is ridiculous.

Your idea is the security concern.

Why in this world I have to pay 100 and 300 to deposit and withdraw my own crypto? And where is the concept of be your own bank in this model?

If you are going to make it possible then good luck for you but I don't even think for a second this can be real.

Having a wallet where you store Bitcoin is already a bank in my opinion and there is no third party who is running the wallet. You should just create a wallet like electrum and store your btc their and you won't have a problem selling it when the time comes unlike storing it in an exchange where it may happen to you about not being able to withdraw your funds because of you breaking their rules when the truth is you didn't break them at all. Your idea is that many people doesn't like in the first place because of providing a document before you can create an account or to withdraw the funds. You should check the link about KYC.

You are not inventing warm water, I have seen similar things, including the atrocity of paying insurance for your bitcoin and in that idea "hunting fools" proposals.

Thank you for bringing this bad example of ideas that you should never even consider, bitcoin in essence is the complete opposite of what you are planning.

On the other hand, the business model is not the best in the idea of ​​​​bitcoin, and that is already damning.

This is basically the service brokers like Binance and Coinbase offer, but they offer it for a lot less money than you are proposing here.

We love Bitcoin because we could be our own bank when it's been held on a non-custodial wallet. So it doesn't make sense to store your bitcoin with banks and hand over ownership of your bitcoin to them. It's the same as when you are storing your bitcoin on an exchange or custodial wallet. Your funds aren't secured until you hold them in a non-custodial wallet. I don't like how the traditional banking system works. They always ask questions when you deposit and withdraw your funds there. Crypto is not the same as fiat; Bitcoin is decentralised, and that's why it's become much more popular. 

Sorry, but I think your business will never work, people who understand bitcoin do self-custody and those who don't understand buy ETFs, so for you to have a share of this market it will be very, very difficult.

Maybe it would be easier for you to create solutions for people who want to use bitcoins, some type of payment method for companies or things like that.

Assuming that this works... You will just end up with another variant of a crypto exchange. There's no innovation here. You obviously haven't done a needs assessment. People who don't want the take on the risk of holding their Bitcoin are doing so through Bitcoin EFTs. Although it doesn't offer them a what it should compared to holding the real thing, at least they are sure that their savings is safe.

This must be a joke post.

These!? Wow! These ideas are very wrong, @OP. I am not surprised at all, because it's an idea from a real newbie. It shows how unaware you are of so many security and privacy factors of the Bitcoin technology. @OP, Have you read the Bitcoin white paper? Have you asked yourself why Bitcoin holds such great value? Have you asked yourself why the developer of Bitcoin decided to be anonymous? 

First, Bitcoin was developed to give individuals financial privacy regarding the management of their money and finances. In the past, people usually saved, stored, and managed their finances with the help of banks and other traditional financial systems, and by doing these, you exposed your identity to third parties, which in some cases led to insecurity and threatened the lives of some millionaires and billionaires. But after Bitcoin got developed, it created room for financial privacy. Users of Bitcoin can now peacefully store their Bitcoin in their own custodial wallet without the help of any third party or without revealing their identity. 

@OP, If we are going by your idea, it means we are still taking ourselves back to the old way of putting our money in the hands of a third party, with our identity being revealed to them. If the government decides to raid your bank, they can get all the information and identities of all the Bitcoiners, and that is really against the Bitcoin rule. 

Bitcoin is a private asset that you can have without letting anyone know about it, unless you just want to disclose the information to your family. 

Op, your idea is off, but stick around and you will learn a lot.

I have a lot of questions; Why would I want someone to “safely” store my bitcoin? Was it unsafely stored in my own wallet? Not just that, I’d register with my ID (which Bitcoin doesn’t need) and yet pay 100 pounds? Why would it take 3 months to withdraw my money? Even the centralized systems that Satoshi was tackling didn’t take such time. I would have even more security concerns if I put my money with a third party because anything can go wrong from their end.

2% fee is ridiculous, I can only see this idea getting traction if there's just a fixed yearly maintenance fee with multiple tiers. Being your own bank is not for everyone so there's definitely a need to have reliable Bitcoin custodians in the ecosystem, and I would rather see people use dedicated custodians than crypto exchanges for storage, but 2% fee is way too much for this service.

Anything that involves other people managing my own bitcoins and at the same time will be holding on to it for a long time is definitely not a good idea in my book, many have seen this before with Mt. Gox although it's not a bank per se but would you really risk it? The best thing in my opinion is if you store your own bitcoins and maintain the storage yourself, that's the only in this whole thing, there's no need for a third-part and it's really weird for people to suggest to make a bank for bitcoin, bitcoin was to fight the banks not become one of them!!!

I think you are being sarcastic with everything you just said because everything you mentioned is what Bitcoin is against, in fact, even centralized traditional financial institutions don't have that many rules and regulations for their customers.

The idea behind Bitcoin was to create a decentralized system allowing people to send and receive money without involving a third party in the transaction, unlike mainstream financial systems. It later became more of an investment asset because of its success and growing value. Regardless, someone owning or willing to own Bitcoin wouldn't need a bank to store it for them since there are non-custodial wallets available for that purpose without any rules or regulations or limitations.

Your idea might only interest people who have zero knowledge about safe safekeeping of financial assets. Many wallets can keep one's funds very safe. Your KYC issue and service charge will also be a barrier to the acceptance of your service. Exposing my passport and having a zoom meeting before my fund id released is the highest height of invasion of privacy.

I think OP want to offer a custodian service and such firms exist in the crypto industry. They offer services to clients which include secure storage and managing of digital assets. Just as you pointed out, they are third parties that cannot be fully trusted.

Wow your charge seems high to me for someone who wants to start up a new business, your idea seems to already exist in the form of centralized exchanges although the function seems to be different, bitcoin Was not really designed to be help in banks and I don't see why you need to building such for a digital asset that is stored in a wallet a location on the blockchain, most of your customers would be those that still use centralized exchanges and are ill educated about how to store their bitcoin themselves.

A better idea would Have been to create a wallet vault that when you store bitcoin in, you won't be able to withdraw until the time that is set even with your seed phrase. Makes more sence to me.


Bro you speak as tho centralized exchanges doesn't exit which I also against what bitcoin should be all about, bitcoin gas fees are too high to use for normal p2p and most exchanges offer some discount or help reduce fees spent, and I don't even think bitcoin would have reached this level of adoption without the centralized bodies, I bought my first bought my first bitcoin through Binance, infact where I come from when you mention bitcoin what goes straight to people's mind is Binance, so we already have third parties involved in bitcoin for a long time now.

Why self custody is the best Is cause, centralized exchanges remains a target for scammers and lots of thigns could happen if you fall into a scam exchange that just came to steal, so for you not to be a victim self custody Is a better option and moreover it offers you total control over your asset without government supervision, but again centralization has well entered bitcoin cause some countries charge their customers tax over profit gained and that doesn't make sense.

So basically the people will give their Bitcoins to you and they will have to trust you for keeping their BTC safe? ;D
What's the guarantee that you won't scam them and run away with the Bitcoins?
Do you really understand the principle "not your keys, not your coins"? Do you really understand why most Bitcoiners are keeping their coins in a cold wallet, instead of trusting a centralized entity? Good luck with your "business model"? Who the hell is going to trust a newly established "Bitcoin keeping" centralized service, that requires KYC and the users have to pay for using that service?
A withdrawal taking 3 months? Why so long? Why not make it one year or five years. ;D

That is not a nice idea to me. If anyone can not HODL Bitcoin  on there own, there is no point to involve a third party in HODL journey. HODLing is a private task  and should be done alone that's why they said "not your key not your coin" when your private key is not private then it is not safe. Or when people invest There Bitcoin in your wallet is not safe because the heart of men can be deceitful.

The reason we choose bitcoin is because we do not completely trust banks, bitcoin is decentralized, bitcoin gives us full control over our assets without asking permission or depending on anyone. We don't even trust banks or governments, why should we trust you and your services? So the idea of creating a centralized system to manage people's bitcoins was always a bad idea and goes against the decentralized nature of bitcoin.

By the way, if I can't manage my bitcoins, I'd rather store them on reputable exchanges than have to use your service.  Too expensive, LOL.

Do you still remember the sole purpose of bitcoin because if you do I don't think you can asked someone to come store his or her bitcoin in bank and going through those rigorous process for them to have access to their bitcoin and you think people would buy this idea. Between you can't entrust your bitcoin wallet to anyone which includes the private keys and seed phrase to government and you must asked if that country full allowed the transaction of bitcoin (if bitcoin legal in that country)

You should know that it is not possible to store in the bank, so if you still want to store Bitcoin through the bank, do not spread confusion with such news on the forum. Your such news may confuse many people. We who work in bitcoin of course each have their own wallet to store bitcoins different people use different wallets but in my opinion Electrim wallet is very safe you can use it if you want. But no matter which wallet you use, you must maintain the privacy of that wallet because you can't share it with anyone, so many of you may suffer from a lack of security.

The people who cannot safeguard their coins are invested in Bitcoin ETF's .... and the other people can buy hardware wallets for $100+ to do the same thing or browse to the sites that offer you offline scripts to create your own Paper wallets and print them for free.

Your solution is too expensive and too complex ... and most people do not want to go through all that trouble to zoom once a month and to "dox" themselves to be able to safeguard their coins.

I must say, this bank concept seems rather unsettling.  Storing all that cryptocurrency in a centralized location presents immense vulnerability.  Cybercriminals would surely capitalize on such an opportunity. There exist far more secure alternatives for safeguarding your coins.  This is exactly why Bitcoin was invented, so that we don't have to entrust our money to third parties.  Plus, those fees you mentioned? Yikes! 

All in all, it's a stupid idea! Sounds more like a poor scam attempt.

Minimum deposit: non custodial wallet only need 546 satoshis, while duarten86's Bitcoin bank ask for 100 GBP.

Fees: non custodial wallet doesn't charge any extra fees, it's relatively cheap depends on the network, the fees won't follow the amount. While duarten86's Bitcoin bank is asking for 2% flat.

User experience: easy just create a wallet then backup, while duarten86's Bitcoin bank ask for unnecessary information and many steps.

tl;dr Non custodial wallet beat duarten86's Bitcoin bank in everything.

OP, I read all three of your ideas that you periodically post on the forum, and they are all very empty and stupid. It's good to strive for your own business, but it shouldn't be created out of thin air. Why should people pay a certain amount for something that Bitcoin does for free? On the contrary, if you entrust the storage of assets to a bank, then there is a possibility that this will create insecurity.

BTC was created to get rid of banks and offer some degree of anonymity. Your idea sounds like the government. No, thank you. We have enough banks already, no need to create any more.

Yes I agree with your opinion, The best way here is you make a bitcoin account and keep backups of it very well, save them in multiple places and keep all the bitcoins in your bitcoin account it's much better to keep. a Bitcoin address than to keep it in a bank I think. But if you keep it with the bank, then someone else in the family may either save it instead of you or take it in case of a claim.

You would definitely going to be rich in no time and that kind of rules and scheme wont make me comfortable in withdrawing my money.

It is going to take time and at the same time, you are charging for it.

We are our own bank if we are holding bitcoin. No fees, no waiting time and you can touch it any time as you wish.

Only those that have no idea about not having their keys and coins will be a customer of this kind of service.

The op's idea sounds like a mix of things that people usually try to avoid when dealing with cryptos. It's centralized storage, with KYC, crazy fees for something that must be free (100 GBP + 1% holdings for KYC!), a very lengthy and difficult withdrawal process that also costs a crazy amount of money. Is this trolling?
It's not just bad. It's like the worst crypto exchange situation imaginable, short of a pure scam where a person loses everything.
People can store their Bitcoin safely and easily, with no KYC, for free, and with transactions that take minutes to hours, not months, by using something like Electrum.

Really strange idea. Everyone can be his own bank now almost for free, just 1 hardware wallet

Satoshi created Bitcoin because he wanted a currency that would be free from control by any entity, so having Bitcoin in a bank goes against everything Bitcoin stands for. Also, you're not the first with such an idea, the American banks association are currently seeking SEC's approval to start keeping Bitcoinin the banks for clients. I don't mean to discourage you but if you really want to support Bitcoin, this is truly not the best way.

We all know that Bitcoin is a non-custodial digital currency, not fiat. So Bitcoin being decentralized makes it popular and loved by everyone, and Bitcoin cannot be stored in banks.Moreover, central exchange platforms are more like centralized exchanges. So storing coins here means your coins are no longer in your custody. The coin will become owned or controlled by a third party.Where you can own your own bank through a wallet with enough security and precautions. Storing your coins in the center is at your own peril.You must know more about centralized exchanges, or KYC, and Bitcoin decentralized exchanges.

I Think storing Bitcoin in the bank is not possible and it is a flop idea. It is essential to classify holding bitcoin custody to yourself so that users have full control over their assets. But, the rise of centralized exchanges is increasing third-party involvement in Bitcoin transactions greatest to more approvals from go-betweens. In start bitcoin was firstly proposed as a decentralized currency but it has now moved to decent investment assets. In my opinion Bitcoin's original purpose was to enable peer-to-peer transactions without involving any third party but the increasing involvement of centralized exchanges and government complication in every country has raised questions about Bitcoin true goal.

Great joke. If I could, I would downvote your merit for making similar statements. :)

No need for bitcoin bank. Those who are concerned about the security of bitcoin storage are upgrading their skills to solve this problem (looking for solutions) and using various technical methods, such as hardware wallet devices. Those who are not satisfied with this go to traditional banks.

The combination (as proposed by you) of bitcoin and banks looks like complete absurdity and madness, because bitcoin was created to save us from dependence on banks.

Very well said. Satoshi didn't make Bitcoin for us to just entrust it back to the banks. Yeah, the idea seems to be a business potential trend but we don't have to avail such service when we can do it on our own.

It defeats the purpose of having Bitcoin when you have everything on your hand and then, you're going to go with handling fees and other fees that you have to pay upon availing the service.

I don't buy into this service because that's entirely not what Bitcoin is all about. There could be those people that are scared to death on how to keep their Bitcoins and might avail this kind of service but hopefully, they learn on their own that they shouldn't entrust their Bitcoins with anyone.

This is one of the worst ideas I have ever read about storing bitcoin. Do you know that to start with, bitcoin promotes the anonymity of its users, and here you are going to ask the user who is to deposit his or her bitcoin for their personal data, including their passport, which is not safe at all? 
 
Any Bitcoin user who is willing to start their bitcoin holding journey doesn't need to be lazy at all. All you need is to have your private key or wallet phrase safe. Keep it to yourself. You can be your own bank, have your own volt, which only you will have access to, and the wallet will also be saved in a different location.
 
Saving your bitcoin in a bank poses a greater threat because the bank will upload that data into a cloud, which they believe is safe, and the more bitcoin the bank starts holding, the more it will attract attention. Hackers can penetrate such a database and make away with everyone's holdings, so the bank won't be able to repay all those bitcoins to the depositor; rather, they will file for bankruptcy.

Makes sense. Asking for personal info goes against the privacy vibe of Bitcoin. Being your own bank with a secure wallet and private key sounds more in line with the crypto spirit. Plus no worries about potential bank hacks or data breaches. Keep it simple and in your own hands

Not a problem, you should try to create your own Bitcoin banks, just like someone creates Wrapped Bitcoin, centralized entity creates Bitcoin ETFs, people who create their own centralized exchanges etc. All of them exist despite decentralization is the most important thing in Bitcoin and it no one forbid to use those fake/centralized entity over real Bitcoin. So, in order to know if your idea is good or not, you need to build it.

Not your keys; not your coins, why would someone lose custody of their funds, lose their privacy and lose the security of their funds by storing it in a 'BTC bank'. We already have enough to worry about with people who store their funds in centralized exchanges and deposit it in lending and earning platforms, and now you come up with this idea that is far more risky and should never be developed. If you want to store BTC for the long term, use a hardware wallet or an airgapped wallet.

Same here as can't  comprehend op is deviating from the main objective of creator of the BTC for at any time it happens that one person can store, access of keeping others BTC it will be very easy to be control by any government or group of individuals,  which may not work well with the plan of BTC pioneer.

Well said, to know if your idea is good or not, OP should build it, don't give up your dreams or plans just because of people's opinions. Like centralized exchanges, thousands of people complain and criticize them, but millions still use them, they still have a large customer base. Many investors even use them not only to trade but also to store their bitcoins even though this goes against the decentralized nature of bitcoin.

OP, the use of CEX is not encouraged or supported, but as you can see, they are the largest growing entity in the market.

We can't verify if the idea or his plan is good not until he operate this plan and make it last for at least a year or two without having any issue. But expect that there's a lot of doubts or criticism knowing that he plans to launch a crypto bank which people don't trust since what they commonly believe is not your keys not your coins so scamming is possible to happen and they are just been so careful trusting their funds to any platform.

But he could try to make this planned project to launch since who know he became a big institution where people could able to trust and he should expect that it will take a lot of time before he can get the full trust of people. To convince them to use his bitcoin bank project.

I believe that one of the sole purpose why satoshi brought about the idea of Bitcoin was to create an alternative  decentralised currency where there would be no third parties as the bank normally do, but from your idea, it seems you'll be in control of users funds and control the withdrawal system, of which a lot of people won't buy such ideas. Moreover the fees you placed for withdrawal it's much even the procudure is stressful, a lot of people won't want to undergo such stres just to withdraw their money, it just like queuing in the  bank for withdrawal, which can be very stressful.

 Maybe you should consider reducing your charges for deposit and withdrawal, then people might consider banking their crypto in your dream App, also if you make the withdrawal process less stressful, i guess it might be considered as well. Come to think of it, there are many exchanges with wallets where people could save their crypto currencies without passing through much stress of paying huge fees if they fail to hold for a long time.

 A lot of things could make people consider their choice of saving for a long time, especially emergency and health issues etc, so i think you should consider that and maybe retrace your ideology, well I'm not trying to discourage you, it's just my honest opinion.

This plan is certain to fail, I really dont believe OP can even maintain the security of "that bank" with the way how he thinks about the idea.
What guarantees can be provided if the bank is hacked? Why do we have to wait 3 months for withdrawal? this is not a multi level marketing lol.
$127 + $350 + 2% of the deposit value = this is a robbery, not a bank.

By the way, the genesis of this idea--that people want a service to keep their Bitcoin safe rather than doing it themselves--is the same phenomenon I wrote about in the Anon Paradox (https://medium.com/@stephen-r-thomas/the-anon-paradox-anonymity-big-small-1231a6a060e4): that most people do not want to take on the challenge of keeping their wealth protected. Most people don't own a safe, a gun, and are trained to use those things. Most people would actually be terrified knowing their their life savings could be lost or stolen while keeping it physically on their own person.

(And the paradox here is that for small amounts that people are comfortable with losing, they do want to handle that themselves in order to keep anonymity).

This post should be ranked next to impossible because if I understand what OP is talking about it would mean he is envisioning a Bitcoin bank, just like fiat bank.

BTC being decentralized for one should give the whole idea of what it is and how it is a currency of anonymity that promises great store of value in the future, but everyone must have the responsibility of keeping their coins safe in a wallet with private keys.

It may take some time to become aware of how to be safe with the practice of keeping your BTC secure from hackers, scammers, market volatilities as well, but having become a member here, overtime with more engagement you should be able to learn which method works best.

Although for large BTC investments some may opt to use brokers that specialize in securing the crypto and profer advise on the best way to stay safe and invest or trade to make profit.

There are a lot of things that don't make sense according to the OP's idea as you mentioned but those things can change later through customer feedback. I won't rely on that and hastily conclude that his ideas and plans will definitely fail. What I want to know is whether he really has the bravery and qualifications to do this, or he just comes up with an idea but has no knowledge about it.

Many people object to OP's idea of creating a centralized service but let's see how centralized exchanges have been and still exist. So our hasty conclusion that he will fail because this is a centralized project is not convincing enough.

April is still far but you are here fooling around :D. Not only that the idea is risky because we are handing out our Bitcoins to a random stranger, but we also have to pay a lot and then give our sensitive details, just like that. I think that's a suicide, haha and I don't think people on their right minds are going to agree to do all of that thinking that they can now store their coins safely and hassle-free.

Anyway, this idea is not new and I already heard a couple of OP's who promote it before but I haven't heard any updates from them. I guess it's safe to say that all of them have failed. Bitcoin is already our own bank and there is no need for a real bank on it. The ones that only need that are the fiats. Period.

It would be much more profitable to keep money in the bank instead of depreciating it due to inflation but to convert that money into bitcoins. Keeping money in bank is very risky in my country so I can't agree to keep money in bank for now. So I took the long term holding plan by converting my savings into bitcoins and keeping them in the wallet.

Before you create this thread, did you forget that bitcoin is a decentralized currency? Why will you be the one to createa place where people will store their bitcoin wallets? It has been in the industry for a long time now, and no one complains about that. People have been using their wallets for 10 years now, and nothing happens unless you, as the holder, misplace your private key and another person sees it and packs your money? If not, I don't think it will be important for people to pay you so that you can create a place where they will store their bitcoin when there are wallets to do that.

However, do you think people will trust you on this? Because when it comes to bitcoin investment or any other cryptocurrency investment, high security is required, and anybody who believes I think you can get access to their investment, so that is why nobody will trust you on this. I think you should focus and do something different in the crypto space.

The risk of using centralized exchanges to store your coins is not in that it goes against the decentralized nature of BTC, but that it puts the coins you store in there at risk. Centralized exchanges confiscate people's funds for any reason at all and they also use customers' money to fund their own businesses, and so they can lose it at anytime and lead to exchange to bankruptcy.

Try to explain how the concept of the bank you meant about the storage of bitcoin and other crypto to be far safer in the intersection for a long time. Besides requiring verified identity, we also need costs to be incurred and it is not at all attractive.

Similarly, KYC and some people really avoid about personal identity because people want to look more anonymous. The way you mean is very complicated and I'm sure people will choose a path that is easier to use a special wallet that does not require KYC. In my opinion Bitcoin cannot be interested in the bank but we need a storage wallet so that the assets are safer and most importantly we don't need to store bitcoin to third parties because there are many ways to store safer.

You obviously don't know why we have Bitcoin and why Bitcoin was created in the first place, I will advice you to check Bitcoin whitepaper and the message that was included in the first Bitcoin block that was mine.


Some believe there different context to this message of Satoshi but everything explained about this makes Bitcoin superior to the Banks but from your explanation you want to make Bitcoin looks like the Banks. The Bitcoin was never designed to be like the banks but was created to make you be your own Bank, and how do you achieved that, by having your own key on your hands.

With your private keys and your Bitcoin on your wallet, you will be your own bank, with your key you control your own transaction which makes you censorship resistance of any person, organizations or even the government, with your keys comes freedom. Never give your Bitcoin to any person and never trust anyone with your Bitcoin, Not your keys not your Bitcoin.

Are you new to Bitcoin now, Bitcoin doesn't need a bank, Bitcoin is stored in a wallet, you need to keep the key safe, don't lose it and you have found the safest place to store Bitcoin.
bitcoin is not legalized to create a bank you need a permit is it not legalized can a permit be issued in your country this does not make sense it is better for you to learn more about the development of bitcoin,

It is true that if you are new to bitcoin you need to know more about the development of bitcoin. Bitcoin bank To prioritize good security storing most of the funds in a hardware wallet would be the best option. A small balance can still be kept in a wallet for quick and easy transactions managing multiple wallets for different purposes is a popular choice for seasoned crypto users.

I understand what you are saying but we need to admit one thing. Even if we issue millions of criticisms and warnings about the potential risks of centralized exchanges, investors will continue to use them. Even whales and big investors use centralized exchanges for their investment work, how can we fight against that crowd? Additionally, I believe that even small investors like us know the risks of centralized exchanges, so there is no reason why whales don't know that. But why do they still use them? They will definitely have a reason for what they do.

People use centralized exchanges to store their coins because they believe it is more 'convenient' for them, they do not have to worry about using a hardware wallet, or storing their seed phrase safely, or how good their opsec is, etc; they simply want the exchange to store their funds for them, like they do in their traditional banks. These are some of the reasons people use centralized exchanges to store their coins, but in my honest opinion there are no benefits to it, only risks of losing your funds.

Assume the OP is too old and backdated. Bitcoin is decentralised and won't be controlled by so-called banks. Your idea isn't different from centralised exchanges. Its custodial service for trade and holding funds is highly discouraged. We can be our own bank when we are using a non-custodial wallet or a hardware wallet. We don't need to pay any charges for holding funds there other than transaction fees. You just need to make sure your wallet seed phrase is secured. We don't need any traditional banking system to handle our bitcoin. It's just a nonsense idea. You should study more about Bitcoin and how it works. 

Looks like you still have much to learn about bitcoins and all of these members are trying to help you make huge adjustments to your plan which is right because you could just simply safely store your own bitcoins on your own without worrying about any 3rd parties involved because they might not have the same lifespan as yours and might day quickly and they bring the keys to their grave and left you out without having any idea how to get your bitcoins back. Your plan is risky and obviously, you won't get anyone to support you here, instead, consider learning the basics again and read more articles about safety and security for bitcoins, surely you will change your mind and revise your plan.

Bitcoin can never work as you think, this is digital currency and it doesn’t work like the fiat currencies, bitcoin is a digital currency that you can personalize, and nobody can have Access to it, some people store bitcoin because they don’t want the country to know their worth or look into their personal financial system, everyone wants to be secretive with their finance to avoid the eye of people , making crypto as a bank is something else that may no be possible, If you really understand how bitcoin works and the reason, you will understand what I meant. Bitcoin can never be in bank, the bank is your wallet

No one wants another centralized body trying to claim our crypto or help us hold it, rather teach peopel how to safely store their bitcoin and what to do and what not to do so that they can observe security measures themselves, we have other centralized bodies doing this already besides isn't isn't the idea behind exchanges like binance and all the rest of them, you know the risk involved right your going to be a prime target for hackers and so many exchanges has already fallen from this, you know MT.GOX right, yeah they filled for Bankruptcy the first every crypto big bad news.

     As soon as I read the word bank, I was not confident anymore, because we know that it is no different from a traditional bank system. Apparently, once you put the bitcoin in there, you are 100% out of control; you no longer have it; instead, you have given them the right to hold the key to control your bitcoin. And before you can get it back, you will need to meet a lot of requirements before it can be in your hands when you are actually the real owner.

     Then it seems unfair that it takes 3 months before you can withdraw your bitcoin. Why is it taking so long? What kind of process will he do in 3 months? That seems like a big stupidity; if the bitcoin bank system is like that, I wouldn't store bitcoin in that kind of system.

Your decision is correct but you need to protect the face of the wallet in which you convert your money to Bitcoin so that no one can access your wallet.In fact, we have to keep our assets safe, be it bitcoins or money.As if we keep money in bank we are afraid of losing if the bank goes bankrupt then sure those who keep money will be forced to lose money.

Just like those of us who put money in the bank and invest it in Bitcoin because of the fear of losing it, we store that investment in a wallet. We need to use hardware wallets to keep that investment safe. Just as it seems risky to keep money in your bank, it is also risky if you don't keep your bitcoin investment in the right place.

I think establishing Bitcoin bank isn't necessary because Bitcoin is not a decentralized currency therefore I suggest that you should continue store your coin in wallet because it makes you safe confidently

I would rather put Bitcoin in a hardware wallet or Electrum than in a Bitcoin bank, where I won't have access to Bitcoin myself. Why would I give my right to hold Bitcoin to someone else when I know it will increase in value in the future? It's probably a mistake to make this decision.

Maybe I can put money in the bank instead of bitcoin; after all, this is what people have been living with for decades now, right? Apparently, what others say is correct—not your coins, not your keys—when we do this.

How do you secure coin and and your responsible to customer if hacker stole bitcoins?

Why we need coinbank while we can save everything in our own method? Just buy hardware wallet, send coin to HW, and keep your HW. As easy as that right?

I'm surprised because we come to Bitcoin to fulfill our freedom that is not given by other people, but when that freedom has been achieved by holding Bitcoin then we hand over control again to other parties? What is the point? There are still other options that do not burden us with additional costs, let alone months, just to access what is our right. The option you offer seems less effective for me personally, because having complete control teaches us to really look after it at all times, check Bitcoin at all times, use it if necessary. I am my own bank and have complete control over Bitcoin holdings.

So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services. So, I think there's nothing wrong with the OP having an idea and wanting to implement it.

Perhaps you and I, many people will not use OP's services but there will be others who will as long as OP can make them satisfied and trustworthy. This is a business idea so we shouldn't dash OP's hopes just because we don't like it.

Centralized exchanges are there for you to trade your coins and not to store it, it is easy to understand this. After trading on centralized exchanges, the funds should be moved into your self custodial wallet, i know that there are a lot of people who still store their funds in exchanges, but they are doing it wrong and that is why they make up the victims of ftx, celsius, Genesis, 3AC, mt. Gox, etc, who are still waiting to recieve some portion of their money back. If people do not want to be a part of these victims, they should use self custodial wallets to store coins.

The most important benefit of bitcoin is that it is not associated with banks and is thus safer for people. They have more control over bitcoin in comparison to fiat which is controlled by banks. What you are suggesting is just opposite of this and thus people will not appreciate this.

There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.

What you suggest makes more sense than what the OP suggested because perhaps he doesn't know that Bitcoin holders can actually get full control when they store them in a hardware wallet. Meanwhile, money is very different from Bitcoin, especially if the money has been put into a bank which is generally controlled by the bank. And let's say there is a person who doesn't keep his money in the bank but keeps it in his own house, I think it won't be very safe and won't be more useful if the money isn't used for more important things like investments and so on.

Why make a Bitcoin bank if you have a full authorization with your bitcoins, you can sell, trade, and invest at any time without having the KYC, restrictions to hold, minimum withdrawals, etc like other banks doing, also the use of the bitcoin will neglect with those rules those proposals not applied with the real use of the bitcoin itself. Your idea is creative but it's not applicable as you expect.

When I read the title of this trade I thought it would be some nice content but here it's not. This is the worst proposal I have seen in BTT.

What's the difference between your proposal and a centralised exchanges? Infact a centralised exchange is even better than yours because they don't charge as much as you want to charge for holding a coin (my assets) for me.

Why will I keep my bitcoin with someone in the first place? That's against my doctrine, I'm a privacy advocate and why will I like to give someone who I don't know my bitcoin when a self custodian wallets exist. Every terms stated here is absolutely ridiculous in my perspective so I wouldn't patronize that.

It's either you are new to Bitcoin and don't know the relevance of Bitcoin yet or you know about Bitcoin but you haven't use it before that's why you are saying meaningless solutions for Bitcoin storage. Like don't you know that Bitcoin is decentralized and by that it means that nobody controls it and nobody hold anyone private keys. If you give your Bitcoin to any person and they run away, that means your Bitcoin is gone because no private keys to your Bitcoin and you can't spend it.

I will advice you, don't keep your Bitcoin in any platform that doesn't have private keys, it means you are losing ownership of your Bitcoin if anything happen tomorrow, in fact I will advise you to get a hardware wallet and put your Bitcoin there, it's as simple as that and not difficult thing to do but you need some money to get them and they are affordable.

I think this is not the reason bitcoin was created. If bitcoin should have a bank the people will help you to store your bitcoin that means their is no different between bitcoin and fiat. One of the reason why we have bitcoin is for freedom, you having access to it whenever you want. You can bank your bitcoin yourself by hodling it with a non custodial wallet that is very reliable. Bitcoin is personal and have nothing to do with any other person.

Bitcoin was born from a desire for decentralization, a rebellion against the perceived inefficiencies and regulations of traditional financial institutions.  Imagine a revolution against a centralized monarchy, advocating for individual liberty.

This core principle – bypassing third parties – makes Bitcoin attractive for those seeking financial freedom.  Non-custodial wallets, as you mentioned, offer a way to hold Bitcoin without relying on banks.  This empowers individuals, especially those in regions with limited access to traditional financial systems.

However, the complete absence of regulation is a double-edged sword.  While it fosters individual control, it also creates a Wild West atmosphere susceptible to scams and illegal activities.  Imagine a society without laws – freedom can quickly devolve into chaos.

Talking about creating a bank to safely store people's bitcoin, how about those people who have been storing most of their asset's in crypto wallet?and those assets has been there for a very long time. And  is save and secured reason been that those crypto wallet has a passphrase which is also known as private key if you don't disclose this private key to anyone there's no way anybody will have access to your wallet either.however bank have the access to do whatever thing they wish to do in your account reason is because bank doesn't have private key, that is to tell you that crypto wallet is even more secured than bank.

I understand what you're saying, but you also acknowledge that even though storing assets on centralized exchanges is risky, many people are still doing it. And what I'm trying to say is that just because we don't like centralized services and we're trying to protest the OP from implementing his idea isn't right. Some people still need centralized services, which means the OP should still try implementing his plan. Don't stop him just because we don't like his ideas, and OP shouldn't give up on his dreams just because of people's opinions.

In the past, cryptocurrencies were not recognized and regulated by the government, so there were quite a few scams happening, but things are gradually changing and bitcoin ETFs is the start of it all. I know this will gradually take away the decentralized nature of the cryptocurrency market but it is inevitable and once there is government regulation, scams will also decrease. Things are changing and we should adapt and not use historical data to judge the future.

That's what I don't understand because we can control our bitcoins ourselves through the Electrum wallet or hardware wallet that we will use. I don't see the logic why putting it in the bitcoin bank if we ourselves are the bank of the bitcoin we hold, right?

If we put it in the bank, we have removed or ignored the existence of bitcoin's decentralization, which has its features. The government is powerless to control it, so we will do it anyway. It's just common sense, right?

OP, what's the point of opening a thread with your proposal and not responding to replies at all so far. Your idea has flaws and probably most of them have been addressed by others here. Is it only me who finds it an annoyance that thread starters, especially newbies, abandon their threads for whatever reason?

To stay on-topic myself: why should someone trust your centralized custody, what safe custody expertise do you have and can prove it? What you propose is the opposite on many levels what Bitcoin stands for.

Bitcoin is unique and it gives everyone keys (private keys) to their bitcoin. They no longer have to rely on any custodian to store their money, in this case store in bitcoin.

Idea from OP is simply against this strength of Bitcoin protocol. Without black swan events, people feel safe by storing bitcoins on centralized exchanges but if anyone experienced this market in times of Terra, FTX, Voyager, Celsius, Three Arrow Capital, they would have known about this risk.

Later, bank collapse in the USA. and some banks in Europe, would have given them more warnings.

One or two people might believe it for some reason, but it's not going to have a big market here, given that knowledge about privacy and asset security among forum users is getting better and better.
We often read "Not your key not your Bitcoin" which means there is no one else we can trust but ourselves... even the history of hacking of exchanges and wallets is the reason some people cannot trust centralized companies to secure assets.

With a personal wallet, someone can store it for free, with a hardware wallet you only need to buy it once to secure your assets for life.
Withdrawing assets or exchanging them into fiat is easier, no need to wait 3 months.

In fact, we are given freedom and even simple things are free, but why is OP giving something that doesn't show excellence in the service they are trying to offer?

To be fair, not all centralized platforms are useless or scams. Take a look at Coinbase, it was founded in 2012 and is still one of the good trading platforms to date. We should not equate them all as equally bad, and the problem is that some investors are abusing these centralized platforms, the exchange is a place to buy and sell, not a place for us to store bitcoin or cryptocurrency assets. We don't need to hate centralized services too much because I believe the majority of us are still using them to convert bitcoin to fiat and vice versa.

Regarding the OP's idea, I don't have anything outstanding and I also find it unfeasible when he charges so much for his service and not to mention his reputation.

Don't you think ETF's share the same concept as you, as the idea behind ETFs is to have a third party do the buying of actual Bitcoin on our behalf so as to remove the risk that comes with handling cryptos such as Bitcoin...I guess with the reputation they have they might get more clients, but doesn't hurt to give it a shot.

Btw , reading about your idea, this looks like a cat and mouse chase in the making as I see that so much effort has gone into the KYC process and all the data collection of users and not really investing in the platform itself to guarantee a secure platform... otherwise looking forward to seeing this idea brought to life.

I don't know about this, do we have platforms that take full responsibility of cryptos incase something happens  ::)

I agree with that. What is the meaning of decentralization if you hand over your funds to a centralized entity to hold them for you when you can do that yourself? Bitcoin provides us with financial privacy, which means that we can store our money ourselves without involving any central authority or third-party because we have non-custodial wallets where you hold your keys, phrases, and everything important.

Besides, if there is a Bitcoin bank and you keep your funds with them, you will need to declare and explain everything you do with your Bitcoin. You make a deposit, you are asked about the source, you ask for a withdrawal, you are asked for a reason, and why would one want to go through all that if they can avoid them by storing them with themselves?

No one in here would take on your offer, that's a bad idea anyway. Look at all the people that have bitcoin, they all have been storing their bitcoins in their own wallets and they don't even need to pay for it or anything like that, just need that they've got their attention to it, not click on suspicious links and be vigilant about their activities online and that they don't forget the seed phrase and they'd be good to go.

This idea is also the antithesis to what bitcoin is, a way to get away from banks, how can we get away from banks if we become banks ourselves?

Controlling your own keys and wallet(s) is somewhat being your own bank (just without the funky financial products that traditional banks emphasize on). Your keys, your coins, your own vault. Sounds nice to me. Additionally I'd recommend reading the interesting PDF at https://smartcustody.com/ (https://smartcustody.com/), depending on how much coins you want or need to secure, proper risk assessment is crucial.

your idea seems to be just a bad idea mate

first of all what would be so unique about your “bank”
that people can’t just store their bitcoin on their own wallets
where no one else has access to aside from themselves?

second i know lots of people won’t be as enthusiastic with the thought of having to provide a passport or any identification when they can store their own btc without any of that

third what do you mean it would take them 3 months to withdraw? are you joking or is this a genuine post? don’t you see anything wrong and inconvenient with that at all?

The idea of Bitcoins was to get rid of the banking system and manage our finances independently. Now you want the bank to come back and store Bitcoins in it? Moreover people used bank in order to store their money safely instead of storing it in their homes. But bitcoins can be easily stored in a person wallet with full security. So there is no reason for using a bank I must say. This idea is very much useless according to me.

Why would anyone use a third party to to store their Bitcoin when they can just store it themselves in their own bank? We are in 2024 and I'm sure anyone who invests and plans to hodl their Bitcoin for a long period of time has enough resources to learn how to do that safely by themselves. Bitcoin is a digital asset, meaning it does not need protection from regular thieves such as fiat money or tangible assets do,therefore there is no need for a bank to store it and protect it. What would your bank protect, my private keys? That's just a silly idea.

Yes, this idea is quite meaningless because bitcoin is essentially a decentralized network so creating any centralized service to serve bitcoin doesn't make much sense. But I'm not in a hurry to judge OP's idea, what I care more about is OP's reputation. Who is he, if he founded a business and what guarantees that he is not a scammer intentionally creating a project to steal people's bitcoins?

Regarding evaluating OP's idea, there will be many things he needs to prepare before starting to implement his ideas. In terms of coming up with ideas that are not too creative and different, any of us can think of them.

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

Everyone has their own ideas and ways of storing Bitcoin, even though the wallet used is a software wallet which is deliberately guarded very well so as not to be exposed to bad attacks from people who have bad behavior towards other people's assets. And how to leave a bank is actually very easy because when someone has become a bank, of course he himself will know how to close it and not open it again in the future. I think it's just that simple a way for someone to avoid the bank and not to open the bank again.

It is unquestionable how logical it would be to lock Bitcoin into a particular category. Bitcoin's decentralized system bears no resemblance to the current banking system.I also agree with you that my capital will not be stuck in any blind limit. Regardless of the bank.

Our identity doesn't matter, as long as we're in the market, we should make good use of our time to invest in solid projects. Bitcoin have been into existence for the past decades and this particular project have been huge for the market and the investors smiles behind the long bullish candles formed. Advisely to use a hardwallet to store your bitcoin because they're always consider to be in safe hands. Despite the high volatility of bitcoin, it still remain top and ranking on the table when it comes to cryptocurrency.

bitcoin was created to get away from what you are suggesting.

There is no need to create such a bank. Because it will not be possible to follow a uniform rule from country to country, it will depend on the regulations and laws of each country. One more thing, like the current banking system, control of money will no longer be in your hands, the bank can use your Bitcoin for other purposes and when having a problem, claiming returning your money and Bitcoin is extremely difficult.
If you are worried about how to safely store Bitcoin, you can buy Bitcoin through an ETF, which is also an accessible solution for customers who do not want to spend too much time learning how to buy and store Bitcoin. The level of safety that can be guaranteed when approved ETF funds were guaranteed in terms of financial potential as well as are subject to supervision by the US government. However, just like the comments above, the most important thing we must remember first about owning digital assets is "NOT YOUR KEY, NOT YOUR COINS".

Whilst I am sure you have developed your idea with good intentions, it goes against the entire philosophy of Bitcoin.

The point of using Bitcoin is not needing to trust an intermediary party. Additionally, sharing your KYC with a "Bank", I could think of nothing worse from a privacy perspective. Needing to pay to access your own cryptocurrency, and the bank is responsible for holding it? Definitely bot "safe" or "secure".

Why not just buy a hardware wallet?

Your idea has destroyed Satoshi's system, blockchain, and decentralization, and even the fees and costs you have set may make supporters of your idea go bankrupt in the future :D

Indeed, this is what the centralized exchange platforms are doing, but they are not as strict as your idea and its fees. These platforms contradict the fundamental concepts of creating Bitcoin, and we always warn newcomers not to deposit their funds with them. These exchanges are not wallets where the investor is the sole controller. Also, I do not find any valid reason for any investor to use an online bank to hold his assets in the long term. He can do this himself through decentralized wallets, cold wallets, etc., without exposing his documents and assets to risk through a third party, exposing his privacy, and incurring all these illogical costs. And he is subject to the policies and conditions of the bank that will be created.

Even when withdrawing, you OP mentioned that they might withdraw within three months after submitting documents, making Zoom calls, etc., in addition to paying excessive fees. Please, forget these ideas and stop thinking about them again. You have caused me mental, security, and psychological concerns after reading your topic.  :)

That is exactly what we wanted to people must learn and specially OP , because he seems to not
understand what is the concept of Bitcoin being created and why do we need to come here and leave banking system.
even how he wanted to explain it here? yet the people in crypto hate that idea of storing funds in banks.

I didn't mean the self-custody part, that's what I like about bitcoin, I'm talking about the proposal of OP to create a bank so we can store our bitcoins there and I don't believe that it's the right idea for us to be a part of that where we're basically entrusting someone else to store our bitcoin, I don't really like that and with the fact that there's the SBF and Mt. Gox incident, it's unlikely for us to be trying this service.

How will you think of creating  bank in a decentralized system where you have control over your asset (Bitcoin). Security of your wallet or Bitcoin is up to you, besides there is accumulation addresses where one can keep his Bitcoin over a long period of time.


Am not sure you understand what how bitcoin network works, what Decentralisation means.
I think ETF can help in this situation though, just like how Grayscale operates, make investors worry less about there asset in terms of security, buying and selling of Bitcoin. If this is what you mean.

I personally am not interested in the idea you made because for me personally it is safer for bitcoin to be held by the owner himself and I am personally interested in bitcoin because no one regulates bitcoin like fiat money. and I think your idea of ​​creating a bitcoin bank is like people saving fiat money in a bank and waiting in line.

For me personally, storing bitcoins is safer in a wallet such as a hardware wallet, and in my opinion the system that is running like now is the best because we can sell bitcoins to the market as we wish and at any time and I think if for example there was a bitcoin bank I think we could potentially not will be anonymous which of course the bank officer will potentially know the amount of our bitcoins and that is a danger.

and in my opinion, I personally don't agree with your idea about this because in my opinion, for BTC investors, having an anonymous nature is certainly very necessary for security.

Exactly. I appreciate the idea though, but with the current state of bitcoin or how bitcoin works, based on what the OP wants, he will make bitcoin more hassle or the decentralisation of bitcoin will be gone, and most likely it will not be more secured than what it is now. Imagine a passport ID. Anything, or any ID, can be forged or stolen. The internet and advancement of technology make it more dangerous to rely on IDs or documents. That's why seed phrases are the most secure right now, because even using a word randomizer in order to get the combination of words in a single wallet will take a lot of years. So yeah, I disagree with the idea of the OP. I think he needs to learn more about what bitcoin is and how powerful and secure it is currently. I don't think bitcoin right now needs some changes or that it is impossible to change bitcoin right now; it will only depend on how we use the technology of bitcoin to implement other things.

Creating a Bitcoin bank for long-term storage sounds like a secure option for those seeking peace of mind. However, the requirement of a 3-month withdrawal process and identity verification might deter some users accustomed to faster transactions and more anonymity in the crypto space.

"Bitcoin Bank offers a secure solution for storing your Bitcoin. With robust encryption and multi-factor authentication, your assets are safeguarded against unauthorized access. Our platform provides peace of mind, knowing your Bitcoin is protected from theft or loss. Additionally, we offer user-friendly interfaces and convenient features for managing your investments. Trust Bitcoin Bank to keep your digital assets safe while you focus on growing your wealth."

Lol , even if you do? none of us that will entrust you with our bitcoin .

why do we need to let you have our bitcoin when we can have it safer in our own way?

there are safer wallet that we can use now in which we are the one who will responsible for its safety.

and also never entrust your crypto to 3rd party or even second party, it is ours and must remain that way.


exactly , I don't know where did he find the guts to offer us here about banking when
 we are here to prevent banking way of keeping our funds.

How cna you be secure when you are not the one who is holding your bitcoin? lol if you wanted to secure
your bitcoin then buy  a cold wallet and keep your coins there in your own possession  .

That's a savvy insight! Your recommendation to use a cold wallet for securing bitcoins shows a deep understanding of cryptocurrency safety measures. It's a proactive approach that ensures individuals have full control over their assets, emphasizing the importance of personal responsibility in safeguarding investments. Well done bruh!

LOL, your idea is completely contradictory to the concept of bitcoin. if there is a bank like you think it will change decentralization to centralization. not to mention, by you creating it, it forces bitcoin owners to put their bitcoin seed or private key into the bank you want to create.
I don't think it will work and no one will want to use your service. no matter how cheap it is. After all, everyone has their own way of securing their wallet.
What's more, they still have to wait 3 months to just withdraw the Bitcoin they have.

Not sure if I will agree with you and 3 months withdrawal process is insane idea mate  because this is frustrating when you own the bitcoin but need to took long before withdrawing , in gambling section we have seen so much issue about this kind that when depositing it gets only few minutes or even faster but when needs to withdraw it took them a long lol.
i think I will pass in using Bank for bitcoin.

Short answer but precise and contains. Even though we know the purpose of Bitcoin was created to be separated from banking or become digital money from physical cash. Additionally, the goal of bitcoin is to eliminate the need for trusted third parties such as banks or other intermediaries.

So the idea conveyed by the OP is very contrary to the principles of Bitcoin itself. Moreover, if we talk about security, there are many wallets that offer good security so you feel safe storing them there. So your wallet is your own bank, not creating a Bitcoin bank especially with the fees stated by the OP of 100 GBP + 1%.

Yes true, plus bitcoin is literally marketed as "be your own bank", so why would we even need something like this? The idea is saying that you could safely store your bitcoins, well I can safely store my own bitcoins in my hardware wallet as well, why would I worry about that? Cold storage is something that is common and doable in the crypto world and for some reason people end up thinking that it is going to be something that could end up being so crazy.

We are not needing anything that can give us safety because we already have safety. We may prefer to not use it, like someone like me who ends up putting all their money in binnace, that is not safe, but I prefer it, but if I want safety then I can get it any time I want.

Maybe in a few years some bitcoin banks do appear, but I believe that currently we are not in that phase yet