Bitcoin Forum

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
 If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

I have made a quick poll to see what members say. Please leave a reply if you have any idea how this will work.

Thank you for reading

And I'm one of them that does not support crypto banks :)


If users do not know how to store their assets safely then they should learn first before trying to own bitcoin or crypto in general. It is not that hard to learn, those who lost their bitcoin or crypto because they do not know how to store it safely then it is their own fault.


If what you means is something like you lose your ledger wallet or your PC broken, then you should have minimize the risk earlier by keeping the private key somewhere else. Make a backup of the wallet you use then save it in a secure place, make back up as many as possible.


This is why there is always an advice to avoid storing our assets in exchange. If you want to store big amount of assets then you should store in a wallet where you have a full control of your assets.


This will against the main important aspect of bitcoin "decentralized", bitcoin is created as a peer to peer payment method where no banks is needed to manage the transactions. Do you know "Be Your Own Bank" means?
To avoid any lose of your assets is your own responsibility. So be wise in storing your assets anywhere, be safe.


Voted for "Don’t need cryptocurrency banks"

Nah, having a cryptocurrency bank would defeat the purpose of eliminating the need for a third-party host. There are multiple ways for someone to store their bitcoins through hardware wallets, allocating to different exchanges, etc. and the creation of banks would not address these problems. The creation of a DECENTRALIZED system and storing them into a CENTRALIZED system would be a topic of conflict in future references.


That is right. There are also hardware wallets which one can store their cryptocurrencies safe. I do not see the need for a bank in-order to address those kinds of problems as they can be resolved now.

I dont support it.


Its in your own discretion to put all your coins in a safe place. You are your own support you dont need 3rd party


It`s 2019 people who use`s internet knows what crypto currency is. Google can help them know what is crypto currency if they want to find more about it.
 

Its the fault of the "investor", they risk putting all their coins there. Its their fault nonetheless, to prevent such disaster as what you are saying then, put your coin on a trusted exchange, not the one that is controlled by a single dead guy. Do some research before trusting your coins to some exchange.

There is no necessary of any crypto banks in my opinion.  The reason for this is that, crypto is anonymous currency and no person will reveal his or her identity in storing the Bitcoins in a physical bank safely.
Moreover if the user dont know how to keep the Bitcoins or cryptos safely, then he/she should not invest his/her money in crypto at first. They need to understand how cryptos work and how they can easily store their assets.
Moreover before investing money in cryptos, i would suggest them to hunt some bountys and earn a little crypto. Then when you masterd everything about crypto, invest in it.

then they should use fiat instead. using bitcoin is not mandatory so nobody is forcing them to choose it. they are  doing it on their own. and when they do, they also have to understand what it is they are using. when they do that they realize that "banks" don't make any sense with bitcoin as a decentralized currency without a middle man.

When our wallet itself serves as our own bank what is the need for a banks operated on bitcoin. Even with banks it isn't safe on our holdings, with cryptocurrency I feel more secure. Maybe for some reason there can be some banks operated on bitcoin can be seen around. One such reason that I find for bitcoins to have banks were to reach the common people who aren't technology wise highly advanced.

The idea of banks emerged mainly from being trusted parties that offer guarantees of assets deposited in their banks. These banks offer securities that can be used to sell and buy.
Since 1970 the idea has shifted from a store of assets to promises.
Cryptocurrencies provided a means to conduct transactions without the need for those trusted parties. They provide you with a storage space of 1000 trillion dollars in a small piece of paper. Why do you need to trust anyone?

if you define banks as a place where you store your cryptocurrencies and then spend them through them which means 100% relying on third party centralized services then the answer is NO we don't need them and there should never be a bitcoin bank.

but if you define banks as some sort of service that offers things such as loans, exchange service like when people want to dump their worthless fiat to get bitcoin instead,... then they may be needed for now.

otherwise banks belong to fiat system and it should remain that way.

most people didn't used to have any bank account, any credit card, or even computers and most people didn't know how to use any of these. that didn't mean we needed a third party to help them use banks, credit cards or computers! they eventually learned how to do it when the need was created.

it is the same with bitcoin. when the "need" to use the decentralized currency arises they will learn. as many of us have already done that. they will have wallets, run nodes,... and use bitcoin the way it is supposed to be used (meaning without needing third parties).

what you described could have easily been avoided if he used bitcoin correctly meaning used the feature that was introduced about 7 years ago called "multi signature" as other exchanges do!
not to mention that the alternative has more issues like the bank closing their account if they think they don't like what they are doing. for example if someday that bank decided bitcoin is killing their business the first thing they do is to close down all the accounts of their customers with some excuse like money laundering.

Just wanted to say to all members that replied. Thank you and have read all.

Just wanted try to answer some.
Yes banks are mainly controlled by gangsters or government.

But just wanted you to understand my way off this cryptocurrency banks. Which could be called wallet truth or any other name that does say bank.

Now I see cryptocurrency as one of the best investment and best way of transferring funds. No need to wait 2 days for bank to send. No need to explain why and where and when to banks.
But this problem which cryptocurrency wallet bring was around 1000 year ago. There was no bank, funds was stored in gold and these where buried in location only the owner knew.
The owner always made a map of the location and keep this in a safe place.
Which after he or she dead the map lost and gold gone.

This is the same with cryptocurrency. If something happens to the owner then funds should be left to loved ones not loss forever or sameone find to spend.

So there need to be away. Could be safe lockdown trusted box for wallet recovery seed. Which can be give to kids if something happen to owner.

One of the difference between Fiat and crypto is, fiat is centralised and crypto is not. I do not find the need for any crypto bank as such. I am against custodial exchanges just because they hold our funds with private key then banks is a big "NO".

If you find any loop hole in the technology then give ideas to improve it instead of going back to centralised version. Those who have not used wallets/ exchanges (https://coinswitch.co/news/top-22-best-bitcoin-wallets-2019) will read and learn on there own.

Why not making somebody close to your heart, aware of crypto-ways? Teach somebody how it works, where, when and why to use it. Tell the tale and enlighten your kinds or wife, maybe parents etc. If you scared they will spend all irresponsibly then simply create a puzzle that governs the password and hide it somewhere. Just like the map to the treasure. Nothing really changed.    

So far your poll says it all, five against null in favour of "don't need". That also was my vote.
You see the case is how banks handle the deposits. I'm more than sure, they will at some point issue the IOU notes.
Basically making fiats of crypto once again, just like it was with the gold and all other precious stuffs.

Cryptocurrency is not meant to be controlled your money by someone else rather it has to be controlled by yourself only.
If we have crypto banks than what will be the difference in traditional banks?


I'm not supporting... not at all!


If those who can't store their cryptocurrency then they should not get involved in it. If they still want to get in then they should learn how to take control of their own assets.
"Learning" is the main key to get into it and "learning" is like a sea...there is no end. Remember "Knowledge is power"!


Users should store their cryptocurrencies where they are able to control their wallets by private keys. No matter if they get an issue with their pc, they can restore their wallet and recover the funds. Another thing is, does not install wallet in system drive, this is what I do and I suggest.

Regarding the Canadian exchange logic you mentioned, my anwser is as below
Users can share their private keys, passwords with their Father, Mother, Brother, Sister, Wife, Children (if matured) and teach them how to get access to the wallet and do transactions. In this way, I think your cryptocurrencies will never get lost. I have shared my private keys, wallet passwords, exchange passwords with my brother and wife, they have access to my all resources... I trust them blindly, so it is not an issue for me.

Canadian Exchange case is different here. I'm not talking about it here.

you shouldn't introduce a lot of complexity and lots of issues just because you want to solve something that can be solved in a much easier manner. for example in this case to add a bitcoin bank just to solve this (or similar things) is not a good idea simply because we already have simpler methods.

you can already do this with regular banks you don't need a "bitcoin bank" there are lots of them that offer safety deposit boxes where you can store your private keys or seed phrases that you write on a piece of paper or on a metal!
you can also use the multi signature features of bitcoin to share the ownership of funds with others like your wife.

I believe banks are always centralised right? So far, I have never heard/seen a decentralized bank (except bitcoin). I'm assuming a bank would be in custody of your cryptocurrencies, which is one of the main issues crypto is trying to solve? That you are in control of your own funds, and you can send them and receive them anyway you'd like.

I guess exchanges are the sort of crypto banks, and they are regarded as usually unsafe. You can get your assets frozen quite quickly, and they randomaly demand KYC for no apparent reason.

Pursuer said it very well.

So why did people converted from banking investors to cryptocurrency when we will go back to what we’ve. done before?we are now here in crypto world because banks didn’t treat us fair and now another banks for crypto?No i am not supporting this because being a crypto holder we will be responsible for our crypto assets and we can took care of those in many option but not with banks.we need to have a solely access on our coins and tokens,thats my stand and woll never be changed

That way I don’t understand KYC, this is like a bank anyway. Some exchange say need KYC which is fine but I don’t want to send my detail to random exchange just to trade.

The key takeaway of bitcoin is enabling people to be their own bank, so creating a bitcoin bank solely for keeping other people's assets in hopes of a few % interest per annum is already killing the idea. Also, the ethos of bitcoin and cryptocurrencies is revolving in being trust-less and decentralized, and again, having a bank defeats that. Why would anyone who can already keep their own assets safe wish to have another party hold the assets for them? Entrusting it to some other people heightens the risk of their assets being lost in the void, and in order to avoid such scenarios, better keep your assets yourself and just be extra careful handling it.

yes I agree but most people are not formally with safeguards this. If any reason can be a problem. Just was asking for a backup plan.

If anyone has idea for backup.

I think the issue isn't clear cut. For us, who already are here online, who are used to using cashless payments, who know how to use Bitcoin - we don't w want banks, crypto or fiat. But we have to use them. I still need to sell my Bitcoin to pay my bills. And to be honest, even 90% of the spends I make are to merchants who actually only want to settle in cash/fiat.

So until we're in an age where Bitcoin is a currency more people are willing to accept, not simply hold, yeah we need those bridging banks. Sad but a necessary current need.

I think it's better to have the existing banks now to accept cryptocurrency, not to create a bank only for the cryptocurrency. Banks nowadays are trusted and there are many investors here and there so it's more essential for a bank to upgrade their system and accept cryptocurrency. It will just fail to have a bank that is exclusive for cryptocurrency only, not all the time, cryptocurrency will hype your daily life. I personally don't want banks since I can't keep my money/bitcoin here in online wallet or hardware wallets.

Well I don't accept your reason given above for the introduction of crypto currency bank because of of just one incident that happened to an exchange in Canada. Saving crypto currency in an exchange we all know is very risky and not just because of that incident we should start clamuring for crypto currency bank.

I am glad to see that so far 100% of people voted against the need of such banks. If people want to learn more about cryptos and start using them, there are many online tutorials, and it's really not that hard, so banks are not required here. As for losing cryptos - well, it's always your choice and responsibility where and how to store your money. If you're afraid to lose it, just go for reputable online wallets. And besides, the bank can also go bankrupt or something like that, so your money is not really safe there.
I just watched "The Big short" yesterday, and it made me hate the banks even more. The same ones that are now trying to kill the crypto market made lots of people lose their money, and then collected taxes of the citizens to make sure that they (the banks) still stay in charge and super rich.

anybody who understands what bitcoin stands for and is not here JUST for the profit will surely vote no to this question. we have all seen the issues with the banks and the corruptions that follow. and it doesn't only limit to them, you can see Coinbase and things that they have been doing recently which has made a lot of people so mad enough for them to close their accounts with this service which looks more like a bank rather than a regular exchange.

Hahaha...that one got me :D Anyways I'm with you also. Campaigning for crypto banks will even make it more riskier for us. Firstly it is very dangerous if you don't study the space and keep your money anyhow. Not talking about banks that keep on collapsing and freezing monies everyday. And moreover, it shall also lead to scammers being on the rise again.
So we just have to stick to the plan and be more cautious :)

I dont think so.
I am against to this kind of idea.

Why? First of all we are trying to avoid the third party.
Wallets are user friendly now and even android smartphones can install one with just a little of reading and clicks, account could be created easily.

Crypto banks. You are just repeating history. At the end of that line they will just thank you for making them more money. They will have access to your funds to invest it more then they will just give a little to you.
Aint that the same with what is happening now.

Crypto currencies specially bitcoin is made for a change. A new kind of payment and a way for a currency to be used. And not just with plastic cards anymore where the owner of the banks is the only one who will get richer.

Looking at the vote all have so far voted NO banks which is good to know but still same have stated need to change the way we store funds. Still there are lots more to talk about regarding this topic.

Which I will share my ideas soon.
Still the poll is open until 22march so anyone can vote and leave comments for all to see.

Thank you

I am another one that would support the idea to grab the masses and bring them to Bitcoin. Most people is lazy by nature this days, what do they want? They want to pay for a service so that they are relaxed, especially in developed countries where that is pretty easy to do.

Private wallets are a lot better for people who is interested about learning how to use the stuffs, even when programmers already worked a lot to make those wallets pretty easy to do there is still some learning involved, even if it's not much at all.

It will definitely be needed, both ideas should have a place from my point of view.

I am against big banks and crypto
Crypto are  currencies like any other currencies
Small banks accepting crypto why not
Big banks are money creators  thanks debt rising
Crypto appear like an alternative to big banks
We much more need functional online financial services what will support crypto and insured exchanges

It may be a long time before that happens because of all the regulation and compliance mess up there is with having to deal with cryptocurrencies. Just now, banks are already starting to evade crypto — and even have been trying to tarnish its image by discouraging their users and spreading propaganda. But I’d have to agree that citizens have more trust for already reputable banks and will be more confident with the use of crypto if it were to be associated.

But I think that in time, it may be possible for crypto banks to exist or co-exist with other financial institutions. When the time comes that the reputation of crypto is no longer so vague, more people will begin engaging.

on one hand cryptocurrency banks defeat the purpose of cryptocurrency itself
why use cypto if you can have a much better fiat features in this area - liquidity ,speed etc.
but on the other hand sometimes it could be beneficial to start new projects in crypta ,thus increasing the adoption
and cryptocurrency banks in the meaning of places where people could get a cryptocurrency loan to start their business , should exist in some form
maybe called differnetly , because we associate banks with your regular solid stone building with a vault :)
this why I voted not sure , there are pros and cons and it is worth discussing

Banks are not needed for payments and calculations, crypto will cope with this itself.
The main function of banks is to accumulate investors' money through deposits and transfer them to other sectors of the economy through loans.
But crypto does not work yet with this. The reason is the wild volatility. Stablecoins exist but so far in relation to fiat currencies only.  And it is unclear so far what to do with this all.

correct but what I am saying is not for transferring fund I mean for holding funds some investor don’t use regular just hold for long term investment porpoises so would be good for these guys. Holding funds in exchange can be dangerous if exchange get hacked or exchange closes down.

I don't like your ideology of a Cryptocurrency bank. Why would a centralized system be in custody of my fund? If you don't have control over your private key, just forget about it, that fund is as good as not yours, should anything goes wrong with the bank or whatsoever wallet. Have control over your private keys and forget a third party trustee.

sure I understand this 100% right here.

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

And that's also the reason why most of the investors already learned from that and begin to make their love one's aware with this investment currency, I'm also not in favor of creating specific bank for this sole purpose, I still believe that crypto was made to be your own bank by storing it inside a safe wallet that you have full control.

It's only time can tell and conclude if such things still needed or we can stick to what we already enjoying right now.

You already knew its lost unless there's a message left by the owner on how to recover the wallet. If you want a cryptocurrency bank just for this I think it's not worth it.  

This is just a rare scenario though and if you're afraid no one could retrieve it then prepare in advance.

Not literally bank, we need an insurance system that will secure our funds and that should be facilitated by the exchange.
They will be force to have that in their system if the government will regulate them, if they will not comply they will be penalized.
The problem with crypto is that we lack regulation that is why it's risky for investors.

We have seen a lot of exchange getting hack, and that shows they are vulnerable since they have the money, it could be from inside or outside, the example was from an insider so that's hard to detect and only strict regulation might prevent them from doing it.

When cryptocurrencies can be developed much better, we don't need a conventional bank. All transactions can be carried out by cryptocurrencies. But before that all there must be a regulation that regulates everything, for me cryptocurrencies are a technological advance in the digital financial system and that is needed to support much better technological progress.

The existence of a physical cryptocurrency bank will make crypto more popular in the surrounding environment and certainly will make crypto look more official and trusted, of course it will help user transactions as well. regardless of the risk, but this idea is good to be realized..

I do not see any special need for the existence of cryptocurrency banks, because I have little idea how they will work in practice. However, the bank is voluntary. If someone wants to use his services, why not allow it. On the contrary, to show the uselessness of such banks, they need to be created so that they work and go bankrupt. So let yourself be created. I think there will be no harm for cryptocurrency.

I think that the question whether cryptocurrency banks are needed or not should be given by the people themselves. It is necessary not to interfere with the creation of such banks, and only the demand for its services must decide whether they exist or not. Someone can continue to do without the services of such banks, and someone wants to use its services. This is the right to choose users of cryptocurrency. It is necessary to provide them with such a right. If there is no demand for such banks, they will simply cease to exist.

If there are crypto banks we can cash in and withdrew crypto easily  but i dont get you , why do you say that crypto banks are not useful ? Nowadays , crypto banks are now already existed on most countries and for sure that the number of these kind of banks can soon increase because crypto users are always demanding for it . 

However this kind of banks can cause a little conflict from the standard/traditional banks because they think that this are a threat to their business . they might feel threatend with it imo .

I often wonder the reason for such KYC process on exchanges knowing well that blockchain technology itself preaches anonymousity of users' data to avoid hacking. I believe more decentrealized exchanges will help address such unruly processes of centralized exchanges adequately.

Definitely what you could see as beneficial to crypto by imagine crypto Banks is much farther than the truth of the dogma behind the technology. Involving the Banks to have access to cryptocurrency will defeat the true meaning of decentralization thereby empowering the government to control our freedom with no transparency and anonymity. Regulation is what the system need to work fine with Banks and not the Banks being in charge.

Bitcoin should be decebtralized and having user keep there anonymous right, so if when you use bitcoins for transaction. Why the hell do exchange or anyother places ask KYC, this just kills the whole process.

If KYC should be suppied then I want a large company or bank which I can trust.
Please leave you vote. and comment if possible.
Thank you ;D

That's why the web-based wallets like Coinbase are good enough for beginners. Difficult to make it more user-friendly than that. If they can't handle their username/password correctly they shouldn't go to the www.
Once someone gets experience with BTC, he could become interested to use another type of wallet (one that he will really have full control over with his private keys).


You don't make sense, If I have "a lot of cryptocurrencies stored on a Ledger device or PC" why should I care of what happened to this Canadian exchange. My coins aren't stored there. So, what?

Something sure is that we don't need crypto banks if they're controlled by the same cartel

Yes. That exchange does not affect me. But answer are still missing one of the biggest questions is. Good forbid if wallet or ledger hold passed away, then what happens to there wallet fund gone with him.
This is why I used this exchange guy. As reference. If something happens to the wallet holder  wouldn’t have  he or she wanted love one to take these funds or just die with him.

There are a lot of questions that need to be answered and implemented.
These need to be look in to, banks are not what bitcoins are about, I know this but still having fund on a ledger and hoping one day you will be able to pass this on before you pass away or any other bad  scenarios happen. Is not forward thinking.
I wanted to find out what members think about bank or any other  function which can hold investor fund and transfer over in a bad  scenario, like a will.
Thank you for reply.

Banks that run by crypto rules and regulations?If does then i will agree on this but if just like what the fiat banks i will disagree
I have been abused by banks ever since thats why i converted all my money here in this market and hoping to have multiple profit compared with bank depositing

You have cited the extreme case scenarios when the coins are stored in a third party wallet or exchange and still you are rooting for crypto currency banks which is really strange, let us assume that a private bank in created, who will hold the wallet, the owner who started the bank like the Canadian exchange did, so what happens when he dies, you will insure the entire investment and compensate everyone, i am not sure which insurance will take that risk, if you are talking about government controlled or public sector crypto banks, i really do not think we will see that anytime soon nor we do not need those. The idea of the technology is to have full control over your asset and not with the third party.

Yes Idea of cryptocurrencies to give full control over our assets but the problem is with that there is no proper way to transfer or give inherit if the holder dies or something happen to him which is a big problem at the moment because holding Bitcoins or any other currency means very valuable and for a person to earn such asset required hard working so there should be a proper formal way he can transfer those assets to his children or any other relation in an emergency situation and that is why crypto banks are essential for people who real need 

Ok. Thanks for the reply.
I am a  bitcoin /cryptocurrency lover but in 2016 lose or should I say pc hardware drive damage and  couldn’t recover wallet. The main reason I lost these coin is because my hard drive fault. I restored it once then searched the whole drive still had hope finding the wallet but all gone. So had to sell the pc for scrap money.

Now there ledger and other safe ways of storing cryptocurrency. So can cryptocurrency bank help store these fund more safer and also give interest on your fund. What do you think please let me know.

Does the cryptocurrency world need banks. I read samethere hsbc working on an invoice blockchain.
I personally think using blockchain for invoice payment is more safer then bank transfer or cheaque.

Please let me know by voting on the poll. Do you like the idea of have a bank account with your bitcoin in?
Getting a monthly account statement of your bitcoin with interest paid in.
I think this is the way the market is heading. Most State are against the idea. Because this will kill there local  currency. Like to hear your view.

in the business world trust is always the most important requirement, so how can we enter the bank system and we don't have trust in the bank ?? then the bank that we are headed must have proven quality because our funds will be under the supervision of the bank concerned. crypto currencies and banks will always need and synergize for the convenience of customers.

I don't know what exactly you understand by cryptocurrency banks, as crypto appeared as an alternative to ordinary banks.

If you see banks just as a safe store of crypto, then you should know that they use hardware wallets, too. So if "banks" use cold storage,  everyone can do it, we don't need banks to store our funds.

Yes, I think Bitcoin cryptocurrency bank is very necessary. Because now the number of bitcoin and cryptocurrency users is increasing. So Bitcoin requires a bank for cryptocurrency control too. I think the Bitcoin cryptocurrency bank can be controlled very smoothly. If there are Bitcoin cryptocurrency banks, then the tendency to commit crime through Bitcoin will be greatly reduced. So we should arrange a Bitcoin cryptocurrency bank as soon as possible. It will be possible if we all work together.

Thank you

I believe that a cryptocurrency bank has the right to exist. In any case, it can not harm the cryptocurrency. Regarding the need and usefulness of such a bank, the clients of this bank themselves will decide. If such a decision is unsuccessful, such a bank will be unclaimed and go bankrupt.

We DO NOT need centralized Banks to secure our bitcoins, but we need more Bitcoin friendly banks to convert our bitcoins to Fiat currencies and visa versa, when we want to do that. The Banking system are trying their best to sabotage Crypto currency clients, by closing their Bank accounts, when they figure out that clients use their Bank accounts for Crypto currency conversion.

We need some Banks to go against this global trend and to help those clients that got burnt by their local Banks.  ;)

I also support cryptyocurrency bank because in that way the will be a set rules on efforts will be made to minimize fraud in the system, the exchanges that are serving as the crypto bank for now is not effective enough that is why we have high issues of scams and the rest. Once we can have an established crypto bank it will be easy to access it and confidence will be build.

it's true as you say, not all crypto users safely store assets in the crypto wallet. but we must be able to make the best use of the crypto world. Some of the benefits that we can get by utilizing cryptocurrency include:
-Broader financial access
-Businesses run more efficiently.

- Yes, we really need banks that offer services like converting crypto and bitcoin into cash and vice versa because the service that banks offer will be safe and reliable, even the cost of conversion will be quite cheap. But unfortunately, most banks do not offer similar services, what they do is as you say, constantly control our account and if they find evidence relating to buying and selling bitcoin and crypto, they will terminate our activities with the account and report it to the government, Bitcoin users do not need such banks, which is a disadvantage for them

That's must be regulated, its hard for a cryptocurrency to create its own bank because there is no regulations right now. Its true that bank is there before, I also using it until now but since cryptocurrency is way better, it can be a good idea to create a one place where you can put your coins easily and with a high security. We have more years to go, maybe in the future some developers will try to create their own bank.

Now many exchanges require the provision of our confidential data. Therefore, the problem with cryptocurrency banks is not that. I don’t understand a little why we need to keep cryptocurrency or information about it in such banks. In order to transfer it by inheritance in case of our sudden death or receive dividends from their storage?
However, I see no harm to the cryptocurrency of the existence of such banks. If it will be profitable for them, then let them work. Who does not like these banks, he will not use their services. This is a voluntary matter.

The sound bitcoinbank sound much better then hsb@ so I can see the market need this service. Soon someone will do, probably one if the large high street names. But now I am asking my self would I just use my bitcoin bank card to get flat currency from a cash machine.

Still if anyone want to comment then please leave one. Love to hear your views.

Thanks

What type of support do crypto users need? I can't understand your point.
Cryptocurrency is much safer than fiat, totally encrypted and decentralized, no one can even smell your cryptos if you have maintained your security.



There is difference between a exchange holding cryptos and an individual holding his/her assets.
The cryptocurrency exchange you have stated was centralized, and it was management's fault to not take preventive measures earlier to avoid these consequences.

It all comes down to the features they offer. If you as whatever bank offer people interest and insured balances, they'll hop over to your service without thinking. What legal entity within crypto offers that now?

We have seen how unregulated platforms have attempted to do so, and it turned out to be quite lucrative on paper, but after a while people painfully understood that they made a mistake putting faith in an unregulated entity.

Xapo and Coinbase offer custody solutions already, but not based on interest, so for now they only serve very wealthy Bitcoiners--the moment they dig into that they'll experience a massive adoption boost from legacy investors too.

To add, Coinbase might become a bank itself since it is working on a banking license.

When any currency place into bank, they are not decentralized anymore.
Remember that people like crypto because it has something special that not have on any currency before and IMO decentralized , currency.

Let say if the bank accept bitcoin, I can say that goverment able control bitcoin supply !

In the first place I don't trust any bank. But sometimes due to it is part of the requirements I am oblige to get a bank account to be qualify in the transaction I need in the business. But there are other banks now that are adopting the system of crypto currency, like unionbank if I not mistaken anyway.

Banking service is centralized, bitcoin can't become centralized if you send it to the bank.
People love crypto because it brings them money. Prove to them that BTC will sure never grow and cryptocurrencies won't be so interesting. Decentralization is just one of the features of bitcoin.
Banks can help to secure the money of its users and provide some more benefits as they do with fiat bank cards.

When one depend on banking for holding our funds, it goes out of decentralization. When we expect services from banks for our funds, they mutually take control of our funds. This way banks weren't required, by now banks are in need of cryptocurrency to make them strong and we're in need of banks to reach the common people.

What is needed are more banks that have bulletproof relationships with crypto exchanges and won't suddenly close the accounts of crypto exchanges.

Most people who doesn't know about wallet cryptocurrency are ordinary people who are new to cryptocurrency and they haven't interested yet to buy it, but if they have understood about cryptocurrency and they intend to buy cryptocurrency then I believe wallet is one important factor they should know. Like you have money but you don't know about a pocket book, it is really strange for me.


Something goes wrong will also come to bank without you knowing it. Is there any guarantee from the banks that makes me sure the assets that I have are safe? I guess not, they have a gap also for things that are not desirable. Cryptocurrency has taught me to be myself, as much as possible I try hard to dodge some parties to manage my asset.

Makes no sense. One of the factors that motivated Satoshi was the idea of creating a currency that can be kept outside the control of the banks. And the advantage with BTC is that you can store the currency on your own. You don't need a bank account for that purpose. And for trading, you have thousands of crypto-exchanges out there, both regulated and unregulated.

I don't care about crypto currencies banks
Bitcoin appear to be banks alternative
However i very much support idea of Fintech services
I want minimum possible KYC .easy low cost both way crypto/fiat exchange ,cards and my personal data protected by blockchain

While it is rather difficult to say whether we need a cryptocurrency bank or not. Everything will ultimately determine demand. We must first see what services and how these banks will provide. Such banks should begin their work and prove the necessity and convenience of the services provided. If services are in demand, then such banks will exist, and if not, they will go bankrupt. These are the laws of business and market.

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And that is why you need back ups.

We also want to change the banking system since it is operated only for their purpose and not for the public.
If you could see names at mutual funds and equities you will find out that mostly they are banks and corporations only.

They get richer from our money and they even take more when we are using loans.
Is that fair?
Then just .01 percent annually will go back to you once you keep your money to them.
Yes you are safe but for what expense?
To make the poor dead with starvation?

of course the bank will be needed someday. Banks must be able to guarantee that the digital currency we have is safe. even if it can be fully applied and eliminate the fiat system, the bank is a must !! later digital currency banks will have the same role as conventional banks, digital currency banks can provide loans and credit installments. this is the bank's main function and I am sure that over time this can all be realized.

Exactly. Here in this cryptocurrency world, banks are useless as we ourselves has the full control of our funds by just using online or hardware wallets. I don't support cryptocurrency banks they are just some sort of a joke in this industry. We don't need something like cryptocurrency banks as this kind of asset is in a decentralized form which we don't need entities or middleman or whoever that has to take care of our funds.

You can keep your cash in your pocket and you can bring it to bank, fund your card. That would help you to make online purchases and ensure that in case of scam your money would be given back to you. They are not taking your "freedom" but only help you to use your money safer. Currently, bitcoin is lacking the same features.
In general discussion bitcoin is opposing central banks, not commercial ones.

You raised a VAIid  question and in my opinion I think it's very possible to achieve.
The cryptocurrency bank might not necessarily be a conventional bank for Fiat.
If it's strictly a bank for cryptocurrency where one can walk in and is given an address to transfer ones digital assets for storage purposes.

Bank is not really needed. I have already given my opinion about it. Even up to now my answer is still the same. Having a bank is redundant already with the hardware and cold wallet already present. You can do transaction any time you want if there is any for there are many exchanges now and you can choose the good one like binance.

Anyway if it will make an increase over a period of time then that is possible. Just like banks when you open a savings. There are interest rate increase of the savings but just minimal.

It seems like your statement is wrong, bitcoin was created not for banks but bitcoin was created for freedom from banks, people are free to trade their own money without worrying about bank rules. In fact, bitcoin is made with a decentralized system and where banks are made with a centralized system, so both have very different differences and cannot be shared.
I prefer to hold my own money without the monopoly from the bank, bitcoin is the answer.

first of all, if a bitcoin user does not know about crypto wallets then they do not deserve to get any security, and what is your point on if they do not have wallets lets give them banks. just inform them about the crypto wallets that's it. and secondly bitcoin wallets are well designed to be recoverable and if you do not decide that you don't want any recoverable options after you die or any bad incident then it's your fault. I see not a single valid reason why cryptocurrency needs banks.

How it supposed to have that banks knowing that we can stored Bitcoin in our wallets either it be online or offline wallets.
There is no need to have that cause in the first place it is not necessary, maybe it could used for fiat currency rather than to be with virtual currencies.

if you don't know how to use bitcoin it is your fault.and safety of your coins depend on how you take safety measure.it is not like that all people need to know how to use bitcoin as it is not the substitution of bank money.so who are interested in bitcoin must know it's using.when a bitcoin holder die bitcoin will not loss if he share his password to his loving on or whom he wanted to give his property.creating bitcoin banking will impose regulation .

I agree with the op, in fact whatever form of property we are obliged to find the best storage place and with guaranteed security for the assets that we have especially digital assets where there is no storage institution that dares to guarantee the security of our digital assets. Broadly speaking, relying solely on storage capabilities on computer devices is not enough to guarantee the security of digital assets, other than due to factors such as damage to hardware and software, the danger of hackers and cyber criminals needs to be watched out more.

Bitcoin cyptocurrency banks need in high street because it needs to support the demand of every bitcoiner that have an daily transactions. It can help bitcoin banker or investor  to help them to transact more easy and less hassle and also as a security issue it is more safer to store your bitcoin in bitcoin bank rather than our digital wallets.

ATM bitcoin devices are becoming increasingly popular as many countries have installed Bitcoin ATMs in public areas with large numbers of adults. This makes it easy for people to access and use Bitcoin easily without going through any trader, minimizing risk in transactions, helping you be safe from scammers.

I think if banks will adopt bitcoin then they will follow the rules of this currency. I know that no one can get control on it and no one can make it a centralized currency. They can only provide ways of storing and trading etc. I think if banks will provide that service for all of us then it will give strength to it just like we all want ETF on bigger exchanges.

The survey shows the interest of some people, though the number of people that applied for the survey is low at 27 compare with number of post in the thread. The idea of the cryptocurrency especially bitcoin shouldn't use banks but I think other idea of blockchain payment could be attached to banks for payment in relevant fiat or other means. 

I think you are talking about bitcoin ATM and as we know there already are thousands of them existing all around the world. I dont think a bank would ever offer people the feature of buying bitcoin using their services because right know banks are closing accounts that are suspicios and realted to bitcoin transactions.

well I giggled a lot at that term bank manager in bitcoin. I think you are pretty unclear about the whole concept of a P2P network. You don't have to keep a bank in between two people transacting in Cryptocurrency because crypto basically doesn't needs this. If a person cannot use ledger or trezor he must be given knowledge regarding it. Moreover even exchange is not a good place to store money if you really take btc as a means of payment.

There is no need for a cryptocurrency banks and it is not even an issue of security. Its an issue of being independent from this financial sharks.

1. Cryptocurrency is safe  in banks?

* This is a false assumption. There is no guarantee that your cryptocurrency will be very safe in the bank. Even banks are prone to hacking and they will be the favorite targets  of hackers just like the exchangers that are in constant attacks.

*Your cryptocurrency is safe in your wallet. Store it in your hardwallet and keep it.

2. Banks are sharks

* If you keep your cryptocurrency in banks the moment you transferred it you will be charged with a huge fee. And also you should not hold your coin in the bank for a long time they will tag it as a dormant account and they will charge you with dormancy fee.

- Well, crypto banks and bitcoin banks will really help users get assurance and security in transactions and storage but the problem here is that users will hardly be able to participate in these banks because in people's thinking, banks always be a property of the government, the government will manage very closely and it will create many taxes for bitcoin and crypto. And the income is not so much while the tax may be too high and inappropriate, so instead of accepting participation in these banks, storing in the wallet will probably be better although it has a bit of risk

In cryptos, we are trying to eliminate third party. It is giving financial independence to own our own money without anyone's involvement. All what is needed is that we can take care of our private keys. I agree ledger and some offline wallets can be expensive for people. You can always go for paper wallets. We should be responsible enough to take care of our own money than being dependent upon other. Even their wallets are prone to hacking. Hackers are more interested in those wallets.

I don't support crypto bank at all. We are here to make banks obsolete not to bring more.

I would not dismiss large service companies that run their token. for example, paypal, instagram, microsoft. I had a little time to earn extra money when writing forecasts on the taklimakan. and I do not plan to sell tokens just for bitcoin. trader's portfolio must be balanced

Bitcoin ATMs are only in the main cities, smaller cities don't have them.

I genuinely think that the way forward would be if existing banks allowed people to have a crypto wallet alongside their existing account. That would solve the problem of moving money back and forth into fiat.

It should stay that way, having your own wallet and deal with it without any needs of going to the banks and pay for the fees, that's how we supposed to
enjoy this system, I don't know why we needs centralized helps even this crytocurrency already works without it.

In my perpective, satoshi wants people to keep their own money by theirselves and try not to trust bank system, that is why he invented Bitcoin. Also, In my opinion, it's impossible in the current condition. Bitcoin value is relying on USD and altcoins are relying on Bitcoin, therefore bank system might not be able to give an exact profit (in USD) for their customers.

The crypto ecosystem do not need banks for people to keep their Bitcoin in these banks. If crypto banks should be adopted into the crypto space, they will operate similarly to that of exchange platforms. Because you will need an amount with security features like setting up passwords and any other protective security measures to help protect the amount from being hacked. There are platforms which already operate like Banks and these platforms are more effective than Banks basically due to the 24/7 services provided by them. Banks will just try to make the entire crypto ecosystem centralized which goes against the true nature of Bitcoin and other cryptocurrencies.

One of the major reason bitcoin (cryptocurrency) was introduced in the first place was to give the world financial freedom from government and banks who have for so long played on citizens and their wealth. Having a cryptocurrency bank will mean going back to what we have been trying to avoid from the beginning and government and the banks will then continue stealing from us like they have been doing. We definitely dont need cryptocurrency banks, not now not ever.

Cryptocurrency world does not need banks now and they dont need it in the future. Cryptocurrency was designed so everyone can own and control their own wealth not banks that will limit your access to your money. We dont need the banks.