Is there an actual Bitcoin bank yet?

[Xialla]

ohh everybody who holds the bitcoin is actually running own bank..)

[RitzBitzz]

ohh everybody who holds the bitcoin is actually running own bank..)

True that's why a lot of people like it you own your own money.

[Amph]

ohh everybody who holds the bitcoin is actually running own bank..)

apparently this isn't good for everybody, seeing how many are losing they money because they have not a very good security or they can't handle the fact that they are the only owner of their treasure

[Pro_Crypto_Marty]

My impression was that the Bitcoin processing system was mostly a means to avoid the need for a central bank like the Federal Reserve. This way, control of money creation is taken away from any one specific entity.

The role of a regular bank in offering a service for protecting people's money and giving interest in exchange for offering others the possibility of taking loans stimulates the economy. The problem is when the loans go out of control, if I understand correctly.

Sure, Bitcoin allows us to do transactions directly wit each other all over the world without the need for banks and credit card companies. But this doesn't give me a practical means of borrowing money for interest so that I can buy a car or a house or start a business, unless I am lucky enough to find people willing to lend it to me. Also, if I wanted to invest my money, I don't necessarily know how to go about it on my own. Even though a lot peeps don't like the idea, these are services that banks seemed pretty useful for.

If people are worried about out of control loans and speculation, then I suppose they would just have to be careful to put their money with a company that guarantees a fixed percentage/amount of liquidity.

[JusticeForYou]

Yes,

Every wallet.dat file is a bitcoin bank. The interest earned is directly proportional to the amount of people using BTC so it can grow and shrink in value. How secure the bank is, is completely up to you.

Give the history so far, IF, someone held your bitcoins for you and paid a small percentage in interest. Say, 0.5% (like a bank, LOL), they would've done very well for themselves.

[bandana]

the answer to this question is most probably a no. bitcoin is a cryptocurrency, so logically there is no need for a bitcoin bank.
if at all there would be a bitcoin bank then it would be charging more rate for the transactions. and bitcoin is against it.
bitcoin offers transactions at lower rates compared to that of official banks . it is like a speciality of bitcoin.
people tend to use bitcoin rather than real banks. it provides them a ease to use and they are comfortable with it.

[countryfree]

If there's a BTC bank which could help you finance a new house, that's certainly good. But besides that, banks are totally useless to BTC users, individuals and businesses alike.

[Benjig]

Bitcoin is a decentralized currency managed by peer-to-peer technology (P2P2), without a central authority. All functions such as Bitcoin issuance, transaction processing and verification are carried out collectively by the network, without a central supervisor or agency to oversee operations. We don't need banks

[AtheistAKASaneBrain]

Bitcoin is a decentralized currency managed by peer-to-peer technology (P2P2), without a central authority. All functions such as Bitcoin issuance, transaction processing and verification are carried out collectively by the network, without a central supervisor or agency to oversee operations. We don't need banks

But some people is not going to want to be their own banks, because they don't want to take responsability for it, so they will want to have the possibility of puting their wealth in the hands of a 3rd party, thats why Xapo exists, technically that would be a Bitcoin bank.

[RealMalatesta]

A bank doesn't mean centralization. A central bank means centralization.

If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.

Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.

Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.

There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.

But if you think about traditional banking as we know it - then I agree: No need.

[JusticeForYou]

A bank doesn't mean centralization. A central bank means centralization.

If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.

Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.

Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.

There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.

But if you think about traditional banking as we know it - then I agree: No need.

Some local townships offer 'local money' that only 'local banks' would accept. They are more of coupons with value but the concept is similar. I believe Germany classified BTC as a private currency. So that is also similar. The problem comes in with the FED when the 'local currency' becomes usable in a greater and greater amount of places challenging the traditional currency. The bad replaces the good.

[bitcoincasino.poker]

itBit well at least I thought it was.

[necrita]

Coinbase for all intents and purposes.

[Eastwind]

For long term holders, it makes sense to get a small interest rate on their holdings by depositing their coins in a bank. If the bank is regulated and deposits are insured, I definitely will make a bee-line towards the nearest bank branch.

If my deposit is safe in the bank and I can earn some interest, then I will save some of my coins with the bank.

[Amph]

A bank doesn't mean centralization. A central bank means centralization.

If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.

Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.

Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.

There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.

But if you think about traditional banking as we know it - then I agree: No need.

centralization isn't only related on how many can control your money, but to the fact that you don't have full control over them(unless you convert all your money in cash and you're payed also in cash at your job, which is not possible), so a bank can't be considered like a node, and will only be a part of the global centralization around fiat

the only bitcoin bank is your client, nothing else, otherwise dump for fiat if you really need one because you can't secure your money, and for regulation problem leave your country altogether, i would say...

[kommon]

the question is what's a bitcoin bank?

[pitham1]

the question is what's a bitcoin bank?

An established company who takes bitcoin deposits and makes money by giving bitcoin loans.
The deposits must be "reasonably secure".
That is my definition of a Bitcoin bank.

[Eastwind]

the question is what's a bitcoin bank?

An established company who takes bitcoin deposits and makes money by giving bitcoin loans.
The deposits must be "reasonably secure".
That is my definition of a Bitcoin bank.

I agree with that. A bank deals with deposits and loans is useful for the economy.

[BIT-Sharon]

Why Bitcoin needs a bank. It exists to replace banks.

[hasmukhh]

upto my knowledge there is not any bitcoin bank available yet.
even if it was available,  people would not have used it because they didn't want higher transaction fee when they can maintain transactions at lower price online.