Is there an actual Bitcoin bank yet?

[Tomatocage]

I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. Does anybody offer an insured solution for storing coins that pays interest? The closest thing I can think of is Circle, but I don't think they pay interest. Any insight would be much appreciated.

[Alley]

I believe itbit has a new York banking license.  But a bitcoin bank isn't required to pay you interest.

[1Referee]

I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. Does anybody offer an insured solution for storing coins that pays interest? The closest thing I can think of is Circle, but I don't think they pay interest. Any insight would be much appreciated.

Why would you want to let your coins get stored by a third party to get a lame interest rate? Bitcoin is great because WE ourself are a bank without using a third party.

[bitllionaire]

no,there are some bitcoin vaults, but as you,nobody will care your bitcoins

[RitzBitzz]

No a actual bank has not been formed using bitcoin although even if there was bank they probably wouldn't give you interest.

[Alley]

Some of you guys are just going to accept that some people are going to want to use a third party bank just like cash.  Rather then just tell him he shouldn't use a third party maybe help him instead.  The future of bitcoin is not everybody holding their private keys.  Some people don't feel secure and are afraid of hackers, lost keys, house burning down, whatever.  It can be a hassle to keep backups for the non tech savvy.

[achow101_alt]

It kind of depends on your definition of a bank. If you want a place to store BTC in a third party, then a web wallet could be a bank. On the other hand, if you think of a bank in the traditional sense, then I don't think there are any. There is no way for the bank to make money for interest. These things could also be scams.

[pitham1]

I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. Does anybody offer an insured solution for storing coins that pays interest? The closest thing I can think of is Circle, but I don't think they pay interest. Any insight would be much appreciated.

Why would you want to let your coins get stored by a third party to get a lame interest rate? Bitcoin is great because WE ourself are a bank without using a third party.

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.

[Mikestang]

Are you kidding?  A central bank goes against everything Bitcoin is about.  We don't need a bitcoin bank.

[RussianRaibow]

AFAIK, a few wallet services in China offers this, e.g. https://haobtc.com.

But, I think, they are fundamentally Ponzi Scheme (i.e. deceiving)... NOT Ponzi Game as in my Sig

[funtotry]

The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.

[thebenjamincode]

wow! that would be great if there will be a bitcoin bank.
i think there has been a bitcoin bank but its just an online bank

[Alley]

The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.

That's your view.  Not everybodys.

[jjacob]

The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.

If that is your logic, banks should be running away with fiat as well. 

[Beliathon]

Is there an actual Bitcoin bank yet?

Yes, and it's called the internet. No forms to fill out, no monthly fees, no questions asked, freely available to anyone with internet access.



Asking if there is a bank for Bitcoin is like asking if there is a Fax machine for sending email. You theoretically could, but who cares?

[achow101_alt]

The point of bitcoin is to be "against the banks", look at some of the core principles and its opposite of bank. Transparency, you actually OWN the money, you manage it. Operating a bank that pays interest would part users from their btc, and the bank would likely run away with the money, because who has the time and money to pay interest for free.

If that is your logic, banks should be running away with fiat as well. 

Well, banks in their early days surely did run away with money. However, over time, people learn who to trust, and for big banks, it is more profitable and less troublesome for them to abide by the rules. Also, government regulation definitely prevents these types of scams from happening with fiat, but it is more difficult to regulate Bitcoin.

Another thing, it is much more difficult to run away with several million dollars of physical cash, and much easier to run away with several million dollars of Bitcoin, since Bitcoin is digital, and cash is physical. Face to face transactions of banks also makes it more difficult for the scammer to hide, than it is for a digital bank for Bitcoin.

[umairsaleem]

Bitcoin is designed to be Decentralized, why should back to Centralization?

[Soros Shorts]

A bank does not necessarily imply the existence a central bank. It could just be an independent business where Bitcoin deposits and loans are made. There is already, after all, a Lending section in this forum, so the concept of lending bitcoins should not be alien to anyone.

[Chef Ramsay]

I would say that Coinbase is a bank of sorts and it doesn't offer interest, just security up to this point. While most here would say that you should be your own bank and I agree with them, there needs to be trusted third parties for average type folks to feel safe in holding bitcoins. More of this will and is coming and long time folks need to hate on it less and less and embrace these third parties to help newer folks to become comfortable w/ keeping their coins. Otherwise, adoption is limited severely and news about this stuff will suffer.

[Agestorzrxx]

 Bitcoin bank? i don't think people would like to put their bitcoin into other people's control. Its really risk. They can scam your money to claim the bitcoin was hacked.