First Ever Bitcoin Bank to be Opened in Switzerland?

[zeraTunerse]

there isnt a need to control the wallet just need the adress to get the interest paid montly on it ,in this case they would create the wallet us just will be able to see balance ,,,soo the bank couldnt lend our btc to others without we know soo not worthy for a bank... get deposits and offer interest without being able to lend those same money between users lol

But as a Bitcoin user do we really need a bank? This is very logical question and I believe that majority of us would say a BIG NO that we don't need any bitcoin bank to keep our bitcoins safe as it is already safe and we are taking great care of its security as we take of our wife and our child lol 

[afriezalie]

Poor article, it doesn't say a word about what this bank is going to do. Who will be its customers? It's already very easy to buy and sell BTC in Switzerland. What is going to change with this bank? What will be better?

Maybe it's related to bitcoin ATM in public place. I don't know exactly who will be its customers, cause bitcoin is a crypto currency and it doesn't have physical form except you change it into paper wallet.

[funkenstein]

Poor article, it doesn't say a word about what this bank is going to do. Who will be its customers? It's already very easy to buy and sell BTC in Switzerland. What is going to change with this bank? What will be better?

Maybe it's related to bitcoin ATM in public place. I don't know exactly who will be its customers, cause bitcoin is a crypto currency and it doesn't have physical form except you change it into paper wallet.

Many of the articles claiming "bitcoin bank",  "first bitcoin bank", etc.  (yes there have been many)  have been written to encourage bitcoin holders to make deposits.  Hopefully you can figure out how that usually winds up ending.   

[planetroving]

there isnt a need to control the wallet just need the adress to get the interest paid montly on it ,in this case they would create the wallet us just will be able to see balance ,,,soo the bank couldnt lend our btc to others without we know soo not worthy for a bank... get deposits and offer interest without being able to lend those same money between users lol

But as a Bitcoin user do we really need a bank? This is very logical question and I believe that majority of us would say a BIG NO that we don't need any bitcoin bank to keep our bitcoins safe as it is already safe and we are taking great care of its security as we take of our wife and our child lol 

I agree with your first point. As long as we know how to keep our coins safe, whatever the way you store it, there is no need for these 'banks'. They may charge larger fees for simple tasks, such as withdrawing, because how else would they survive? They'll need to make profit.

But anyways, looks like Bitcoin getting even more popular, and will grab even more people's attention, which is a good thing.

[knowhow]

the banks minds is get deposits that will generate interest to owners ,and lend those money to others... banks acts the same way .. and a bank to bitcoin wont happen if they dont have lets say a bigger interest income then others banks money.... if they set interest to 10% montly im pretty sure they would collect several bitcoins otherwise it would happen.. but would be required some contract to protect our bitcoins otherwise a run could be projected to happen

[ajareselde]

If enough security measures would be in place, to assure safety of the bitcoins stored and operated with, i would support the idea of bitcoin bank.

Giving loans @10% per year, and offering savings accounts @6% per year, they could make nice profits, and run a clean and opened business while providing people with service they want.
Having such institutions would mean a great deal for the bitcoin industry, but would also have an insane impact if such business model would be compromised, so i guess it's a double bladed sword in a way.
Imagine every thief watching those funds in block explorer, the security of such operation would have to be at insane levels!

cheers

[jacktheking]

Ahh.. I saw this news on another thread. And I would really like to see a Bitcoin bank. It could increase Bitcoin popularity. However, I wont be using it. I use Bitcoin mainly because I want privacy and I dont want anyone to be able to track me.

[funkenstein]

Giving loans @10% per year, and offering savings accounts @6% per year, they could make nice profits.

This assumes 96% of loans will be paid back.  IMHO that's the hard part (finding honest and capable borrowers, tracking down delinquent ones).  The security of holdings aspect is easy in comparison. 

[bitnanigans]

I think a bitcoin bank would be good for mass market users, as long as the bank doesn't screw everything up. The main problem hindering mass bitcoin adoption is still the high barrier for entry (with regards to getting bitcion, available wallets, securing their coins, and spending). A decent bank should be able to solve this problem. However, most tech savvy users won't need to keep their bitcoins in banks. As always, having multiple options is never a bad idea.

[Eastwind]

I think a bitcoin bank would be good for mass market users, as long as the bank doesn't screw everything up. The main problem hindering mass bitcoin adoption is still the high barrier for entry (with regards to getting bitcion, available wallets, securing their coins, and spending). A decent bank should be able to solve this problem. However, most tech savvy users won't need to keep their bitcoins in banks. As always, having multiple options is never a bad idea.

Exactly, bank is just an option for bitcoin.

[SmartIphone]

Is there really a need for a Bitcoin bank?
I thought the whole purpose of Bitcoin is to avoid banks.
To be your own bank.

You are completely right,
That's the point.

[Bit-Gods]

is this the First Ever Bitcoin Bank to be Opened in Switzerland?

source:
http://www.newsbtc.com/2015/05/28/first-ever-bitcoin-bank-to-be-opened-in-switzerland/

Doesn't sound like that much of a nice idea to have bitcoin banks, unless they can take bitcoin as collateral and offer loans, bitcoin is more secure in your cold storage if you can maintain it properly than with the banks or exchanges who cannot give much surety of your funds, same as what happened to mtgox and many other exchanges.

[Elwar]

Magnr provides interest on bitcoin deposits. Xapo allows you to store your bitcoins in their vault. Web wallets allow you to store your bitcoins on their sites. Exchanges allow you to withdraw fiat. Some exchanges provide debit cards.

BUT if a service is called a "bank" everyone's all "BITCOIN DOESN'T NEED A BANK!"

I suspect half of the repeated comments on this thread (that haven't read any of the other comments) are signature campaigners getting their post numbers up.

[wearepoor]

there isnt a need to control the wallet just need the adress to get the interest paid montly on it ,in this case they would create the wallet us just will be able to see balance ,,,soo the bank couldnt lend our btc to others without we know soo not worthy for a bank... get deposits and offer interest without being able to lend those same money between users lol

But as a Bitcoin user do we really need a bank? This is very logical question and I believe that majority of us would say a BIG NO that we don't need any bitcoin bank to keep our bitcoins safe as it is already safe and we are taking great care of its security as we take of our wife and our child lol 

I agree with your first point. As long as we know how to keep our coins safe, whatever the way you store it, there is no need for these 'banks'. They may charge larger fees for simple tasks, such as withdrawing, because how else would they survive? They'll need to make profit.

But anyways, looks like Bitcoin getting even more popular, and will grab even more people's attention, which is a good thing.

Yes and bank runs on the various charges they charge from their customers. Charges are basically the profits of the bank. If they don't charge they would need to shut down their bank. So why should we pay unwanted charges to bank if we are getting everything for least charges.

[knowhow]

the real thing is we invest ours bitcoins whenever we wanna and when we want we dont need banks deposits to earn interest already some exchanges doing that 0.06%daily on poloniex with some colateral to avoid be scamed and loose all....99%safe.means 1.8% montly interest not bad at all

[zeraTunerse]

the real thing is we invest ours bitcoins whenever we wanna and when we want we dont need banks deposits to earn interest already some exchanges doing that 0.06%daily on poloniex with some colateral to avoid be scamed and loose all....99%safe.means 1.8% montly interest not bad at all

I simply don't trust banks even when it comes for fiat currency so trusting it for the deposits of bitcoins is simply impossible. I would rather prefer to keep my bitcoins safe in my wallet and use it as and when required.

[SmartIphone]

the real thing is we invest ours bitcoins whenever we wanna and when we want we dont need banks deposits to earn interest already some exchanges doing that 0.06%daily on poloniex with some colateral to avoid be scamed and loose all....99%safe.means 1.8% montly interest not bad at all

I simply don't trust banks even when it comes for fiat currency so trusting it for the deposits of bitcoins is simply impossible. I would rather prefer to keep my bitcoins safe in my wallet and use it as and when required.

We dont need bitcoin banks, it's good in exchange isn't it?

[Snorek]

there isnt a need to control the wallet just need the adress to get the interest paid montly on it ,in this case they would create the wallet us just will be able to see balance ,,,soo the bank couldnt lend our btc to others without we know soo not worthy for a bank... get deposits and offer interest without being able to lend those same money between users lol

But as a Bitcoin user do we really need a bank? This is very logical question and I believe that majority of us would say a BIG NO that we don't need any bitcoin bank to keep our bitcoins safe as it is already safe and we are taking great care of its security as we take of our wife and our child lol 

I agree with your first point. As long as we know how to keep our coins safe, whatever the way you store it, there is no need for these 'banks'. They may charge larger fees for simple tasks, such as withdrawing, because how else would they survive? They'll need to make profit.

But anyways, looks like Bitcoin getting even more popular, and will grab even more people's attention, which is a good thing.

Yes and bank runs on the various charges they charge from their customers. Charges are basically the profits of the bank. If they don't charge they would need to shut down their bank. So why should we pay unwanted charges to bank if we are getting everything for least charges.

Charges and fees are not only and not the biggest part of banks revenues. Banks are taking your funds and use it for various operations, they basically invest your money and multiply them that way.
And now is my question, how exactly bitcoin ban would want to earn from that? You probably need to give that bank full control over your bitcoins, including private key and ability to use your coins as their please.
Are you really fine with that idea?

[eerygarden]

In Western movies men with guns rob banks. If the man on the street is his own bank he may be much easier to rob than a more organised operation. There has to be a price though.

[unent]

there isnt a need to control the wallet just need the adress to get the interest paid montly on it ,in this case they would create the wallet us just will be able to see balance ,,,soo the bank couldnt lend our btc to others without we know soo not worthy for a bank... get deposits and offer interest without being able to lend those same money between users lol

But as a Bitcoin user do we really need a bank? This is very logical question and I believe that majority of us would say a BIG NO that we don't need any bitcoin bank to keep our bitcoins safe as it is already safe and we are taking great care of its security as we take of our wife and our child lol 

I agree with your first point. As long as we know how to keep our coins safe, whatever the way you store it, there is no need for these 'banks'. They may charge larger fees for simple tasks, such as withdrawing, because how else would they survive? They'll need to make profit.

But anyways, looks like Bitcoin getting even more popular, and will grab even more people's attention, which is a good thing.

Yes and bank runs on the various charges they charge from their customers. Charges are basically the profits of the bank. If they don't charge they would need to shut down their bank. So why should we pay unwanted charges to bank if we are getting everything for least charges.

Charges and fees are not only and not the biggest part of banks revenues. Banks are taking your funds and use it for various operations, they basically invest your money and multiply them that way.
And now is my question, how exactly bitcoin ban would want to earn from that? You probably need to give that bank full control over your bitcoins, including private key and ability to use your coins as their please.
Are you really fine with that idea?

It depends if the Bitcoin bank is regulated to the same extent as regular banks. There are often mechanisms that ensure that customers of bankrupt/robbed banks get their money back up to a certain limit. Sometimes the state guarantees deposits up to a certain limit, and sometimes other mechanisms provide the same guarantee.

I would trust a Bitcoin bank with my private keys if the state guaranteed to return my Bitcoins if the Bitcoin bank went bankrupt.