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Author Topic: Will there ever be a Bitcoin Bank  (Read 2768 times)
BlackBi88
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December 12, 2017, 11:12:38 AM
 #241

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

The current Bitcoin bank sounds ambiguous, but in the future I think there will be a BTC if the currency becomes the main form of payment in the world. But now the BTC is facing a major barrier that is banned in some countries around the world due to instability in the exchange rate of this currency, so the dissemination of BTC in the world would probably be difficult towel. But I always believe the future of money will be the BTC, predicted 20 years later Bitcoin will replace the current cash so the future will have Bitcoin bank dedicated to cryptocurrency.  Tongue
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December 12, 2017, 11:20:53 AM
 #242

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

The current Bitcoin bank sounds ambiguous, but in the future I think there will be a BTC if the currency becomes the main form of payment in the world. But now the BTC is facing a major barrier that is banned in some countries around the world due to instability in the exchange rate of this currency, so the dissemination of BTC in the world would probably be difficult towel. But I always believe the future of money will be the BTC, predicted 20 years later Bitcoin will replace the current cash so the future will have Bitcoin bank dedicated to cryptocurrency.  Tongue

We can expect this but there is no assurance, who knows if all country ban bitcoin and it may lose its value. Of course, if people do not get chance to cash out bitcoins then who will use it. And if it ban means nobody will accept this as the payment mode. It all depends on country governament decision. So I don't know how many years we have to wait to see bitcoin bank.

jam22
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December 12, 2017, 12:06:28 PM
 #243

There's no bitcoin bank but there is a virtual wallet where you can save your bitcoin.

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December 12, 2017, 12:14:06 PM
 #244

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
If there's a possibility, what would be its use? There are e-wallets where users may store their Bitcoin. Banks are under governments which also means that transactions are monitored. Bitcoin bank is a bot in contradt with bitcoin"s characteristic of being decentralized. So I think this thing won't exist.

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December 12, 2017, 12:36:19 PM
 #245

In the bitcoin philosophy you are your own bank
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December 14, 2017, 09:22:31 PM
 #246

Contemplating a Bitcoin ban to me is a travesty to the whole idea of cryptocurrency. With Bitcoin, banks are not really needed because Bitcoin offers something entirely different from what is obtainable with cash. It operates via a decentralised system, bringing in the idea of Bitcoin bank will lead to regulations that would affect and defeat the very purpose of the cryptocurrency
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December 14, 2017, 09:28:18 PM
 #247

it is difficult to have such a thing
this is a situation that is incompatible with the base of anything already free of bitcoin

so why a bank of bitcoin  is not everyone's online offline  wall ready at the moment
it's hard to explain why you need it.

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December 14, 2017, 09:31:25 PM
 #248

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

The idea of Cryptocurrency/blockchain is decentralization; also meaning you are not reporting to any power or authority that has rule over your Cryptocurrency. The use of Cryptocurrency banks I can say has been indirectly existing; your Bitcoin wallet is your bank somewhat way and they are also doing some functions of the fiat banks too. As much as the wallets don't report to any higher authority and discretion and secured identity of Users are being kept well.

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December 14, 2017, 09:33:23 PM
 #249

I really don't see the need for a bitcoin bank in the first place, we have a bitcoins ATM and to me that's enough. Bitcoin is not a physical commodity and therefore there is no need for a bank



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December 14, 2017, 11:30:00 PM
 #250

Unless the price stabalises the business model would never hold.

Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.

With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.

The resulting mess would be similar to what happened with mtgox


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