Bitcoin Bank???

[RastMan]

There is no bitcoin bank like the traditional ones. However, you can save some bitcoin into several companies to earn some interest. But that is not regulated. So your deposits are not insured.

[n2004al]

IS there any Bitcoin Bank that really works like bank that provide interest for customer that available in this world?

A typical one (like the other commercial banks which are actually in activity) don't exist. But there are various sites which serve as "little online commercial banks" or offer such kind (or the main) services of the just saying. So you can find, for example, in web several sites which lend bitcoin. This is one of the most important services offer from a commercial traditional bank. Then there are other sites which do even more; offer a place when can be met they who need bitcoin with them who want to earn from their bitcoins. This is practically the essence of the work of a normal commercial bank (one of those which will all know). A normal bank which work with normal money take money from them who want to earn from those and give them interests for the time the bank hold their money. On the other hand, the bank give that money to them who need money for doing something and are ready to give interest for the taken money. For sure you know this. But i wanted to mentioned here the above only to compare it with the below example.

The same thing but in bitcoin make even btcjam (an online site). In this site are listed the projects who need bitcoins and the interests (always in bitcoin) that the owners of those are ready to give for everyone of these to whom will give bitcoin to their project. But attention: it is one thing a traditional bank and it is another thing btcjam (or other online sites similar with it). May be (i don't know if) very away regarding the security of the money/btc given. With the normal bank everything is almost 100% sure. With btcjam (or the other ones similar with it) I am not able to give percentage. There are not data to measure it.

[Blue_Tiger73]

I don't think that there is a bitcoin bank in the world yet. I doubt that there ever will be. If there ever is a bitcoin bank, I think people will love it. They will be able to get interest on their coins. I guess that you could say that your bitcoin wallet is sort of a bank,  in a way,  as it stores your coins like a bank.

[Blue_Tiger73]

I doubt that there will ever be a bank for bitcoin. With all the scams going around, people are very sceptical about what they invest in. A big company would have to do it before anyone would trust them.

[bitlancr]

why people always want to turn bitcoin into fiat, fiat is garbage, you should get rid of it, the whole system is rotten beyond repair

Because that's what most people are used to, fiat currency.

I don't think Bitcoin banks exists and I don't think there's a need for it either, mainly because if it were to turn into a bank, it would destroy the main concept of Bitcoin.

[ranochigo]

Unfortunately, no. The closest I can think of is Vircurex which pays interest on the deposits. It isn't secure since they are in full control of your Bitcoin. A bank basically uses your funds to loan to others for interest and in turns pays the interest to the bank account. It is not possible with Bitcoin since it is very hard to verify the legitimacy of the information provided.

[kingaltcoins]

IS there any Bitcoin Bank that really works like bank that provide interest for customer that available in this world?

This question is not expected from a hero member.

Bitcoin is a decentralized currency. Why do you need a bank for it?

Bitcoin is a bank on it's own. Keep holding your coins until the price rises and sell them. There you get your interest buddy.

[Mickeyb]

Unfortunately, no. The closest I can think of is Vircurex which pays interest on the deposits. It isn't secure since they are in full control of your Bitcoin. A bank basically uses your funds to loan to others for interest and in turns pays the interest to the bank account. It is not possible with Bitcoin since it is very hard to verify the legitimacy of the information provided.

Isn't Vircurex like dead for awhile? I have used them a lot before their hack but after the hack, they have just never recovered.

The closest to the Bitcoin bank is Coinbase and Circle in my opinion. They offer you insurance and you have a debit card now with Coinbase. There is no interest though but interest in your savings is a history in conventional banks as well.

And yes, I am completely against the concept of a Bitcoin bank! Aren't we all here because we got tired of the word bank?

[USB-S]

Some dude was promoting his "cryptocurrency central bank" in his sig. You may try to contact him to hold your bitcoins for you or you may store your private key yourself which most of the bitcoiners are doing. If you don't hold your private keys yourself you may end up losing your hard earned bitcoins. I would recommend a cold storage, with a hot wallet.
Also another forum member told us, that he keeps a decoy wallet on his desktop with a few dollars inside, if that gets wiped then he'll wipe his entire hard drive. Which is a pretty solid idea in my opinion.

[bitmarket.net]

As many people have pointed out here, the idea of a traditional bank doesn't really with well with the concept of a decentralised currency like bitcoin.

If you want to earn interest on your bitcoin, consider one of the bitcoin peer-to-peer lending platforms.
If you would rather invest it in some business, soon there should be bitcoin crowd-funding sites.

With bitcoin, you do not need a bank to use the services that banks traditionally used to offer.

[xuan87]

up until now i havent heard anything like Bitcoin bank

even if it is available I kind of doubt for using it,

first of all does the bank has a physical building?

if no then what is the different with usual investing website

after that what is the guarantee that this bank will not scam our money? and we got no proof because Bitcoin account is anonymous

so I think starting a bitcoin bank is bad idea

[HarryKPeters]

Most banks are afraid of bitcoin. They harrass their own clients by blocking accounts, delayed payments, just when you bougt a bitcoin.

For now it would be best to use an exchanged like kraken and have a bank transfer to them (SEPA) for the EU.

[yoona]

I choose both yepppp bank and bitcoin. I need it and however bitcoin and bank cant be compared each other as it totally different.

[johnyj]

In fact, the earliest banks in history are evolved from exchanges, so I'm not surprised that one day Bitstamp or BTCC/Okcoin paying you an interest to put your coins there

The problem is, unlike fiat money, banks can loan out them to get some return to pay for depositor's interest, when you loan out bitcoin, it is very likely the coins will never return due to coin appreciation, and banks can not print money to replace those bad loans like fiat money, so there is no way for a bitcoin bank to generate profit

And just like MTGOX, these exchanges do not have the possibility to ask for a bailout from the government in case of a crisis, and they are not covered by FDIC insurance either, so they are totally on their own, the risk to put lots of bitcoin there is much higher than putting some fiat money in the bank

[Sjensinn]

having your private key IS your bank..

say you bought bitcoin last month at $250, this month its $350
that is better interest than any bank will give.

I agree on not needing a bank. But do you look at bitcoin as a currency or a thing to make money off(Stock)?  Of course its kind of both, but what is the mindset of the bitcoin community?

[eternalgloom]

Weren't there some online wallet services that offered some form of interest on the coins you store with them?
I thought I saw someone mention a service like that recently.

Whether something like that would be viable is a different story...

[bearex]

Shit, this would destroy the purpose of Bitcoin. It would become just another thing owned by the government.

[ShrykeZ]

There are lending services that provide interest, obviously this isn't a bank and comes with its own risks. BTCJam is the one of the more popular lending sites.

[Slark]

Op if you only want to have 'bitcoin bank' to fulfill one specific role - and that is to provide interest for money deposited. Then there are more options for you - and it is called investing.
Money deposits are created for lazy people who have no idea what to do with their money, and have no idea how to invest. If you learn more about it you will never go back to storing excess of your money in the bank.

[cryptocrypt]

No need bank, you're the bank of your bitcoin