Bitcoin Bank???

[Wapinter]

I don't really understand what you're getting at. People that use bitcoin probably wouldn't want a bitcoin bank because it destroys the decentralized nature of bitcoin. And also if you have your own wallet and address, you can be your own bank.

I think he wants to accrue interest on his idle lying bitcoins just like we earn interest on money that we keep in banks

[randy8777]

even if there would be a bitcoin related bank that was offering interest rates for storing coins at their bank, i would never do it. i don't like a third party to have full control over my coins. that's against the nature of why i joined bitcoin.

[Snorek]

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

There is many "investment" sites, most of them are ponzi schemes, but i don't hear yet about Bitcoin Bank, and i don't think such bank can success with bitcoin methods and transactions, because of the Bitcoin's features like the anonymity

It is rather easy to differentiate investment method from Ponzi scheme, if you think terms are too good it is Ponzi with no doubt. Also if I would advise to not trust new services in this field at all.

'Bitcoin method of transactions' has no effect on your investments at all, the only thing you need is your return bitcoin address, with that everything you invested plus interest can be returned to you.

[countryfree]

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

Unfortunately, there isn't a bank offering this service yet, but I'd be very happy to see a bank where I could deposit some BTC and gain some interest each year. This, in addition to BTC's normal price rise. The main problem would be to build trust so I don't expect a start-up to launch such a service, but a Swiss bank could do it. Interest would probably be very low, though. Maybe only 1%, but interest rates are low everywhere.

[disclaimer201]

It's naive and shortsighted to believe that Bitcoin can replace banks entirely. A lot of wealth, if not most was created through business loans. There has to be an incentive to invest and support projects of all kinds and give money to those who need it to create valuable services. Most people are dirt poor but some have awesome ideas. Until crowdfunding has done away with banks even for large scale projects, we will need banks. Not everything that is connected to a bank is bad or evil.

[tss]

im sorry.. interest rates are for using or lending borrowed money..

bitcoin is the opposite..

there are no interest rates in bitcoin because there is no bank created money in the system. 

the reserve requirement in bitcoin is 100%

[BitAddict]

If you want to earn interest you can lend your bitcoins in several platforms, but it is not risk free.

[oblomov]

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

I have some BTC in "savings" at Magnr, having taken advantage of their promotional 2.18% AER.

Magnr pays this interest from interest received from margin loans on their BTC trading platform.

The "saver" is lending money to Magnr, who in turn lends margin to traders.  The rate is competitive with what I have been getting from BTC margin funding at Bitfinex, but without any effort on my part.

This is not without a small risk.  BTC/USD could move very rapidly, and wipe out margin deposits on one side of the market.  Magnr could be unable to return your "savings" as a result.  

The difference between Magnr and a bank is that Magnr does all of these transactions on the blockchain.  Also, Magnr only asked me for an email address (they state that they reserve the right to ask for more information).  So no KYC/AML hurdles.  

After December, the interest will be a variable rate based on prevailing margin rates.

I like their trading platform- it enables one to trade across three exchanges (bitfinex, bitstamp, itbit) at leverage of up to 10:1.  What I don't like is that it does not allow limit orders.  

Note:  no affiliation with Magnr, but I have been pleased with the service for the past few months.

[Amph]

I know we can keep safe our bitcoins in an online wallet but they don't grow .. Whatever I know online bitcoin bank is not going to happen.

There is no online bank now. But in the future, when bitcoin become main stream, there will be online banks dealing with bitcoin saving and lending.

this should provide a secure investments for us with a low interest per year, better than a randomw ebsite like btcjam, and scam free

i woul definitely try it if it come true one day, but bank apparently are against bitcoin and they are developing their own blockchain

[knowhow]

We can loan our bitcoin to others without banks take their huge fee to them,using our money,btcjam and others places as here with colateral soo for one way or another we can lend safety some btc .Bank of bitcoin would be great if could offer a better rate then banks but is impossible to generate such income and well bitcoin total coins will be decreasing slowly ,soo its impossible to generate new and fresh coins,in the future we can see something to keep the bitcoin supply growing like staking as the most coins offer:) and the math should be the more bitcoins the more coins would generate.

[louisLavery]

AISI, banks conflate two things storing your dosh and investing your dosh. It'd be better if banks provided (1) a transaction account (monthly fee, dosh 100% safe but pays no interest) and (2) an investment account (monthly fee, dosh at risk but pays interest. Greater interest = greater risk).  In case (1) you still own the dosh, not like case (2) where the bank effectively owns it.  But as it is, any dosh you deposit in a bank belongs to the bank, all you have is a promise to pay.

A bitcoin wallet is effectively case (1), only the fees are really low, tantamount to zero in most cases. I don't see why we can't have case (2), where you hand over your bitcoins to a third party for a promise. I mean, bitcoin is a bit like cash, only in lives on the internet, so can be invested in a manner similar to cash. If the third party goes to the wall, or makes a bad investment, then tough, just like investing cash. If bitcoin goes mainstream I don't see why such third parties would not emerge. Don't know if any exist at present.

[Wapinter]

even if there would be a bitcoin related bank that was offering interest rates for storing coins at their bank, i would never do it. i don't like a third party to have full control over my coins. that's against the nature of why i joined bitcoin.

How would keeping bitcoin in bank (if there were any for bitcoin) effect your control over your bank? Bank,as a custodian of your Bitcoin, can not spend it anywhere and you can withdraw it anytime.On the other hand,if Bitcoin banks are also regulated like other banks,our bitcoin would be more safer with them than with online wallets

[redsn0w]

Really useless thread created by a hero member, amazing  !


Bitcoin bank, are you serious ?

[AndySt]

I think that the modern banking system there is little compatible with bitcoin. It will take some time before a modern fiscal system will be able to spend the full integration of the bitcoin.

[biggbox]

Op dare to give this a try?   

https://nb.vu/


Here's a PR:
 http://insidebitcoins.com/news/nextbank-project-bitcoin-friendly-bank-seeking-funding/35451

[Alley]

I would use a bitcoin bank if FDIC insured.

[tommorisonwebdesign]

There really is no Bitcoin bank that is trustworthy, As Bitcoin is still a new technology under testing grounds there is no real security when it comes to Bitcoin. If I were you I  would only be trusting forum members on this site with a high trust rating who can be trusted with Bitcoin Banking at this point.

[virtualx]

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

The traditional banking system can give interest is because they spend/invest your money. They have only about 4% reserve. Bitcoin has no equivalent.
Exchanges are the closest to banks in the bitcoin space, but they do not provide interest.  You could give loans to people, but be very careful with scammers. I saw interest rates between 4% and 10%.

[vilain]

LOL

bitcoin and bank are not words that go along in the same sentence.

The decentralization is it's main feature, wouldn't make any sense a bank that would get power and jeopardize the coin market freedom.

[gurre]

will not work with traditional banking system. Banks invest and get their profits from that but bitcoin is also used as investment. We have a problem when playing with 2 investment together and this is the reason we would see a lot of price manipulation of bitcoin.
The big makers use this system, everybody knows this.

bitcoin price is manipulated all the time and you can`t see that?