Bitcoin Bank???

[tn211]

Bitcoin banks do exist but they are a monumentally stupid thing to put your money in.  The reason for this is that because Bitcoin is not very established nor is the price stable, there is no bank that you can genuinely trust to continue paying out forever, just like an exchange.  The chance of any given "Bitcoin bank" collapsing partway through your investment with your money still in it is dramatically higher than the interest that you will earn from it as a Bitcoin bank would act like an exchange, just giving the promise that you will get your Bitcoin back (you wouldn't own the Bitcoin anymore).

That's right. At this time it's far to risky to sent a third party your precious btc.
Be it an exchange or other service. I therefore only risk 5 btc per exchange. Because my experiences so far are not positive. The same will be with a bank, unless their are backed by a big real bank.

[Ewinsane]

Bitcoin bank is not a good idea, because that goes directly against principles of bitcoin. Be your own bank, that was first words I saw about bitcoin, don't trust third party to finish what you can do by yourself. Bitcoin bank will exist one day just because some people are not capable to things alone, some people always needs help and that's why there will always be service's that will take money from people for doing simple jobs instead of them.

I agree with you , bitcoin banking is not a good idea, it is just like using the regular bank, if that is so why not just use the bank instead of bitcoin?
We should be bank of our own. Things will not be the same if bitcoin will be bank.  Bitcoin is good without a bank.

yes that is right to say  i am also not in favour of bitcoin banking, i will like to say that i i want to continue with the online bitcoin wallet as you can use it anywhere and anytime. 

yeah online bitcoin wallet is much more better than bank because has a lot of charges and extra taxes and bitcoin wallet is much more safe and secure than bank and bitcoin have too much lower fees and these no charges apply on bitcoin.

[Silberman]

There isn't any Bitcoin banks that have what you're currently asking about. It would be pretty cool if it did. There is a user in the Economics Bitcointalk board that was thinking about building a Bitcoin bank with interest rates like that though the whole community decided that it'll be pretty tough to make it happen.

Isn't this what altcoins are used for? Bitcoins are growing with the price rise so it should be pretty much the same thing as what you're asking for.

The difficult part would not be to store the coins since there are many services that offer that some way or another, the difficult part will be to pay the interest rates since traditional banks use lending and as we know lending is extremely risky in the world of bitcoin.

[youdacapt]

There isn't any Bitcoin banks that have what you're currently asking about. It would be pretty cool if it did. There is a user in the Economics Bitcointalk board that was thinking about building a Bitcoin bank with interest rates like that though the whole community decided that it'll be pretty tough to make it happen.

Isn't this what altcoins are used for? Bitcoins are growing with the price rise so it should be pretty much the same thing as what you're asking for.

The difficult part would not be to store the coins since there are many services that offer that some way or another, the difficult part will be to pay the interest rates since traditional banks use lending and as we know lending is extremely risky in the world of bitcoin.

Realizing this is really hard, but it will happen if there is one company or site went public with high level of confidence, perfect system like conventional banks, and risk to continue to be audited by financial institutions on regular basis.

Lending system and setting interest rates do not have to follow state regulations such as the determination of transaction fee that has occurred. For bitcoin banking system i believe blockchain can make it happen.

[FiiNALiZE]

Your bank thing is really against bitcoin purpose which is decentralized,and probably bank for bitcoin will not exist

You have a point.
Not only is Bitcoin Banks obsolete, there isn't any point of having any interest adding onto Bitcoin unless you wanted more Bitcoins -if you wanted more Bitcoins then just invest in an Altcoin and receive Bitcoins doing that.
Bitcoin Banks would have as much risk as an Altcoin so I wouldn't see any difference in the two unless there was a HYIIP scam text somewhere listed on the banking company that said otherwise.

[AIGADS]

 :)If I want a bank to hold my funds I wouldn't use Bitcoin. That's big paradox. Bitcoin Bank is unnecessary, it's like you have gold but you use your gold to dig stone.

[pinkpanther03]

I don't think there is one or there will ever will be. Because right now all we see in the internet are all scams in which they provide high interest rate to attract people to put their money on, but what really is happening is that they are just giving money from the new investors to the old one but the real winners are the scammers which will be the one running away with your money.

Yes i also think so because i dont feel any need of doing it and no body wants it.First of all bitcoin is decentralised and the bank are to be licensed by the government and also there are bitcoin wallets available with all the security features,then there is no need at all for the bitcoin banks.

Actually, we all know that bitcoin bank was a centralized one which is connected in regulated industry. While in bitcoin it is decentralization were it giving the bitcoin holder has the right to keep His/her personal bitcoin savings and none of the governments cannot control it.

[RastMan]

I don't think there is one or there will ever will be. Because right now all we see in the internet are all scams in which they provide high interest rate to attract people to put their money on, but what really is happening is that they are just giving money from the new investors to the old one but the real winners are the scammers which will be the one running away with your money.

Yes i also think so because i dont feel any need of doing it and no body wants it.First of all bitcoin is decentralised and the bank are to be licensed by the government and also there are bitcoin wallets available with all the security features,then there is no need at all for the bitcoin banks.

Actually, we all know that bitcoin bank was a centralized one which is connected in regulated industry. While in bitcoin it is decentralization were it giving the bitcoin holder has the right to keep His/her personal bitcoin savings and none of the governments cannot control it.

That could be the lighting network. I have the impression that banks can offer LN service.

[beafheart]

I do not understand why you need such a bank. After all, every member of the bitcoin community can independently dispose of their bitcoins. The bank is an extra mediator between users and bitcoins

[Kollor]

I do not understand why you need such a bank. After all, every member of the bitcoin community can independently dispose of their bitcoins. The bank is an extra mediator between users and bitcoins

We need bitcoin banks too. Who knows, they can offer service which are not present in the current exchange sites. Any new development that could improve the use of bitcoin and make it useful to function like fiat should always be welcome.

[Nevis]

At the moment, I don’t know of a single bitcoin bank that promotes itself as one, however since bitcoin help us to be our own banks then any service that offers wallets to store your bitcoin are in a way a bank with the difference they are not offering interest rates for having your money stored with them.

Bitcoin bank is not possible. reason is simple it is decentralized one, we all know that price changes very often and maximum times the price goes high in this case the bank has to give the best value to its user which is very difficult to manage. just hold your money in btc wallet which will in turn give you interest much better than bank.

As he said i think also bitcoin banks will not be possible even if bitcoins will be one of the physical currency and all country adopts it.Yeah its because of bitcoin being a decentralized an unstable price condition from time to time.So i agree with this that bitcoin banks would no be possible at all

[roadbits]

At the moment, I don’t know of a single bitcoin bank that promotes itself as one, however since bitcoin help us to be our own banks then any service that offers wallets to store your bitcoin are in a way a bank with the difference they are not offering interest rates for having your money stored with them.

Bitcoin bank is not possible. reason is simple it is decentralized one, we all know that price changes very often and maximum times the price goes high in this case the bank has to give the best value to its user which is very difficult to manage. just hold your money in btc wallet which will in turn give you interest much better than bank.

As he said i think also bitcoin banks will not be possible even if bitcoins will be one of the physical currency and all country adopts it.Yeah its because of bitcoin being a decentralized an unstable price condition from time to time.So I agree with this that bitcoin banks would no be possible at all

It is possible if the Bitcoin will be one of the physical currency and all countries adopt it. How means a physical currency need a storage to save your money. So in this situation, the banks will open automatically. But this is not possible now, suppose if it is possible it will take years to open Bitcoin Bank.

[Bondho Kompeni]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

[yuiyuga]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

All banks set a lot of different rules. And if we break them, our account will be frozen. But this will not happen if a person simply uses his bitcoin purse. Therefore, I believe that such banks are useless

[bitbob82]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

to me i think if you want a coin successful. then you need to start all the projects and follow then road map so that the investors can trust on you. and they purchase your alt coin and then hold it for a long time.

[Doamader]

Bitcoin doesnt need any bank behind it, sure some new investors would come into bitcoin as well crypto world, but do you wanna a third companie to have plenty acess to your money, and use and lend your coins to others, because we all know this is what banks do with our money.

[paul gatt]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

All banks set a lot of different rules. And if we break them, our account will be frozen. But this will not happen if a person simply uses his bitcoin purse. Therefore, I believe that such banks are useless

You use a bank, which means you should accept all its rules and rules, bitcoin banks appear, which means that bitcoin has been put into the legal system, if you want to use Use it, you must certainly follow the rules of that bank, and of course, you will not be in violation of their rules.

[traderethereum]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

the bank will be created by government to control bitcoin and growth and i think they will have their own purpose with bitcoin as they know that bitcoin is a good investment that people can made. so they can make rules to limit the bitcoin people from using bitcoin or maybe they will need us to send our document to be approve when we want to make account in that bank.

[n0ne]

I think it is a trust, why many coins fail? because investors none the trust and will eventually choose bitcoin. the Bank will make many rules and restrictions so that make our account be frozen.

All banks set a lot of different rules. And if we break them, our account will be frozen. But this will not happen if a person simply uses his bitcoin purse. Therefore, I believe that such banks are useless

As stated banks have got several terms and conditions that needs to be followed to continue usage of their services. But with bitcoin wallet theiris no limitations in having it without a small amount into the wallet. Also it cannot​accessed if their is an internet connection but with bank for such service we need to pay regular charge of using it.

[bitbunnny]

To establish Bitcoin bank, Bitcoin should be fuly regulated and under control of some central bank, government too. Many Bitcoin users wouldn't like and approve something like that although that could have some benefits also. But so far I don't think there is "danger"of any Bitcoin ore crypto bank anywhere in the world.