Would you trust your Bitcoins to a Bitcoin Bank with annual 10% interest rate?

[bitcoin revo]

There's already something like this that is free (IIRC); it's called online wallets, specifically ones such as Xapo. Those tend to be horrible when it comes to security and support, but you get what you pay for (or, in this case, what you don't pay for).

[Blue_Tiger73]

no

Why not? If you store 100BTC, next year you've got 110 BTC. I know BTC is decentralized but holding your coins on your local wallet or exchange doesn't grow your amount.

This interest rate seems to goods to be true. Are you trying to make us lose our bitcoin. If you leave the bitcoin in your wallet, your will still earn money as the price of bitcoin is increasing.

[quentincole32]

Would you, or would you not?

no i would not,i dont interest with bank just because they dont have a good rules for make profit,that annual 10%? i dont know how they give us annual,and i will choose trading with less profit or keep storing my bitcoin for price increase.
anyway,is there any bitcoin bank on your country?

[Velkro]

Would you, or would you not?

No way, that rate have scam written all over it. Secondly , bitcoin bank? Everyone in bitcoin are their own bank.

[woodson]

Coinbase is doing sample tests with holders...

[Bitware]

No.

[knowhow]

Bitcoin bank wont happen ,even with 10% we are at bitcoin because we dont wanna to pay anymore those high fees they take ,the montly fee and the credit fee.Sure 10% would be great return but remember to bank offer such they would need to loan above 10% and no interest to it,even if they play with the bitcoin value it would be very risk soo better stay away from any idea like this one its currently impossible to offer such service.Banks usually ask 10% and take around 33% from any loan ammount soo if a bank can reduce this and force the people to pay the loan maybe one day this can be possible,but now its impossible to banks force you to pay.

[HeroCat]

10% interest rate per year is not enough, I think rate must be higher. And the second question would be the trust - how can measure the BTC bank trust, if you are going to transfer them higher BTC amount ?

[nonbody]

10% interest rate per year is not enough, I think rate must be higher. And the second question would be the trust - how can measure the BTC bank trust, if you are going to transfer them higher BTC amount ?

If the rate is too high,  over the level any legit businesses can afford to pay, I can guarantee the bank is Ponzi! I have a link share with you http://coinour.com/index.php/earning-bitcoin-interests/
The Bitcoin banks are backed by the underlying solid business , like Chbtc, Huobi (top exchanges ) , and mining industry Haobtc . They are paying stable interest for a few years! You could try with small part of your Bitcoin!

[LiteCoinGuy]

Would you, or would you not?

10%? good luck 

[Pathi]

If it was a real bank I may put some coin on deposit. Real bank definition is insured by a government agency though. This kind of defeats the purpose of Bitcoin.

I think we may see some of the exchanges offering banking services at some point. If they are going to go thru all the trouble of getting a license etc. They would be stupid not to take full advantage of it.

[Denker]

With Bitcoin I can be my own bank.
And never would I lend out my BTC to a bank, not for 10% and not for 100%.
To me this is a case of "stick to your principles". Bitcoin and Bank --> No way!

[knowhow]

There are already some exchanges doing the interest and allowing people to get loans to invest ,called margin trade ,and there are lending program running at some exchanges already as poloniex,bitcoin wont have a fiat bank connected to bitcoin world atleast not now.

[kyrios_]

There are already some exchanges doing the interest and allowing people to get loans to invest ,called margin trade ,and there are lending program running at some exchanges already as poloniex,bitcoin wont have a fiat bank connected to bitcoin world atleast not now.

yeah, I think the rates go up close to 10% a year. this is legitimate way of earning bitcoins. Bitfinex does this too. anyway isn't haobtc offering a similar rate?

[Amph]

There are already some exchanges doing the interest and allowing people to get loans to invest ,called margin trade ,and there are lending program running at some exchanges already as poloniex,bitcoin wont have a fiat bank connected to bitcoin world atleast not now.

yeah but this is different, the thing that exchange those is to encourage the usage of their exchange and you put your money at risk, with this idea of banking give you interest, you don't really invest

you just lock your money like in any normal bank for a year, and they give you 10%, your funds should be fully covered by the government, otherwise it may look like a ponzi...

[ereborltc]

There are already some exchanges doing the interest and allowing people to get loans to invest ,called margin trade ,and there are lending program running at some exchanges already as poloniex,bitcoin wont have a fiat bank connected to bitcoin world atleast not now.

yeah, I think the rates go up close to 10% a year. this is legitimate way of earning bitcoins. Bitfinex does this too. anyway isn't haobtc offering a similar rate?

In Bitcoin world, it is normal for more than 10% interest rate to attract bitcoiner due to bitcoin's volatility. Haobtc offers 6% interest rate for just using the wallet! If you move the coins to finance fixed account, you will get more than 15% interest for one year fixed deposit!

[knightkon]

I would not.  There is no government control with Bitcoin and there is no insurance company out there that is willing to insure a Bitcoin bank the way the FDIC insures the banks in the USA.  The banks make money when they have money deposit from customers, because the insurance they get allows them to loan out up to 10 times the amount of your money in the bank.  So if you have 100k in the bank, the bank can loan out 1,000,000 to customers at a 10%+ interest rate and in return make 100% profit in one year on the money you have deposited.  With out that insurance, a Bitcoin bank would have to charge interest rates near 25% in order to stay above water, so your bitcoin would be there with no security and basically be one of these hourly rip-off sites like Hourlyweb.com or BTCFlex.

[elisa9825]

10% interest rate per year is not enough, I think rate must be higher. And the second question would be the trust - how can measure the BTC bank trust, if you are going to transfer them higher BTC amount ?

The higher rate, the more change you will get scammed! 10% should be reasonable! Even for the big popular trusted Bitcoin related business, you might be safe to deposit coins there but there is still small chance they get hacked! Just invest what you can afford to lose!

[knightkon]

10% interest rate per year is not enough, I think rate must be higher. And the second question would be the trust - how can measure the BTC bank trust, if you are going to transfer them higher BTC amount ?

The higher rate, the more change you will get scammed! 10% should be reasonable! Even for the big popular trusted Bitcoin related business, you might be safe to deposit coins there but there is still small chance they get hacked! Just invest what you can afford to lose!

I also agree that the higher rate the more chance you will be scammed.  Bitcoin is the owner of the people and there is no way a big business is going to take control of it in a bank form and make money.  If they try this, the people will not pay the high interest and will walk away.  SAY NO TO BITCOIN BANK

[LFC_Bitcoin]

There's one simple answer to this question & without going into any detail - NO FUCKING CHANCE!

It would defy the whole logic & point of bitcoin, I am my own bank with bitcoin.