How safe are these "so called" Bitcoin Banks?

[Denker]

I recently saw someone advising services like these to newbies who asked "where to invest" and I just wanted to know what are your views on such services which are now advertising themselves as Bitcoin Banks and offering interest to people to keep their coins with them?

My advise is to stay away from that kind of investments.Bitcoin was made to hold the money yourself without the need of a third party.
Hold your coins and how the price will develop.Pretty simple.

[randy8777]

the intentions of these bitcoin banks might be good, but i don't want my coins to be held by a third party. my bitcoin core client is my bitcoin bank. i don't need anything else. i can take care of my own coins. and no, i am not willing to store my coins elsewhere for an interest rate. not worth it.

[Supercrypt]

That's a good question. Judging by history and by history repeating itself over and over, there is no way I can Trust an exchange or any bitcoin financial service. I simply have to learn to live with that and be prepared for their wrong doings

There are few bitcoin websites which are genuine and have been operating for a long time but it's true as well that they cannot be trusted the same as we trust banks. However, there is no harm in trusting an online bank which does have a license to operate like we trust PayPal and other online wallets. That's my opinion.

[Kakmakr]

That's a good question. Judging by history and by history repeating itself over and over, there is no way I can Trust an exchange or any bitcoin financial service. I simply have to learn to live with that and be prepared for their wrong doings

There are few bitcoin websites which are genuine and have been operating for a long time but it's true as well that they cannot be trusted the same as we trust banks. However, there is no harm in trusting an online bank which does have a license to operate like we trust PayPal and other online wallets. That's my opinion.

Yes, we have come a long way since MtGox and most financial institutions now have to adhere to strict operating regulations to function and to protect consumers. You have to make sure that these sites are properly regulated and audited, before you deposit any coins.

The same research you do on any other financial institutions apply to Bitcoin banks and investment websites. Things are only more complex with Bitcoin businesses, because chargeback are not possible with Bitcoin. You have to rely on the honesty of the recipient to get any refunds.

[koshgel]

Keeping coins on an exchange or in these "banks" is giving someone else control over your coins. If you don't control the private key, you don't control your BTC. As evident by the number of these banks and exchanges that get "hacked", it is much safer to keep coins in your own wallets. Trezor isn't a bad option.

[ObscureBean]

Personally I would advise people to stay away from these types of websites/companies unless it's a known company like Coinbase, Bitstamp etc offering the service. While HaoBTC does seem ok, I doubt anyone in their right mind would be willing to trust them with big amounts of Bitcoin.

[robelneo]

In my opinion they are actually investment program or ponzi scheme who disguise as banks I have seen a lot of this kind of program from one investment forums,you should diligently do your research on who runs this kind of program you have a wallet you are a bank so you need not this of service anymore

[Rizky Aditya]

I recently saw someone advising services like these to newbies who asked "where to invest" and I just wanted to know what are your views on such services which are now advertising themselves as Bitcoin Banks and offering interest to people to keep their coins with them?

I have never seen something like this. I would never trust a buffoon bank unless a big company made it.

[BillyBobZorton]

Personally I would advise people to stay away from these types of websites/companies unless it's a known company like Coinbase, Bitstamp etc offering the service. While HaoBTC does seem ok, I doubt anyone in their right mind would be willing to trust them with big amounts of Bitcoin.

I think staying there is an excellent way to lose your money, but this is no different than leaving your money in any wallet that isn't yours, it's the same as leaving your money in Cryptsy and then complaining that you lost it.

[Mr. Forum]

To me I do think that the bitcoin banks are very safe. We just witnessed a situations where the other ATMs were messed up but the bitcoin ones were left untampered with the security flaw. Bitcoin is safe and there is no cause of alarm, invest in it.

[erikalui]

I wouldn't trust any bitcoin bank unless and until they are partnered with one of the leading banks like ICICI/HDFC and so on. If their license is suddenly withdrawn, here would be no way for bitcoin users like me to get the deposit back. When I dont trust PayPal, I can't trust any other wallet as well.

[thejaytiesto]

I actually would trust a service like Xapo (which is basically a Bitcoin Bank already existing) 1000 times more than any of the current conventional banks, specially if in the future conventional banks convert and pretend to "pull a Xapo" as well. I would rather trust the original that has been pro-Bitcoin since the beginnings when it was harsh and not as trendy.

[madonnino]

I recently saw someone advising services like these to newbies who asked "where to invest" and I just wanted to know what are your views on such services which are now advertising themselves as Bitcoin Banks and offering interest to people to keep their coins with them?

why we need bitcoin banks? Bitcoin is decentralized and free. and one of the highlights of bitcoin is that money is always available, why put them in a bitcoin bank?

[newcoins1978]

I haven't seen any legit bitcoin banks yet.
But then again why would you want to use a bank?
Isn't that why you're wanting to stay away from actual banks,
so that you don't have to depend on them?

[Iceborn]

I wouldn't trust these so called bitcoin banks.
Why would you turn to a bank when it's not needed to? Isn't that why you got into bitcoin in the first place?

[sishendaoye]

I recently saw someone advising services like these to newbies who asked "where to invest" and I just wanted to know what are your views on such services which are now advertising themselves as Bitcoin Banks and offering interest to people to keep their coins with them?

why we need bitcoin banks? Bitcoin is decentralized and free. and one of the highlights of bitcoin is that money is always available, why put them in a bitcoin bank?

Yeah there is no need to safe it in to the bank that is the point of bitcoin that we don't need banks.
With the banks you can't have control with your money is just better to safe it your pc or some online wallet.

[xuan87]

there are no safe investment in bitcoin, i have see a lot of website with grand design, a lot of promise and then all of them turn out scam

so i suggest you to stay away from the so called "bitcoin bank"

[davinchi]

there are no safe investment in bitcoin, i have see a lot of website with grand design, a lot of promise and then all of them turn out scam

so i suggest you to stay away from the so called "bitcoin bank"

You can never really trust any site unless you know their physical location of the office or company, and yeah never get carried away with the design of the site and promises.
I believe in bitcoin system. My wallet is my bank and my bitcoins are my investments.

[ausbit]

What's point of Bitcoin Banks when you have full control over your bitcoin? Weren't you decide to use bitcoin because you want control over your money?
Bitcoin Bank means they have full/partial control over your money, so they can freeze/steal your bitcoin anytime.

Bitcoin Wallet - Be Your Own Bank

I don't need any Bitcoins bank to make it safe. The block chain wallet which is a digital wallet really I like it very much is best for any transactions and safest way we can do trading when we do trust to each other.

[n2004al]

I recently saw someone advising services like these to newbies who asked "where to invest" and I just wanted to know what are your views on such services which are now advertising themselves as Bitcoin Banks and offering interest to people to keep their coins with them?

Investing as the concept have nothing to do with the people who give money to the banks. The banks normally serve for savings (for whom who want to have more money/bitcoin using the amount have) and for investors who made the opposite of the savers (take money from the bank to create a business).

Naturally the money can be taken from the bank from everyone and not only for doing business but if is talked for investing the bank serve for giving money and for having money.

As for investments online these have nothing to do with the banks. I haven't heard any kind of bitcoin online bank who take bitcoin to everyone promising interest for them and give them to the others in order to have bigger interest from the lasts (which one must be so big that can do the bank to earn itself and pay the interests to the firsts).

I have heard and I am user (and earner of good profits) of sites which take your bitcoins, work with those and make profit for those and for the person who give money.

As for being secure no one can be never sure about investing online (every kind of investing). So who invest must know that exist the risk that one day the website may disappear and with it even the money/bitcoin invested on it. So invested doing all the possible analysis and deciding case by case. Anyhow there are factors which give much security (always having in mind that are online opportunities). I have three of those from which I am earning very good profits since three months. Who is interested to give a look pm me.