I found a bitcoin bank but want to check its validity.

[ranochigo]

bitcoin + bank = scam pretty much without fail. Stick interest levels like that on top then it's in the goddamn bag.

For the time being, the "bitcoin banks" are not regulated, so they are mostly scams. In the future, we will have proper banks.

"Bitcoin Banks" are either a ponzi scheme or scam which is pretty much the same. Banks based on Bitcoins are very hard to regulate and it is hard for them to lend out without the extremely high chances of borrowers defaulting. This would only change if those banks are allowed to have secure loans. They would still not be called a bank, they would be called lenders.

Bitcoin itself is a bank, there is no need for a service to act as a bank.

[Lutzow]

bitcoin + bank = scam pretty much without fail. Stick interest levels like that on top then it's in the goddamn bag.

For the time being, the "bitcoin banks" are not regulated, so they are mostly scams. In the future, we will have proper banks.

"Bitcoin Banks" are either a ponzi scheme or scam which is pretty much the same. Banks based on Bitcoins are very hard to regulate and it is hard for them to lend out without the extremely high chances of borrowers defaulting. This would only change if those banks are allowed to have secure loans. They would still not be called a bank, they would be called lenders.

Bitcoin itself is a bank, there is no need for a service to act as a bank.

Any bitcoin doubler can run a virtual bank and give you interest . Invest at your own risk, bitcoin bank is not needed for now.

[gregyoung14]

bitcoin + bank = scam pretty much without fail. Stick interest levels like that on top then it's in the goddamn bag.

For the time being, the "bitcoin banks" are not regulated, so they are mostly scams. In the future, we will have proper banks.

"Bitcoin Banks" are either a ponzi scheme or scam which is pretty much the same. Banks based on Bitcoins are very hard to regulate and it is hard for them to lend out without the extremely high chances of borrowers defaulting. This would only change if those banks are allowed to have secure loans. They would still not be called a bank, they would be called lenders.

Bitcoin itself is a bank, there is no need for a service to act as a bank.

Any bitcoin doubler can run a virtual bank and give you interest . Invest at your own risk, bitcoin bank is not needed for now.

Really am tempted now to signup. Thanks for the note btw. Bitcoin banks are not needed, not now atleast.

[EdenHazard]

I found a site bitbank.com while fiddling with domain names through boardom. It offers 12% interest on annual fixed amounts or 0.02% daily. Is this site a scam or leitimate.

I want to know of only people who have used it or can offer advice on its validity.

its just a website,not like konvenstional banks,take a risk to invest on untrusted site is not my choice,need more than 2 years experience to make sure i'm invest in good and legit site.

[erikalui]

Ponzi website. Nobody will offer 12% interest as that's an amount banks cannot afford and mostly HYIPs offer such a rate to get more customers. I wouldn't trust any online bank for my money (not even payment processors) and keep my money for a year. Had a bad experience with LR already.

[elloco4ever]

I found a site bitbank.com while fiddling with domain names through boardom. It offers 12% interest on annual fixed amounts or 0.02% daily. Is this site a scam or leitimate.

I want to know of only people who have used it or can offer advice on its validity.

its just a website,not like konvenstional banks,take a risk to invest on untrusted site is not my choice,need more than 2 years experience to make sure i'm invest in good and legit site.

Yes dont take risk and make sure you dont invest on any untrusted entities and there are hell lot of scammers

[redsn0w]

This sticker is worth more than thousand of words :




Bitcoin bank    ?

[Supercrypt]

I found a site bitbank.com while fiddling with domain names through boardom. It offers 12% interest on annual fixed amounts or 0.02% daily. Is this site a scam or leitimate.

I want to know of only people who have used it or can offer advice on its validity.

its just a website,not like konvenstional banks,take a risk to invest on untrusted site is not my choice,need more than 2 years experience to make sure i'm invest in good and legit site.

Even if the website is working for 2 years, how can trust it to invest your money? Through online reviews? Online reviews are mainly fake and even images, proofs can be easily faked. It took me a long time to trust even PayPal when it's recognized by my bank and hence I would trust a bitcoin bank when bitcoins aren't themselves recognized.

[craked5]

This sticker is worth more than thousand of words :




Bitcoin bank    ?

What? Do you think it's stupid because btc was invented with the main purpose of no longer needing unreliable third party that keep sucking your possession while using your own money to grow their capital? Well, maybe :3

[redsn0w]

This sticker is worth more than thousand of words :




Bitcoin bank    ?

What? Do you think it's stupid because btc was invented with the main purpose of no longer needing unreliable third party that keep sucking your possession while using your own money to grow their capital? Well, maybe :3

Yeah, exactly.... I don't need a bank when I have/own bitcoin .

[gentlemand]

Really am tempted now to signup. Thanks for the note btw. Bitcoin banks are not needed, not now atleast.

So bitcoin banks aren't needed, but blatant ponzis are.

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[mtnsaa]

Dude, that's a complete scam and every other site like that it's a sure way to lose money, sooner or later, I would say sooner. If you want to get some interest out of your BTC stash I suggest lending it on Poloniex. I know having money on exchanges is not advisable but daily traders have to do it all the time. They are very reliable but I know, all exchanges are reliable until they are not.

[DropsOfJupiter]

I found a site bitbank.com while fiddling with domain names through boardom. It offers 12% interest on annual fixed amounts or 0.02% daily. Is this site a scam or leitimate.

I want to know of only people who have used it or can offer advice on its validity.

The website is registered by a Chinese company based in Guang Dong, China.
Bank of China prohibits any banking or financial institutions from providing any Bitcoin related services. So to answer your question, this appears illegitimate.

[craked5]

Dude, that's a complete scam and every other site like that it's a sure way to lose money, sooner or later, I would say sooner. If you want to get some interest out of your BTC stash I suggest lending it on Poloniex. I know having money on exchanges is not advisable but daily traders have to do it all the time. They are very reliable but I know, all exchanges are reliable until they are not.

Do you earn a decent amount with poloniex lending?

[Haswell]

I found a site bitbank.com while fiddling with domain names through boardom. It offers 12% interest on annual fixed amounts or 0.02% daily. Is this site a scam or leitimate.

I want to know of only people who have used it or can offer advice on its validity.

The website is registered by a Chinese company based in Guang Dong, China.
Bank of China prohibits any banking or financial institutions from providing any Bitcoin related services. So to answer your question, this appears illegitimate.

There is no regulated bitcoin "bank" in the world. A bank has to be insured. If an entity calls it a bank, it is a scam.

[tiggytomb]

Stay away, just like many other sites offering interest on your bitcoin they simply cannot do it and will at some point fold up and run away with your hard earned BTC

[craked5]

Stay away, just like many other sites offering interest on your bitcoin they simply cannot do it and will at some point fold up and run away with your hard earned BTC

Well the only fair and reliable bank here are the trading plateform with a margin funding service :p

[gentlemand]

Well the only fair and reliable bank here are the trading plateform with a margin funding service :p

Coinbase, Gemini and Itbit are the only exchanges as far as I know that insure your coins if they're hacked at their end. Funnily enough none of the margin sites are.

They do have an incentive not to disappear with your coins but hacks happens and you'll be relying on their goodwill and profitability to get them back. They're not risk free.

[ashkanb]

i did some digging on them a few months ago but i don't remember much details.

all i remember is that bitbank, jua and bw.com are all affiliates of the CHBTC.com a big chinese exchange.
i have no clue to how safe and reliable they are but i've been keeping a bit of coins at my bw.com wallet which gives penny worth of interest daily.
it seems to be ok but its not worth the risk;
for a while now i've been considering moving what i have on bw to poloniex and lend it, just haven't had the time to look into it;

[alyssa85]

12% interest falls into the Too Good To Be True category.

In order for someone to pay you interest, they need to be able to generate that money. Does their website say how they do it?