Bitcoin in the banks?!

[Bestwishes745]

I think if the banks started to offer the services of bitcoin, then people will rely on banks for their bitcoins (but if they kept the fees etc at lower, the same as now on some wallets etc) because of the fear of hackers and because of the scammers, I think banks will provide guarantee to their coins.

[Eric Mu]

Wow, seems that we have got quite a bit attention here.
Are we a bank? We are and aren't.
We are in the sense that our interest-bearing wallets are essentially a fractional reserve system - your coins aren't sleeping in your HaoBTC accounts, instead, we put them to work. Like a bank, we profit by making more from investment than the interest we pay.
We are not in that we don't have a banking license. Neither do we lend to individual loaners. The upside is that we don't have to deal with bad loans. The downside is that right now we rely on profitable mining - we have created some new sources of income, but mining is still our bread and butter.
Hope that clear up things a bit and happy investing!

[Hazir]

You need to answer yourself why exactly banks were created. The most common arguments are:

1. Because storing your valuables, money or securities in your house became problematic and harder. Banks are designed to be more secure for that purposes.
2. People were baited by small and secure income. After all people are earning a small amount of fixed interest by keeping money in a banks.

And with bitcoin both of these arguments are kinda obsolete. There is no need to place your bitcoin into a banking institution for safekeeping, because you can deal with it on your own.
Bitcoin can be stored, online, offline, or even on paper or carved in metal. Possibilities are endless.

Same with interest rates - so far no financial institution will offer you any amount of fixed interest.

[Maesters1-]

ya am sure and confident that in near future it is really possible to deposit and widhraw bitcoin through banks. i think in china and some other countries  they have the facilities in some band to deposit money in One coin.

[Eric Mu]

You need to answer yourself why exactly banks were created. The most common arguments are:

1. Because storing your valuables, money or securities in your house became problematic and harder. Banks are designed to be more secure for that purposes.
2. People were baited by small and secure income. After all people are earning a small amount of fixed interest by keeping money in a banks.

And with bitcoin both of these arguments are kinda obsolete. There is no need to place your bitcoin into a banking institution for safekeeping, because you can deal with it on your own.
Bitcoin can be stored, online, offline, or even on paper or carved in metal. Possibilities are endless.

Same with interest rates - so far no financial institution will offer you any amount of fixed interest.

In principle, I agree.
Bitcoin is a liberating technology mainly because it gives people monetary autonomy. But so far, i don't think the vision of being your own banks has been realised with 90% of bitcoin users (the percentage is made up and based on intuition so may be meaningless, even if it is accurate ). They still use custodians such as Coinbase (and HaoBTC too), which are little different from the banks. Either the technological hurdle is too high for average Bitcoiners or they are not mentally prepared to take full responsibility.
The same goes for interest. Everyone knows that in the long run, return is diminishing - there are only so many coins to be mined and difficulty keeps rising, but that doesn't negate the fact that within a certain time window, it is possible for people who are in possession of the right conditions to mine profitably, and this has been proven in the past few years by some Chinese miners.
While the principles are sound and inviolable, we sometimes have to be nuanced when it comes to the specifics.

[Eric Mu]

ya am sure and confident that in near future it is really possible to deposit and widhraw bitcoin through banks. i think in china and some other countries  they have the facilities in some band to deposit money in One coin.

The end goal is that we do everything without necessarily involving banks or other custodians. But it will take a long time to get there and we should welcome banks and the likes if they are willing to ride with us.

[RoommateAgreement]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

right now it is not possible and actually banks are pretty against bitcoin and they don't like it.

but i do believe that in the future if bitcoin continues growing and getting bigger and bigger, then even banks would want in so online banks will be created similar to coinbase to keep your bitcoins and give you only an account.
whether it is good or bad is a different argument!

[hermanhs09]

ya am sure and confident that in near future it is really possible to deposit and widhraw bitcoin through banks. i think in china and some other countries  they have the facilities in some band to deposit money in One coin.

I may try to agree with your opinion,but i think that we may have banks that let us deposit and withdraw bitcoins from our accounts.
In my opinion banks will surely try to get into bitcoin if it will get big,and the many of them are already doing this,i mean they start.
Having bank account with bitcoin would be cool,if you could loan there for a good interest

[safari88]

I think the current bitcoin wallet better than the banks. I can fully control my money without interest.

bitcoin need ATM, but instead of storing bitcoin in the bank. si I hope more and more ATMs bitcoin.

[Hazir]

-snip- Either the technological hurdle is too high for average Bitcoiners or they are not mentally prepared to take full responsibility. -snip-

Well, if you put it that way, then you must know that by enabling people to use potential bitcoin banking.
You will cultivate this tradition of making people retarded when it comes to managing their own money?
Which translate to: People are too stupid to manage money so it is great for us, since we can profit from that fact.
I am sure that within couple years of 'no banking services' available, people would learn how to manage money just fine.

[pearnapple]

I think the current bitcoin wallet better than the banks. I can fully control my money without interest.

bitcoin need ATM, but instead of storing bitcoin in the bank. si I hope more and more ATMs bitcoin.

of course bitcoin wallet is way better than the banks and i think it is much safer to hold your bitcoins in your wallet so i would never choose to use a bitcoin bank i think

[erickkyut]

I think the current bitcoin wallet better than the banks. I can fully control my money without interest.

bitcoin need ATM, but instead of storing bitcoin in the bank. si I hope more and more ATMs bitcoin.

same here! it will be more convenient for us if we can have an access through any ATM machines so that we can withdraw our bitcoins anytime and anywhere (i mean mostly those places with ATM machines). i really wanted to have a bitcoin ATM card

[Xester]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

Yes it is a possibility that banks will do it to cope up with the new  virtual financial systems. Banks will establish a site online accepting deposits for savings with interests. And of course they will be lending also bitcoin. Just like a normal banking transaction but the difference is it is only done online and the currency is not fiat currency but cryptocurrency.

[erickkyut]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

Yes it is a possibility that banks will do it to cope up with the new  virtual financial systems. Banks will establish a site online accepting deposits for savings with interests. And of course they will be lending also bitcoin. Just like a normal banking transaction but the difference is it is only done online and the currency is not fiat currency but cryptocurrency.

but do banks already aware regarding bitcoin? i mean the banks worldwide or just the few of them? i think if what you said will come into reality, our bitcoin will be more safe rather than some bitcoin wallets that might close anytime.

[ASHLIUSZ]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

Yes it is a possibility that banks will do it to cope up with the new  virtual financial systems. Banks will establish a site online accepting deposits for savings with interests. And of course they will be lending also bitcoin. Just like a normal banking transaction but the difference is it is only done online and the currency is not fiat currency but cryptocurrency.

but do banks already aware regarding bitcoin? i mean the banks worldwide or just the few of them? i think if what you said will come into reality, our bitcoin will be more safe rather than some bitcoin wallets that might close anytime.

banks are aware of bitcoins. Bitcoin can potentially become a major means of payment for eCommerce and can also become competition to money transfer providers. some banks are expressing a positive opinion of Bitcoin and it shows that Bitcoin is gradually receiving wider support.

[safari88]

I think the current bitcoin wallet better than the banks. I can fully control my money without interest.

bitcoin need ATM, but instead of storing bitcoin in the bank. si I hope more and more ATMs bitcoin.

same here! it will be more convenient for us if we can have an access through any ATM machines so that we can withdraw our bitcoins anytime and anywhere (i mean mostly those places with ATM machines). i really wanted to have a bitcoin ATM card

yes I think if every country has an bitcoin ATM, and bitcoin ATM card is widely circulated. This will make bitcoin prices rise, as I'm sure everyone will be interested in using bitcoin than a credit card or store from the bank that has interest. but maybe if bitcoin working with banks, it will be more quickly realized I think. yeah whatever it was I was expecting the best for the future of bitcoin.

[romero121]

Bitcoin in banks won't happen, because if such situation arises banks will surely try to take control over the digital currency network. In the future bitcoin technology might get used by the banking sector than providing bitcoin through banks.

[bL4nkcode]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

I guess that will never happen,  because bitcoin itself is a bank already. Though bank accept the proccess of blockchain  system but i dont think they accept the bitcoin already. And I dont think the idea of bitcoin bank is effective. Just my opinion.

[Darwin02]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

It's already happen here in the Philippines you can widraw your money using your bank account and you can also deposit in your bitcoin using your bank acount. We're happy many now have done in the Philippines using coins.ph wallet  and had many ways to deposit and widraw money not only bank acount.

[Schuyler]

Is it possible that Bitcoin can be deposited in the banks in the near future? I mean like any other currencies that can be deposited and withdraw in the banks.

It's already happen here in the Philippines you can widraw your money using your bank account and you can also deposit in your bitcoin using your bank acount. We're happy many now have done in the Philippines using bitcoin. If you know coins.ph 😉

Actually, that is really not the case. You still have to convert your bitcoin to fiat, in this case, Philippine peso, before you could transfer it to your bank account. There's still a great deal of involvement of the fiat with bitcoin transactions. Banks could also offer the same thing but they might charge an extra for their bitcoin services, much like what they are doing with other currencies like the dollar and the yen.