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Question: Do you agree with idea "Bitcoin bank" ?
Yes
No
I don't know/I'm not sure yet
I don't care

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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 139493 times)
deisik
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February 14, 2017, 05:18:51 PM
 #1301

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking

Could you explain what you mean by the same problem that we (allegedly) had with gold? If you refer to banks accepting gold for storage and then issuing gold receipts which were used as money and whose total value by far exceeded the amount of real gold in bank vaults (which led to bankruptcies and massive bank-runs), with Bitcoin it might not work out since you can always trace the history of every bitcoin in existence. If you just mean lending out bitcoins, then I can't possibly see how it is related to gold. On the other hand, if they demand interest should be paid on loans (which is logic), folks may demand interest on their deposits as well

In short, I don't see anything particularly dangerous or ominous in that activity
I was referring to the bolded part, my fear is that banks create some sort of blockchain over the blockchain, basically you deposit bitcoins with them and then they issue some sort of banking bitcoin that they can print at will and this becomes the currency of choice of the people, that way bankers will pull the same trick they did on gold and will be able to bury bitcoin as they did to gold, I do not know how viable that is, but that is my fear

That has been discussed before

And before Bitcoin (and even before full-fledged fiat issued by commercial banks in the system with a Central bank) folks didn't have much choice. They had to use either gold directly (gold coins, more specifically) or gold receipts which they received in exchange for their gold. Today, people are free to use whatever they want (to a certain degree), so banks will be interested to provide tools which would allow to check if they don't issue more paper bitcoins (so-called bitnotes) than they have real "physical" bitcoins in their underground "vaults"

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February 14, 2017, 06:34:07 PM
 #1302

bitcoin create its own bank strongly agree, if can be reproduced branches in every country that a lot of users, let them find it more convenient to the real bank of bitcoin, it could add to the confidence of the people who will join the bitcoin users.
i agree with you that bitcoin created its own bank like we can save our bitcoin in our online wallet or other type wallet and i think save your bitcoin in your own online wallet is much more better than bank because bank has a high fess and charges.

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February 14, 2017, 07:46:28 PM
 #1303

I do understand some people arent able to protect their data, and this make their bitcoins vulnerable, but we are our own banks already. This question and interest is because people do wanna some real bank to provide loans and interest at bitcoin deposits, if those banks would accept bitcoin i know some people will trust them, isnt a bad thing as long the interest banks will pay is a fair % but this is also bad because a single company can try to manipulate the market.


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rickadone
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February 14, 2017, 08:12:10 PM
 #1304

bitcoin create its own bank strongly agree, if can be reproduced branches in every country that a lot of users, let them find it more convenient to the real bank of bitcoin, it could add to the confidence of the people who will join the bitcoin users.
i agree with you that bitcoin created its own bank like we can save our bitcoin in our online wallet or other type wallet and i think save your bitcoin in your own online wallet is much more better than bank because bank has a high fess and charges.
Yes, any cryptocurrency online system is a bank itself for them because every user of cryptocurrency has its own wallet and every user can access its wallet by himself and send and receive bitcoin and we can exchange it online so I too say there is no need of any bank for cryptocurrency or for bitcoin which is only such currency that I am currently using.

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artows21
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February 14, 2017, 08:14:58 PM
 #1305

I disagree with the idea of a bitcoin bank because nobody is going to give money to a bank and pay tax on it. And who will manage it? I don't think this will work.
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February 14, 2017, 10:31:48 PM
 #1306

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

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February 15, 2017, 12:23:44 AM
 #1307

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.

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February 15, 2017, 05:36:48 AM
 #1308

I disagree with the idea of a bitcoin bank because nobody is going to give money to a bank and pay tax on it. And who will manage it? I don't think this will work.
yes i also disagree. i do not like to be fell in the log process again which we have experienced in local banks. bitcoin do not need to any bank. bitcoin wallet is the best system so far. i think the only need it to make it more secure by improving the security system of it.
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February 15, 2017, 06:00:23 AM
 #1309

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.
Our Own wallet was enough for us. using bitcoin bank can make us pay an administration fee per month. bitcoin decentralization system prevents the gathering of funds that can be monopolized by some people, big capital is a great power that can make or break a country's economy, so it is very dangerous if the money collected in the bank misused by the bad guys.
so I think the same as you, I do not agree with the idea of ​​bitcoin bank.

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February 15, 2017, 09:56:42 AM
 #1310

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.



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1Referee
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February 15, 2017, 10:06:16 AM
 #1311

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

No. Bitcoin banks are nothing more than a service such as Coinbase that is offering people an online wallet platform. I don't see why people don't seem to understand that. It's just a service which you can choose to use or not. It won't have any negative impacts on Bitcoin at all. You must know how many people there are that don't care a single bit about decentralization. They probably don't even know what it really means.

malikusama
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February 15, 2017, 11:15:37 AM
 #1312

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

No. Bitcoin banks are nothing more than a service such as Coinbase that is offering people an online wallet platform. I don't see why people don't seem to understand that. It's just a service which you can choose to use or not. It won't have any negative impacts on Bitcoin at all. You must know how many people there are that don't care a single bit about decentralization. They probably don't even know what it really means.

If they are offering people an online wallet platform then it is acceptable but i don't think so there is any need of these platforms as already we have variety of wallets which are more convenient.



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February 15, 2017, 11:41:10 AM
 #1313

If they are offering people an online wallet platform then it is acceptable but i don't think so there is any need of these platforms as already we have variety of wallets which are more convenient.

Bitcoin is seeing its adoption numbers increasing every year, so more people finding their way into Bitcoin means more services that will pop up. You can't blame them being willing to benefit from a growing industry. If they happen to offer the same as some other services also offer, then the competition between these services will be a benefit for the users at the end. Competition means that they will have to lower their fees, and also improve their service to make them a better choice. I don't see anything negative here. Don't forget that you don't have to use it if you don't want.

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February 15, 2017, 02:20:45 PM
 #1314

If it's a bank in the centralized form, then no. But, if it's in a decentralized form, yes!

Herbet Fry
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February 15, 2017, 06:20:05 PM
 #1315

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

I dont even k ow what to say. People who think up crap like this should not be in bitcoin and dont even contribute. These people have almost no bitcoins no investment and very little brains. Bitcoin makes you the bank its the basics of bitcoin. Dear God how stupid people can be.

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February 15, 2017, 07:28:09 PM
 #1316

Its a useless and stupid idea, people prefer bitcoins because of its decentralization and easy payment methods with very low transaction charges as compared to fiat. If bitcoin bank will began to established then there will be no difference between fiat and bitcoins and probably bitcoin will face a huge decline in its market value.

No. Bitcoin banks are nothing more than a service such as Coinbase that is offering people an online wallet platform. I don't see why people don't seem to understand that. It's just a service which you can choose to use or not. It won't have any negative impacts on Bitcoin at all. You must know how many people there are that don't care a single bit about decentralization. They probably don't even know what it really means.

If they are offering people an online wallet platform then it is acceptable but i don't think so there is any need of these platforms as already we have variety of wallets which are more convenient

Could you clarify why they are more convenient?

Apart from that, as far as I know, not a single web wallet in existence today offers opening purely fiat accounts, i.e. what regular banks do on a daily basis. With a Bitcoin bank offered as a service by a regular bank, you will be able to open a Bitcoin account as well (in addition to your fiat account). This will give you much less pain in the ass if you want to convert your bitcoins to fiat and vice versa. You won't need to send them to an exchange and then pay hefty commissions to get the proceeds back to your account in the bank

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February 16, 2017, 05:43:46 AM
 #1317

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.
yes we do not need for any bitcoin bank, bitcoin wallet is a good source of saving bitcoin. it is more easy to use more convenient and reliable. no need for such a long formalities. i will like to continue it for a long time.



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February 16, 2017, 05:58:05 AM
 #1318

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.
yes we do not need for any bitcoin bank, bitcoin wallet is a good source of saving bitcoin. it is more easy to use more convenient and reliable. no need for such a long formalities. i will like to continue it for a long time.
Saving our bitcoin in our wallet is prone to hacking but we can save our real identify, while the name bitcoin bank sounds safe as in real world they provide insurance with the amount of money that we deposited, weak side is the privacy that we want is something we have to sacrifice. As bitcoin bank, they will operate like a real bank, collecting necessary information for us and we are oblige to give it otherwise we cannot use their service.

Let's think what we really like to have, as long as we know the benefits and the risk, then we have to select that is best based on our needs.

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d-trixx
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February 20, 2017, 06:28:07 PM
 #1319

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.
yes we do not need for any bitcoin bank, bitcoin wallet is a good source of saving bitcoin. it is more easy to use more convenient and reliable. no need for such a long formalities. i will like to continue it for a long time.
Saving our bitcoin in our wallet is prone to hacking but we can save our real identify, while the name bitcoin bank sounds safe as in real world they provide insurance with the amount of money that we deposited, weak side is the privacy that we want is something we have to sacrifice. As bitcoin bank, they will operate like a real bank, collecting necessary information for us and we are oblige to give it otherwise we cannot use their service.

Let's think what we really like to have, as long as we know the benefits and the risk, then we have to select that is best based on our needs.
I understand that all the guarantees bitcoin bank will comply, but I understand that this will present a financial institution and the registration and state register of businesses. This means paying taxes. Bitcoin users or are ready for this?
StarCitizen999
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February 20, 2017, 06:34:33 PM
 #1320

No, I do not agree with this idea. This is the contrary of what Bitcoin was designed to be. It was designed so that your wallet is your own bank. You owns nothing to no one and this is better.

Right there is no need for banks, bitcoin proves its ability to do things that bank can do, plus that its free transactions and we can manage our own wallet.
yes we do not need for any bitcoin bank, bitcoin wallet is a good source of saving bitcoin. it is more easy to use more convenient and reliable. no need for such a long formalities. i will like to continue it for a long time.
Saving our bitcoin in our wallet is prone to hacking but we can save our real identify, while the name bitcoin bank sounds safe as in real world they provide insurance with the amount of money that we deposited, weak side is the privacy that we want is something we have to sacrifice. As bitcoin bank, they will operate like a real bank, collecting necessary information for us and we are oblige to give it otherwise we cannot use their service.

Let's think what we really like to have, as long as we know the benefits and the risk, then we have to select that is best based on our needs.
I understand that all the guarantees bitcoin bank will comply, but I understand that this will present a financial institution and the registration and state register of businesses. This means paying taxes. Bitcoin users or are ready for this?
Bitcoin Bank is a good idea. In order that the Bank acted need to register it on some uninhabited island on which is not subject to the jurisdiction of other States. But I'm afraid that if banks in other countries will cease to accept and carry out exchange operations.
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