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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 139032 times)
richardsNY
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February 20, 2017, 06:39:37 PM
 #1321

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.

People don't care as long as they get a financial reward in form of interest over their coins. It's something that is obviously clear when you browse through this entire thread. Give them money, and they are ready to throw away each benefit of Bitcoin that a lot people here highly value. In other words, they are fine with everything such as losing financial freedom, discarding Bitcoin's decentralized nature, possibly handing over a third party service sensitive information, etc.

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sourris01
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February 20, 2017, 06:52:00 PM
 #1322

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.

People don't care as long as they get a financial reward in form of interest over their coins. It's something that is obviously clear when you browse through this entire thread. Give them money, and they are ready to throw away each benefit of Bitcoin that a lot people here highly value. In other words, they are fine with everything such as losing financial freedom, discarding Bitcoin's decentralized nature, possibly handing over a third party service sensitive information, etc.
That is why I am wary bitcoin bank. Just turns out that there is no difference with those banks that exist today.
berserkinterbuy
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February 20, 2017, 07:36:57 PM
 #1323

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.
That's a good idea. Only where there are loose rules or lack of them, you can create bitcoin bank. Therefore, no country, and juicier power will not allow it.
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February 20, 2017, 07:41:58 PM
 #1324

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.

People don't care as long as they get a financial reward in form of interest over their coins. It's something that is obviously clear when you browse through this entire thread. Give them money, and they are ready to throw away each benefit of Bitcoin that a lot people here highly value. In other words, they are fine with everything such as losing financial freedom, discarding Bitcoin's decentralized nature, possibly handing over a third party service sensitive information, etc

I think you can't blame all these people

Indeed, for some dudes the benefits you are talking about are real (e.g. anonymous, to a certain extent, nature of Bitcoin transactions), but for the rest (which makes the majority of Bitcoin users) they are abstract and don't have any practical value or importance. So you can't accuse them that "they are ready to throw away each benefit of Bitcoin". In other words, these benefits are not really benefits to them, that's why they don't care. Really, would you care much about something which has no particular value for you personally?

Ewinsane
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February 20, 2017, 07:48:40 PM
 #1325

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.
i really do not agree with the idea of bitcoin bank because bitcoin system is already very much stable than bank and bitcoin transaction is very much faster than bank and we can send our bitcoin to anywhere without extra charges and without high fees so i feel i do not need bitcoin bank.

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eduaro66
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February 20, 2017, 08:18:50 PM
 #1326

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.
i really do not agree with the idea of bitcoin bank because bitcoin system is already very much stable than bank and bitcoin transaction is very much faster than bank and we can send our bitcoin to anywhere without extra charges and without high fees so i feel i do not need bitcoin bank.
I can not understand why such a forum hysteria and the desire to convince people that bitcoin bank really need and can not be further existence without it. I think that bitcoin currency and so self-contained and everything is fine now.
Wandering Soul~
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February 20, 2017, 08:21:54 PM
 #1327

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.
i really do not agree with the idea of bitcoin bank because bitcoin system is already very much stable than bank and bitcoin transaction is very much faster than bank and we can send our bitcoin to anywhere without extra charges and without high fees so i feel i do not need bitcoin bank.

You're forgetting that we have the fee called miners fee for every transaction. You can only eliminate that if your current online wallet has a feature like that but since you have to transfer bitcoins to the wallet first you will have no choice but to pay the fee .The average fee that will take 10-30minutes is 20K-30K sats but people are speculating that it will increase in the near future .

The thing is many people is still trusting banks in fact some of the people around me thinks that it is important to success in life .
If people will feel safe and satisfied storing their coins in banks. It's not a problem .


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chrisivl
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February 20, 2017, 08:40:23 PM
 #1328

If the real banks offer to their customers and loans and deposits, and other services that it can offer bitcoin bank if bitcoin has its advantages. There is no problem in just a bank, if people do not stick your head into a black hole, with no confidence in the future. But bitcoin bank will allow users to lose some of the pros.
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February 20, 2017, 08:43:48 PM
 #1329

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.
i really do not agree with the idea of bitcoin bank because bitcoin system is already very much stable than bank and bitcoin transaction is very much faster than bank and we can send our bitcoin to anywhere without extra charges and without high fees so i feel i do not need bitcoin bank.
you are right that bitcoin online system is much more better than bank and we like bitcoin online system than bank and i think bank transaction fees is very much higher and bank transaction is also too much slow so bitcoin system is really too much better.

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richardsNY
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February 20, 2017, 11:17:21 PM
 #1330

Really, would you care much about something which has no particular value for you personally?

I would not. But at least I know what features I don't want to make use of, while a lot people here only look at Bitcoin as being a tool that allows them to earn money and from there just don't think about the deeper technical features that Bitcoin more has to offer. At least, that's the impression that I am getting whilst browsing through this thread and various other related threads.

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February 21, 2017, 02:28:06 AM
 #1331

I think it's a good idea because of the presence of bitcoin bank will make the number of users increases and make governments think to make the bitcoin as means of payment.

Labumi
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February 21, 2017, 03:32:21 AM
 #1332

If people want Bitcoin banks, why not? The market will dictate if they find useful that third parties (once again) hold their money because they don't see responsible enough to hold it themselves. While it defeats the point of Bitcoin (being your own bank) who cares if someone runs such business as long as the protocol stays solid and the network nodes decentralized?

Yeah, if it is indeed a lot of people who like to bank bitcoin there then it's not a problem. But if the desire of people to bank bitcoin is not appropriate then it would be bad news for those who are already providing a place for the bank, because sometimes the bitcoin words and actions taken by each person is different so it will be very difficult for those who can not use the opportunity well. But I think the bitcoin does not require a bank, for bitcoin can qualify automatically


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February 21, 2017, 04:06:39 AM
 #1333

I think it's a good idea because of the presence of bitcoin bank will make the number of users increases and make governments think to make the bitcoin as means of payment.

If one bank is ever capable of moving a single government, and that's a big if. We often do see them as living in a symbiose relationship with govs, especially whenever some To Big To Fail Institution has to get "rescued" by our taxmoneh.
I believe these institutions are overated.
And we are at the present stepping up right here, to correct that.

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February 21, 2017, 04:21:04 AM
 #1334

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

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February 21, 2017, 04:36:23 AM
 #1335

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure.  Smiley

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February 21, 2017, 05:11:32 AM
 #1336

Not for now ,I am thinking what would be the main purpose or use of bitcoin bank rather than in a bitcoin wallets . More secure and having some loans is only comes to my mind .I just waiting what new features of improvement will be and to be sure that it will not have any effect on bitcoins especially its decentralization .


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wahb
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February 21, 2017, 05:15:22 AM
 #1337

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.
yes i am also agree with you. i also not in favour of bitcon bank, i think the community of bitcoin are not yet so big that they need for any bitcoin bank .i think currently we the online wallet system is still the good option and i like it to continue as it is working right now.
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February 21, 2017, 05:23:14 AM
 #1338

Not for now ,I am thinking what would be the main purpose or use of bitcoin bank rather than in a bitcoin wallets . More secure and having some loans is only comes to my mind .I just waiting what new features of improvement will be and to be sure that it will not have any effect on bitcoins especially its decentralization .
I guess banks terms is always against bitcoin terms
That's why satoshi created something new, something different to change the world financial system
People have tired about how banks sucks everyone's money
While in bitcoin you are the ruler of your money, that"s what makes bitcoin beautiful.
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February 21, 2017, 06:21:22 AM
 #1339

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure  Smiley

They might fail as banks, but not necessarily as exchanges

In fact, there are a few projects which have the word bank as part of their name (e.g. ChronoBank and CoinsBank). I don't know anything about the former (ChronoBank) but the latter (CoinsBank) started as an exchange (back then it was called Bit-X). As said many times already, loaning bitcoins is not a viable idea presently, but the major reason why they began pretending to be a bank was issuing Bitcoin payment cards. Some established web wallets (like Coinbase and Xapo) do the same, but they don't pretend to be banks. Perhaps, there are other services offered by web wallets and not by exchanges which could be construed as bank services that would allow us to consider them as Bitcoin banks, to a certain degree

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February 21, 2017, 06:54:14 AM
 #1340

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure  Smiley

They might fail as banks, but necessarily as exchanges

In fact, there are a few projects which have the word bank as part of their name (e.g. ChronoBank and CoinsBank). I don't know anything about the former (ChronoBank) but the latter (CoinsBank) started as an exchange (back then it was called Bit-X). As said many times already, loaning bitcoins is not a viable idea presently, but the major reason why they began pretending to be a bank was issuing Bitcoin payment cards. Some established web wallets (like Coinbase and Xapo) do the same, but they don't pretend to be banks. Perhaps, there are other services offered by web wallets and not by exchanges which could be construed as bank services that would allow us to consider them as Bitcoin banks, to a certain degree
Banks that we are talking here are definitely not the bank in the real world which accept fiat as deposits and investment, it's hard to mixed this two as bitcoin has no value as currency since it is just considered as payment system. Also, if there will be banks that will accept with bitcoin, it would not happen very easy, that must be carefully studied by the Central Banks in order to devise a more specific rules and regulations to be followed.

For now, exchanges is the only bank we have and we can still enjoy the benefits of using it to safeguard our assets and to do our primary aim to transact.

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