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Question: Do you agree with idea "Bitcoin bank" ?
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I don't know/I'm not sure yet
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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 138959 times)
Zadicar
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March 05, 2017, 03:34:31 AM
 #1421

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
I think its useless because holding your bitcoin on just in your wallet does already generate interest and its much more compared to bank that will give. We all know banks does have small interest rates and what if our bitcoin would be store there does generate the same interest on local fiat? Then it would really be a disaster.

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March 05, 2017, 03:55:55 AM
 #1422

I dont agree but i also dont think that it's a terrible idea!

I think that it could be a good idea depends on who you ask. Personally though i think that it could be beneficial.

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March 05, 2017, 07:30:34 AM
 #1423

Why would I use bank for my bitcoins? I also think that this idea is stupid, and I don`t know how banks are planning to get into bitcoin community. That will be tricky for them, what can they offer to me (or us) to open bitcoin wallet in some bank, pay monthly account maintenance, what can they do for me, that I can`t do myself?
Only one thing fall on my mind and that is high saving rate. I opened some saving calculator and for example best bank in my country offer if I save in my currency 1 000 000 dinars for one year (that is 9 000 dollars) I can earn 90 000 dinars (850 dollars).
If I save in foreign currency, for example dollars, 10 000 dollars for one year will bring me 396 dollars. Which is joke, so how big interest they can offer for bitcoin to I be attracted to save my bitcoins in some bank?

Agreed, if there is a bitcoin bank this is nothing difference with an ordinary bank in the public. Once we entrust our bitcoin to them they're gonna use our bitcoin to lend it to other bitcoin users with prior interest. Then like what you said monthly maintenance requirement because if we didn't comply to their rules our balance to them will reduce. And that's what I don't want to be happen, so I don't agree with such crazy idea.
in fact i am also not in favour of bitcoin bank in present time. i think it will effect the minority property of bitcoin. therefore i my self not in favour of bitcoin banks. i think there are so many advantages of using online wallet for depositing and withdrawal of bitcoin.
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March 05, 2017, 11:48:39 AM
 #1424

I dont agree but i also dont think that it's a terrible idea!

I think that it could be a good idea depends on who you ask. Personally though i think that it could be beneficial.
There's only one way to find if it's beneficial to us, if bitcoin bank will progress and people will support it. For me, I'm already satisfied with exchange sites where I put my bitcoin and online wallet, banks will do the same and they are more strict to verify every transactions we will make if it's in compliance with the law's and regulations. I don't like too much of that because I want to experience full freedom with using bitcoin which is the main reason why it's created.

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upsidedown75
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March 05, 2017, 03:31:05 PM
 #1425

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
I agree with you. bitcoin bank actually not so needed by users bitcoin because users prefer to use the wallet because it is safer and freedom. users more in need of faster transactions
It's against one of the main reasons people use bitcoin. It gets rid of the power given to the people. Why would you use bitcoin then? Just use cash and your actual bank, which has the bonus of being banked and secured by your local government.
Plus, why bother putting bitcoin in banks that charge you monthly fee, when you can store them for free in an online wallet, there are more important things that we need to do with the bitcoin like making it a major payment method and increasing the number of people using it before thinking of making banks.
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March 05, 2017, 03:41:14 PM
 #1426

I dont agree but i also dont think that it's a terrible idea!

I think that it could be a good idea depends on who you ask. Personally though i think that it could be beneficial.
There's only one way to find if it's beneficial to us, if bitcoin bank will progress and people will support it. For me, I'm already satisfied with exchange sites where I put my bitcoin and online wallet, banks will do the same and they are more strict to verify every transactions we will make if it's in compliance with the law's and regulations. I don't like too much of that because I want to experience full freedom with using bitcoin which is the main reason why it's created.
I do agree so. Banks will never be suitable for Bitcoin since both of them are different. One is decentralized and the other is centralized. There will be many restrictions existing if banks accept Bitcoin. However, bank adoption is the only way for Bitcoin to become popular in a short time. People will understand more about bitcoin if banks accept it soon

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March 05, 2017, 03:49:53 PM
 #1427

why bother putting bitcoin in banks that charge you monthly fee, when you can store them for free in an online wallet

If a bank-like service pops up, it will most likely not charge any fees, but instead, it will attract people by offering a certain interest rate over their coins. This interest rate will offer a lot people enough incentive to hurry and store their coins within this service.

there are more important things that we need to do with the bitcoin like making it a major payment method

Bitcoin as it is isn't a good local currency that people can use easily to buy their daily needs. For that to happen certain updates need to be implemented first. Other than that, at this point the far majority of the people purely use Bitcoin as investment tool, and not as currency tool. It's also the mindset that needs to change here if you at some point want to see Bitcoin become a great form of payment.

and increasing the number of people using it before thinking of making banks.

Ok, and what are your efforts in this regard so far?

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March 05, 2017, 10:10:03 PM
 #1428

It's simply impossible , "Bitcoin bank" defeats the whole purpose of using Bitcoin in the first place. Banks wants to take control over customers accounts (including the fees and interest rates) and freeze them whenever they feel like it while Bitcoin is totally the opposite.
Services that control your private keys could be considered as Bitcoin banks as well and shouldn't be used (this apply for both debit card services and "wallets/exchanges")

Indeed, this was the reall purpose of bitcoin bank. They want to take control of the bitcoin  of each bitcoin users which is very stupid things they ever made if this will happen in this industry. Bitcoin bank is suited only for the debit card only and not for bitcoin directly.



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March 06, 2017, 12:06:42 AM
 #1429

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers

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March 06, 2017, 01:20:24 AM
 #1430

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
We do not need interest anymore as bitcoin in the longer run grows its value which is opposite when we deposit fiat in regular bank.
Bitcoin bank is not like a bank in real life which is govern by the government and there is a strict rules and regulations that every depositors should follow. I think for now online wallet is nice to be considered as our bank as we can easily transaction without much restrictions.

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betlord90
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March 06, 2017, 01:34:59 AM
 #1431

I really think this is not a good idea. Who on earth would put their bitcoins on a bank? I mean we can manage it by our own and there will be a lot of charges and fees if it will be implemented. But if there are few who agrees, I can't blame them it's their life.


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March 06, 2017, 02:49:52 AM
 #1432

I am new on the forum, and I just register at the one BTC bank from Bitcointalk.
Fatanut
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March 08, 2017, 12:27:46 PM
 #1433

I dont agree but i also dont think that it's a terrible idea!

I think that it could be a good idea depends on who you ask. Personally though i think that it could be beneficial.
There's only one way to find if it's beneficial to us, if bitcoin bank will progress and people will support it. For me, I'm already satisfied with exchange sites where I put my bitcoin and online wallet, banks will do the same and they are more strict to verify every transactions we will make if it's in compliance with the law's and regulations. I don't like too much of that because I want to experience full freedom with using bitcoin which is the main reason why it's created.
I do agree so. Banks will never be suitable for Bitcoin since both of them are different. One is decentralized and the other is centralized. There will be many restrictions existing if banks accept Bitcoin. However, bank adoption is the only way for Bitcoin to become popular in a short time. People will understand more about bitcoin if banks accept it soon

We don't need that, though. Anyone who's in a hurry for mass adoption can leave now because it's not happening soon. ETF approval might shorten the process but it's still a long journey. I'm also thinking that if banks have adopted bitcoins, it's because the majority of people are already using bitcoins. The mass adoption has already happened or already happening. The government has only two choices, they either try their best to get rid of bitcoins (hard way) or just adopt to bitcoins (easy way).


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The_Dark_Knight
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March 09, 2017, 01:07:41 AM
 #1434

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
No, blockchain.info is not just a regular wallet, a regular wallet only holds the private keys of a single person, yourself, the centralized service of blockchain,info already holds the coins of many users, so in a way they are something close to a bitcoin bank already.

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Viscore
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March 09, 2017, 03:32:39 AM
 #1435

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
No, blockchain.info is not just a regular wallet, a regular wallet only holds the private keys of a single person, yourself, the centralized service of blockchain,info already holds the coins of many users, so in a way they are something close to a bitcoin bank already.
Bitcoin bank will not hold our private key but certainly our private information as well, it's easy to make a bitcoin wallet as it will not require you a lot of requirements like a documentation to prove you are that person. Bitcoin bank will surely imposed the kYC policy which we will need to follow in order to create an account and that is burdensome for the many, hence bitcoin wallet like blockchain will always be the demand.

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ASHLIUSZ
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March 09, 2017, 05:34:16 AM
 #1436

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
No, blockchain.info is not just a regular wallet, a regular wallet only holds the private keys of a single person, yourself, the centralized service of blockchain,info already holds the coins of many users, so in a way they are something close to a bitcoin bank already.
Bitcoin bank will not hold our private key but certainly our private information as well, it's easy to make a bitcoin wallet as it will not require you a lot of requirements like a documentation to prove you are that person. Bitcoin bank will surely imposed the kYC policy which we will need to follow in order to create an account and that is burdensome for the many, hence bitcoin wallet like blockchain will always be the demand.
If governments approve bitcoin banks to function all around, sure there will be certain terms and conditions to be followed. In such case surely users need to submit documents revealing our personal information as mentioned in the past quote. So it becomes a centralized system and in a short everything comes under their control.

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deisik
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March 09, 2017, 07:34:51 AM
 #1437

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
No, blockchain.info is not just a regular wallet, a regular wallet only holds the private keys of a single person, yourself, the centralized service of blockchain,info already holds the coins of many users, so in a way they are something close to a bitcoin bank already.

I don't think that we could even theoretically consider the Blockchain.info wallet as a bank

Regular web wallets (like Coinbase or Xapo) are likely the closest approximation to what a regular Bitcoin bank could be. The Blockchain.info wallet is a so-called hybrid wallet where you have the keys, not just the server. Essentially, it is a browser wallet which does everything for you at the server side which you access through your browser. They have the keys only as long as your session is active (at least, that's what we are told), but you could import the keys in a desktop wallet and use them privately. Obviously, this in no case can be construed as a Bitcoin bank simply because it is assumed that the bank would be controlling your money (by having your private keys)

Babayega31
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March 09, 2017, 09:06:53 AM
 #1438

A bitcoin bank is not what we need. In think the current online wallets like blockchain.info and coindesk server this cause.
Bitcoin is meant to be decentralized, and so it should be.
In a way they are already bitcoin banks since they are storing a big amount of bitcoin that does not belong to them, the only thing they are lacking is offering interest rates for having your money there, but I have my doubts a bitcoin bank could offer such a thing.
blockchain not bitcoin bank. it's just a regular wallet and full control there in different users with bitcoin bank control is also owned by that bank?
excellence bitcoin bank only provides interest to customers
No, blockchain.info is not just a regular wallet, a regular wallet only holds the private keys of a single person, yourself, the centralized service of blockchain,info already holds the coins of many users, so in a way they are something close to a bitcoin bank already.
Bitcoin bank will not hold our private key but certainly our private information as well, it's easy to make a bitcoin wallet as it will not require you a lot of requirements like a documentation to prove you are that person. Bitcoin bank will surely imposed the kYC policy which we will need to follow in order to create an account and that is burdensome for the many, hence bitcoin wallet like blockchain will always be the demand.
If governments approve bitcoin banks to function all around, sure there will be certain terms and conditions to be followed. In such case surely users need to submit documents revealing our personal information as mentioned in the past quote. So it becomes a centralized system and in a short everything comes under their control.

That will be a nice future of bitcoin idea for banking if government will successfully approve that digital currency banking system. All the requirements for banking rules on accounts should be followed accordingly based on what is implemented by bank's management. On this vision of bitcoin banking, it would surely bring higher impact to digital currency reputation to became popular to all who wanted their btc holdings to became more secured; without cashing just for fiat bank savings.


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prayogi
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March 20, 2017, 12:36:06 PM
 #1439

Can it be built bitcoin bank in the country that bitcoin dub illegal business when I hope the government can accept bitcoin in their country, and even better if in the wake of the bank bitcoin I strongly agree that bitcoin bank in tires Huh

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March 23, 2017, 05:15:56 AM
 #1440

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.
I agree with you, I think we do not really need a bitcoin bank dude, because in fact we still can easily store your bitcoin in a wallet and it's much safer than bank and without any control right ?
Correct. The possibility and most probably would happen if there is bitcoin bank will be tax implementation or the final tax that is imposed if you have savings account in a bank and I don't think that it is a good idea. But the good thing is many people will get interested in how bitcoin works.
I dont think people would really like to use bitcoin bank since there are wallets on the net its either on online or offline and putting bitcoin in bank will reveal your identity.Well for some it maybe okay for them since they somehow assure regarding on the security of their bitcoins.
You are right, people won't patronize it especially we bitcoin users will ignore it. It is very obvious that once there is a bitcoin bank this no difference with ordinary bank that are centralized and for bitcoin is decentralized.


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