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Question: Do you agree with idea "Bitcoin bank" ?
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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 139395 times)
GreenBits
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September 23, 2017, 09:55:16 PM
 #2141

In my opinion bitcoin bank is against decentralizing. what will be the difference between bitcoin bank and an ordinary bank?

Esssentially, bitcoin banks are proposing the same services that normal banks would offer pretty much. loans, money storage, and the purchase of debt. the difference is in the fees, and the rates of return. using a blockchain means a free, built in ledger/database. this greatly reduces operational costs, and the subsequent fees that would be passed along to the customer. add to that the volatility that bitcoin brings, and investments managed by professionals should offer rates of return superior to what we see in the alt markets. but that superior return would be tied to superior risk, like always. so you cant really guarantee the enhanced returns, but you really could get the operational fees down to nil, and still turn a decent profit.

my only problem with bitcoin denominated banks is centralization. its like you just cant get some benefits without dealing with a centralized service Sad

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Adykingcity
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September 23, 2017, 09:57:40 PM
 #2142

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.
So who will hold the bitcoin bank, satoshi nakamoto is just a pseudonym, and who will manage the bank?
But it would be nice if bitcoin really has a bank
phreeksta
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September 23, 2017, 10:01:29 PM
 #2143

Wouldn't be a bank kind of senseless for a decentralized currency? For what exactly should I use a bank, when I am already able to do everything I need to ... having an account, sending + receiving money etc. What exactly would a bank bring to the table?
fitriyanti
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September 23, 2017, 10:17:11 PM
 #2144


I strongly agree with the existence of bitcoin bank. because we as bitcoin players become easy to attract bitcoin for us to convert into currency
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September 23, 2017, 10:20:43 PM
 #2145

Wouldn't be a bank kind of senseless for a decentralized currency? For what exactly should I use a bank, when I am already able to do everything I need to ... having an account, sending + receiving money etc. What exactly would a bank bring to the table?

Well, you are right. But think about ordinary people, many of them won't bother about security of their funds. They would like to be provided a secure service. These just don't understand the purpose of decentralised currency. Also "crypto bank" could work like today's exchanges. They would allow to hold many different cryptocurrencies in one place.

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September 23, 2017, 10:31:55 PM
 #2146

Wouldn't be a bank kind of senseless for a decentralized currency? For what exactly should I use a bank, when I am already able to do everything I need to ... having an account, sending + receiving money etc. What exactly would a bank bring to the table?

Well, you are right. But think about ordinary people, many of them won't bother about security of their funds. They would like to be provided a secure service. These just don't understand the purpose of decentralised currency. Also "crypto bank" could work like today's exchanges. They would allow to hold many different cryptocurrencies in one place.

You have a point there! Security is a big problem for sure. On the other hand, imagine what a bank can do with all the bitcoins they hold. They could manipulate the market easily.
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September 23, 2017, 10:41:25 PM
 #2147

i dont think this bitcoin bank is a good idea.we have already our own wallet serves already as our bank which we can cash out our bitcoin if we need it already.hard also to trust if we need the keys.the security issue also.and who will handle the bank.

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September 23, 2017, 10:56:10 PM
 #2148

Bitcoin is supposed to be free where people will control their asset.
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September 24, 2017, 12:28:52 AM
 #2149

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 agree with you. BITCOIN BANK is not a good idea for me. In the first place, what really banks are for? Anyone who is planning to build or create a bitcoin bank aims to earn from interests. Banks are designed to ear profit from the interests of those deposited to them. Why do bitcoin banking if you can manage your own money through exchanges and trading? Well, bitcoin bank is out of the line for me.

Zimbabwecoin
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September 24, 2017, 12:45:58 AM
 #2150

A bitcoin bank is great until it is not. Then once it is no longer great you are shit out of luck. It is like having a business partner who you let control all your cash. It is great as long as they pay you. But, then when they run off with the money there is not much you can do. Possession is 9/10ths of the law.

Planning to launch Zimbabwecoin in the future. Focused on building a community around it now.
Daimon88
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September 26, 2017, 05:33:14 AM
 #2151

I completely disagree the idea of bitcoin bank i think we don't need it as bitcoin is meant to remain decentralized always and the idea of bank is to centralize bitcoin. Even some regulated web wallets like coinbase, xapo practice same restrictions like normal banks with lots of account lock down and KYC policies which is completely against what bitcoin was developed for.
I think since bitcoin has been popular to everyone even around the world I think bitcoin bank is a great idea. If this would be possible i think it is one of the steppingstone of bitcoin to be accepted by everyone of us even the government of China.
Yes I do agree with the idea of “Bitcoin bank”. But what will it look like. Will it be sort of super computer or like a bank? Whatever it looks like, people will surely getting benefits from it. They will either be using this bank for insurance, savings or transactions processes.

richkellj
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September 26, 2017, 01:33:29 PM
 #2152

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.

for me it is a good idea that to have us bitcoin bank. but in the other side it is have a big risk to have one. why? because most of use are anonymous in this bitcoin world. how could we say that this bitcoin bank is totally legit and we all have in a good hand for those future clients who wants these services, let say it is a good idea to have but not totally recommended because of high anonimity.
Agree with you and it is right the feature of decentralization of bitcoin would be ended if bitcoin banks introduced and mostly people likes bitcoin for decentralization feature. I am also against the bitcoin bank and whenever if it happened then I will start thinking for alternate business because I don’t want interference of others in my personal business and don’t want to reveal something of my secret before someone.

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September 26, 2017, 02:19:35 PM
 #2153

yes I agree, I think banks and bitcoin can work together to make transactions easier and simpler. of course bitcoin and bank will strengthen each other so I think this is a very good idea.
I thinks that bank is good but not in respect pf bitcoin because the world of bit coin is totally different from other investment institutions as bitcoin based banks will definitely implement other taxes which is the primary duty of any government of this world, which will lessen the interest level of the investors.

Barbarian
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September 28, 2017, 09:23:53 PM
 #2154

actually it's good if there is a bitcoin bank, but there only in particular to store our wallet hardware, which we use as a savings for Bitcoin ..
Banks are not good take that out of your mind, they get profits by doing nothing, the service they give is  no longer necessary, besides they have abused their position of power so much that it is impossible we can trust in them, that is why bitcoin is so great because it is trustless.

KEPLER99
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September 30, 2017, 10:40:41 AM
 #2155

actually it's good if there is a bitcoin bank, but there only in particular to store our wallet hardware, which we use as a savings for Bitcoin ..
That is good way to store bitcoins. Bitcoin bank will be so useful for us but for that firstly I think the governments have to take some steps of being unauthorized to it. Bitcoins banks should only save the wallets not bitcoins directly because if it so, then there will be no difference in fiat and bitcoin later on.


coinpennant
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September 30, 2017, 11:31:35 AM
 #2156

Bitcoin bank means centralized organization. I never trust keep my money in other place include small bank in my country. It will be worst idea to make bitcoin as centralized service. But who knows maybe I am wrong...
yohan09
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September 30, 2017, 11:48:56 AM
 #2157

Yes i love bitcoin bank in the future at least it will boost up the popularity of btc and insurance to all our btc holdings. This will also lift up the value of btc because it will drive the curiosity of the mass of what is btc all about. And if somebody will help them elaborate whats the good thing of btc then in realization bitcoin holders are keep enjoying the good fortune bring in.

diegz
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September 30, 2017, 11:49:56 AM
 #2158

Bitcoin bank means centralized organization. I never trust keep my money in other place include small bank in my country. It will be worst idea to make bitcoin as centralized service. But who knows maybe I am wrong...

That's not true, just think of it like you are keeping your bitcoin on a exchange, your bitcoin stays on just one address, and only moves when you are moving it to other address by means of paying or any reason why you want to transfer it.

In my opinion it will only become centralized when the bank who keep your bitcoin is utilizing your coins and earning from it and they are the one who are in control of your address and just giving you access on it.

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September 30, 2017, 01:04:52 PM
 #2159

Bitcoin and bank are oxymorons lol. One of the things Bitcoin does is dis-intermediate third parties that aren't necessary and since the Bitcoin network has it's own triple entry bookkeeping system people don't need banks, just their phones.

Wildwest
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September 30, 2017, 01:13:18 PM
 #2160

I'm not sure yet and don't think so if this good idea. As we know we have own bank like blockchain, electrum and something else also can be controlled it self we do not need Bitcoin Bank. If there is any "Bitcoin Bank" i don't think people will agree with this idea, bank have full control of money.

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