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Question: Do you agree with idea "Bitcoin bank" ?
Yes
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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 139403 times)
bebejhen
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October 14, 2017, 05:54:09 AM
 #2321

I think we don't need banks for bitcoin anymore because we already have bitcoin addresses where they put our bitcoin payment. I think it is already safe there. In fact it is easy to use so I don't see any problem.

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October 14, 2017, 05:55:43 AM
 #2322

Having a bank will lose the purpose of creating the bitcoin. having the entire control of your own money. We already have a wallet where we can make deposits and withdrawals anytime we want. Having a bank will surely cost additional fees which we dont want.

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October 14, 2017, 06:13:06 AM
 #2323

It seems crazy to store/deposit BTC in a bank. But I had another idea while thinking about it, at this point in most of the countries cryptocurrency world and paper money world are totally separated, in some countries it is impossible to legally buy products for cryptocurrencies or convert cryptocurrencies to paper money. The idea would be real great to link those to worlds up by creating a hub platform for exchanging all existing cryptocurrencies (not just bitcoin or etherium etc.) into paper money OR even make platform for INSTANT exchange and payment... Such "Bank" could really change the world
I think it's reasonable to have such a mediator only if it is decentralized. So, someone who will implement it will bring the fiture of cryptoecomomics. But currently existing blockchains have not the required scalability. And moving from centralized systems to decentralized is a gradual process.
You mean blockchain is not decentralized enough to create such platform? Could you be more specific and detailed please?
zais
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October 14, 2017, 06:13:55 AM
 #2324

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 do not agree with the existence of bitcoin banks, of course if there is a bitcoin bank users will not then invest because they have to follow the existing procedures and the government will certainly take part in that.

lynn0729
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October 14, 2017, 06:46:28 AM
 #2325

i agree with this idea. if Bitcoin bank is founded,which means Bitcoin is legal.,just like the banks currently. at that time,we can pay with Bitcoin.that is the practical value of Bitcoin.however,the problem is the safety,since it is discentralized,how can we trace it and protect our Bitcoin.The idea is good,but it still hasqa long way to go.

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October 14, 2017, 07:07:53 AM
 #2326

It will be a good idea if there is a procedure like email address authentication before executing a transaction but then there is so much procedure to follow before succeeding in this kind of action in the process of registration in the local banks. Banks are very strict and it will be very hard to withdraw if you have a huge amount.

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October 14, 2017, 07:58:13 AM
 #2327

First of all, bitcoin was originally created to be decentralized. But there's coinbase, xapo, wallets, etc. which are centralized and already acts like a bank in which some bitcoin users were using. For me, if there will be an "official" "bitcoin bank", I will disagree to it. Because it will surely erase the real concept of bitcoin. If that happens, they will already have control on our bitcoin, ask us our personal information, charge some transaction fees, set some rules for us to follow, and other things that a bank usually do. And personally I don't like it to happen.
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October 14, 2017, 08:14:03 AM
 #2328

No, I don't agree with Bitcoin bank because People love the theme of decentralization aspect of Bitcoin but Bitcoin bank simply means centralized bitcoin wallet just like coin-base.
Moreover, if we think the availability of safe withdrawal of  money from Bitcoin wallet then anyone can transfer money to any part of the world in 10 minutes, once one has access to internet so we do not need to trust someone to do this for us.

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October 14, 2017, 05:34:12 PM
 #2329

i agree with this idea. if Bitcoin bank is founded,which means Bitcoin is legal.,just like the banks currently. at that time,we can pay with Bitcoin.that is the practical value of Bitcoin.however,the problem is the safety,since it is discentralized,how can we trace it and protect our Bitcoin.The idea is good,but it still hasqa long way to go.

I think that is the only upside to this. That bitcoin is going to be legalized, more people are going to know about it, more buyers are coming, more investors are coming, and so the people like us who already have some bitcoins are going to have lots of profits. We are the first ones to be here. On the other hand, there will be problems arising. One of them is that some bitcoin will be centralized and owned by the government. Remember that you don't own a wallet unless you have its private keys. I think that banks are going to act just like how online wallets are acting. They don't give us the private key of our wallet (some online wallet gives private key though).

Just what is the ulterior motive of the government to open up a bitcoin bank. Are they trying to attack by getting the majority of bitcoins and then burning them all at once? In case they have some type of regulation or some law about bitcoin, we do have altcoins so we're still safe from this. I would never trust a bitcoin bank, to be honest. I know how to keep my computer free from malwares and I know how to keep my bitcoins secure.

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waynechong1995
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October 14, 2017, 05:53:19 PM
 #2330

'Banks' are centralized business, it's already against the original philosophy of Bitcoin.

Those that purpose Bitcoin bank mainly is to present the ways Bitcoin can adopt like normal financial institution does, to accepts deposits from the public and creates credit. However, this wouldn't work as anonymity is one the core features of bitcoins, how these banks gonna identify their owner correctly when they is no legal bond of ownership, KYC? it would defeat the purpose of Bitcoin.

I believe that if Bitcoin chooses to move towards centralization, it wouldn't be valuable anymore.

Rajat97
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October 14, 2017, 05:56:40 PM
 #2331

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.
Not having a bitcoin bank makes this currency so popular. The main part of Bitcoin is peer to peer where there is no third party involved. If there are Bitcoin bank you would not see any growth and it would be same as normal currency with same restriction about flow of currency in a particular country.
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October 15, 2017, 04:18:51 PM
 #2332

We don't need any kind of banks for bitcoin or altcoins, we already have enough banks as it is in the world right now and fee transaction that comes with it. Our wallets are our banks!

What kind of wallet do you use? It allows to pay at the coffe shop?
chainese
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October 15, 2017, 04:21:35 PM
 #2333

I think we don't need banks for bitcoin anymore because we already have bitcoin addresses where they put our bitcoin payment. I think it is already safe there. In fact it is easy to use so I don't see any problem.

Why so many of you guys think that bank is just a place where you can keep money safe? Banks are the global market of financial products for daily life and business. From this point of view, I think Bitcoin needs bank strongly
GuyGerald
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October 15, 2017, 05:17:11 PM
 #2334

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.

It depends on how one does understand the idea of 'bitcoin bank'. In my opinion if bitcoin bank considered as a place where clients can storage their bitcoins safely the answer is definitely NO. Because Bitcoin as itself can storage owner's money safe. If a bank is considered as a provider of such a services like low exchange fees and ability to pay with cryptocurrency like you pay with fiat through you smartphome the answer is YES.
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October 15, 2017, 05:21:13 PM
 #2335

Why would we need something as bitcoin bank? the point of having bitcoin in the first place is to have full control over your own money, in this case bitcoin. So this bitcoin bank will destroy one of the features of bitcoin itself.

GuyGerald
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October 15, 2017, 05:29:03 PM
 #2336

No, IMO bitcoin should be decenteralised.
there should not be governing body

Bitcoin bank doesn't mean centralisation necessarily
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October 15, 2017, 05:38:00 PM
 #2337

I think if we look at the crypto currency it's good to have bitcoin banks because there will be staff available to convince people towards this currency and they will know him importance of bitcoin. When bitcoin bank come into existence the there will be a rapid growth in the value of bitcoin. It will capture the market and people will know the value and importance of bitcoin.

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October 15, 2017, 05:40:28 PM
 #2338

Bitcoin Bank the idea is good, but this plan will not work out. If you want work out, this idea means the first thing you need that your government will accept Bitcoin as a legal currency. First, solve this problem after words we can discuss Bitcoin Bank. Till that, this is a unnesssory discussion.  

Actually it will. There is an opportunity for projects like the one I support. There are many existing banks ready to be a partner for crypto payment services. The more such a projects succes the more cryptocurrency adopted the more reasons to accept bitcoin as a legal currency.

https://crypterium.io/ — cryptobank ICO
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October 15, 2017, 05:41:30 PM
 #2339

A bank for bitcoin is a good idea. But before making a bank for cryptocurrency, we need to make sure that people around this bank know what bitcoin is. Bitcoin is still not famous enough to be known through out the world. Yes, they have lots of advertisement but people only treat these as normal advertisements and does not care about these. There are still a lot of people that do not know cryptocurrency but still, they use the internet and cryptocurrency is the currency that is used in the internet. We need to teach the people using internet that there is currency that is used in the internet and one of these currency is called bitcoin. If we do this in a slow process and let them learn about bitcoin. Opening a bitcoin bank wont be a problem.

So Yes,  I Agree with the idea but now is not the time to open a Bitcoin bank.

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October 15, 2017, 08:09:44 PM
 #2340

i agree with the idea of bitcoin banks. through this way bitcoin will gain more trust of people coz there are too many who stil thinks bitcoin as a scam.
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