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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 139589 times)
cryptasm
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October 19, 2016, 12:05:27 AM
 #41

I think naming bitcoin in one word with bank doesnt work...a bank controls YOUR wealth and makes money with YOUR wealth and you are neiter annonymous or safe from unawished people who look into your bank.
So if you would wanna make a bank i would make it so people can see what happens with their money (where it is being invested in etc) and it should be mainly benefitial to the account owner.
bnktothefuture for example lets people invest into fin-tech projects and succesful established businesses through their platform.
So please tell me what your bank would do if you would have one.
What would the purpose of the bank be if you can be your own bank?
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October 19, 2016, 12:07:00 AM
 #42

Agree or not, there is a market demand for bitcoin banks like CoinBase to store coins or HaoBTC to get interest on coins.

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October 19, 2016, 12:10:34 AM
 #43

What is a bitcoin bank?
An exchange?
Actually every wallet is a bank, the all system is a bank...
nope i think bitcoin wallet had differences with the bank, if you keep bitcoin wallet nobody can control your bitcoin and you'll be safe, but if you keep in the bank bitcoin, bitcoin you will be in control by a third party or the bank itself ?

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October 19, 2016, 12:11:08 AM
 #44

Nope, i already proved that fractional reserve is impossible with bitcoin. You cant have FR without a central bank,

of course it isn't. it certainly is possible with a bitcoin bank. like any other institution you're giving up the rights to control over your money the moment you deposit. that's how the exchanges works now. you just hope they come good on your entry in their database when you try to withdraw.

That is not a FR what you are describing but a "cash/liquidity shortage". There is a difference:

Liquidity shortage = Bob deposits 100$, banks lends out his 100$, Bob wants to withdraw, bank doesnt have 100$ available to withdraw  (100$ in circulation)
Fractional reserve = Bob deposits 100$, bank lends out 100$,Bob wants to withdraw, bank borrow 100$ from central bank, created out of thin air to repay him  (100$ turns into 200$)

Without a bitcoin central bank printing coins to inflate the supply matched to bank lending, this is impossible, and the actual "bitcoin bank" is no more than a ponzi scheme.
But fractional banking by definition is technically not possible.

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October 19, 2016, 01:42:11 AM
 #45

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.

This just another another form of gimmickry to exploit the community and to create profit for themselves. Of course some of these "Bitcoin banks" will go bust if there will be several of these set up like how many exchanges have gone bust.

Also please point out who these people are that are starting to talk about Bitcoin banks. Are they Legendary users in Bitcointalk? I wonder what kind of business model they will be using. If the Lightning Network goes online and is successful there would be no need for a "Bitcoin bank".

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October 19, 2016, 05:02:20 AM
 #46

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.

the idea of a bitcoin bank is indeed stupid but also at the same time it is a useful thing too. for example if you consider services like coinbase they are very similar to a bank and they are too useful for beginners to start with bitcoin by purchasing bitcoin and holding it in the same easy place.

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October 19, 2016, 05:02:28 AM
 #47

What is a bitcoin bank?
An exchange?
Actually every wallet is a bank, the all system is a bank...
nope i think bitcoin wallet had differences with the bank, if you keep bitcoin wallet nobody can control your bitcoin and you'll be safe, but if you keep in the bank bitcoin, bitcoin you will be in control by a third party or the bank itself ?


A bank can not work with lending out money to other users so the bank has to make his business from investing into stuff and we are not at the point yet where you can easily invest in
1) real estate
2) the stock market

The morgage market is also not an option.
So how does the bank make its money?
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October 19, 2016, 05:19:42 AM
 #48


This just another another form of gimmickry to exploit the community and to create profit for themselves. Of course some of these "Bitcoin banks" will go bust if there will be several of these set up like how many exchanges have gone bust.

Also please point out who these people are that are starting to talk about Bitcoin banks. Are they Legendary users in Bitcointalk? I wonder what kind of business model they will be using. If the Lightning Network goes online and is successful there would be no need for a "Bitcoin bank".

I agree, it looks like another scheme to siphon bitcoins which they can control,spend to earn. As what I said before,it destroy the very essence  why a bitcoin is created.Its decentralized and looks like we eliminate the "bank" as every wallet can be considered one.

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October 19, 2016, 05:20:33 AM
 #49

Nope, i already proved that fractional reserve is impossible with bitcoin. You cant have FR without a central bank,

of course it isn't. it certainly is possible with a bitcoin bank. like any other institution you're giving up the rights to control over your money the moment you deposit. that's how the exchanges works now. you just hope they come good on your entry in their database when you try to withdraw.

That is not a FR what you are describing but a "cash/liquidity shortage". There is a difference:

Liquidity shortage = Bob deposits 100$, banks lends out his 100$, Bob wants to withdraw, bank doesnt have 100$ available to withdraw  (100$ in circulation)
Fractional reserve = Bob deposits 100$, bank lends out 100$,Bob wants to withdraw, bank borrow 100$ from central bank, created out of thin air to repay him  (100$ turns into 200$)

Without a bitcoin central bank printing coins to inflate the supply matched to bank lending, this is impossible, and the actual "bitcoin bank" is no more than a ponzi scheme.
But fractional banking by definition is technically not possible.
Yes that is the right explaination. bitcoin was created to destroy the centralization. it is no need to create another centralization. if bitcoin bank function is only to save our bitcoin, blockchain was did it. but if bitcoin function is to save our fiat and gold too, it will be good if we can easily change our fiat to bitcoin or bitcoin to fiat or gold. Bitcoin bank will be a good one stop place to our investment activity. We have to open minded with any idea we do not know it will work or not before it start running.

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October 19, 2016, 05:47:27 AM
 #50

There's already a Bitcoin bank, it's your Bitcoin wallet. There's no point in trusting a bank company to store your Bitcoins. We have all the necessary stuffs to secure our Bitcoins. These "bitcoin banks" would just most probably run away after getting a lot of Bitcoins. I don't trust them.

There's nothing that a bitcoin bank can do that we can't do by ourselves. These Bitcoin banks will be using Blockchain and we can directly access Blockchain in our browsers, no need to use another service just to access something we already can.


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October 19, 2016, 06:28:32 AM
 #51

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.
The real bitcoin bank are my wallet and i never think if there are any ideas for making a bitcoin bank in this time, i just believe if that is nver be happened and caused by the anonymity and decentralized are already enough for blocking the ideas for making a bank for bitcoin. and believe me the bank are always using the centralized system.

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October 19, 2016, 06:44:31 AM
 #52

This is a great idea. Of course I was very happy to hear this information. I can get the services that will make me able to save bitcoin. but there should be a institutions arranging to be able make this reliable service Bitcoin BANK.

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October 19, 2016, 06:54:11 AM
 #53

a bitcoin bank means a third party taking control of your funds and making everything centralized again that is why I say it is a terrible idea. but it seems like too many people are super excited and are in a hurry to go back to the same old banking system and this time with bitcoin. and this is going to bite them back in the ass in no time as soon as this so called banks started to getting hacked or run away or even close down their accounts because of some violation of rules or another.

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October 19, 2016, 06:57:43 AM
 #54

Now that they've got in Bitcoin a potential replacement for banks, a lot of people seem to want to destroy the old system completely. Personally I don't agree with this sentiment. Bitcoin is a improvement in many ways but there are still some advantages that banks have over Bitcoin. I would definitely be open to a hybrid Bitcoin + bank system. If we can have the best of both worlds why not?
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October 19, 2016, 07:00:57 AM
 #55

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?

Same sentiments here. What "bitcoin bank" really do? We will deposits our bitcoin to him? Smiley If that happens,the real essence of bitcoin will be lost I think. People wants to hold or store their bitcoin,where they can spend anytime.
I am not going to agree that term because i dont like to use bitcoin banks becuase i like to get payed in just money and not bitcoins and when banks
start with bitcoins that will work.
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October 19, 2016, 07:26:35 AM
 #56

At the moment I do not really care about it because I feel like I do not need it but maybe when Bitcoin becomes bigger and has more users around the world it might be smart to open a bank.
This way you can reach people and help people allot better.
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October 19, 2016, 07:27:38 AM
 #57

I think bank here refers to something that acts as storage of value or something where you can put your money. That category fits bitcoin perfectly, because with its features, it is acting like a bank in itself. You are the one controlling the inflow and outflow of your money and there's no outside interference. This should work to empower those individuals who can't open a bank account with these big banks that asks for too many requirements.
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October 19, 2016, 07:31:40 AM
 #58

advcash xapo coinsbank
and more is represtive about bitcoin bank
because open service online wallet and debit card, and use debitcard you can all transaction about Bank in ATM in the world
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October 19, 2016, 07:32:23 AM
 #59

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
I believe exactly the same this one of the worst ideas I've ever heard,a "Bitcoin bank" has nothing to offer and it is against Bitcoin philosophy the few who agree with this idea and are interested in using a bank like this to keep their coins are probably newbies or people who never understood the concept of Bitcoin.
I am not goin got agree with this bullshit because the bitcoin is not traceable so why would they use a bitcoin bank that makes some things
with the bitcoin not work good believe me.
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October 19, 2016, 07:59:13 AM
 #60

i strongly disagree with the idea of "bitcoin bank"

i don't even know where this idea is coming from. and there has been so many topics about this already on the forum. i think it is mainly because some people don't understand what bitcoin is and why it was created.

simply put bitcoin was created to change the way things are with money and banks so you can see why this idea is ridiculous

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