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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
I don't care

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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 139492 times)
deisik
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December 23, 2016, 12:14:27 PM
 #801

it is best idea because the newcomers in Bitcoin always need to make the buy and sell simple and easy , for this Bitcoin bank will prove good .
Secondly I think the idea of  Bitcoin bank will make Bitcoin more legalised .
How can it be the best idea for Newbies? When Bitcoin Wallets itself proved that it is safe to hold your money there. And the idea that Bitcoin will be more legalized because they are banks for them is wrong. Because if it is illegal Banks won't accept it in the first place as for following rules and laws of their country. Also Banks don't buy and sell your currency they hold it and loan it out.

Because bitcoin banks would most likely be owned by the government and would require some personal details which assures that you can get your money even when you lost your private keys or you encounter problems on your account.

But I really think that a complete newbie should be encouraged to learn how to make your bitcoin wallet safe and not depend on these bitcoin banks. Although they don't exist right now, I'm sure that if someone would create a bitcoin bank, it might run away as well or get hacked once they hold a good amount of bitcoins.

How many regular banks do you know that are owned by the government? The banks are mostly either privately or publicly owned, so I don't think it will be different in respect to Bitcoin banks. Regarding losing your private keys, that would be impossible since the private keys from your account in such a bank will be held by the bank itself. And there is absolutely no reason to think that Bitcoin banks would be running away more often than web wallets do now...

Especially if they are to be owned by the government as you assume

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December 23, 2016, 12:27:25 PM
 #802

no i dont agree with bitcoin bank at all.bitcoins have been made so that there are no banks at all .with banks coming into action there will be political parties involved with it which is not acceptable at all to me .thats y i suggest i don care about bitcoin banks at all.
I think the banks made are not all of government, perhaps also from third parties that avoid political. but it is not the case,
because when you're using bitcoin bank, then your identity will be known? yeah it risks
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December 23, 2016, 12:32:46 PM
 #803

I'm not sure about having a bitcoin bank. What would the bank do if at present we can do any transactions with bitcoin. Exchange center are already available so we can exchange our money to bitcoin.
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December 23, 2016, 12:34:26 PM
 #804

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.

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December 23, 2016, 02:59:33 PM
 #805

I'm not sure about having a bitcoin bank. What would the bank do if at present we can do any transactions with bitcoin. Exchange center are already available so we can exchange our money to bitcoin.

Banks are there for the safety of our money. Maybe that's what the bitcoin banks would do as well. There are still people here that don't know how to make their bitcoin wallets as safe as it could be. They would prefer to avail a bitcoin bank than to study it on their own. It would only take an hour or two to completely understand the whole thing. Even shorter if you're smart.

Bank also give out loans. Since bitcoin banks would have physical banks and you have to be physically present to get a loan, maybe it's okay for them to give out loans even if you can actually be pseudonymous in the bitcoin world since they know everything about your whereabouts.


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December 23, 2016, 03:03:58 PM
 #806

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.

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December 23, 2016, 04:26:10 PM
 #807

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.

Actually I really don't see what is going to be the difference between a bank and a local exchange where you sold your coins for fiat... They have a transaction that they could send your money to a bank, to a remittance, or in any card where you want to put your cash out... They also supply you with coins if you want to buy... What more can we ask for in an exchange?  Smiley

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deisik
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December 23, 2016, 05:02:04 PM
 #808

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.

Actually I really don't see what is going to be the difference between a bank and a local exchange where you sold your coins for fiat... They have a transaction that they could send your money to a bank, to a remittance, or in any card where you want to put your cash out... They also supply you with coins if you want to buy... What more can we ask for in an exchange?  Smiley

It's a difference that makes the difference

With Bitcoin banks as new service offered by regular banks, you would be able to convert your bitcoins to fiat and pay for goods with the fiat thus obtained from the same place (just like many people do today through Internet banking). Or you can pay directly with bitcoins if the seller is willing to accept them. I guess in this respect Bitcoin banks could be useful and by far more handy than currency exchanges

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December 23, 2016, 05:24:03 PM
 #809

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.

you're misunderstanding about Bitcoin, Bitcoin does not belong to an organization or individual managers, banks can not Bitcoin, only for it to keep Bitcoin, Banks can only support payment functions  Tongue Tongue Tongue
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December 23, 2016, 06:08:04 PM
 #810

Bank also give out loans. Since bitcoin banks would have physical banks and you have to be physically present to get a loan, maybe it's okay for them to give out loans even if you can actually be pseudonymous in the bitcoin world since they know everything about your whereabouts.

This is not going to happen any time soon

Personally, I'm inclined to think that Bitcoin banking services will be offered by regular banks when Bitcoin gets universally accepted at least as a foreign currency. But given Bitcoin volatility it is hardly possible that they would be giving out loans in bitcoins. For example, they loan 1,000 bitcoins and take collateral valued at 1000*900=900k dollars at current Bitcoin price, and then Bitcoin price surges to 2,000 dollars per coin. Obviously, the borrower would be more than happy to keep borrowed bitcoins and forget about the collateral just because he could buy what he offered as collateral and still have 1,000 bitcoins after that

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December 23, 2016, 06:27:14 PM
 #811

If this will be hack proof then why not and also if no government will be part of it then much better. The drawbacks is that your information might leak  offline or online and government will cease the operation once the bank would not help the government on some information seeking, for example, the CIA will conduct some spying or surveillance on a specific IP or person.
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December 23, 2016, 10:45:47 PM
 #812

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.
but to me i think it can only be possible if people government recognize bitcoin as legal currency, otherwise bitcoin banking system my not be more effective as government will not issue NOC to non recognize system.

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December 24, 2016, 01:39:51 AM
 #813

They really should happen in the near future I hope

How cool would that be to actually live with a decentralied currency that you could constantly trade with?
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December 24, 2016, 02:23:01 AM
 #814

They really should happen in the near future I hope

How cool would that be to actually live with a decentralied currency that you could constantly trade with?
without the presence of actual bitcoin bank can still thrive. but with the bank we can get better beliefs. because the level of security that can better foster a strong sense of confidence.


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December 24, 2016, 04:21:43 AM
 #815

Bitcoin wallets already serves as a bitcoin banks where you can deposits and save you bitcoins. If they creates banks for saving bitcoins no one can be sure if it is safe from hackers. When someone wallets is hacked, only his bitcoin will be taken but if a bitcoin bank is hacked, all bitcoins that deposited in that bank might be gone.

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December 24, 2016, 06:50:32 AM
 #816

Bitcoin wallets already serves as a bitcoin banks where you can deposits and save you bitcoins. If they creates banks for saving bitcoins no one can be sure if it is safe from hackers. When someone wallets is hacked, only his bitcoin will be taken but if a bitcoin bank is hacked, all bitcoins that deposited in that bank might be gone.
It could be, but not the same features as what banks can offer for saving in real bank accounts, in bank we can enjoy the insurance while in bitcoin there's none. So definitely bank is always good for savings not bitcoin, it is only for investment.

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December 24, 2016, 07:09:57 AM
 #817

I don't agree with the idea of bitcoin bank, it would be also anonymous since government is not controlling it. I don't want to trust my coins with them, there is a possibility that will steal it just like of HYIP programs. It is enough for me that I'm the only one have the full control of my bitcoins.
of course, would be too risky save in bitcoin bank. let alone those third parties that are on the internet and of course they could go away at any time and take all your money. unless bitcoin bank is present and created by the government
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December 24, 2016, 10:17:05 AM
 #818

Bitcoin wallets already serves as a bitcoin banks where you can deposits and save you bitcoins. If they creates banks for saving bitcoins no one can be sure if it is safe from hackers. When someone wallets is hacked, only his bitcoin will be taken but if a bitcoin bank is hacked, all bitcoins that deposited in that bank might be gone.
It could be, but not the same features as what banks can offer for saving in real bank accounts, in bank we can enjoy the insurance while in bitcoin there's none. So definitely bank is always good for savings not bitcoin, it is only for investment.

If a certain service or exchange wishes to have all its user balances insured, then they can definitely do so. And to be more precise, it's already the case with some exchanges. It doesn't cost them much effort for them to call themselves a Bitcoin bank. But I will never make use of such an initiative. I at all times must be the sole owner of all my coins. If you're not the sole owner of your coins, then you basically share your coins with another entity as both of you can access the coins at any time, where the site, service or exchange has the main advantage/control. Definitely not something you should be happy with...

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December 24, 2016, 10:33:29 AM
 #819

Bitcoin wallets already serves as a bitcoin banks where you can deposits and save you bitcoins. If they creates banks for saving bitcoins no one can be sure if it is safe from hackers. When someone wallets is hacked, only his bitcoin will be taken but if a bitcoin bank is hacked, all bitcoins that deposited in that bank might be gone.
It could be, but not the same features as what banks can offer for saving in real bank accounts, in bank we can enjoy the insurance while in bitcoin there's none. So definitely bank is always good for savings not bitcoin, it is only for investment.

If a certain service or exchange wishes to have all its user balances insured, then they can definitely do so. And to be more precise, it's already the case with some exchanges. It doesn't cost them much effort for them to call themselves a Bitcoin bank. But I will never make use of such an initiative. I at all times must be the sole owner of all my coins. If you're not the sole owner of your coins, then you basically share your coins with another entity as both of you can access the coins at any time, where the site, service or exchange has the main advantage/control. Definitely not something you should be happy with...

But you might still have to

Indeed, if you are just keeping your bitcoins in a paper wallet which you created offline, you may well claim you are at all times the sole owner of all your coins. On the other hand, as to me, that wouldn't be very wise overall unless of course you belong to a group of truly early adopters who got thousands of bitcoins basically for nothing. Otherwise, you may want to sell a little bit here and a little bit there whenever the price goes up another hundred dollars and buy back what you sold when a correction starts (or ends, which would be better). But this is obviously impossible if you set yourself to strictly follow the rule of being the "sole owner of all your coins at all times"

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December 24, 2016, 11:06:39 AM
 #820

Indeed, if you are just keeping your bitcoins in a paper wallet which you created offline, you may well claim you are at all times the sole owner of all your coins. On the other hand, as to me, that wouldn't be very wise overall unless of course you belong to a group of truly early adopters who got thousands of bitcoins basically for nothing. Otherwise, you may want to sell a little bit here and a little bit there whenever the price goes up another hundred dollars and buy back what you sold when a correction starts (or ends, which would be better). But this is obviously impossible if you set yourself to strictly follow the rule of being the "sole owner of all your coins at all times"

I do cash out profits from time to time, but I have different kinds of wallets for that. My stash structure is a bit as follow;

- 2 cold wallets containing 60% of my entire coin count. I haven't touched any of the coins in these wallets for more than 2 years. These coins are meant to stay in their wallets sleeping for plenty of more years. It's some sort of a potential retirement bonus.

- 3 semi cold wallets containing 20% of my entire coin count. I frequently supply these wallets with coins coming from the profits I make with trading. From these wallets I use coins to secure profits if the price is high enough like is the case right now.

- 3 trading wallets containing 20% of my entire coin count. These wallets contain coins purely for trading purposes. I sent them to my exchange account at the time I am trading, and withdraw them back at the time I am done trading. Not a single satoshi stays in my exchange account. The profits I make with these coins will go to my semi cold wallets.

Everything is stored offline without having any way to access it through whatever machine without my approval.

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