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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 138967 times)
Lauren Smith
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January 05, 2017, 07:02:24 AM

Do you not know how bitcoin works ?? There is a bank , the people that use bitcoin act as banks. Please google now bitcoin works.
I can't believe how many people have voted ues to a btc bank lol You sre the bank ! I think people like that should stop using bitcoin.

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January 05, 2017, 07:20:35 AM

Do you not know how bitcoin works ?? There is a bank , the people that use bitcoin act as banks. Please google now bitcoin works.
I can't believe how many people have voted ues to a btc bank lol You sre the bank ! I think people like that should stop using bitcoin.
if you're using bitcoin bank, the identity will be discovered. better not to use the bank directly. better use the wallet. more secure and safe for your bitcoin and your privacy
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January 05, 2017, 09:18:07 AM

No, I do not agree with that. This has no purpose in Bitcoin, because you don't have to rely on anyone to transfer your money, so the role of the modern bank associated with Visa and so is useless in Bitcoin.
Yes, I admit that it has no importance, because bitcoin is a decentralize currency and if people will start depositing it in banks then it will become as fiat centralized currency and the originality of bitcoin will be lost. I too am not in favour of bitcoin banks, it should continue its anonymous characteristics forever.

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Balle1912
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January 05, 2017, 09:20:33 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.
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January 05, 2017, 09:31:24 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.

I disagree with you. Like exchanges, it is also risky to put bitcoin if there is a bitcoin bank, security in there are much vulnerable than your desktop. A hacker don't have interest in your bitcoin if it is only few, they are always into big stashes where they could get big time in just one move and planning. Bitcoin bank if there is for sure is also vulnerable to hacking if they will just keep it like what exchanges do.

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January 05, 2017, 09:35:45 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.

Security of your funds? Having another entity being in control over your coins isn't what I consider to be secure. Bitcoin bank will just be a third party/unofficial service just having the word bank in its name. That's all. I can't think of anyone actually wanting or needing a service to hold their coins while people themselves can do it already. Or.... Perhaps they think they will gain interest over their coins if they store their coins there. That's also a possibility. The majority of the people here mostly make decisions based on a financial gain.

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January 05, 2017, 09:46:16 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.

Security of your funds? Having another entity being in control over your coins isn't what I consider to be secure. Bitcoin bank will just be a third party/unofficial service just having the word bank in its name. That's all. I can't think of anyone actually wanting or needing a service to hold their coins while people themselves can do it already. Or.... Perhaps they think they will gain interest over their coins if they store their coins there. That's also a possibility. The majority of the people here mostly make decisions based on a financial gain.
I think he means about someone / an institution who can responsible on any issue involving bitcoin
As people will feel insecure holding bitcoin by yourself because have been accustomed managed by the third party like banks
People not yet fully understand about how decentralization works, they are confused
They want an instant thing , and third party security like bank, it won't work.
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January 05, 2017, 09:53:04 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.

Security of your funds? Having another entity being in control over your coins isn't what I consider to be secure. Bitcoin bank will just be a third party/unofficial service just having the word bank in its name. That's all. I can't think of anyone actually wanting or needing a service to hold their coins while people themselves can do it already. Or.... Perhaps they think they will gain interest over their coins if they store their coins there. That's also a possibility. The majority of the people here mostly make decisions based on a financial gain.

From post to post you seem to be completely discarding the existence of web wallets. You may not like them, but you should accept their existence as well as the fact than many if not most Bitcoin users are actively using them. The two basic reasons are behind that, i.e. security and free of charge transactions. People don't want to get busy with securing their desktops and notebooks, nor do they want to pay transaction fees. In other words, if there weren't such wallets (and no exchanges either, where you still have to keep the funds), the Bitcoin price would mostly likely still be in single digits...

And you will have to admit this

HashBTC
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January 05, 2017, 01:28:12 PM

exchanges and payment services are already deemed as banks

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January 05, 2017, 07:05:09 PM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.
to me i think it is still to early to have bitcoin banks  because the online wallet is still enough for the users, in future when the users of bitcoin will increase then the banks may be thinking to accept bitcoin and create online wallets for it.

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January 05, 2017, 07:40:47 PM

Dear author, you mentioned correctly, in today's situation it would be stupid to seriously bring up the idea of Bitcoin banks. But in Utopia, if we consider Bitcoin as a substitute of real money, no doubt, banks will become even needful.
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January 05, 2017, 08:36:59 PM

We are already our bank of bitcoin and crypto currencies, sure we do use some wallet from some companie, but they havent control over it, they allow the acess and to use and collect their fees, i dont see the point really to get a bitcoin bank, unless they provide interest of 10-20% years from the deposits, but those wont happen. I do like freedom, and i get interest lending or trading or making my sport bets.

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StevensonCarl
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January 05, 2017, 08:52:57 PM

I think that the bitcoin bank is okay but that we should think about the fact that it would not be good for people that are doing this anonymous..
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January 06, 2017, 09:44:00 AM

We are already our bank of bitcoin and crypto currencies, sure we do use some wallet from some companie, but they havent control over it, they allow the acess and to use and collect their fees, i dont see the point really to get a bitcoin bank, unless they provide interest of 10-20% years from the deposits, but those wont happen. I do like freedom, and i get interest lending or trading or making my sport bets.
That's no different than HYIP sites and other scam investment sites that we have plenty right now. One of the major reasons why bitcoin banks would be a failure because of trust issues. People don't need bitcoin banks and then suddenly someone has spent a huge amount of money to establish one. With the mix of 10-20% increase on your account balance in a year, that would make some people interested but most bitcoiners wouldn't believe them. They would just think that it's just the same HYIP and cloud mining owners taking their business in to the next level.


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deisik
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January 06, 2017, 10:02:59 AM

We are already our bank of bitcoin and crypto currencies, sure we do use some wallet from some companie, but they havent control over it, they allow the acess and to use and collect their fees, i dont see the point really to get a bitcoin bank, unless they provide interest of 10-20% years from the deposits, but those wont happen. I do like freedom, and i get interest lending or trading or making my sport bets.

Let's remain realists and refrain from distorting the facts

Why don't you guys just make a mental effort and think about this a little better? Coinbase alone is reported to have some 4.8 million users and 10.6 million wallets (as declared by the IRS). This basically tells us that many bitcoiners are heavily using web wallets. And I won't be surprised to learn that actually a total majority of bitcoiners are using these services in some way. But web wallets are just one step behind from turning into a Bitcoin bank. So if people are massively using the said wallets, and they are paid essentially nothing (if we don't consider free of charge transactions), what makes you think that a Bitcoin bank offering, say, 1-2% annual interest is impossible and should necessarily be a scam or HYIP?

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January 06, 2017, 10:36:30 AM

Only reason to use a 'Bitcoin Bank' is for the security of your funds, there will always be people who need or want this.
I actually think the risk of losing your bitcoin will be even greater when you save your bitcoin into bitcoin bank. because they are a third party of course they could be scam anytime, it's better to use the wallet

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January 06, 2017, 10:45:01 AM

I don't agree, because this will certainly limit the use of the bitcoin and the bank will determine or full controlling the price of the bitcoin.
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January 06, 2017, 11:17:13 AM

We are already our bank of bitcoin and crypto currencies, sure we do use some wallet from some companie, but they havent control over it, they allow the acess and to use and collect their fees, i dont see the point really to get a bitcoin bank, unless they provide interest of 10-20% years from the deposits, but those wont happen. I do like freedom, and i get interest lending or trading or making my sport bets.

Let's remain realists and refrain from distorting the facts

Why don't you guys just make a mental effort and think about this a little better? Coinbase alone is reported to have some 4.8 million users and 10.6 million wallets (as declared by the IRS). This basically tells us that many bitcoiners are heavily using web wallets. And I won't be surprised to learn that actually a total majority of bitcoiners are using these services in some way. But web wallets are just one step behind from turning into a Bitcoin bank. So if people are massively using the said wallets, and they are paid essentially nothing (if we don't consider free of charge transactions), what makes you think that a Bitcoin bank offering, say, 1-2% annual interest is impossible and should necessarily be a scam or HYIP?

Few elements to go a bit further in what you say:
1/ I don't know the number of bitcoiners and wallets around the world. Maybe it's common knowledge so you didn't took the time to precise it but if we got 100 million users then 5 millions in Coinbase isn't much
2/ The main point of bitcoin is to get rid of the fiat system which means that banks in bitcoin aren't impossible. You're right on that.
3/ You can have 5 millions users and 10 millions wallets, the important thing is how much btc you have? Because those wallets are maybe mainly used for small amounts. I, for one, have opened 9 different online wallets while I discovered btc. Today I use only one and i might have something like 20$ on it. My btc aren't here but in (relative) security on my computer, only very small amounts "just in case" are available on my online wallet. There is a difference between creating and using a wallet for 20$ and actually putting your money on it ^^

Btc banks might exist yeah but what would be their points? Main goal of traditional banks is to provide the fiat service. We need them only because we need to be able to receive money on our accounts and send to others and pay. With btc you don't need a bank to do that, so what would be the point of banks?


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deisik
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January 06, 2017, 11:26:14 AM

Let's remain realists and refrain from distorting the facts

Why don't you guys just make a mental effort and think about this a little better? Coinbase alone is reported to have some 4.8 million users and 10.6 million wallets (as declared by the IRS). This basically tells us that many bitcoiners are heavily using web wallets. And I won't be surprised to learn that actually a total majority of bitcoiners are using these services in some way. But web wallets are just one step behind from turning into a Bitcoin bank. So if people are massively using the said wallets, and they are paid essentially nothing (if we don't consider free of charge transactions), what makes you think that a Bitcoin bank offering, say, 1-2% annual interest is impossible and should necessarily be a scam or HYIP?

Few elements to go a bit further in what you say:
1/ I don't know the number of bitcoiners and wallets around the world. Maybe it's common knowledge so you didn't took the time to precise it but if we got 100 million users then 5 millions in Coinbase isn't much

Did I not warn you from distorting facts?

Now you don't even distort them, you actually contrive them and make your speculations look as if they were real facts. The numbers I provided (10M wallets and 4.8M users) are firmly established facts. Though you still reproach me for not taking time to specify the "number of bitcoiners and wallets around the world", but at the same time you yourself continue with a loose assumption that we might have got 100 million Bitcoin users. Why not 1 billion users then? Don't you find it at least not very fair on your part?

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January 06, 2017, 11:36:15 AM

From post to post you seem to be completely discarding the existence of web wallets. You may not like them, but you should accept their existence as well as the fact than many if not most Bitcoin users are actively using them. The two basic reasons are behind that, i.e. security and free of charge transactions. People don't want to get busy with securing their desktops and notebooks, nor do they want to pay transaction fees. In other words, if there weren't such wallets (and no exchanges either, where you still have to keep the funds), the Bitcoin price would mostly likely still be in single digits...

And you will have to admit this

I am not discarding the existence of web wallets, nor am I against them. But it's a fact that a lot people use them as a long term storage solution. That's what I consider to be a wrong thing. I definitely agree that for day to day transactions these web wallets come very handy with small amounts in comparison to system heavy desktop clients, but then in combination with small amounts only, and not where all people's coins sit there doing nothing. It's an unneeded risk people expose themselves to. But they somehow don't seem to realize that. If you look at blockchain.info, then it's a great thing that they supply you with your private keys. In case the site can't be accessed, you can still access your coins. That's not the case with all web wallets, and especially not with exchanges. That's basically what my concern regarding storing coins elsewhere is, and not small amounts that people use on a daily basis for whatever purpose.

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