Do you agree with idea "Bitcoin bank" ?

[wxa7115]

Bitcoin and banks are like complete opposites.

Only reason some people are even hoping for a bitcoin bank is probably in the hopes of "insurance", coz banks guarantee up to a certain amount of your deposits. So with all the hacks going on, they're hoping that there's somewhere that could guarantee their money. As for interest and investments by banks, meh. It's all about security and insurance they're really after.

Anyway, I doubt it would work. In so many ways. sigh.

I think you touch an important subject and this is because even though there are insurance of your funds in the banks if even 5% of the people needed to access that insurance then the funds will no longer be enough to cover all the people, so the insurance is nothing but a lie.

[iamTom123]

I also do not agree with the idea of a Bitcoin bank as it is against the very foundation of why we have Bitcoin in the first place. Anyway, we can be seeing many banks in the future to be issuing their own cryptocurrencies too...the question is: Should we patronize cryptos issued by banks?

[Aamir1]

If the bitcoin bank is another user like a pool or exchange with multiple sub-users and many addresses etc. no problem. if they say they have control of blockchain with their own miners then it's not bitcoin but bankcoin. like e-coin on Mr Robot TV show. (E-Corp controls it)
 

They would probably have control on the coins we put their if they really starts a service like this because without that they wont get anything for doing this, governments or authorities mostly do the things that can be of their profit but not for the sake of people.

[MONKEYJUNK]

If the bitcoin bank is another user like a pool or exchange with multiple sub-users and many addresses etc. no problem. if they say they have control of blockchain with their own miners then it's not bitcoin but bankcoin. like e-coin on Mr Robot TV show. (E-Corp controls it)
 

They would probably have control on the coins we put their if they really starts a service like this because without that they wont get anything for doing this, governments or authorities mostly do the things that can be of their profit but not for the sake of people.

The best way is renting a safe lock and putting your paper wallet there, so no one will have access to your money and at the same time will be safe because it's on a bank, well everything is about how much you have, I prefer dig a hole in my garden and bury the paper wallet there.

[kanazawa]

This kinda "bank" already exist, I mean, you don't have a "full" platform, but if you create an account on two or three websites you can do minint, use cold wallet, transfer, exchange, use merchant tools, lending, sell, buy, etc...so, there will be like reinventing the wheel. Hail the system already built.

[DOGE12321]

I swear that this thread has been posted many times ago, even quite recently. Bitcoin cannot be made into a bank. It is decentralised. Bitcoin bank is completely destroying the underlying philosophy that Bitcoin runs with. If this happens then Bitcoin will not be a cryptocurrency, but rather fiat.

[delliaerd]

I swear that this thread has been posted many times ago, even quite recently. Bitcoin cannot be made into a bank. It is decentralised. Bitcoin bank is completely destroying the underlying philosophy that Bitcoin runs with. If this happens then Bitcoin will not be a cryptocurrency, but rather fiat.

If we think in another side we will see that bitcoin bank would not erase decentralization of bitcoin. bank function is ti store money safely. if bitcoin bank function is to safe our money safer than our own wallet, it Will be good. I mean if the bitcoin bank give us guarantee of bitcoin security, if the bitcoin bank hacked they have to bring back our bitcoin to us. If bitcoin bank cannot do that I think bitcoin bank will useless. We already have our own bank so we do not need some thing the same.

[rizkyhiw]

I swear that this thread has been posted many times ago, even quite recently. Bitcoin cannot be made into a bank. It is decentralised. Bitcoin bank is completely destroying the underlying philosophy that Bitcoin runs with. If this happens then Bitcoin will not be a cryptocurrency, but rather fiat.

If we think in another side we will see that bitcoin bank would not erase decentralization of bitcoin. bank function is ti store money safely. if bitcoin bank function is to safe our money safer than our own wallet, it Will be good. I mean if the bitcoin bank give us guarantee of bitcoin security, if the bitcoin bank hacked they have to bring back our bitcoin to us. If bitcoin bank cannot do that I think bitcoin bank will useless. We already have our own bank so we do not need some thing the same.

of course it's ruin what called decentralized in bitcoin if there is bitcoin bank lol
never agree with this idea , and even i think it's 'dumb' idea?
banks is regulated , and bitcoin not , people called it as a freedom
however this bitcoin banks will never work , everyone know it no matter what the 'function' then.

[Harlot]

If the bitcoin bank is another user like a pool or exchange with multiple sub-users and many addresses etc. no problem. if they say they have control of blockchain with their own miners then it's not bitcoin but bankcoin. like e-coin on Mr Robot TV show. (E-Corp controls it)
 

They would probably have control on the coins we put their if they really starts a service like this because without that they wont get anything for doing this, governments or authorities mostly do the things that can be of their profit but not for the sake of people.

The best way is renting a safe lock and putting your paper wallet there, so no one will have access to your money and at the same time will be safe because it's on a bank, well everything is about how much you have, I prefer dig a hole in my garden and bury the paper wallet there.

Your definition of bitcoin bank for some kind of "pool" must be mistaken as a pool is often used in " mutual funds" in which a fund manager handles the pool of money in which they invest it in money-market instruments, which in the Bitcoin world is other cryptocurrencies. But remember even though it is handles by a professional the chance of losing money is still there.

[Hugroll]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

[Qartersa]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

I agree with your second point. Probably having bitcoin banks would improve it's usage and encourage more people to join the revolution. Hopefully this would be the case.

[Fatanut]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

Most people wants security and having a bitcoin bank will solve that problem. It will make those people that are too afraid to get hacked invest in bitcoin. But the real problem is, how trusted is this bitcoin bank? A bitcoin bank would be holding thousands of bitcoins eventually, and that's a good point for the owner to run away.

I think you should just trust yourself in bitcoin. Enable 2FA and all the other security features that your bitcoin wallet has and you'll be safe. You don't have to trust another guy or another company to make your bitcoins safe.

[Zadicar]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

Most people wants security and having a bitcoin bank will solve that problem. It will make those people that are too afraid to get hacked invest in bitcoin. But the real problem is, how trusted is this bitcoin bank? A bitcoin bank would be holding thousands of bitcoins eventually, and that's a good point for the owner to run away.

I think you should just trust yourself in bitcoin. Enable 2FA and all the other security features that your bitcoin wallet has and you'll be safe. You don't have to trust another guy or another company to make your bitcoins safe.

banks  would  be still useless though because  there are  lots of wallets  out there that could able to  use without  needing a bank because   we could somehow assure  ourselves  that our  bitcoin  on  our possesion is safe compare on  putting  up into a bank and as  you said  the  risk of  lossing those  bitcoins is  there because  the  owner might be got tempted  to get those bitcoins.

[Babayega31]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

Most people wants security and having a bitcoin bank will solve that problem. It will make those people that are too afraid to get hacked invest in bitcoin. But the real problem is, how trusted is this bitcoin bank? A bitcoin bank would be holding thousands of bitcoins eventually, and that's a good point for the owner to run away.

I think you should just trust yourself in bitcoin. Enable 2FA and all the other security features that your bitcoin wallet has and you'll be safe. You don't have to trust another guy or another company to make your bitcoins safe.

banks  would  be still useless though because  there are  lots of wallets  out there that could able to  use without  needing a bank because   we could somehow assure  ourselves  that our  bitcoin  on  our possesion is safe compare on  putting  up into a bank and as  you said  the  risk of  lossing those  bitcoins is  there because  the  owner might be got tempted  to get those bitcoins.

I must agree with this idea bitcoin bank because i can use it for saving digital currency to my wallet, it serves as money security for me. Putting my earned digital currency to my wallet using a bitcoin i feel very secured with its way of personal mail confirmation first before cashing out you converted digital currency to your country currency. Not like with the traditional bank its inconvenient to me because you have to sign a lot of documents in order to process cash withdrawal. Being a busy person i prefer to choose this bitcoin as bridge towards my online wallet which serves as a bank for me, its up to other people who doesn't recognize it  we have our own freedom to choose with.

[Qartersa]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

Most people wants security and having a bitcoin bank will solve that problem. It will make those people that are too afraid to get hacked invest in bitcoin. But the real problem is, how trusted is this bitcoin bank? A bitcoin bank would be holding thousands of bitcoins eventually, and that's a good point for the owner to run away.

I think you should just trust yourself in bitcoin. Enable 2FA and all the other security features that your bitcoin wallet has and you'll be safe. You don't have to trust another guy or another company to make your bitcoins safe.

banks  would  be still useless though because  there are  lots of wallets  out there that could able to  use without  needing a bank because   we could somehow assure  ourselves  that our  bitcoin  on  our possesion is safe compare on  putting  up into a bank and as  you said  the  risk of  lossing those  bitcoins is  there because  the  owner might be got tempted  to get those bitcoins.

Yes having banks is actually pointless in that view. But, what if, the banks would be the persuasive power that would skyrocket bitcoins to the level of fiat money? Banks might be the solution to change the view of the public about bitcoins. Well, who knows.

[mogrith]

Sorry I mean a mining pool that pays out in BTC so they have a bitcoin wallet and many addresses.  just another user that uses bitcoin

If the bitcoin bank is another user like a pool or exchange with multiple sub-users and many addresses etc. no problem. if they say they have control of blockchain with their own miners then it's not bitcoin but bankcoin. like e-coin on Mr Robot TV show. (E-Corp controls it)
 

They would probably have control on the coins we put their if they really starts a service like this because without that they wont get anything for doing this, governments or authorities mostly do the things that can be of their profit but not for the sake of people.

The best way is renting a safe lock and putting your paper wallet there, so no one will have access to your money and at the same time will be safe because it's on a bank, well everything is about how much you have, I prefer dig a hole in my garden and bury the paper wallet there.

Your definition of bitcoin bank for some kind of "pool" must be mistaken as a pool is often used in " mutual funds" in which a fund manager handles the pool of money in which they invest it in money-market instruments, which in the Bitcoin world is other cryptocurrencies. But remember even though it is handles by a professional the chance of losing money is still there.

[PremiumCodeX]

I do not see much of a difference, but I do not trust banks anyway therefore I prefer to keep all my money myself

Keeping your money by yourself has a greater chance being stolen than inside a bank, even if you put it inside a safe/vault with experienced robbers it won't be any problem with them, also  why not trust banks? They don't still hour money anyway they just decrease its value over time.

In my experience, banks often set huge taxes on a wide range of things starting from "SMS fee" to the horrible fee of international bank transfer. In BTC, I know that I benefit from the fee that I pay because it will be used on executing the transaction and there are no additional fees.

[BitHodler]

I do not see much of a difference, but I do not trust banks anyway therefore I prefer to keep all my money myself

Keeping your money by yourself has a greater chance being stolen than inside a bank, even if you put it inside a safe/vault with experienced robbers it won't be any problem with them, also  why not trust banks? They don't still hour money anyway they just decrease its value over time.

In my experience, banks often set huge taxes on a wide range of things starting from "SMS fee" to the horrible fee of international bank transfer. In BTC, I know that I benefit from the fee that I pay because it will be used on executing the transaction and there are no additional fees.

SMS fee? You mean notifications that you can use to confirm that you're really wanting to send money from point A to point B? If so, then some banks do indeed charge you extra for it.

In my case I can only make use of 30 SMS notifications per month. If I want to expand that service, it will cost me €5 per month. Insanely high price of course, but I haven't used that service so far.

International bank transfers are slow and costly, but that's the reason for me to use Bitcoin instead of a bank.

The only negative point is that your transaction may end up losing some value in the meantime as result of the volatile nature of Bitcoin. But you have to accept that risk when sending money in form of Bitcoin.

[wxa7115]

I also do not agree with the idea of a Bitcoin bank as it is against the very foundation of why we have Bitcoin in the first place. Anyway, we can be seeing many banks in the future to be issuing their own cryptocurrencies too...the question is: Should we patronize cryptos issued by banks?

If a bank offers their own crypto we must not use it, if you think they have a great control already imagine what they could do with their own blockchain and crypto currency.

[groll]

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.

In my opinion, I dont really believe that bitcoin banks are a good idea. The main attribute of bitcoin is that it is decentralized, so creating banks for it would be counterintuitive.

However I do believe that making banks for bitcoin would attract a wider range of consumers to bitcoin that previosly did not want to join

I agree with your second point. Probably having bitcoin banks would improve it's usage and encourage more people to join the revolution. Hopefully this would be the case.

But that is quite risky for all the consumers and as well as the bank itself because they don't have power to control the price flow of bitcoin so if you are going to think about it, bitcoins in bank are some kinda not really their job. Just leave it to those online exchange and let them work for it, and banks are just for fiat, cash and loans.

Yeah i agree that banks have no control over the price flow of bitcoin and it's more safe for us to keep our bitcoins ourselves to avoid other fees imposed by those banks. Having bitcoins in a bank is somehow promoting bitcoins itself to all people and could be an encouraging move for all to join the trend in bitcoin.