Do you agree with idea "Bitcoin bank" ?

[stadus]

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

A bitcoin bank will not harm us until it will not ask us to produce our transaction details like from where we are getting bitcoins and where we are spending them. We may need a bitcoin bank for buying and selling but once bitcoin hits main stream of adoption then there will not be any need of any such bank.

They will because banks are guided by the laws of the state and no matter what they to comply to avoid penalties. The state wants transaction to be transparent to combat illegal activities and the KYC will apply to all clients of the bank and the AMLC will always be part to monitor suspicious transactions.

We know that bitcoin are used for illegal activities also, so it's hard to trust our info with banks on that matter and I believe such consolidation will not happen.

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[1Referee]

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from?

Sure they do. I have opened a bank account recently where I had to fill in details as to what my salary is on a monthly basis, what I think I will receive on my bank account from sources other than my job salary on a monthly basis, what my previous monthly saving amounts are, etc. All kinds of annoying questions. I sent a certain amount to this freshly opened bank account from the one I was about to close, and oh man, it took me 2 days to convince them that it was my own money that I have been saving throughout the years. All this because of all the Bitcoin related transactions in my previous bank account.

Things aren't easy nowadays. If you at the time of signing up for a bank account have stated that you expect to receive like €500 per month from different sources (other than from your job), but there are a few months that you receive far more than that, they will contact you where you better have all details they want directly, otherwise it can take days, perhaps weeks before they complete their investigation.

[Senor.Bla]

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from?

Sure they do. I have opened a bank account recently where I had to fill in details as to what my salary is on a monthly basis, what I think I will receive on my bank account from sources other than my job salary on a monthly basis, what my previous monthly saving amounts are, etc. All kinds of annoying questions. I sent a certain amount to this freshly opened bank account from the one I was about to close, and oh man, it took me 2 days to convince them that it was my own money that I have been saving throughout the years. All this because of all the Bitcoin related transactions in my previous bank account.

Things aren't easy nowadays. If you at the time of signing up for a bank account have stated that you expect to receive like €500 per month from different sources (other than from your job), but there are a few months that you receive far more than that, they will contact you where you better have all details they want directly, otherwise it can take days, perhaps weeks before they complete their investigation.

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.
 

[NEWGOODOUBLE]

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

[warwar]

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

Well you are right sort of your identity is exposed but as ive known that bitcoin is not really anonymous that what we have expected because someone could track your transactions but it really takes time but unlike bitcoin bank we all know that, that bitcoin is from that name of person

[Yutikas_11920]

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

Well you are right sort of your identity is exposed but as ive known that bitcoin is not really anonymous that what we have expected because someone could track your transactions but it really takes time but unlike bitcoin bank we all know that, that bitcoin is from that name of person

Yeah indeed this is something we cannot hide. Because in the bitcoin system we can never know anyone who sends or conduct transactions in existing addres unless we can know well them or knows the owner adddres btc it first. In the system because all of the data or its owners bitcoin is anonymous and only a few people could check or keep track of who is doing the transaction and where they came from

[deisik]

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

A bitcoin bank will not harm us until it will not ask us to produce our transaction details like from where we are getting bitcoins and where we are spending them. We may need a bitcoin bank for buying and selling but once bitcoin hits main stream of adoption then there will not be any need of any such bank.

They will because banks are guided by the laws of the state and no matter what they to comply to avoid penalties. The state wants transaction to be transparent to combat illegal activities and the KYC will apply to all clients of the bank and the AMLC will always be part to monitor suspicious transactions

I don't see how you can come to that conclusion

I don't disagree though that banks will most likely follow the laws applied to them so as to avoid penalties, and they will combat illegal activities as well as supervising bodies will be looking for suspicious transactions if you open an account in such a bank. But no one is compelling you to use these banks to transact with Bitcoin in the first place, so I can't possibly fathom how they could do any harm to those who are opposed to them in particular and Bitcoin on the whole

[1Referee]

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.
 

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

[billybobmaryjoe]

A bitcoin bank with proof of liquidity and no  fractional banking would be great. I bet we see them after the next collapse.

[Senor.Bla]

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.
 

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

maybe i misunderstood you the first time, but it sounded like you have to give them all the information before you open the account. at this point i would look for another bank, unless they are all the same. if you already have an account and receive/make a payment and they decide to undertake an investigation, then i guess there is not much you can do. but this is one big reason i love bitcoin and hate banks.

[deisik]

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.
 

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

Then you are pretty much screwed up

If you are heavily involved with Bitcoin, you may not be able to cash out your bitcoins and get fiat to make a living. People having thousands of bitcoins and living off them, might really consider the possibility of moving to other countries which are more loyal to Bitcoin in this respect. Though that would create a whole stack of other problems on its own like possible language and cultural barriers, citizenship questions and so on

[iram3130]

The main advantage of BTC is that it's not physical. So the idea of a BTC bank would be very stupid. If you want to get some interest on your savings then better to invest it somewhere safe rather than having a bank. 

[deisik]

The main advantage of BTC is that it's not physical. So the idea of a BTC bank would be very stupid. If you want to get some interest on your savings then better to invest it somewhere safe rather than having a bank. 

I don't think of that idea as stupid

If Bitcoin gets legalized up to a point where Bitcoin banks can be established (and I mean real banks, not some Bitcoin exchange just wearing that name), they would be able to lend out bitcoins insured by genuine collateral (e.g. real estate). But since banks can't print bitcoins out of thin air, they will have to attract bitcoins on deposits (unless they are using their own capital, of course). The only way to get people interested is to offer interest on these bitcoins, and I think a lot of folks would trust these banks a lot more than they trust individual borrowers suggesting some shit coin as a collateral

[Rinder]

Those would only damage bitcoin, people arent able to repay their loans and with their salarie as colateral, i dont see any advantage to bitcoin users to let banks choose the people they will lend and wich colateral they will take. There is already an option to get interest with our bitcoins, some exchanges does provide those, and i believe thats the right method for bitcoin, allowing people to cashout and use those money will be the same as donate, imagine a person ask 10 bitcoins and then bitcoin grows lets say 60-70%. For such thing work the loans should be in bitcoins and the repayment in the bitcoins as well, meaning if they get 10 btc they should repay 11btc and not its value.

[Taki]

A bitcoin bank with proof of liquidity and no  fractional banking would be great. I bet we see them after the next collapse.

The next collapse? What do you mean? I doubt that bitcoin bank will be better than any other bank that already exist. The only idea that I can suppose is that ordinary fiat banks will start to work with bitcoin as well. That is what going to be great.

[Taki]

A bitcoin bank with proof of liquidity and no  fractional banking would be great. I bet we see them after the next collapse.

The next collapse? What do you mean? I doubt that bitcoin bank will be better than any other bank that already exist. The only idea that I can suppose is that ordinary fiat banks will start to work with bitcoin as well. That is what going to be great.

[leepfrog]

Bitcoin banks will make me leave Bitcoin so there is my vote. Fuck the banks

[wxa7115]

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.
 

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

Banks show differences, but those differences depend on the country's regulations, there are banks of the very strict with the know your customer policy, while in some countries deregulation is a lot more lax, anyways moving to those countries or creating a bank account creates another set of problems since you will probably need to create a corporation in that country and hire lawyers and stuff like that.

[deisik]

Those would only damage bitcoin, people arent able to repay their loans and with their salarie as colateral, i dont see any advantage to bitcoin users to let banks choose the people they will lend and wich colateral they will take. There is already an option to get interest with our bitcoins, some exchanges does provide those, and i believe thats the right method for bitcoin, allowing people to cashout and use those money will be the same as donate, imagine a person ask 10 bitcoins and then bitcoin grows lets say 60-70%. For such thing work the loans should be in bitcoins and the repayment in the bitcoins as well, meaning if they get 10 btc they should repay 11btc and not its value.

Isn't that somewhat along similar lines about Bitcoin scams like cloud mining damaging Bitcoin itself? But most people here say that such accusations are unfounded, and Bitcoin has nothing to do with that. So why should it be different with Bitcoin banks? In any case, such banks will not be able to turn into scams overnight. Apart from that, we can't really change much in this respect, since many people will be just happy to deposit their hard-earned bitcoins into a bank regulated by government. Also, I don't see how the interest earned from an exchange differs from the interest earned through a bank deposit. By the way, exchanges also give out loans from the funds of their clients...

Though it is primarily known as marginal trading

[darkangel11]

First you should think of why people would use a bitcoin bank. 
Normal banks give us the ability to perform internet transactions and we don't need that with bitcoin as it comes naturally.
Normal banks make our money more secure because we don't have to worry about our house burning down with all our savings inside. Bitcoins can be held in many places at once as backups so we don't need this feature.
IMO bitcoin bank has no reason to exist.