Do you agree with idea "Bitcoin bank" ?

[Senor.Bla]

actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .

You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.

I am always preaching about the benefits of being your own bank and as far as i can tell people do not want to deal with it. It seems like they do not want to be bothered with their own money and this is not because they have so much of it. Maybe they would think different if they had almost non and would go hungry, but it sometimes looks like they still would prefer to pay someone a fee and accept it as necessary.

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[kalpit]

There's no need of Bitcoin banks.

Bitcoin wallets are / can be made very secure. Bitcoin banks won't enhance security. Bitcoin banks can on the other hand make your Bitcoins vulnerable to scam or leaks by the owner of Bitcoin bank.

Only benefit I see would be easy Bitcoin loans and interest on Bitcoin with lower risk than BTCjam.

[1Referee]

actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .

You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.

I am always preaching about the benefits of being your own bank and as far as i can tell people do not want to deal with it. It seems like they do not want to be bothered with their own money and this is not because they have so much of it. Maybe they would think different if they had almost non and would go hungry, but it sometimes looks like they still would prefer to pay someone a fee and accept it as necessary.

It's very weird, so many people here and in real life are complaining about how banks are working against their customers, that they don't trust banks with their money anymore as they are gambling with it on the financial markets, but still they don't appreciate Bitcoin for the features that it offers them. These people will continue being a slave of a system that will never change. Or these people simply don't trust themselves with the money that they have, that's also a possibility. Bitcoin offering people freedom doesn't mean they must convert their entire wealth to Bitcoin. They probably don't realize that you can also just have like 10-20% of your wealth into Bitcoin. Or they don't trust Bitcoin either as they don't know how it works.

[deisik]

actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .

You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.

You overlook a few things. And you certainly forget about the transaction fees. Since Bitcoin banks will be competing with web wallets, we should expect that they will pay the fees for their clients too. Folks across the forum are already complaining about the fees being too high in dollar terms, I meet such complains every other day. If you transact a lot, you will save on fees a handsome amount, and in fact people are already saving that much transacting through such web wallets...

If the price is going to rise further, the fees will be killing Bitcoin

[gandame]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

[Senor.Bla]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.

[deisik]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.

I guess that it is assumed that Bitcoin banks would speculate with the bitcoins that people put into accounts opened in these banks. Strictly speaking, that's what many banks actually do but not in the way you think it. They can't predict where the price will be tomorrow, but they can still be earning through conversion as well as arbitrage operations in absolutely the same manner as any exchange out there does it (e.g. by front-running the orders of their clients)...

In fact, banks can do it even more efficiently since there is no transparency, no order-books and trading history

[chairul.muttaqin]

i think bitcoin through on internet is much more good than bank because Bank get a high fees and the government is also apply tax on our balance and online wallet has too much lower fees and our bitcoin is much more safe and its feel like as our bitcoin in our control when i keep my bitcoin in wallet .

we can handle and fully control our bitcoin when we put our bitcoin in bitcoin wallet. yeah it's more free in bitcoin wallet rather than in bitcoin bank and maybe every transaction in bitcoin bank will take a little more expensive than in usuall.

[Senor.Bla]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.

I guess that it is assumed that Bitcoin banks would speculate with the bitcoins that people put into accounts open in these banks. Strictly speaking, that's what many banks actually do but not in the way you think it. They can't predict where the price will be tomorrow, but they can still be earning through conversion as well as arbitrage operations in absolutely the same manner as any exchange out there does it (e.g. by front-running the orders of their clients)...

In fact, banks can do it even more efficiently since there is no transparency, no order-books and trading history

you are right, banks do not need to know where the price is going in order to make money with the fees and all. So while they make money even in a non volatile market i guess i figured why should they make more in a volatile situation unless they know the direction the price will go. 

[phantas1isback]

no i don't as it is bad idea, bitcoin don't need bank at all

[Bestwishes745]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.

I don't think that banks will get any profit or will be interested in the fluctuations of the bitcoin price they will like to work with a stable price currency so even in the case of bitcoin they will like stable price and banks will not escape away with our money as they are registered with the governments and are bounded with them.

[richardsNY]

no i don't as it is bad idea, bitcoin don't need bank at all

With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.

[Bigdan]

I agree with the idea but only if the bank is going to be kept for atleast the next 20 years when bitcoin will half; with the halving you'd reap the fruits of your investments because of the increase in bitcoins price else then there's no need to have a bitcoin bank because you're better off trading with it.

[deppil]

Storing bitcoin in the bank is not really a good idea because the bank would just take the advantage of bitcoin, since the bitcoin's price is always fluctuating which it is fluctuating good right now which is almost $800. This fluctuation is a good thing in the bank because they would get a bigger profit from it and they might scam us and run with our bitcoin if they think that there are many investors or someone storing in their banks, that is why having a bitcoin bank is not really good.

I do not see why the high fluctuation is a good thing for banks. You will have to explain this more. All i can see is that there is no way of predicting where the price will go and banks will also have this problem.

I don't think that banks will get any profit or will be interested in the fluctuations of the bitcoin price they will like to work with a stable price currency so even in the case of bitcoin they will like stable price and banks will not escape away with our money as they are registered with the governments and are bounded with them.

I think the banks are expected to ignore fluctuations in bitcoin, with their records continue to store bitcoin and not convert it to a fiat, they certainly profited from administrative fees and so forth.

[ufaiz50]

no i don't as it is bad idea, bitcoin don't need bank at all

With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.

bank helps your bitcoin to keep safe, need personal information to take your bitcoin. it's natural that bitcoin soliciting interest for services provided. honestly i don't agree with bitcoin bank because bitcoin not form like fiat

[Carmen_Sandiego]

i think bitcoin through on internet is much more good than bank because Bank get a high fees and the government is also apply tax on our balance and online wallet has too much lower fees and our bitcoin is much more safe and its feel like as our bitcoin in our control when i keep my bitcoin in wallet .

we can handle and fully control our bitcoin when we put our bitcoin in bitcoin wallet. yeah it's more free in bitcoin wallet rather than in bitcoin bank and maybe every transaction in bitcoin bank will take a little more expensive than in usuall.

A bank for bitcoins would bring many elements of centralization. I think things can work better if each user is their own bank. If each user takes the security measures to protect their own information, this can be better.

[Skarner21]

no i don't as it is bad idea, bitcoin don't need bank at all

With Bitcoin people are their own bank, but they are just looking at the fact that regular banks pay out interest on the money they store there, and take for granted that exactly the same will be the case with Bitcoin banks. I think it's pure greed. If that's the only reason, then they can store their coins on certain exchanges where they get interest as well. No difference.

bank helps your bitcoin to keep safe, need personal information to take your bitcoin. it's natural that bitcoin soliciting interest for services provided. honestly i don't agree with bitcoin bank because bitcoin not form like fiat

I think our bitcoin if we use a wellknow wallet like electrum it is already safe. i think those bitcoin bank effect can be only for trust increase because may people are not trusting bitcoin since they are heard many people are experience of scam.. also they are heard that bitcoin is illegal so bitcoin banks can help to build trust that they will know that bitcoin is real and not illegal..

[carlisle1]

actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .

You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.

I am always preaching about the benefits of being your own bank and as far as i can tell people do not want to deal with it. It seems like they do not want to be bothered with their own money and this is not because they have so much of it. Maybe they would think different if they had almost non and would go hungry, but it sometimes looks like they still would prefer to pay someone a fee and accept it as necessary.

actually there's also a good side behind this bitcoin bank they can also give you a very secured service for your finances and 1referee is right there will be some people who liked this idea because their intention is to gain from the interests but for sure it will only go to the service fee and the transaction fees .

[stadus]

actually we don't need to have a bank for bitcoin because we already have a banks to ourselves which is our personal wallets we don't need anything to manage and secure our finances in bitcoin and it is much better to do it on our own because we don't need to consider a service fee of that bitcoin bank .

You're absolutely right, but the main intention of people liking the idea of a so called Bitcoin bank is more the financial gain aspect in form of interest over the coins that they store there. Bitcoin offers people the ability to be their own bank and avoid dealing with third party services, but people are easily putting that fantastic benefit away just in return for a shitty interest rate. It's insane to have another entity to control your coins for a full year in return for just a 2-3% interest rate. Even if it was 10%, I still wouldn't store my coins there.

I am always preaching about the benefits of being your own bank and as far as i can tell people do not want to deal with it. It seems like they do not want to be bothered with their own money and this is not because they have so much of it. Maybe they would think different if they had almost non and would go hungry, but it sometimes looks like they still would prefer to pay someone a fee and accept it as necessary.

actually there's also a good side behind this bitcoin bank they can also give you a very secured service for your finances and 1referee is right there will be some people who liked this idea because their intention is to gain from the interests but for sure it will only go to the service fee and the transaction fees .

There's a similar way where we earn interest without investing in bank, the action simply suggest to buy bitcoins and just hold it. Bitcoin nowadays, are very progressive, so when you are just holding you can expect a profit once the price increases and that will give you more interest than a bank can offer.

[Text]

We have already our own bank which is our wallets, either it could be hot or cold. I'd rather choose to keep my bitcoins with myself so that I am the only have a full control of it. I can manage it everyday and make profit from the price fluctuations if I do so.