Do you agree with idea "Bitcoin bank" ?

[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 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.

Bitcoin banks would almost certainly earn from currency conversion operations. That's what many if not all web wallets are doing right now just like regular fiat banks do. With higher price fluctuations they would be able to set bigger spreads (i.e. difference between the prices at which they will sell and buy a currency), and in this way they will earn more. Fiat banks are notoriously known to increase spreads whenever currency volatility increases. Further, high volatility itself will also make more people look for quick profits through such operations (aka "buy low, sell high")...

In absolutely the same manner as it happens without any banks around

[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.

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.

There is a difference in earning interest in Bitcoin or USD. If you invest your USD in Bitcoin you can make profit. If you invest your Bitcoin in something else you can even make more profit, but the risk increase as you know have invested your investment so to speak. But what happens if you do not see Bitcoins as an investment but as the currency you life with. Then you are not interested in how much USD your Bitcoins are worth because you do not want to exchange, you want to keep Bitcoin. You know have a specific amount of Bitcoin and can only grow them if you earn some more. So some people wonder now how to invest their Bitcoin in order to earn interest. 

[BeGoods]

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

true really bitcoin do not like fiat, a lot of people using bitcoin that their identities could be private, when you use bitcoin bank certainly identity will be discovered,
But what about the exchanges that require data verification, is it that also make your identity uncovered ?

[Zadicar]

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

true really bitcoin do not like fiat, a lot of people using bitcoin that their identities could be private, when you use bitcoin bank certainly identity will be discovered,
But what about the exchanges that require data verification, is it that also make your identity uncovered ?

Just as expected if you verify yourself to an exchange then expect your identity is already discovered and you cant do anything about that unless if you decide to hide yourself completely and dont tend to verify your account but there are really times that we need to verify because of money making.right? Bitcoin bank would be useless since people would rather choose online wallet.

[deisik]

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

true really bitcoin do not like fiat, a lot of people using bitcoin that their identities could be private, when you use bitcoin bank certainly identity will be discovered,
But what about the exchanges that require data verification, is it that also make your identity uncovered ?

Just as expected if you verify yourself to an exchange then expect your identity is already discovered and you cant do anything about that unless if you decide to hide yourself completely and dont tend to verify your account but there are really times that we need to verify because of money making.right? Bitcoin bank would be useless since people would rather choose online wallet.

To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...

And this advantage would come about just through their existence as such

[wuvdoll]

To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...

And this advantage would come about just through their existence as such

Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?

In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.

[deisik]

To say that Bitcoin banks would be useless just because they would provide basically the same options as web wallets do is naive at best. Should Bitcoin banks emerge for real, that would most likely be our regular fiat banks now accepting Bitcoin. The first thing that comes to mind immediately is closing the wide gap between fiat and Bitcoin. They would effectively combine in one place the functionality provided by exchanges (i.e. buying and selling bitcoins for fiat) with that of web wallets (i.e. easy transactions, most likely free of charge altogether)...

And this advantage would come about just through their existence as such

Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?

In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.

The fact that CoinsBank has the word "bank" in its name doesn't in the least mean that it is a real bank (Bitcoin or otherwise). If we are expecting Bitcoin to become a major currency (which is unlikely to happen, just in case), then banks could accept money (which would be bitcoins) from folks into deposit accounts and issue loans as well as deposit certificates (which could be used as paper money for offline transactions). That's what real banks essentially do, and that's where genuine Bitcoin banks (and not a certain CoinsBank which is in fact just an exchange) would be different from web wallets...

I hope this helps to clarify how such banks could be useful in the future

[Mastsetad]

Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?

In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.

I don't understand how people will get easy cash out of their bitcoin if their regular banks accept bitcoins? By interests? I don't think banks would pay any easy cash to bitcoin holders and even if they do they wont give them much, maybe about 1% a year and that is really nothing at all.

[faraz99]

agree with the bitcoin bank

[BrockHunter]

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.

[thejaytiesto]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

[deisik]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

If we are to face the facts, you can't actually claim that all these millions of people who are using web wallets (for whatever reason) are idiots since a Bitcoin bank is essentially an advanced version of a web wallet. It would be basically along the same lines as claiming that the majority of people are idiots overall. But they can't be idiots by definition. In this way, I can't possibly see why the idea of Bitcoin bank may not be very appealing to bitcoiners at large. This idea may be even disgustful to you personally, but that doesn't mean that you can speak on behalf of all Bitcoin users...

In fact, the minority is always more vocal than the majority in any field

[crairezx20]

Why not we consider coinsbank services (and other similar services) as a bitcoin banking service ? And why we are still expecting our central banks to adopt bitcoins ?

In my understanding people are looking for easy cash out for their bitcoin, that is the reason they are expecting their regular bank to adopt bitcoins. But in long term perspective, we are going to use bitcoin and there will be no need to sell them to get the benefits of them.

I don't understand how people will get easy cash out of their bitcoin if their regular banks accept bitcoins? By interests? I don't think banks would pay any easy cash to bitcoin holders and even if they do they wont give them much, maybe about 1% a year and that is really nothing at all.

Well here in my country we do not need bitcoinbanks because we can easily or instantly cash and encash bitcoin.. unlike before that it takes a day or days before we can withdraw or deposit.. so we do not need that bank.. i think the only help of bitcoin bank more people can be trust bitcoi nto use if there is people who are starting a banks for bitcoin that they can think that bitcoin is real..

[Rinder]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

If we are to face the facts, you can't actually claim that all these millions of people who are using web wallets (for whatever reason) are idiots since a Bitcoin bank is essentially an advanced version of a web wallet. It would be basically along the same lines as claiming that the majority of people are idiots overall. But they can't be idiots by definition. In this way, I can't possibly see why the idea of Bitcoin bank may not be very appealing to bitcoiners at large. This idea may be even disgustful to you personally, but that doesn't mean that you can speak on behalf of all Bitcoin users...

In fact, the minority is always more vocal than the majority in any field

I do understand your point of view, but i doubt anyone here is really interested into a bank of bitcoins, besides the wallets that allow us to have plenty control of our coins, making us our own banks.

[x4]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

If we are to face the facts, you can't actually claim that all these millions of people who are using web wallets (for whatever reason) are idiots since a Bitcoin bank is essentially an advanced version of a web wallet. It would be basically along the same lines as claiming that the majority of people are idiots overall. But they can't be idiots by definition. In this way, I can't possibly see why the idea of Bitcoin bank may not be very appealing to bitcoiners at large. This idea may be even disgustful to you personally, but that doesn't mean that you can speak on behalf of all Bitcoin users...

In fact, the minority is always more vocal than the majority in any field

I do understand your point of view, but i doubt anyone here is really interested into a bank of bitcoins, besides the wallets that allow us to have plenty control of our coins, making us our own banks.

That's true, some web wallets are just like this, (like coinbase), as they required to send their users their personal information just what all banks is, instead bitcoin can do transaction without this personal information so whats the point why bitcoin bank can be created it simply destroy the anonymity of the coin. 

[stadus]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

If we are to face the facts, you can't actually claim that all these millions of people who are using web wallets (for whatever reason) are idiots since a Bitcoin bank is essentially an advanced version of a web wallet. It would be basically along the same lines as claiming that the majority of people are idiots overall. But they can't be idiots by definition. In this way, I can't possibly see why the idea of Bitcoin bank may not be very appealing to bitcoiners at large. This idea may be even disgustful to you personally, but that doesn't mean that you can speak on behalf of all Bitcoin users...

In fact, the minority is always more vocal than the majority in any field

I do understand your point of view, but i doubt anyone here is really interested into a bank of bitcoins, besides the wallets that allow us to have plenty control of our coins, making us our own banks.

That's true, some web wallets are just like this, (like coinbase), as they required to send their users their personal information just what all banks is, instead bitcoin can do transaction without this personal information so whats the point why bitcoin bank can be created it simply destroy the anonymity of the coin. 

It defeats the purpose on why we are using bitcoin, why we love bitcoin is because of it's anonymity and once there's a bank, there would be a Know your Client policy that will be integrated in the system and I guess majority of us will not be happy with that and will end up not supporting a bitcoin bank.

[passwordnow]

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.

With the fast pace of technology, we may say now that we don't need it but I guess when the right time comes. We don't have choice when those banks are going to adopt the usage of bitcoin with their system. But as of now we don't need to think about that for that will be a long debate in the congress of a country that will allow that to happen.

[genos]

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.

All of decision depending with bank, when bank think that they will getting more profit if adopt bitcoin. It will happen. But in the reality bitcoin is working decentralized and anonym that we can keep it on bitcoin wallet by free without any additional fees or tax and didn't need any bank for our bitcoin.

[deisik]

The idea of the bitcoin bank may not be very appealing for most people here because most people here are not idiots that don't know how to deal and hold their own bitcoin, but outside of internet forums most people are clueless and they will like the idea of other third party managing their money and not having to stress about losing your private keys because you forget the password or something like that, so yes i think there is still a strong niche for that bankster idea on bitcoin.

If we are to face the facts, you can't actually claim that all these millions of people who are using web wallets (for whatever reason) are idiots since a Bitcoin bank is essentially an advanced version of a web wallet. It would be basically along the same lines as claiming that the majority of people are idiots overall. But they can't be idiots by definition. In this way, I can't possibly see why the idea of Bitcoin bank may not be very appealing to bitcoiners at large. This idea may be even disgustful to you personally, but that doesn't mean that you can speak on behalf of all Bitcoin users...

In fact, the minority is always more vocal than the majority in any field

I do understand your point of view, but i doubt anyone here is really interested into a bank of bitcoins, besides the wallets that allow us to have plenty control of our coins, making us our own banks.

That's true, some web wallets are just like this, (like coinbase), as they required to send their users their personal information just what all banks is, instead bitcoin can do transaction without this personal information so whats the point why bitcoin bank can be created it simply destroy the anonymity of the coin. 

It defeats the purpose on why we are using bitcoin, why we love bitcoin is because of it's anonymity and once there's a bank, there would be a Know your Client policy that will be integrated in the system and I guess majority of us will not be happy with that and will end up not supporting a bitcoin bank.

Most people are here for profits, not for some ideals like anonymity (which is still subpar, by the way), so, I think, you shouldn't use "we" (just speak for yourself). The purpose you are talking about has been defeated long ago already. Major exchanges (e.g. Bitstamp, Kraken, etc) already have KYC policies implemented, especially if you are going away from Bitcoin and trying to cash out. I guess it is the same with web wallets and their Bitcoin payment cards as well...

In other words, it is six of one and half a dozen of the other

[1Referee]

No I do not think that we need something like that because of the fact that its something that is not needed for us right now.

With the fast pace of technology, we may say now that we don't need it but I guess when the right time comes. We don't have choice when those banks are going to adopt the usage of bitcoin with their system. But as of now we don't need to think about that for that will be a long debate in the congress of a country that will allow that to happen.

Banks will not adopt Bitcoin as in them offering you a Bitcoin bank account where you can deposit and withdraw coins. What I however can see happening at some point, is that they offer a feature to trade Bitcoin via a stock-like manner. It's you buying and selling Bitcoin, but without the ability of actually depositing and withdrawing Bitcoin. It's perhaps an extreme example, but I can't think of any other ways of seeing banks jump into Bitcoin. Not that they wouldn't see anything in it, but just because of the government keeping them under tight control.