Do you agree with idea "Bitcoin bank" ?

[richardsNY]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

Yes these are banks but still not regulated by any governments. Basically bank is term which is not suits for such wallets services. Basically they offer buying selling or receiving and sending bitcoins facility.
And as per my opinion Bitcoins is beyond banks.

The point is that people take the term Bitcoin bank far too serious. Never will such services stand up at the same level as banks do. It's simply impossible as governments can't allow anything that they have no control over to be supported. Mainly in current times where they heavily chase black money and financial support for terrorism. Plus the fact that they can't prove who owns what amount in Bitcoin. It adds up. No pro's, but plenty of con's.

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[deisik]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

Yes these are banks but still not regulated by any governments. Basically bank is term which is not suits for such wallets services. Basically they offer buying selling or receiving and sending bitcoins facility.
And as per my opinion Bitcoins is beyond banks.

The point is that people take the term Bitcoin bank far too serious. Never will such services stand up at the same level as banks do. It's simply impossible as governments can't allow anything that they have no control over to be supported. Mainly in current times where they heavily chase black money and financial support for terrorism. Plus the fact that they can't prove who owns what amount in Bitcoin. It adds up. No pro's, but plenty of con's.

Do you have a bank account yourself?

I have a dozen accounts opened for a dozen foreign currencies in just one bank including four unallocated bullion accounts (for gold, platinum, silver and palladium). I can receive, transfer and withdraw any of these currencies (excluding PM accounts, of course). Now tell me how can a local government control any foreign currency (let alone precious metals)? Does it somehow prevent banks from using these currencies as well as precious metals? In fact, I wouldn't be surprised in the least degree if one day the bank offered me to open a Bitcoin account in addition to the host of accounts that I already have

[Rocarlos]

Yes, that is good idea. when we have disciplinary bitcoin bank, we feel safer while trading or purchasing and we can deposit or withdraw bitcoin as like as FIAT. Now bitcoin is not yet recognised as legal currency for all countries in the world. I expect we will have a true and legal bitcoin banks for bitcoiners.

[abel1337]

Yes, that is good idea. when we have disciplinary bitcoin bank, we feel safer while trading or purchasing and we can deposit or withdraw bitcoin as like as FIAT. Now bitcoin is not yet recognised as legal currency for all countries in the world. I expect we will have a true and legal bitcoin banks for bitcoiners.

For now we can use our wallets in order to keep our bitcoins , There are some bitcoin ATM in our place that i can use in order for me to withdraw and to buy bitcoins but i can store bitcoins there. If bitcoin sill be legal in every countries in the world were bitcoin life will surely be more easier.

[richardsNY]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

Yes these are banks but still not regulated by any governments. Basically bank is term which is not suits for such wallets services. Basically they offer buying selling or receiving and sending bitcoins facility.
And as per my opinion Bitcoins is beyond banks.

The point is that people take the term Bitcoin bank far too serious. Never will such services stand up at the same level as banks do. It's simply impossible as governments can't allow anything that they have no control over to be supported. Mainly in current times where they heavily chase black money and financial support for terrorism. Plus the fact that they can't prove who owns what amount in Bitcoin. It adds up. No pro's, but plenty of con's.

Do you have a bank account yourself?

I have a dozen accounts opened for a dozen foreign currencies in just one bank including four unallocated bullion accounts (for gold, platinum, silver and palladium). I can receive, transfer and withdraw any of these currencies (excluding PM accounts, of course). Now tell me how can a local government control any foreign currency (let alone precious metals)? Does it somehow prevent banks from using these currencies as well as precious metals? In fact, I wouldn't be surprised in the least degree if one day the bank offered me to open a Bitcoin account in addition to the host of accounts that I already have

Of course I do have a bank account, several to be more precise. If you transfer whatever foreign currency per bank, then it just gets some numbers changed in the database of your bank and the receiving party. All this happens within the system where they can follow basically every of your steps. That's what I meant with control. As long as that is the case, you can move things as much as you want, but everything is being logged till a point where if something goes wrong, they know where to find you.

[doona38317]

It would be pretty awesome to have a bank where we can deposit bitcoins and withdraw the same and maybe get some interest too on keeping bitcoins there but technically its impossible I think.

[mornabo]

Yes, that is good idea. when we have disciplinary bitcoin bank, we feel safer while trading or purchasing and we can deposit or withdraw bitcoin as like as FIAT. Now bitcoin is not yet recognised as legal currency for all countries in the world. I expect we will have a true and legal bitcoin banks for bitcoiners.

if banks have the government accept bitcoin will certainly be easier to use bitcoin, and of course security is also ensured. But when the question is bitcoin bank owned by third parties I'm not sure it would be safe

[Shiroslullaby]

For it to truly be a "bank" you would need some form of insurance against loss.
In the United States we have the FDIC which insures up to $100,000 of loss on any account.

Until you have some form of insurance that your money can't just suddenly disappear, there really isn't any advantage over just keeping your Bitcoin in a secured wallet.
You may also need to provide some sort of percentage based interest earnings, which means the bank would also need to be giving loans to earn interest for other customers and the operators/ shareholders.

[whizter]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

Yes these are banks but still not regulated by any governments. Basically bank is term which is not suits for such wallets services. Basically they offer buying selling or receiving and sending bitcoins facility.
And as per my opinion Bitcoins is beyond banks.

but i am not in favour of bitcoin banks, because it is a step to turn bitcoin as centralize currency of the world. i will always prefer online wallet which is more convenient that banks to deposit or withdraw bitcoin from.

[deadpoolx]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

Yes these are banks but still not regulated by any governments. Basically bank is term which is not suits for such wallets services. Basically they offer buying selling or receiving and sending bitcoins facility.
And as per my opinion Bitcoins is beyond banks.

but i am not in favour of bitcoin banks, because it is a step to turn bitcoin as centralize currency of the world. i will always prefer online wallet which is more convenient that banks to deposit or withdraw bitcoin from.

That's true, I mean, if the individual decides to put the bitcoins in a centralized institution, this would not be very different from using conventional banking systems. One of the best things about Bitcoin is the possibility of you being your own bank, that is to say, you don't have to depend on third-party decisions to store and have access to your funds, in addition, this eliminates a number of bureaucratic difficulties.

[millgates]

I think it is depend on what bitcoin bank offer to us, if there are some benefit of using it which better than current condition I will be agree, but if it just make another centralization, of course I do not agree with it.

[deisik]

The point is that people take the term Bitcoin bank far too serious. Never will such services stand up at the same level as banks do. It's simply impossible as governments can't allow anything that they have no control over to be supported. Mainly in current times where they heavily chase black money and financial support for terrorism. Plus the fact that they can't prove who owns what amount in Bitcoin. It adds up. No pro's, but plenty of con's.

Do you have a bank account yourself?

I have a dozen accounts opened for a dozen foreign currencies in just one bank including four unallocated bullion accounts (for gold, platinum, silver and palladium). I can receive, transfer and withdraw any of these currencies (excluding PM accounts, of course). Now tell me how can a local government control any foreign currency (let alone precious metals)? Does it somehow prevent banks from using these currencies as well as precious metals? In fact, I wouldn't be surprised in the least degree if one day the bank offered me to open a Bitcoin account in addition to the host of accounts that I already have

Of course I do have a bank account, several to be more precise. If you transfer whatever foreign currency per bank, then it just gets some numbers changed in the database of your bank and the receiving party. All this happens within the system where they can follow basically every of your steps. That's what I meant with control. As long as that is the case, you can move things as much as you want, but everything is being logged till a point where if something goes wrong, they know where to find you.

Obviously, I'm not talking about transferring a foreign currency "per bank", and I'm curious what made you think so in the first place. By that I mean that I can send some amount in a foreign currency to any bank in any country. When I open such an account, it has a foreign bank as a processor for such payments. But this is another jurisdiction where neither the local bank nor the Central bank of this country have no power altogether. Further, if I can withdraw this foreign currency through an ATM, it can't possibly pass as "all this happens within the system". As I get it, after I have cash in my hands, it is no longer within the "system", right? They know where to find me since my identity is known to them...

And how would it be different if I opened another account there, now in Bitcoin?

[lambdaE]

I think it is depend on what bitcoin bank offer to us, if there are some benefit of using it which better than current condition I will be agree, but if it just make another centralization, of course I do not agree with it.

No there wont be any centralization and all transactions and savings would be anonymous and work like the way bitcoins do. Consider a site which is not controlled by anyone .. maybe satoshi can open something like that. Beyond the imaginations of common people.

[Dudeperfect]

I think it is depend on what bitcoin bank offer to us, if there are some benefit of using it which better than current condition I will be agree, but if it just make another centralization, of course I do not agree with it.

Exactly, Right now there are two flows of opinions at the moment on this point. I would love to use bitcoin bank if it gives something more than the current situation and if it shows some potentials to help increasing bitcoin’s awareness and system. No one wants to keep their money with someone else if there is not return on that principle amount. Bank would provide services (like paying bills directly with bitcoin and many other features) so why not go for it? Of course, it should be optional.

[Gembul]

I think it is depend on what bitcoin bank offer to us, if there are some benefit of using it which better than current condition I will be agree, but if it just make another centralization, of course I do not agree with it.

Yes, but now without any bank bitcoin already easier for us. Hence why there should be a bank? In my opinion there will be no bank is willing to take risks to adopt bitcoin, especially in developing countries, its bitcoin users are still rare. And yes if the bank does not offer considerable advantages I think people prefer to use bitcoin without banks. Thank you

[deisik]

For it to truly be a "bank" you would need some form of insurance against loss.
In the United States we have the FDIC which insures up to $100,000 of loss on any account

So without an FDIC a Bitcoin bank wouldn't be authentic or genuine?

The FDIC was established 1933 (as per Wiki), but banks had been operating over a hundred years prior to the introduction of the deposit insurance system (and I guess not all the US banks are part of it). Were these banks not real banks or what? I suspect there are quite a few countries where there is no local counterpart of the US FDIC (and the latter insures deposits up to $250,000). Does it mean that the banks in these countries are not true banks?

[Vaskiy]

I think it is depend on what bitcoin bank offer to us, if there are some benefit of using it which better than current condition I will be agree, but if it just make another centralization, of course I do not agree with it.

Bitcoin bank idea seems to be the right choice for the need of reaching more and more users. Importantly due to the recent financial crisis in several countries bitcoin continued to support people with its good price and becoming a commodity with good storage value token even without the existence of bitcoin bank. Possibly if this continues, sure the price increase happens gradually over the entire year.

[webtricks]

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.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

The need of Bitcoin Bank is complete absurd!!
Ok, the main reason ppl deposit with bank-
1. To save their money (paper wallet does so in case of btc)
2. To get return (indeterminate nature of btc will not allow this function)
3. Remittances and transfers (can be done at greatest ease even now without banks)

So, no need at all!!

[youdamushi]

Banking industry is centralized and it defeats the purpose of using bitcoin, let's just admit that we cannot achieve big growth like making majority of people adopt with bitcoin as they certainly would choose the fiat system or any government regulated currency, and that's for security reasons

We should separate the wheat from the chaff

Fiat banks are centralized in a sense of being regulated by the laws passed by governments. A bank which breaks these laws loses their banking license and ceases banking operations. But banks are basically free in respect to how much money they can create (in certain limits, of course). In this way, they are decentralized even higher than Bitcoin miners which can create only as many bitcoins as firmly set by the current mining reward. On the other hand, the whole Bitcoin network is no less regulated than a banking system, I mean by the Bitcoin protocol. Some folks here claim that Bitcoin is even more regulated than any fiat system out there (if you are going to challenge that point, don't attack me since it is not my point)

Yeah mister Cat-Pilot! But can we really separate banking system from its legal regulation? Both seems completely symbiotic don't they?
Bitcoin network is much less regulated than the banking system we know because banking system in our world needs governmental approbation to even exist.

But as you seem to have thought a lot about the question I have a question for you: what would be the point of a bitcoin bank?
I mean, a fiat bank has a very simple purpose, making money, and a simple utility for most of its users: providing a stock and exchange system. Banks were created for that, you use a bank not for the interest rates but because you NEED an account in order to send and receive money, because no company will give you your wage in cash, no government will make it easy for you to pay your taxes with cash, and even if all that was possible you would still want to stock your money in a "safe deposit". Of course interest rates are a plus, but you would use banks even if they had 0% interest rates!

But bitcoin already allow all of that. So what would be the main goal of banks?

I have already answered that question

You seem to misunderstand what a Bitcoin bank would mean in practice. Most likely, it won't be a separate entity like web wallets are now but rather a service offered by regular banks (once they are allowed to make business with Bitcoin). Obviously, such a service could potentially include everything that web wallets are offering nowadays, and in addition to that, banks would offer services which they basically earn money with and which make them different from other financial institutions, for example, by loaning bitcoins at interest protected with real collateral

Well... Not so sure about why I would put my money in a bank for that...
They would be used for specific investments maybe, but who would put his money inside just to let it there? That would be stupid. No real benefit and you hand out your money to a private corporation which can do whatever it wants...

[deisik]

Yeah mister Cat-Pilot! But can we really separate banking system from its legal regulation? Both seems completely symbiotic don't they?
Bitcoin network is much less regulated than the banking system we know because banking system in our world needs governmental approbation to even exist.

But as you seem to have thought a lot about the question I have a question for you: what would be the point of a bitcoin bank?
I mean, a fiat bank has a very simple purpose, making money, and a simple utility for most of its users: providing a stock and exchange system. Banks were created for that, you use a bank not for the interest rates but because you NEED an account in order to send and receive money, because no company will give you your wage in cash, no government will make it easy for you to pay your taxes with cash, and even if all that was possible you would still want to stock your money in a "safe deposit". Of course interest rates are a plus, but you would use banks even if they had 0% interest rates!

But bitcoin already allow all of that. So what would be the main goal of banks?

I have already answered that question

You seem to misunderstand what a Bitcoin bank would mean in practice. Most likely, it won't be a separate entity like web wallets are now but rather a service offered by regular banks (once they are allowed to make business with Bitcoin). Obviously, such a service could potentially include everything that web wallets are offering nowadays, and in addition to that, banks would offer services which they basically earn money with and which make them different from other financial institutions, for example, by loaning bitcoins at interest protected with real collateral

Well... Not so sure about why I would put my money in a bank for that...
They would be used for specific investments maybe, but who would put his money inside just to let it there? That would be stupid. No real benefit and you hand out your money to a private corporation which can do whatever it wants...

Personally, you may not want to put your money there

But you can't possibly discard almost 5 million users of Coinbase alone. And it is far from being the only pebble on the beach. There are quite a few other web wallets out there (e.g. Xapo, BitGo, etc). What makes all their clients hold bitcoins there? It is security, ease of use, and free of charge transactions, obviously. Now add to this an interest paid on coins held in a Bitcoin bank account. Would you mind getting interest paid on your idle coins (given how many folks are just hoarding bitcoins)?