Crypto bank

[Zadicar]

As far as I know, there is no such thing called bitcoin-friendly bank as well as bitcoin-based bank. Because bitcoin is designed to create freedom in money for people by eliminating third parties with the help of blockchain technology and it's doing just fine, why would we need someone to go against that? Besides, banks don't prefer the idea of bitcoin as it can make fiat money to lose balance, so it's no point in getting a bitcoin bank.

Theres no really point on talking into these stuff because it wont really happen and there would be no bank or crpyto banks because they wouldnt like to engage to bitcoin since its uncontrollable and the value does inflates and deflates which means banks cant guarantee to make money and people would rather use their own bitcoin wallets than putting into banks.

[smyslov]

Is there such a thing as a 'Bitcoin based' bank? To put it differently, is it possible to get rid of banks totally? The idea would be to have a blockchain based system capable of dealing with SEPA (direct bank debit) or things like that, just like Paypal but based on cryptos?

I don't have one that will have control on what to do with our funds,paypal is horrible for no reason at all they restrict your account,if a bitcoin is set up,they will have a control of our bitcoin and you need a lot of verification to use their service.

[Fabricus]

I am almost sure that this time you will not find this kind of bank in Europe as far as I am able to know. Most of the European countries like the distributed ledger technology but they want it private and centralized. In addition they want their digital coin and neither bitcoin or any other crypto coin. Maybe the most friendly is Estonia because is the most internet friendly in European continent. Take a look here http://www.cuber.ee/en_US/news/ and here (reveals the way governments and banks thinking) https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

Many thanks for the links, I'll have a closer look... For what it's worth I tried to call some Estonian bank a couple months ago and as I'm not Estonian it wasn't possible at the time... but maybe things have changed, I'll catch up, do my homework and see where it leads ;-)

[Fabricus]

Actually one answer may offer the response to many questions... which bank(s) are the big exchanges using? I mean, what is(are) the bank(s) behing Kraken, Bitfinex, Bitstamp, Poloniex, etc.? Any thoughts?

[pawel7777]

I am almost sure that this time you will not find this kind of bank in Europe as far as I am able to know. Most of the European countries like the distributed ledger technology but they want it private and centralized. In addition they want their digital coin and neither bitcoin or any other crypto coin. Maybe the most friendly is Estonia because is the most internet friendly in European continent. Take a look here http://www.cuber.ee/en_US/news/ and here (reveals the way governments and banks thinking) https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

Many thanks for the links, I'll have a closer look... For what it's worth I tried to call some Estonian bank a couple months ago and as I'm not Estonian it wasn't possible at the time... but maybe things have changed, I'll catch up, do my homework and see where it leads ;-)

I don't think setting up a bank account in Estonia will be much different than in any other European country, but if you're keen to try, you don't necessarily have to be Estonian. They do have an ongoing programme called e-residency:

E-residency of Estonia (also called virtual residency or e-Residency) is a program launched by Estonia on 1 December, 2014. The program allows non-Estonians access to Estonian services such as company formation, banking, payment processing, and taxation

https://en.wikipedia.org/wiki/E-residency_of_Estonia

https://e-estonia.com/e-residents/about/

ps Care to share what kind of bitcoin start-up you're hoping to create?

[MingLee]

Actually one answer may offer the response to many questions... which bank(s) are the big exchanges using? I mean, what is(are) the bank(s) behing Kraken, Bitfinex, Bitstamp, Poloniex, etc.? Any thoughts?

Most of them probably have business accounts with large banks in their own country, or they have some sort of internalized banking system. Considering they're big exchanges for the most part one would expect they have a decent understanding of banking security.

I wouldn't be surprised to see big Chinese bank names as some providers, probably Chase or JP Morgan for some American exchanges, etc.

[marseille]

Many banks are looking to create their own cybercoins. Even US fed is thinking about "FedCoin" which will eventually remove the cash usage, and better tracking money flows. So some crypto banks will come soon.

[theothersmith]

Crytpo and bank should not be in the same sentnce.

[Fabricus]

The entire idea about bitcoin is decentralization. Banks will never decentralize ever. Bitcoin is expanding and expanding. They tell you how much money of your own you can take out. Thats stupid as fuck.

Again I can't agree more... but in times of transition such as now we have to make some compromise... I do agree with you but we do need to be in the system to create a business this is MANDATORY by law in most european country so that's why I'm looking around for the best possible solution

[Fabricus]

@pawel7777 Many thanks for the link, I'll have a closer look to that e-nationality that might be the answer indeed ;-)

As for the kind of business we are doing it's quite simple actually but I prefer to talk about that via MP so I'll message you about that :p

[jak3]

every human being now a days is forced directly or indirectly to make a bank account no katter which bank they choose but all the banks are interconnected. and secondly  no , nobody can make banks go away atleast not that easily they are ruling from a lot of years so they need much more effor

[BingoDog]

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

[Ryan Dugan]

No banking goes against how bitcoin works so this idea can never be achieved.

Crytpo and bank should not be in the same sentnce.

Exactly ! They complete opposites.

[Xester]

There are thousands of banks in the whole world and possibly one of them are accepting bitcoins though I am not really sure about it.

In my country there are no banks accepting bitcoin so instead we use escrow services to bridge the bank and bitçoin.

They are right in saying that crypto and bank should not go together since their transactions and coverage are not the same.

[aso118]

Hi everyone,

I've been a reader of that wonderfull forum for a while and I'm jumping in for the first time  I've searched that topic deeply for days and days, found some interesting things about that (even here) but no clear answer so I'm starting a new thread to get as detailed informations as possible (many thanks in advance  ).

I actually have two questions:

• Q1: Banks are usually not huge fans of crypto related businesses but I suppose that the big startups around (Kraken, Bitfinex, Polo, etc.) all have bank accounts but my question is: which banks are 'Bitcoin friendly' (or at least Bitcoin tolerant) to start a business with? To specify my question, if I'd like to create a Bitcoin based startup, where should I look at (I'm in Europe)?
• Q2: Is there such a thing as a 'Bitcoin based' bank? To put it differently, is it possible to get rid of banks totally? The idea would be to have a blockchain based system capable of dealing with SEPA (direct bank debit) or things like that, just like Paypal but based on cryptos?

Many thanks in advance for any enlighted answer you may provide 

A lot of people in the Bitcoin space are looking for banks which are Bitcoin friendly.
A dated list and discussion on the same can be found here.
https://bitcointalk.org/index.php?topic=264679.0

[iqlimasyadiqa]

This is an excellent innovation. we can make a bank guarantee bitcoin crypto that we have. some future time this will become a reality.

[dihari]

Hi everyone,

I've been a reader of that wonderfull forum for a while and I'm jumping in for the first time  I've searched that topic deeply for days and days, found some interesting things about that (even here) but no clear answer so I'm starting a new thread to get as detailed informations as possible (many thanks in advance  ).

I actually have two questions:

• Q1: Banks are usually not huge fans of crypto related businesses but I suppose that the big startups around (Kraken, Bitfinex, Polo, etc.) all have bank accounts but my question is: which banks are 'Bitcoin friendly' (or at least Bitcoin tolerant) to start a business with? To specify my question, if I'd like to create a Bitcoin based startup, where should I look at (I'm in Europe)?
• Q2: Is there such a thing as a 'Bitcoin based' bank? To put it differently, is it possible to get rid of banks totally? The idea would be to have a blockchain based system capable of dealing with SEPA (direct bank debit) or things like that, just like Paypal but based on cryptos?

Many thanks in advance for any enlighted answer you may provide 

A lot of people in the Bitcoin space are looking for banks which are Bitcoin friendly.
A dated list and discussion on the same can be found here.
https://bitcointalk.org/index.php?topic=264679.0

Well, this is a knowledge that I have to know exactly. Your questions is can be expand to "which banks are friendly with bitcoin user in europe?"
That's will be a great innovation for world banking.

[Fabricus]

There are thousands of banks in the whole world and possibly one of them are accepting bitcoins though I am not really sure about it.

In my country there are no banks accepting bitcoin so instead we use escrow services to bridge the bank and bitçoin.

They are right in saying that crypto and bank should not go together since their transactions and coverage are not the same.

Hi Xester, when you say you are using escrow you refer to services like localbitcoin?

[CryptoVzla]

What's the point of Bitcoin Banking?  Saving? Interests? Loans? Remittances? Cards? ATMs? I think all of that is now possible with Bitcoin, we just have to wait and spread the word for more bitcoin adoption..

[iamTom123]

always i ask my self can banks accept bitcoin if so that will be so easy to transfer money tho

it's already very easy to transfer bitcoin you don't need a bank for that, and you also have one already which can be called an online bank for bitcoin like coinbase, the functionality is very similar, but the issue here is your personal data and your privacy

You are correct. The functions and services of a bank can now be found in online sites offering almost the same what a traditional bank does. Of course, there will always be limitations and variations but the idea is the same. I think no Bitcoin-dealing site will use the word "bank" because it is associated with the usual regulated and centralized system cryptocurrency is avoiding in the first place.