Build a Bank Of Bitcoin

[coynedterm]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Nice idea , but think yourself why people will addict toward you bank money  of bitcoin and for what service you will give 2-3% profit per year .
Once Suppose you get success to start your bank of bitcoin and also suppose thousands of people invested in your bitcoin bank but what you will do if the people will ask for the profit of interest .
I mean you should have idea to increase the amount of the money that have made deposit by the people in your bank .
It is not much easy as you are thinking , It needs a very big thinking to develop with big amount of money to invest and big range of advertisment also .Which is not easy for a simple person .

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[phr0stbyt3]

I like your idea about building a bank and providing services like a normal bank. But I don't think it will be that successful because now also many people aren't aware of bitcoins and second I don't think people will put their money for interest as bitcoin itself provides high return per year. The idea is good but is risky and has a high investment required. But if it is successful it can be good for the future of bitcoin both in terms of price and it's awareness.

[Nahl]

regulation would be the main problem if you want to build bitcoin bank especially if bitcoin illegal and also every transactions would not anonymous anymore because usually banks want our personal ID if we want to create account at there and our bitcoin address will recognized everytime we send bitcoin to other address so basically this is not good idea

[legendbtc]

Bitcoin is not specific to single country, if it is restricted to specific country than we can build bank for bitcoin easily. Bitcoin have distributed to many countries so each country have different rules and regulation. It may be difficult to setup a bank for bitcoin because many other banks oppose and not support by them any more.

[megynacuna]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

A big NO as tgat defeats decentralization. We need our freedom and that's what Bitcoin came to do. To give us tgat freedom to own our banks and have access to our funds every time of the day, it's a feedom from a central authority so why should we come place our freedom in your hands again.

[pedrog]

Already done, already failed, a lot of people got scammed and lost a shit load coins.

Search 'NEO and BEE'.

[zuyfg888]

Putting a bank of bitcoin would be very risk to everyone though we already know about this, but how about others? We all know that people dont trust easily if its regards on money. Its a big responsibility. But having a bank for it would be great for us.

[Xenophoto]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Hell no. First and foremost, who are you? We don't know about you and we can't just hand out our money just because you're building a project.

How is your "bitcoin bank" any different than any other investment sites out there? Your plan doesn't have any difference than any other banks as well. We would rather invest in the banks if we want something like this.

I also doubt that the bank would be successful because of the "loan" feature. If you are operating in the bitcoin world, you should expect people all over the world. If someone got a loan from you and didn't pay, even if you have his identification and his whereabouts, are you going to do so much trouble for so little amount of money? Don't tell me that you're going to hire the cops abroad, go on court hearings, just because someone owes you a couple of dollars.

[izanagi narukami]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Bitcoin concept is decentralize means that no one able control your bitcoin except yourself.
If they made bitcoin bank , it will break decentralize concept , right ?

So I think it's difficult to make this come true especially when some country forbid bitcoin for their good

[maku]

I dont think this will click. Bitcoin is not meant for bank. Its not the purpose of bitcoin. Bank is centralized while bitcoin is decentralized system. We dont want our identity revealed. Plus, no banks ever done this before, afaik. Why dont you build an exchange rather than this? Exchange/lending service, that would be great.

Bitcoin was created to be alternative to banking system which is bloated with bureaucracy and may act like crisis generator.
We experienced that before in 2008, that is why Satoshi said we should have bitcoin, peerless and trustless way to send money.
But you are wrong, it would click, people would use bitcoin bank, especially when it would generate interests.

[wxa7115]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

No true believer in bitcoin will believe in any single bitcoin bank ever, there is no service you can offer as a bitcoin bank that is not readily available in bitcoin already or that we can get in some other way, also I will not trust anyone else with my coins.

[U2]

No I wouldn't trust you. How are you going to pay me 1% interest a year on my savings go account of bitcoins increase sevenfold? You would just go bankrupt then we're all fucked. Bitcoins are the antithesis of a bank so why bother mixing the two?

No one will ever take a bitcoin mortgage because I don't want to buy a $100,000 house and next year my mortgage will be $350,000. I'd just walk away like when the housing bubble popped in Texas.

[justdimin]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

I trust my bank to save my fiats because it is regulated by my government. When a bank gets collapsed my government will take responsibility to restore my account along with my savings.

Now just tell me, what are the measurements you have taken to run a bank system similar to what I stated above for example. Never think, people will get greedy and will start saving with you when you offer some interest. Have seen many companies like you said.

[mindrust]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Do you have the resources to track down the loaners? What if some of your customers run away with your money? You will need your own lawyers, investigators and etc.

People even defraud full blown government backed banks and run away overseas with their money...  You think you will be able handle all those by yourself? Good luck.

Btw, if you get conned don't ever ask help from the police. You'll get arrested.

[sportis]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Do you really believe something like that? Bitcoin and Bank has only one common. Both of them start with letter 'B'. But if you like the bank idea why not stick with fiat? If you like digital currency there is already a bank its name is LHV Pank which is the largest independent bank of Estonia. They did an experiment using cryptographically protected certificates valued 100,000 Euro using colored coins. They called this technology cuber. They also created a mobile SPV wallet. On the other side here is the satoshi's vision. If you read only the abstract do you find any similarity?

[wxa7115]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Nice idea , but think yourself why people will addict toward you bank money  of bitcoin and for what service you will give 2-3% profit per year .
Once Suppose you get success to start your bank of bitcoin and also suppose thousands of people invested in your bitcoin bank but what you will do if the people will ask for the profit of interest .
I mean you should have idea to increase the amount of the money that have made deposit by the people in your bank .
It is not much easy as you are thinking , It needs a very big thinking to develop with big amount of money to invest and big range of advertisment also .Which is not easy for a simple person .

Banks pay you interest for allowing them to use your money to loan your money to other people and then they create banking money and with it fractional reserve banking but that is not directly possible with bitcoin since they cannot print bitcoin at will, so they will probably need to create some bitcoin certificates to do that.

[LeGaulois]

And if you give money to people for a loan, where the money will com from ? From the others customers. And if the others customers come to you to ask their BTC, what will you giVe them, since you used their funds for a loan? BTC from others users, and the circle continue with no end. For using this system no i won't trust. If people want to leave banks for bitcoin there is some reasons.

[btcjoin14]

I dont think this will click. Bitcoin is not meant for bank. Its not the purpose of bitcoin. Bank is centralized while bitcoin is decentralized system. We dont want our identity revealed. Plus, no banks ever done this before, afaik. Why dont you build an exchange rather than this? Exchange/lending service, that would be great.

funny thing is that while what you say is true, everyone is still using an exchange to trade(and hold their funds which is against what bitcoin is by your logic, because they are centralized

i think a bitcoin bank could help bitcoin adoption greatly for those that are newcomers to this world, in fact with the introduction of coinbase in the past, which is the best bitcoin bank you can get now, the adoption did increased

Now that I think about it Amph you're actually right lol. That's a very interesting concept.

Bitcoin is meant to be carried by an individual not a group of individuals. I mean an exchange that hold Bitcoin isn't really viewed as a bank because we know how exchanges usually end...they usually disappear like Cryptsy, Mintpal, MtGox, etc.

Now if a very large bank company like Bank of America integrates a sub-bank that focuses on bitcoin holding and interest then they might survive a bailout if there was a worse case scenario. Having a online market exchange would be a huge game-changer as well, then they could earn money on trading fee's along with the transaction fee.

Of course this is all speculation.

[cotton ball]

Blockchain able to make it happen. The trust of customers with accurate technology required to establish a physical bank, doesn't need to make a lot of units, it takes only 3-5 banks in each country that adopts Bitcoin.

Supposedly normal bank could inject bitcoin to be a part of digital currency (of course with government regulations and cooperation with blockchain), the most difficult task is to remove the anonymous user data. Transparency of customer data is needed to prevent all the problems that will arise.

Loans come from circulation flow of taxes, interest rates, and savings/deposit customers. If you are able to create a stable circulation, nothing is impossible.

[hase0278]

It was a nice idea OP that you will build a bank of bitcoin but I don't think that many users will use it since they store their bitcoin mainly on their wallets and exchanges and sell it when the price got high. It might be easier to profit on price movements for others than to invest it in bitcoin bank. IMO you should forget about the idea of building a bitcoin bank for now OP since there are only a few that will use it.