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PhucS
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February 11, 2017, 06:58:05 AM |
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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 ?
You've got a good idea, it is very commendable but I think to build a bank of Bitcoin, I think it is quite difficult and must depend on many factors. First, you must ask for permission and consent of the State to you can do it. Second, the banks subject to the management of the State and the goverment, if you build Bitcoin bank then of course it will depend on the State. This is not true to the nature of Bitcoin, it is free and not subject to any management of the organization or individual. Users will have to pay taxes and many people certainly will not like this. Third, the current Bitcoin prices remain volatile, it is still fluctuating, paying interest to customers and manage is difficult. Your idea is great, but I think you need to change it. |
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pinkflower
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February 11, 2017, 07:19:58 AM
Last edit: February 12, 2017, 01:46:56 PM by pinkflower |
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With the price fluctuations happening with bitcoin it is really a hard to function by paying interest to the users similar to the traditional banking. With banks a common interest is paid to the users but with bitcoin if interest is paid depending on the price of bitcoin people won't be benefitted much. This keeps them to follow traditional banking than the bitcoin banking system.
Yeah theres also that problem. If some bank is dealing only with Bitcoin now they would be having a board meeting right now discussing how fiat is a better currency for them to use. They will see their capitalization sink or go up by 20% on a weekly or monthly basis. |
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IamNotAnonymous
Newbie
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Activity: 56
Merit: 0
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February 11, 2017, 09:46:15 AM |
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With which back up gold reserves you planning to secure your funds? with what arm forces are you going to enforce the law upon any arising issues?
You think operating a bank is like copy pasting the source code and build a wallet and then create a sh*t coin?
Who are you guys and where you come from another planet?
There is a another way. GRB Trust of Satoshi Nakamoto will back up. |
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xSkylarx
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February 11, 2017, 06:08:09 PM |
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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 ?
Well of course at first people will surely doubt it, And also building a bank with bitcoin I think it would be pretty much against bitcoin, Because bitcoin was born for the anonymity of all of it's user so if you are going to build a bank so they would have to submit their true information. |
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Mometaskers
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February 11, 2017, 06:17:50 PM |
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If there's one thing that I would like in a bitcoin bank, then it would be the insurance. I only have a small amount of money, small enough to not warrant buying a hardware wallet (I use online, not familiar with the software wallets). What if somehow the exchange got hacked, how will I get my bitcoin back? With a bank at least, I would get an insurance, provided the bitcoin bank operates pretty much the same as traditional bank.
I suppose it would be just like the bank I use except that instead of fiat it operates mostly on bitcoin, with fiat being sold or bought like how banks handle foreign currency. That being said building a bank is no easy task and I don't believe anyone can single-handedly build one without at least founding a company first. And there would be all the government regulations as well as a large start-up capital to get everything of the ground.
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Aamir1
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February 11, 2017, 06:32:12 PM |
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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 ?
If you ask me, i would probably not give away my bitcoins to any third party for keeping them for just getting a really small amount of money as interest every year. I don't need to do that at all. I have my money safe and i don't need anything extra out of it. It is already growing and i can have some investments if i want my bitcoins to grow. So i feel, it wont work out in my opinion. |
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Theb
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February 11, 2017, 07:02:35 PM |
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That is not the real question. The real question is will you earn from your bank and still function as a bank that gives interest to your customers? Of course the answer will be a Big NO, because the #1 reason is that Bitcoin is volatile and a currency that is Volatile won't be attractive to people who are asking out loans from your bank. In return you won't earn anything from it.
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thunderbitz2717
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February 11, 2017, 07:39:12 PM |
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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 am not in favor about in bitcoin bank, why? it can be a tools by the government to enter in bitcoin world to control it. as we all know that all banks in the whole world was controlled by the government of each country, That's why bitcoin was anonymous and decentralized so that not anyone can control bitcoin even it is the most powerful or strong influence in the whole world still bitcoin cannot be control. |
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wxa7115
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February 12, 2017, 04:15:00 AM |
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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 ?
If you ask me, i would probably not give away my bitcoins to any third party for keeping them for just getting a really small amount of money as interest every year. I don't need to do that at all. I have my money safe and i don't need anything extra out of it. It is already growing and i can have some investments if i want my bitcoins to grow. So i feel, it wont work out in my opinion. Don’t underestimate greed in people, if they hear even something as small as 2 or 3% by year you can be sure there is going to be enough gullible people sending their money to whatever investment product they are investing, but the problem is if the bank becomes a scam, something very likely, then you are never going to see your bitcoins again. |
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emezh10
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February 12, 2017, 04:25:48 AM |
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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 ?
Agree I am not in favor too. because you can hold your bitcoin in your own so building a bank is not a good way to have an income. what if the price will drop and someone wants to withdrew their money you will loss. Bitcoin itself is a bank so no need to build an bitcoin bank because you will loss after all. Why you need to create a bitcoin bank when bitcoin itself is a big bank. I am not in favor about in bitcoin bank, why? it can be a tools by the government to enter in bitcoin world to control it. as we all know that all banks in the whole world was controlled by the government of each country, That's why bitcoin was anonymous and decentralized so that not anyone can control bitcoin even it is the most powerful or strong influence in the whole world still bitcoin cannot be control. |
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densuj
Legendary
Offline
Activity: 910
Merit: 1000
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February 12, 2017, 06:24:22 AM |
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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 ?
Actually build a bank of bitcoin is good ideas like your explaining about it, the problem if you are really want build bank of bitcoin will needs good reputation, unfortunately your are newbie and don't have reputation on here. The people will not trusted in you with put their bitcoin on your service, please don't offense it is the fact must be known. |
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geopolisch
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February 12, 2017, 06:34:32 AM |
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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 ?
Actually build a bank of bitcoin is good ideas like your explaining about it, the problem if you are really want build bank of bitcoin will needs good reputation, unfortunately your are newbie and don't have reputation on here. The people will not trusted in you with put their bitcoin on your service, please don't offense it is the fact must be known. Only the befits will prove whether the idea of bitcoin bank is good or not. Because I do find any extra benefits by having a bitcoin banks. We are already getting all the benefits (what a bank could offer) from bitcoin wallet itself or some third party specialized services. There are lot of practical of complications on building a bitcoin bank and its reputation hence sticking with current system would be more convenient for many bitcoiners imho. |
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Xester
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February 12, 2017, 06:37:19 AM |
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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 ?
As long as our bitcoin is secured and we will be earning some profits then I will be glad to join. But in order for me to join you must have several branches all over the world otherwise it will be useless placing our bitcoins n your bank if we cannot access it on the other parts of the globe. For me its a great idea, this is the kind of bank people are dreaming of. |
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mace15
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February 12, 2017, 09:43:45 AM |
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I dont think this would happen to have a bitcoin bank. And, government will approve this kind of services. As before will approve this kind of services offers, there's a need of processes and regulations. So, its not easy to build bitcoin bank and not easy to trust this kind of service, since bitcoin may save online.
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Vaccinus
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February 12, 2017, 12:28:01 PM |
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That is not the real question. The real question is will you earn from your bank and still function as a bank that gives interest to your customers? Of course the answer will be a Big NO, because the #1 reason is that Bitcoin is volatile and a currency that is Volatile won't be attractive to people who are asking out loans from your bank. In return you won't earn anything from it.
not entirely true, it might works for short term interest, and to compensate you can increase the interest to higher level than bank, because bitcoin si more unstable as you said 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 ?
As long as our bitcoin is secured and we will be earning some profits then I will be glad to join. But in order for me to join you must have several branches all over the world otherwise it will be useless placing our bitcoins n your bank if we cannot access it on the other parts of the globe. For me its a great idea, this is the kind of bank people are dreaming of. lol dude bitcoin travel on internet you can access from where you want this is not a problem, look at chinese they can use bitcoin despite their big restriction to the majority of website outside of their country |
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webtricks
Legendary
Offline
Activity: 1918
Merit: 1728
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February 12, 2017, 01:46:10 PM |
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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 ?
The chief revenue source for Bank is difference between interest rates of deposits and lendings. But as a Bitcoin Bank, giving unsecured loans in Bitcoin is impossible due to anonymity of Bitcoin. While very difficult to give secured loans due to volatility of Bitcoin. It is very difficult to ascertain value of collateral. Giving long-term loans will almost impossible. Suppose Bank gave loan on 12th Feb 2016 and what about Bitcoin after one year? $600+ in bitcoin value. Re-think! |
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pinkflower
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February 12, 2017, 01:51:09 PM |
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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 ?
The chief revenue source for Bank is difference between interest rates of deposits and lendings. But as a Bitcoin Bank, giving unsecured loans in Bitcoin is impossible due to anonymity of Bitcoin. While very difficult to give secured loans due to volatility of Bitcoin. It is very difficult to ascertain value of collateral. Giving long-term loans will almost impossible. Suppose Bank gave loan on 12th Feb 2016 and what about Bitcoin after one year? $600+ in bitcoin value. Re-think! It will also be open to a lot of fraudulent activities by the BTC banks. If they have a slight majority of their BTC on loan to their clients they can manipulate the market by dumping and make the price lower. This will make the borrowers have smaller purchasing power with their borrowed BTC. The banks then can use fiat to scoop them back at a cheaper price. |
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PokerFace3
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February 12, 2017, 02:01:07 PM |
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It will also be open to a lot of fraudulent activities by the BTC banks. If they have a slight majority of their BTC on loan to their clients they can manipulate the market by dumping and make the price lower. This will make the borrowers have smaller purchasing power with their borrowed BTC. The banks then can use fiat to scoop them back at a cheaper price.
Yes, bitcoin bank idea may kill the bitcoin's most exciting feature of decentralization. Why we need to lose that most important benefits for the sake of gaining some interests whereas we are already gaining significantly through bitcoin's value appreciations. Moreover there are many services which are getting us benefits similar to what a bank will do. |
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KennyR
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February 12, 2017, 02:02:33 PM |
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I dont think this would happen to have a bitcoin bank. And, government will approve this kind of services. As before will approve this kind of services offers, there's a need of processes and regulations. So, its not easy to build bitcoin bank and not easy to trust this kind of service, since bitcoin may save online.
Its hard to build a bitcoin bank with regulations similar to traditional banks. Traditional banking processes were the universally accepted service. On regulating bitcoin some of the unique features such as the revealing of identity gets affected. |
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bestluck
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February 12, 2017, 03:28:34 PM |
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I think the online wallets work the same as are done by the banks like they secure the bitcoins of we people but the only difference is that they do not give any interest on saving people bitcoin. Maybe in te future any of online wallet come with that feature to give interest on it but it will be hard for them to make the profit if they will not give loans too to others.
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