Build a Bank Of Bitcoin

[Natalim]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

[uN-ann]

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 ?

Would you utilize fractional reserve lending? At what ratio? How would you prepare for a bank run?

[Xester]

You know, wallets can be your own bank. It doesn't make sense  to me if you are making a bank for bitcoin. I haven't seen any bank like this. Why dont you make a wallet with unique features? Bank means you need to get under the government control which bitcoin users dont  want to be involve with.

I'm kind a little bit confuse of why he is going to build his own bank, Honestly, as a bitcoin fanatic we must understand that by keeping Bitcoin in our own wallet is obviously we are the bank of our own BTC. isn't common sense only, its logic isn't? I think that guy is like to implement the segwit which is not in favor to us for sure.

Thats right. The idea makes me confused also. I can't imagine that it would have all characteristics in it's activity as any other bank. If only in the case of keeping bitcoin, but this function good made by different kind of bitcoin wallets. So I really don't see any sense in bitcoin bank.

The sense in bitcoin bank is security and provision of loans. If our wallet are hacked inside a site that host the wallet then we can no longer retrieve our bitcoins but with bitcoin bank there is an insurance that if the bank is hacked we can still retrieve our bitcoin. Another this is that we can make a bitcoin loan to the bitcoin bank. But to get away the inconvenience of the old banking system the banks will only have a percentage of the increase and will only gain from surcharges and loan interest.

[AjithBtc]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

Banks are a must to have a standard procedure in all needs. Due to anonymous transaction crime increases, this can be avoided by having a track to know the users and help with transaction. In this case only banks can operate successfully.

[Zadicar]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

Banks are a must to have a standard procedure in all needs. Due to anonymous transaction crime increases, this can be avoided by having a track to know the users and help with transaction. In this case only banks can operate successfully.

But the big question is? Do people would really tend to use that Bitcoin bank if theres one? I dont think so and they will surely choose or decide to hold their own bitcoin into their own wallet rather than on putting it on a bitcoin bank since when you decide to put it there anonymity will surely gone and some people dont really like that thing.

[Xenophoto]

But the big question is? Do people would really tend to use that Bitcoin bank if theres one? I dont think so and they will surely choose or decide to hold their own bitcoin into their own wallet rather than on putting it on a bitcoin bank since when you decide to put it there anonymity will surely gone and some people dont really like that thing.

Once there's a bitcoin bank available for everyone to use and it's a huge business, you will be surprised by how much people don't have the confidence that their bitcoins are safe with them. You will see a lot of people using bitcoin banks even they are ultimately risking their bitcoins since the bank can run away or get hacked. It's just human nature, people want something or someone to trust.

Yes, people will be using bitcoin bank most especially if these banks start giving out loans or do time deposits where you can earn profits by just saving your coins. You know, the usual bank but using bitcoins.

[severaldetails]

But the big question is? Do people would really tend to use that Bitcoin bank if theres one? I dont think so and they will surely choose or decide to hold their own bitcoin into their own wallet rather than on putting it on a bitcoin bank since when you decide to put it there anonymity will surely gone and some people dont really like that thing.

Once there's a bitcoin bank available for everyone to use and it's a huge business, you will be surprised by how much people don't have the confidence that their bitcoins are safe with them. You will see a lot of people using bitcoin banks even they are ultimately risking their bitcoins since the bank can run away or get hacked. It's just human nature, people want something or someone to trust.

Yes, people will be using bitcoin bank most especially if these banks start giving out loans or do time deposits where you can earn profits by just saving your coins. You know, the usual bank but using bitcoins.

I think as well that there would be a market out there for a bitcoin bank.
All you have to do is lure the people with promises or frighten them how unsafe bitcoins are anywhere but in the bank.
Technically I think you would need some kind of bank license to do that.
And I am relatively sure that such a license would be nearly impossible to gain for bitcoin.

[Xenophoto]

But the big question is? Do people would really tend to use that Bitcoin bank if theres one? I dont think so and they will surely choose or decide to hold their own bitcoin into their own wallet rather than on putting it on a bitcoin bank since when you decide to put it there anonymity will surely gone and some people dont really like that thing.

Once there's a bitcoin bank available for everyone to use and it's a huge business, you will be surprised by how much people don't have the confidence that their bitcoins are safe with them. You will see a lot of people using bitcoin banks even they are ultimately risking their bitcoins since the bank can run away or get hacked. It's just human nature, people want something or someone to trust.

Yes, people will be using bitcoin bank most especially if these banks start giving out loans or do time deposits where you can earn profits by just saving your coins. You know, the usual bank but using bitcoins.

I think as well that there would be a market out there for a bitcoin bank.
All you have to do is lure the people with promises or frighten them how unsafe bitcoins are anywhere but in the bank.
Technically I think you would need some kind of bank license to do that.
And I am relatively sure that such a license would be nearly impossible to gain for bitcoin.

The world has been built by fears of the people. That's what most services do. "You have open pores and your friends will surely judge you for that." says some cosmetic product commercial by having someone get laughed by his/her friends while having an exaggerated open pores.

This is the marketing strategy that has been happening for a really long time. People are very conscious about everything and they don't want to feel unsafe or different from the herd. The "promises" that a business offers are doubted by every consumer but if you make them feel unsafe, they will buy your product right away.

"I think it's all based on, the idea of 'keep everyone afraid, and they'll consume'." - Marilyn Manson

[sportis]

But the big question is? Do people would really tend to use that Bitcoin bank if theres one? I dont think so and they will surely choose or decide to hold their own bitcoin into their own wallet rather than on putting it on a bitcoin bank since when you decide to put it there anonymity will surely gone and some people dont really like that thing.

Once there's a bitcoin bank available for everyone to use and it's a huge business, you will be surprised by how much people don't have the confidence that their bitcoins are safe with them. You will see a lot of people using bitcoin banks even they are ultimately risking their bitcoins since the bank can run away or get hacked. It's just human nature, people want something or someone to trust.

I agree that human existence and all the years that have already passed till now like as the age of the people are very important factors that lead them to choose a bitcoin bank. Also, if some individuals see the bitcoin only as commodity and not as currency and they are looking for a place like as a safe box to put their bitcoins there. But in the future,imo, next generation people will understand better the nature of cryptos and maybe they will be completely contrary to the existence of these kind of banks.

EDIT:Grammar

[deisik]

You know, wallets can be your own bank. It doesn't make sense  to me if you are making a bank for bitcoin. I haven't seen any bank like this. Why dont you make a wallet with unique features? Bank means you need to get under the government control which bitcoin users dont  want to be involve with.

I'm kind a little bit confuse of why he is going to build his own bank, Honestly, as a bitcoin fanatic we must understand that by keeping Bitcoin in our own wallet is obviously we are the bank of our own BTC. isn't common sense only, its logic isn't? I think that guy is like to implement the segwit which is not in favor to us for sure.

Thats right. The idea makes me confused also. I can't imagine that it would have all characteristics in it's activity as any other bank. If only in the case of keeping bitcoin, but this function good made by different kind of bitcoin wallets. So I really don't see any sense in bitcoin bank.

The sense in bitcoin bank is security and provision of loans. If our wallet are hacked inside a site that host the wallet then we can no longer retrieve our bitcoins but with bitcoin bank there is an insurance that if the bank is hacked we can still retrieve our bitcoin. Another this is that we can make a bitcoin loan to the bitcoin bank. But to get away the inconvenience of the old banking system the banks will only have a percentage of the increase and will only gain from surcharges and loan interest

This seems to be a misguided opinion

How can you possibly be insured that your coins will be retrieved when they get stolen? It will be absolutely the same Bitcoin that got stolen at Mt. Gox and Bitfinex or elsewhere. So how can it be different? Even money from payment cards gets stolen from time to time, and it may be hard to catch the thieves, but with Bitcoin it will be right next to impossible. In fact, I haven't heard about a single case where Bitcoin thieves or hackers have been ever caught. Basically, once your coins get stolen, you can safely kiss goodbye to them

[X-ray]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

Banks are a must to have a standard procedure in all needs. Due to anonymous transaction crime increases, this can be avoided by having a track to know the users and help with transaction. In this case only banks can operate successfully.

http://www.zdnet.com/article/commonwealth-bank-ups-technology-spend-to-au1-2b-in-h1/
http://www.zdnet.com/article/queensland-treasury-uses-cba-blockchain-for-cryptobond-prototype/

Bitcoin bank = Never gets implemented. Bank based the blockchain system = You will see some of them on 2018.

[Botnake]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

Banks are a must to have a standard procedure in all needs. Due to anonymous transaction crime increases, this can be avoided by having a track to know the users and help with transaction. In this case only banks can operate successfully.

http://www.zdnet.com/article/commonwealth-bank-ups-technology-spend-to-au1-2b-in-h1/
http://www.zdnet.com/article/queensland-treasury-uses-cba-blockchain-for-cryptobond-prototype/

Bitcoin bank = Never gets implemented. Bank based the blockchain system = You will see some of them on 2018.

I think that is more appropriate as the government would never allow to adopt with bitcoin, instead they copy the system of bitcoin and integrate it in their system to improve their service. That way, we have two options, and people who will enjoy the fast transaction of bank in the near future will also interest bitcoin as blockchain originated from bitcoin.

[pooya87]

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 way, its not because I don't trust you. But because we are bank already of our own bitcoin. That's why were the only one who knows the private keys and passwords. So I think it wouldn't work if you insist to build your own bank.

Of course keeping our bitcoin on our own is like banking on our own way, we do not need third party to entrust our money and our information. If it's the same set up as fiat banking, I doubt if people will who have already tried the benefits of using bitcoin will shift to that old system.
For me, I would not bother to take our my deposits and transferred to that specific kind of bank, I'm safe here and will be safer in the future to come.

Banks are a must to have a standard procedure in all needs. Due to anonymous transaction crime increases, this can be avoided by having a track to know the users and help with transaction. In this case only banks can operate successfully.

http://www.zdnet.com/article/commonwealth-bank-ups-technology-spend-to-au1-2b-in-h1/
http://www.zdnet.com/article/queensland-treasury-uses-cba-blockchain-for-cryptobond-prototype/

Bitcoin bank = Never gets implemented. Bank based the blockchain system = You will see some of them on 2018.

but you should remember that there is no stopping bitcoin. and it is getting adopted every day that passes. this means that in the future people are going to be using bitcoin a lot more, and banks don't care about anything else than profit and if they start giving services to bitcoin users such as opening bitcoin accounts with small profit, giving bitcoin loans, giving bitcoin credit cards,.... they can make lots of profit and that is what they will do in the future.

[RENATA612]

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 might be done to make a bank, but it will take lots of money because they have made their branches in order to serve many users bitcoin, it took careful thought and planning, I hope it can be done

[danherbias07]

Trust, that is what you are trying to build first if you are making a bank. Many have tried and many have failed or run away with the money or bitcoin. This things should be thought well first before going to conclusion.
You will be providing to how tou are going to give interest. How are you making money to provide that. How much will be your capital?
How are you different with website wallets?

[Kvazimoda]

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 might be done to make a bank, but it will take lots of money because they have made their branches in order to serve many users bitcoin, it took careful thought and planning, I hope it can be done

I wonder at what income the bank will pay interest for the placement of the deposit? Conventional banks are taking a very large commission for the operation, and then pay them out of interest on deposits. And where will this money in the bank?

[Soul Reaper]

Building a bitcoin bank is not a good idea .
As we all know that bitcoin is a Decentralised currency.
That is no third party is between trade of 2 people.
And the miners are doing a great job by controlling our transactions by solving a mathematical problem through their powerful systems.
So having blockchain wallet is I think enough because our bitcoins are managed property there.
So , I don't think that there is really a need of bitcoin banks.

[bit-emperor]

You know, wallets can be your own bank. It doesn't make sense  to me if you are making a bank for bitcoin. I haven't seen any bank like this. Why dont you make a wallet with unique features? Bank means you need to get under the government control which bitcoin users dont  want to be involve with.

I'm kind a little bit confuse of why he is going to build his own bank, Honestly, as a bitcoin fanatic we must understand that by keeping Bitcoin in our own wallet is obviously we are the bank of our own BTC. isn't common sense only, its logic isn't? I think that guy is like to implement the segwit which is not in favor to us for sure.

Thats right. The idea makes me confused also. I can't imagine that it would have all characteristics in it's activity as any other bank. If only in the case of keeping bitcoin, but this function good made by different kind of bitcoin wallets. So I really don't see any sense in bitcoin bank.

The sense in bitcoin bank is security and provision of loans. If our wallet are hacked inside a site that host the wallet then we can no longer retrieve our bitcoins but with bitcoin bank there is an insurance that if the bank is hacked we can still retrieve our bitcoin. Another this is that we can make a bitcoin loan to the bitcoin bank. But to get away the inconvenience of the old banking system the banks will only have a percentage of the increase and will only gain from surcharges and loan interest.

this is what i mean, one of the reason of why we need to build a Bitcoin Bank

[Mirconome]

Building a bitcoin bank is not a good idea .
As we all know that bitcoin is a Decentralised currency.
That is no third party is between trade of 2 people.
And the miners are doing a great job by controlling our transactions by solving a mathematical problem through their powerful systems.
So having blockchain wallet is I think enough because our bitcoins are managed property there.
So , I don't think that there is really a need of bitcoin banks.

And what is the difference between the real banks that control Fiat, and those that will control bitcoin? Then we will lose all the benefits bitcoin.

[deisik]

Building a bitcoin bank is not a good idea .
As we all know that bitcoin is a Decentralised currency.
That is no third party is between trade of 2 people.
And the miners are doing a great job by controlling our transactions by solving a mathematical problem through their powerful systems.
So having blockchain wallet is I think enough because our bitcoins are managed property there.
So , I don't think that there is really a need of bitcoin banks.

And what is the difference between the real banks that control Fiat, and those that will control bitcoin? Then we will lose all the benefits bitcoin

Bitcoin is not your fiat

In essence, banks can create fiat out of thin air (today they don't even need the deposits of their clients for that). With Bitcoin, it is impossible, so your whole premise is wrong. Bitcoin works outside the banking system, you can transact coins directly, which you can't do with fiat. Indeed, you can use cash, but how are you going to pay someone at the other end of the world? With fiat you have to use banks to do that (that's why they effectively control your money). With Bitcoin you don't need any banks for doing that and a lot other things as well. Hope this helps see the difference between regular and Bitcoin banks (if the latter should actually emerge)