Build a Bank Of Bitcoin

[South Park]

I think it is not what the creator wants he/she build it for the anonymity of everyone that uses it,
So if there would be a Bitcoin Bank anyone who are going to withdraw from it have to give their real personal information,
And also bitcoin is made to decentralization and privacy of its owner.

Yeah, it goes against everything that bitcoin stands for, besides it is not like a bitcoin bank can offer us any kind of benefit we cannot get with bitcoin as it is, bitcoin is very secure already, a bank will not be able to offer chargebacks because that is not possible with bitcoin, and interest rates could be gotten in bitcoin casinos.

[Natalim]

I think it is not what the creator wants he/she build it for the anonymity of everyone that uses it,
So if there would be a Bitcoin Bank anyone who are going to withdraw from it have to give their real personal information,
And also bitcoin is made to decentralization and privacy of its owner.

Yeah, it goes against everything that bitcoin stands for, besides it is not like a bitcoin bank can offer us any kind of benefit we cannot get with bitcoin as it is, bitcoin is very secure already, a ban will not be able to offer chargebacks because that is not possible with bitcoin, and interest rates could be gotten in bitcoin casinos.

Charges are possible if they operate like an exchange site where we deposit our bitcoins in a certain wallet that we created in compliance with the KYC. That way our transactions will be monitored and that is really the purpose of bitcoin bank if it's govern by the state, AMLC will play a big role in directing the bank to comply with a strict policy to prevent money laundering, with our current system where we only keep our bitcoin in an online wallet it's possible but with bitcoin bank it will not be tolerated and we might face charges against the government.

[genny2kuk]

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 ?

People don't really trust financial institutions because they are trustworthy, but because they are heavily regulated by the authorities. So depositors monies cannot go missing

[Lieldoryn]

I think it is not what the creator wants he/she build it for the anonymity of everyone that uses it,
So if there would be a Bitcoin Bank anyone who are going to withdraw from it have to give their real personal information,
And also bitcoin is made to decentralization and privacy of its owner.

Yeah, it goes against everything that bitcoin stands for, besides it is not like a bitcoin bank can offer us any kind of benefit we cannot get with bitcoin as it is, bitcoin is very secure already, a ban will not be able to offer chargebacks because that is not possible with bitcoin, and interest rates could be gotten in bitcoin casinos.

Charges are possible if they operate like an exchange site where we deposit our bitcoins in a certain wallet that we created in compliance with the KYC. That way our transactions will be monitored and that is really the purpose of bitcoin bank if it's govern by the state, AMLC will play a big role in directing the bank to comply with a strict policy to prevent money laundering, with our current system where we only keep our bitcoin in an online wallet it's possible but with bitcoin bank it will not be tolerated and we might face charges against the government.

If your investment in a bitcoin Bank will be controlled by the state and taxed, then what is the point then to use bitcoin? Then easier to use the dollar. I think this is not an option. Bitcoin Bank should be established under the jurisdiction of the uninhabited Islands. Then you can avoid taxes and stay in the legal field.

[lOvE mE forEvEr]

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 ?

People don't really trust financial institutions because they are trustworthy, but because they are heavily regulated by the authorities. So depositors monies cannot go missing

I think the bitcoin must be different, if it is the same as the bank then everything is not interesting. I think without the bank is better, bitcoin will use during still profitable like now.

[pinkpanther03]

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.

Yes, I agreed on you. Bitcoin bank will not be success in the end, bitcoin I believed most of the community here won't agree on this matter also, and nobody will entrust their bitcoin to them. Only stupid one will agree on this things, or lack of knowledge in bitcoin.

[Zadicar]

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.

Yes, I agreed on you. Bitcoin bank will not be success in the end, bitcoin I believed most of the community here won't agree on this matter also, and nobody will entrust their bitcoin to them. Only stupid one will agree on this things, or lack of knowledge in bitcoin.

This is indeed a stupid thing to consider and you are right only people who have lack of knowledge about bitcoin will surely like this thing to happen but we all know people do love bitcoin since it cant be control by anyone but only you which is really a great feature of bitcoin.

[1Referee]

Yes, I agreed on you. Bitcoin bank will not be success in the end

How do you know that already?

bitcoin I believed most of the community here won't agree on this matter also

If you browse through various related threads, then you'll notice how many people are willing to make use of such a service would it ever come to life. If demand is there, and that's obviously the case, then the only logical thing to come up with is > demand will meet supply. That's how markets work. Bitcoin is definitely not an exception.

and nobody will entrust their bitcoin to them.

I definitely wouldn't as I will never ever allow an entity to have control over my coins, but that doesn't mean others will look exactly the same at this subject. If you give certain people enough incentive to have them store their coins within your service, then they will come. Incentive could be free transactions, interest over your coins, etc.

Only stupid one will agree on this things, or lack of knowledge in bitcoin.

Perhaps that might play a certain role, but still, who cares? If they want to expose themselves to certain risks, it's their choice. It's not that you'll suffer any sort of damage from people making a mistake or a wrong choice.

[Lancusters]

I do not trust any banks. Why bitcoin Bank should be the exception? I think keeping money in banks is a bad idea.

[deisik]

I think it is not what the creator wants he/she build it for the anonymity of everyone that uses it,
So if there would be a Bitcoin Bank anyone who are going to withdraw from it have to give their real personal information,
And also bitcoin is made to decentralization and privacy of its owner.

Yeah, it goes against everything that bitcoin stands for, besides it is not like a bitcoin bank can offer us any kind of benefit we cannot get with bitcoin as it is, bitcoin is very secure already, a ban will not be able to offer chargebacks because that is not possible with bitcoin, and interest rates could be gotten in bitcoin casinos.

Charges are possible if they operate like an exchange site where we deposit our bitcoins in a certain wallet that we created in compliance with the KYC. That way our transactions will be monitored and that is really the purpose of bitcoin bank if it's govern by the state, AMLC will play a big role in directing the bank to comply with a strict policy to prevent money laundering, with our current system where we only keep our bitcoin in an online wallet it's possible but with bitcoin bank it will not be tolerated and we might face charges against the government.

If your investment in a bitcoin Bank will be controlled by the state and taxed, then what is the point then to use bitcoin? Then easier to use the dollar. I think this is not an option. Bitcoin Bank should be established under the jurisdiction of the uninhabited Islands. Then you can avoid taxes and stay in the legal field

Not many people are using Bitcoin just because of the features that set it apart from fiat

On the other hand, quite a few people use it by simple virtue that they happened to lay their hands on Bitcoin (though not necessarily in any criminal way). For them, Bitcoin is just another more or less universally accepted currency like the US dollar or Euro. I don't think that we should expect entirely Bitcoin banks any time soon. Rather, that would be regular banks allowing to open Bitcoin accounts just like you open your current or deposit account right now. With all government regulation that banks are subjected to, people will trust these banks (since those would be the same banks that they are already using anyway), but this will urge merchants to start accepting Bitcoin on a wider scale. And here we come to your point why anyone would ever want to use Bitcoin. Simply because it will get wider adoption and will be accepted as a means of payment online

[calkob]

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 ?

HAHA    Absolutely not....  why on earth would anyone trust you not to run of with their bitcoin.  I would'nt even trust the most trusted man in bitcoin Andreas Antonopolus to look after my private keys, heck i would'nt even trust me to look after your bitcoin because i understand the temptation.  if you give someone your money eventually they will run of with it.

[South Park]

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 ?

HAHA    Absolutely not....  why on earth would anyone trust you not to run of with their bitcoin.  I would'nt even trust the most trusted man in bitcoin Andreas Antonopolus to look after my private keys, heck i would'nt even trust me to look after your bitcoin because i understand the temptation.  if you give someone your money eventually they will run of with it.

Correct, we must think of bitcoin wallets as… well, wallets?, would we trust our wallets and the contents of it to a stranger just because he asks,  I think the answer for almost any normal human will be, hell no! So we must follow the same principle with bitcoin.

[Ayers]

I do not trust any banks. Why bitcoin Bank should be the exception? I think keeping money in banks is a bad idea.

yeah funny thing is that bitcoin was born because we don't want to keep money in the bank, and this guy is saying that there should be a bitcoin bank, this is an oxymoron to me, bitcoin should remain decentralized, if poeple feel unsecure and want more investment, they can invest in altcoin

[marcuslong]

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 are going to create or build an bank of bitcoin then you likely killing web wallets where they will no longer use web wallets that has big fees when you are going to make big transaction sending in bank when you are going to send person to person there no charge at all but for me since our technology are becoming more useful if people can build an atm machine that can use bitcoin to withdraw there then much more btter

[beafheart]

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 ?

People don't really trust financial institutions because they are trustworthy, but because they are heavily regulated by the authorities. So depositors monies cannot go missing

I think the bitcoin must be different, if it is the same as the bank then everything is not interesting. I think without the bank is better, bitcoin will use during still profitable like now.

I agree with you. Why apply to such institutions and pay a commission. Bitcoin can also be used without banks. I would not apply to such a bank

[Hydrogen]

I wouldn't mind a btc savings bank that paid interest on deposits with accounts protected up to a certain amount of insurance.

A btc service that offered high interest similar to an IRA would be nice.

Those would be decent sources of entry level, passive income, which btc and altcoins currently lack.

But in terms of traditional banks who have influence in creating economic and currency policy.

I think I would prefer an impartial bitcoin miner regulating inflation objectively than an economist, analyst or CEO who could be bought for the right price.

[dunfida]

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 ?

People don't really trust financial institutions because they are trustworthy, but because they are heavily regulated by the authorities. So depositors monies cannot go missing

I think the bitcoin must be different, if it is the same as the bank then everything is not interesting. I think without the bank is better, bitcoin will use during still profitable like now.

I agree with you. Why apply to such institutions and pay a commission. Bitcoin can also be used without banks. I would not apply to such a bank

Most bitcoin users would really not plan to put their bitcoin on a bank since we could already make commisions with just holding bitcoin on our own wallet and we know all banks do give only small interest on the bitcoin that we deposited thats why its just a useless idea.

[sevendust777]

If someone will try to build a bank of bitcoin, for sure they will encounter a difficulties to build. Because there are many processes that need to comply. But, for me Im not agree for having like this because bitcoin is not intended to save in a bank. The anonymity will disregard and we have limit if the subject above will happen.

[Botnake]

If someone will try to build a bank of bitcoin, for sure they will encounter a difficulties to build. Because there are many processes that need to comply. But, for me Im not agree for having like this because bitcoin is not intended to save in a bank. The anonymity will disregard and we have limit if the subject above will happen.

We in the community are surely not looking for a bitcoin bank anymore, we are satisfied already with the online bitcoin wallet and we feel safe already with our funds stored in it. Bitcoin banks is useless if it will replace the basic features of bitcoin which is decentralized and will give us benefits with fast and low transaction fees.

[fikihafana]

At first i would say, i dont trust everyone on the net. Bank of bitcoin is means centralized currency, and no one can guarantee it will be fine using it