Build a Bank Of Bitcoin

[bitllionaire]

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.

i do not think that the bitcoin bank idea will work so much. i think the uses of bitcoin are not so much to feel the need of bitcoin bank. i think the wallet system is the best system, i think in future when bitcoin will become more popular, then people will reduce the use of banks and will give more preference to online wallet system.

[Oppolee]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

[South Park]

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

The problem is banks are very sneaky and people can be very lazy, that is why banks were created in the first place, people did not want to secure their coins themselves and then someone got the idea of securing someone else’s coins, I’m sure that at some point bitcoin banks will appear despite the fact that buying a hardware wallet is not that expensive.

[choppork]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

They can't make it centralized. To make it centralized, they would have to buy all of the coins or at least the majority of it, and then change the technology into something that collects tax right away in every transaction. It will be like transaction fee, but it will be larger since it's tax. Most people are ranting about the "high" fees, which isn't high at all compared to how much you'd pay if you use other stuffs like Paypal. How much more would they rant when there's already tax in bitcoin. If bitcoin gets taxed, it's already a failed project. Most people will use a different coin and when the government makes it centralized as well, they'd just move to another and so on..

[bravehearth0319]

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 question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?
  My answer is I won't give my trust on you, Why should I entrust my bitcoin to you, meaning I will give also my password and private key of   my wallet where I stored my bitcoin. If I do that the decentralization of bitcoin will become meaningless.

[olushakes]

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 ?

There wont be anything wrong with this but the issue members of the community will have is trust. How do i get to keep my btc with someone who is not regulated or i can hold responsibe in case things didnt go as planned? The Bitcoin has been deigned for "freedom" and having a bank to control such in the sense that having to mop up deposit or increase interest rate might negate that principle

[The_prodigy]

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

Same i don't trust this if theres an bitcoin bank how if there an corrupt happen? We can't get our bitcoin back And theres more theres no insurance i will still choose web wallets where i can stored my bitcoins much safer than trust other people who handled it.

[SikatBray]

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 ?

Why should one deposit security like Bitcoin in Banks!
Main reason why people save in Bank is getting return and adding security to funds. But in case of Bitcoin, bank will unable to generate return. Why?
Because primary source of income for bank is loan but in case of btc, giving loan in terms of fiat will not possible due to volatility whereas giving loan in terms of Bitcoin will not be possible too because borrower will not able to pay back additional btc.
On the whole, no income, no interest!!

[praboso96]

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

Same i don't trust this if theres an bitcoin bank how if there an corrupt happen? We can't get our bitcoin back And theres more theres no insurance i will still choose web wallets where i can stored my bitcoins much safer than trust other people who handled it.

Yes, I also trust only myself. And I would not like to use a bank of bitcoins. This is an extra risk that I do not need. I'm sure that such a bank will not be popular

[deisik]

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 ?

Why should one deposit security like Bitcoin in Banks!
Main reason why people save in Bank is getting return and adding security to funds. But in case of Bitcoin, bank will unable to generate return. Why?
Because primary source of income for bank is loan but in case of btc, giving loan in terms of fiat will not possible due to volatility whereas giving loan in terms of Bitcoin will not be possible too because borrower will not able to pay back additional btc.
On the whole, no income, no interest!!

It is certainly true that Bitcoin banks won't be able to generate income from loans

The reasons for that have been explained many times, so there's no need to repeat them again. But this doesn't in the least mean that banks won't be able to pay interest on money in deposit account that people would open in these banks. The logic behind such a claim is pretty simple. Major web wallets pay the transaction fees for their clients, and thereby the fees which folks don't pay can be loosely considered as such interest (remember, a penny saved is a penny gained) since the wallets still have to cover these expenses somehow. But even today, when the fees are surging along with the price, web wallets like Coinbase or Xapo are still prospering somehow. Obviously, instead of paying the fees they could just as easily pay the interest. It won't be high, but high enough to attract depositors (since many people are just keeping their coins in web wallets anyway, even without any interest)

[suredoood]

Building a bank for bitcoin defeats the purpose of bitcoin in the first place. The point of bitcoin is that you are your own bank so long as you keep your private key and nobody can say otherwise.

[Rinder]

This bank will for sure be made and the high rates should atract a lot investment into them, but the thing is even with better rates then fiat, why we would risk to have our money into a bank while we are able to be our own banks, taking advantage of trading and able to invest at our own risk.

[South Park]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

You are right, but that is because we know why bitcoin was created but for the average person that only cares about checking their facebook status the reasons of the existence of bitcoin will be irrelevant so if the banks can offer a competitive system then they could thrive and succeed in the creation of a bitcoin bank.

[Fireblade]

This bank will for sure be made and the high rates should atract a lot investment into them, but the thing is even with better rates then fiat, why we would risk to have our money into a bank while we are able to be our own banks, taking advantage of trading and able to invest at our own risk.

i do not think that banks will put any great effect on the price of bitcoin.  in present time i do not think that we need for any bank to be use so far. as the online wallet system is the number, in fact the wallet system is one of best and convenient way of using bitcoin for online purpose. i will like to to continue busing bitcoin through online wallet.

[mornabo]

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

one of the great self-defense in order to avoid a scam is not believed by anyone on the internet because that is reliable even be deceptive on the internet Lol
as well as bitcoin bank with a centralized system?

[deisik]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

They can't make it centralized. To make it centralized, they would have to buy all of the coins or at least the majority of it, and then change the technology into something that collects tax right away in every transaction. It will be like transaction fee, but it will be larger since it's tax. Most people are ranting about the "high" fees, which isn't high at all compared to how much you'd pay if you use other stuffs like Paypal. How much more would they rant when there's already tax in bitcoin. If bitcoin gets taxed, it's already a failed project. Most people will use a different coin and when the government makes it centralized as well, they'd just move to another and so on

I don't think that it is ever going to come to that

Though not because Bitcoin cannot be taxed as such (even that in fact may not be possible), but, as you just said yourself, because they would first have to buy all of the coins. If they buy all the coins (let's assume that), people will just create another Bitcoin (with new fancy bells and whistles like SegWit and Lightning Network) and start using it instead of the old Bitcoin, which they have so wisely got rid of. And then "they" will have to buy up this new Bitcoin all over again

[choppork]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

They can't make it centralized. To make it centralized, they would have to buy all of the coins or at least the majority of it, and then change the technology into something that collects tax right away in every transaction. It will be like transaction fee, but it will be larger since it's tax. Most people are ranting about the "high" fees, which isn't high at all compared to how much you'd pay if you use other stuffs like Paypal. How much more would they rant when there's already tax in bitcoin. If bitcoin gets taxed, it's already a failed project. Most people will use a different coin and when the government makes it centralized as well, they'd just move to another and so on

I don't think that it is ever going to come to that

Though not because Bitcoin cannot be taxed as such (even that in fact may not be possible), but, as you just said yourself, because they would first have to buy all of the coins. If they buy all the coins (let's assume that), people will just create another Bitcoin (with new fancy bells and whistles like SegWit and Lightning Network) and start using it instead of the old Bitcoin, which they have so wisely got rid of. And then "they" will have to buy up this new Bitcoin all over again

And that's just why the government isn't doing anything about bitcoins. They'd be stuck in a loop. People will move to another coin and then when it has bloomed enough, the government would want to buy it again. This will happen again and again, leaving the government with very little amount of money and people that use cryptocurrencies will be rich. It's a very absurd idea to make bitcoin centralized by buying all the coins, but it's the only way to do so.

Bitcoin is decentralized and the way to centralize it is really really unwise to do. Simply put, "You can't change who you are." Bitcoin is decentralized, and it will remain decentralized.

[xIIImaL]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

They can't make it centralized. To make it centralized, they would have to buy all of the coins or at least the majority of it, and then change the technology into something that collects tax right away in every transaction. It will be like transaction fee, but it will be larger since it's tax. Most people are ranting about the "high" fees, which isn't high at all compared to how much you'd pay if you use other stuffs like Paypal. How much more would they rant when there's already tax in bitcoin. If bitcoin gets taxed, it's already a failed project. Most people will use a different coin and when the government makes it centralized as well, they'd just move to another and so on

I don't think that it is ever going to come to that

Though not because Bitcoin cannot be taxed as such (even that in fact may not be possible), but, as you just said yourself, because they would first have to buy all of the coins. If they buy all the coins (let's assume that), people will just create another Bitcoin (with new fancy bells and whistles like SegWit and Lightning Network) and start using it instead of the old Bitcoin, which they have so wisely got rid of. And then "they" will have to buy up this new Bitcoin all over again

Time came already bro. For the first try Citibank creating their first digital currentcy called citicoin. US government seeking permission to enroll blockchain technology under US commerce department. If this achieved, we ll be taxed for using it. I don't think Gulf countries will do the same their citizens. Let's hope bitcoin price should rise more and Government make btc as ledger alone not with the taxation side.

[RENATA612]

you dont have to build a bitcoin bank all by ourselves with ur guys .as china is building their own bitcoin bank which is very crutial and others should understand that china will be the most powerful country if all the people start using bitcoins as on a daily basis.

what because china has been since their inception bitcoin mining so that they become the majority in bitcoin users, whereas the bitcoin his stock so that other countries if bitcoin has circulated official then inevitably they have to buy bitcoin to find high fantatis

[deisik]

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

Yes, it seems to me that the creation of such a bank is an attempt to centralize bitcoin. And I really do not like it. I believe that bitcoin should not be controlled

They can't make it centralized. To make it centralized, they would have to buy all of the coins or at least the majority of it, and then change the technology into something that collects tax right away in every transaction. It will be like transaction fee, but it will be larger since it's tax. Most people are ranting about the "high" fees, which isn't high at all compared to how much you'd pay if you use other stuffs like Paypal. How much more would they rant when there's already tax in bitcoin. If bitcoin gets taxed, it's already a failed project. Most people will use a different coin and when the government makes it centralized as well, they'd just move to another and so on

I don't think that it is ever going to come to that

Though not because Bitcoin cannot be taxed as such (even that in fact may not be possible), but, as you just said yourself, because they would first have to buy all of the coins. If they buy all the coins (let's assume that), people will just create another Bitcoin (with new fancy bells and whistles like SegWit and Lightning Network) and start using it instead of the old Bitcoin, which they have so wisely got rid of. And then "they" will have to buy up this new Bitcoin all over again

Time came already bro. For the first try Citibank creating their first digital currentcy called citicoin. US government seeking permission to enroll blockchain technology under US commerce department. If this achieved, we ll be taxed for using it. I don't think Gulf countries will do the same their citizens. Let's hope bitcoin price should rise more and Government make btc as ledger alone not with the taxation side

But what difference does it make in the end?

The government can already tax fiat transactions (since they are efficiently controlling commercial banks via the central bank of a country), but what's the purpose of that, what would be the economic reason behind such an idea? Citibank is not the first to create private money, and governments typically don't like this idea (because of possible competition with the government money itself). Okay, let's assume they create their Bitcoin copycat (or whatever) and how will it be different from a myriad of other shit coins already there? In other words, how can they force people to abandon Bitcoin in favor of this new "altcoin", especially if they are going to tax transactions with it (which is meaningless as such)?