Build a Bank Of Bitcoin

[Supercrypt]

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

look at what Coinbase is doing and you will understand how bad Banks can be. We should never trust third party since we can not fully control our money. Moreover, they can easily turn into scammers if they want to. Therefore, Bitcoin is created for the good purposes, for the anonymity and the security. Banks will destroy all these features

Yes, though it sounds bad but actually it's true that if we TRUST someone then we are risking our money to an indefinite risk. People deposit in banks because they are controlled by government and cannot run away like nothing.

There can be a group of escrow that control the bitcoins but then you won't be able to pay users interest as you can't lend them which actually is what banks do to generate revenue with funds.

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[Theb]

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

look at what Coinbase is doing and you will understand how bad Banks can be. We should never trust third party since we can not fully control our money. Moreover, they can easily turn into scammers if they want to. Therefore, Bitcoin is created for the good purposes, for the anonymity and the security. Banks will destroy all these features

Yes, though it sounds bad but actually it's true that if we TRUST someone then we are risking our money to an indefinite risk. People deposit in banks because they are controlled by government and cannot run away like nothing.

There can be a group of escrow that control the bitcoins but then you won't be able to pay users interest as you can't lend them which actually is what banks do to generate revenue with funds.

Banks are actually almost risk free because they are backed up by big corporations. Also when your money is stolen from a bank the government will pay for its losses, because all banks are required that the people putting up money in them are all insured which means you will get back the money that was stolen from you. Banks are also risk free because they actually don't put up any returns to your money.

[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

look at what Coinbase is doing and you will understand how bad Banks can be. We should never trust third party since we can not fully control our money. Moreover, they can easily turn into scammers if they want to. Therefore, Bitcoin is created for the good purposes, for the anonymity and the security. Banks will destroy all these features

Yes, though it sounds bad but actually it's true that if we TRUST someone then we are risking our money to an indefinite risk. People deposit in banks because they are controlled by government and cannot run away like nothing.

There can be a group of escrow that control the bitcoins but then you won't be able to pay users interest as you can't lend them which actually is what banks do to generate revenue with funds.

Banks are actually almost risk free because they are backed up by big corporations. Also when your money is stolen from a bank the government will pay for its losses, because all banks are required that the people putting up money in them are all insured which means you will get back the money that was stolen from you. Banks are also risk free because they actually don't put up any returns to your money

Why would government (read tax payers) want to cover your losses?

If a bank goes bust while its deposits are insured, you will receive your money back within s short period of time. When one of the banks in which I had a deposit account went belly up in the past, I received the deposit (with all outstanding interest) in about two weeks. But that doesn't mean that if someone steals money from your account due to your own negligence (e.g. by getting your account password or something like that), no one is ever going to compensate your losses. Otherwise, everyone and his dog would be stealing money from each other and then got reimbursed by the bank or government (tax payers)

[BitcoinPC]

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

look at what Coinbase is doing and you will understand how bad Banks can be. We should never trust third party since we can not fully control our money. Moreover, they can easily turn into scammers if they want to. Therefore, Bitcoin is created for the good purposes, for the anonymity and the security. Banks will destroy all these features

Yes, though it sounds bad but actually it's true that if we TRUST someone then we are risking our money to an indefinite risk. People deposit in banks because they are controlled by government and cannot run away like nothing.

There can be a group of escrow that control the bitcoins but then you won't be able to pay users interest as you can't lend them which actually is what banks do to generate revenue with funds.

Banks are actually almost risk free because they are backed up by big corporations. Also when your money is stolen from a bank the government will pay for its losses, because all banks are required that the people putting up money in them are all insured which means you will get back the money that was stolen from you. Banks are also risk free because they actually don't put up any returns to your money.

All of these above facts  are true for Fiat bank which government supports. Since most Governments do not support bitcoins, you wont expect them to cover the loss or provide insurances to bitcoins too.
I think online bitcoin wallets already provide some sort of banking  feeling,  where you put your coins and Deposit/Spend them.

[South Park]

I dont think it will be a great idea because we will not remain anonymous while using bitcoin for transaction because we will have to provide bank with our ID and also there's no guarantee that government will not interfere in the work of bank

If a bitcoin bank comes to happen then it is obvious government interference will happen since they love to regulate stuff, you can be sure you will be asked all kind of details about where your coins come from and even what you plan to do with them.

[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 ?

Wow you would tend to build your own bitcoin bank? You did already think off the posibilities that might happen if you plan to do this? If government would accept your service then it would be good but i think most bitcoin users would not use your service at all because there are lots of wallets could be used to.

This is right! the people I think who join with your ventures in establishing your bank are those community who are much knowledgeable into bitcoin, but for sure none of the bitcoin users will not gonna use of your service, due to establishing your own bank was is obviously a centralized type.

[birareru1988]

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 ?

Wow you would tend to build your own bitcoin bank? You did already think off the posibilities that might happen if you plan to do this? If government would accept your service then it would be good but i think most bitcoin users would not use your service at all because there are lots of wallets could be used to.

This is right! the people I think who join with your ventures in establishing your bank are those community who are much knowledgeable into bitcoin, but for sure none of the bitcoin users will not gonna use of your service, due to establishing your own bank was is obviously a centralized type.

I also think that such a bank will not enjoy interest among people. Everyone who has a bitcoin wallet has everything that a bank can give us. Apart from loans.

[StefanReed]

Any Bank can give even a few percent of income according to your contribution. If you collect bitcoins in order to wait until its increase in price, why are you not profitable to keep its bitcoins in a Bank?

[Adelajda]

Any Bank can give even a few percent of income according to your contribution. If you collect bitcoins in order to wait until its increase in price, why are you not profitable to keep its bitcoins in a Bank?

Bitcoin is created to make a difference in the centralized scheme of things and i would not want my assets to be resting in a centralized bank and i would be happy to keep it in the comfort of my pocket rather than in someone else. You really do not need a bank for bitcoin,period,end of story.

[Fatanut]

Any Bank can give even a few percent of income according to your contribution. If you collect bitcoins in order to wait until its increase in price, why are you not profitable to keep its bitcoins in a Bank?

You don't have to collect bitcoin in order to "wait" for the price increase. If you're waiting for the price increase, you're doing nothing but checking if the price has already increased. You simply, "wait".

It's profitable to keep your bitcoin in the bank since if you put 1BTC in the bank, regardless of what price it is on in exchange with USD, you will still have 1BTC. Cashing out your bitcoins as fiat (if that's available in the bitcoin bank you're using) will give you profits since 1BTC used to cost less than that, assuming that the price has increased.

No one's saying that it's not profitable. It's about not having the government in the scene.

[ilovefeetsmell]

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 think we don't need to build a bank for bitcoin because of the value fluctuate higher and sometimes drop down. It is better to save in your wallet, wait until the price goes up. I think it is better than the interest as what you've said. You can double your money in just a couple of years by saving it in your wallet. Your bitcoin bank would be nonsense or even worthless in the years goes by.

[AjithBtc]

Already there are several banks that work only with bitcoin as the medium for all needs. Those banks have got several investment schemes same as that we get in our traditional banking system. One thing that makes a difference is the virtual availability and no physical structure. I believe one or two banks have physical location all others were virtual.

[frowsiter]

But bitcoin is decentralised then how can it be operated from the bank. Also if you suppose to make bank of bitcoin solely of bitcoin then you will have to collect their identities which are against the rule of bitcoin I guess. I mean bitcoin online doesn't ask for your identity and you are free to do your transaction with any amount. Also fees are less when it comes to online bitcoin and for your physical bitcoin you will need big charges to afford your place, rent, service charges and all the stuff.

[Xester]

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

look at what Coinbase is doing and you will understand how bad Banks can be. We should never trust third party since we can not fully control our money. Moreover, they can easily turn into scammers if they want to. Therefore, Bitcoin is created for the good purposes, for the anonymity and the security. Banks will destroy all these features

Yes, though it sounds bad but actually it's true that if we TRUST someone then we are risking our money to an indefinite risk. People deposit in banks because they are controlled by government and cannot run away like nothing.

There can be a group of escrow that control the bitcoins but then you won't be able to pay users interest as you can't lend them which actually is what banks do to generate revenue with funds.

Banks are actually almost risk free because they are backed up by big corporations. Also when your money is stolen from a bank the government will pay for its losses, because all banks are required that the people putting up money in them are all insured which means you will get back the money that was stolen from you. Banks are also risk free because they actually don't put up any returns to your money

Why would government (read tax payers) want to cover your losses?

If a bank goes bust while its deposits are insured, you will receive your money back within s short period of time. When one of the banks in which I had a deposit account went belly up in the past, I received the deposit (with all outstanding interest) in about two weeks. But that doesn't mean that if someone steals money from your account due to your own negligence (e.g. by getting your account password or something like that), no one is ever going to compensate your losses. Otherwise, everyone and his dog would be stealing money from each other and then got reimbursed by the bank or government (tax payers)

Well he probably meant that if a bank was attacked by a hacker or it was bankrupt they will refund you since they have an insurance. But the insurance does have its limitations and if you have a large sum in your account not everything will be refunded. To make it simple we can just require and oblige the web wallet hosts to apply for an insurance so that when they go bankrupt or attacked by a hacker they can refund our bitcoins.

[Japinat]

Already there are several banks that work only with bitcoin as the medium for all needs. Those banks have got several investment schemes same as that we get in our traditional banking system. One thing that makes a difference is the virtual availability and no physical structure. I believe one or two banks have physical location all others were virtual.

Bank as per definition are those who exist and has a physical structure although they can transact both offline and online. What I understand is that whenever we call bank it is regulated by the government and they are set to follow the implementing rules when they are operating, however with bitcoin we can do banking even without a bank, that's the big difference.

[Baby Dragon]

We have already discussed the idea of bitcoin bank and a majority of the users are against the concept of bitcoin bank (I am not one of them).

Do you agree with idea "Bitcoin bank" ?

Have a look at the thread (link above) to have brief understanding of user's opinion.

Yes, I agree in bitcoin bank to save bitcoin easily and I know in the bank my bitcoin is totally safe and no one’s could be able try to stealth it.Bitcoin bank may help all people who want to get loan easily and without any paperwork’s.

[Ipwich]

We have already discussed the idea of bitcoin bank and a majority of the users are against the concept of bitcoin bank (I am not one of them).

Do you agree with idea "Bitcoin bank" ?

Have a look at the thread (link above) to have brief understanding of user's opinion.

Yes, I agree in bitcoin bank to save bitcoin easily and I know in the bank my bitcoin is totally safe and no one’s could be able try to stealth it.Bitcoin bank may help all people who want to get loan easily and without any paperwork’s.

Well, I don't agree with that, we have a wallet already and anytime we can exchange it to fiat using a reputable exchange site.
What is the use of bank anymore, it will jut expose all our activities and we loss the freedom to transact anonymously.

[Dudeperfect]

We have already discussed the idea of bitcoin bank and a majority of the users are against the concept of bitcoin bank (I am not one of them).

Do you agree with idea "Bitcoin bank" ?

Have a look at the thread (link above) to have brief understanding of user's opinion.

Yes, I agree in bitcoin bank to save bitcoin easily and I know in the bank my bitcoin is totally safe and no one’s could be able try to stealth it.Bitcoin bank may help all people who want to get loan easily and without any paperwork’s.

Well, I don't agree with that, we have a wallet already and anytime we can exchange it to fiat using a reputable exchange site.
What is the use of bank anymore, it will jut expose all our activities and we loss the freedom to transact anonymously.

Well, there is more than one aspect of it and I respect everyone's opinion. Some people says that bitcoin bank would help us to grow further and be helping the ignored class to learn and deal with the Bitcoin, on the other hand, people says that it would destroy the principle of bitcoin that is decentralisation of the wealth and elimination of intermediate factors.

[Sled]

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 don't people now a days preferred having a bank to store there bitcoins because there is already a lot of options to store your bitcoin like having a hardware wallet or a paper wallet which much worthy to trust and use than a bank. Bank means centralization for most of the people and people don't like that characteristic. I think building a bank is not a good idea.

[Kamarah]

build a bank of bitcoin is never a good idea. It will against the true meaning of bitcoin. The bank is based on the centralized system while bitcoin is decentralized. That is why I never use coinbase wallet