Build a Bank Of Bitcoin

[bitbunnny]

how can we do banking with bitcoin? if we can be the bank on our own wallet?
Unless Bitcoin has its own value on the bank and once deposit it converts to  FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.

I think that Bitcoin or better to say crypto banks will appear sooner or later. They will be specialy regulated and they will offer crypto related services. The market for such services stil exists but there is no adequate regulation and the risk is still too big that is why banks still hesitate.

[conected]

how can we do banking with bitcoin? if we can be the bank on our own wallet?
Unless Bitcoin has its own value on the bank and once deposit it converts to  FIAT right away!
But if we will just be having a bank to store bitcoin then what is the essence of that?
Remember that banks has their limit on paying customers if they declared bankruptcy and we dont want to be on their line.

I think that Bitcoin or better to say crypto banks will appear sooner or later. They will be specialy regulated and they will offer crypto related services. The market for such services stil exists but there is no adequate regulation and the risk is still too big that is why banks still hesitate.

- More precisely, we can not call them independent crypto or bitcoin banks, it is just another development direction of banks, the bank still focuses on other main services, crypto is just a sub for the convenience of many customers, and agree as you say, the rules for this service will require a lot of information and details to restrict and manage all activities. The building process will probably take a long time as countries are still discussing crypto and bitcoin, most governments cannot accept this freedom and anonymity, they need time to understand better

[Xanxus024]

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 ?

In my opinion people will not be interested since bitcoin price is not stabled and beside there's a lot of way to make bitcoin secure.

[Lorna111]

I think this is not essential anymore as bitcoin wallets can always be our bank. But in terms of identity and knowing your customer side, it would be very nice to have a bank that will verify all the information of their clients. In that way, frauds can also be prevented and scammers might be traced as well.

[imstillthebest]

I think this is not essential anymore as bitcoin wallets can always be our bank.

what about the traditional offline wallets . they can also be your own bank because some of them offers interest rates when you save on them but why there are still banks ?  you can ask that here on bitcoin , we still also need a bitcoin bank because a wallet cant do all the service alone  . banks still have other use or purpose that cant be find anywhere  .

by the way , i can see that last reply from this thread was on dec 2018 , that was a bit long . nice digging for the ones that digs this .

[senne]

It means involving third party for the management of your funds for some interest. There are already many wallets providing the same service. But most of them give interest to the depositor by trading the principal. If you are thinking about lending the depositor amount and then making margin through the difference of interest between lender and depositor, then you need to take care of the credit risk which could be a humongous task in itself.

[s1lverbox]

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 is no way you can make any money without fractional reserve system. Simply it means you can play with more btc than in your possesion. Bitcoin by design is tobuild to fight and win with this broken system so my answer is: why would i trust you if i can be bank myself?

[Colt81]

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 ?

It would be very difficult to entrust someone to save all of your bitcoin because nowadays there are a lot of hackers who could easily steal all of our bitcoin that was save on your bitcoin bank. So it will be better we should save each others bitcoin in our own wallets for good safety.

[romero121]

Banks have begun to adopt the blockchain technology for the efficient functioning of their services.
Already there were few financial service renders who function completely with cryptocurrencies.
There isn't any bank to function completely on bitcoin for some security reasons, and hacks.
When a bank operates on bitcoin it is responsible for all the funds of the people, as hacks are
common with bitcoin and other cryptocurrencies.
Maybe in future we might see such bitcoin banking services similar to the traditional banking.

[qwertyup23]

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 ?

It defeats the whole purpose of the blockchain which aims to eliminate the need for a third-party consensus in handling every transactions.

The blockchain technology was created for the purpose of putting every transaction in a public ledger which can be seen by all people in a public ledger, which each steps of the transaction being absolute and unalterable. On the other hand, banks have control over the transactions and we create a fiduciary relationship between them in storing our money.

If a bitcoin bank were to be created, there needs to be someone who oversees the transaction, which again defeats the whole purpose of creating the blockchain.

[randegibran]

Need regulation by country first to build a bank of bitcoin, many people interested for saving money in bank of bitcoin than have keep saving at bank usually using cash money and have lower price every day.

[Wa Da Fak]

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 technically, you should earn somehow my trust, but in the other hand maybe i should trust you if a lot of people has been invested on your bank, and i think you should do more than a bank, what i mean is like do something interesting.

The pros i guess, it can be easy and less hassle if your idea or the what so called bank of bitcoin be implement.

[microsurfer]

Bitcoin is about decentralization. And you are offering to create a bank?

[$Andreyka$]

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 this makes no sense. Everyone who wants to save their bitcoins can use the bitcoin core. Why trust your bitcoins to an unknown bank? This is an additional unjustified risk.

[DaftAjax]

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 ?

Then what's the sole purpose of exchange sites? wallets, online and offline?

Not trying to be rude but no I wouldn't entrust mine to your "Bitcoin Bank". There's a lot of risks involved in this idea. Not to mention that the rates would probably not ideal, Bitcoin is volatile after all. And "loans"(?) how in the world are you going to make it work?

Blockchain exists for a reason.

[meliodas]

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 ?

Then what's the sole purpose of exchange sites? wallets, online and offline?

Not trying to be rude but no I wouldn't entrust mine to your "Bitcoin Bank". There's a lot of risks involved in this idea. Not to mention that the rates would probably not ideal, Bitcoin is volatile after all. And "loans"(?) how in the world are you going to make it work?

Blockchain exists for a reason.

I agree to what you have said. It is not a good idea to just start a bank because of the volatility and also we cannot trust other people with our cryptocurrency because the cryptocurrencies are hard to trace so when nothing goes right and if they say that they got hacked then we cannot do anything but just accept the fact that our cryptocurrency was gone. It is better to just do all the job by your own, be your own bank and for god sake, don't ever try getting a loan.

[Pinkris128]

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 bank is somehow a good idea for many people has a savings and earnings with bitcoin. But how will run our world? how it will happen? what will happen to the traditional banking? is this the same with the traditional or maybe we upgrade some system of transaction. Well, all of this are just an assumption. A lot of adjustment will happen to our world if this will happen. Many changes like in consumers, crypto will introduce to them. We should analyze the possibilities of having some innovation and changes in our transaction system before doing something new and replace the old one.

[Paecga129]

There is a company that claims to be a bank for cryptocurrency, called Nexo.

[cutesgirl]

One day I want to see bank want to adopt bitcoin as saving system where bank member can use bitcoin or altcoin saving in the bank, I think will be safety than we hold or save our bitcoin in my wallet and bank have double profit with bitcoin situation with lower or higher price, maybe really hard to get this moment is really happen.

[TORLOANS.COM]

There is a company that claims to be a bank for cryptocurrency, called Nexo.

A bank means you can deposit any amount of money or crypto and be able to withdraw anytimes. No Bank  offer this posibility in this moment only your own wallet give you this option.