What happen if bitcoin build a headquarter bank

[Raline]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

[DaMut]

if Bitcoin do that i believe it will lose its value slowly,
many people used it due to 'freedom in their financial' and something like that.
what will happen if they do that ? of course it will lose its charateristic and absolutely sure its demand will be decreased a lot.
but it will not happen,at least right now i never hear about something like that.
and i hope they will not doing something like that,because it'll ruin our cryptoland.
why would they choose Bitcoin if they can use their own Fiat to do that ? it's not a new thing.

[mk4]

It completely depends if someone can execute a project like that while it being decentralized. If it ended up being centralized then it is a complete waste of time and is the opposite of one of the main factors that bitcoin is trying to achieve.

I have completely no idea if this is possible though. If you're talking about a physical bank, then no it's not a good idea.

[blocklancer8]

Surely there will be regulations that suppress the existence of this bitcoin. Many other dal taxes. but this will be impossible to be held by a government bank because bitcoin is digital money.

[Jeger.Kiting]

In my opinion, Bitcoin does not need to build a bank like any other bank, Bitcoin only needs a small ATM machine like a bank ATM out there, so it's easier for beginners who want to trade their Bitcoin, so they are not confused to exchange their Bitcoin, if Bicoin ATM machine made anywhere.

[HabBear]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

Bitcoin would become centralized, fiat currency. We could call it the Dollar?

Why would a single bitcoin bank, a centralized bank, be a good idea? Honest question. All the features you speak of exist in the crypto currency industry, why would we limit the industry to just one provider? Doing so stifles competition, which hurts consumers.

Some people aren't cut out for Bitcoin, maybe you're one of those people.

[miyaka26]

The bitcoin's goal will be futile if they will come to an agreement to held a central bank for the bitcoin as some people will try to manipulate and manage it losing the interest and investment of the people who love its potential and good traits. bitcoin will just become like a fiat money controlled by a single or a group of entity, losing and decreasing it's price over the market and there will be a new crypto market leader of digital coin because it is decentralized.

[Zalfa_mui]

in my opinion it does not need to be done ,, it would be better bitcoin like this. forever bitcoin is the digital currency and just being in the online world. it will make the bitcoin price expensive ,, if there is such a rule I am sure bitcoin prices will not rise again.

[Wind_FURY]

The OP and the replies after it visibly do not know what Bitcoin actually is.

Bitcoin does NOT need a headquarters. Core does not need one and even the defunct Bitcoin Foundation does not need one. Bitcoin is not like any other fiat currency you hold in your bank. It is data proven to have existed and immutable.

OP, go back to the basics and read this, https://bitcoin.org/en/developer-documentation.

[WolfOfCryptos]

This will never happen. It is against the bitcoin philosophy.

[defined]

what happens if bitcoin builds a bank  ??

Who is 'bitcoin' in this question?

[franky1]

it already exists

http://dcg.co/portfolio/

they have blockstream, bloq and many others as the IT department

coinbase, bitpay, bitflyer, bitoasis, bitpasa, bitso, kraken, coinsetter and soo many more as their 'local bank branches'

they even have their own media outlet, coindesk to control what they want people to know.
stil dont believe it? well check out all the debates over the last 3 years, if its not managed by guys funded by DCG, it gets REKT

[stompix]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

It will never happen as it is impossible.
Bitcoin is a currency or technically speaking a bunch of code.

Bitcoin is not an organization or an organism it is nothing that can have its own free will or thoughts.
And if somehow somebody will take control over the blockchain the next day bitcoin will be just another page in the history of failures as probably 99% will switch to the next decentralized currency.

I really don't understand why so many of you are so keen to give away your bitcoins to banks.

[Zufox]

Then bitcoin will lose its main advantage - decentralization. I do not think that this will happen, since in this case the creator of bitcoin (Satoshi?) Would not hide his identity. And bitcoin is quite quietly functioning on the Internet. It would be enough bitcoin-ATM.

[McKane]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

Bitcoin will never build a bank like another because bitcoin is far better than other things because we know that bitcoin is giving opportunity to people to invest and in a return get more while bank is not giving these opportunities to people so bitcoin is better like that. In future you will enjoy the value of bitcoin between like that 220000$.

[BrewMaster]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

bitcoin is not a person to build a bank.
bitcoin is not a centralized group that can build a bank.

anything that is made is made by third parties like you and me.
nothing happens when others offer different services such as wallets (coinbase, xapo,...) exchanges (bitfinex, poloniex,...) gambling sites (....). so nothing will happen when someone offers a "bank" services too.

what did you expect to happen anyways?

[franky1]

what happens if bitcoin builds a bank just like a bank with a headquarters, savings account management and also makes a bitcoin account card ??

bitcoin is not a person to build a bank.
bitcoin is not a centralized group that can build a bank.

anything that is made is made by third parties like you and me.
nothing happens when others offer different services such as wallets (coinbase, xapo,...) exchanges (bitfinex, poloniex,...) gambling sites (....). so nothing will happen when someone offers a "bank" services too.

what did you expect to happen anyways?

hav you seen blockstream lately..
they OWN the github and control what happens
the "you and me" you talk about have tried to do bips to upgrade the network and within 24 hours a blockstream employee has closed the bip/issue.

its time you get your head out of the sand thinking bitcoin code is not controlled and the gateways in and out of bitcoin are not controlled.

[waynechong1995]

It would be centralized which is against the original philosophy of Bitcoin, each account very need a full verification which defeat anonymity, nobody would use it as there is no much difference of what a standard 'bank' could provide, demand would just gone and other project depending on BTC die as well.  

Lets assume that even the impossible become possible - another similar crypto like Lite or Vert would immediately replace BTC and become the main medium for exchanging fiats, leaving the so called 'BTC bank' nothing but dusty rigs.  

[Exister]

A public decentralized organization u hang on to your own private keys.

What would this kind of bank do? would it allow you to instantiate your own private blockchain? access expert systems to help you solve hard tasks?
maybe u can get permissions from third parties to use a cryptographic signature for your company transaction or something.

its not really a bank tho.

before all that i hope we can get better interfaces for people to avoid making mistakes. easy tools to improve security for the vulnerable.


as for developer control nothing is ever going to be perfect. we need to be able to attract the right people to join the project otherwise bitcoin will lag behind competition.
If it turns out to be some cia op then we can do what it takes to stop using the network.

[ryanben]

You should keep in mind that bitcoin are created for the purpose of not having any intermediaries managing your assets. Each person's account is self-managed. If the BTC intervenes, it will no longer be the BTC's original goal. In terms of creating ATM cards, I don't think it is necessary at present because there are ATMs for buying / selling directly with Bitcoin.