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Author Topic: Will there ever be a Bitcoin Bank  (Read 3490 times)
squatz1
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November 14, 2017, 01:07:15 AM
 #1

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

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November 14, 2017, 01:24:26 AM
 #2

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I believe it is possible but not impossible, as in my country the banks are fighting against bitcoin as it is causing many obstacles to their development.
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November 14, 2017, 01:51:54 AM
 #3

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.


I get what your saying since centralization has its pros; efficiency, security, etc...  But i think it is highly unlikely for Bitcoin to have a bank or a centralized entity because Bitcoin is decentralized in itself, so it would defeat its purpose if there is a centralized entity regulating it. But the idea you have is not impossible.

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November 14, 2017, 02:17:14 AM
 #4

Why anyone convert everything that is decentralised to the centralised one? This will disturb the way everything works in the crypto currency. They will have no more use and no body will interest in it because all the prices for those assets would be controlled by financing system which is nothing apart from the current traditional assets like government. Plus those countries which don't have taxes on it they will levy the taxes also. So in short everything will collapse for bitcoin and it could not be better place to trade at.

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November 14, 2017, 03:19:57 AM
 #5

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I do not like the idea of a bitcoin bank but it is very obvious to me that it is going to happen, banks are going to realize at some point they are losing business to bitcoin and they are going to begin to accept bitcoin as a deposit, I do not think it is going to happen yet because most of the people in bitcoin at this time are people that have a strong ideology about what is bitcoin, so most of us have strong feelings against banks, but as bitcoin becomes more popular and everyone begins to use bitcoin then we are going to become a minority and at that point a bitcoin bank will be a real possibility.


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November 14, 2017, 03:38:57 AM
 #6

The topic of a BTC bank has been asked many times before and the community has been giving the same answers over and over again. Squatz, next time use the search function. Search for Bitcoin Bank and you will get these results.

But is there really a need for one? What for?


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November 14, 2017, 03:58:35 AM
 #7

I think it is the nano ledgers or the trezor wallet is considered as bitcoin bank because it has the maximum security and offline transactions can be made through the wallet. Pretty much a bank to me but it doesnt have the term of a bank to them but it is to me.
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November 14, 2017, 04:42:02 AM
 #8

The whole point of having a bank is to regulate money in a particular region and this is exactly the opposite of what Bitcoin proposes, decentralisation. Banks are centralised bodies which are run by the government/private agencies whereas Bitcoin is decentralised in nature, having no regulating authority so no, there won't be any Bitcoin Banks in the future either.


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November 14, 2017, 05:05:28 AM
 #9

Fractional reserve banking (FRB) is against the fundamentals of Bitcoin, inflationary/deflationary, unlimited/limited, centralized/decentralized. Though Bitcoins monetary base is limited to 21 million, the money supply of bitcoins can be increased through FRB/Bitcoin derivatives. There have been discussions on whether FRB is possible with Bitcoin.

https://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin

If in future, Bitcoin evolves as one of the primary currencies then I guess FRB might emerge in Bitcoin economy, exchanges as depository institutions or even a fractional-reserve free banking system with Bitcoin.

Currently Bitcoin P2P lending sites are based on this principle.

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November 14, 2017, 06:24:34 AM
 #10

A day will come that we are going to have bitcoin bank. When Internet come on bound many Banks said there are not going to used it but today we can see that all of them are using it. Blockchain technology is the greatest thing that happened to humanity after the discovery of Internet and I think few years from now we may have many financial elites embark on rendering financial services through bitcoin.

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November 14, 2017, 06:30:39 AM
 #11

I think it won't be wise on both the business and customer to use Bitcoin as a kind of currency not unless it is stable and this kinds of banks are willing to risk their loney at a loss. With Bitcoin being a volatile currency it would be a hard task for them in having a stable income. Also the customers will most likely be at risk of losing value woth their money in the first place.

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Kurokonobasuke
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November 14, 2017, 06:37:28 AM
 #12

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
Bank is a form of being centralized and it adds security on an individual's health. I don't really think that it is possible with Bitcoin knowing that Bitcoin is decentralized which means that it is not under any form of Government and banks happens to be supported by it. So that's why there are Bitcoin wallets where us its users can store our Bitcoin.

Wexnident
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November 14, 2017, 07:12:11 AM
 #13

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
I highly doubt that there'll be a Bitcoin bank since banks are controlled by different governments and Bitcoin is not since it is decentralized. But I think there's no need to have Bitcoin banks because there are e-wallets where a user may store his/her e-cash including Bitcoin. But who knows what tomorrow could bring. Maybe someday there'll be.

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ramsdaj28
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November 14, 2017, 07:38:24 AM
 #14

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.
First of all, bitcoin is running in a network that operates on a cryptographic protocol. Therefore, we consider bitcoin network as DECENTRALIZE since no single person or group is actually controlling it. And if that's what you are referring to as BITCOIN BANK (where one person or group of people will control the bitcoin network), then I don't think that's going to happen.

On the other hand, when you are referring to BITCOIN BANK as the typical bank where everyone would soon be able to apply for a special BITCOIN CARD that they can use with BITCOIN ATMs, then that's likely to happen in the near future. Although this is a good idea, I don't just see its significance esp. for those who are already owning credit/ATM cards and for those who have already bank accounts.

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reflector
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November 14, 2017, 07:57:50 AM
 #15

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

Swiss central bank announces some weeks before says that they gonna implement the bitcoin to deposit the money with the bitcoin form. They passed their bill in the Government amendment to add that to do. Even Citi bank Newyork Chair person give a press release saying that they create own altcoin to utilize as a virtual currency.
But still we have a problem to regularized with the government norms, taxation and etc...


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sofi@
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November 14, 2017, 08:16:55 AM
 #16

I don't think bitcoin bank will be introduce because I think the market don't need it anymore, the on-line wallet we are currently using already have the features of a bank and it is more improved because it can handle fund all over the world also for me it is more safer to use our wallet than putting them into a bank because the risk that bank owners may do manipulation and take our bitcoin is very likely to happen.

aoluain
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November 14, 2017, 09:10:33 AM
 #17

i highly doubt that this will happen but nobody knows
what the future holds.

I suppose on reflection it would depend on what way
bitcoin turns out. I mean that we are seeing a lot of
investors entering the market and the majority of them
dont care about what bitcoin was created for, it is
more seen as an investment commodity.

so the decentralisation issue may not be a determining
factor in why there wouldnt be a bitcoin bank.

?

ask
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November 14, 2017, 09:16:26 AM
 #18

Why you need a centralized bank to store your own bitcoins? no need for a bank to store your money.
You can store in your own wallet (whatever you use) and be your own bank.

hisuka
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November 14, 2017, 09:23:32 AM
 #19

I am not seeing bitcoin bank will happen in the future. Yes we have many ways to store our bitcoin in our own ways. Bitcoin is decentralized and we have freedom to store it in our ways that will have our private keys. So for me, I am satisfied in storing my btc without having bitcoin bank.

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audaciousbeing
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November 14, 2017, 09:26:42 AM
 #20

Does anyone on here think that there is ever going to be Bitcoin Bank, be it something which is centralized or something which isn't really doesn't matter. But I'd think of this as a company, or a union (like one of those credit union banks) where loans would be given out to people with trust, money is held, and so on and so forth.

I know many think that they can escape banks, but they are insanely helpful and trustworthy for many everyday people who we'd want to join into the BTC community.

I don't think its ever going to happen although there will be some service providers that would want to function as a bank or say quassi-bank such as exchange sites where people keep funds or online wallets where sum of bits of bitcoin kept on their platform could function as a bank but a full blown bank, is not achievable because of the following reasons in my opinion:

1. The community is a decentralized one but banks means it has to be centralized where some people will have to be the one to issue licences and the like to ensure safety of funds of customers but that cannot happen because even the service providers mentioned above, some people still hold the view that they should not be needed and keeping your funds there is endangering to bitcoin.

2. Personally, I won't put my coins in any crypto bank no matter the returns they are promising because if they promise low, I wont be encouraged, if they promised high returns, its a ponzi scheme.

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