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Author Topic: Will there ever be a Bitcoin Bank  (Read 2733 times)
iram1011
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November 20, 2017, 05:53:10 AM
 #101

I don't see how will a Bitcoin bank work. I have definitely seen people giving small amount of loans on Bitcointalk itself. But here we are talking about comparatively large organization(centralized) to give loans at big level. Why it won't work is because supply is way too limited along with that the availability of bitcoin in market isn't much as most of the people are merely hoarding it. Bitcoin is highly volatile. These all factors makes lending inefficient.

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November 21, 2017, 01:08:41 PM
 #102

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.
Why would anyone still be talking about Bitcoin bank at this time? If you need a bitcoin bank, then we have Xapo, we have Coinbase, we have Bitfinex and the rest of them and they are all offering ATM debit cards to withdraw your Bitcoin in cash from any ATM in the world. They are regarded as bank, but if what you are looking for is where you will get loan, sorry man, you better go to your country’s bank and borrow loan, so that when you don’t pay up it will be easy to catch you and lock you up. Kudos!

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November 21, 2017, 02:36:10 PM
 #103

Bitcoin mean P2P (only sender and receiver ) that mean without using  any third part (Bank )so that we will never see bank using bitcoin and it is system (wallet ) is so good
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November 21, 2017, 02:55:51 PM
 #104

Bitcoin mean P2P (only sender and receiver ) that mean without using  any third part (Bank )so that we will never see bank using bitcoin and it is system (wallet ) is so good

So bitcoin will always on our wallet and no bank will be involved?  I think we use bank but to save only our bitcoin when it is already exchange in local currency.

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November 21, 2017, 03:04:14 PM
 #105

There are already altcoins having "banking"-like features: WAVES have lease, Minex has MinexBank. Both give revenues for your money is it's "given" to a 3rd party. So the concept is gaining ground.
I don't want to say that this means that we will see soonTM a Bitcoin Bank. But "never say never".

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November 21, 2017, 03:12:02 PM
 #106

I don't see how will a Bitcoin bank work. I have definitely seen people giving small amount of loans on Bitcointalk itself. But here we are talking about comparatively large organization(centralized) to give loans at big level. Why it won't work is because supply is way too limited along with that the availability of bitcoin in market isn't much as most of the people are merely hoarding it. Bitcoin is highly volatile. These all factors makes lending inefficient.
i think people are already fedup with traditional banks, therefore they may not be too much interested in bitcoin bank, i think using wallet is the best way to use your bitcoins.
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November 21, 2017, 05:08:32 PM
 #107

In the future, I think, banks will use bitcoin as one of assets. As, for example, today they use precious metals. There will be conservative people thanks to whom banks will hardly disappear. At present considerable turnover of cryptocurrencies occurs at the centralized exchanges. And over time they will continue the existence, just they will adapt to new rules of the game. It is a lot of projects which successfully carried out by ICO too are centralized. In the future the centralized and decentralized projects will coexist at the same time and to compete between themselves. Therefore, I consider, banks won't disappear anywhere, they will just be transformed and will adapt to new economy

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November 22, 2017, 07:01:04 AM
 #108

I don't think BTC banking is a good idea coz main reason behind BTC popularity is some of its amazing features like decentralization & Anonymity in transaction. If BTC bank formed, it will get the power to manipulate its demand and supply, hence its price, transaction fees etc.
Whole concept of BTC formation is to get freedom from any third party interference while making a transaction whereas Bank formation will be contradictory and against BTC users interest.
The anonymity of the bitcoin system is a myth. At the big desire always it is possible to find traces of the user who committed the transaction. Banks can't work with bitcoin for another reason. Bitcoin breaks all the existing ways to profit the banks. I think that we will witness a fierce fight the banks with bitcoin for life.
Yes that will be happening all around the world and for this countries are not allowing bitcoin to be legal currency. Actually what properties bitcoin have, they can’t be just made through banking and other legal ways. There are so much clashes when you compare bitcoin and banks theta. But you will see, banks will convert their policies to bitcoin and everything will be fine.



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November 22, 2017, 10:44:30 AM
 #109

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.
Over the period of time Banks have became necessary evil just like friction. They are helpful but cost of helpfulness is bit much. Nonetheless Bitcoin bank is too much dangerous at this moment. Given the situation of bitcoin being decentralized crypto and no governing body on frauds related to the bitcoin, it is dangerous. Because the rate at which prices are increasing are tempting. And if same trend remains in action then anyone having 1 bitcoin will soon become millionaire. And someone heading a crypto bank with good amount of bitcoins will have second thoughts about honesty.
Bitcoin was seen as possible option to escape from the banking system.

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November 22, 2017, 11:05:49 AM
 #110

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.
Over the period of time Banks have became necessary evil just like friction. They are helpful but cost of helpfulness is bit much. Nonetheless Bitcoin bank is too much dangerous at this moment. Given the situation of bitcoin being decentralized crypto and no governing body on frauds related to the bitcoin, it is dangerous. Because the rate at which prices are increasing are tempting. And if same trend remains in action then anyone having 1 bitcoin will soon become millionaire. And someone heading a crypto bank with good amount of bitcoins will have second thoughts about honesty.
Bitcoin was seen as possible option to escape from the banking system.


Too much dangerous? Bitcoin banks are absolutely not needed at all, because everything they can offer you, you already have that if you were to download a simple wallet to your desktop.
Bitcoin is the escape from banks.


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November 22, 2017, 01:22:22 PM
 #111

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.
Over the period of time Banks have became necessary evil just like friction. They are helpful but cost of helpfulness is bit much. Nonetheless Bitcoin bank is too much dangerous at this moment. Given the situation of bitcoin being decentralized crypto and no governing body on frauds related to the bitcoin, it is dangerous. Because the rate at which prices are increasing are tempting. And if same trend remains in action then anyone having 1 bitcoin will soon become millionaire. And someone heading a crypto bank with good amount of bitcoins will have second thoughts about honesty.
Bitcoin was seen as possible option to escape from the banking system.


Too much dangerous? Bitcoin banks are absolutely not needed at all, because everything they can offer you, you already have that if you were to download a simple wallet to your desktop.
Bitcoin is the escape from banks.
I do agree that bitcoin banks are not needed or for that matter bitcoin has way to liberate the person or company from the shackles of banking system. There is another facet to the question as well, like interest and fixed deposit like schemes are offered from the banks and other financial institutes, bitcoin does not have any such scheme ( and schemes which offer interest on the bitcoin are mostly fraud).

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November 22, 2017, 01:43:33 PM
 #112

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.
Over the period of time Banks have became necessary evil just like friction. They are helpful but cost of helpfulness is bit much. Nonetheless Bitcoin bank is too much dangerous at this moment. Given the situation of bitcoin being decentralized crypto and no governing body on frauds related to the bitcoin, it is dangerous. Because the rate at which prices are increasing are tempting. And if same trend remains in action then anyone having 1 bitcoin will soon become millionaire. And someone heading a crypto bank with good amount of bitcoins will have second thoughts about honesty.
Bitcoin was seen as possible option to escape from the banking system.


Too much dangerous? Bitcoin banks are absolutely not needed at all, because everything they can offer you, you already have that if you were to download a simple wallet to your desktop.
Bitcoin is the escape from banks.
I agree to that. There is no need for a bitcoin bank since bitcoin wallet is enough to act as a bank for our bitcoin. If you really have of bitcoin and not contented with the security of the bitcoin wallet like desktop or online then you can provide yourself an hardware wallet which has a high security and great encryption for securing your money in cryptocurrencies.

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November 23, 2017, 12:33:06 PM
 #113

I don't see how will a Bitcoin bank work. I have definitely seen people giving small amount of loans on Bitcointalk itself. But here we are talking about comparatively large organization(centralized) to give loans at big level. Why it won't work is because supply is way too limited along with that the availability of bitcoin in market isn't much as most of the people are merely hoarding it. Bitcoin is highly volatile. These all factors makes lending inefficient.
I think bitcoin bank will be a online bank with all the facilities of the real world bank as bitcoin bank will not need any physical infrastructure and other things. Bitcoin can become a global currency one day and then we will need this bitcoin banks to keep your money and also get interest from it.

As well there are many new investment sites like Bit connect are launching which gives a good amount of interest to the investors it is also a step to create a bitcoin bank where people can keep their money safe and also gain a monthly interest.














 

 

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November 23, 2017, 12:41:31 PM
 #114

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.

Well this is possible since other banks has been rumored that adapting to bitcoin system and it is good cause you can actually cope up with the idea of paper money in terms of bitcoin , but I think it is long way run and I dont see this happening for the next may 2-3 years.

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November 23, 2017, 12:45:32 PM
 #115

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.
It depends on the policy of a country if there is a country that legalizes bitcoin as the official currency I think it is not impossible that the government will make bitcoin bank as a centralization for bitcoin users to store their bitcoin assets and certainly there will be a definite rule applied by the government.
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November 24, 2017, 08:01:01 AM
 #116

I dont think you will need a bank to store bitcoins because ut is anyways in digital format in the first place, secondly it is a decentralized currency system by nature, which will be breached if any bank gets involved in storing bitcoins. The most important factor behind bitcoins being so famous and valuable is its decentralization i.e. no single mainstream authority to regulate it. Being such, it is at a great extent corruption free and cannot be manupulated by any authority. When we talk about bitcoin banks, indirectly we are talking about it being regulated and centralised. But who is going to take the control? Thus, internet itself is a bank for bitcoins and it being decentralised should be the same in future aswell.

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November 24, 2017, 08:05:11 AM
 #117

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.

bitcoin banks may not exist because they are integrated directly with the blockcahin system, if a bitcoin ATM machine may exist in every country. but if the bitcoin bank does not seem to be too in need.

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November 24, 2017, 08:13:06 AM
 #118

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.

bitcoin banks may not exist because they are integrated directly with the blockcahin system, if a bitcoin ATM machine may exist in every country. but if the bitcoin bank does not seem to be too in need.
I agree to that. The bank for bitcoin is not that necessary because we already have the banks and those are the wallets that we can choose and use from different companies and site and they have enough security measures to make sure that we have that security that we are looking for keeping our bitcoin safe for whether short term or even long term.

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November 24, 2017, 08:24:13 AM
 #119

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.

bitcoin banks may not exist because they are integrated directly with the blockcahin system, if a bitcoin ATM machine may exist in every country. but if the bitcoin bank does not seem to be too in need.
I agree to that. The bank for bitcoin is not that necessary because we already have the banks and those are the wallets that we can choose and use from different companies and site and they have enough security measures to make sure that we have that security that we are looking for keeping our bitcoin safe for whether short term or even long term.

I think its impossible that there will be bitcoin bank because the bitcoin concept is one that has controlled the entire anonimous bitcoin acount. And other thing is bitcoin is a decentralized currency so maybe there is no other bank of bitcoin except blockchain.
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November 24, 2017, 09:37:08 AM
 #120

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.
good point mate but the problem is we are enjoying our freedom here in cryptoworld and all of a sudden because of this banking system we will be centralized i dont think those whale will agree on this they maybe the first one to oppose on this idea.the decentralization system of this community let us feels that we have freedom over government but thos idea will took that from us.so lets think it over before believing that to happen

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