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Author Topic: Will there ever be a Bitcoin Bank  (Read 2692 times)
hase0278
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November 14, 2017, 09:31:59 AM
 #21

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 am sure that at some point a site will offer a service similar to banks that would be crypto bank but I think it won't be used that much unlike how people use banks in fiat everyday. The main reason for the downfall of any business similar to a bank is that people used bitcoin mainly for decentralization and having bitcoin bank will remove that decentralization that everyone loved in btc. Because of this, I think btc banks would not last because people would rather use fiat money banks.

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November 14, 2017, 09:40:28 AM
 #22

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.

It's actually quite possible. Bitcoin is continually evolving and adoptions in different countries have been made. Since it will continue to technological advance, then some further adoptions and innovations may be made such as the creation of a bitcoin bank. It may happen years from now or who knows when. Especially if bitcoin is on the road of becoming mainstream or to be used by the mass public then it would be inevitable for their to be a creation of a bitcoin bank. Surely, blockchain technology would continue to advance for the benefit and use of mankind.

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November 14, 2017, 10:02:07 AM
 #23

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.

It's actually quite possible. Bitcoin is continually evolving and adoptions in different countries have been made. Since it will continue to technological advance, then some further adoptions and innovations may be made such as the creation of a bitcoin bank. It may happen years from now or who knows when. Especially if bitcoin is on the road of becoming mainstream or to be used by the mass public then it would be inevitable for their to be a creation of a bitcoin bank. Surely, blockchain technology would continue to advance for the benefit and use of mankind.

Yes, I too believe that bitcoin bank may become a reality in future looking at the way it be advancing towards becoming a main stream currency. But the main idea of blockchain doesn't really go well with the idea of a bitcoin bank. Bitcoin stands on the idea of De-centralization and banking system is centralized. So these are self-contradictory and hard to co-exist on a same platform.

Also there are are few organic issues will pop up if we see a bitcoin bank like government surveillance and enforcement agency inquiries. So I believe, if we continue to with the main idea of a De-centralized currency, we will see a continued growth of bitcoin. If we try to make it main-stream by creating a bank, it may have adverse effect on bitcoin's growth. It is better to be left as it is.

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November 14, 2017, 10:42:58 AM
 #24

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 think it would be impossible. Bitcoin is a digital currency, banks aren't needed already for this and we can stored our coins from our wallet. Only we needed banks if we convert it into fiat money. Even if banks will support cryto currencies in the coming years but I don't believe they will offer this services, instead they just only consider their institution as a medium of bitcoin transaction and collect fees for it.

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November 14, 2017, 12:01:32 PM
 #25

probably, a lot of people don't want to take responsibility and hold their own keys, but it will be different, As Taleb Nassim, banks will evolve into utility providers, this will result less lock in and more power to end-user, you can move and migrate your assets from one place to another with a hit of button.

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November 14, 2017, 03:43:54 PM
 #26

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.

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Proton2233
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November 14, 2017, 04:12:52 PM
 #27

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.

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November 14, 2017, 04:19:37 PM
 #28

There is a similar kind of thread somewhere here or in the bitcoin discussion. I believe it has been heavily and long debated and most of the answers were that it is not possible and there is no point in creating one. The fact that you can just store it yourself is the best thing for your bitcoins.

However, the argument I would like to chip in is that a bank functions as a way to distribute money. People who want to store their money can do so in banks and people that need to borrow money can also go to banks. The banks lend out the deposits of their clients. This can also be done with bitcoins, but I don't think it would be in-line with the purpose and primary features of bitcoins that it is decentralized.

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mostkey
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November 14, 2017, 05:03:10 PM
 #29

maybe bitcoin bank is unnecessary, because bitcoin is an asset that can not be set by one company. while the bank always has a policy to manage the assets he coordinates. therefore bitcoin banks are not important

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November 14, 2017, 05:29:46 PM
 #30

Today it may seem impossible to a bank start to work with digital currencies. But as we know all new come in our life slowly. I believe that humanity will understand all advantages of crypto currencies and it will become same normal part of our lifes as smartphones. I suppose at first banks will start to exchange digital currency and with time they will use it in other sides of their activity. it is clear that bitcoin is going to be the first of such currencies.

   
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November 14, 2017, 05:34:10 PM
 #31

It could be like that but for me everythink will be just store and secure in internet by goverments if bitcoin will be main currency.

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November 14, 2017, 06:15:52 PM
 #32

What status should be assigned to bitcoin?
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November 14, 2017, 06:24:34 PM
 #33

Today it may seem impossible to a bank start to work with digital currencies. But as we know all new come in our life slowly. I believe that humanity will understand all advantages of crypto currencies and it will become same normal part of our lifes as smartphones. I suppose at first banks will start to exchange digital currency and with time they will use it in other sides of their activity. it is clear that bitcoin is going to be the first of such currencies.


I don't think BTC bank is necessary since we already have wallets wherein we can store and secure our bitcoin savings. It would perhaps decrease its convertion price to physical money if it already has a bank who set standards and policies to crytocurrencies exchage plus ad on fees in their service charges thus making our possible income lesser.

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November 14, 2017, 08:22:05 PM
 #34

In my opinion, a bitcoin bank is something that will never exist because it is against bitcoin concept which is based on decentralization in first place.
Besides, who have the legitimacy to create a bank and take control over the bitcoin network, no one will allow that.
Even more, It will be easier for governments to shutdown a bank than a decentralized network.

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November 14, 2017, 08:27:08 PM
 #35

If the local government shows positive relationship among the bitcoin community, yes it is possible
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November 14, 2017, 08:55:04 PM
 #36

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'm considering that in Europe there exist some atm's for Bitcoin, so the next natural step would be a bank or something like that. I wonder what effect will have such an institution on bitcoin, will it still be decentralized?

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November 14, 2017, 08:58:11 PM
 #37

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.

After the goverments started to legalize bitcoin, the banks would have also be changed their strategy. They would reform their currencies to bitcoin and altcoins. Therefore it may be right that there will be bitcoin banks in every countries especially in airport terminals.  Smiley

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November 15, 2017, 09:45:21 PM
 #38

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.

I agree with you that BTC bank formation will be against users interest. I don't support BTC Bank idea and if ever such thing happens I will never keep my coins in it. Even there is no need for such a bank, unlike cash, BTC is stored in a wallet just like Bank accounts so no fear of loss or damage.

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November 15, 2017, 09:55:50 PM
 #39

It will be hard if they will always lean on the USD market, if every loan is being coverted to dollars then how will you finish one loan when suddenly the bitcoin exchange will go down.
Example is I have loaned 3 btc not then suddenly btc price is down.
Is my payment in bitcoin will also grow like 3.5 bitcoin just so to equal the amount I have loan?
Of course this banks dont want to be on the losing side. They want profit not loss.

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Kelvinid
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November 15, 2017, 11:33:07 PM
 #40

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.

I agree with you that BTC bank formation will be against users interest. I don't support BTC Bank idea and if ever such thing happens I will never keep my coins in it. Even there is no need for such a bank, unlike cash, BTC is stored in a wallet just like Bank accounts so no fear of loss or damage.
I personally disagree of having a BTC bank because we already have our own wallets wherein we can keep safe our earned bitcoins.And since bitcoin is decentralized,no proper identity is recognized.So we have to control our own bitcoins and keep them safe in our own wallets too.

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