Will there ever be a Bitcoin Bank

[kerjakuat]

im sure bitcoin itself a bank and we hold it safety key to our own bank. just no insurance.. that why we need crypto coin that can be act like a bank and secure a insurance for our bitcoin will be more greatly. this will make more safety..

[Altas]

In future such a service will surely exist, because right now itself there are people who has got good sum of fiat for investment as well willing to invest into bitcoin. The lack of knowledge about technology lets them keep calm, so such a service will surely benefit such people who are in need.

[Shenzou]

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.

This is a good idea but Bitcoin Bank should have a big difference on fiat banks, of course anonymity should still be maintained trust ratings will depend entirely on the persons account performance on a certain website or forum not his personal performance. It may be  more difficult to manage this kind of bank than the existing one.

I mean why bother the whole idea of using bitcoin is to be your own bank, and be in control of your own transactions, all that banks do is hold your money and ask for fees when doing transaction, using online wallets for bitcoin lets you decide how much fee you send, and you can access it at any time and anywhere, the only way i see bitcoin banks working is if they allow you to exchange fiat to bitcoin and vis versa and only then it would be a good idea especialy for the new users and the poeple who are having a hard time getting it.

[ToyotaFortuner]

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.

this could happen if a government in a country already allows bitcoin transactions and can work with local banks.

[coinplus]

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.

With respect to lending services, I cannot really say about that for now which is why we will keep having banks. However, there are P2P lending services once you have a collateral and there are some projects coming up in such areas, so can we have that? Yes we can!

However, some exchanges are already operating like banks, since they must adhere to the country's regulation policies so bitcoin banks are already here unless you want to keep going the direct P2P way without exchanging to fiat.

[jekjekman]

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 what is the purpose of having a bank for bitcoin? Bitcoin has a feature of being anonymous and once you have a banks to store it for the purpose of lending it to others or just keeping it on a bank that means that you need to provide your personal information to that bank and eventually your coin will be controlled by that bank, which will make it a centralized currency. Or are you pertaining to a imaginary bank here in the forum like the one in the lending section?

[RomertL]

I don't think that it is nessasary to create bank for cryptocurency. But it will be very good if in the near future you can use plastic banking card with you cryptocurency to pay for goods and services or withdraw the cash

[Flomo]

banks are formed not based on individual or agency groups only, but on recommendations and agreements between countries. so it is very unlikely that bitcoin forms a bank.

[Jake052478]

I think is will be possible to have a bitcoin bank. With all this craze about bitcoins, anything is possible.

[Hazaki]

Well , that will directly contradict the concept and ideology on which bitcoin is built ! complete decentralization is one of bitcoin's best features and it's creators were aiming for that more importantly than anything else . Having a currency that no politicians or governments control is a level of freedom that is absurd even in the greatest democracies that do exist in our generation , and yet we achieved that level thanks to bitcoin . The currency became a role model in complete independence from any "controller" and is only affected in the way that it's users want it to be , so why loose that ? .

[Razick]

Well , that will directly contradict the concept and ideology on which bitcoin is built ! complete decentralization is one of bitcoin's best features and it's creators were aiming for that more importantly than anything else . Having a currency that no politicians or governments control is a level of freedom that is absurd even in the greatest democracies that do exist in our generation , and yet we achieved that level thanks to bitcoin . The currency became a role model in complete independence from any "controller" and is only affected in the way that it's users want it to be , so why loose that ? .

I don't think this is a good idea because the nature of cryptocurrencies is decentralization an you know what? If there were banks it would defeat the purpose of this exactly like you said. We already have exchanges acting as third party middlemen getting involved in between people's money and what they want to do with it and it is causing tons of problems with scams, fraud and theft and this would make it even worse.

[Hallmader]

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.

This brings me to a kind of realization that one way or another we really have to end up creating some forms of banks after successfully dismantling the last existing one. Actually, I have heard and read of crypto banks but not specifically Bitcoin Bank. But of course, this can be made. Well, only if such idea is shared by a good number of Bitcoin supporters and loyalists. If not, since Bitcoin is primarily against any central authorities, let alone banks, then it won't prosper.

[Fulmand]

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.

This brings me to a kind of realization that one way or another we really have to end up creating some forms of banks after successfully dismantling the last existing one. Actually, I have heard and read of crypto banks but not specifically Bitcoin Bank. But of course, this can be made. Well, only if such idea is shared by a good number of Bitcoin supporters and loyalists. If not, since Bitcoin is primarily against any central authorities, let alone banks, then it won't prosper.

Well, i don't think there will be a bitcoin bank because bitcoin is decentralized currency and they are only controlled with a system. Only the blockchain has the authority to keep the millions of bitcoins account around the world so there is no banks that counterfit the blockchain.

[NewBet]

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.

This brings me to a kind of realization that one way or another we really have to end up creating some forms of banks after successfully dismantling the last existing one. Actually, I have heard and read of crypto banks but not specifically Bitcoin Bank. But of course, this can be made. Well, only if such idea is shared by a good number of Bitcoin supporters and loyalists. If not, since Bitcoin is primarily against any central authorities, let alone banks, then it won't prosper.

We will never completely dismantle all of the banks. Do you know why? Because some of them will translation to cryptocurrency technology and blockchain technology actually, I should say, and they will progress and survive, whereas others will not adapt to the new changes and these ones will fail badly and be the ones who lose most from this new shift to decentralization.

[richardsNY]

Well, i don't think there will be a bitcoin bank because bitcoin is decentralized currency and they are only controlled with a system. Only the blockchain has the authority to keep the millions of bitcoins account around the world so there is no banks that counterfit the blockchain.

Bitcoin being decentralized doesn't mean anything in this regard. Nothing prevents whatever service to name itself a Bitcoin bank and to offer feature similar to that of a traditional bank to the public. At the end of the day, it's just a service, and services are free to do whatever they want if they think there is enough public demand. If we look at how many services there are offering loans, a wide field of advanced trading options, OTC for wealthy clients, a place to store your coins, etc, then it's safe to say that we already have plenty of Bitcoin banks operating in this market already. People however keep focusing too much on traditional banks, which are ancient institutions who haven't changed much in the last few decades....

[jerowacik]

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 very interested to hear Bitcoin Bank. this is a new breakthrough in the development of Bitcoin, we can see that with the Bitcoin Bank it will be more and more services available. Bitcoin can be increasingly trusted and will also lead to much greater things such as the admission of Bitcoin by the government. Gradually Bitcoin will begin to be recognized for its strength and various financial institutions will facilitate Bitcoin as one of the safest and most reliable methods to use. So with that then Bitcoin will continue to experience a positive movement. this will greatly help Bitcoin and Bitcoin prices will increase.

[marcbitcoins]

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.

This is very possible especially many nations now are legalizing bitcoin in which banking system could easily shift to bitcoin system because they are already used or exposed to digital system. Fiat and digital are the same currency that will just depend of accounting and mathematical process in which booth have similarity in talking of financial purpose with only the appearance will be the only difference.

[Malaya]

For now I don't think that there will be a bitcoin bank anytime soon. A bitcoin ATM may since there are bitcoin ATMs nowadays like in Taiwan. I'm not sure yet how bitcoin can have a typical bank we have now for our money.

[madwica]

I can't imagine bitcoin bank, bitcoin has no physical money what they are holding which everybody can hold their bitcoin in their own bitcoin wallet. That is why i think bitcoin bank is not applicable in this kind of system if all of has our own blockchain wallet. I think much better is bitcoin ATM which we can withdraw our bitcoin directly.

[iram1011]

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.