Will there ever be a Bitcoin Bank

[bitcoinsocial09]

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.

If there's a possibility, what would be its use? There are e-wallets where users may store their Bitcoin. Banks are under governments which also means that transactions are monitored. Bitcoin bank is a bot in contradt with bitcoin"s characteristic of being decentralized. So I think this thing won't exist.

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[ipsum100]

In the bitcoin philosophy you are your own bank

[sunnex100]

Contemplating a Bitcoin ban to me is a travesty to the whole idea of cryptocurrency. With Bitcoin, banks are not really needed because Bitcoin offers something entirely different from what is obtainable with cash. It operates via a decentralised system, bringing in the idea of Bitcoin bank will lead to regulations that would affect and defeat the very purpose of the cryptocurrency

[chickenfried12]

it is difficult to have such a thing
this is a situation that is incompatible with the base of anything already free of bitcoin

so why a bank of bitcoin  is not everyone's online offline  wall ready at the moment
it's hard to explain why you need it.

[Harrisonimo]

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.

The idea of Cryptocurrency/blockchain is decentralization; also meaning you are not reporting to any power or authority that has rule over your Cryptocurrency. The use of Cryptocurrency banks I can say has been indirectly existing; your Bitcoin wallet is your bank somewhat way and they are also doing some functions of the fiat banks too. As much as the wallets don't report to any higher authority and discretion and secured identity of Users are being kept well.

[yoseph]

I really don't see the need for a bitcoin bank in the first place, we have a bitcoins ATM and to me that's enough. Bitcoin is not a physical commodity and therefore there is no need for a bank

[tomwalsh]

Unless the price stabalises the business model would never hold.

Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.

With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.

The resulting mess would be similar to what happened with mtgox

[super5star]

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.

Bitcoin in itself is decentralized and what makes it decentralized is that its price cannot be controlled and it is pseudo-anonymous. However, operations revolving around bitcoin conversion to fiats are centralized and which is why we have mostly centralized exchanges right now and as long as you want to make do with fiat in exchange for bitcoin or vice versa, then the exchanges will be acting more like banks.

[randal9]

Unless the price stabalises the business model would never hold.

Banks rely on non-volatile stable markets in order to function. They make money by lending out more money than they have in deposits, allowing their net interest to be positive.

With such a volatile market as bitcoin people could easily demand all their money all at once in the event of a price drop and the bank, like all banks, wouldn't have the money to pay it back.

The resulting mess would be similar to what happened with mtgox

I agree, it seems to me that the usual banking system isn't compatible with the technology of blockchain and bitcoin

[ezekhiele]

 No, because people use, invest, trade and join bitcoin, the reason is no one can control bitcoin and their money. So, if there is a bitcoin banks, government can regulate and will control all the transactions in bitcoin. In other words bitcoin banks is impossible to rise.

[likeBTC]

There are some projects related to bitcoin as bank, but no, there will never be a bank of bitcoins just like you know banks at the moment. Take a look at Bankex, Bancor, and a few more.

[automail]

It doesn't matter if there will be a bitcoin bank or not since all of the transactions are online. It will be a hustle for bitcoin holders if there will be a bitcoin bank. I don't want this to happen. I am not willing to fall in line for hours just to have my self verified or get an account. I hate how banks works because they are so slow. Bitcoin was different, online transactions are convenient but the fee was too high and if there will be a bitcoin bank, fees will be much higher because of taxes and other fees that they cant explain.

[smartJEV]

The government regulation will definitely come one day. Together with regulation bitcoin or other coin banks will appear.

[CryptoEnthused]

it's possible. but I wouldn't do that. the whole point of crypto is decentralization

[smartJEV]

it's possible. but I wouldn't do that. the whole point of crypto is decentralization

Its not a whole point. One of the main yes, but not whole. Dont forger about cheap and fast transfers (not about btc, but about crypto in general). Also, for lots of people, btc now is an investment material and actually they are not against of centralized solution for holding it, if it will insure your assets.

[chocolaty]

I don't think this is possible because it will break one of crypto's feature which is pseudonymity. Many people turn to digital currencies because we can make transactions without revealing too much info. If we are about to loan then there must be something to leave behind to guarantee payment right? And that is like risking something valuable to you. This is my opinion only.

[TIDOVEE]

I'm also thinking its possible, but still thinking it may not be really necessary because with the way we are using bitcoin presently I don't think bitcoin really need a bank i would have only suggested it have an ATM machine and card respectively since bitcoin wallets is safe enough.

[Esiunin]

     WB21 will be the first digital bank to accept deposits in bitcoins from customers wishing to transfer funds to their current accounts.
     "The bank that takes bitcoin looks rather unusual, but it makes sense to us, and it also gives huge benefits to our customers," said Michael Gastaire, Founder and CEO of WB21.
     The bank has more than half a million customers around the world, which allows it to create real-time deposits using bitcoin, as well as another 18 national currencies currently offered. Among them is the Russian ruble.

[removebeforeflight]

Bitcoin is against centralised economy and that is the success of it. Bitcoin can have facilities like bank but it cannot transform itself as a bank. However, banks can adopt the best practices of bitcoin since bitcoin is the future currency and would make paper currency void soon.

[matanglawin]

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 can't imagine that there will be even in the future. Banks are controlled by the governments and Bitcoin happened to be decentralized so it is not applicable. Also, I believe that there's no need of Bitcoin banks since there are wallets where users may store all of their Bitcoin with ease and anonymity which is probably better than banks.