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Author Topic: Bitcoin Bank  (Read 37834 times)
lovesybitz
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April 30, 2017, 05:13:21 PM
 #101

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

As far as I know, we are the bank of our own bitcoin savings. And if there is someone will establish a bank, I won't entertain their
services anyway, because most bank I mean all banks are regulated industry and while bitcoin was not.


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April 30, 2017, 05:27:49 PM
 #102

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

As far as I know, we are the bank of our own bitcoin savings. And if there is someone will establish a bank, I won't entertain their
services anyway, because most bank I mean all banks are regulated industry and while bitcoin was not.
yes lovesybitz, we are our banks. You wallet is your bank account and you can have online and private wallet on your computer. What this means is that as bitcoin holders you can send, save and used your bitcoin with being control by any group of people and countries or financial system and regulations. Bitcoin is decentralized and that makes it different from other money system.

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April 30, 2017, 05:37:47 PM
 #103

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

As far as I know, we are the bank of our own bitcoin savings. And if there is someone will establish a bank, I won't entertain their
services anyway, because most bank I mean all banks are regulated industry and while bitcoin was not.

You mean if someone created a bitcoin bank.
I have the same idea that it will not work even if they put interest in it.
Not now, maybe someday if all bitcoin are mined.
As of now we are a growing industrt and that means a high profit also in demands that will increase the value.
Those who will be creating a bank will just profit for themselves. I dont even think they will be different with a website wallet. That is almost the bank of bitcoin.

Hypnosis00
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April 30, 2017, 05:39:43 PM
 #104

I think this bitcoin bank is not a good idea for bitcoin because this can lead for centralization of bitcoin and the owner of the banks can control the bitcoins supply because banks means storage and if people will store their bitcoin to the banks then it will have a lot of bitcoins there and the owner can take advantage of that and use it to make profits.

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Bezobraznike
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May 02, 2017, 05:57:30 AM
 #105

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

Can you explain me why would we need bitcoin bank? Bitcoin is a digital currency and payment network, why would we pay someone to do easy things for us?
I`m new in all this, but isn`t the point of bitcoin to be alternative to the current system?

We don't need bitcoin bank, Remember the word of being your own bank. And it has given a lot of the meaning for us. We will never need bitcoin bank to keep or money especially crypto is in the grey area which will try to save your bitcoin on bitcoin bank is not a good decision.
They can be turned as scammer anytime.

Yes I`m aware of that, it`s something that I learned first about bitcoin and that`s why I was surprised when I saw this topic. I wanted explanation from the person that created this topic, I saw comments from people that support bitcoin bank idea, what I didn`t saw are valid arguments for that statment, and how that can be good for us users.

rickadone
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May 02, 2017, 07:22:54 PM
 #106

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

Can you explain me why would we need bitcoin bank? Bitcoin is a digital currency and payment network, why would we pay someone to do easy things for us?
I`m new in all this, but isn`t the point of bitcoin to be alternative to the current system?

We don't need bitcoin bank, Remember the word of being your own bank. And it has given a lot of the meaning for us. We will never need bitcoin bank to keep or money especially crypto is in the grey area which will try to save your bitcoin on bitcoin bank is not a good decision.
They can be turned as scammer anytime.

Yes I`m aware of that, it`s something that I learned first about bitcoin and that`s why I was surprised when I saw this topic. I wanted explanation from the person that created this topic, I saw comments from people that support bitcoin bank idea, what I didn`t saw are valid arguments for that statment, and how that can be good for us users.
Probably the guy who posted this topic, had the idea of that bitcoin is much likely compared to gold because people save it for a long time and wait for the price to go up, and people who have a good amount of money have to option to turn it into gold so it could grow passively, and the only way they can store it is in the vault banks, and I think that is where the bitcoin bank comes from.

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May 03, 2017, 04:51:13 AM
 #107

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

Can you explain me why would we need bitcoin bank? Bitcoin is a digital currency and payment network, why would we pay someone to do easy things for us?
I`m new in all this, but isn`t the point of bitcoin to be alternative to the current system?

We don't need bitcoin bank, Remember the word of being your own bank. And it has given a lot of the meaning for us. We will never need bitcoin bank to keep or money especially crypto is in the grey area which will try to save your bitcoin on bitcoin bank is not a good decision.
They can be turned as scammer anytime.

Yes I`m aware of that, it`s something that I learned first about bitcoin and that`s why I was surprised when I saw this topic. I wanted explanation from the person that created this topic, I saw comments from people that support bitcoin bank idea, what I didn`t saw are valid arguments for that statment, and how that can be good for us users.
Probably the guy who posted this topic, had the idea of that bitcoin is much likely compared to gold because people save it for a long time and wait for the price to go up, and people who have a good amount of money have to option to turn it into gold so it could grow passively, and the only way they can store it is in the vault banks, and I think that is where the bitcoin bank comes from.
Well, I do not think that Bitcoin users will ever agree to Bitcoin banks. But why then change one to another we already have a banking activity for which people want to escape. If you create Bitcoin Bank to Bitcoin will lose all their advantages.
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May 03, 2017, 08:55:50 AM
 #108

I think the idea of bitcoin bank would not be good for the development of the bitcoin, we all know that the presence of bitcoin can shift the bank thereby giving the freedom to do anything.

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May 03, 2017, 02:15:54 PM
 #109

I think the idea of bitcoin bank would not be good for the development of the bitcoin, we all know that the presence of bitcoin can shift the bank thereby giving the freedom to do anything.

I don't believe that bitcoin bank can be a hindrance of freedom to do anything, because having bitcoin banking can be advantage with bitcoin to be more secured. When we talk about development of bitcoin shouldn't be limited to a certain point that banking system is not connected, because banking exchanges was now happening in the bitcoin economy, and I've observed a lot of profit that everybody has now experienced through cashing out from banks connected from blockchain exchange network.

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May 03, 2017, 07:45:10 PM
 #110

I think the idea of bitcoin bank would not be good for the development of the bitcoin, we all know that the presence of bitcoin can shift the bank thereby giving the freedom to do anything.

I don't believe that bitcoin bank can be a hindrance of freedom to do anything, because having bitcoin banking can be advantage with bitcoin to be more secured. When we talk about development of bitcoin shouldn't be limited to a certain point that banking system is not connected, because banking exchanges was now happening in the bitcoin economy, and I've observed a lot of profit that everybody has now experienced through cashing out from banks connected from blockchain exchange network.
If Bitcoin acquires a bank, then all users will lose their advantages. If there is an institution that controls the crypto currency, then on the one hand it is good only for the legal plan, all other advantages of Bitcoin users will lose.
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May 03, 2017, 08:59:19 PM
 #111

Yes, a bitcoin bank would make money off of internal transfers transaction fees in my opinion, not on loans, future will tell Smiley
A bitcoin bank is an idea that could work, but it doesn't have to be centralized. BTCJam services and similar already exist.
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May 03, 2017, 09:21:23 PM
 #112

It will open a news form of payment for the general people and BTC will gain more knowlege and power in the world. It will owrk like with credit cards an account in BTC to pay anything.

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May 04, 2017, 06:25:22 PM
 #113

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

Can you explain me why would we need bitcoin bank? Bitcoin is a digital currency and payment network, why would we pay someone to do easy things for us?
I`m new in all this, but isn`t the point of bitcoin to be alternative to the current system?

We don't need bitcoin bank, Remember the word of being your own bank. And it has given a lot of the meaning for us. We will never need bitcoin bank to keep or money especially crypto is in the grey area which will try to save your bitcoin on bitcoin bank is not a good decision.
They can be turned as scammer anytime.

Yes I`m aware of that, it`s something that I learned first about bitcoin and that`s why I was surprised when I saw this topic. I wanted explanation from the person that created this topic, I saw comments from people that support bitcoin bank idea, what I didn`t saw are valid arguments for that statment, and how that can be good for us users.
Probably the guy who posted this topic, had the idea of that bitcoin is much likely compared to gold because people save it for a long time and wait for the price to go up, and people who have a good amount of money have to option to turn it into gold so it could grow passively, and the only way they can store it is in the vault banks, and I think that is where the bitcoin bank comes from.
Well, I do not think that Bitcoin users will ever agree to Bitcoin banks. But why then change one to another we already have a banking activity for which people want to escape. If you create Bitcoin Bank to Bitcoin will lose all their advantages.

@rickadone Your example doesn`t have sense, I`m reading for a week about ways how to keep bitcoins safe and I already know that for keeping bitcoins on a safe place you
don`t need banks, you can save them on many other ways
.
@00hash01 Bitcoin already have better transaction system, bitcoin already offer wallets where you can keep your coins safe, I still don`t understand what kind of purpose can bitcoin bank have, what can bitcoin bank offer to us?

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May 04, 2017, 09:56:38 PM
 #114

Yes, a bitcoin bank would make money off of internal transfers transaction fees in my opinion, not on loans, future will tell Smiley
A bitcoin bank is an idea that could work, but it doesn't have to be centralized. BTCJam services and similar already exist.
but i do not think that this idea is going to work, because people want to make the  banking process more and more say, and i think bitcoin is the only option that can make to more convenient to use bitcoin for both online as well as online purpowes.
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May 04, 2017, 10:46:35 PM
 #115

It will open a news form of payment for the general people and BTC will gain more knowlege and power in the world. It will owrk like with credit cards an account in BTC to pay anything.

It's already possible to have a credit card-like service combined with Bitcoin. It's called a Bitcoin debit card -- you deposit BTC, and you'll then get the ability to pay basically everywhere in the world. If you have no more coins left, you can't buy anything. It's not based on debt as is the case with credit cards. Major benefit. If you're seriously interested in it, then look for services as BitPay, Xapo, Bit-X. They all offer Bitcoin related debit cards.

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May 05, 2017, 03:39:00 AM
 #116

It will open a news form of payment for the general people and BTC will gain more knowlege and power in the world. It will owrk like with credit cards an account in BTC to pay anything.

It's already possible to have a credit card-like service combined with Bitcoin. It's called a Bitcoin debit card -- you deposit BTC, and you'll then get the ability to pay basically everywhere in the world. If you have no more coins left, you can't buy anything. It's not based on debt as is the case with credit cards. Major benefit. If you're seriously interested in it, then look for services as BitPay, Xapo, Bit-X. They all offer Bitcoin related debit cards.
I hope soon there will be more competition so the charge will be lowered, I checked that kind of services but it seems very expensive to me. Well, as of the moment I don't really have much time to spend my money online since I used my funds for investing but I would love to see more of that kind progressing in the future. Bitcoin as payment system not as currency accepted by the bank, just to be clear..

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May 05, 2017, 06:04:57 AM
 #117

The bitcoin bank idea is not impossible but the main key for it is a huge amount of money and the bitcoin is created by unknown person, so by the concept of that the bitcoin bank became impossible because the kinds of wallet to store it is created and by that the price of the bitcoin is became as one so it will be under that law of supply and demand, So for mme the bitcoin bank itself is a wallet but to make it one as a bank for me is impossible.

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May 05, 2017, 08:00:18 AM
 #118

I think the idea of the existence of the bitcoin bank is good, with the presence of the bank then everything becomes legally so that the country will soon officially legalize bitcoin.
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May 05, 2017, 03:23:58 PM
 #119

Did anyone think at this? How would a bank work? How could you loan bitcoins and get interest for them in an economy with just 21 milion BTC limit?

There's no bitcoin banks for now, perhaps in future when the number of bitcoin in circulation is huge. Now I thinking only bitcoins bank we have is our Bitcoin wallets, where you store and save your bitcoins.
I would agreed in this matter, and I'm not in favor also in bitcoin bank because we are the bank of our own money through bitcoin.
If ever there is a bitcoin bank this is no longer a decentralize it is already a centralize system because its connected to banking system anymore.

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May 05, 2017, 03:36:47 PM
 #120

I think this idea will inevitably come to reality, only a matter of time.  If we want btc to be a legal tender then i think there's not two ways about it.  It'll certainly be a great thing, i fear though that once regulations and governments get involved on a general scale, it may not be as much fun as it is now.

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