Bitcoin Bank
StarCitizen999:
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
mharz:
Quote from: StarCitizen999 on April 18, 2017, 08:45:56 AM
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.
roadbits:
Quote from: StarCitizen999 on April 18, 2017, 08:45:56 AM
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
If they do like this then it is a good move, and people like to take bitcoin loan in the bank. But how they collect interest is matter, because the BTC price will increase and decrease so how they calculate the loan interest. And this business will work out in a real world? I think it is profitable for users and loss for Bank.
Barbut:
Quote from: mharz on April 18, 2017, 09:15:45 AM
Quote from: StarCitizen999 on April 18, 2017, 08:45:56 AM
If bitcoin bank will issue loans in bitcoins at a favorable interest, then I do not mind using such service.
Just need to very accurately choose the time when to take a loan, and when to give
Maybe it possible, but what was the possible collateral you offer, if the Bitcoin bank give a high amount of loans with fair interest how they can assure that you paid it in time? I don't think so if it is possible for now but we still hoping that it will be happen in the future.
Let's assume that we can take loan in bitcoins from bank, first question is how do you plan to return that and in what time. I don't have salary in bitcoins, so I would need to payback that loan in my currency. With rise of btc price, my monthly rate can be higher each month and that can be real problem. How many of us here can afford loan in bitcoins?
ImHash:
Seems like none of you know what you are talking about not even back then in 2010 it doesn't make any sense to put your bitcoins in a bank while their value is increasing over time and it's wrong to assume anyone can start a bank unless they are using something very valuable as collateral like gold/ land which in turn requires a government involvement.
No body will trust you even a penny if you're not backed by government, after launching a bank then you need to deal with the fiat equivalent of bitcoins deposited and change the balance of clients accordingly when price goes up or drops and recalculate the interest rate base on fluctuations which would be a heavy duty but it's doable by using bots, and when people think more than they do by relying on others they'll see it's actually much more profitable if they just buy bitcoins off the market and hold as long as they would've waited to receive interests on their bank deposits.
And since bitcoin is not a physical currency and it's been secured by cryptography mechanism there is nowhere safer than your own wallet addresses if you are concerned about theft/ hack.
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