Bitcoin Bank

[Baby Dragon]

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

I think bitcoin bank is a very nice idea. If there’s bitcoin bank it may help all people who use bitcoin because it can help them to loan and to withdraw instantly.Laslty, i hope someday all banks in the world will accept bitcoin.

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[stompix]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

So why some other says that be your own bank? if we are going to entrust our bitcoin to them, because I also do believed that it does not make sense at all, because we are really the bank of our own bitcoin due to its decentralization not centralization which is the bank itself was like that.

I am agree that the idea of bitcoin bank has no sense. We all can be our own banks, just with such moment that we can't take credits in bitcoin on this sources where we hold our coins.

yeah idea of bitcoin bank is useless because bitcoin have already secured wallet and other system is already stable then we do not need any bank , and bank is just a wastage of time we can easily buy anything by bitcoin on internet so bitcoin is much more better than banks.

Bitcoin can replace the need for bank deposits and bank accounts.
It can overcome bank transactions...but..

If more and more people say that bitcoin is not a solution for micropayments, then you'll have to convert you bitcoins via a...upsie  Bank!
Also , there is no way people would be able to take loans via the current blockchain.
And good luck getting your money back from a  bad loan.

[JemmaColin]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

So why some other says that be your own bank? if we are going to entrust our bitcoin to them, because I also do believed that it does not make sense at all, because we are really the bank of our own bitcoin due to its decentralization not centralization which is the bank itself was like that.

I am agree that the idea of bitcoin bank has no sense. We all can be our own banks, just with such moment that we can't take credits in bitcoin on this sources where we hold our coins.

yeah idea of bitcoin bank is useless because bitcoin have already secured wallet and other system is already stable then we do not need any bank , and bank is just a wastage of time we can easily buy anything by bitcoin on internet so bitcoin is much more better than banks.

Bitcoin can replace the need for bank deposits and bank accounts.
It can overcome bank transactions...but..

If more and more people say that bitcoin is not a solution for micropayments, then you'll have to convert you bitcoins via a...upsie  Bank!
Also , there is no way people would be able to take loans via the current blockchain.
And good luck getting your money back from a  bad loan.

My indignation does not have a limit and I can not. It's possible to understand completely the whole point of Bitcoin Bank, but I'm completely sure that it will not differ much from those banks that exist now. Today the world financial system has taken a lot from cryptography and therefore they can work generally without Bitcoin. But for a simple Bitcoin user, a bank can only be a burden.

[richardsNY]

I think bitcoin bank is a very nice idea. If there’s bitcoin bank it may help all people who use bitcoin because it can help them to loan and to withdraw instantly.Laslty, i hope someday all banks in the world will accept bitcoin.

I personally don't like any entity having control over my coins, but there are enough people that see value in such initiatives. But the main thing is that current exchanges and wallet services are already some sort of a bank. You can earn interest over your coins, you can get loans, you can get a debit card, etc. That being said, there is already a bank that allows people to view their Coinbase balance within their banking environment -- it's a first step.

[fullypak]

I think bitcoin bank is a very nice idea. If there’s bitcoin bank it may help all people who use bitcoin because it can help them to loan and to withdraw instantly.Laslty, i hope someday all banks in the world will accept bitcoin.

I personally don't like any entity having control over my coins, but there are enough people that see value in such initiatives. But the main thing is that current exchanges and wallet services are already some sort of a bank. You can earn interest over your coins, you can get loans, you can get a debit card, etc. That being said, there is already a bank that allows people to view their Coinbase balance within their banking environment -- it's a first step.

Me also don't like bitcoin bank. now we are using this bitcoin without any restrictions from our govt. Suppose if we have bitcoin bank then all transaction should be done by legally and every transaction we need to pay extra tax to govt. In my country, we are already paying up to 30% tax to govt. So we are not interested in paying extra tax again to this Bitcoin.

[Matcuda]

There are so many things I can not figure out about the idea of ​​creating Bitcoin Bank yet. And so many questions arise from this situation. But it seems to me that if Bitcoin Bank performed all its functions properly, then every Bitcoin user had legal support and that would be a guarantee of legalization of the crypto currency. But nevertheless, the banking system is always few people, including Bitcoin users

[emezh10]

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

Having bitcoin bank is a good idea for me.Bitcoin bank will help all the businessman in their business and it may use it in there transaction because I think it has low fees. You can also save your bitcoin in bitcoin bank and you some people can loan in that bank. If there’s a bitcoin bank you save your bitcoin easily and you can sure that your bitcoin is totally safe no ones will try to stealth it.

[jovs]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

[szpalata]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

Exactly, it seems people have forgotten that one of the key components of creating Bitcoin was to do away with a centralized system and so those suggesting Bitcoin banks are actually not acting in good faith with Bitcoin.

[syaripudin]

Bank is a money-saving tool that we have. Bitcoin is an electronic currency, I think the account we have is working pretty well in saving the bitcoin we have. If you think about banks in general. I think this can be done if bitcoin is really in use by everyone. But I do not think so. Because if we think about the bank literally, it will only complicate the way to the transaction. Maybe a 30-year-old bitcoin bank in the form of a literal will exist.

[Paid Piper]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

to me i am not in favour of bitcoin banks in fact my bitcoins are in my online wallet and i always found it as the easiest way of making money.

[Tyrantt]

I don't get it, what would bitcoin bank offer you that you don't already have with your wallet? monthly interest? never understood the concept of a bitcoin bank. Also, we'd be probably paying 2 fees, banking fee and the transaction fee, maybe...

[rhodelmabanal]

If someone establish a bank we should put in mind that it talks about money,  we need to trust in each other. Putting our account on dangers.

[ajmapalo22]

If Bitcoin will have it's own bank that would pertain to a World bank, remember the users of bitcoin are all over the world, how would it be possible to have a one bank for all bitcoin in addition to the fact that there is a limit number of bitcoin circulating the market, I think it's more convenient to have the wallet that we are having now, it's more useful and has no limitations, anyone can make transaction every time they want and in some instances it's very safe that you do not have to disclose much of your information unlike if there is a Bank we all know they are very strict in implementing policies.

[Zooplus]

If someone establish a bank we should put in mind that it talks about money,  we need to trust in each other. Putting our account on dangers.

The reason why people are happy with the decentralized system is because they do not trust banks.
Banks are centralized and they can access our information anytime which is very risky especially if you have a lot of money
as they can easily freeze your account if you cannot explain your wealth, in bitcoin there is nothing to explain so we do not need bank.

[Undermood]

There are already bank problems in real currencies.
Checkout Deutche Bank status. If you deposit your coins to a bank probably you will be goxed asap.

[deisik]

MyBitcoin.com is a de facto bitcoin bank.  And it is clearly useful to many people.

No need to have literally "bank" because your account is already your bank and you are sure enough of what is happening to your every bitcoin because you are the one already managing it. Yeah in other sides it a good idea also but who needs it when you are already dealing with less hassle things right

Exactly, it seems people have forgotten that one of the key components of creating Bitcoin was to do away with a centralized system and so those suggesting Bitcoin banks are actually not acting in good faith with Bitcoin.

That is a tricky question

First of all, why should anyone act in "good faith" toward Bitcoin? Something like that could be said (mostly hypothetically, anyway) in respect to early adopters who didn't buy their coins and who received them mostly for free. But if people bought the coins with their hard-earned money, it is somewhat hypocritical to demand that they should remain loyal to Bitcoin. Further, I don't think that Bitcoin "banks" would act toward Bitcoin centralization beyond and above the level of centralization already achieved by miners. In fact, more independent actors in the system (including banks) would make the system more decentralized, not the other way round

[audaciousbeing]

Having a bitcoin bank in itself is a good idea with the implementation which is going to run more like an escrow but in this case on a larger platform, however, how it will work out is where my concern is because the moment the discussion is on like this, then someone somewhere is already thinking of implementation. In the sense that we all have our individual wallets which is more like our banks, the encouragement to put money in another place to serve as bank is to get a form of return on such. What are what this institution will engage in to make the return available?

[Bondho Kompeni]

The idea of a bitcoin bank is certainly not a good idea because later if you want to create a wallet required complete verification of data and all transactions will depend on the bank.

[Open4lies]

The idea of a bitcoin bank is certainly not a good idea because later if you want to create a wallet required complete verification of data and all transactions will depend on the bank.

If have Bitcoin Bank, it will not anonymous and privacy as the define cryptocurrency of Satoshi Nakamoto when create Bitcoin and Blockchain. I think the community of Bitcoin will disagree this issue if they want Bitcoin still running true to it's essence