Crypto bank

[CryptoVzla]

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

The reason why there is still no crypto banks, is because people are still not ready for the crypto currencies yet, all the people are using fiat and trying to change the way they are used to pay with a new thing is something really hard, so maybe when crypto currencies start becoming something they we use every day crypto banks will become a thing.

Or probably crypto banks will exist when countries develop their own cryptocurrency

[1715162298]

1715162298

[mrkevio]

At the moment there is no bitcoin or another cryptocurrency based bank. Many people don't support this idea because they think existing of bitcoins bank would ruin it but in general I don't think this is such a bad idea because more financial bitcoin related services would be available to the users.

The reason why there is still no crypto banks, is because people are still not ready for the crypto currencies yet, all the people are using fiat and trying to change the way they are used to pay with a new thing is something really hard, so maybe when crypto currencies start becoming something they we use every day crypto banks will become a thing.

Or probably crypto banks will exist when countries develop their own cryptocurrency

Maybe, but I don't see any sense in creating your own cryptocurrency if it's going to have no difference between that one and the paper money. There are more disadvantages than advantages by the way. Even if it's going to be easier to use, keep in mind that we will have absolutely everything controlled. So you will have to probably pay taxes even for a buck that you received as a gift from your parents. I don't see any pros when it comes to a cryptocurrency created by governments. If that is the case, I would totally prefer paper.

[GMPoison]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

[Maslate]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

Maybe, but the thing is they do not give interest on our deposits like the banks does and they have no insurance on our deposits. I don't their can be a bank like system implementation in real life because in the first place, bitcoin is decentralized.

It's two different system that cannot run or merge as one. We can call any exchanges as bank as we need them to trade our bitcoins into fiat.

[aolley]

As far as I know, there is no such thing called bitcoin-friendly bank as well as bitcoin-based bank. Because bitcoin is designed to create freedom in money for people by eliminating third parties with the help of blockchain technology and it's doing just fine, why would we need someone to go against that? Besides, banks don't prefer the idea of bitcoin as it can make fiat money to lose balance, so it's no point in getting a bitcoin bank.

There is no reason banks can't use bitcoin though, and if they use an off-chain ledger like most every crypto business does then there is no transparency anyway. All the more reason people shouldn't trust anything that doesn't give them control of their secret keys.

[Fabricus]

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

Bitcoin debit cards already exist (load/unload in bitcoin and withdraw at ATM machine) , just follow my signature you will get 25% discount on your btc debit card)

Right about the credential.. but believe I've tried many banks, sending them as much credential as you like as soon as you say the word "BITCOIN" they shut the door on you ;-)

[Fabricus]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills ).

[Bibite]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills ).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

[GMPoison]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills ).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

One day I don't think fiat will exist. If BTC is still volatile two decades from now and BTC is used around the globe as the primary currency, maybe we'll use fiat to set prices for things as we do now. Then when we go to purchase items or sell items, we determine how many BTC to buy/sell for depending on the fiat price that was set for the item. But that's all fiat will be, a way to set prices. Other than that, it will be dead. That of course is an extreme of what could happen, what I want to happen.

[Babayega31]

The way is see a "crypto bank" is actually like an exchange... a centralised hub to do things in relation with the centralised system (direct debit, debit card, etc.) based on the most beautiful decentralised system / currency ;-)

Bitcoin debit cards already exist (load/unload in bitcoin and withdraw at ATM machine) , just follow my signature you will get 25% discount on your btc debit card)

Right about the credential.. but believe I've tried many banks, sending them as much credential as you like as soon as you say the word "BITCOIN" they shut the door on you ;-)

Thats not right to shut the door for us, because the opportunity for us is there already all we have to do is to explain to those banks the assurance that bitcoin has, for me converting bitcoin to fiat currency is the right option to do before saving your crypto currency to bank. In my country only one bank do have an optional crypto converted withdrawal transaction through cash out and hopefully in the future years they will fully adopt bitcoin as cryto bank option of deposits to make more convenience for us users who spend this kind of currency.

[Bibite]

Define "crypto bank". Technically exchanges like Coinbase could be considered "crypto banks", no?

For me a crypto bank would be something like an exchange but much easier for the general public and it would have to be compatible with the banking services like SWIFT, SEPA, etc. (both for deposit and payment, like the direct debit to pay your taxes / bills ).

A mix with banks and exchanges
It will be great
Like you can send and receive crypto and get it converted in the bank system with the fiat equivalent

One day I don't think fiat will exist. If BTC is still volatile two decades from now and BTC is used around the globe as the primary currency, maybe we'll use fiat to set prices for things as we do now. Then when we go to purchase items or sell items, we determine how many BTC to buy/sell for depending on the fiat price that was set for the item. But that's all fiat will be, a way to set prices. Other than that, it will be dead. That of course is an extreme of what could happen, what I want to happen.

I think you are right, it is totally possible.
It remember a little when they started to introduce us the €, supermarkets were displaying 2 prices; 1 in the old currency and 1 in euo
I can easy imagine tht with Bitcoin