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Author Topic: Do you think crypto "banks" will emerge someday?  (Read 53 times)
MeSoCorny
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December 23, 2017, 10:38:08 PM
 #1

I always have this fear of loss, hacks, amnesia ffs. Those worst case scenarios where you have nothing that connects you to your crypto if something happened. In life, if something like amnesia occurred, I would have a paper trail that would say "hey you have a bank account in your name at this bank" or you have an eTrade account with $200,000 in stock in your name". I would have identifications that are within my reach to get. So worst case scenario, even if I lost my memory in some weird accident, protocols would connect me to my money regardless.

So I wonder if there will be a crypto version of these trails. I understand people love the aspect of anonymity with Bitcoin, but it's not like I'm doing anything shady with my money, or don't plan on paying taxes, so I'm more concerned about always having access to money I've stored under any type of circumstance.

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cryptoblackhat
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December 23, 2017, 10:40:30 PM
 #2

Of course they will. Even Coinbase and similar sites are already acting essentially as banks (but without the legal guarantees). They keep your private keys for you and provide the paper trail, in exchange for convenience.

When it comes to the financial world, if there is demand for the service somebody will build it (and charge you for it) Smiley
MeSoCorny
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December 23, 2017, 10:54:33 PM
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Good point. Hopefully the free market creates enough competitors to Coinbase to make the service even better at dirt cheap prices.

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Mike Mayor
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December 23, 2017, 11:54:20 PM
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Of course they will. Even Coinbase and similar sites are already acting essentially as banks (but without the legal guarantees). They keep your private keys for you and provide the paper trail, in exchange for convenience.

When it comes to the financial world, if there is demand for the service somebody will build it (and charge you for it) Smiley

What the hell are you talking about? They own your bitcon then. That's a load of rubbish you talking.

I always have this fear of loss, hacks, amnesia ffs. Those worst case scenarios where you have nothing that connects you to your crypto if something happened. In life, if something like amnesia occurred, I would have a paper trail that would say "hey you have a bank account in your name at this bank" or you have an eTrade account with $200,000 in stock in your name". I would have identifications that are within my reach to get. So worst case scenario, even if I lost my memory in some weird accident, protocols would connect me to my money regardless.

So I wonder if there will be a crypto version of these trails. I understand people love the aspect of anonymity with Bitcoin, but it's not like I'm doing anything shady with my money, or don't plan on paying taxes, so I'm more concerned about always having access to money I've stored under any type of circumstance.

You already have access to your Bitcoin at anytime if you in your privatekey. Are you sure you understand how bitcoin works?


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MeSoCorny
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December 24, 2017, 12:48:33 AM
 #5

You already have access to your Bitcoin at anytime if you in your privatekey. Are you sure you understand how bitcoin works?

Did you miss the part/ fail to address where I mentioned paper trails and amnesia? How unlike now where a person has paper trails attached to their identity like "You appear to have a bank account with such and such bank account at this location. These records are literally attached to your identity. You would be told, even if you were alone in the world with no family, about brokerages and financial institutions that are attached to your identity. You also have the means and access to regain all of the necessary identifying documents to show the bank to access your money (literally a state ID card and show up in person) and that would be sufficient to access your money in any brokerage or bank. It would not be lost forever because you didn't have a string of numbers, and have no idea where that string was, if you even knew that crypto money existed at all (unlike the bank/ brokerage which is literally attached to your financial records and name by the federal government). THAT was my question.

“What separates the winners from the losers is how a person reacts to each new twist of fate.”
uberproteam
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December 24, 2017, 02:43:31 AM
 #6

The point of crypto is to stay anonymous and be your own bank. Opening a crypto bank is of no use.

MeSoCorny
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December 24, 2017, 02:59:11 AM
 #7

The point of crypto is to stay anonymous and be your own bank. Opening a crypto bank is of no use.

No, the point of Bitcoin is to stay decentralized and perhaps anonymous. Though the IRS has already begun leaning on Coinbase and other exchanges to reveal the transactions of Bitcoin buyers. But to state all crypto is created for this point is incorrect. In fact there is crypto created now with the specific purpose of being regulated by financial institutions, such as XRP. If you look at SRN they are creating technology to link between all crypto currencies and tokens to make a seamless product for non-tech savvy people who just know how to push an app button. The different currencies would all be stored in a cold wallet on their smart phone or PC and allow them to be converted between different cryptocurrencies seamlessly using the feeless IOTA based technology. This example isn't a bank per se, but it does demonstrate the ability to hold all currencies in one location while allowing access to all of them as well, much like a credit card.

“What separates the winners from the losers is how a person reacts to each new twist of fate.”
Cutieepooh
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December 24, 2017, 06:15:35 AM
 #8

Sure they will. As you know how demand will increases day by day. Therefore may be for providing smoothness in functioning they will be emerged in future.
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May 22, 2018, 10:11:55 PM
 #9

The idea is to move away from that concept but I'm sure there will be services like that in the future. Hard to say!

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odolvlobo
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May 23, 2018, 04:46:41 AM
 #10

Like this?

https://www.wsj.com/articles/cryptocurrency-firms-explore-getting-bank-licenses-1526635800

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