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Author Topic: Bitcoin Bank  (Read 316 times)
goaldigger
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March 02, 2018, 07:49:17 AM
 #1

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?
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March 02, 2018, 08:08:26 AM
 #2

It will be a very good decision if the bitcoin bank operates through out the world and it is not bad to use bitcoin bank instead of commercial banks for different transactions. Bitcoin bank will be a more convenient for us to make online transfer and online buying and selling of goods and services and i hope that in this year this project can be take a start because all the bitcoin users are happy to know this.

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March 02, 2018, 08:25:56 AM
 #3

I doubt that Bitcoin Bank can exist. Nobody likes the word "bank" in the cryptoworld, because it is associated inevitably with fiat money and loans The main problem is that if a bank does not have a debit with a loan and the bank expects a collapse, then we will not get any Bitcoin from it. And this is exactly what we want to avoid, using Bitcoin. Our money must remain with us and be safely preserved.
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March 02, 2018, 08:46:28 AM
 #4

What you talk about is already done, at least partially, by exchanges and lending platforms. Also, casinos where you can invest in their bankroll and faucets like freebitco.in where they give you around 4% interest for your savings.

So, I think it is possible to create it but I don’t think the government would impost it, rather to allow some people or a company to create it.
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March 02, 2018, 08:52:51 AM
 #5

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?

   You listed options that you have on exchange`s. Not all of them have same option`s,
maybe there is I am not registered on all of them, someone knows this better.
   Exchange like bank is a service, run buy someone else. Someone else but not you! Bitcoin
is be your own bank, do not keep your asset in some exchange or bank, keep it in your
wallet.
   You can give them any name, options you listed can be part of any new company with a
new name, governments will regulate it in any way just to collect taxes from them, and they
would like to control them, will they be able? With centralized systems yes, with decentralized
it will be very hard for one government to do that cause jurisdiction of one government is just
their country, not the whole world.

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March 02, 2018, 02:04:56 PM
 #6

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?

The idea is good and i think its really possible but not this year, it will take more time before this thing to happen. However you can still use some exchanges to store your bitcoin but in terms of security that is not guaranteed. Transacting cryptocurrency without is I think its not possible, lower fees instead.



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March 03, 2018, 01:05:46 PM
 #7

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?
Dude what is wrong with you people? This is not the first time I’m seeing this topic in this forum, but the fourth time, and you guys will still post it again. What in the world makes you think you need a Bitcoin bank, and why do you even need it? I don’t need a Bitcoin bank, all I need is my wallet and I believe most people in this forum needs the same, so stop posting this sh**

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March 03, 2018, 01:12:56 PM
 #8

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?

You listed options that you have on exchange`s. Not all of them have same option`s,
maybe there is I am not registered on all of them, someone knows this better.
   Exchange like bank is a service, run buy someone else
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March 03, 2018, 01:26:52 PM
 #9

*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
It obviously depends on the central bank. Even if in some country such bank will be aproved it doesn't guarantee that people in other countries will be able to use it.

*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
it is already legal, at least in civilized countries
*you can have this kind of secured crypto savings account who doesnt get hacked
even SWIFT have problems with security. The key point is that if the bank is experiencing such problems then bank is taking all the expenses. While if the crypto exchange got hacked you may not get your funds back.
*you can loan crypto for initial capital investment for trading and others
Take a look at the interest rates in EU or US banks. Does it seems like a good way to invest money?
*you can send crypto to someones account limitless without fees.
You can do it with some altcoins or crypto services

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March 03, 2018, 01:30:15 PM
 #10

What you talk about is already done, at least partially, by exchanges and lending platforms. Also, casinos where you can invest in their bankroll and faucets like freebitco.in where they give you around 4% interest for your savings.

So, I think it is possible to create it but I don’t think the government would impost it, rather to allow some people or a company to create it.

I do not see sense to take out loans in bitcoin. It's very risky. If the price will go up you can have the interest on the loan that does not repay the debt ever. I support the idea of creating a bitcoin Bank but only for other purposes. For example, the possibility of protecting transactions from fraud. Or to speed up transactions within such a Bank.

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March 03, 2018, 01:31:45 PM
 #11

It will be a very good decision if the bitcoin bank operates through out the world and it is not bad to use bitcoin bank instead of commercial banks for different transactions. Bitcoin bank will be a more convenient for us to make online transfer and online buying and selling of goods and services and i hope that in this year this project can be take a start because all the bitcoin users are happy to know this.
Coins.ph is the fastest, most secure way to buy bitcoin in the Philippines. Coins.ph gives Filipinos an easy and secure way to buy bitcoin even without a bank account.
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March 03, 2018, 01:33:48 PM
 #12

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)
*you can have this kind of secured crypto savings account who doesnt get hacked
*you can loan crypto for initial capital investment for trading and others
*you can send crypto to someones account limitless without fees.

Is this even possible? What would be the effect if the government impost this?
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March 03, 2018, 01:47:52 PM
 #13

That is something that we need, our own Bitcoin bank. Why? For me a much lower transaction fee or even no transaction fee since we are going to have our own Bitcoin Bank. That is very good establishment if we will have our own bank. A good way if we need a fiat in our hand our instantly, fiat exchange in an instant if we need one.

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March 03, 2018, 02:41:59 PM
 #14

I guess the best opportunity will be Investment Crypto Bank. Where you could lend your coins to people with more experience to manage it for profit.

Otherwise I prefer to save my coins alone. I don't need a bank for this.

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March 03, 2018, 03:03:47 PM
 #15

That is something that we need, our own Bitcoin bank. Why? For me a much lower transaction fee or even no transaction fee since we are going to have our own Bitcoin Bank. That is very good establishment if we will have our own bank. A good way if we need a fiat in our hand our instantly, fiat exchange in an instant if we need one.
As the demand is continuously increasing that is why we really need to have a bank that does accept bitcoin because we really need this kind of company that will fit our needs especially when you do have a lot of bitcoin and a single transaction from other remittances has a limit.

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March 03, 2018, 03:04:45 PM
 #16

What in the world makes you think you need a Bitcoin bank, and why do you even need it? I don’t need a Bitcoin bank, all I need is my wallet and I believe most people in this forum needs the same, so stop posting this sh**

Can you stop being so short sighted? It's great that you can take care of your own funds, which is the best way to move forward, but that's not the case when it comes to the majority of the people. In the same way that people trust their fiat and valuable items to a bank, they trust their crypto assets to whatever centralized service as well. In other words, a large group of the people just aren't capable of taking the responsibility of maintaining and securing their own wealth. If they feel it's necessary to make use of a bank or whatever centralized service, then let them do so, why should you care? It offers them convenience and a wide set of available options that may or may not turn out to be handy at some point for them. It goes further than just holding coins.

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March 03, 2018, 03:44:37 PM
 #17

Banks and crypto doesnt have good terms. Thats what most of us think. Would it be better if there would be this kind of “bitcoin bank” where has the same function of bank but all transactions would be based on crypto ? For example
*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)

Which I think is already possible given that exchanges are registered businesses in a particular country where they are headquartered.

*you can have this kind of secured crypto savings account who doesnt get hacked

Well, banks are often targets of hackers and lots of bank databases have been compromised in the last 5 years or so. Also, there had been many glitches on banks' systems compared to crypto exchanges. Dealing with a bank doesn't ensure your funds are 100% secured.

*you can loan crypto for initial capital investment for trading and others

This wouldn't be approved by a bank, given that they only lend money on people who have stable incomes and using the money on trading isn't really a great reason as to why you're asking for a loan.

*you can send crypto to someones account limitless without fees.

If it is an external account, there'd still be fees accompanied to it. Also, there needs to be a maintaning balance on your account just so you can use it, which I think is a rip off if you're already dealing with cryptos.

Is this even possible? What would be the effect if the government impost this?

Possible though far-fetched. Why would the government approve this if they are benefiting from their fiat?

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March 03, 2018, 03:48:33 PM
 #18

Bitcoin was made to remove third party involvement. So there's no need for a bank. We are the bank ourselves. If you are taking precautions carefully, chances of someone stealing your bitcoins are quite low.

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March 03, 2018, 04:03:00 PM
 #19

I do not think it will become a bitcoin bank. this situation is against the purpose of the establishment of bitcoin.

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March 03, 2018, 04:13:59 PM
 #20

Well, a bank can make transactions reversible. And it is fundamental to bitcoin that exactly this is not possible.
The only way I can imagine how that can be established is that you have some kind of account that is not a real bitcoin address. It only shows how much coins you have transferred to the institution.
But then again, this all would remind me of something we already have: an exchange.
And I think we all know how protected our coins are when we keep them at an exchange...

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