Bitcoin Bank

[Janation]

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?

I don't think that this will be a great idea since the idea of Bitcoin is more on self managing and freedom. Also, the examples you are saying is just like the functions of alot of exchanges online expect the loan thing. It is great but having a site with secured crypto "savings account" is not that easy to say since exchanges are saying the same thing but they are still being hacked.

I am ok on how I manage my coins rather than letting the government hold it for me.

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[mrcash02]

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?

Yes and that already exists, it's called fiat system, totally centralized and totally the opposite of Bitcoin. You can't have all the advantages of a decentralized system and all the advantages of a centralized one at same time... If you want central bank approval, you are just wanting to use the fiat's system and it will be worthless to use Crypto-Currency, it will be the same than using "eletronic cash", fiat anyway.

And I doubt these Crypto-Currencies would still be so profitable for everyone as now if they were heavily regulated.

[iqlimasyadiqa]

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.

Banks that can accept Bitcoin are very important because then the level of public confidence will increase, one of them is when we have a lot of Bitcoin and we try to secure the Bitcoin we have. Banks are the best option, especially when there is a regulation governing how Bank Bitcoin can have the authority. If likened to a bank that has a service like a conventional Bank then Bank of Bitcoin can be very extraordinary and has a lot of users. This is a good idea in the era of technological advancements that are so increasing, even the Bitcoin market has grown in our daily lives. That is clear proof that Bitcoin is now desperately needed and we are all getting used to using Bitcoin.

[Thanasis]

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?

In future maybe we can have bitcoin and crypto currency banks if the crypto replaces the fiat money system.But the crypto currencies are against the banking system the crypto currencies are decentralized so we can have the full control of our funds.But we don't need banks we just need decentralized exchanges where we can exchange our cryptos .

[CaptainKid]

If I am not mistaken, crypto-currencies, in particular bitcoin with its blockchaine technology, were created not to be stored in banks, but on the contrary, that there would be no intermediaries and everything was transparent and convenient, and you could store in your purse, from which the private key, only you.

[staywoke081]

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.

It was but you can never openly talk about how successful you are in crypto, and that is a problem. Not that you need to show off your money but you don't want to have to censor yourself that way forever. This is a catch 22 for sure and I would argue there is a spot in this space for a decentralized bank. Not sure how it would function but there are a few ICOs trying to do something like that right now. Crypterium and Datarius come to mind, don't know if there are others.

[1NV3ST0NM3]

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?

Banking serves two basic purposes. first is accepting deposits and secondly lending out. If we see broadly this service could definitely work but the problem is that there is no assurance. I mean the number of scams by bank will be enormous. If you deposit some bitcoins with any bank. They will lend it out in some other wallet to someone else. Who could scam quite easily if he is a decent software worker. All this really doesn't makes sense.

[w5pn73]

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?

How would btc be different from fiat if that happened and why would anyone want a centralized entity for crypto.

[bryan21]

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?

It's can be the great ideas and a little bit. All crypto transactions we can do in bank and bitcoin can legalized by the government. No banned bitcoin anymore. You can do fast payment using bitcoin and try another coins.

[Rath_]

*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

It is impossible to create something that cannot be hacked. A lot of people still think that banks are impossible to breach but I really doubt it. I don't understand why people use web wallets and I have no idea why would they give their crypto to a bank which would "secure their crypto". The best method for now is cold storage and I guess it won't change for years. I wouldn't risk lending crypto. Assuming that their price would be still volatile, you could get into a serious problem.

[atjiat]

*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

It is impossible to create something that cannot be hacked. A lot of people still think that banks are impossible to breach but I really doubt it. I don't understand why people use web wallets and I have no idea why would they give their crypto to a bank which would "secure their crypto". The best method for now is cold storage and I guess it won't change for years. I wouldn't risk lending crypto. Assuming that their price would be still volatile, you could get into a serious problem.

I think that the banking system will always do what the money can bring. Despite even the unstable crypto currency, it still brings good returns and banks will take advantage of this. Therefore Bitcoin does not exactly destroy the banking system.

[Dragon5]

As many of us have already noticed, it's a tricky idea. To sum up:

• have your BTC in your wallet, do not trust any "banks"
• trade on a reliable exchange platform
• don't even think about loans - if the price goes up, you'll be in debt
• THE MAIN IDEA of BTC is to be decentralized and oppose the bank system

I do not see any pros for organizing a bank. You can open an exchange and call it "a bank".

[sirenmoon]

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.

The centralized term is also connected with banks. I agree with you that the Bitcoin will never connect with some bank because the final users and that is all of the crypto holders would never support such event. Banks are supported by the government and we all know that government is against Bitcoin but they are slowly accepting it because it is inevitable. Some people are even speculating that Bitcoin will replace the banks in the future but that situation will also not happen because the government won't allow to the crypto to destroy something centralized that has to be built trough ages.

[Get_Rich]

I am a beginner in the world of cryptocurrency, can you explain what is bitcoin bank? And what are the advantages and disadvantages possessed by bitcoin bank? Thank you very much

[Clavulanic]

If I am not mistaken, crypto-currencies, in particular bitcoin with its blockchaine technology, were created not to be stored in banks, but on the contrary, that there would be no intermediaries and everything was transparent and convenient, and you could store in your purse, from which the private key, only you.

Is there such a name like that already? Bitcoin bank? I would be so delighted if there is one in my country. It will be more easier for me to receive,deposit and withdraw my money from different accounts. But I also heard bitcoin investment of my co-member that related to bitcoin and gains USD 100 every week. I hope this one too.

[FrueGreads]

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 kind of have all those things right now, even the loans, although they are not run on the same platform. You don't really need a bank to do that for you. The only exception for this is the loan of course, since they would need to have some collateral in order to loan you crypto or fiat. But you can already hold your coins on a safe place, if you use a hardware wallet, or any king of cold storage. You don't need banks for that. You can also send crypto, and buy it legally, without using banks. You do need to use exchanges, and use your bank to fund the exchanges, but you can do it.

[The_Dark_Knight]

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?

It is impossible to have an account that cannot be hacked, you can try to protect yourself but nothing is 100% secure this is something that has been known for a lot of time and second very few people here will ever accept that, a bitcoin bank? That is what we are trying to avoid by using bitcoin what it is the point of using bitcoin if you are going to let a bank control your money.

[fokinlipat]

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?

There will be both pros and cons of having bitcoins banks like:

Cons of Bitcoins banks

1) Banks will not provide any service for free as they have to pay for the staff and infrastructure. So we will have the burden of an additional tax.

2) Such a bank can face lack of funds in case drop like 50% or more occurs in a single day.

Pros of Bitcoin banks

1) The loan facility you mentioned is a good feature and will give extra cash to people to invest.

2) Another benefit of such a bank is that the customers will get some safety for the transactions made.

[Kersh768]

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?

I am not really sure with this one,  Banks are centralized and cryptocurrencies including Bitcoin are decentralized. It means that Banks are usually controlled by Givernments and it happened that Bitcoin cannot be controlled. So the concept I think is in contrast. Also, there are wallets as an alternative of the mentioned uses of Bitcoin banks.

[eelectrick]

I think a Bitcoin bank sounds like a good idea, who wouldn't want to properly and legally secure their investments.
A system that conveniently caters to the people of the bitcoin community, this could really boost and elevate the whole
bitcoin revolution and community. It just makes you wonder though if this bank ever happens, would bitcoin lose it's
appeal? Decentralize becomes fully centralized and bring btc's prices to a stability. Not to mention taxes and transaction
fees, regulation protocols. I mean how will that bank profit from such a illustrious institution, how will it maintain.