Bitcoin Bank

[Sengoko]

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.

If this would happen, believe me bitcoins would lose their basic concept and worth. They were developed to be spreader all over the world not to keep them in banks and accounts. Although saving is a strategy and it has its own importance but when it comes to bitcoins, such monumental coins, you don’t need to save them in coins. Invest them, trade with them and earn money out of them.

[fiulpro]

Everything that you mentioned except for the last one ... We do have ..!
We have all those things in form of wallets and stuff and I don't see why we need.. a bank for that.
Wallets and everything else is more affordable and most importantly it's governed by us ourselves thus you know it's kind of very trustworthy.
The banks might see downfall and everything else may die but if..we use hardware wallets and everything else it just makes everything much easier .
Also the last thing that you said about no fee.
Is there is no fee how do you expect them to work ? Not only the banks but then bitcoin market !
Fee is something that's necessary.

[metenjean]

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?

Its not possible at the moment since government hasn't finalized the regulation and legalization of bitcoin but i dont think crypto bank can have enough secured crypto savings to not get "hacked" since we all know that everything can be hacked nowadays depend on is it worthed or not, and if there would be a way to send crypto with limitless function and without fees, then how can they pay the security for the secured saving mention above?? Did they run this bank from charity??  Its good to think the future but still it need to be logical

[om_iyo]

Why did you still need a bitcoin bank?? You just need your wallet, exchanger, and miner.  It's more simple than a bank; no tax, decentralized system, and more safe. I think we need more simple system and quick transaction, and bank is not like this. But, your idea was great!

[Notcalculator]

Kinda sounds like fiat backed by crypto. I dont think it helps though. You can do most of those services on your own. It kinda adds another level of unnecessary centralization. Additionally, how would this bank profit? Banks profit by loaning money they dont have. That's how they're sustainable and i dont think you could apply the same to this crypto bank.

[makolz26]

Kinda sounds like fiat backed by crypto. I dont think it helps though. You can do most of those services on your own. It kinda adds another level of unnecessary centralization. Additionally, how would this bank profit? Banks profit by loaning money they dont have. That's how they're sustainable and i dont think you could apply the same to this crypto bank.

Why not? There is no impossible nowadays, it can really happen in the near future especially if one country insist on it for sure that some countries will follow it, so there is no impossible in cryptocurrency for as long as we will just continue to support it no matter what.

[Arz26]

Many traders have computerized trading systems set to monitor fluctuations in similar financial instruments. Any inefficient pricing setups are usually acted upon quickly and the opportunity is often eliminated in a matter of seconds. In bitcoin bank I know theres a lot of members are agree to have bitcoin bank for the easiest of transaction.You can save it in your Bitcoin wallet for safe keeping or a rainy day.

[The_Dark_Knight]

Kinda sounds like fiat backed by crypto. I dont think it helps though. You can do most of those services on your own. It kinda adds another level of unnecessary centralization. Additionally, how would this bank profit? Banks profit by loaning money they dont have. That's how they're sustainable and i dont think you could apply the same to this crypto bank.

Why not? There is no impossible nowadays, it can really happen in the near future especially if one country insist on it for sure that some countries will follow it, so there is no impossible in cryptocurrency for as long as we will just continue to support it no matter what.

It's not impossible but why we would use that? A bitcoin bank is not going to be able to give to me anything I cannot do by myself, this is the beauty of bitcoin we are now as powerful as a bank we can do all the very same things that in the past only banks could do so there is simply not a single reason or the necessity for a bitcoin bank at all.

[khaled0111]

Bitcoin is intended to replace banks and with a simple wallet you can send and receive money without the need to a third party like banks.
The concept of Bitcoin and the Blockchain is completely against banks rules and it will be hard for them to legalize it.
Some cryptos are trying to make partnerships with banks like Ripple but I don't think it will work.

[Eia Eia Alala]

Bitcoin - actually the blockchain - is already a bank itself, so the idea of a bank for bitcoin is meaningless.

[Altero]

Bitcoin is intended to replace banks and with a simple wallet you can send and receive money without the need to a third party like banks.
The concept of Bitcoin and the Blockchain is completely against banks rules and it will be hard for them to legalize it.
Some cryptos are trying to make partnerships with banks like Ripple but I don't think it will work.

It takes many years coming up that blockchain technology replaces banks. We know banks are totally aware of crypto development, and it could be possible that they adopt this new system rather than of staying the old fashion system. But then,  they can't escaped from retaining the old once since not all of us are in crypto and still many people are using fiat.

[mahilchii]

Nope. Banks and Bitcoin is two different concept. To be specific, Bitcoin concept is against banks and visa-verse. Your suggestion or expectation is good but the concept will change if that happens. I think in future there will be a one like you said, lets wait for that day.

[Nellayar]

Bitcoin bank is good idea but it is impossible to happen. Bitcoin can stand alone without making it as bank. As we can see, bitcoin users have the flexibility to send or receive using bitcoin. The users also can store amount of bitcoin in their wallet. Bitcoin was made in order to avoid centralization and I think making it as bank will result to a centralized system wherein the bitcoin will circulate and regulate by the bank.

[Palmholder]

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 ?

   No. Crypted transactions dont need to be coltrolled by anyone

*you can buy or sell cryptocurrency legally ( because central bank approves this if ever)

   I dont need to sell it legal, I only want authorities to dont interfere to my business and dont consider me as criminal. Current situation is the best I can imagine

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

   Why you think some manager can secure my account better then I do? We have many cases of stolen money from banks accounts here, I would better trust myself

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

   I dont want third party to observe what I do, I would like to use some kind of smart contracts or healthy trusted relationships with someone as a human being with human being

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

   I would like to better pay some fee for my freedom, besides bitcoin's fee will be really small when Lightning Nerwork will be implemented. Banks also force us to pay fees, for issurance or card maintenance

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

   It may be possible, but its disgusting to even think about it. Hope to avoid it by any way

[Rashid555]

Bitcoin bank is a useful and important financial usage of the bitcoin like we will buy and sell crypto currencies and it will legally accepted every where while the bitcoin bank will provide the services of traditional banking industry like they will provide the loan facility to the customers they will deal the insurance policies as well so from bitcoin bank we will send crypto every where.

[Anteros]

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?

So far this is not an achievable goal. There are no mechanisms that would allow this to happen.

[Bitcoinjheta]

Bitcoin bank is a useful and important financial usage of the bitcoin like we will buy and sell crypto currencies and it will legally accepted every where while the bitcoin bank will provide the services of traditional banking industry like they will provide the loan facility to the customers they will deal the insurance policies as well so from bitcoin bank we will send crypto every where.

Absolutely, that's a very good project if this bitcoin bank will created inside the cryptocurrency system because it can help to boost our digital economic and it can help to the world value og bitcoin to remain stable and pumping without dip volatility because we have an alternate banking procedure were demand and supply are easily be controlled.

[Jico79]

Then there will be bitcoin banks for us to reserve the currency. But is it guaranteed that it will not lose with what we believe? It's hard, because we're storing bitcoins on our wallets it's similar to a bank so perhaps creating a bank containing all the bitcoin in the world is far too

[BingoDog]

I think that at the moment conditions are still not fulfilled for bitcoin bank to be established but with time I'm sure this will happen.
To my opinion bitcoin bank is not centralization of bitcoin but something that will come along with regulation and that will help to improve bitcoin related services and also opportunity to offer the new ones, attract the new users. Personaly I would like to see bitcoin bank very soon.

[fmboyzz]

There will be many problems then. The crypto won't be decentralized anymore. There will be no anonymity. The only benefit is people can buy it from a physical bank. There are problems too. Banks have to prepare a lot of papers and documents before processing every transaction. So, Bitcoin bank is an impossible dream.