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Author Topic: 382 BITCOIN ITS ENOUGH TO OPEN MY OWN BANK?  (Read 556 times)
ALLENCOOPER
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March 07, 2018, 05:15:34 AM
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I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?



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akes2090
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March 07, 2018, 07:46:41 AM
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Well a "bank" in its true sense offers a range of products and services. There are also significant cost drivers in doing so.
If you could think of a few niche ways of doing the above then perhaps your 382 BTC might be a start.
Bear in mind though that a large part (if not the largest) of revenue generated by a bank is through service/transaction fees.
Your homework: How would you achieve the same and what would a suitable business model entail?

My advice to you is loaning your BTC - much like what other members here are doing quite successfully.
You can charge reasonable interest rates, entrust the exchange to a reputed escrow and expect collateral in lieu of the loaned BTC.

Think of it as an "informal" bank - or at least a functional unit of one.

Good luck.
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March 07, 2018, 08:15:45 AM
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The Bank is the place where people who have money want to lend it for poorest with profit. That's the book definition of it, but your idea is much wider. With 400 BTC you can do a lot of things, even make a decentralized bank Smiley

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March 07, 2018, 08:26:26 PM
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I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?

Hi Allen,

If you want to create your own financial institution there is quite a bit of work involved.  Fortunately, there are consultants that do this type of work full-time.  The regulations and capital requirements of chartering a financial institution vary depending on the country and type of institution.

You should seek the advice of legal counsel before attempting an undertaking of this kind.

Best of luck with your venture!

Best regards,
Ben

EDIT: I missed the key word "crypto" in your question, I thought you wanted to start a traditional bank or credit union using your BTC as capital.  Again, lending regulations vary based on your legal jurisdiction but many people have successful crypto lending operations.  The regulations in this area are somewhat unclear, so you can look for a location to form a business that has favorable regulations.

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March 08, 2018, 02:48:45 AM
 #5


I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?





with 382 BTC you can easily get a bank in Latin america,give account holder the possibility to Trade all crypto in your bank.

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March 08, 2018, 03:05:16 AM
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That's clearly enough though if course you need to consider the scale. If your opening a bank that is too huge of what a 382 BTC can do then you might as well struggle.

My advice to you is loaning your BTC - much like what other members here are doing quite successfully.
You can charge reasonable interest rates, entrust the exchange to a reputed escrow and expect collateral in lieu of the loaned BTC.
This is too risky. You need to know who you will loan and not. If you can do that then might as well try it.

Here is my suggestion: open a local wallet which they can pay their bills, convert their fiats to BTC and vice versa, deposit and withdraw through a lot of banks and remittance centers. There really is difference with the actual bank that we're talking and a wallet.

daniel.roman
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March 08, 2018, 05:29:57 AM
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I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?





Hi Mr. Cooper , I saw your post, in my personal opinion opening a Bank will take you a lot of complications, and I really think 382 will not be enough, as others said here perhaps will be better if you loan the money here with an escrow system.

However, I am going to risk to post this here, we are business men who have and seek projects in North, Central and South America that require investors, and after the signing of a LOI (Letters of intent) and a NDA (Non-disclosure agreements) and an IMFPA (Irrevocable master fee protection agreement) We make a real Due diligence of the aspects of the projects and investors. To see the risks and opportunities of the project, and also the proof of funds of the investors, and the legally of the funds to protect the investors and the owners of the project.

My business associate and I right now have access to buy 12 solar photovoltaic plants that are already running, and for example the small one of them produces monthly 70.000 USD that can be seen in the month invoices.

We want to start to see if we can join our projects to the cryptocurrency world  and for that we want to launch and energy ICO, but if you really have the 382 bitcoins we can make you a good offer, and in less than a month you will be operating one solar plant that already produces 70.000 USD in FIAT and is located in a part of the planet which receive a lot of solar radiation. The contract with the government is for 25 years with the opportunity to extend it for another 25 years.

If you are interested on this this we can talk in a PM to see the opportunities, we offer to you all the transparency and real proof of what I am talking. And all the contracts we should sign, we can do it in the embassy of your nationality located in my country to protect you and we on the agreement.

Feel free to contact me, and I hope you can visit our office and see the installations of the project

Regards

Daniel Roman
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March 08, 2018, 07:09:18 AM
 #8


I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?




People are already offering some services very near to banking services but their range is very limited. For example margin trading, or lending somebody/firm some crypto amount for fixed return while they trade with it. But a fixed platform with brand name that offers full range of banking services in crypto is a very good idea and should be implemented if you could manage it. It is possible with this amount but needs a great effort. Go for this new initiative as its always beneficial for you and the public.
akes2090
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March 08, 2018, 07:37:10 AM
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@OP: I would also advise you to explore the legal implications and regulations, not only locally but on a global scale (that is, if you intend to scale to this level anyway).
Due diligence is imperative and best left to consultation with experts in the field. Having the funds is one thing - ensuring that you operate within the law is another.
Remember it is imperative for any form of bank or financial institution to conduct KYC - this is no easy feat. Banks have been fined billions for negligence on this aspect alone.

Now in retrospect - you mentioned a "decentralized bank"...this is probably the holy grail for crypto as the above hinderance would probably be eliminated, but the question here is - how would you generate funds?
Understand that "decentralized" means that there isn't an entity which owns/controls the system - if you expect to somehow generate profits..it means that it is owned/controlled and effectively centralized.

Consider your options - I'm not trying to dissuade you from achieving your dream but encouraging you to weigh the pros and cons.
hulla
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March 08, 2018, 08:03:55 AM
 #10


I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?





Yes,it Is possible to build  a decentralized crypto currency bank but the bank must different to normal bank in terms of banking, investing and payment. However, the bank should be back with gold or diamond due to the volatility in nature of crypto currency.

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Cryptions
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March 08, 2018, 10:25:46 AM
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Im not sure what you mean using the word "bank", if you mean real bank... it's a long and complicated process, but you can establish & get "Financial Institution" license covering the whole EU easily with that amount, providing that you have some people in your team with the banking expertise. It allows almost all traditional banking operations. Process takes about six months, and requires about one million eur capital.
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March 08, 2018, 08:53:21 PM
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I always wanted to open my own crypto bank , finaly i m ready to do it , if you have 382 bitcoin and your only dream its to open your own bank what will be your ideas? Is it possible to build  a decentralized bank?





yes its enough to get your own bank with this amount, but you said decentralized Bank this is not possible in the real world. GoV controls all Banks . you can get a decentralized Exchange but its impossible to get a decentralized Bank.
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March 08, 2018, 08:58:26 PM
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Im not sure what you mean using the word "bank", if you mean real bank... it's a long and complicated process, but you can establish & get "Financial Institution" license covering the whole EU easily with that amount, providing that you have some people in your team with the banking expertise. It allows almost all traditional banking operations. Process takes about six months, and requires about one million eur capital.

which countries in europe you can get Financial institution licence? one million eur capital?
Bitcoin is Simple
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March 13, 2018, 01:55:35 AM
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It's likely enough, you are going to need good consulting with highly educated lawyers who can educate you on how to ensure you can operate legally in the various areas you want to do business in.
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March 13, 2018, 02:26:24 AM
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you could help and develop crypto currency going mass adoption with 382 BTC by offering a lot of good services and taking fees on them Wink
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March 13, 2018, 04:13:56 PM
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Im not sure what you mean using the word "bank", if you mean real bank... it's a long and complicated process, but you can establish & get "Financial Institution" license covering the whole EU easily with that amount, providing that you have some people in your team with the banking expertise. It allows almost all traditional banking operations. Process takes about six months, and requires about one million eur capital.

which countries in europe you can get Financial institution licence? one million eur capital?

Everywhere...even though most picked jurisdiction are UK, Cyprus, Lithuania, Estonia. And you don't even need 1M any longer!
Check "Mistertango"....thanks to the PSD2 regulation, they do provide "typical banking services", account opening, payment processing in both fiat and crypto, and they only had to comply with a minimum "capital requirement" of 125K euros for its licensing as "Payment Initiation Service Provider".
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March 18, 2018, 05:27:29 AM
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We can work together because we have the same idea, how about to tell us where you going to incorporate?  also this idea decentralized bank is not possible in country like usa .
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March 18, 2018, 12:32:05 PM
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We can work together because we have the same idea, how about to tell us where you going to incorporate?  also this idea decentralized bank is not possible in country like usa .

For banking, not sure how your country regulations are but may be you might require to have license or some regulations in place and need to clear this from your government. If their is no regulation require it is fine else you can start a lending business as you have 382 btc you can lend to people who require on this forum.
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March 18, 2018, 06:47:52 PM
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Ok....let's clarify some concepts here.
Having the "money", either crypto or fiat, it's of course the best option and you can run the show on your own if you wish to do so.
However, regardless the name you wanna use, bank, financial institution, payment processor, initial payment processor, gateway....well, the basic requirement it's common to all of 'em: you need a LICENSE!
What differs, it's the amount of "paperwork" (read manuals) and minimium capital requirement you have to satisfy.
The fact you don't wanna look into a brick and mortar bank, it's ok...you'll save a lot of money in infrastructure.
And the fact you wanna, eventually, consider a different type of license, let say the Panama FSC one just as an example, it's ok as well since you'll be investing between 25 and 100K, depending you wanna have the SWIFT access as well.
Therefore, way below the required millions of euro/usd for a traditional institution.
However....this is just the beginning of your proecess and the easiest issue to be solved.
The real problems will arise in the moment you'll be looking around for a "nostro conto" at any given place in the globe for your "crypto bank".
Without one or more correspondent bank, how would you guarantee the payments and the flow of transactions for your customers located in different part of the globe or just in two contiguous countries?
The problem for setting up such type of institution, regardless their magnitude, is always the same....relationships.
Beside the small or big amount of bitcoins/altcoins you're sitting on...do ho have this type of relationships?Huh
If the answer is yes....well, why waiting? Just toss a smal portion of crypto and get the less expensive license you can achieve and keep the rest as liquidity.
Your network would do the rest for you either you'll have a call A bank license issued in any major country or a license granted in Vanuatu.
If the answer is no....well, you better start thinking about a plan B and eventually be supported by somebody, law firm but not necessarily even though at the end they'll be needed, that knows the "how to" in few jurisdictions where your dream can become reality.
Remember....everybody, nowaday, is looking for crypto friendly banks or an exchange that can guarantee liquidity between crypto and fiat.
Succeeding in this goal, means tons of money!!
Something is doable by using the blockchain and can become a REALLY interesting project for a lot of reason.
But again, you and your advisors should know where to put the hands.
Should you be REAL, as a base for discussions, and should your interest be 100% in this project, contact me if you want.
We don't have those bitcoin you have but we know the "how to".
But please...don't waste your and my time...no need for both of us.
Only suggestion, move before you treasure would deplets as a consequence of value depreciation.
Best wishes
FrankWatsonJr
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March 19, 2018, 04:12:33 AM
 #20

I don't think so.. you must have customers lined up ready to take loans off your hands and have customers depositing money into your bank to stay cash flow safe.
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