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Author Topic: Bitcoin bank accounts - maybe sooner than we think?  (Read 5482 times)
CIYAM
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November 03, 2013, 02:00:14 PM
 #1

Some thoughts:

1) China is unhappy with the US printing money (just Google it).

2) China seems to be warming to Bitcoin more and more (it was on the CCTV news recently and not negatively portrayed).

3) China has called for a *new world currency* (again just Google it).

4) China has the majority of ASIC production.

5) Chinese banks already let you buy PMs (gold and silver).

How long until Chinese banks let you create accounts in BTC?

With CIYAM anyone can create 100% generated C++ web applications in literally minutes.

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mel2000
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November 03, 2013, 05:33:11 PM
 #2

You would trust your entire Bitcoin safekeeping to China?
jawnzer
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November 03, 2013, 05:44:20 PM
 #3

If there is any way for a bank account to hold BTC, then be able to use at POS/ATM as fiat or use at BTC supported locations I would be in. But would have to be a Canadian company doing this.

But we do have Coinkite/Virtex doing something similar
giantdragon
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November 03, 2013, 05:45:15 PM
 #4

You would trust your entire Bitcoin safekeeping to China?
If there would be interest on balance AND deposit insurance I would try.
franky1
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November 03, 2013, 06:22:46 PM
 #5

proper long term savings accounts where banks can use and abuse our funds, i dont think so.
especially not for a measly 1-5% return

 but small 'pocket money' sized accounts to deposit into (to get preconfirmed) and then used for instant 'off the chain' transactions with retailers like starbucks, mcdonalds and other small priced items would be an advantage

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datafish
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November 03, 2013, 07:10:09 PM
 #6

What I'd really like to see are more Chinese merchants who accept Bitcoin.  Does any sort of directory exist?  It would be nice if Alibaba supported Bitcoin.  That would really accelerate adoption!
foggyb
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November 03, 2013, 07:40:54 PM
 #7

Why would you centralize something which essence is being decentralized?

I am seeking a patent for water that isn't wet.
Baitty
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November 03, 2013, 07:53:02 PM
 #8

I don't think banks are fit for Bitcoin. They are not needed and defeats the object of Bitcoin.

Currently held as collateral by monbux
Ledeci
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November 03, 2013, 08:24:24 PM
 #9

I think it will never happen... Shocked
If so it wouldn't run long USA officials will complain....

*Selling small amounts of bitcoin for paypal*
https://bitcointalk.org/index.php?topic=337304.0
Birdy
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November 03, 2013, 08:33:36 PM
 #10

Why would you centralize something which essence is being decentralized?

I am seeking a patent for water that isn't wet.
Ice?
dalston5000
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November 03, 2013, 08:45:21 PM
 #11

but I am my own bank for my bitcoins.. :|

franky1
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November 03, 2013, 09:19:30 PM
 #12

where banks use to have their niche was as the secure store of gold so that average joe did not have to be weighted down, instead they were given receipts (more commonly bearer bonds/ IOU's) promising the person holding the note that they can reclaim the gold on demand.

those days have gone.

the whole FIAT system now is dying, because the currency amount printed on it, is not worth the paper its printed on.

but what i do see as a possible use of a 'centralised' system to still exist is for ensuring instant transactions without the whole confirm 10 minute waiting periods. which would mainly be beneficial for the small priced stuff that shops would hate to have customers waiting 10 minutes to process.

stuff like cars and houses, yea i accept having to wait 10-20 minutes to guarantee payment. but a sandwich or a cup of coffee, i wouldnt want to have to hang around for,

so having a service where by, for instance 'bips' or 'bitpay' were the centralised service. people can have a small account for putting in under $100 worth of funds (not requiring ID checks and other red tape) and the customer because the funds are pre-confirmed within bips/bitpay, can then use those funds to pay starbuck, a bar or walmart instantly without waiting. because bips/bitpay simply do a database balance alteration (off the blockchain) between customer and merchant.

this is where i see the future of banking being. small transactions using Apps to make instant transactions fast and easy to use. and to quote the credit card company "for everything else there is" bitcoin-QT

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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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November 03, 2013, 09:21:33 PM
 #13

I don't think banks are fit for Bitcoin. They are not needed and defeats the object of Bitcoin.

I can imagine people uploading some of their bitcoins to a "bank". This will enable instant transactions of Bitcoin IOUs, trust-based paths among its members, and instant transactions with bitcoins for merchants which trust that "bank".

A bank-only system is similar to having your Bitcoin wallet confined to your national ID, essentially forfeiting your privacy and handing all private keys to the government
ShadowOfHarbringer
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November 03, 2013, 09:25:21 PM
 #14

those days have gone.
the whole FIAT system now is dying, because the currency amount printed on it, is not worth the paper its printed on.
+1

but what i do see as a possible use of a 'centralised' system to still exist is for ensuring instant transactions without the whole confirm 10 minute waiting periods. which would mainly be beneficial for the small priced stuff that shops would hate to have customers waiting 10 minutes to process.

stuff like cars and houses, yea i accept having to wait 10-20 minutes to guarantee payment. but a sandwich or a cup of coffee, i wouldnt want to have to hang around for
Again, +1

Kouye
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November 03, 2013, 09:30:56 PM
 #15

Why would you centralize something which essence is being decentralized?

The beautiful idea with bitcoin is that you are FREE!
You wanna give all your wealth to a centralized institution for a promise of steady interests? You're free to do so.
You don't wan't? You just be your own banker, send wealth to whoever you want, and fuck everyone else.

That's why Bitcoin will be around tomorrow. Your decision. You have the power.


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November 03, 2013, 09:31:32 PM
 #16

Why would you centralize something which essence is being decentralized?

Because the mum & dads dont want the hassle of securing their own btc.
gaston909
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November 03, 2013, 10:01:57 PM
 #17

Why would you centralize something which essence is being decentralized?

Because the mum & dads dont want the hassle of securing their own btc.

AGREED!!

Wouldnt personally keep a ton of coins in the bank but it would be nice to have the option.
Twipple
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November 03, 2013, 10:28:21 PM
 #18

Two words, Neo & Bee Cheesy

StarfishPrime
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November 03, 2013, 10:55:19 PM
 #19

Paypal has been hinting that they may add xbt to their list of currencies in the future (they already allow users to hold funds in a large number of different currencies and exchange between them).

Paypal would instantly become the largest bitcoin wallet, bank, merchant service and exchange in the world by several orders of magnitude with 200+ million users in almost 200 countries.

                         
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ShadowOfHarbringer
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November 03, 2013, 11:02:34 PM
 #20

Paypal has been hinting that they may add xbt to their list of currencies in the future (they already allow users to hold funds in a large number of different currencies and exchange between them).
Paypal would instantly become the largest bitcoin wallet, bank, merchant service and exchange in the world by several orders of magnitude with 200+ million users in almost 200 countries.
...not even saying that value would skyrocket by 1000% in a day... or week maybe ?

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