Bitcoin Banks Are Coming. Should That Make You Nervous?

[Drysprinkles291]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

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[Teawhalee]

I think this is just to serve as a means where people will easily trade their coins and convert to fiat at anytime they like.  This is really one of the things that crypto need to bring more liquidity to the tradeable coins and the entire market. 

[leetcoiner]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

This is impossible, since the Bank implies a centralized asset management system, and bitcoin is a fully decentralized system. Banks can take bitcoin in use, as well as any user of the network and issue it at an interest rate, but it is technically impossible to own the entire system, since it is to impose on all people of the planet earth. The news is fake.

[hatshepsut93]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Bitcoin was designed to allow people do whatever they want with their money, so if some people want to start a bank, that's okay, it's their right. Bitcoin banks have already been here for a while in a form of online wallets and custodial services.
People are using them because they are too scared to handle their coins by themselves, but it's a lose-lose situation - they risk by entrusting their coins with third parties, but they would also risk if they hold their own coins, because they are noobs. IMO this is one of the biggest problems with Bitcoin - user experience can be very harsh as some mistakes will lead to permanent loss of funds.

[aliceHortrex]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Bitcoin banks are something out of the realm of fantasy. How can a centralized authority subordinate a decentralized system? The answer is no. Very soon, the banking system of Fiat money will become a thing of the past and the digital currency on blockchain technology will occupy the vast majority of the market. It's just a matter of time.

[SUDARMONO]

it is true that bitcoin was created to leave the bank, and I think if there is a bitcoin bank it will not be able to run long, because I think bitcoin does not really need a bank, but I think if the exchange with fiat can happen.

[andigentho]

I think bitcoin is designed to facilitate online transactions and bitcoin banks are only a means by which people can easily exchange their coins or convert to fiat, to make it definitely not separated from the cooperation of the bank. And this is indeed necessary for the development of crypto in the future.

[ngm22585]

This is pretty much inevitable.

[Marshall14]

I doubt this news really,i do not see how bitcoin is gonna work using banks, what really is going to be the functions of the banks.
The blockchain technology covers all aspects a bank could possibly bring into play,and banks are more so centralized entities as opposed to the decentralized nature of the bitcoin.
This information in my opinion holds no water really

[BitHodler]

I think this is just to serve as a means where people will easily trade their coins and convert to fiat at anytime they like.  This is really one of the things that crypto need to bring more liquidity to the tradeable coins and the entire market.  

That's right. If we didn't have centralized platforms emerge, how would people else get into Bitcoin? The more of these platforms emerge, the better it is because more competition in the space leads to better and cheaper services.

From there people can always have their coins be sent to the wallet they own the keys of. There are so many solid mobile wallet clients available that you don't have any excuse to point at for not taking care of your own keys.

Another factor that will continue to stimulate people to not store their coins on exchanges and online wallet services, is how they keep getting hacked. The only way to avoid losing coins is to avoid using these centralized platforms as a wallet.

Without the centralized crypto economy growing it would stay a niche for ever. Don't forget that.

[Myown55]

Why should we panic?? This is rather great news. In fact it is a sign of bitcoins' strength. We are happy about the news and are ready to embrace this great project. Bitcoin is definitely the future.

[gentlemand]

When serious money comes in people don't want to just trust a trezor in their house or some seed words on metal, they want something in a institution. Wouldn't you if you had millions of fiat worth?

Considering the track record of hacks and account freezing that's a no from me. I don't believe places like Coinbase will ever have a significant hack. I do believe they'd happily imprison my funds without thinking twice. The bigger they get the twitchier they'll be.

Most people would rather leave it to someone else so this is inevitable. As long as the rest can come and go as they please unencumbered then so be it. I don't hold out much hope of that.

[hubballi]

The article what mentions is that their are more custodians are coming, which means where you can safely store your bitcoins and use it when ever you want from their. As this custodians are fully secure and insured protected. This they have given as Banks name

[BuyBuyBitcoin]

So how does it works if we get Bitcoin banks?

We arent getting bitcoin banks? The article is just making assumptions on nothing other than this could happen.

Bitcoin could become Russia's national currency, that doesnt mean its going to happen.....

[conceptutorials]

NO. it doesn't make me nervous because its an added plus to bitcoin and to me i will rather commend it because whatever is good is worthy of being commended.

[Elizabethkjenkins]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

I think it will happens someday as right now many of crypto website work with various bank all over the world. And why not? It'll be more easy to trade (buy/sell) you can call it bank or any names.

[pakhitheboss]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

I think this is good for Cryptos as it will help in getting more liquidity into the market. It will also be a hassel free way to convert Crypto to Fiat.

New Investors/Traders will surely enter the market. if this project goes live

Please think in this way that such Banks will help us to trade our cryptos easily

[pooya87]

it is true that bitcoin was created so that it  doesn't need any third party (aka banks) to operate. but also you are forgetting that bitcoin has another feature called censorship resistance. in a way that means that anybody can use bitcoin! even banks. so when you say a "bitcoin bank" is coming, that means anybody is free to start a service with bitcoin, and a bank as a service provider is no exception.
it won't change anything for bitcoin though. in fact i always expect something like to happen but also i wonder how long would it take for it to fail.

[SimonJones]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

No, I am not nervous, rather I am happy because things will become much easier than what it is now.

[smartbitcoininvestor]

A bank is a place to hold your money. It is a place where you can ask for a loan and they will give you money for a mortgage or a car. What you are referring to is likely a bank that will serve as an exchange for your Bitcoins.

[mundorafael8]

I think it is an excellent idea! im not nervous at all.

[raidarksword]

As decentralized system as bitcoin and to be used on bank's centralized system would not be possible to do so, if forced then it would not last long. Since bitcoin was created as decentralized and away from the banks' control it would create chaos on what system would be taken and prioritized of what system to be used with.

[rina aulia]

The pros and cons responses must be there for any changes regarding the upcoming Bitcoin Bank, I see this as good news because there are already parties who maintain and guarantee security in storing balances on cryptocurrency trading

[jademaxsuy]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Well this will be same as storing your bitcoins in a hardware wallet but in a more secure way if you will going to give your bitcoin in a bitcoin bank if ever there will be. But, If I were going to choose I will not use bitcoin banks to stored bitcoin for it seems like it has more risk than you do it in your own.

[Dana-pasar]

not nervous, that's exactly what is awaited, because bitcoin is growing even better than before.

[burky156]

I have just read the news and i believe that it would be huge steps for the bitcoin and cryptocurrency markets! Mastercard and Bank of America are biggest companies/establishment in the world. So if they would go to this market i am sure that they have seen the profit. So i can say that it would reflect everything in very positive way. I feel really happy and relax after i read it..

[Assface16678]

I think this is just to serve as a means where people will easily trade their coins and convert to fiat at anytime they like.  This is really one of the things that crypto need to bring more liquidity to the tradeable coins and the entire market. 

I agree. There is no need for people to get worried. But then if the bitcoin banks will perform in such a way that it has a high fees and such we can say that it is not a good idea at all. We can see that it is effective if it performs just like a non for profit seek. But then there is already blockchain therefore no meed to look for more.

[Kikeeping]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

that's only exchange where you can invest your bitcoin into the bank and converting to fiat. actually, when bank interested with bitcoin and do centralization, that is not be system where bitcoin are decentralization system

[LeGaulois]

As long the crypto community doesn't give the power to someone (it can be a bank or whatever) to have most of the control over Bitcoin and altcoins we are fine. If banks are coming to cryptos it depends how they do it. If it's by offering services or investments or cryptos wallets,... There are many cases banks could be active in.

The reality is banks are already in the cryptos and/or blockchain industry. JPS Morgan, BOA are few of them (JPS Morgan has its own blockchain infrastructure "Aurora"). It doesn't matter so much, banks are in the gold industry as well, so?

[LastHope99]

Hate banks? Then don't buy Ripple

[Maysummer]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

Any exact time? I don't think we can trust this post because It is hard to see Bank accept bitcoin and  use it in banking system.

[Pursuer]

in a way this was expected to happen and in fact I expect that in the future a lot of banks start accepting bitcoin and treat it as they treat fiat because they wouldn't want to be left behind. although bitcoin has never needed them and will never do but they are still services that are looking for money.

besides what do you think Coinbase is if not a bitcoin bank?  so this is not exactly a new thing!

[btyco]

With bitcoin you are your own bank so there isn't a huge demand for a bitcoin based one. We just need more companies like coinbase that allows simple fiat to crypto exchanges

[aoluain]

As long the crypto community doesn't give the power to someone (it can be a bank or whatever) to have most of the control over Bitcoin and altcoins we are fine. If banks are coming to cryptos it depends how they do it. If it's by offering services or investments or cryptos wallets,... There are many cases banks could be active in.

The reality is banks are already in the cryptos and/or blockchain industry. JPS Morgan, BOA are few of them (JPS Morgan has its own blockchain infrastructure "Aurora"). It doesn't matter so much, banks are in the gold industry as well, so?

It will be difficult to avoid using a bitcoin bank i the future for the majority
of people. Bitcoin usage is moving away from being a currency to being
a sort of investment so i would imagine a lot of 'investors' would have no
problem using banks.

So on my point i see bitcoin banks being part of the bitcoin and crypto
future scene. Its not something i can see myself getting involved in though,
Im happy to control my own bitcoin.

[Fretcy]

  Bitcoin was created by the intention to avoid unwanted burden given to the laymen, as excess cost for transactions and also to support the ordinary class people without much stress and give a speedy transaction without a third party interference's all over the world and give support those who have no access with bank but banks means it is a centralized one and so the transaction will be too costly for the poor and needy .

[Wingleness]

This article on https://blockexplorer.com/news/bitcoin-banks-are-coming/ made me wonder... Bitcoin was designed to operate outside the banking system, right? It was created so that you don’t have to trust a bank or third-party. So how does it works if we get Bitcoin banks?

The blockchain technology is able to accommodate any form if integration thus banking system adopting will surely ensure investor can buy into Bitcoin directly with fiat and vice versa, which will build more confident in the long run.

[dentolas]

well, in the end, a web wallet is nothing more than a crypto bank, as you are trusting someone to take care of your funds, same as centralized ex wallets...
Bitcoin banks are comming and surely this won't be the only thing with name "bitcoin something" to be aimed at the general people. With mass adoption, a lot of people will be joining crypto and so the players have to prepare ways of taking advantag of it...
banks won't go peacefull into the night