Build a Bank Of Bitcoin

[Apaxy]

One day I want to see bank want to adopt bitcoin as saving system where bank member can use bitcoin or altcoin saving in the bank, I think will be safety than we hold or save our bitcoin in my wallet and bank have double profit with bitcoin situation with lower or higher price, maybe really hard to get this moment is really happen.

In any case, what you are talking about will happen in the coming years, but it seems to me that recently the direction of the cryptocurrency market has changed a lot.  Already very rarely someone mentions the independence of cryptocurrency from the banking system, not to mention decentralization and anonymity.  I wonder what kind of product we get in the end.

[teosanru]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Question is how do you intend to give interest to anyone when the currency itself would deflate over time. We have the concept of interest rates in fiat currency because it is an inflationary currency and we keep the rate of interest above the rate of inflation but in case of a deflationary currency things will get much more complicated. people would return their loans earliest because what they borrowed yesterday is much more valuable today and will become too expensive tomorrow. Please make me understand that how would you give interest rate when you yourself won't be able to earn anything. Let's take you accept deposit of 5BTC and intend to give interest rate @ rate of 5% per annum and you give loan to people at rate of 10% per annum. Now people would start repaying their loans ASAP as both the BTC price will increase and the amount of loan to be repaid would increase. Moreover people investing in your bank would be much higher than those taking loan and itself would implode. 

[DaftAjax]

There is a company that claims to be a bank for cryptocurrency, called Nexo.

If there's really one, please can you furtherly describe this "cryptocurrency bank" you're talking about? I'm really skeptical of how will this work, honestly.

1) In any case, what you are talking about will happen in the coming years, but it seems to me that recently the direction of the cryptocurrency market has changed a lot. 2) Already very rarely someone mentions the independence of cryptocurrency from the banking system, not to mention decentralization and anonymity.  I wonder what kind of product we get in the end.

1) No, I don't think the OPs predictions will not happen in the coming years. Banks have a very different system that does not compliment ANY existing Cryptocurrency. But what I can be sure of is that, somehow, an establishment that compliments the system that cryptocurrency requires will exist. But it's not going to be called a Bank, it will have its own identity.

2) Isn't it already independent of any Banks? Exactly if there's gonna be a bank for this, I wonder how will they handle those 2 significant elements.

[leavolnhals]

if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

No, I do not trust any banks that use bitcoin as their primary currency. because bitcoin is volatile everyday and worse volatility is more than good. Besides, banks not only trade or lend capital to get profits, they also have to buy government bonds and safe bonds to have money and maintain the operation of the business. I think you need to have a better understanding of how the bank works to open it.

[seanskie18]

I don't think it's a great idea, Unknown banks is very risky, much better if we use well known banks like Bitcoin banks to be sure that our money will be at safe place and it is protected by the blockchain, so no need to worries about it and it's very popular nowadays because of their features unlike using unknown banks. We knows that risks is a part of investment, so you need to face the risk if you want an investment.

[asus09]

Build a bank of bitcoin will get good respond from bitcoin investor because they save bitcoin with the bank more safety than using an exchange or nano ledger wallet, by saving bitcoin and support with the bank many investor will move their money become bitcoin assets and save in the bank for long time.

[meliodas]

Build a bank of bitcoin will get good respond from bitcoin investor because they save bitcoin with the bank more safety than using an exchange or nano ledger wallet, by saving bitcoin and support with the bank many investor will move their money become bitcoin assets and save in the bank for long time.

How a bank of bitcoin would be safer than using your own nano ledger hardware wallet? There is no difference in terms of security and for me, it is better and more secure to keep your bitcoin by yourself and not trusting other people because it is hard to send your bitcoin to another people just to keep it since the bitcoins are untraceable so once they turn into a scammer then all you can say to your bitcoin is goodbye.

[DaftAjax]

Build a bank of bitcoin will get good respond from bitcoin investor because they save bitcoin with the bank more safety than using an exchange or nano ledger wallet, by saving bitcoin and support with the bank many investor will move their money become bitcoin assets and save in the bank for long time.

If this will be the same system as the bank, I really doubt it will have any positive reviews. Actually you can say that, but exchange sites and nano ledger wallets are safer than entrusting your Bitcoin into a "Bitcoin Bank", which will likely fail.

So you think investors are that naive? They will do everything in their power just to secure their money's worth.

with a decentralized system that is carried out certainly very much expected by many people. especially if you have branches in almost all countries, but we can't expect it in the near future. the impact would certainly be very good and all parties would feel benefited

Decentralization has a double-edged-sword effect, but at least it has a "more" beneficial side compare to centralization, which is the so-called "Bank". Don't get me wrong Banks have benefits as well, but that can be discussed in another thread.

of course it takes a fairly long process and must pay attention to further development
this not only makes it easier for users but also increases the area of demand, surely good effects will be seen from time to time

I am sure there will exist such an establishment or system, but it will not be called "Bank", and it will not have the same system.

[TIDOVEE]

Well, I don't think you need to build a Bank for that because  it won't last, bitcoin is working on making everyone handle his/her account by him/herself. And that is why it digital
Even the banks around now, with a little more orientation, they will be able to get that done. And we wouldn't even need as much banks as we have now. An ATM machine is what will be better appreciated for receiving converted Bitcoin.

[blckhawk]

Your so-called bank would only be trusted if first, you handle KYC details securely, and next is if we get assurance that if someone stole/hacked their way to our wallets, you have some insurance since you handle our bitcoins and therefore, must provide us our money back. If you're up to that risk, or you think you can prove us hodlers that you have the capability to do so, then why not? But until then, no one would trust their funds to anyone just like that.

[Btcvilla]

Without regulation from government we can't build a bank of bitcoin, government looks hate with bitcoin because could make many people want to move their money in the bank to bitcoin because in the bank their money never growing up and still the same, but with bitcoin could increase depend how much bitcoin price growing up.