Bitcoin financial services

[hxtop]

Diversification of financial services in bitcoin is a long term process and we can't see every instruments that banks are offerinf to us now. Since bitcoin has a strong base, loaning debt in cryptocurrency or buying a mortgage credit in bitcoin is not so away from us. But still there is a strong resistence to cryptocurrencies showed by authorities and their primary role on future of cryptocurrencies does not losen.

[mohammedmattar]

So I know some members of this community like to participate in a good old bank bashing session and while I do agree we need to reform our financial system and disruptive technology
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.

So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?

Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?

What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?

Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?

So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.

Cheers.

Regarding with the lending point
When you come to the bank to get a loan
The bank is asking you for adequate guarantees ..!
Think with me how these guarantees will be formatted with the crypto system?
With comprehensive adoption , these issues will be resolved and banks will be an important part of this system.

[kelz1]

The main reason they choose a bank is because they have physical presence. You can visit the bank and ask for help, with bitcoin you are your own bank

[lyks15]

Many people choose an old banking style but now I monitor that bitcoin is now using as a instrument in the loan. I am working in one of the most popular pawnshop/remittance center here in PH and everyday there is an cash pay out coming from coins.ph before and now they are using TALA. I asked them what are those remittance came from and they told me about the financial loan that they apply.

[traderethereum]

So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?

I don't know if right now there are any financial institutions that offerings loans in bitcoin because bitcoin is not accepted in many countries, so we could get a loan from the bitcoin member or in the websites that support bitcoin only. Maybe in the future, when bitcoin is accepted in all countries, we will see an institution offers that services.

Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?

Maybe soon we will see it will happen because so far, the ICO projects do not yet apply this and they are still at the exchanges.

What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?

I am not sure about that because I don't search more about that company, so I don't know.

Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?

Until now, there are not yet companies providing insurance for people's bitcoin, and I think that the banks do not give protection from scammed too if the mistake is from us.

[jojohamasa]

So I know some members of this community like to participate in a good old bank bashing session and while I do agree we need to reform our financial system and disruptive technology
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.

So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?

Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?

What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?

Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?

So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.

Cheers.

The thread contains many points, I will to choose the loan point
In general, you will need adequate collateral to get a loan, whether in fiat  or cryptocurrencies in the future
the guarantee may be in the form of bank deposits or digital assets, for example.

[xWolfx]

Regarding with the lending point
When you come to the bank to get a loan
The bank is asking you for adequate guarantees ..!
Think with me how these guarantees will be formatted with the crypto system?
With comprehensive adoption , these issues will be resolved and banks will be an important part of this system.

Of course. A smart contract can definitely handle those issues and provide the needed solutions without much hassle, except when setting it up.

After that it will be like the current Artificial Intelligence/Machine Learning methods that banks are using to store information and redirect their customers. Using Blockchain it can be implemented, no problem.

[Kakmakr]

People always find novel ways to replace problematic systems or services or the lack there off. Private Bitcoin loans through trustworthy third parties <Escrow services> has been done for many years now, you just need to find these services or people that built up a good reputation in the community.

Examples : https://bitcointalk.org/index.php?board=53.0

The technology can also use smart contracts via trusted third parties to make the payments on a regular basis, so you do not need big bad Banks to do this for you.