Bitcoin cryptocurrency banks needed.

[BeGoods]

You know ones wallet or exchange is same thing as cryptocurrency bank right? I don't see the need for the specific Bitcoin bank when we have already have some thing similar to that. Go back and check the usefulness of a bank and see that the desktop or Android wallet that we already have has given us the same use.

sure I understand this 100% right here.

But like to know what happens if the guy with the fund something happens. How will he or she pass on the fund to loved one. Banks are done automatically with legal help. But cryptocurrency will be lost for ever.

Like the cannadan exchange guy that died and exchange investor lost there fund because he was the only one with access to the wallet.

The existence of a physical cryptocurrency bank will make crypto more popular in the surrounding environment and certainly will make crypto look more official and trusted, of course it will help user transactions as well. regardless of the risk, but this idea is good to be realized..

[Argoo]

I do not see any special need for the existence of cryptocurrency banks, because I have little idea how they will work in practice. However, the bank is voluntary. If someone wants to use his services, why not allow it. On the contrary, to show the uselessness of such banks, they need to be created so that they work and go bankrupt. So let yourself be created. I think there will be no harm for cryptocurrency.

[Ozero]

I think that the question whether cryptocurrency banks are needed or not should be given by the people themselves. It is necessary not to interfere with the creation of such banks, and only the demand for its services must decide whether they exist or not. Someone can continue to do without the services of such banks, and someone wants to use its services. This is the right to choose users of cryptocurrency. It is necessary to provide them with such a right. If there is no demand for such banks, they will simply cease to exist.

[shesheboy]

I do not see any special need for the existence of cryptocurrency banks, because I have little idea how they will work in practice.

If there are crypto banks we can cash in and withdrew crypto easily  but i dont get you , why do you say that crypto banks are not useful ? Nowadays , crypto banks are now already existed on most countries and for sure that the number of these kind of banks can soon increase because crypto users are always demanding for it . 

However this kind of banks can cause a little conflict from the standard/traditional banks because they think that this are a threat to their business . they might feel threatend with it imo .

[Sandus_Cryptolover]

I believe banks are always centralised right? So far, I have never heard/seen a decentralized bank (except bitcoin). I'm assuming a bank would be in custody of your cryptocurrencies, which is one of the main issues crypto is trying to solve? That you are in control of your own funds, and you can send them and receive them anyway you'd like.

I guess exchanges are the sort of crypto banks, and they are regarded as usually unsafe. You can get your assets frozen quite quickly, and they randomaly demand KYC for no apparent reason.

Pursuer said it very well.

I often wonder the reason for such KYC process on exchanges knowing well that blockchain technology itself preaches anonymousity of users' data to avoid hacking. I believe more decentrealized exchanges will help address such unruly processes of centralized exchanges adequately.

[proTECH77]

I imagine crypto banks could be beneficial for distributing crypto to the general population. A small percentage of people have the tech knowledge and willingness to emerge themselves into a whole new system like bitcoin.

Definitely what you could see as beneficial to crypto by imagine crypto Banks is much farther than the truth of the dogma behind the technology. Involving the Banks to have access to cryptocurrency will defeat the true meaning of decentralization thereby empowering the government to control our freedom with no transparency and anonymity. Regulation is what the system need to work fine with Banks and not the Banks being in charge.

[Jimmymark]

Bitcoin should be decebtralized and having user keep there anonymous right, so if when you use bitcoins for transaction. Why the hell do exchange or anyother places ask KYC, this just kills the whole process.

If KYC should be suppied then I want a large company or bank which I can trust.
Please leave you vote. and comment if possible.
Thank you

[LeGaulois]

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

That's why the web-based wallets like Coinbase are good enough for beginners. Difficult to make it more user-friendly than that. If they can't handle their username/password correctly they shouldn't go to the www.
Once someone gets experience with BTC, he could become interested to use another type of wallet (one that he will really have full control over with his private keys).

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
 If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You don't make sense, If I have "a lot of cryptocurrencies stored on a Ledger device or PC" why should I care of what happened to this Canadian exchange. My coins aren't stored there. So, what?

Something sure is that we don't need crypto banks if they're controlled by the same cartel

[Jimmymark]

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

That's why the web-based wallets like Coinbase are good enough for beginners. Difficult to make it more user-friendly than that. If they can't handle their username/password correctly they shouldn't go to the www.
Once someone gets experience with BTC, he could become interested to use another type of wallet (one that he will really have full control over with his private keys).

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
 If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You don't make sense, If I have "a lot of cryptocurrencies stored on a Ledger device or PC" why should I care of what happened to this Canadian exchange. My coins aren't stored there. So, what?

Something sure is that we don't need crypto banks if they're controlled by the same cartel

Yes. That exchange does not affect me. But answer are still missing one of the biggest questions is. Good forbid if wallet or ledger hold passed away, then what happens to there wallet fund gone with him.
This is why I used this exchange guy. As reference. If something happens to the wallet holder  wouldn’t have  he or she wanted love one to take these funds or just die with him.

There are a lot of questions that need to be answered and implemented.
These need to be look in to, banks are not what bitcoins are about, I know this but still having fund on a ledger and hoping one day you will be able to pass this on before you pass away or any other bad  scenarios happen. Is not forward thinking.
I wanted to find out what members think about bank or any other  function which can hold investor fund and transfer over in a bad  scenario, like a will.
Thank you for reply.

[Johnzky]

Banks that run by crypto rules and regulations?If does then i will agree on this but if just like what the fiat banks i will disagree
I have been abused by banks ever since thats why i converted all my money here in this market and hoping to have multiple profit compared with bank depositing

[eaLiTy]

I am one of them that support cryptocurrency banks.
Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.
Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

Most important factor here is if you have a lot of cryptocurrency and store on a ledge or pc what would happen if something goes wrong. Like the Canadian cryptocurrency exchange where the owner dead and investors lost there crypto because he was the only one with access to the legal.
 If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

You have cited the extreme case scenarios when the coins are stored in a third party wallet or exchange and still you are rooting for crypto currency banks which is really strange, let us assume that a private bank in created, who will hold the wallet, the owner who started the bank like the Canadian exchange did, so what happens when he dies, you will insure the entire investment and compensate everyone, i am not sure which insurance will take that risk, if you are talking about government controlled or public sector crypto banks, i really do not think we will see that anytime soon nor we do not need those. The idea of the technology is to have full control over your asset and not with the third party.

[AAKODI]

Yes Idea of cryptocurrencies to give full control over our assets but the problem is with that there is no proper way to transfer or give inherit if the holder dies or something happen to him which is a big problem at the moment because holding Bitcoins or any other currency means very valuable and for a person to earn such asset required hard working so there should be a proper formal way he can transfer those assets to his children or any other relation in an emergency situation and that is why crypto banks are essential for people who real need 

[Jimmymark]

Ok. Thanks for the reply.
I am a  bitcoin /cryptocurrency lover but in 2016 lose or should I say pc hardware drive damage and  couldn’t recover wallet. The main reason I lost these coin is because my hard drive fault. I restored it once then searched the whole drive still had hope finding the wallet but all gone. So had to sell the pc for scrap money.

Now there ledger and other safe ways of storing cryptocurrency. So can cryptocurrency bank help store these fund more safer and also give interest on your fund. What do you think please let me know.

Does the cryptocurrency world need banks. I read samethere hsbc working on an invoice blockchain.
I personally think using blockchain for invoice payment is more safer then bank transfer or cheaque.

Please let me know by voting on the poll. Do you like the idea of have a bank account with your bitcoin in?
Getting a monthly account statement of your bitcoin with interest paid in.
I think this is the way the market is heading. Most State are against the idea. Because this will kill there local  currency. Like to hear your view.

[juragane]

They would have to be insured but the entire point was that it was a system where there was no trust needed. You don't need to trust a bank to keep it safe.

in the business world trust is always the most important requirement, so how can we enter the bank system and we don't have trust in the bank ?? then the bank that we are headed must have proven quality because our funds will be under the supervision of the bank concerned. crypto currencies and banks will always need and synergize for the convenience of customers.

[killat]

I don't know what exactly you understand by cryptocurrency banks, as crypto appeared as an alternative to ordinary banks.

If you see banks just as a safe store of crypto, then you should know that they use hardware wallets, too. So if "banks" use cold storage,  everyone can do it, we don't need banks to store our funds.

[Coin-Desk]

Yes, I think Bitcoin cryptocurrency bank is very necessary. Because now the number of bitcoin and cryptocurrency users is increasing. So Bitcoin requires a bank for cryptocurrency control too. I think the Bitcoin cryptocurrency bank can be controlled very smoothly. If there are Bitcoin cryptocurrency banks, then the tendency to commit crime through Bitcoin will be greatly reduced. So we should arrange a Bitcoin cryptocurrency bank as soon as possible. It will be possible if we all work together.

Thank you

[Ozero]

I believe that a cryptocurrency bank has the right to exist. In any case, it can not harm the cryptocurrency. Regarding the need and usefulness of such a bank, the clients of this bank themselves will decide. If such a decision is unsuccessful, such a bank will be unclaimed and go bankrupt.

[Kakmakr]

We DO NOT need centralized Banks to secure our bitcoins, but we need more Bitcoin friendly banks to convert our bitcoins to Fiat currencies and visa versa, when we want to do that. The Banking system are trying their best to sabotage Crypto currency clients, by closing their Bank accounts, when they figure out that clients use their Bank accounts for Crypto currency conversion.

We need some Banks to go against this global trend and to help those clients that got burnt by their local Banks. 

[awawo]

I also support cryptyocurrency bank because in that way the will be a set rules on efforts will be made to minimize fraud in the system, the exchanges that are serving as the crypto bank for now is not effective enough that is why we have high issues of scams and the rest. Once we can have an established crypto bank it will be easy to access it and confidence will be build.

[ahmadinejad93]

it's true as you say, not all crypto users safely store assets in the crypto wallet. but we must be able to make the best use of the crypto world. Some of the benefits that we can get by utilizing cryptocurrency include:
-Broader financial access
-Businesses run more efficiently.