Bitcoin cryptocurrency banks needed.

[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.

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.

I have made a quick poll to see what members say. Please leave a reply if you have any idea how this will work.

Thank you for reading

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[Bitinity]

I am one of them that support cryptocurrency banks.

And I'm one of them that does not support crypto 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.

If users do not know how to store their assets safely then they should learn first before trying to own bitcoin or crypto in general. It is not that hard to learn, those who lost their bitcoin or crypto because they do not know how to store it safely then it is their own fault.

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.

If what you means is something like you lose your ledger wallet or your PC broken, then you should have minimize the risk earlier by keeping the private key somewhere else. Make a backup of the wallet you use then save it in a secure place, make back up as many as possible.

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.

This is why there is always an advice to avoid storing our assets in exchange. If you want to store big amount of assets then you should store in a wallet where you have a full control of your assets.

If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

This will against the main important aspect of bitcoin "decentralized", bitcoin is created as a peer to peer payment method where no banks is needed to manage the transactions. Do you know "Be Your Own Bank" means?
To avoid any lose of your assets is your own responsibility. So be wise in storing your assets anywhere, be safe.

I have made a quick poll to see what members say. Please leave a reply if you have any idea how this will work.

Voted for "Don’t need cryptocurrency banks"

[qwertyup23]

Nah, having a cryptocurrency bank would defeat the purpose of eliminating the need for a third-party host. There are multiple ways for someone to store their bitcoins through hardware wallets, allocating to different exchanges, etc. and the creation of banks would not address these problems. The creation of a DECENTRALIZED system and storing them into a CENTRALIZED system would be a topic of conflict in future references.

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.

That is right. There are also hardware wallets which one can store their cryptocurrencies safe. I do not see the need for a bank in-order to address those kinds of problems as they can be resolved now.

[alisafidel58]

I am one of them that support cryptocurrency banks.

I dont support it.

Why I supposed is because not all cryptocurrency uses can store there cryptocurrency safely and need support.

Its in your own discretion to put all your coins in a safe place. You are your own support you dont need 3rd party

Most people don’t know about cryptocurrency wallets or have never used cryptocurrency but want to know more.

It`s 2019 people who use`s internet knows what crypto currency is. Google can help them know what is crypto currency if they want to find more about it.
 

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.

Its the fault of the "investor", they risk putting all their coins there. Its their fault nonetheless, to prevent such disaster as what you are saying then, put your coin on a trusted exchange, not the one that is controlled by a single dead guy. Do some research before trusting your coins to some exchange.

[LimLims]

There is no necessary of any crypto banks in my opinion.  The reason for this is that, crypto is anonymous currency and no person will reveal his or her identity in storing the Bitcoins in a physical bank safely.
Moreover if the user dont know how to keep the Bitcoins or cryptos safely, then he/she should not invest his/her money in crypto at first. They need to understand how cryptos work and how they can easily store their assets.
Moreover before investing money in cryptos, i would suggest them to hunt some bountys and earn a little crypto. Then when you masterd everything about crypto, invest in it.

[talkbitcoin]

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.

then they should use fiat instead. using bitcoin is not mandatory so nobody is forcing them to choose it. they are  doing it on their own. and when they do, they also have to understand what it is they are using. when they do that they realize that "banks" don't make any sense with bitcoin as a decentralized currency without a middle man.

[n0ne]

When our wallet itself serves as our own bank what is the need for a banks operated on bitcoin. Even with banks it isn't safe on our holdings, with cryptocurrency I feel more secure. Maybe for some reason there can be some banks operated on bitcoin can be seen around. One such reason that I find for bitcoins to have banks were to reach the common people who aren't technology wise highly advanced.

[hugeblack]

The idea of banks emerged mainly from being trusted parties that offer guarantees of assets deposited in their banks. These banks offer securities that can be used to sell and buy.
Since 1970 the idea has shifted from a store of assets to promises.
Cryptocurrencies provided a means to conduct transactions without the need for those trusted parties. They provide you with a storage space of 1000 trillion dollars in a small piece of paper. Why do you need to trust anyone?

[Herbert2020]

if you define banks as a place where you store your cryptocurrencies and then spend them through them which means 100% relying on third party centralized services then the answer is NO we don't need them and there should never be a bitcoin bank.

but if you define banks as some sort of service that offers things such as loans, exchange service like when people want to dump their worthless fiat to get bitcoin instead,... then they may be needed for now.

otherwise banks belong to fiat system and it should remain that way.

[Pursuer]

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 people didn't used to have any bank account, any credit card, or even computers and most people didn't know how to use any of these. that didn't mean we needed a third party to help them use banks, credit cards or computers! they eventually learned how to do it when the need was created.

it is the same with bitcoin. when the "need" to use the decentralized currency arises they will learn. as many of us have already done that. they will have wallets, run nodes,... and use bitcoin the way it is supposed to be used (meaning without needing third parties).

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.

what you described could have easily been avoided if he used bitcoin correctly meaning used the feature that was introduced about 7 years ago called "multi signature" as other exchanges do!
not to mention that the alternative has more issues like the bank closing their account if they think they don't like what they are doing. for example if someday that bank decided bitcoin is killing their business the first thing they do is to close down all the accounts of their customers with some excuse like money laundering.

[Jimmymark]

Just wanted to say to all members that replied. Thank you and have read all.

Just wanted try to answer some.
Yes banks are mainly controlled by gangsters or government.

But just wanted you to understand my way off this cryptocurrency banks. Which could be called wallet truth or any other name that does say bank.

Now I see cryptocurrency as one of the best investment and best way of transferring funds. No need to wait 2 days for bank to send. No need to explain why and where and when to banks.
But this problem which cryptocurrency wallet bring was around 1000 year ago. There was no bank, funds was stored in gold and these where buried in location only the owner knew.
The owner always made a map of the location and keep this in a safe place.
Which after he or she dead the map lost and gold gone.

This is the same with cryptocurrency. If something happens to the owner then funds should be left to loved ones not loss forever or sameone find to spend.

So there need to be away. Could be safe lockdown trusted box for wallet recovery seed. Which can be give to kids if something happen to owner.

[CryptoInsights]

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.

I have made a quick poll to see what members say. Please leave a reply if you have any idea how this will work.

Thank you for reading

One of the difference between Fiat and crypto is, fiat is centralised and crypto is not. I do not find the need for any crypto bank as such. I am against custodial exchanges just because they hold our funds with private key then banks is a big "NO".

If you find any loop hole in the technology then give ideas to improve it instead of going back to centralised version. Those who have not used wallets/ exchanges will read and learn on there own.

[poptok1]

This is the same with cryptocurrency. If something happens to the owner then funds should be left to loved ones not loss forever or sameone find to spend.

Why not making somebody close to your heart, aware of crypto-ways? Teach somebody how it works, where, when and why to use it. Tell the tale and enlighten your kinds or wife, maybe parents etc. If you scared they will spend all irresponsibly then simply create a puzzle that governs the password and hide it somewhere. Just like the map to the treasure. Nothing really changed.    

So far your poll says it all, five against null in favour of "don't need". That also was my vote.
You see the case is how banks handle the deposits. I'm more than sure, they will at some point issue the IOU notes.
Basically making fiats of crypto once again, just like it was with the gold and all other precious stuffs.

[akamit]

Cryptocurrency is not meant to be controlled your money by someone else rather it has to be controlled by yourself only.
If we have crypto banks than what will be the difference in traditional banks?

I am one of them that support cryptocurrency banks.

I'm not supporting... not at all!

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.

If those who can't store their cryptocurrency then they should not get involved in it. If they still want to get in then they should learn how to take control of their own assets.
"Learning" is the main key to get into it and "learning" is like a sea...there is no end. Remember "Knowledge is power"!

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.

Users should store their cryptocurrencies where they are able to control their wallets by private keys. No matter if they get an issue with their pc, they can restore their wallet and recover the funds. Another thing is, does not install wallet in system drive, this is what I do and I suggest.

Regarding the Canadian exchange logic you mentioned, my anwser is as below
Users can share their private keys, passwords with their Father, Mother, Brother, Sister, Wife, Children (if matured) and teach them how to get access to the wallet and do transactions. In this way, I think your cryptocurrencies will never get lost. I have shared my private keys, wallet passwords, exchange passwords with my brother and wife, they have access to my all resources... I trust them blindly, so it is not an issue for me.

Canadian Exchange case is different here. I'm not talking about it here.

[BitcoinHodler]

This is the same with cryptocurrency. If something happens to the owner then funds should be left to loved ones not loss forever or sameone find to spend.

you shouldn't introduce a lot of complexity and lots of issues just because you want to solve something that can be solved in a much easier manner. for example in this case to add a bitcoin bank just to solve this (or similar things) is not a good idea simply because we already have simpler methods.

So there need to be away. Could be safe lockdown trusted box for wallet recovery seed. Which can be give to kids if something happen to owner.

you can already do this with regular banks you don't need a "bitcoin bank" there are lots of them that offer safety deposit boxes where you can store your private keys or seed phrases that you write on a piece of paper or on a metal!
you can also use the multi signature features of bitcoin to share the ownership of funds with others like your wife.

[timerland]

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.

[Siren]

So why did people converted from banking investors to cryptocurrency when we will go back to what we’ve. done before?we are now here in crypto world because banks didn’t treat us fair and now another banks for crypto?No i am not supporting this because being a crypto holder we will be responsible for our crypto assets and we can took care of those in many option but not with banks.we need to have a solely access on our coins and tokens,thats my stand and woll never be changed

[Jimmymark]

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.

That way I don’t understand KYC, this is like a bank anyway. Some exchange say need KYC which is fine but I don’t want to send my detail to random exchange just to trade.

[dothebeats]

The key takeaway of bitcoin is enabling people to be their own bank, so creating a bitcoin bank solely for keeping other people's assets in hopes of a few % interest per annum is already killing the idea. Also, the ethos of bitcoin and cryptocurrencies is revolving in being trust-less and decentralized, and again, having a bank defeats that. Why would anyone who can already keep their own assets safe wish to have another party hold the assets for them? Entrusting it to some other people heightens the risk of their assets being lost in the void, and in order to avoid such scenarios, better keep your assets yourself and just be extra careful handling it.

[Jimmymark]

The key takeaway of bitcoin is enabling people to be their own bank, so creating a bitcoin bank solely for keeping other people's assets in hopes of a few % interest per annum is already killing the idea. Also, the ethos of bitcoin and cryptocurrencies is revolving in being trust-less and decentralized, and again, having a bank defeats that. Why would anyone who can already keep their own assets safe wish to have another party hold the assets for them? Entrusting it to some other people heightens the risk of their assets being lost in the void, and in order to avoid such scenarios, better keep your assets yourself and just be extra careful handling it.

yes I agree but most people are not formally with safeguards this. If any reason can be a problem. Just was asking for a backup plan.

If anyone has idea for backup.