Bitcoin cryptocurrency banks needed.

[buwaytress]

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.

I think the issue isn't clear cut. For us, who already are here online, who are used to using cashless payments, who know how to use Bitcoin - we don't w want banks, crypto or fiat. But we have to use them. I still need to sell my Bitcoin to pay my bills. And to be honest, even 90% of the spends I make are to merchants who actually only want to settle in cash/fiat.

So until we're in an age where Bitcoin is a currency more people are willing to accept, not simply hold, yeah we need those bridging banks. Sad but a necessary current need.

[finaleshot2016]

I think it's better to have the existing banks now to accept cryptocurrency, not to create a bank only for the cryptocurrency. Banks nowadays are trusted and there are many investors here and there so it's more essential for a bank to upgrade their system and accept cryptocurrency. It will just fail to have a bank that is exclusive for cryptocurrency only, not all the time, cryptocurrency will hype your daily life. I personally don't want banks since I can't keep my money/bitcoin here in online wallet or hardware wallets.

[BUK2016]

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

Well I don't accept your reason given above for the introduction of crypto currency bank because of of just one incident that happened to an exchange in Canada. Saving crypto currency in an exchange we all know is very risky and not just because of that incident we should start clamuring for crypto currency bank.

[kryptqnick]

I am one of them that support cryptocurrency banks.
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.
 If this was stored in a bank and was in control of cryptocurrency bank manager then this would have been avoided.

I am glad to see that so far 100% of people voted against the need of such banks. If people want to learn more about cryptos and start using them, there are many online tutorials, and it's really not that hard, so banks are not required here. As for losing cryptos - well, it's always your choice and responsibility where and how to store your money. If you're afraid to lose it, just go for reputable online wallets. And besides, the bank can also go bankrupt or something like that, so your money is not really safe there.
I just watched "The Big short" yesterday, and it made me hate the banks even more. The same ones that are now trying to kill the crypto market made lots of people lose their money, and then collected taxes of the citizens to make sure that they (the banks) still stay in charge and super rich.

[Red-Apple]

anybody who understands what bitcoin stands for and is not here JUST for the profit will surely vote no to this question. we have all seen the issues with the banks and the corruptions that follow. and it doesn't only limit to them, you can see Coinbase and things that they have been doing recently which has made a lot of people so mad enough for them to close their accounts with this service which looks more like a bank rather than a regular exchange.

[acheampong64]

I am one of them that support cryptocurrency banks.

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

Hahaha...that one got me Anyways I'm with you also. Campaigning for crypto banks will even make it more riskier for us. Firstly it is very dangerous if you don't study the space and keep your money anyhow. Not talking about banks that keep on collapsing and freezing monies everyday. And moreover, it shall also lead to scammers being on the rise again.
So we just have to stick to the plan and be more cautious

[Reid]

I dont think so.
I am against to this kind of idea.

Why? First of all we are trying to avoid the third party.
Wallets are user friendly now and even android smartphones can install one with just a little of reading and clicks, account could be created easily.

Crypto banks. You are just repeating history. At the end of that line they will just thank you for making them more money. They will have access to your funds to invest it more then they will just give a little to you.
Aint that the same with what is happening now.

Crypto currencies specially bitcoin is made for a change. A new kind of payment and a way for a currency to be used. And not just with plastic cards anymore where the owner of the banks is the only one who will get richer.

[Jimmymark]

Looking at the vote all have so far voted NO banks which is good to know but still same have stated need to change the way we store funds. Still there are lots more to talk about regarding this topic.

Which I will share my ideas soon.
Still the poll is open until 22march so anyone can vote and leave comments for all to see.

Thank you

[xWolfx]

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

I am another one that would support the idea to grab the masses and bring them to Bitcoin. Most people is lazy by nature this days, what do they want? They want to pay for a service so that they are relaxed, especially in developed countries where that is pretty easy to do.

Private wallets are a lot better for people who is interested about learning how to use the stuffs, even when programmers already worked a lot to make those wallets pretty easy to do there is still some learning involved, even if it's not much at all.

It will definitely be needed, both ideas should have a place from my point of view.

[Pab]

I am against big banks and crypto
Crypto are  currencies like any other currencies
Small banks accepting crypto why not
Big banks are money creators  thanks debt rising
Crypto appear like an alternative to big banks
We much more need functional online financial services what will support crypto and insured exchanges

[orions.belt19]

I think it's better to have the existing banks now to accept cryptocurrency, not to create a bank only for the cryptocurrency. Banks nowadays are trusted and there are many investors here and there so it's more essential for a bank to upgrade their system and accept cryptocurrency. It will just fail to have a bank that is exclusive for cryptocurrency only, not all the time, cryptocurrency will hype your daily life. I personally don't want banks since I can't keep my money/bitcoin here in online wallet or hardware wallets.

It may be a long time before that happens because of all the regulation and compliance mess up there is with having to deal with cryptocurrencies. Just now, banks are already starting to evade crypto — and even have been trying to tarnish its image by discouraging their users and spreading propaganda. But I’d have to agree that citizens have more trust for already reputable banks and will be more confident with the use of crypto if it were to be associated.

But I think that in time, it may be possible for crypto banks to exist or co-exist with other financial institutions. When the time comes that the reputation of crypto is no longer so vague, more people will begin engaging.

[veleten]

on one hand cryptocurrency banks defeat the purpose of cryptocurrency itself
why use cypto if you can have a much better fiat features in this area - liquidity ,speed etc.
but on the other hand sometimes it could be beneficial to start new projects in crypta ,thus increasing the adoption
and cryptocurrency banks in the meaning of places where people could get a cryptocurrency loan to start their business , should exist in some form
maybe called differnetly , because we associate banks with your regular solid stone building with a vault
this why I voted not sure , there are pros and cons and it is worth discussing

[atraay]

Banks are not needed for payments and calculations, crypto will cope with this itself.
The main function of banks is to accumulate investors' money through deposits and transfer them to other sectors of the economy through loans.
But crypto does not work yet with this. The reason is the wild volatility. Stablecoins exist but so far in relation to fiat currencies only.  And it is unclear so far what to do with this all.

[Jimmymark]

Banks are not needed for payments and calculations, crypto will cope with this itself.
The main function of banks is to accumulate investors' money through deposits and transfer them to other sectors of the economy through loans.
But crypto does not work yet with this. The reason is the wild volatility. Stablecoins exist but so far in relation to fiat currencies only.  And it is unclear so far what to do with this all.

correct but what I am saying is not for transferring fund I mean for holding funds some investor don’t use regular just hold for long term investment porpoises so would be good for these guys. Holding funds in exchange can be dangerous if exchange get hacked or exchange closes down.

[Leonardo7]

I don't like your ideology of a Cryptocurrency bank. Why would a centralized system be in custody of my fund? If you don't have control over your private key, just forget about it, that fund is as good as not yours, should anything goes wrong with the bank or whatsoever wallet. Have control over your private keys and forget a third party trustee.

[Jimmymark]

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.

[Caladonian]

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.

And that's also the reason why most of the investors already learned from that and begin to make their love one's aware with this investment currency, I'm also not in favor of creating specific bank for this sole purpose, I still believe that crypto was made to be your own bank by storing it inside a safe wallet that you have full control.

It's only time can tell and conclude if such things still needed or we can stick to what we already enjoying right now.

[ralle14]

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.

You already knew its lost unless there's a message left by the owner on how to recover the wallet. If you want a cryptocurrency bank just for this I think it's not worth it.  

This is just a rare scenario though and if you're afraid no one could retrieve it then prepare in advance.

[Questat]

Not literally bank, we need an insurance system that will secure our funds and that should be facilitated by the exchange.
They will be force to have that in their system if the government will regulate them, if they will not comply they will be penalized.
The problem with crypto is that we lack regulation that is why it's risky for investors.

We have seen a lot of exchange getting hack, and that shows they are vulnerable since they have the money, it could be from inside or outside, the example was from an insider so that's hard to detect and only strict regulation might prevent them from doing it.

[gilangIDR]

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.

When cryptocurrencies can be developed much better, we don't need a conventional bank. All transactions can be carried out by cryptocurrencies. But before that all there must be a regulation that regulates everything, for me cryptocurrencies are a technological advance in the digital financial system and that is needed to support much better technological progress.