squatter
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STOP SNITCHIN'
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May 28, 2019, 10:29:58 PM |
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Whether you're referring to a crypto friendly bank or an actual bank for crypto, I honestly don't see the use of it. Bitcoin is everything that banks are against, I don't see them going together, to be honest, but that doesn't mean that we won't see services trying to do so, I can actually see BitPay or Coinbase doing this because, for me, they both look like they are trying to centralize crypto or at least, change it to something that is not. And trust me, it's not gonna take that many years, it's probably just around the corner.
It won't just be Bitpay and Coinbase -- in fact, I think they are underdogs in this game. Within a decade, I think we'll see legacy retail banks like Chase, Bank of America, etc. offering cryptocurrency deposit and investment accounts alongside fiat accounts. We're seeing the institutional side take off already, with involvement from Fidelity, Morgan Stanley, the ICE, CME Group, etc. When Bitcoin gets big enough, this will expand into the retail sector. It's a shame, but that's the direction I see things heading. |
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jseverson
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May 29, 2019, 05:00:35 AM |
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It's a shame, but that's the direction I see things heading.
Yeah, I never understood why people think banks will roll over and die once crypto takes off. Bottom line is that people trust them with their money, and will likely continue to do so regardless of the medium. It would be trivial for them to integrate crypto related services regardless of their current stance. I can see people maybe relying on them less, but they're not going anywhere. |
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marcbitcoins
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May 29, 2019, 06:04:17 AM |
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I could say yes as many banks are now successfully in partnership of some local exchanges in which crypto users could use the banks withdrawal facilities everytime they convert to fiat or use Bitcoin in direct spending with some banks merchants then i could think that many businesses are now thinking of a Bitcoin bank specially in the place where Bitcoin is legal.
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slaman29
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Livecasino, 20% cashback, no fuss payouts.
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May 29, 2019, 06:06:08 AM |
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Don't we already have legally compliant bitcoin banks? They may not call themselves banks but if you have corporations offering custodial service for crypto, offering loans for crypto, and some even offering interest for your crypto savings, then I would call them banks in any other industry, don't you think?
So they're here already:)
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SaShiRaJaVu
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May 29, 2019, 11:15:29 AM |
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We know on whats the true purpose on why Bitcoin is created on the first place.Right? which is without going through any financial institution and with
this alone we would know that this so-called bitcoin bank wont be possible even it would exist i doubt that no one would use it up.
Collaborating Bank and Bitcoin?its hard to believe on.
We understand the true purpose of bitcoin but how about purchasing your first coin, you need to send fiat currency or the help of credit cards to purchase the coins, either way we need the help of financial institutions to get hold of bitcoin but that does not mean that we need bitcoin bank, what we need is a collaboration between the banking sector and the bitcoin echo system  . |
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Leyss
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June 03, 2019, 09:22:36 AM |
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Yes, cryptocurrency banks are already emerging, and I have already participated in several ICO projects that have positioned themselves as cryptocurrency banks. I, however, do not know how viable such banks will be. We must first observe the work of such banks, what services they will provide and to what extent their services will be in demand. Due to the high price volatility of cryptocurrency, the efficiency of such banks may be very low.
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aioc
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July 07, 2019, 01:31:20 PM |
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I am wondering if it is possible that there would be a physical bank operating somewhere that is fully compliant with the banking laws but focusing on cryptocurrency business? I mean a bank that can be providing the usual banking services but all things are tied to bitcoin or cryptocurrency. The bank should offer bitcoin debit and credit cards and of course will operate bitcoin ATM machines. In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform. Is this just a dream or is there a possibility that this can happen eventually maybe 10 or 20 years from now? Or maybe in the first place there is no need nor demand for this? Right now there is no demand for it, but it's a good idea, but there will be compliant issues that is going to happen once the preparation for the setting up happens, because banking and cryptocurrency decentralization has a huge difference. |
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bitcoindusts
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July 07, 2019, 06:18:58 PM |
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In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform.
And what are you expecting to loan, fiat? If it is a bitcoin bank or cryptocurrency bank then they keep cryptocurrency so that will be another thing if you are expecting to take a loan in fiat and use your deposited cryptocurrency as collateral because you can just cash out your deposited cryptocurrency or else you will need to loan bitcoin and make other assets as collateral. |
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carlfebz2
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July 12, 2019, 03:54:49 PM |
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In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform.
And what are you expecting to loan, fiat? If it is a bitcoin bank or cryptocurrency bank then they keep cryptocurrency so that will be another thing if you are expecting to take a loan in fiat and use your deposited cryptocurrency as collateral because you can just cash out your deposited cryptocurrency or else you will need to loan bitcoin and make other assets as collateral. In overall read its a pure nonsense on what he do tries to pertain.Bitcoin bank or crypto bank is totally an impossible thing to have.Why would we need these ones yet we are our own banks.It might have some features that crypto no have but its always been good to the feeling that we do have the full control of our own coins if its being store with our own crypto wallets.We don't need banks. period. |
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timerland
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July 12, 2019, 09:18:53 PM |
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I am wondering if it is possible that there would be a physical bank operating somewhere that is fully compliant with the banking laws but focusing on cryptocurrency business? I mean a bank that can be providing the usual banking services but all things are tied to bitcoin or cryptocurrency.
The bank should offer bitcoin debit and credit cards and of course will operate bitcoin ATM machines. In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform.
Is this just a dream or is there a possibility that this can happen eventually maybe 10 or 20 years from now? Or maybe in the first place there is no need nor demand for this? My answer is no, despite the overwhelming amount of "yeses" within this thread. However, the reason is not that there is a lack of demand for such a facility, or even that it's not technically feasible - these prerequisites can both be fulfilled. The problems arise from the regulator's side, where with the tightening regulations, being completely legally compliant comes at an extremely large cost, especially when you compound that with the already high establishment costs of a physical storefront. Maybe if you shifted the criteria to "virtual & physical" instead of physical only, there would be a higher possibility. But for a physically operational bank to completely shift their loan and savings denominations to bitcoin, all the while complying with every clause of every regulation, is next to impossible at this stage. |
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imstillthebest
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July 13, 2019, 07:20:39 AM |
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In the bank you can file a loan with your bitcoin or crypto as the collateral. Maybe even have the facility where you can deposit your bitcoin under the bank's safety platform.
And what are you expecting to loan, fiat? If it is a bitcoin bank or cryptocurrency bank then they keep cryptocurrency so that will be another thing if you are expecting to take a loan in fiat and use your deposited cryptocurrency as collateral because you can just cash out your deposited cryptocurrency or else you will need to loan bitcoin and make other assets as collateral. In overall read its a pure nonsense on what he do tries to pertain.Bitcoin bank or crypto bank is totally an impossible thing to have.Why would we need these ones yet we are our own banks. It might have some features that crypto no have but its always been good to the feeling that we do have the full control of our own coins if its being store with our own crypto wallets.We don't need banks. period. the underlined sentence above is the reason why we still need a bitcoin bank . in bitcoin you cant loan inside the wallet that you use but on bitcoin banks you can make a loan in bitcoin of course if ever you need some bitcoin for emergency porpuses . bitcoin banks do also have a solid security compare to the old wallet that you use but the downside is that they are bieng controlled by a real person . i know this is the reason why someone will hate bitcoin banks . |
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veleten
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July 14, 2019, 02:08:39 PM |
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bitcoin bank is an oxymoron itself
banking depends on several major principles and pure bitcoin "banking" contradicts many of them
take , for example , the principle of liquidity : this means that you should be able to convert asset into cash in a short time without a loss
bitcoin is volatile and its price is unpredictable , you cannot expect to keep your assets in bitcoin and gain profit - its a risk and very often a huge loss when you are selling in the wrong period of time
the principle of loans and investment - the loans in bitcoins will be converted into cash anyways , there is simply not enough places to accept bitcoins if you are starting your own business and buying all the necessary things for it etc.etc.
so far we can only dream about a bank that accepts and stores and allows to exchange bitcoins among other assets and fiat currencies equally and legally
and a pure bitcoin bank is something that would never happen , I'm afraid
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Harlot
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July 15, 2019, 04:32:02 PM |
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The question is are they even allowed to have a bank which main currency is not their own fiat currency? I know some countries don't even allow other fiat currencies to have a bank based on their country. Cryptocurrencies are also on another level since we are talking about a unregulated kind of currency here which in terms of the authorities having control over it is lesser compared to their own fiat currency. I know some banks already send loans via Bitcoin in order to avoid transfer fees but I don't think that banks can be gully backed up by an unstable currency.
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Schirer
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July 25, 2019, 08:59:19 AM |
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10-20 years from now it is a good possibility.
The banking sector just have to understand that most crypto currencies cant be tracked easily and their source be determined rather easily. This is the main reason banks are afraid from cryptos, they dont know how to track them and understand the money source.
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bitart
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July 26, 2019, 09:49:23 PM |
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To become a legal bank in a country, you should comply with the local law.
If you want to be a bank, you should implement AML & KYC too.
Let's say, you (as a bitcoin bank) will implement these AML & KYC regulations somehow, and you identify every customer before you let them do a wire transfer or withdraw their money.
In this case you'll be a real legal bitcoin bank but only a few people will use your services because most of the people nowdays use bitcoin and other cryptos because the lack of AML and KYC...
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buwaytress
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July 27, 2019, 09:53:25 AM |
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10-20 years from now it is a good possibility.
The banking sector just have to understand that most crypto currencies cant be tracked easily and their source be determined rather easily. This is the main reason banks are afraid from cryptos, they dont know how to track them and understand the money source.
Even sooner really, if you take into account that today, we already have a handful of blockchain jurisdictions, with legal and banking frameworks being drawn up as we speak, that would allow for the creation of such a bank. It needs only political will, which should be fairly easy to obtain if there is enough financial backing. There are already private banks geared towards crypto, some are even now majority in crypto, it needs only a few to merge together to form a big Bitcoin banking conglomerate. |
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rodel caling
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July 28, 2019, 01:55:03 PM |
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In my own opinion and view about op dream to combine bitcoin into fiat bank is very harder because bitcoin is not stable currency control by the government unlike fiat is stable control by the givernment compare it to bitcoin because the cause of volatility fluctuations.
For me no need to combine fiat bank into bitcoin online wallet from our smart phone is look like an online banking system that they can use for payment etc. regulation for bitcoin is the key to resolve all the problem regarding this issue to,follow the law of every country.
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BitHodler
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July 30, 2019, 02:01:59 PM |
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Even sooner really, if you take into account that today, we already have a handful of blockchain jurisdictions, with legal and banking frameworks being drawn up as we speak, that would allow for the creation of such a bank. It needs only political will, which should be fairly easy to obtain if there is enough financial backing. There are already private banks geared towards crypto, some are even now majority in crypto, it needs only a few to merge together to form a big Bitcoin banking conglomerate.
I do welcome developments that make it easier for businesses to actually provide their crypto related services to the users without having to worry about breaking the law, etc. On the other hand, it's also interesting to see how people seem to discard what they initially liked about Bitcoin, which is that you no longer need a bank or any other greedy centralized financial institution. The same applies how Bitcoin was seen as a payment tool because it was fast and cheap, and now it's just digital gold or an investment too-- either way, not what they initially praised Bitcoin for. |
BSV is not the real Bcash. Bcash is the real Bcash.
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ccryptopark
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July 30, 2019, 10:45:50 PM |
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granted there are already BTC atms with proper AML compliance from cyber security firms like Ciphertrace so it would make sense that a bank is the next evolutionary step
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veleten
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July 31, 2019, 11:25:49 AM |
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granted there are already BTC atms with proper AML compliance from cyber security firms like Ciphertrace so it would make sense that a bank is the next evolutionary step
there is a huge difference between an ATM and a bank and there is no evolving from a point of sales which , technically , ATMs are and a full fledged bank , which is an institution , banking takes more than simply setting up a bitcoin vending machine I already posted about the main banking principles and why a pure bitcoin bank is impossible the main thing that is hampering introduction of legally complaint bitcoin banks - total legal grey zone surrounding bitcoin and cryptocurrencies some countries ban it , other countries pretend it doesn't exist , only a few have laws that regulate it |
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