Can We Expect A Legally Compliant Bitcoin Bank Soon?

[diazepam666]

As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

[ReiMomo]

As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

Yes, cryptocurrency and blockchain technology gave the power to every individual work and handle their finance without third party interference. We really need to take some countries as a role model and make e-governance using a public blockchain. Estonia already made blockchain government and standing as forefront country in this world. Hope I wish my country also do the same soon. Nice answer as well.

[bitcoindusts]

A dream, and a distant one at that. Fiat banks are already fully-operational, and can pretty much integrate the things you mentioned into their platform. Crypto-only banks would struggle to make its footing in the financial world and would be having a hard time to get some operational profit, knowing how limited their scope is and how little their target market is compared to commercial banks.

Also, bitcoins and crypto are aimed to make people their own banks without relying to third-party services, so..

And besides, there would be no point for crypto investors to store their cryptos in the banks if they will be charged for storing it there so they will find it difficult to find clients and I can’t figure out in my mind how they are going to give interests to crypto holdings since cryptos especially bitcoin are too volatile. It would be better to keep them safely in their own digital wallet with no other hands controlling it.

[jrrsparkles]

As a crypto users we need to praise the country which made the regulations which make safer transaction with bitcoin and given power to the citizens also to involved in the crypto industry. Countries banned the bitcoin should be think the future of their financial ecosystem.

ATM frauds using EVM enabled machines widely to steal the data of the customers and scamming them, I am not sure, is this federal reserve bank is sleeping or what to predent the users from the centralized banking scams.

Yes, cryptocurrency and blockchain technology gave the power to every individual work and handle their finance without third party interference. We really need to take some countries as a role model and make e-governance using a public blockchain. Estonia already made blockchain government and standing as forefront country in this world. Hope I wish my country also do the same soon. Nice answer as well.

More countries will allow blockchain technology to be implemented on their public sector in the near future but we cannot compare it with crypto currencies which is one of the application created using blockchain technology.

Even when we don't need the banks for transaction for cryptos there are 99% of people holding cryptos want to cash out their profits into fiat so banks will stay as long as people cashing out.

[Kemarit]

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

It's different and there are no correlation or comparison with BTC ATM's and bank. I will assumed that BTC ATM are not even sponsored by any banks.

So I don't think that we can have a legally compliant Bitcoin Bank simply because those two is not a perfect combination. Crypto is supposedly a decentralised system with no central authority so how can a definition of a bank fit it? So it won't happened not even in the next 10 years. So it's either you go with the traditional banking system or style with crypto and hold your coins and your private keys and have full control of it.

[Ridwan Fauzi]

I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

[Lanatsa]

I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

Indeed!

With Bitcoin we are own banks where we can held up our assets without any need of third parties or services.This is what makes Bitcoin itself becomes popular and
an exceptional innovation.We don't need banks yet we are already get tired of it since in the beginning.

[carter34]

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?

I envisage that time too. Maybe not from 10 years from now but starting from 20 years from now, then I will agree. So, there is a possibility for that, your question is not asked in vacuum therefore.

Why not 10 years from now  The laws. It has to have some legal understanding that will not only bring more of adoption and usage but that will give rights to parties ; the banks, customers and government. This will give a backing to some remedies if there is defaulting parties.

Such laws will also stipulates the relationship between fiat issuing and bitcoin/crypto transactions too.

[iMark]

I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

Indeed!

With Bitcoin we are own banks where we can held up our assets without any need of third parties or services.This is what makes Bitcoin itself becomes popular and
an exceptional innovation.We don't need banks yet we are already get tired of it since in the beginning.

Actually that idea is like making an exchange site or online wallet into physical form by adding some facilities like banks have. and your thoughts are like becoming your own bank will still exist even though bitcoin bank in the future is present, the bank won't force you to join, right? I think to implement this idea, then regulations for bitcoin must be made first.

[1Referee]

the bank won't force you to join, right?

This is an important bit of information. People here seem to dislike the idea of centralized services, but the thing is that people can decide for themselves to use them or not. Not one of the services we have in crypto forces you to use them, yet people keep trashing their business models because it's against what crypto stands for.

Not everyone here has figured out that most people don't really care about being their own bank. They are here either to speculate or earn money and use an exchange to cash out.

In order to have newbies appreciate what Bitcoin stands for, we need another Cyprus type of crisis where everyone with a bank account in a specific country is subjected to a haircut. We haven't seen any of this happen since 2013.

[stfN2128]

I'm not sure if this is something what you are looking for, but a german bank is working on bulding a bitcoin bank. just check bitwala -> https://www.bitwala.com/

i hope it helps

[nankers]

I don't think it's impossible if in the future something like this will come true. But I am sure that in the near future expectations about a cryptocurrency bank will soon be realized. Some time ago I read an article about something similar like this. Visit this link https://cointelegraph.com/news/swiss-crypto-banks-receive-licenses-from-financial-regulator

[TIDOVEE]

One of the purposes of which digital coin is in existence is to relief bank and bank users of irrelevant stress with the technological upgrade.the bank is structured to be digital either. But I also think if there are few financial organization that can help with the management of Crypto Cash Dispenser it will be fine,or will all buy and selling of goods be online?? Maybe there should be some  bitcoin in fiat form that can be withdrawable from the dispenser. As regards the loan, I noted that the loan is possible and is already existing.

[jdarren]

Will need to work with companies to help with AML compliance like Ciphertrace

[jrrsparkles]

One of the purposes of which digital coin is in existence is to relief bank and bank users of irrelevant stress with the technological upgrade.the bank is structured to be digital either. But I also think if there are few financial organization that can help with the management of Crypto Cash Dispenser it will be fine,or will all buy and selling of goods be online?? Maybe there should be some  bitcoin in fiat form that can be withdrawable from the dispenser. As regards the loan, I noted that the loan is possible and is already existing.

Bitcoin can never turned out to be in physical form,but already lot of bitcoin ATM at the moment so you can convert your fiat and get bitcoins to your wallet.

The current bitcoin loans are from the individual users so they are collecting huge interest to assist the risk on it but no regulated system yet to avail bitcoin loan.

[Lanatsa]

I doubt with it, because bitcoin was designed as a bank for their user. Every user can do these things easily without an organization or a party to manage it.

As done by this forum, some user can make a loan to other people and they will pay within the allotted time with consequences when someone who borrows late to pays then their account will have a negative trust.

Indeed!

With Bitcoin we are own banks where we can held up our assets without any need of third parties or services.This is what makes Bitcoin itself becomes popular and
an exceptional innovation.We don't need banks yet we are already get tired of it since in the beginning.

Actually that idea is like making an exchange site or online wallet into physical form by adding some facilities like banks have. and your thoughts are like becoming your own bank will still exist even though bitcoin bank in the future is present, the bank won't force you to join, right? I think to implement this idea, then regulations for bitcoin must be made first.

No one would really force you but for those people who are fully aware on the primary reason on why crypto is being created will definitely not used
up these kind of services. What for? when it comes to security,yourself storing common sense will be enough and in terms or capital gains or interest you can do it on your own.
This is why we wont able to see these bitcoin banks.

Not everyone here has figured out that most people don't really care about being their own bank. They are here either to speculate or earn money and use an exchange to cash out.

You got a point though which is actually the fact on most cases.People nowadays doesn't even know on why crypto is being created on the first place yet the main priority into their minds is on how to make money.The worst? complying KYC just to get some pennies.

[audaciousbeing]

Initially, I had maintained that there is no way we would have a crypto bank because the initial position of bitcoin and crypto is to ensure everyone is his own bank and there is no authorized body to be the deciding what the funds is being used for. However, with the way things are going, there is no way we wont get to that point because as development continues to happen, there would be need to be a fusion between crypto and fiat and that would be pushed forward by the entrepreneurs which might lead to a crypto bank.

Another point worthy of note is that for an industry to develop there is need to be a coffers where the people who needs funds can approach to raise money for their project for interest while those who with excess funds can get returns on the money. With that, there would be expansion in businesses and real projects being carried out with funds generated from crypto.

[qwertyup23]

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

It's different and there are no correlation or comparison with BTC ATM's and bank. I will assumed that BTC ATM are not even sponsored by any banks.

So I don't think that we can have a legally compliant Bitcoin Bank simply because those two is not a perfect combination. Crypto is supposedly a decentralised system with no central authority so how can a definition of a bank fit it? So it won't happened not even in the next 10 years. So it's either you go with the traditional banking system or style with crypto and hold your coins and your private keys and have full control of it.

It actually defeats itself if a cryptobank were to be implemented. The reason for the creation of the blockchain was to prevent any third party from handling our transactions and to make everything accessible in a public ledger, which is open to everybody.

If a cryptobank were to be created, someone has to regulate, control, and manage the bank (which we all know is purely driven for profit). Someone is still handling our transactions. Not to mention, the fees behind every transaction are subjected.

[teosanru]

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?

This isn't happening in any time near future. Banking and bitcoin are two stringent enemies to each other. Best banks would do is tie up with cryptos like XRP which would be done to merely increase the swiftness of the transactions over the globe. Also inter banks transactions could happen using the blockchain. Moreover another thing how banks could tie up with crypto is that banks could use their idle funds and invest them in cryptocurrencies. Don't imagine anything like depositing and withdrawing cryptocurrencies or bitcoin directly into a bank or something like a bitcoin ATM from a bank because there are never going to happen on a great scale.

[BitHodler]

It actually defeats itself if a cryptobank were to be implemented. The reason for the creation of the blockchain was to prevent any third party from handling our transactions and to make everything accessible in a public ledger, which is open to everybody.

It only defeats the purpose of Bitcoin if that's something you value but go against it anyway by using such a service. If you're here for the profits alone as trader, then it shouldn't be something to worry about for you.

It's important to understand that we have a choice to either use or not use these services, and as long as that is the case, I don't see it being a problem.... some services do add a lot of utility when it comes to trading and lending.

At the end of the day, it's nearly impossible to not deal with a centralized party.... you're either buying or selling on an exchange, day trading, lending, etc. As long as you don't keep your coins on an exchange when you're done it's fine.