Bank of Crypto?

[Abiky]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

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[xabre]

Still dreaming looking one day have bank crypto in my country, cryptocurrency still illegal transaction in my country just allowed as investment but illegal for transaction payment, maybe hope bank crypto in my country just dreaming while you sleep.

[Tipstar]

There are already the concepts of a bank solely based on cryptocoins. Some of them are regulated ones. They takes crypto as deposit and provides loans in crypto. Some of them even provides cards to do your daily transactions. NEXO, Clesius, Crypto.com, Blockfi, etc. There are also decentralized solutions like compound.finance.

[blockman]

Yes, that's against to the purpose of crypto for decentralization although some altcoins are actually open to this idea and be governed by the authoritative agency. I still see this as an idea that's hard to execute but I think some countries or company are looking to this already.
But once this has been established, I don't fully say that they will be secured as the banks today are also being attacked by hackers.

[CjMapope]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

there are a few actual banks of crypto if you think about it
the most well known one would be Coinbase
CryptoCapital is another i have heard of that seems to be established but ive never used them myself

[tsaroz]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

Bank of Crypto are real and they have a multiple benefit over the traditional banks.
They being universal, would maintain a similar interest strategy around the world and controlling interest rate and economy. People in low interest economies would get high interest on their deposit while people in high interest economies would get low interest loans.
They would be a medium for investors from developed countries to invest in rapidly growing economies around the world.

[Periodik]

Well, there are already crypto banks around, or at least they are claiming to be. In fact, in Switzerland crypto banks Sygnum and SEBA are already approved by the authorities. Read here: https://www.swissinfo.ch/eng/licenses-awarded_-world-s-first--crypto-banks--game-changer--for-switzerland/45187400, https://cointelegraph.com/news/swiss-crypto-banks-receive-licenses-from-financial-regulator. I guess Bitwala is also offering crypto banking services.

In principle, it is ironic to start a crypto bank when in fact crypto in itself is a response somehow to the banking system and industry, which we consider greedy and an unnecessary third party. Crypto owners can actually keep their own coins safe without crypto banks. We have hardware wallets, for example.

[inthelongrun]

Some exchanges are already offering lock in period with a fixed return which is like time deposit in banks. Is Binance the only exchange that offers fund security to its clients? Although we don't know how deep is there security funds currently but sure it cannot cover all the amount yet. But a good start by Binance. Blockfi also offers crypto time deposits and loans with collateral. These are just few of the companies that are starting to venture like what banks do.

I think the hardest for a crypto bank is how to get an insurance from companies. Maybe this is doable but expensive and with low maximum. In the future this may become easy to achieve as we are turning to become more dependent on internet.     

 

[Aabcde]

I don't think there is a need for a crypto bank if it's just to secure assets. Just buy a stable coin and keep it in a very safe place such as a hardware wallet. I think this is very efficient rather than having to save in a crypto bank. We have to pay storage fees, and do other administrative actions, troublesome.
Even if there is a future, it seems like there aren't many people who will glance at the crypto bank.

[CryptoBry]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

Will a bank of cryptocurrency be appearing soon? I don't think so and the answer to that is because it would be hard to get something like this approved by the government or regulators. And yes, this very idea is defeating the very essence of cryptocurrency. However, if there is really a big demand for this service then there is a big chance that an entrepreneur can take the risks and offer this same service to the targeted market. But I am sure it would not be easy and maybe it may not worthy at the end. The concern here is protecting the digital assets but there are now many ways we can do that without transferring the assets to a middleman which is actually also a risky thing to do...what if the bank can be hacked or if there is an inside job or maybe if it will go bankrupt? Assuming that I have a good hoard of Bitcoin, I prefer to store them in a hardware or cold wallet instead, just making sure that I have the keys with me hidden somewhere safe.

[crwth]

I don't think it's hard to store and protect cryptocurrencies as long as you had taken the correct measures like

• Create an air-gapped laptop as your storage
• Buy a Hardware Wallet (Ledger, Trezor, etc.)

For sure, there are additional ways to create a secure wallet, but I don't think it's necessary to have a middleman again. Unless it's for escrow, making sure about the transaction or something. That's the critical part for me, to have trust with the one you are transacting with. I'm one of those people who don't see this as a necessary part of the cryptocurrency space. Just like you said, it defeats the purpose.

[Murat]

Of course, it's a nice concept to maintain the quality and security to this platform, but the institutional format always not brings a good result to this platform, When people don't like to go the conventional bank for investing or depositing their money then how they could go to the crypto bank? it may see the light of hope if the crypto bank will be based on the fully online system because most of the countries are not giving any legal permission to run this system, so the crypto bank may face various types of barriers, on the context of the store and protect, I think Coinbase is doing well, and also some wallets are working regarding this issue.

[andika2018]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

The term Bank of Crypto is ambiguous because cryptocurrency was created to eliminate the role of third parties such as banks. I don't think Bank of Crypto is needed because everyone can have a wallet freely and securely

[tenakha]

Considering that most people nowadays often find it hard to store and protect their cryptocurrencies, it's best to delegate the responsibility to a middleman. A bank of crypto would fit the bill nicely, as people would be able to secure their cryptocurrencies without ever having to follow the necessary precautions to prevent hacks or theft. As long as the bank of crypto is highly regulated by the government, then it'll be here to stay for a long time. Still though, not everyone will agree to this as it greatly defeats the whole purpose of crypto and Blockchain technology. The idea of a bank providing crypto services would only prove to be viable for newcomers into cryptocurrency. People who're experienced in crypto, wouldn't need this in the first place.

Nonetheless, do you think that a Bank of Crypto will happen anytime soon? If so, why?

We do not know how such a bank will be accepted by the community. Nowadays, if we consider the growth of the security problem, it can be useful but, I assure you, including myself, those who do not agree will not be less. Actually I have seen something like you are looking for. Check out World Bit Bank. As I remember, they wanted to establish a decentralized system that provided us with the services offered by banks today. I have seen the project last year, and I am unaware of how they are going on right now.

[glendall]

a bank of crypto is not needed for cryptocurrency users, especially banks of crypto that are managed by the government, this will only hurt the asset owner, why? because there will definitely be taxes to be paid, because the government can freely supervise the owner of the crypto, that's why I disagree.
if indeed the bank of crypto is managed by the private sector then maybe it can be thought of, but why should there be a bank of crypto if someone can save it in a safer place?
but whatever it is we do not know what happens in the future because there is always a new possibility in the world of cryptocurrency.

[jazmuzika217]

I think this is impossible to happen because all we know that government is against to crypto. So how can we build a crypto bank? And if there will be a crypto bank the real use and essens of crypto will not be applied which is quick and no hassle. All we know that bank transaction is too slow and if we talk bank it is not 100% secured because many banks are now reachable by scam and fraud.

[Wysi]

Yes, that's against to the purpose of crypto for decentralization although some altcoins are actually open to this idea and be governed by the authoritative agency. I still see this as an idea that's hard to execute but I think some countries or company are looking to this already.
But once this has been established, I don't fully say that they will be secured as the banks today are also being attacked by hackers.

But wouldn't it be against the concept of crypto currency if these crypto bank thing is controlled by authority or government official's involvement? I feel if this happens then they will slowly start dominating the crypto world one by one and not sure where this will lead us. I have seen someone tried opening bitcoin ATM in and he got arrested for the same.

[NathanJB]

Crypto is partly designed to counter the concept of bank, of middleman, or of third party and so I think it is not a good idea. Crypto is very personal in that you are holding what you truly own. This will be put into waste with the idea of creating a crypto bank. A crypto bank will make a decentralized currency centralized with a central storage of coins with a central caretaker, whom we could not trust to safe-keep our coins. Instead of cryptocurrency imitating the old system, let the old system imitate crypto.

[DaMut]

Well, there are already crypto banks around, or at least they are claiming to be. In fact, in Switzerland crypto banks Sygnum and SEBA are already approved by the authorities. Read here: https://www.swissinfo.ch/eng/licenses-awarded_-world-s-first--crypto-banks--game-changer--for-switzerland/45187400, https://cointelegraph.com/news/swiss-crypto-banks-receive-licenses-from-financial-regulator. I guess Bitwala is also offering crypto banking services.

In principle, it is ironic to start a crypto bank when in fact crypto in itself is a response somehow to the banking system and industry, which we consider greedy and an unnecessary third party. Crypto owners can actually keep their own coins safe without crypto banks. We have hardware wallets, for example.

Yes, Bitwala offers crypto banking services too.
There are more crypto bank services out there which are Wirex, Revolut, Bankera, Ally Bank, Simple Bank and many more.
in principle this might look ironic but we can not help it since keeping the coin safe requires technical skills and we can not learn it all in a few days.
but with crypto bank service, we can be at ease storing our money inside of it without afraid of a hacker or gets phished.

[JCviggen]

I think a cryptocurrency bank is a bad idea. decentralization will be absent 100 percent. think about this: the bank will be able to do anything with your cryptocurrency at any time.