Bank of Crypto?

[vanya.pronin.1983]

I believe there are already several projects that are aiming to launch their own bank of crypto with credit card, loans and much other features of centralised banks. As soon as BTC will cost around 100k, we will see a bunch of crypto banks.

[nxnqauff]

This could be interesting only when government is coming up with such plans. If private players come into such message, people wont believe them. For this, regulations should also be full force. This will keep scammers away from this field totally.

[Abiky]

Having a trusted third-party to store your crypto is beneficial to newbies and for some who are lazy enough to study on how to secure their tokens. i am not against it but if you are here on this space long enough then you should know by now how important it is to have full control on the coins you are holding.

Agree. It would only serve its purpose for newcomers into crypto, as they're not used to properly securing their funds against hacks or theft. For experienced crypto users, this is highly unnecessary. After all, crypto allows people to be their own bank. I'm sure that if a "Bank of Crypto" becomes a reality in the future, many people will solicit its services in mass. But I believe that the new crypto-centric financial institution would have to face a lot of regulatory hurdles in order to provide its services worldwide.

Despite this, there's a lot of applications within the world of "De-Fi" (Decentralized Finance) which work just like an ordinary bank. For example, we got "Compound.Finance" and "MakerDAO" which allow users to either lend or earn interest from their funds. But of course, these dApps are not suitable for non tech-savvy people. Which is why, sometimes a centralized solution (like the aforementioned "Bank of Crypto") is best in order to bring ease-of-use for people in the mainstream world.

Nonetheless, time will tell us what will be the outcome of a Bank which accepts crypto for deposits/withdrawals. As Blockchain technology becomes adopted by governments more thoroughly, new business ventures could emerge in the not-so-distant future. No matter if a "Bank of Crypto" is launched or not, at least Bitcoin has fulfilled its purpose of transforming our economy for the better. Just my opinion

[AhGo.Wu]

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?

It might be an good idea as it promotes crypto adoption...

Bear in mind that when people choose to trust crypto bank to store their crypto, they have the consent to do so.

It's their choice whether to give up the control, so I still think the purpose of crypto still remain.

[albrots]

it is very difficult to realize a crypto bank. At present some countries are still unclear about cryptocurrency rules. Because Cryptocurrency is very volatile so it will be very risky. To secure crypto assets, you can use hardware wallets such as Ledger, Trezor, keepkey, archos and many others. Bankc Crypto is still difficult to apply at this time.

[Ararbermas]

There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it.  Because it's still can cause bad things in the community in my own opinion.

[Periodik]

There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it.  Because it's still can cause bad things in the community in my own opinion.

There are already so called cryptocurrency banks actually, both online and physical. Although the idea of a bank for cryptocurrency is ironic because cryptocurrency is basically created with the design to counter the banking system, it cannot be avoided because many physical banks are now joining the community, and have in fact made necessary changes already to make themselves open for the crypto development. In addition to this, there are also apps, sites, and crypto products that are offering services similar to that of the banks.

[Cimmy_revenger]

Everything can be happen , until this time I'am just see Projects MONACO or now crypto.com
This wallet available debit card support digital asset cryptocurrency.

[Eugenar]

There's no banks for crypto because it's just a transparent currency wherein not the same with fiat that has a real figure. And it's impossible to happen even in the future because you know crypto currency are not illegal in other country ,so even some of the countries accepted it there's no way they will make a banks just for it.  Because it's still can cause bad things in the community in my own opinion.

On the other hand, even if we do everything for cryptocurrency to become the worlds currency, banks will not surrender, they have already established so many branch all over the world, and they are big already. What we can do right now is to choose the crypto depending on us, and not considering how banks will react. If all of us will choose crypto, there's no way banks can interfere.

[nreal]

If there is a proper cryptocurrency bank, it will conflict with the decentralized nature of cryptocurrencies, because the bank itself is a centralized organization. So having a cryptocurrency bank is not realistic.

[Pinkris128]

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?

Cryptocurrency does not need a "bank" if you will going to ask me. I personally believe that it will defeat the purpose of decentralization of cryptocurrency if there will be a "Bank of Crypto". I do not also fully trust the government with anything with numbers because I experienced it first hand how dirty do some of its official works. Nevertheless, I believe that the use of block chain tech will help our society grow more.

[Xcode7]

If there is a proper cryptocurrency bank, it will conflict with the decentralized nature of cryptocurrencies, because the bank itself is a centralized organization. So having a cryptocurrency bank is not realistic.

I also have the same opinion the two things are very contradictory so I think it would be bad if it happened because the crypto and the bank are not in line will create confusion. so crypto will remain decentralized without the help of any bank

[IvugeoEvolutionCoin]

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?

I don't really think there will ever be any bank of crypto, it's crystal clear that it opposes the original purpose of crypto in the first place. Banks stand as middleman hence the p2p transactions in crypto will be a failure and also will you be trusting the bank with your private keys? That's way risky in my opinion.

[target]

If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses.  Imagine sending a ransom money to let you login to you wallet and this will recur every year.   

[arimamib]

If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses.  Imagine sending a ransom money to let you login to you wallet and this will recur every year.   

therefore, crypto banks should not exist because they can eliminate the decentralized nature of crypto, and banks are third parties and they are certainly an institution that needs finance to pay for existing workers. just imagine if they make a fee every month in the form of a percentage of crypto, surely it will benefit them

[timmmers]

We already see that banks are adopting this technology. Bakkt or Revolut are good example that this is happening.
And why this is the future? People are too lazy to care about their finance so they will put their crypto into a bank, there will be protected, insured, so everything will be very tempting, but we know, that it is not a good solution.

[distr@yopmail.com]

If the government will have bank of crypto as planned, its only to see how much people have move their wealth to crypto and tax them. They will probably not let you physically get into this bank unless you have fully paid your tax and that means they will have to learn your wallet addresses.  Imagine sending a ransom money to let you login to you wallet and this will recur every year.   

therefore, crypto banks should not exist because they can eliminate the decentralized nature of crypto, and banks are third parties and they are certainly an institution that needs finance to pay for existing workers. just imagine if they make a fee every month in the form of a percentage of crypto, surely it will benefit them

indeed not necessary. even the function of the exchange is enough to replace the role of the bank. if there is it will only add transaction fees and taxes for crypto owners in the bank. like our money in the bank with transactions that require costs every time we make a transaction. now it seems that the banking system is completely controlled by the role of the exchange which is very helpful.

[Bim abk]

The crypto bank is still in the shadow of uncertainty in my country cryptocurrency is still illegal or not fully official, if one day this will happen then my dream has come true because in my country I want to follow technological sophistication so that it can facilitate online transactions through crypto banks I think the government is also looking at the crypto work procedures so that they can unite and work together in the future

but if there is a crypto bank then there will be a set in it and I think is inversely proportional to the decentralized nature of crypto. so think again about your expectations, because I think crypto would be better if it remained alone without institutions

[enhu]

Its up to a user though. I don't think it will help me however to sleep at night knowing my coins are in the bank where they can access it. Its not going to be safe for your coin to be there, anyone can just send your coins to a wallet and God knows who can identify the owner so its lose forever. Its ironic that Satoshi meant bitcoin to be out of the central authority are being sent to a ban where the money that is suppose to be pass on for your sons and daughters can possibly disappear because they can just decide what to do with it.

[ShowOff]

Indeed, people who are experienced in crypto do not need a crypto bank to store its assets. But if all the countries have crypto banks I think both old and newcomers will also store their assets in the Crypto bank. There are now crypto banks though not all countries have them, crypto banks like Bitwala and Spot9 which are set by the federal financial Germany. Many investors keep their assets there.