Bitcoin bank, Necessary?

[thesmallgod]

bitcoin bank is not necessary. When we are all talking of bitcoin is decentralized. having a bitcoin bank that holds crypto-asset means it is under control of some sort of authority that is equivalent to being centralized. However, I do not think we can have a decentralized crypto bank because the bank is a bank and it will always be subjected to some sort of centralization and in the world today where many people are afraid of putting their crypto on the private wallet, exchange platform, etc. It is obvious using a crypto bank will involve a whole lot of risk especially during this period when many crypto projects are disappearing with the fund of investors. In fact, up till this present moment, I have not seen any project about crypto bank that became successful. It is either they end-up with another product or turn to scam. The Denaro project scam is still fresh in my memory.

[1714605454]

1714605454

[White Christmas]

I think bitcoin bank is not really necessary in which I am being neutral to the both parties if having a main bank for bitcoin or not. At the first place, people are using bitcoin or other cryptocurrencies to make larger transaction without even noticing the world banks or even the country banks nor don't need any legal papers to transact high amount of business and etc. This is just one on the many reason why people are making transaction using bitcoin, besides it is more convenient it is also more faster than the usual transaction, that's why I think bitcoin bank is not necessary because if there will be a bitcoin bank then we need to submit initial papers to that bitcoin bank in order to make or start a larger transaction.

[bitvalak]

That is not in line with the principle of bitcoin. Bitcoin is decentralized then you advise the Bank to ask for each user's ID so that it can be monitored for every transaction.
Bitcoin already has its own bank, Blockchain. Security on the blockchain is very good, including the security of your account which is protected by private key, 2FA, and others.

[bounceback]

Bitcoin can be the future bank all over the world. It might be similar value of World Bank.

Now a days there are so many big transactions are done with crypto currency. If people don’t want to tell globally about their transactions they may use crypto in big number of amount in a single transaction, and nobody else can recognize that why and what they do transfer.

If there any kind of illegal activities involved in that transaction then if there is bitcoin bank exist over there then some kind of transactions may be stop by the bank.

In that case all the government make bitcoin bank in future, they will ask for all account’s details and the person who access the account. If all holders gives them details then it will be it safe or not?

very unlikely, because basically bitcoin uses peer to peer networks to operate without authority and bitcoin is a source of decentralization that cannot be controlled by the central organization, and even if the government makes a bitcoin bank in the future in my opinion this will be very complicated for bitcoin users because they will definitely ask us to do KYC or AML so they can limit our bitcoin and collect taxes with our bitcoin.

[EdvinZ]

Bitcoin is a decentralized monetary system, while a bank is a centralized institution. The concept of Bitcoin contradicts the concept of banks. But since we live in a capitalist society, I think that there will be attempts to create banks for storing bitcoins. Already, some banks in some countries provide similar services.

[stabledev]

Cryptocurrency greatly limits the need for banks. Banks may still have a role in a post-fiat society, by offering full reserve loans backed by law enforcement should a person default, so their assets can be repo'd, but beyond that, banks would be pretty antiquated in a world that has competing price-stable, decentralized cryptos.

[Joyawan13]

Bitcoin is a decentralized monetary system, while a bank is a centralized institution. The concept of Bitcoin contradicts the concept of banks. But since we live in a capitalist society, I think that there will be attempts to create banks for storing bitcoins. Already, some banks in some countries provide similar services.

I also think that way, over time hopefully Bitcoin will be made specifically to have its own bank to be able to save it, and certainly safer, and there will be more in other countries that will make it, so that even though more bitcoin we can buy and have as much we can buy, but of course it will be safer and easier to use it as a transaction and others.

[TGD]

Bitcoin Bank not at all necessary as bitcoin is a decentralized cryptocurrency. Government will never accept bitcoin as it is decentralized. It is not legalized in most of the countries. Wallets are safer as it is peer to peer transaction. As bitcoin is volatile banks will never accept bitcoin in banks.

It will surely not be accepted by many countries who not legalised or care too much in crypto. But people who are not aware in crypto or bitcoin maybe needs some bitcoin ba ko or atleast ATM for some proof or assurance that they think they will see if there is a physical building they can go to. However, it's still impossible to happen so the mass adoption that is needed in crypto.

[isaac_clarke22]

No need because that's what Bitcoin was made for, to not use banks anymore for the storage of one's wealth/money, and OP there's no need for centralization of Bitcoin. It's already okay to where it is currently at. Probably banks will need one's personal identity before they can even hodl a certain amount of Bitcoin or do some transactions with it. I already saw and experience these through online crypto wallets, so no I ain't buying that.

[mlmdaily]

In bitcoin you could be your own bank. For what you will need another one? Self custody is a future

[Sahyadri]

I agree there has been an increase in crypto related crimes. But we don't need a bank to stop that. Bitcoin has emerged as a currency which gives you complete anonymity and control over your money and frees you from the third party. I don't understand the need of incorporating a third party again. You are responsible for your own money, take decision wisely. You don't need a third party To do that.

[Boov]

In bitcoin you could be your own bank. For what you will need another one? Self custody is a future

Actually the purpose of banking is to protect the people's money savings and also to gain profit in traditional banking's lending business. The people's savings on their bank will be the money that we can lend on the bank and then if we pay they will also give them an interest and that will serve as the profit.

[dimonstration]

I agree there has been an increase in crypto related crimes. But we don't need a bank to stop that. Bitcoin has emerged as a currency which gives you complete anonymity and control over your money and frees you from the third party. I don't understand the need of incorporating a third party again. You are responsible for your own money, take decision wisely. You don't need a third party To do that.

As we see how the bank performs now, and now that we were able to do it thru our own hands, why we should let it take away by having bitcoin bank. As much as possible I wanted bitcoin to be this way in use, no more regulation and restrictions, it's enough for some KYC but not anymore regulations as much as possible. Though some prefers it for adoption.

[sovie]

Bitcoin is againest traditional banking system and there is no need for bitcoin bank. In crypto community everyone has full control over his funds or you may say everyone has complete bank at his disposal.

[johnwest]

Your poll answers your question correctly. There is no point in your argument and logic unless you are a hacker and wants to hack more than what a normal person holds. We are the community who wants our money to be decentralized and want to have our money in our pockets and freedom to spend them anywhere in the world.

[hatshepsut93]

There are already Bitcoin banks - Xapo, Coinbase, big exchanges, payment middlemen - they all offer to store your Bitcoins and provide additional services like fast conversion between fiat and Bitcoin, Bitcoin payment cards and so on. And they do have KYC and can freeze your accounts if the state tells them to. The reason why they exist is because a lot of people are into Bitcoin only for investment, so they don't care about its values and gladly trade their control for some perceived convenience of having a third party manage your coins. It's an open question how Bitcoin ecosystem will look in the future - whether people will start opening their eyes and using their own wallets, or more newbies will be joining and using such "banks".

[boris singer]

they still have to test the system they will use, cannot clearly analyze whether it will function safely or not. However, users will also have other usage options outside their system, so there is no problem, they just want to take precautionary measures from things that trigger large losses, and it is certain that there are always tax interests for that.

[ice098]

they still have to test the system they will use, cannot clearly analyze whether it will function safely or not. However, users will also have other usage options outside their system, so there is no problem, they just want to take precautionary measures from things that trigger large losses, and it is certain that there are always tax interests for that.

We dont need bitcoin bank because we can save our bitcoins or any other altcoins in our on virtual wallet. The idea having a bank is just for formality and also if you are going to store coins that can be seen and can be touch in order to protect these from bad people but here in crypto world those coins cannot be stolen unless the bad guys hack your account.

[AbuBhakar]

Bitcoin is againest traditional banking system and there is no need for bitcoin bank. In crypto community everyone has full control over his funds or you may say everyone has complete bank at his disposal.

I don't literally use bank now, I think even there will be some bitcoin bank I will not use it too. There's no need for physical bank as there already online crypto banks that can be use, as well our wallet can act as our bank already.

[Hmd758]

We know that Bitcoin is a decentralized coin. If we use Bitcoin under bank then it will be a centralized coin. At this stage, government is not able to get tax from it. Government is unable to handle it because of it's decentralization. Then why we will use Bitcoin under bank? If it happens, then Bitcoin will lose it's independence quickly.