Bitcoin bank, Necessary?

[btc78]

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.

Sounds like a joke. Bitcoin is a decentralized coin. If it becomes centralized then what is the point? you mean to say the coin should loss its unique property?

then it may be called BankCoin and not BitCoin anymore?that is a total Joke because banks will only adopt in Block chain technology but wont accept Bitcoin as  primary currency.

i agree with the statement that there are a lot of "banks" in crypto nowadays. and something tells me that more and more will bring their money to them

what/can you elaborate the thoughts here?

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[supercanada1]

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.

Decentralized nature is the beauty and attraction of this market. A tax free, control free system that would work on our wish without the third party involvement. It would progress more in the way it is. It do not need any authority, banks, taxes, nothing. Crypto users do not want to change its nature and they want to enjoy the status of freedom the crypto offers them.

[Lauren Smith]

You are the bank with bitcoin. You and everyone else that makes up the network and keeps it secure. There is no need for a bank. A bank just means someone else has control of your funds. What would the advantage of a bank be? To stop you from making mistakes? It cannot be undone not even with a bank can undo a transactions come to the address. It's better to use gold as a bank and store of value. That way you won't have to worry about inflation either.

[pixie85]

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.

If you earn cash and are able to pay with cash you don't ever need a bank. When you get a lot of money just buy a safe.

Bitcoin works this way by being your cash but easier to store than real acash and immune to damage like fire/water. You don't need banks for something like that.

[Eugenar]

Bitcoin is probably a system that is created to have secured funds and transactions that don't need any third parties as stated in the white paper. But the decision is still upon us, because we could rely on third parties to have wallets where don't really have the private keys on us. But taking the banks seriously by holding our bitcoins is like having fiat currencies that is transitioned to be digital. It isn't healthy at all and might just expose our funds to risk.  In bitcoin, we are our own bank.

[wingfield_crypto]

     I don't think the government will set up a Bitcoin bank to monitor its users. Btc being decentralized, so it must remain. I don't think anyone can change that. I see that all sorts of things are trying to get the government involved in the crypto market. In my country, starting this year, the government wants to tax the profits from the BTC. I think this is impossible, just using a decentralized system.

[djsugar]

Bitcoin bank totally ruins the fundamentals on which Bitcoin is based. Bringing in a third party is absolutely not required. Bitcoin is itself a bank. We don't need someone else to look after the identities and keeping the transaction log. That won't make sense.
I am completely against the idea of having Bitcoin bank.
This is like jeopardizing the basic idea of bitcoin.

[TheNewAnon135246]

ING bank is working on a custodial service for its customers. I've spoken to several people having their ING bank accounts frozen due to suspicious behaviour (which all turned out to be false/unfounded). Nothing is stopping them from freezing your bitcoins.

[Latviand]

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.

Sounds like a joke. Bitcoin is a decentralized coin. If it becomes centralized then what is the point? you mean to say the coin should loss its unique property?

Maybe he is pointing out regulation. But in the first place, cryptos are sometimes used in illegal transactions due to the anonymity blockchain technology is having. Decentralization is in nature of Bitcoin which contradicts the concept of banks , therefore it is quite impossible. Also, there are cryptowallets wherein a user may store his investments and holdings which is already secured. To sum it up, there's no need for a Bitcoin Bank.

[Twentyonepaylots]

You are the bank with bitcoin. You and everyone else that makes up the network and keeps it secure. There is no need for a bank. A bank just means someone else has control of your funds. What would the advantage of a bank be? To stop you from making mistakes? It cannot be undone not even with a bank can undo a transactions come to the address. It's better to use gold as a bank and store of value. That way you won't have to worry about inflation either.

I don't see a big reason as to why people would need to create a bitcoin bank aside from the fact that they might want to pass the blame on to others when time comes and everything went bonkers. Bitcoins are decentralized cryptocurrencies, putting them on na bank defeats the whole purpose of being "decentralised". Aside of that, as you have mentioned, bitcoin promotes a user-based network where it's the users who do the work for themselves, no huge corporation needed. If anything, I see this bitcoin banks as big targets for cryptocurrency theft if ever they will be established.

[shark1006]

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?

A world BTC bank that no country will support? Bitcoin is decentralized and if a Bitcoin bank is created it must be controlled by someone to avoid fraud, so how you think someone will trust such a financial institute?

[wack slacker]

Bitcoin was born as a currency to control itself instead of banks.  Bitcoin cannot replace services like loans or deposits like banks but Bitcoin has better control over banks.  I think it is not necessary to create a centralized environment like Bitcoin bank.  There is now Binance that allows investors to mortgage other altcoins to lend their bitcoins to other investors.

[coin-investor]

There are who voted for the need when in fact we are our own wallet and Bitcoin was created to go against the policy of the bank we don't need Bitcoin bank, because we can take care of ourselves when securing our coins, we just need to educate yourselves on how to do it and if there's a bank who will run and where it will comply, will it acts like an exchange with KYC, which is a big no-no to majority of us here.

[suvo05]

The concept of the bitcoin bank is self-contradictory to the mechanism to the bitcoin. It is popular because of its decentralized nature, no one has the superpower to control it, this builds the trust among the people to use bitcoin. By making a bitcoin bank it will no longer different from the all traditional currencies.

And another thing is that, is there no illegal activities involved in case of the traditional government-backed coins? The bitcoin came into existence less than 20 years ago but the illegal activities are happening for years. So why to blame bitcoin for that and why it needed to be centralized, when the main cause is completely different?

[darkangel11]

Highly need for bank in bitcoin because when deposit and withdraw bitcoin we always transfer to bank account, can you imagine how to cash out and deposit your money later when bank can't support your bitcoin local exchange, how you can transfer your money to bank account and how to enjoy your bitcoin.

No, we don't always transfer to a bank account! There are gift cards and options to exchange for cash like ATMs.
If your local exchange cannot find a bank, go to a different exchange.

You want to keep your bitcoins in a bank because it will be easier to cash out? Bitcoin was made so you don't have to risk it and leave your money in the hands of other people!
How can you be a crypto enthusiast with that attitude?

[inanilujimi]

bitcoin is not a centralized tool and decentralization is inherent in bitcoin.
if there is a bitcoin bank, it means you equate it like FIAT, and that won't be possible.

[TheGreatPython]

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.

Such banks who would allow people to store their bitcoins would only serve as a large scale cold storage. Bank actually means that they would entirely start regulating the transactions which would never keep bitcoin transactions secure. Bitcoins are meant to be decentralized so why do we even want them to enter the mainstream?

I personally hate the banking systems. Bitcoin serves us way better than the banking systems so why do we ever want to co-related them? I would personally oppose this because if banks are trying to start regulating bitcoins than they might even start implying taxes over each and every transaction excluding the transaction fees. This would soon turn out to be ridiculous.

[Pinkris128]

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?

I think bitcoin banks will not be effective in the world of cryptocurrency because what will be it's used ? If we can store all of our bitcoin and altcoins in our own crypto wallets because it will be much safer and secured. Even they will put a small interest in storing our bitcoins in bitcoin banks no one would entrust it.

[Zionatin]

Such talk is heresy.

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?

I think bitcoin banks will not be effective in the world of cryptocurrency because what will be it's used ? If we can store all of our bitcoin and altcoins in our own crypto wallets because it will be much safer and secured. Even they will put a small interest in storing our bitcoins in bitcoin banks no one would entrust it.

Bitcoin already is a bank all over the work -_- That person is kind of an idiot. Lol they talking about things that bitcoin can't do. That would make it a whole other coin. It would not be bitcoin anymore if you could just reverse payments and things like that. lol then they talk about collecting everyone's personal details to use bitcoin? Such nonsense, that person should really learn the basics of bitcoin. Having everyones personal details one one large global network is the worse idea I have ever heard for a while.

[Mumbeeptind1963]

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?

It is not neccessary at all to have that bank because if we will be having it, I am expecting that goverment will regulate us , a lot of files are needed to be done and to be pass , every move that we will be doing will need their approval, there are some atm machines, I think it is enough  , a private company without government rule is good.