We, bitcoiners, should buy a bank

[countryfree]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

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[jackg]

The idea is good if small banks exist fully independent... But they take loans from the larger banks which I feel might be problematic.

I don't know what thisd solve. If I did, I'd help to create one but I imagine the fees for such thing would be really high too and we already have binance and a few other sites who seem to be trying to do this (6% on eur and usd, 1% on btc etc)...

[figmentofmyass]

Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

that was the entire idea behind crypto capital---a crypto-friendly financial institution that worked seamlessly with exchanges. https://www.crunchbase.com/organization/crypto-capital

unfortunately the rest of the banking world (probably under pressure from regulators) started treating them like a pariah, and they had a harder and harder time moving money to service their customers. that forced them into risky banking relationships where they were rubbing elbows with drug cartels, which eventually resulted in massive bank account seizures and police charges.

in fact, those bank seizures are literally why tether is not 1:1 backed anymore---that goes to how serious this is.

if "crypto-friendly bank" is code for "not compliant with banking/AML laws" then it's not a sustainable solution. regulators and police agencies will just take them down, which will cause lots of collateral damage for partner exchanges.

and if they are fully compliant, then what is it a solution for?

[The Sceptical Chymist]

It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

That sounds all well and good, but the reality is that it probably wouldn't turn out to be like that--for a lot of different reasons.  In fact at times like these when bitcoin is red hot, I'd be wary of somebody trying to create (or buy) a bitcoin bank.  Bull markets like this one bring the scammers out of the woodwork like termites, and it's only after the crash that a lot of the shenanigans are discovered.  That's always been true in the stock market, and it's true in the world of crypto as well.

Do you recall Trendon Shavers and his attempt to form a bitcoin bank?  Not sure if he's out of prison yet, but that's the first thing I think of when I hear suggestions like yours, OP.  Crypto tends to attract a disproportionate number of scammers/dishonest people--that's unfortunate, but it's the reality.

And then how would what you describe above be much different than Coinbase?  The way you describe it, it would be just another exchange in a space that's saturated with exchanges.  Unless this "bitcoin bank" offered something 1) unique, and 2) something that bitcoiners really want, I don't think it's a great idea.

[romero121]

When a bank is being created or an existing bank is being bought for the purpose of entire operations in bitcoin, there is more chance of reaching down level of people who doesn't have much idea about banking and always prefer third party services for the banking/transaction needs. Same time running a bank isn't an easy thing to be done.

We users will get services same as that we get through the exchanges, but even the people without system knowledge can benefit. Here the fee will be high and there won't be any difference of a bank operated by traditional fiat and bitcoin.

[figmentofmyass]

Do you recall Trendon Shavers and his attempt to form a bitcoin bank?  Not sure if he's out of prison yet, but that's the first thing I think of when I hear suggestions like yours, OP.

he called it a "savings & loan" to give it an air of legitimacy, but it was just a ponzi scheme.

i'm still partial to the crypto capital comparison. if you dig into its origin, it all comes back to this reddit post: https://web.archive.org/web/20130515000701/http://www.reddit.com:80/r/Bitcoin/comments/1dmjyg/bitcoin_from_a_banker_prospective_a_serious/

......which reads just like the OP. basically:

-OP's Solution: An international bitcoin bank in panama where fraudulent activity within a specific account could be dealt with individually instead of screwing everyone (i.e. bitfloor, bitcoin-24)

-A personal bank account, with online access would be opened in your name, a debit/visa/mc would be issued and you and only you would have control and access to this account

-Internal bank exchange from BTC to your currency would be performed instantly with other bank account holders though an escrow instant account to provide anonymity.

-The Bank will act as any other bank as far as Fiat is concerned but will also provide you with the option to convert your Currency into BTC at any time from multiple open exchanges that will open accounts with the bank.

i love the idea but in practice, it didn't work out so well: President of Crypto Capital arrested in alleged money laundering operation

i'd rather hodl my coins than risk them investing in something like that!

[bryant.coleman]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

It will be of hardly any use. Banks operate under existing rules and regulations. In a lot of countries, there are restrictions on using your bank accounts for purchasing or selling cryptocurrency. If the government is hostile to cryptocurrencies, then there is a good chance that the banking license will be revoked. My opinion is that we will be better without any banks. We don't need them.

[so98nn]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

That won't happen because buying a bank doesn't mean you just have to buy a building with money counter. If you buy, you will be imposed with all the hard bitch rules and regulations in the first place. Your bank will be regulated by existing rules. You can't just dedicate that bank to bitcoiners really.

The logic is not in place here. You will have to form completely new organization with set of rules which allows such swift bitcoin exchange to and fro crypto space / fiat space.

[Argoo]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

That won't happen because buying a bank doesn't mean you just have to buy a building with money counter. If you buy, you will be imposed with all the hard bitch rules and regulations in the first place. Your bank will be regulated by existing rules. You can't just dedicate that bank to bitcoiners really.

The logic is not in place here. You will have to form completely new organization with set of rules which allows such swift bitcoin exchange to and fro crypto space / fiat space.

It's right. The bank will be located in a specific state and will have to obey its laws and the instructions of the central bank of that country. There can be no independent banks. The bank is either located in the existing banking system, or it simply will not be given the opportunity to work normally. Various checks and penalties for failure to comply with existing regulations will lead to bankruptcy.

[stompix]

Do you recall Trendon Shavers and his attempt to form a bitcoin bank? 

So I'm not the only one that instantly thought of guys like him.
Ok, WE buy a bank but WHO do we put in charge? 
Of course, it will be someone who we could trust, but the problem is that a lot of people were looking like being trustworthy, and how many of them have changed down the road? What if their views are not going to coincide with yours, what if the way the bank acts and the rates it charges and its costs are not on everyone that invested likings?

It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Why would you use SEPA transfers when you have your own bank? Actually, why even exchange stuff, with a bank like that you could automatically spend coins on every purchase, it's pretty simple to implement, just the way you pay in yens with a card in euros on a trip in Japan.
But those are just small hurdles compared to the whole mess of actually being granted an operating license and follow all the laws and procedures and even once this succeeds there will still be people who will ask a genuine question, why the hell should I use a bank? Nothing is more bitcoin-friendly than my wallet.

Sorry OP but this is one of those projects that look good on paper the first time, let's buy a bank, let's buy an island, let's start a country..

[exstasie]

Here's a better idea: let's be our own banks.

Seriously, Bitcoin is about to be regulated to hell. The red tape and barriers to entry in the Bitcoin exchange industry are already bad enough but they're about to get a whole lot worse:

Congratulations, the US got you cryptocurrency regulation for Christmas

Why FinCEN Wants Details on All Cross-Border Transactions Over $250

The EU is looking at passing new regulations next year as well. It just seems like a terrible time to get involved in crypto-facing banking and money transmission. The overheads are massive and the risks don't seem worth it.

[CryptopreneurBrainboss]

It will be of hardly any use. Banks operate under existing rules and regulations. In a lot of countries, there are restrictions on using your bank accounts for purchasing or selling cryptocurrency. If the government is hostile to cryptocurrencies, then there is a good chance that the banking license will be revoked. My opinion is that we will be better without any banks. We don't need them.

Exactly, any centralized initiative is highly frowned out by me. The idea behind the crypto currency is decentralization and anything that bring in centralization is a enemy to the system. When power are been giving to a selected few like the banks we become an easy target to the government with their regulations. The suggestion by the Ol is simply giving power to just some few bitcoiners to make the decision for the community.

A more favorable suggestions would had been the coming together of great mind to build a decentralized banking system that'll work without the fear of getting attacked by the government with their regulations. We already have enough of centralized banks yet none are worth pa

[crypticj]

You cant do anything that you want if we will buy the bank. There are strong regulation about transaction and to be a CEO of bank dont give you super power

[GeorgeJohn]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank.

Not today we started getting such information that BTC will crash, it's obvious that the new is fallacy, bitcoin increasing in price does not permit or required that existence of bitcoin is at stake, I think all these is a process to scared people away for investing in cryptocurrency in general, flash back in 2017 bitcoin price when get to 20k while won't it crash then, so I think the information is propaganda in bitcoin in order to bring it down.

[PerfectCircle]

1. How will the bank function without taking loans? That's from other existing bank, is that going to work?

2. Be prepared for rules and regulations from the law, yes no bank dares exists without this, the problem will just become big than you'd imagine

3. Freedom, decentralization, etc will be killed fast, laws, SEC etc will be on your asses

Let those calling bitcoin a bubble should continue, I don't know what type of bubble will exists this long, what type of bubble will keep coming back to life after crashes and dump or even in bad economy situations? Many are just too blind to see

[davis196]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

This doesn't seem like a solution to me.
Buying a bank doesn't mean that the bank will be allowed to trade cryptocurrencies for SEPA or Swift transfers.
Every bank,no matter how big or small it is,needs permission by the authorities to do business.
I'm not a expect,but AFAIK,payment systems like Swift and SEPA are third party services and no bank can't avoid using them.
By the way,Bitcoin is really in a price bubbles,but there's nothing wrong with that.Almost all financial assets can form price bubbles.Buying a small bank to turning it into a crypto exchange won't make the Bitcoin price more stable.

[kolesozw]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

It's pointless for a few reasons:

- At the moment you've to touch Fiat, there are licences, regulations and KYC.
- With banks, it's about the name, about the trust.

You could try to organize it and try it relatively cheaply with an Estonian online banking licence. Btw most of the crypto exchanges and "cyber-banks" already have it.

[Wind_FURY]

New Bitcoin slogan, "Bitcoin, be your own bank, literally". Hahaha.

OP, or instead, invest all that money in decentralized exchange research and development, then build it. Plus why use SWIFT/SEPA? We already have Bitcoin.

[StyleForceOne]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

You live in the dreamers world.
Not implying that your idea is impracticable, but rather pointless.
By that I mean it won't change much, but will allegedly change someone's view on bitcoin and its community.
Thats not what we should aim for, but for practical economical change with new functional technologies.

[nemey]

Everything in crypto is self-contained. All matters relating to the assets that we have, we will be able to manage them. even transfer fees or other administrative costs, we also determine whether to choose or use or not. Everything is carried out independently via mobile so that it is easier to make transactions anywhere at any time. This is the unique thing about playing and investing in crypto, we are like a running bank.

[slapper]

The idea is kinda tempting. But laws are quite strict when you work with bitcoin or any kind of cryptocurrency. Moreover, the cryptocurrency is created so as to make a person become his own bank. No matter how much effort you try, a bank is an actual centralized system and it is never created for even a part of the decentralization. I think that bitcoin is invented so that we can aim to the place where there is no need for any third party to involve in our daily life

My opinion: we don't need to have our own bank to convince other people that bitcoin is not a scam. We just need to trust bitcoin and other digital assets which have bright futures. Since the world keeps expanding in technology, sooner or later, not just bitcoin but also many types of cryptocurrencies will be recognized and use for different purposes. Right now, holding bitcoin is my number one target. Also, if I have some idle cash, it will be put in promising projects related to cryptocurrencies.

[Shasha80]

I really support the idea of opening post sayings, but the problem is we can't buy a bank carelessly and change its function. Because opening
a bank requires regulation from the government, and the government does not necessarily agree with this idea. Especially in countries that
prohibit the use of crypto, it is certain that the banks owned by bitcoiners will be closed. Because some countries are very sensitive to
the existence of cryptocurrency. I am satisfied with crypto transactions using exchanges, and for now there is no need for a bank to be present.

[sarmrakib]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

It is really possible to happen in near future .We have seen lots millionaire are starting to invest on bitcoin .There are lots of such a news around us .So that if a bitcoiners own a bank we got the best opportunity from it taking loan ,invest ,exchange and a lot more .You said perfectly that it will be the best bank in the world.

[Silberman]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

It goes against the principles and the ideology behind bitcoin, also it is not like banks are unregulated entities, the moment that was done you can be sure that all the security agencies of the world will put their full attention to that little bank and most likely the bank will lose its banking license, it is better to concentrate on what allows bitcoin to survive, and that is decentralization, it is way better to keep promoting the use of decentralized exchanges so they keep getting more volume than it is this idea of buying a bank.

[Noctis Connor]

It is a good idea to have a bank that are pure bitcoin but incase of bubble break i don't think that bank can handle it once it broke let say some investors invest 500 bitcoin , of course bank will move that into another investment so can earn more and but if bitcoin price decreases it will really awful and if your thinking about bank there will be a automated teller machine that can convert bitcoin into cash everytime you want to withdraw , there are too many process to buy a bank and other things so people will always choose exchange site over bank of bitcoin.

[Lanatsa]

New Bitcoin slogan, "Bitcoin, be your own bank, literally". Hahaha.

OP, or instead, invest all that money in decentralized exchange research and development, then build it. Plus why use SWIFT/SEPA? We already have Bitcoin.

Was suppose to say the same thing on why would consider on engaging or making a specific bank if we can be our own bank as it should be the main purpose of Bitcoin existence in the first place.

There are already some various platforms or services that do offer on things that we do really need for.There's no need on buying small banks just for having this kind of preference.

Majority wont be still using up this bank in the end of the day.When we do talk about bank then its totally goes opposite into decentralization.

[Mauser]

This is a great idea and I think there would be a lot of demand for such a bank. If we could get every forum user as a customer we would already cover a huge part of the bitcoin customer base. This forum is already engaged in borrowing and lending of crypto currencies, so moving this into a bank would be very cool. The only problem would be in which country to open the bank and who should be the CEO.

[jaysabi]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Leaving aside the fact that no amount of bitcoiners could afford to buy Barclays or JP Morgan, as if that was even an option, you can't just buy a bank. Banking is one of the most highly regulated industries in the country, and for good reason. The concept that a bunch of neophytes can just "buy a bank" or would even be allowed to is crazy. Besides, wasn't the whole point of bitcoin supposed to be that you don't need a bank because of it?

[hatshepsut93]

Any idea that starts with "let's ask early Bitcoin adopters to..." can be thrown out of the window immediately - time has proven that early Bitcoin adopters are not interested in that stuff. They want to keep low profile and not be bothered with anything. Or they want to keep hodling and continue setting higher and higher goals for themselves - 100k, 300k, 1 million...

Also, owning a bank is a huge burden, even if there are a lot of Bitcoin billionaires, who of them would want to spend their time managing a bank?

[dondonk]

An odd idea, creating a real bank for bitcoin is tantamount to centralizing bitcoin. Then what about the decentralization that we have been proud of, being bannk will eliminate the decentralization, transparency, and anonymous side of bitcoin's character, so that the government is free to monitor every transaction and regulate bitcoin. and when that happens there is no difference between bitcoin and ordinary currency.

[el kaka22]

Kraken is basically a bank of its own right now, which is sort of what you are asking for however I am not sure if it will work. Like how davis said and like how perfectcircle questioned, there are too many things that could go wrong and there are too many methods how to run it, while also not fixing all the problems. You want to make sure bitcoin is perfected and make sure everyone understands the power of it right?

Well, what about which type of bank will it be? Plus even with all of that, people who made the most money made maaaaybe a billion dollars, what type of bank do you think you can get for that little amount of money? So all in all I agree with davis, this doesn't fix any issues because it would be too small a scale, bitcoin world is nothing compared to banking world and we are not there yet, when we are I am sure exchanges will turn to banks.

[Wind_FURY]

New Bitcoin slogan, "Bitcoin, be your own bank, literally". Hahaha.

OP, or instead, invest all that money in decentralized exchange research and development, then build it. Plus why use SWIFT/SEPA? We already have Bitcoin.

Was suppose to say the same thing on why would consider on engaging or making a specific bank if we can be our own bank as it should be the main purpose of Bitcoin existence in the first place.

There are already some various platforms or services that do offer on things that we do really need for.There's no need on buying small banks just for having this kind of preference.

Majority wont be still using up this bank in the end of the day.When we do talk about bank then its totally goes opposite into decentralization.

It's very ironic. OP wants to become/own the entity that Bitcoin was designed/developed/built to outmode. Plus, wasn't Brian Armstrong one of the early Bitcoiners before founding Coinbase? Who wants to be the next Brian Armstrong?

[bits4books]

"We" - please specify who we are? You're the only one with that idea.
Well, you buy a bank and what will you do with it? Cryptocurrency does not have normal bank regulation, and if you start doing such things without approval, you will be closed in half a year and put in jail for financial fraud.
And if you start trying to legalize the whole story, then everything will come to the fact that you will be sent to hell with your "crypto-bank" and will say that you did the stupidest thing in your life

[countryfree]

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

[Darker45]

And what does that prove? I mean if Bitcoiners would buy an existing bank, what does that say of Bitcoin? Is this something significant in Bitcoin's development and path toward mass adoption?

Whether this bank is turning into a sort of an exchange which is "owned by bitcoiners, for bitcoiners," it is still a third party. And also, don't we have a number of crypto banks already?

[maxreish]

Private small banks that will probably be a crypto exchange is a good idea. If bitcoin investors will gonna know that a particular bank is a pro bitcoiner and the owner itself is open for a bitcoin exchange then it will become a trend and many will turn their investments to that bank.

However, there are still so many issues that will gonna face in the future. Like the location or government's regulations about cryptocurrency. And how do you take interests for both fiat and crypto coins, etc.

[zanezane]

The idea is good if small banks exist fully independent... But they take loans from the larger banks which I feel might be problematic.

I don't know what thisd solve. If I did, I'd help to create one but I imagine the fees for such thing would be really high too and we already have binance and a few other sites who seem to be trying to do this (6% on eur and usd, 1% on btc etc)...

There is more to that than loans in larger banks. Most countries do not want a bank that takes care of the people first then the state, there is a reason why banks are protected by laws, they are a good money machine for the state. I do not think a bank will work because it will defeat the purpose of bitcoin in the first place, a freedom from archaic institutions. What we should strive to create is a physical market that only accepts cryptocurrencies.

[Pamadar]

The idea is good if small banks exist fully independent... But they take loans from the larger banks which I feel might be problematic.

I don't know what thisd solve. If I did, I'd help to create one but I imagine the fees for such thing would be really high too and we already have binance and a few other sites who seem to be trying to do this (6% on eur and usd, 1% on btc etc)...

There is more to that than loans in larger banks. Most countries do not want a bank that takes care of the people first then the state, there is a reason why banks are protected by laws, they are a good money machine for the state. I do not think a bank will work because it will defeat the purpose of bitcoin in the first place, a freedom from archaic institutions. What we should strive to create is a physical market that only accepts cryptocurrencies.

I can agree to that, if a physical world where bitcoin / crypto are being use as main payment process.

Let alone the bank to work with institutional financial system and let crypto to work in the otherside, they can co-exist just allow the functions to work without any problem, bitcoin survives and keeps on moving forward no need to have a centralized institutions like banking system.

[Wind_FURY]

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

To show off how successful Bitcoin truly is, is to let it run without down-time, and let it be a censorship-resistant, multi-generational protocol for money for the internet, not something we exchange for fiat

[acquafredda]

Bitcoin do not need no showing-off. Bitcoin is already our bank! We control our wealth without asking for permission: can you do that with a bank? Bitcoin runs 24/7! Can a bank do that?

[Smartprofit]

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

In my opinion, a commercial bank is an atavism. 

In my country, big banks no longer want to position themselves as commercial banks.  They call themselves digital platforms and IT corporations.  This suggests that banks have no future. 

New money is now being created - central bank currency (CBDC).  The functioning of the CBDC does not imply interaction with commercial banks.  At the first stage of the transformation of the modern financial system, banks will not disappear, but in the future they will be liquidated. 

Bitcoin and new IT technologies have destroyed banks.

[Karartma1]

We, bitcoiners, should stop thinking like how they were thinking ages ago.
We've everything at our disposal: bitcoin is our bank already and we can have pocket money to live on a day-to-day basis via the Lightning Network.
If we, bitcoiners, don't get this how are we supposed to be better than them?

[Ucy]

I think we should focus more on making it possible for people to be their own bank.
I will probably support a unique kind of physical bank with thousands/millions of strong vaults that owners fully control and can always access with their keys. The owners would only need to pay fees for the additional security the bank provides.
Or you could just have a bank that allows owners to control their private keys. The bank could only facilitate transactions and offer customers services. Owners can always move their keys to another bank whenever a bank they bank on is having problems or not working.

[Stalker22]

A lot of people are scared to be their own boss. They want someone else to guarantee their safety. They want regulations, they want bosses, they want leaders. They are mortally afraid of a state where they are solely responsible for everything and, above all, for their financial welfare.

Surprisingly, there are many of them, and they won't change their way of thinking until something happens that forces them realize that the system can fuck them as much as it sometimes protects them. Be your own bank!

[magneto]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

And how exactly what this be different to any hosted bitcoin wallet or exchange?

It doesn't make sense for a bunch of decentralisation enthusiasts to be embracing the precise thing that they swore to replace in the first place. It definitely does not make sense to try and attempt to take over a bank and transform it into a non-efficient exchange when there are much more established alternatives (think Binance, Coinbase) that consumers will be more drawn toward for good reason or not.

It really offers no benefits apart from a short term, day-long boost in mainstream media interest and probably attracting a ton of critique from commentators. Not a great idea at all imho.

[exstasie]

My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

Once a bitcoiner becomes a banker, can he really still be a bitcoiner?

A bank is a bank. It's not going to be fundamentally different because some Bitcoin early adopters own it. Banks are under so much regulatory pressure, now more than ever. Even the Swiss banks finally caved and sold out their American customers to Uncle Sam. And if it's "crypto-friendly" and lax on AML/KYC, that would just put a target on its back and make it unsafe to keep deposits there.

The market will force banks (and the rest of society) to embrace Bitcoin in due time. We don't need to prove anything by buying a bank.

[Ridwan Fauzi]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Why you just build an exchange instead of buying conventional bank? Rather than that if you bought a bank and you live in the country where bitcoin is still prohibited to be use as mean of payment or sending money it can be worthless. Also, there will be many people who will dissagree with that by the reason bitcoin is decentralized system which mean if you are trully bitcoiner especially holder bitcoin for long term investment you will not use an exchange or even a bank to store your bitcoin. Because you will choose cold wallet to store your bitcoin, it is more safe because just you to secure the bitcoin that you had.

[TimeTeller]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Why you just build an exchange instead of buying conventional bank? Rather than that if you bought a bank and you live in the country where bitcoin is still prohibited to be use as mean of payment or sending money it can be worthless. Also, there will be many people who will dissagree with that by the reason bitcoin is decentralized system which mean if you are trully bitcoiner especially holder bitcoin for long term investment you will not use an exchange or even a bank to store your bitcoin. Because you will choose cold wallet to store your bitcoin, it is more safe because just you to secure the bitcoin that you had.

There are disadvantages of setting up a centralized bank for crypto users.
Right now, that purpose is already catered by crypto-exchanges where you don't need to submit KYC if you fall below their daily max withdrawal limit.
Which, is really a big advantage for a lot of crypto users who don't want to divulge their identity.
And it is true, in crypto, it is better to store your coin in your own wallet not to any entity out there who will have the control of your coins.
In terms of SWIFT and SEPA transfers, a crypto user can just transfer his crypto from one country to another, and the receiver will be the responsible to convert it to fiat according to his local regulations.

[Twentyonepaylots]

Setting up a bank for bitcoin generally defeats the whole purpose of the existence of bitcoins and cryptocurrencies in general. For one, the security that bitcoins offered are more than enough to ensure everyone's safety. It would also be a big problem if a huge heist ensues. Since the coins in a bank are easier to carry, this wil cause high fiancial damage to the people who will store their money on public cryoto banks.

I think we don't need a bank to become our crypto exchanger or crypto banks without third party. We can keep our crypto safe by ourselves. Banks are always under regulations and banks that do not comply with the rules and regulations, the government will surely revoke the banking license. It will be useless. Also there's a lot of crypto exchange which is designed only for crypto enthusiast without rules and regulations of the government which is better than banks.

Yup! As of the moment the function is already being fulfilled by Exchanges and wallet apps, so I don't see the need to spend thousands and thousands of dollars to a system that would soon be obsolete anyway. Arw we just trying to rough the ground up?

[MCobian]

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

[Rodeo02]

I think we don't need a bank to become our crypto exchanger or crypto banks without third party. We can keep our crypto safe by ourselves. Banks are always under regulations and banks that do not comply with the rules and regulations, the government will surely revoke the banking license. It will be useless. Also there's a lot of crypto exchange which is designed only for crypto enthusiast without rules and regulations of the government which is better than banks.

And we have exchange already that we can use if we want to convert our BTC in Fiat having a bank for Bitcoin porpuse is not that safe since someone own it already and the reason why he is planning to have his own is to take advantage of Bitcoin holders which is you do not know how secured they can make it.

it 's still better for you to keep your bitcoin by yourself than to hide it from someplace like a bank for your bitcoin which is the porpuse is almost the same of having it in exchange.

[verita1]

The idea of ​​a Bank for Bitcoiners sounds great. But I think we have evolved and as some say we don't need it. Building products that meet existing needs is a priority now that we are more and we are looking for massive adoption.
We want Bitcoin and crypto to be easy for anyone to use, fast and secure transactions.
We are looking for convenient, practical and simple developments for everyone.
With the goal of Bitcoin making its contribution to the global economy, the challenges are great where we are all involved.

[MrCryptHodl]

We don't need to be a bank, as a community we are the bank, the bitcoin philosophy it's to be our own bank, the goal it's to show to everybody they can be they own bank.

and in the actual situation bank are scared, the cryptocurrency community weights over 700 billion capitalization, and people lost they trust on bank and gouvernment after this covid situation.

People start HODL they coin and more people start to buying crypto, the better way for us the community to be a big bank it's to HODL a maximum of crypto, because lot of institutional startin to buy lots of Bitcoin, we cannot give oppurtunity to all this bank and institutional buy a crypto who spit on it few year ago.

I'm in crypto community since 2012, and i see the evolution, but i cannot accept all this bank buying lot of bitcoin to have "control" on it.

[MrCryptHodl]

Sorry for my english, it's not the best 

[create_crypto]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

You must check crypto bank projects. For example, Change. They sometimes coming up to light, with ideas to obtain a banking licenze. And we also have already a traditional online service(bank), that popularisating crypto aswell - Revolut.

[Princejebs]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

And what shall we call this your bank? Are you saying purchasing banks like micro finance banks? That's the only thing bank I possibly think a bitcoiners can buy at this particular point in time except they have so huge amount of money, beside it's not all of them that will be willing to sell out their BTC to get a bank.
Why even buy a bank (centralized and corrupt environment) when one can set up a crypto exchange perhaps physical exchange in my opinion.

[Spaffin]

It is likely that the creation of a bank for cryptocurrency users is a thought or far-reaching plans of some government or regulatory structure. In any case, the only ones who may need banking services are new users of cryptocurrency who do not understand how to save their cryptocurrency funds, when cryptocurrency will be massively adopted around the world, that is, fiat currencies will go away, and cryptocurrencies will replace them.

[jostorres]

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

Banks are not the ways of bitcoin could grow bigger, it is centralized and it is not really something we should be looking for because of it. However if we want to we are our own bank anyway, why would we want to give away that type of power to someone else?

I personally think even exchanges are not going to be standing for too long, obviously binance is doing everything in their power to be not just a trading place but to add a lot more stuff to their system, which is probably going to be their path in the future, however I believe all those centralized exchanges are going to end, let alone a bank to start. We are moving a lot more decentralized in crypto, one of the main reasons why we moved from traditional markets was the fact that we wanted to be decentralized, and we want more decentralization in crypto every single day, so a bank is out of question.

[Oceat]

I like the idea but "not their passphrase, not their crypto".

I rather choose to be an independent hodlers of my own Bitcoin rather than trust it to someone since it will eventually be centralized IMHO. I think you forgot the essence of Bitcoin why it was created by Satoshi. I'm just happy how Bitcoin is being decentralized and no one could ever control it so the market will remain free from all. Although, price manipulation is always a problem for an open market but I still believe that they can't control the whole thing because Bitcoin is not owned by someone.

[Silberman]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Leaving aside the fact that no amount of bitcoiners could afford to buy Barclays or JP Morgan, as if that was even an option, you can't just buy a bank. Banking is one of the most highly regulated industries in the country, and for good reason. The concept that a bunch of neophytes can just "buy a bank" or would even be allowed to is crazy. Besides, wasn't the whole point of bitcoin supposed to be that you don't need a bank because of it?

I think in the same way, it seems that some people are losing sight of what bitcoin is about, assuming that somehow a bitcoin whale bought or created their own bank and a country gave a license for it, what are we actually going to achieve with that? We were already our own banks anyway, why do I need a bitcoin bank? To store my coins? No thanks I can do that by myself with very low chances of begin targeted by hackers since I do not have a lot of coins anyway, so when we think about it we do not get anything positive out of it.

[shoreno]

early bitcoiners are pro and know that banks are the enemy of btc and they also know what to do , they take profit and they are calm because they already know that btc is not a bubble .

its the recent and new bitcoiners that are saying bad stuffs to btc and always claims that btc is a bubble and going to crash soon  . if they are scared then they are welcome to buy a bank to convert btc funds instantly to fiat to avoid fluctuations  . i  like the idea actually but for me , no need anymore for that because to me btc is already a bank  .

[iv4n]

From my perspective buying a bank would be a waste of money, banks are going down!
I strongly believe there're better investments, that can be profitable in the long run, and what's more important there're projects that can really help in improving the entire society! Starting from food to renewable energy, the things we all need, and the things that many people still don't have...
We, bitcoiners, we are changing the economy and monetary system, and after that other industries will come. For a better world for all of us, and for a better tomorrow for our kids! Of course if we don't destroy everything with some f. nukes in the meantime...

[jubalix]

Thought about this, good idea, could start with a credit union or something.

the Banking licence is the key.

we need about 100M capital to look reasonable.

We can piggyback off existing banking infrastructure which is common for a credit union, and set out our constitution to be BTC friendly.

However, we have to consider the 3 hardest parts of the banking issues

[1] overhead costs
[2] compliance costs
[3] custody costs

This last one is quite expensive and hard to do. Custody of BTC if we go that path is not trivial. maybe we just openly DONT discriminate against BTC/Crypto source funds which means [1] and [2] are the issues.

how to fund it.

Banks rely on loan issuance and being a large enough loan issue to exist. with FRB, you can loan out about 10x, so 100M means we could execute about 1B worth of loans.

At 1~2% interest rate if that in repayments that's only $10 ~ $20 Million a year to keep the lights on, which is not really that much to manage everything.

If you went the exchange route, then yes you could collect the trading fees or better yet partner with say binance and take a cut, on the basis you are constitutionally crypto-friendly.

BTC custody is expensive though. Think through the safety, backups, the tech behind it to manage everything, plus make sure your own staff can't get hold of the private keys and run, this last point is very hard to do inmho.

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

[stadus]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Nice plan, but let's make it realistic.. everything relies on the approval of the regulators, you can't run a banking institution without following the guidelines of the regulators, hence, you should no deviate with the standard that is being adopted by the banks, regardless of their size.

[Ucy]

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

Banks are not the ways of bitcoin could grow bigger, it is centralized and it is not really something we should be looking for because of it. However if we want to we are our own bank anyway, why would we want to give away that type of power to someone else?

I personally think even exchanges are not going to be standing for too long, obviously binance is doing everything in their power to be not just a trading place but to add a lot more stuff to their system, which is probably going to be their path in the future, however I believe all those centralized exchanges are going to end, let alone a bank to start. Why are moving a lot more decentralized in crypto, one of the main reasons why we moved from traditional markets was the fact that we wanted to be decentralized, and we want more decentralization in crypto every single day,so a bank is out of question.

Ofcourse.
Bitcoin is attractive to lots of people because of it's uniqueness. If it remains unique and avoid trying to be alot like fiat, it probably will continue to make sense why we have it in the first place.
 
Decentralization, immutablity, censorship resistant, transparency, permissionless/trustless, privacy, deflation, etc makes it unique and useful. It should continue to stick to its important ideals as much as possible in order not to derail.

[dimonstration]

early bitcoiners are pro and know that banks are the enemy of btc and they also know what to do , they take profit and they are calm because they already know that btc is not a bubble .

its the recent and new bitcoiners that are saying bad stuffs to btc and always claims that btc is a bubble and going to crash soon  . if they are scared then they are welcome to buy a bank to convert btc funds instantly to fiat to avoid fluctuations  . i  like the idea actually but for me , no need anymore for that because to me btc is already a bank  .

It's been long that I don't save in my bank. I usually just use it for withdrawal purpose but not to save. I prefer to buy btc and just hold it. The problem only is when we do withdraw alot in banks now they will question where the money came from especially if it comes from trading, there is a need to have a hard asset or proof to make them believe that we're capable of having money in our bank since they are not used in seeing my bank have money.

[Karartma1]

Thought about this, good idea, could start with a credit union or something.

the Banking licence is the key.

Let's say your plan is successful and you are able to get a license and start this bank are you ready to not be included in the corresponding banks payment system? No matter how hard you try your bank will have to comply to the very old shit we were here to dissolve and, in the end, you would bow to your masters and become yet another bank.
I don't see it working, sorry.

[Wawa2013]

Why do we have to spend large funds to buy banks, because bitcoiners don't need a bank to make transactions. I think it is more effective to use
exchanges like now, because buying a bank will inevitably be more regulated by the government. Bitcoiners cannot run a bank according to their
own will, there must be control from the government and there is no freedom.

[bitbollo]

it seems that in India there is the first crypto bank opened in physical location. https://cointelegraph.com/news/indian-crypto-bank-opens-physical-location-eyes-100-branches-by-2022. 

The physical crypto bank branch in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021, according to a Cashaa blog post on Dec. 28. Unicas is looking to open 100 branches by 2022.

It's a new kind of business but as we have seen with LIBRA (facebook coin), any project that could interfere with real world financial system has serious difficult to get regulated.

[CryptoLogo]

You cant do anything that you want if we will buy the bank. There are strong regulation about transaction and to be a CEO of bank dont give you super power

It looks much more realistic that a certain bank can buy itself a certain amount of cryptocurrency in order to have expanded opportunities for lending and other banking things, but with the help of cryptocurrency.
Thus, the likelihood that all the conditions of the regulators will be met will be higher.

[bryant.coleman]

it seems that in India there is the first crypto bank opened in physical location. https://cointelegraph.com/news/indian-crypto-bank-opens-physical-location-eyes-100-branches-by-2022. 

The physical crypto bank branch in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021, according to a Cashaa blog post on Dec. 28. Unicas is looking to open 100 branches by 2022.

It's a new kind of business but as we have seen with LIBRA (facebook coin), any project that could interfere with real world financial system has serious difficult to get regulated.

Cointelegraph is one of the most unreliable news sites in the cryptocurrency sector. They have a habit of publishing clickbait articles, which doesn't contain an iota of truth. Here we are talking about a country, where an individual was arrested for trying to install a Bitcoin ATM. Cryptocurrencies are not yet 100% legal there. And now some media outlet claims that Crypto Bank is going to start operations.

[Princejebs]

Buying a bank I don't think is necessary because to make withdrawals and deposits to bitcoin a bank is no longer needed so today's banks will only be outdated if they don't make developments to digital currencies such as cryptocurrency then the bank will experience a decrease in usage because many customers run to cryptocurrency which can be used to save money and can get more profit.

If I understand your context and point of view, you mean we don't need banks because we can now easily make deposits and withdraw. Do you mean through fiat or crypto?
The last time I check, 80% or if not every still used bank to make deposits to their wallet exchange and also withdraw. These transactions are handle through banks.
The thing is, we need bank as much as they need us too, independently.

[Sithara007]

Buying a bank will be of very little use and it can be a very expensive option. I would suggest purchasing a country. I am not joking about it. In some of the African countries, you can bribe the dictatorships and do whatever you want. Also, there are some countries with limited international recognition, such as Western Sahara and Somaliland. These states would be more open to proposals from Bitcoiners. 

[Kakmakr]

You all know how these things start.... take "Circle" as a perfect example. They started out as a "Bitcoin" solution and they grew very fast, because Bitcoiners were supporting them in their masses. Then, after they grew their client base.. the regulators took notice and they focused in on them.

The result, "Circle" dropped Bitcoin and they changed their whole business model to be a "Fiat" Bank... so they just used Bitcoiners to grow their client base and then they kicked them in the teeth.  

[fahmimajannat]

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.
It is not a bad idea. Hopefully in next few years its would shock use if we see a BTC Bank. Maybe Elone Musk would be first person to step ahead.

[Febo]

We, bitcoiners, should buy a bank

They the ripplers bought Moneygram shares. They can also buy banks and I am sure they will. They print Rippel and have founds to do waverer they want.

There is no we Bitcoiners. Bitcoiners are random people earning money however we do. Some are shoemakers some are butchers some are shoe shiners, some are newspaper sellers. Point of using Bitcoin is that we dont need banks, so as we dont need ripple. 

[buwaytress]

We already enjoy direct instant transfers, without SEPA and SWIFT;)

Just use Bitcoin the way it was meant to be, the way we're all already using it. No need for a bank. This is as secure as it needs to be, as it'll ever get for any bank;)

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.

How exactly? More powerful and easier transactions? I can't imagine any instance where having an intermediary simplifies my BTC transaction. Send, sign, broacast. I could do it in seconds.

[oHnK]

We already enjoy direct instant transfers, without SEPA and SWIFT;)

Just use Bitcoin the way it was meant to be, the way we're all already using it. No need for a bank. This is as secure as it needs to be, as it'll ever get for any bank;)

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.

How exactly? More powerful and easier transactions? I can't imagine any instance where having an intermediary simplifies my BTC transaction. Send, sign, broacast. I could do it in seconds.

I can't even imagine Bitcoin having a bank.  As if it was no different from centralized fiat.  It's not that Bitcoin is unique without a bank but it has tremendous hype.  I'm so comfortable with this.  Why are many people so interested in banking even though there are places where dirty money is used and regulated.

[buwaytress]

I can't even imagine Bitcoin having a bank.  As if it was no different from centralized fiat.  It's not that Bitcoin is unique without a bank but it has tremendous hype.  I'm so comfortable with this.  Why are many people so interested in banking even though there are places where dirty money is used and regulated.

But it is that Bitcoin is unique without a bank;) Among many, many other features making it unique among money and as its own asset class. People's interest in the bank is the control. Seek to control, then dominate, then you have a say in the future and direction of the tool. The only caveat is banks and the way they're run in general aren't sustainable -- newer democratic models might emerge and prove to lengthen their numbered days but otherwise, the Bitcoin alternative is shaping up very well because of, not in spite of, not having a bank.

[bosede1]

This will really be a good option especially to some of the countries that have banne the trading of bitcoin in their countries and they are going as far as closure any bank related to the trading of cryptocurrency. Personally, I will not mind it if one would be created.

[Dragonfund]

This will really be a good option especially to some of the countries that have banne the trading of bitcoin in their countries and they are going as far as closure any bank related to the trading of cryptocurrency. Personally, I will not mind it if one would be created.

If a bank s purposely created, then the aim of bitcoin will not be achieve again. Why even buy a bank when Centralise exchanges can do everything for us. What are the features in of banks that centralized exchanges doesn't offer? Of course they do almost everything just to balance everything.
We all see what regulation bodies are doing in some countries, they will obviously ban the use of that bank and it will end up as useless set up.
What happen when the country want you to move your bank out their location, it will become a mess and I must say, there are plenty demerits 9f having a bitcoin bank.

[Nunoluck]

Although that is a good idea but it seems that there will be some problems that gonna be happen such regulations, operating fee, company secret ( strategy, capital, profit and etc ) is hard to keep in secret as all company's activities must be reported to all shareholders. Which can make the bank will find difficulties to grow. But that still good idea, what we need is experienced and reliable people to manage that bank for us.

[Karartma1]

I can't even imagine Bitcoin having a bank.  As if it was no different from centralized fiat.  It's not that Bitcoin is unique without a bank but it has tremendous hype.  I'm so comfortable with this.  Why are many people so interested in banking even though there are places where dirty money is used and regulated.

But it is that Bitcoin is unique without a bank;) Among many, many other features making it unique among money and as its own asset class. People's interest in the bank is the control. Seek to control, then dominate, then you have a say in the future and direction of the tool. The only caveat is banks and the way they're run in general aren't sustainable -- newer democratic models might emerge and prove to lengthen their numbered days but otherwise, the Bitcoin alternative is shaping up very well because of, not in spite of, not having a bank.

If we keep going in this direction, where we're heading there's no need for banks: now would be the time were merchants start accept en masse bitcoin! That is the only truly revolutionary act that can start smashing the old financial world to the ground.
That's what we need! More users in the real world, we need to avoid counterparties and start promoting and use bitcoin AS IS.

[Mulann2]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

I don't think this will resolve anything because once it is a financial organization like a Bank be it Big or Small, I believe they  are all still been regulated by the central Bank of which ever country and these central Banks are own and controlled by the Government. I just believe that at some point, the Governments of all this countries will just have a rethink about crypto acceptance maybe only putting some regulations instead of ban because of Bitcoins adoption by some major Organizations and Institutions.  

[nicecrypto]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Even though this sound like a good thing but i believe we are other stretching the importance of Bank over crypto. Even though there is no bank own by Bitcoiner but this has not stopped Bitcoin transaction and Fiat withdrawal except in countries where there has been a total ban, even in a country like Nigeria where the government recently announce that Banks should no longer support Crypto trading. people still find their way around trading and withdrawal via P2P. So putting too much emphases on owning a bank to me wont really mean much and besides if there is a global adoption, i think that would be better than the bank cos i believe we can still do bitcoin trade that is paying directly with bitcoin or any other crypto as accepted by the institution or Business. 

[oHnK]

If we keep going in this direction, where we're heading there's no need for banks

I don't think banks should be owned by Bitcoiners, but banks are inseparable from Bitcoin either. Why? Because Bitcoin will be valuable if converted to fiat while fiat comes from banks. Is it worth it if you have 1 BTC if it can't be converted to dollars? Currently, BTC has not been accepted by many countries as a transaction tool and is still limited. In my country, 1 BTC can't buy a Toyota if it hasn't been converted to Fiat. Thus, providing literacy to the community regarding BTC can be massively accepted.

[mezzaluna]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

That is a great idea but somebody must be willing to pursue this kind of service. Somebody should step up and it must be made by an influential person. Having an influential person creating/buying a bank for Cryptocurrencies or specifically Bitcoin would be a great way to promote its credibility. It can also boost the values of different Cryptocurrencies because it is now being presented physically in the real world.

[Snappycoco]

Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

[Jating]

Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

I don't like the idea as well, exchanges are good enough and they are now asking like a centralised banks if we have to take a closer look, KYC, with some restrictions when we want to withdraw etc.

So we don't need to have a bank, everyone should learn how to take care of our accounts and protect our assets, those banks are just going to take a cut from our profits.

[darewaller]

Even though this sound like a good thing but i believe we are other stretching the importance of Bank over crypto. Even though there is no bank own by Bitcoiner but this has not stopped Bitcoin transaction and Fiat withdrawal except in countries where there has been a total ban, even in a country like Nigeria where the government recently announce that Banks should no longer support Crypto trading. people still find their way around trading and withdrawal via P2P. So putting too much emphases on owning a bank to me wont really mean much and besides if there is a global adoption, i think that would be better than the bank cos i believe we can still do bitcoin trade that is paying directly with bitcoin or any other crypto as accepted by the institution or Business. 

I am pretty sure the logic is that if we could have an international bank that could be even a digital one, that gets the right to be in any nation, or at least approved nations, you will not be forced to have a location aside from HQ in that country, (meaning there is no need for bank stores physically) and if you could work with other banks for ATM or put in your own BTM type of deals around the nation, you could literally have a global crypto community tied together without ever needing another bank.

This would be sort of like an exchange, which also will include fiat as well but would be mainly like an exchange, think of it like binance that has BTM all over the world, you can withdraw crypto or fiat from their BTM and everything else is literally the same as Binance for you, that would be amazing. So, do not think traditional banks, just think exchanges that got rights to work like a bank.

[ChiBitCTy]

It is a nice idea and it sure would be nice going to a bank to take money out from people who aren't already established crooks but there is a lot of red tape around all that, and the SEC/FINRA etc would not likely be yet to approve of something like this.

It is important to remember that not all banks are utter scum ( like jp morgan/ bank of america ), small "mom and pop" banks, and credit unions are a big improvement over the afore mentioned.

[Fatunad]

Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

I don't like the idea as well, exchanges are good enough and they are now asking like a centralised banks if we have to take a closer look, KYC, with some restrictions when we want to withdraw etc.

So we don't need to have a bank, everyone should learn how to take care of our accounts and protect our assets, those banks are just going to take a cut from our profits.

Bitcoin main purposes of its existence for us to be our own banks into our own hands and theres no point on creating one just because of some ideas that we do really need it.
Thing here is that we do need more adoption where anonymity wont really be compromise off and this is where bitcoin did really become famous.
There are platforms though that do need to follow regulation which we dont have any choice but there are other places to be good alternatives as well.

[BuNga_cute]

Actually the main purpose of Bitcoin is to give freedom to manage our own finances, thus eliminating the role of third parties such as banks. So there is
no need for us to buy a bank, besides requiring a relatively large fee, the legality problem may also be a little difficult to find. It's enough like now to
make crypto transactions, because even now without buying a bank, we can run very well.

[CarnagexD]

Bitcoin is decentralized and is anonymous, setting up a bank just for the sake of setting a bank isn't going to pan out great and may actually just flop with the common bitcoin investor. So might as well invest the money that we will pool to something else, like a feature that will allow faster transactions and cheaper fees, because honestly speaking the Lightning Network sounds more like a pipe dream at this point.

[Kong Hey Pakboy]

The idea is good if small banks exist fully independent... But they take loans from the larger banks which I feel might be problematic.

I don't know what thisd solve. If I did, I'd help to create one but I imagine the fees for such thing would be really high too and we already have binance and a few other sites who seem to be trying to do this (6% on eur and usd, 1% on btc etc)...

That's true. If only those small banks are really independent which I doubt since how would they establish their own and it runs smoothly? Everything that starts small for sure encounter struggles.

Also, what is the assurance if ever Bitcoin's gonna have a physical bank? I think without physical banks bitcoin will still function well and its unstable price will not be changed (which may be good or bad, it depends on perspective). We can still have smooth transactions without a bank.

[SmokerFace]

It's absolutely useless to purchase an existing bank and begin exchanging with digital forms of money. Did you realize each business required government approval and since the public authority as of now against the cryptographic forms of money how they permit us to make an exchange with crypto and on the top all the banks are now possessed by government and banks can not accomplish something since they depend upon the public authority? Small banks can not help to pump the bitcoins

[adzino]

It is a nice idea and it sure would be nice going to a bank to take money out from people who aren't already established crooks but there is a lot of red tape around all that, and the SEC/FINRA etc would not likely be yet to approve of something like this.

It is important to remember that not all banks are utter scum ( like jp morgan/ bank of america ), small "mom and pop" banks, and credit unions are a big improvement over the afore mentioned.

Not a good idea. Bitcoiners don't need a bank. They are their own bank! Setting up a bank for bitcoiners means that we are centralizing everything which is totally against the "decentralized" basic principle of bitcoin. Bitcoins and banks were never meant to be working together. But unfortunately this seems quite inevitable. We might even see banks getting involved with bitcoin or other crypto currencies when the government starts to heavily regulate the usage and imposes policies that will "only" benefit the banks! The more we think/discuss about a "banking" system, the faster this misfortune is going to happen.

[Coinsfera]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

"Not your bank, Not your funds" we should consider this as new "not your keys, not your bitcoin."