Bitcoin Bank - Safely store your bitcoin

[duarten86]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

[Hatchy]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

you should know that Bitcoin cannot be stored in banks but wallets don't get it confused. It's a digital currency and not fiat. I don't understand what the use of this, when we have centralized exchanges that has same function like you have stated. But have to know that the best way to store your Bitcoins is by your self, in non custodial wallets and offline. Don't store your coins with third parties NOT YOUR KEY NOT YOUR COINS. With this idea you've stated, peoples funds might be at risk as it's not even secured or safe way to store for a long term.

[tbct_mt2]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.

Own Bitcoin private keys and have your own bank.
Not your keys, not your bitcoins.

By that, who needs your custodian Bitcoin bank as they will not have keys, not have coins?

They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.

They can store their bitcoin by themselves, being non-custodian without any service fee, and without KYC.

Why KYC is extremely dangerous - and useless

Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

Waiting three months for withdrawal, damn no one will use your service.

Being non custodian, people can send their bitcoin permissionless and don't have to wait 3 months like your service.

[thecodebear]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

2%+ fee. Seems pretty damn expensive. Pretty dang easy to safely store bitcoin yourself for free once you know what you are doing.

Besides there have for a long time been services like this. I'm thinking of one that I think starts with an X, maybe its a Swiss company. I forget exactly, but its been around for like a decade for HNWI to store massive amounts of bitcoin for them. But really it's not hard to take a few precautions to safely secure your own bitcoin, no matter how much you own. That's one of the beautiful things about Bitcoin! Use secrecy, encryption, and redundancy. That's all you need.

[Agbe]

 Op I don't need to read everything in your thread. Your caption and the content of your thread is wrong. Op I must tell you, you brought a very wrong idea to the forum and that will not even included in the plan of bitcoin even in the future. Well what you saying is not far from centralized exchanges so you can save your coins in the central exchange platform but remember once you do that the coins will never be your custody again but the owners of the exchange will be in control of your coins. But if you are referring to bitcoin to be saved in bank then lock this thread because that will never happen in any day.

[acroman08]

sounds like a nightmare waiting to happen.

the good thing about Bitcoin is that you can be your own bank, so I don't really see the point of using a third-party service if you yourself can take the necessary amount of security and precaution to safely store your Bitcoin. while I understand that some people are not tech savvy and still want to invest in Bitcoin and this kind of service could help them, but, if they are going to invest a significant amount in Bitcoin and plan to hold it for a long time they should learn how to properly store their Bitcoin safely and not rely on a third-party service.

[Stalker22]

~
It would compensate for people who want to hold for a lot of time without having security concerns.

Without having security concerns? Surely you understand how absurd that sounds?  What more security concerns could you possibly build into a system than requiring people to give up ownership of their money and entrust it in custody to some shady third party? Honestly, if someone wants long-term crypto storage, they have far better options - like hardware wallets. Your idea, frankly, creates more problems than it solves.

[Pokapoka124]

This idea might make sense to people who keep their coins on exchanges because they believe it’s safe and convenient, but for the rest of us, it is a terrible idea. You’re advocating for more Kyc and government restrictions. Bitcoin doesn’t need a bank. Bitcoin was created to cut the third parties and make direct p2p transactions possible. OP do you have a problem with self custody? Cause it sounds like you can’t live with the idea of being solely responsible for your own money.

[Upgrade00]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.

There are already several wallets that offer very good security. Whey would anyone trust you with their bitcoins?

They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.

They lose their anonymity, their bitcoins are now controlled by a third party and they have lesser security, in addition, they need to pay for all these.

Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.

This is ridiculous.

[LoyceMobile]

without having security concerns.

Your idea is the security concern.

[jrrsparkles]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

Why in this world I have to pay 100 and 300 to deposit and withdraw my own crypto? And where is the concept of be your own bank in this model?

If you are going to make it possible then good luck for you but I don't even think for a second this can be real.

[nakamura12]

Having a wallet where you store Bitcoin is already a bank in my opinion and there is no third party who is running the wallet. You should just create a wallet like electrum and store your btc their and you won't have a problem selling it when the time comes unlike storing it in an exchange where it may happen to you about not being able to withdraw your funds because of you breaking their rules when the truth is you didn't break them at all. Your idea is that many people doesn't like in the first place because of providing a document before you can create an account or to withdraw the funds. You should check the link about KYC.

[famososMuertos]

You are not inventing warm water, I have seen similar things, including the atrocity of paying insurance for your bitcoin and in that idea "hunting fools" proposals.

Thank you for bringing this bad example of ideas that you should never even consider, bitcoin in essence is the complete opposite of what you are planning.

On the other hand, the business model is not the best in the idea of ​​​​bitcoin, and that is already damning.

[legiteum]

This is basically the service brokers like Binance and Coinbase offer, but they offer it for a lot less money than you are proposing here.

[The Cryptovator]

We love Bitcoin because we could be our own bank when it's been held on a non-custodial wallet. So it doesn't make sense to store your bitcoin with banks and hand over ownership of your bitcoin to them. It's the same as when you are storing your bitcoin on an exchange or custodial wallet. Your funds aren't secured until you hold them in a non-custodial wallet. I don't like how the traditional banking system works. They always ask questions when you deposit and withdraw your funds there. Crypto is not the same as fiat; Bitcoin is decentralised, and that's why it's become much more popular. 

[criptoevangelista]

Sorry, but I think your business will never work, people who understand bitcoin do self-custody and those who don't understand buy ETFs, so for you to have a share of this market it will be very, very difficult.

Maybe it would be easier for you to create solutions for people who want to use bitcoins, some type of payment method for companies or things like that.

[alastantiger]

My idea would be to create a bank to safely store people's bitcoin and other crypto for people who just want to hold for a lot of time.
They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.
It would compensate for people who want to hold for a lot of time without having security concerns.

Assuming that this works... You will just end up with another variant of a crypto exchange. There's no innovation here. You obviously haven't done a needs assessment. People who don't want the take on the risk of holding their Bitcoin are doing so through Bitcoin EFTs. Although it doesn't offer them a what it should compared to holding the real thing, at least they are sure that their savings is safe.

[GreenInk]

This must be a joke post.

[Dr.Bitcoin_Strange]

They would register with the passport or ID, it would cost 100 GBP + 1% to deposit and verify people's identities.
Then, to withdraw, it would take 3 months, they would have to show the passport and have a meeting via zoom once a month during 3 months stating they would want to withdraw, it would cost 300 USD plus 1% of the value.

These!? Wow! These ideas are very wrong, @OP. I am not surprised at all, because it's an idea from a real newbie. It shows how unaware you are of so many security and privacy factors of the Bitcoin technology. @OP, Have you read the Bitcoin white paper? Have you asked yourself why Bitcoin holds such great value? Have you asked yourself why the developer of Bitcoin decided to be anonymous? 

First, Bitcoin was developed to give individuals financial privacy regarding the management of their money and finances. In the past, people usually saved, stored, and managed their finances with the help of banks and other traditional financial systems, and by doing these, you exposed your identity to third parties, which in some cases led to insecurity and threatened the lives of some millionaires and billionaires. But after Bitcoin got developed, it created room for financial privacy. Users of Bitcoin can now peacefully store their Bitcoin in their own custodial wallet without the help of any third party or without revealing their identity. 

@OP, If we are going by your idea, it means we are still taking ourselves back to the old way of putting our money in the hands of a third party, with our identity being revealed to them. If the government decides to raid your bank, they can get all the information and identities of all the Bitcoiners, and that is really against the Bitcoin rule. 

Bitcoin is a private asset that you can have without letting anyone know about it, unless you just want to disclose the information to your family. 

Op, your idea is off, but stick around and you will learn a lot.

[oktana]

I have a lot of questions; Why would I want someone to “safely” store my bitcoin? Was it unsafely stored in my own wallet? Not just that, I’d register with my ID (which Bitcoin doesn’t need) and yet pay 100 pounds? Why would it take 3 months to withdraw my money? Even the centralized systems that Satoshi was tackling didn’t take such time. I would have even more security concerns if I put my money with a third party because anything can go wrong from their end.