Bitcoin Bank - Safely store your bitcoin

[ancafe]

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.

Try to explain how the concept of the bank you meant about the storage of bitcoin and other crypto to be far safer in the intersection for a long time. Besides requiring verified identity, we also need costs to be incurred and it is not at all attractive.

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.

Similarly, KYC and some people really avoid about personal identity because people want to look more anonymous. The way you mean is very complicated and I'm sure people will choose a path that is easier to use a special wallet that does not require KYC. In my opinion Bitcoin cannot be interested in the bank but we need a storage wallet so that the assets are safer and most importantly we don't need to store bitcoin to third parties because there are many ways to store safer.

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[Cookdata]

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 obviously don't know why we have Bitcoin and why Bitcoin was created in the first place, I will advice you to check Bitcoin whitepaper and the message that was included in the first Bitcoin block that was mine.

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

Some believe there different context to this message of Satoshi but everything explained about this makes Bitcoin superior to the Banks but from your explanation you want to make Bitcoin looks like the Banks. The Bitcoin was never designed to be like the banks but was created to make you be your own Bank, and how do you achieved that, by having your own key on your hands.

With your private keys and your Bitcoin on your wallet, you will be your own bank, with your key you control your own transaction which makes you censorship resistance of any person, organizations or even the government, with your keys comes freedom. Never give your Bitcoin to any person and never trust anyone with your Bitcoin, Not your keys not your Bitcoin.

[amihada]

Are you new to Bitcoin now, Bitcoin doesn't need a bank, Bitcoin is stored in a wallet, you need to keep the key safe, don't lose it and you have found the safest place to store Bitcoin.
bitcoin is not legalized to create a bank you need a permit is it not legalized can a permit be issued in your country this does not make sense it is better for you to learn more about the development of bitcoin,

[Negotiation]

Are you new to Bitcoin now, Bitcoin doesn't need a bank, Bitcoin is stored in a wallet, you need to keep the key safe, don't lose it and you have found the safest place to store Bitcoin.
bitcoin is not legalized to create a bank you need a permit is it not legalized can a permit be issued in your country this does not make sense it is better for you to learn more about the development of bitcoin,

It is true that if you are new to bitcoin you need to know more about the development of bitcoin. Bitcoin bank To prioritize good security storing most of the funds in a hardware wallet would be the best option. A small balance can still be kept in a wallet for quick and easy transactions managing multiple wallets for different purposes is a popular choice for seasoned crypto users.

[kro55]

Many investors even use them not only to trade but also to store their bitcoins even though this goes against the decentralized nature of bitcoin.

The risk of using centralized exchanges to store your coins is not in that it goes against the decentralized nature of BTC, but that it puts the coins you store in there at risk. Centralized exchanges confiscate people's funds for any reason at all and they also use customers' money to fund their own businesses, and so they can lose it at anytime and lead to exchange to bankruptcy.

I understand what you are saying but we need to admit one thing. Even if we issue millions of criticisms and warnings about the potential risks of centralized exchanges, investors will continue to use them. Even whales and big investors use centralized exchanges for their investment work, how can we fight against that crowd? Additionally, I believe that even small investors like us know the risks of centralized exchanges, so there is no reason why whales don't know that. But why do they still use them? They will definitely have a reason for what they do.

[Z-tight]

They will definitely have a reason for what they do.

People use centralized exchanges to store their coins because they believe it is more 'convenient' for them, they do not have to worry about using a hardware wallet, or storing their seed phrase safely, or how good their opsec is, etc; they simply want the exchange to store their funds for them, like they do in their traditional banks. These are some of the reasons people use centralized exchanges to store their coins, but in my honest opinion there are no benefits to it, only risks of losing your funds.

[The Cryptovator]

Assume the OP is too old and backdated. Bitcoin is decentralised and won't be controlled by so-called banks. Your idea isn't different from centralised exchanges. Its custodial service for trade and holding funds is highly discouraged. We can be our own bank when we are using a non-custodial wallet or a hardware wallet. We don't need to pay any charges for holding funds there other than transaction fees. You just need to make sure your wallet seed phrase is secured. We don't need any traditional banking system to handle our bitcoin. It's just a nonsense idea. You should study more about Bitcoin and how it works. 

[yazher]

Looks like you still have much to learn about bitcoins and all of these members are trying to help you make huge adjustments to your plan which is right because you could just simply safely store your own bitcoins on your own without worrying about any 3rd parties involved because they might not have the same lifespan as yours and might day quickly and they bring the keys to their grave and left you out without having any idea how to get your bitcoins back. Your plan is risky and obviously, you won't get anyone to support you here, instead, consider learning the basics again and read more articles about safety and security for bitcoins, surely you will change your mind and revise your plan.

[adpinbr]

Bitcoin can never work as you think, this is digital currency and it doesn’t work like the fiat currencies, bitcoin is a digital currency that you can personalize, and nobody can have Access to it, some people store bitcoin because they don’t want the country to know their worth or look into their personal financial system, everyone wants to be secretive with their finance to avoid the eye of people , making crypto as a bank is something else that may no be possible, If you really understand how bitcoin works and the reason, you will understand what I meant. Bitcoin can never be in bank, the bank is your wallet

[Troytech]

No one wants another centralized body trying to claim our crypto or help us hold it, rather teach peopel how to safely store their bitcoin and what to do and what not to do so that they can observe security measures themselves, we have other centralized bodies doing this already besides isn't isn't the idea behind exchanges like binance and all the rest of them, you know the risk involved right your going to be a prime target for hackers and so many exchanges has already fallen from this, you know MT.GOX right, yeah they filled for Bankruptcy the first every crypto big bad news.

[Ben Barubal]

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.

     As soon as I read the word bank, I was not confident anymore, because we know that it is no different from a traditional bank system. Apparently, once you put the bitcoin in there, you are 100% out of control; you no longer have it; instead, you have given them the right to hold the key to control your bitcoin. And before you can get it back, you will need to meet a lot of requirements before it can be in your hands when you are actually the real owner.

     Then it seems unfair that it takes 3 months before you can withdraw your bitcoin. Why is it taking so long? What kind of process will he do in 3 months? That seems like a big stupidity; if the bitcoin bank system is like that, I wouldn't store bitcoin in that kind of system.

[AirtelBuzz]

Keeping money in bank is very risky in my country so I can't agree to keep money in bank for now. So I took the long term holding plan by converting my savings into bitcoins and keeping them in the wallet.

Your decision is correct but you need to protect the face of the wallet in which you convert your money to Bitcoin so that no one can access your wallet.In fact, we have to keep our assets safe, be it bitcoins or money.As if we keep money in bank we are afraid of losing if the bank goes bankrupt then sure those who keep money will be forced to lose money.

Just like those of us who put money in the bank and invest it in Bitcoin because of the fear of losing it, we store that investment in a wallet. We need to use hardware wallets to keep that investment safe. Just as it seems risky to keep money in your bank, it is also risky if you don't keep your bitcoin investment in the right place.

[Peculiar555]

I think establishing Bitcoin bank isn't necessary because Bitcoin is not a decentralized currency therefore I suggest that you should continue store your coin in wallet because it makes you safe confidently

[gunhell16]

Keeping money in bank is very risky in my country so I can't agree to keep money in bank for now. So I took the long term holding plan by converting my savings into bitcoins and keeping them in the wallet.

Your decision is correct but you need to protect the face of the wallet in which you convert your money to Bitcoin so that no one can access your wallet.In fact, we have to keep our assets safe, be it bitcoins or money.As if we keep money in bank we are afraid of losing if the bank goes bankrupt then sure those who keep money will be forced to lose money.

Just like those of us who put money in the bank and invest it in Bitcoin because of the fear of losing it, we store that investment in a wallet. We need to use hardware wallets to keep that investment safe. Just as it seems risky to keep money in your bank, it is also risky if you don't keep your bitcoin investment in the right place.

I would rather put Bitcoin in a hardware wallet or Electrum than in a Bitcoin bank, where I won't have access to Bitcoin myself. Why would I give my right to hold Bitcoin to someone else when I know it will increase in value in the future? It's probably a mistake to make this decision.

Maybe I can put money in the bank instead of bitcoin; after all, this is what people have been living with for decades now, right? Apparently, what others say is correct—not your coins, not your keys—when we do this.

[BITDV]

How do you secure coin and and your responsible to customer if hacker stole bitcoins?

Why we need coinbank while we can save everything in our own method? Just buy hardware wallet, send coin to HW, and keep your HW. As easy as that right?

[naira]

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.

I'm surprised because we come to Bitcoin to fulfill our freedom that is not given by other people, but when that freedom has been achieved by holding Bitcoin then we hand over control again to other parties? What is the point? There are still other options that do not burden us with additional costs, let alone months, just to access what is our right. The option you offer seems less effective for me personally, because having complete control teaches us to really look after it at all times, check Bitcoin at all times, use it if necessary. I am my own bank and have complete control over Bitcoin holdings.

[Ayers]

How do you secure coin and and your responsible to customer if hacker stole bitcoins?

Why we need coinbank while we can save everything in our own method? Just buy hardware wallet, send coin to HW, and keep your HW. As easy as that right?

So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services. So, I think there's nothing wrong with the OP having an idea and wanting to implement it.

Perhaps you and I, many people will not use OP's services but there will be others who will as long as OP can make them satisfied and trustworthy. This is a business idea so we shouldn't dash OP's hopes just because we don't like it.

[Z-tight]

So why do centralized exchanges exist today, and by the way, are you using them? It is true that using centralized services to store bitcoins is not a good idea because we have abandoned banks for bitcoin also because we do not like centralization. But centralized exchanges and services still have a large number of customers using their services.

Centralized exchanges are there for you to trade your coins and not to store it, it is easy to understand this. After trading on centralized exchanges, the funds should be moved into your self custodial wallet, i know that there are a lot of people who still store their funds in exchanges, but they are doing it wrong and that is why they make up the victims of ftx, celsius, Genesis, 3AC, mt. Gox, etc, who are still waiting to recieve some portion of their money back. If people do not want to be a part of these victims, they should use self custodial wallets to store coins.

[arhipova]

The most important benefit of bitcoin is that it is not associated with banks and is thus safer for people. They have more control over bitcoin in comparison to fiat which is controlled by banks. What you are suggesting is just opposite of this and thus people will not appreciate this.

There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.

[CageMabok]

The most important benefit of bitcoin is that it is not associated with banks and is thus safer for people. They have more control over bitcoin in comparison to fiat which is controlled by banks. What you are suggesting is just opposite of this and thus people will not appreciate this.

There are already exchanges where you can store and trade bitcoins. But I suggest you to use hardware wallets to store bitcoin so that you have full control over it.

What you suggest makes more sense than what the OP suggested because perhaps he doesn't know that Bitcoin holders can actually get full control when they store them in a hardware wallet. Meanwhile, money is very different from Bitcoin, especially if the money has been put into a bank which is generally controlled by the bank. And let's say there is a person who doesn't keep his money in the bank but keeps it in his own house, I think it won't be very safe and won't be more useful if the money isn't used for more important things like investments and so on.