Bitcoin Bank - Safely store your bitcoin

[macson]

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

[CageMabok]

No one in here would take on your offer, that's a bad idea anyway. Look at all the people that have bitcoin, they all have been storing their bitcoins in their own wallets and they don't even need to pay for it or anything like that, just need that they've got their attention to it, not click on suspicious links and be vigilant about their activities online and that they don't forget the seed phrase and they'd be good to go.

This idea is also the antithesis to what bitcoin is, a way to get away from banks, how can we get away from banks if we become banks ourselves?

Everyone has their own ideas and ways of storing Bitcoin, even though the wallet used is a software wallet which is deliberately guarded very well so as not to be exposed to bad attacks from people who have bad behavior towards other people's assets. And how to leave a bank is actually very easy because when someone has become a bank, of course he himself will know how to close it and not open it again in the future. I think it's just that simple a way for someone to avoid the bank and not to open the bank again.

[laijsica]

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

It is unquestionable how logical it would be to lock Bitcoin into a particular category. Bitcoin's decentralized system bears no resemblance to the current banking system.I also agree with you that my capital will not be stuck in any blind limit. Regardless of the bank.

[Belarge]

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

Our identity doesn't matter, as long as we're in the market, we should make good use of our time to invest in solid projects. Bitcoin have been into existence for the past decades and this particular project have been huge for the market and the investors smiles behind the long bullish candles formed. Advisely to use a hardwallet to store your bitcoin because they're always consider to be in safe hands. Despite the high volatility of bitcoin, it still remain top and ranking on the table when it comes to cryptocurrency.

[vapourminer]

bitcoin was created to get away from what you are suggesting.

[SeriouslyGiveaway]

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 is no need to create such a bank. Because it will not be possible to follow a uniform rule from country to country, it will depend on the regulations and laws of each country. One more thing, like the current banking system, control of money will no longer be in your hands, the bank can use your Bitcoin for other purposes and when having a problem, claiming returning your money and Bitcoin is extremely difficult.
If you are worried about how to safely store Bitcoin, you can buy Bitcoin through an ETF, which is also an accessible solution for customers who do not want to spend too much time learning how to buy and store Bitcoin. The level of safety that can be guaranteed when approved ETF funds were guaranteed in terms of financial potential as well as are subject to supervision by the US government. However, just like the comments above, the most important thing we must remember first about owning digital assets is "NOT YOUR KEY, NOT YOUR COINS".

[SickDayIn]

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.

Whilst I am sure you have developed your idea with good intentions, it goes against the entire philosophy of Bitcoin.

The point of using Bitcoin is not needing to trust an intermediary party. Additionally, sharing your KYC with a "Bank", I could think of nothing worse from a privacy perspective. Needing to pay to access your own cryptocurrency, and the bank is responsible for holding it? Definitely bot "safe" or "secure".

Why not just buy a hardware wallet?

[albon]

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.[...]

Your idea has destroyed Satoshi's system, blockchain, and decentralization, and even the fees and costs you have set may make supporters of your idea go bankrupt in the future

Indeed, this is what the centralized exchange platforms are doing, but they are not as strict as your idea and its fees. These platforms contradict the fundamental concepts of creating Bitcoin, and we always warn newcomers not to deposit their funds with them. These exchanges are not wallets where the investor is the sole controller. Also, I do not find any valid reason for any investor to use an online bank to hold his assets in the long term. He can do this himself through decentralized wallets, cold wallets, etc., without exposing his documents and assets to risk through a third party, exposing his privacy, and incurring all these illogical costs. And he is subject to the policies and conditions of the bank that will be created.

Even when withdrawing, you OP mentioned that they might withdraw within three months after submitting documents, making Zoom calls, etc., in addition to paying excessive fees. Please, forget these ideas and stop thinking about them again. You have caused me mental, security, and psychological concerns after reading your topic.  

[rodskee]

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

That is exactly what we wanted to people must learn and specially OP , because he seems to not
understand what is the concept of Bitcoin being created and why do we need to come here and leave banking system.
even how he wanted to explain it here? yet the people in crypto hate that idea of storing funds in banks.

[pinggoki]

~

Controlling your own keys and wallet(s) is somewhat being your own bank (just without the funky financial products that traditional banks emphasize on). Your keys, your coins, your own vault. Sounds nice to me. Additionally I'd recommend reading the interesting PDF at https://smartcustody.com/, depending on how much coins you want or need to secure, proper risk assessment is crucial.

I didn't mean the self-custody part, that's what I like about bitcoin, I'm talking about the proposal of OP to create a bank so we can store our bitcoins there and I don't believe that it's the right idea for us to be a part of that where we're basically entrusting someone else to store our bitcoin, I don't really like that and with the fact that there's the SBF and Mt. Gox incident, it's unlikely for us to be trying this service.

[Bravut]

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.

How will you think of creating  bank in a decentralized system where you have control over your asset (Bitcoin). Security of your wallet or Bitcoin is up to you, besides there is accumulation addresses where one can keep his Bitcoin over a long period of time.


Am not sure you understand what how bitcoin network works, what Decentralisation means.
I think ETF can help in this situation though, just like how Grayscale operates, make investors worry less about there asset in terms of security, buying and selling of Bitcoin. If this is what you mean.

[Solokan]

I personally am not interested in the idea you made because for me personally it is safer for bitcoin to be held by the owner himself and I am personally interested in bitcoin because no one regulates bitcoin like fiat money. and I think your idea of ​​creating a bitcoin bank is like people saving fiat money in a bank and waiting in line.

For me personally, storing bitcoins is safer in a wallet such as a hardware wallet, and in my opinion the system that is running like now is the best because we can sell bitcoins to the market as we wish and at any time and I think if for example there was a bitcoin bank I think we could potentially not will be anonymous which of course the bank officer will potentially know the amount of our bitcoins and that is a danger.

and in my opinion, I personally don't agree with your idea about this because in my opinion, for BTC investors, having an anonymous nature is certainly very necessary for security.

[Assface16678]

the purpose of Bitcoin is a decentralized financial system as an innovation to the centralized banking system, so when you plan to create a banking platform which will be a place for people to store their Bitcoins, that has deviated from the real purpose of Bitcoin and I personally don't want to join a platform like that. especially with a fee of 100 GBP + 1% to deposit and verify, it's very expensive. Even a platform as big as binance that is much more trustworthy, it doesn't charge a penny for people who want to deposit crypto and verify their identity.

That is exactly what we wanted to people must learn and specially OP , because he seems to not understand what is the concept of Bitcoin being created and why do we need to come here and leave banking system.
even how he wanted to explain it here? yet the people in crypto hate that idea of storing funds in banks.

Exactly. I appreciate the idea though, but with the current state of bitcoin or how bitcoin works, based on what the OP wants, he will make bitcoin more hassle or the decentralisation of bitcoin will be gone, and most likely it will not be more secured than what it is now. Imagine a passport ID. Anything, or any ID, can be forged or stolen. The internet and advancement of technology make it more dangerous to rely on IDs or documents. That's why seed phrases are the most secure right now, because even using a word randomizer in order to get the combination of words in a single wallet will take a lot of years. So yeah, I disagree with the idea of the OP. I think he needs to learn more about what bitcoin is and how powerful and secure it is currently. I don't think bitcoin right now needs some changes or that it is impossible to change bitcoin right now; it will only depend on how we use the technology of bitcoin to implement other things.

[giovanimarks]

Creating a Bitcoin bank for long-term storage sounds like a secure option for those seeking peace of mind. However, the requirement of a 3-month withdrawal process and identity verification might deter some users accustomed to faster transactions and more anonymity in the crypto space.

[Edmund77]

"Bitcoin Bank offers a secure solution for storing your Bitcoin. With robust encryption and multi-factor authentication, your assets are safeguarded against unauthorized access. Our platform provides peace of mind, knowing your Bitcoin is protected from theft or loss. Additionally, we offer user-friendly interfaces and convenient features for managing your investments. Trust Bitcoin Bank to keep your digital assets safe while you focus on growing your wealth."

[rodskee]

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.

Lol , even if you do? none of us that will entrust you with our bitcoin .

why do we need to let you have our bitcoin when we can have it safer in our own way?

there are safer wallet that we can use now in which we are the one who will responsible for its safety.

and also never entrust your crypto to 3rd party or even second party, it is ours and must remain that way.

bitcoin was created to get away from what you are suggesting.

exactly , I don't know where did he find the guts to offer us here about banking when
 we are here to prevent banking way of keeping our funds.

Creating a Bitcoin bank for long-term storage sounds like a secure option for those seeking peace of mind. However, the requirement of a 3-month withdrawal process and identity verification might deter some users accustomed to faster transactions and more anonymity in the crypto space.

How cna you be secure when you are not the one who is holding your bitcoin? lol if you wanted to secure
your bitcoin then buy  a cold wallet and keep your coins there in your own possession  .

[khalidkhan82118]

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.

Lol , even if you do? none of us that will entrust you with our bitcoin .

why do we need to let you have our bitcoin when we can have it safer in our own way?

there are safer wallet that we can use now in which we are the one who will responsible for its safety.

and also never entrust your crypto to 3rd party or even second party, it is ours and must remain that way.

bitcoin was created to get away from what you are suggesting.

exactly , I don't know where did he find the guts to offer us here about banking when
 we are here to prevent banking way of keeping our funds.

Creating a Bitcoin bank for long-term storage sounds like a secure option for those seeking peace of mind. However, the requirement of a 3-month withdrawal process and identity verification might deter some users accustomed to faster transactions and more anonymity in the crypto space.

How cna you be secure when you are not the one who is holding your bitcoin? lol if you wanted to secure
your bitcoin then buy  a cold wallet and keep your coins there in your own possession  .

That's a savvy insight! Your recommendation to use a cold wallet for securing bitcoins shows a deep understanding of cryptocurrency safety measures. It's a proactive approach that ensures individuals have full control over their assets, emphasizing the importance of personal responsibility in safeguarding investments. Well done bruh!

[arjunmujay]

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.

LOL, your idea is completely contradictory to the concept of bitcoin. if there is a bank like you think it will change decentralization to centralization. not to mention, by you creating it, it forces bitcoin owners to put their bitcoin seed or private key into the bank you want to create.
I don't think it will work and no one will want to use your service. no matter how cheap it is. After all, everyone has their own way of securing their wallet.
What's more, they still have to wait 3 months to just withdraw the Bitcoin they have.

[bitterguy28]

Creating a Bitcoin bank for long-term storage sounds like a secure option for those seeking peace of mind. However, the requirement of a 3-month withdrawal process and identity verification might deter some users accustomed to faster transactions and more anonymity in the crypto space.

Not sure if I will agree with you and 3 months withdrawal process is insane idea mate  because this is frustrating when you own the bitcoin but need to took long before withdrawing , in gambling section we have seen so much issue about this kind that when depositing it gets only few minutes or even faster but when needs to withdraw it took them a long lol.
i think I will pass in using Bank for bitcoin.

[ndutndut]

bitcoin was created to get away from what you are suggesting.

Short answer but precise and contains. Even though we know the purpose of Bitcoin was created to be separated from banking or become digital money from physical cash. Additionally, the goal of bitcoin is to eliminate the need for trusted third parties such as banks or other intermediaries.

So the idea conveyed by the OP is very contrary to the principles of Bitcoin itself. Moreover, if we talk about security, there are many wallets that offer good security so you feel safe storing them there. So your wallet is your own bank, not creating a Bitcoin bank especially with the fees stated by the OP of 100 GBP + 1%.