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ilovefeetsmell

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Quote from: ABCbits on October 18, 2016, 10:51:47 AM

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

Yes, I do agree with the bitcoin bank. Bitcoin is becoming more and more popular every day. Think about it, what is the best thing to do with your bitcoin is to place it into banks to make it grow. You deposit into a bitcoin banks with low interest. It's not bad. It's a good idea to have a bitcoin banks nowadays.

deisik

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Quote from: artows21 on February 21, 2017, 06:35:38 AM

Yes I think the idea is not good because who will mange this? And how it will be controlled? We have already things as coin base that allowed us to "keep" our money so I think it will be useless. Moreover if it's really a bank we will have to pay taxes maybe and lots of people as me won't be agree with this idea

This is not the major issue with Bitcoin banks if they should spring up

As to me, the major issue will remain the same as with today's exchanges and web wallets, i.e. susceptibility to theft. Even if these banks will be our regular banks and heavily regulated by the government at that, Bitcoin itself will remain the same, that is, prone to being stolen as always. Right now it is next to impossible to steal money from a regular bank (unless the client himself does something stupid), and if something like that does actually happen (e.g. the bank gets robbed), the losses of clients are compensated. Who will compensate such losses due to Bitcoin theft in the case when the client cannot be held responsible?

Fatanut

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Quote from: virasisog on February 21, 2017, 12:11:32 AM

Not for now ,I am thinking what would be the main purpose or use of bitcoin bank rather than in a bitcoin wallets . More secure and having some loans is only comes to my mind .I just waiting what new features of improvement will be and to be sure that it will not have any effect on bitcoins especially its decentralization .

Insurance, I guess? Fiat banks have that. In case that the bank gets robbed, your money would still be safe. It can be applied as the same way as bitcoins, although it would be hard to the part of the bank owners because no one (including the government) can't just print out bitcoin unlike fiat as if was magic.

A bitcoin bank can also offer you more security. You wouldn't have to secure your bitcoins anymore by setting up a wallet and doing all the precautionary measures. They will do it for you.

1Referee

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Quote from: artows21 on February 21, 2017, 06:35:38 AM

Yes I think the idea is not good because who will mange this?

Those behind the service that happens to calls itself a Bitcoin bank.

Quote from: artows21 on February 21, 2017, 06:35:38 AM

And how it will be controlled?

By those behind the service that happens to calls itself a Bitcoin bank.

Quote from: artows21 on February 21, 2017, 06:35:38 AM

We have already things as coin base that allowed us to "keep" our money so I think it will be useless.

More competition between services is always a good thing for the customers. It forces these services to up their game and improve where needed in order to not fall behind. As long as it benefits the user at the end, then it's of course not 'useless'. It's basically the same when it comes to regular banks, it's not useless to have more options to choose from. Wink

Quote from: artows21 on February 21, 2017, 06:35:38 AM

if it's really a bank

It is not, and never will be.

vasrasus

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Quote from: bloodnest on February 21, 2017, 07:32:47 AM

This is something I'd strongly disagree with. Perhaps it would be okay if Bitcoins was accepted as some sort of side-service by a financial institution like a bank and that "bank" respects the autonomy of its clients, but having one I guess that kind of forces people to aggregate especially if it's some kind of national one and go through it in order to use bitcoins would defeat the purpose of a decentralized system. It'll be collecting information and having walls for you to need go through before having access which both kind of is why we have bitcoins in the first place.

True,I don't agree too. It's value will have no significant difference in other guard plus that we can't barely monitor our bitcoin. There were more possibilities of reduction due to taxes. I will still choose how bitcoin is now. We can control it securely via wallets and perform transactions by our own.

alirezadabi

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I think this kind of money for territorial changes can be significant losses in some process of pulling something I do not agree..

bloodnest

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This is something I'd strongly disagree with. Perhaps it would be okay if Bitcoins was accepted as some sort of side-service by a financial institution like a bank and that "bank" respects the autonomy of its clients, but having one I guess that kind of forces people to aggregate especially if it's some kind of national one and go through it in order to use bitcoins would defeat the purpose of a decentralized system. It'll be collecting information and having walls for you to need go through before having access which both kind of is why we have bitcoins in the first place.

youdacapt

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Quote from: Finestream on February 21, 2017, 01:54:14 AM

Quote from: deisik on February 21, 2017, 01:21:22 AM

Quote from: diegz on February 20, 2017, 11:36:23 PM

Quote from: Wong Gendheng on February 20, 2017, 11:21:04 PM

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure

They might fail as banks, but necessarily as exchanges

In fact, there are a few projects which have the word bank as part of their name (e.g. ChronoBank and CoinsBank). I don't know anything about the former (ChronoBank) but the latter (CoinsBank) started as an exchange (back then it was called Bit-X). As said many times already, loaning bitcoins is not a viable idea presently, but the major reason why they began pretending to be a bank was issuing Bitcoin payment cards. Some established web wallets (like Coinbase and Xapo) do the same, but they don't pretend to be banks. Perhaps, there are other services offered by web wallets and not by exchanges which could be construed as bank services that would allow us to consider them as Bitcoin banks, to a certain degree

Banks that we are talking here are definitely not the bank in the real world which accept fiat as deposits and investment, it's hard to mixed this two as bitcoin has no value as currency since it is just considered as payment system. Also, if there will be banks that will accept with bitcoin, it would not happen very easy, that must be carefully studied by the Central Banks in order to devise a more specific rules and regulations to be followed.

For now, exchanges is the only bank we have and we can still enjoy the benefits of using it to safeguard our assets and to do our primary aim to transact.

I'm sure there are countries that will be happy to make policy on banking system integrated with bitcoin, we could see the Swiss bank conducting privacy policy to normal bank, it's not difficult for government to adopt bitcoin as a promising state benefits. No need to worry with attackers from a large group, because policy can never be interfered by other countries.

artows21

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Yes I think the idea is not good because who will mange this? And how it will be controlled? We have already things as coin base that allowed us to "keep" our money so I think it will be useless. Moreover if it's really a bank we will have to pay taxes maybe and lots of people as me won't be agree with this idea.

Lambe Ndumble

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I agree, it is a good idea. With the existence of the bitcoin bank then everything got better. We all know that the institution of the bank holds a very strong influence for the world economy,

Altas

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I think it is possible in future. When bitcoin becomes the world currency there should be bitcoin banks. I hope that banks will function like real money banks, they will give loans and other facilities like real money banks.

Finestream

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Quote from: deisik on February 21, 2017, 01:21:22 AM

Quote from: diegz on February 20, 2017, 11:36:23 PM

Quote from: Wong Gendheng on February 20, 2017, 11:21:04 PM

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure

They might fail as banks, but necessarily as exchanges

In fact, there are a few projects which have the word bank as part of their name (e.g. ChronoBank and CoinsBank). I don't know anything about the former (ChronoBank) but the latter (CoinsBank) started as an exchange (back then it was called Bit-X). As said many times already, loaning bitcoins is not a viable idea presently, but the major reason why they began pretending to be a bank was issuing Bitcoin payment cards. Some established web wallets (like Coinbase and Xapo) do the same, but they don't pretend to be banks. Perhaps, there are other services offered by web wallets and not by exchanges which could be construed as bank services that would allow us to consider them as Bitcoin banks, to a certain degree

Banks that we are talking here are definitely not the bank in the real world which accept fiat as deposits and investment, it's hard to mixed this two as bitcoin has no value as currency since it is just considered as payment system. Also, if there will be banks that will accept with bitcoin, it would not happen very easy, that must be carefully studied by the Central Banks in order to devise a more specific rules and regulations to be followed.

For now, exchanges is the only bank we have and we can still enjoy the benefits of using it to safeguard our assets and to do our primary aim to transact.

deisik

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Activity: 3514

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Quote from: diegz on February 20, 2017, 11:36:23 PM

Quote from: Wong Gendheng on February 20, 2017, 11:21:04 PM

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure

They might fail as banks, but not necessarily as exchanges

In fact, there are a few projects which have the word bank as part of their name (e.g. ChronoBank and CoinsBank). I don't know anything about the former (ChronoBank) but the latter (CoinsBank) started as an exchange (back then it was called Bit-X). As said many times already, loaning bitcoins is not a viable idea presently, but the major reason why they began pretending to be a bank was issuing Bitcoin payment cards. Some established web wallets (like Coinbase and Xapo) do the same, but they don't pretend to be banks. Perhaps, there are other services offered by web wallets and not by exchanges which could be construed as bank services that would allow us to consider them as Bitcoin banks, to a certain degree

rizkyhiw

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Quote from: virasisog on February 21, 2017, 12:11:32 AM

Not for now ,I am thinking what would be the main purpose or use of bitcoin bank rather than in a bitcoin wallets . More secure and having some loans is only comes to my mind .I just waiting what new features of improvement will be and to be sure that it will not have any effect on bitcoins especially its decentralization .

I guess banks terms is always against bitcoin terms
That's why satoshi created something new, something different to change the world financial system
People have tired about how banks sucks everyone's money
While in bitcoin you are the ruler of your money, that"s what makes bitcoin beautiful.

wahb

sr. member

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Quote from: Wong Gendheng on February 20, 2017, 11:21:04 PM

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

yes i am also agree with you. i also not in favour of bitcon bank, i think the community of bitcoin are not yet so big that they need for any bitcoin bank .i think currently we the online wallet system is still the good option and i like it to continue as it is working right now.

virasisog

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Not for now ,I am thinking what would be the main purpose or use of bitcoin bank rather than in a bitcoin wallets . More secure and having some loans is only comes to my mind .I just waiting what new features of improvement will be and to be sure that it will not have any effect on bitcoins especially its decentralization .

diegz

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Quote from: Wong Gendheng on February 20, 2017, 11:21:04 PM

I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

It is possible, but on the second thought, they can't dictate the price of bitcoin as many will protest when that happens. Anyway, I think we need a bitcoin bank, but they should have a purpose same as the real life banks. They should offer loans and other things that real banks offered. If they would just function like exchanges, then those banks will be a failure.

Wong Gendheng

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I think there is no need, this is because if the existence of the bitcoin banks then will make bitcoin same with fiat money. In addition, the price will be in full control of the bank by making it unprofitable.

numismatist

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Quote from: Sate Jamu on February 20, 2017, 09:28:06 PM

I think it's a good idea because of the presence of bitcoin bank will make the number of users increases and make governments think to make the bitcoin as means of payment.

If one bank is ever capable of moving a single government, and that's a big if. We often do see them as living in a symbiose relationship with govs, especially whenever some To Big To Fail Institution has to get "rescued" by our taxmoneh.
I believe these institutions are overated.
And we are at the present stepping up right here, to correct that.

Labumi

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Quote from: pereira4 on October 18, 2016, 01:12:49 PM

If people want Bitcoin banks, why not? The market will dictate if they find useful that third parties (once again) hold their money because they don't see responsible enough to hold it themselves. While it defeats the point of Bitcoin (being your own bank) who cares if someone runs such business as long as the protocol stays solid and the network nodes decentralized?

Yeah, if it is indeed a lot of people who like to bank bitcoin there then it's not a problem. But if the desire of people to bank bitcoin is not appropriate then it would be bad news for those who are already providing a place for the bank, because sometimes the bitcoin words and actions taken by each person is different so it will be very difficult for those who can not use the opportunity well. But I think the bitcoin does not require a bank, for bitcoin can qualify automatically

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