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Senor.Bla

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Activity: 280

Merit: 253

Quote from: 1Referee on December 06, 2016, 06:15:37 PM

Quote from: Senor.Bla on December 06, 2016, 04:41:41 AM

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

maybe i misunderstood you the first time, but it sounded like you have to give them all the information before you open the account. at this point i would look for another bank, unless they are all the same. if you already have an account and receive/make a payment and they decide to undertake an investigation, then i guess there is not much you can do. but this is one big reason i love bitcoin and hate banks.

billybobmaryjoe

newbie

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A bitcoin bank with proof of liquidity and no fractional banking would be great. I bet we see them after the next collapse.

1Referee

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Quote from: Senor.Bla on December 06, 2016, 04:41:41 AM

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

deisik

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Quote from: stadus on December 06, 2016, 01:30:27 AM

Quote from: justdimin on December 05, 2016, 04:17:59 PM

Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

A bitcoin bank will not harm us until it will not ask us to produce our transaction details like from where we are getting bitcoins and where we are spending them. We may need a bitcoin bank for buying and selling but once bitcoin hits main stream of adoption then there will not be any need of any such bank.

They will because banks are guided by the laws of the state and no matter what they to comply to avoid penalties. The state wants transaction to be transparent to combat illegal activities and the KYC will apply to all clients of the bank and the AMLC will always be part to monitor suspicious transactions

I don't see how you can come to that conclusion

I don't disagree though that banks will most likely follow the laws applied to them so as to avoid penalties, and they will combat illegal activities as well as supervising bodies will be looking for suspicious transactions if you open an account in such a bank. But no one is compelling you to use these banks to transact with Bitcoin in the first place, so I can't possibly fathom how they could do any harm to those who are opposed to them in particular and Bitcoin on the whole

Yutikas_11920

hero member

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Quote from: warwar on December 06, 2016, 05:20:53 AM

Quote from: NEWGOODOUBLE on December 06, 2016, 05:06:48 AM

Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

Well you are right sort of your identity is exposed but as ive known that bitcoin is not really anonymous that what we have expected because someone could track your transactions but it really takes time but unlike bitcoin bank we all know that, that bitcoin is from that name of person

Yeah indeed this is something we cannot hide. Because in the bitcoin system we can never know anyone who sends or conduct transactions in existing addres unless we can know well them or knows the owner adddres btc it first. In the system because all of the data or its owners bitcoin is anonymous and only a few people could check or keep track of who is doing the transaction and where they came from

warwar

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Quote from: NEWGOODOUBLE on December 06, 2016, 05:06:48 AM

Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

Well you are right sort of your identity is exposed but as ive known that bitcoin is not really anonymous that what we have expected because someone could track your transactions but it really takes time but unlike bitcoin bank we all know that, that bitcoin is from that name of person

NEWGOODOUBLE

sr. member

Activity: 476

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Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

I think it would not harm anyone, but bitcoin bank will keep your identity as bitcoin users exposed, this was clearly wide of the function bitcoin as a currency that anonymous

Senor.Bla

sr. member

Activity: 280

Merit: 253

Quote from: 1Referee on December 06, 2016, 03:06:29 AM

Quote from: deisik on December 05, 2016, 03:12:48 PM

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from?

Sure they do. I have opened a bank account recently where I had to fill in details as to what my salary is on a monthly basis, what I think I will receive on my bank account from sources other than my job salary on a monthly basis, what my previous monthly saving amounts are, etc. All kinds of annoying questions. I sent a certain amount to this freshly opened bank account from the one I was about to close, and oh man, it took me 2 days to convince them that it was my own money that I have been saving throughout the years. All this because of all the Bitcoin related transactions in my previous bank account.

Things aren't easy nowadays. If you at the time of signing up for a bank account have stated that you expect to receive like €500 per month from different sources (other than from your job), but there are a few months that you receive far more than that, they will contact you where you better have all details they want directly, otherwise it can take days, perhaps weeks before they complete their investigation.

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.

1Referee

legendary

Activity: 2170

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Quote from: deisik on December 05, 2016, 03:12:48 PM

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from?

Sure they do. I have opened a bank account recently where I had to fill in details as to what my salary is on a monthly basis, what I think I will receive on my bank account from sources other than my job salary on a monthly basis, what my previous monthly saving amounts are, etc. All kinds of annoying questions. I sent a certain amount to this freshly opened bank account from the one I was about to close, and oh man, it took me 2 days to convince them that it was my own money that I have been saving throughout the years. All this because of all the Bitcoin related transactions in my previous bank account.

Things aren't easy nowadays. If you at the time of signing up for a bank account have stated that you expect to receive like €500 per month from different sources (other than from your job), but there are a few months that you receive far more than that, they will contact you where you better have all details they want directly, otherwise it can take days, perhaps weeks before they complete their investigation.

stadus

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Hhampuz for Campaign management

Quote from: justdimin on December 05, 2016, 04:17:59 PM

Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

A bitcoin bank will not harm us until it will not ask us to produce our transaction details like from where we are getting bitcoins and where we are spending them. We may need a bitcoin bank for buying and selling but once bitcoin hits main stream of adoption then there will not be any need of any such bank.

They will because banks are guided by the laws of the state and no matter what they to comply to avoid penalties. The state wants transaction to be transparent to combat illegal activities and the KYC will apply to all clients of the bank and the AMLC will always be part to monitor suspicious transactions.

We know that bitcoin are used for illegal activities also, so it's hard to trust our info with banks on that matter and I believe such consolidation will not happen.

R3ffun

sr. member

Activity: 714

Merit: 250

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.

Bitcoin bank ? no i disagree
local bank Bitcoin bank that can be turn into a actual money

mastica

hero member

Activity: 938

Merit: 500

I do believe those wich does wanna a bitcoin banks should left bitcoin at once as well crypto world, the most of us are at crypto not only for to make and earn money, but to be free, be able to choose and moove our money anytime, soo you people do wanna to centralize your coins as long the bank gives you some interest, there is no other valid reason to have such interest.

justdimin

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www.Crypto.Games: Multiple coins, multiple games

Quote from: HanSchultz on December 05, 2016, 04:11:13 PM

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

A bitcoin bank will not harm us until it will not ask us to produce our transaction details like from where we are getting bitcoins and where we are spending them. We may need a bitcoin bank for buying and selling but once bitcoin hits main stream of adoption then there will not be any need of any such bank.

HanSchultz

full member

Activity: 224

Merit: 100

i do not understand what is meant by a bitcoin bank and what is the harm in having one bank for the people that need one.what ever it may be i do expect some sort of banking regulations being introduced for bitcoin by some governments .

deisik

legendary

Activity: 3514

Merit: 1280

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Quote from: Vikingr on December 05, 2016, 03:29:54 PM

Quote from: deisik on December 05, 2016, 03:12:48 PM

Quote from: richardsNY on December 05, 2016, 02:30:37 PM

Quote from: deisik on December 05, 2016, 02:21:59 PM

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Nah, can't see this being a realistic outcome in the future. Mainly because of the fact that Bitcoin is something banks can't verify the source from. In these times every decent amount of money that people deposit will be subject to a far more drastic protocol. Governments are constantly raising the bar with their ridiculous policies in an attempt to stop money laundering and the financing of terrorist groups.

This argument doesn't hold

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from? I guess they don't unless you bring a sack packed with Benjamins. In this way, as long as you provide all necessary details about your identity (which you would have to reveal in any case), there shouldn't be any particular issues with opening a Bitcoin account in a bank. And then you just send bitcoins from your personal wallet to a wallet linked to your account in the bank very much like you make a wire transfer from another bank

At the time when you create your account at the bank they ask for the proof of source of income and after that when you deposit your money they calculate them according to that source and when you have some income to that account something of different value or from a different place rather than expected according to your source of income then they start investigation

And how things would be different in respect to Bitcoin?

Quote from: Vikingr on December 05, 2016, 03:29:54 PM

That is the way of banks in my country

Obviously, things differ between countries. Once upon a time I was adding something like 12,000 dollars in cash to my bank account directly in the bank office using their ATM. It was around 80 bills of the biggest denomination, and the whole process took some time. I was assisted by an administrator and the room where that ATM was installed had been locked from inside for safety. I felt myself like a millionaire...

And no one asked a thing about where I got this money from

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: pedrog on October 18, 2016, 11:00:14 AM

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.

Xapo, Coinbase and Circle, they are all "bitcoin banks", if someone doesn't like them, they don't have to use them...

I'm neutral on this situation, if no one harmed by bitcoin banks so why we shouldn't hate or dislike them instead of many people using their services even exchanges consider as banks as we convert through them and used it. If their services are profitable for us then why not, we use it if good for us and don't if we don't want to, simply like that.

Vikingr

hero member

Activity: 798

Merit: 500

Quote from: deisik on December 05, 2016, 03:12:48 PM

Quote from: richardsNY on December 05, 2016, 02:30:37 PM

Quote from: deisik on December 05, 2016, 02:21:59 PM

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Nah, can't see this being a realistic outcome in the future. Mainly because of the fact that Bitcoin is something banks can't verify the source from. In these times every decent amount of money that people deposit will be subject to a far more drastic protocol. Governments are constantly raising the bar with their ridiculous policies in an attempt to stop money laundering and the financing of terrorist groups.

This argument doesn't hold

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from? I guess they don't unless you bring a sack packed with Benjamins. In this way, as long as you provide all necessary details about your identity (which you would have to reveal in any case), there shouldn't be any particular issues with opening a Bitcoin account in a bank. And then you just send bitcoins from your personal wallet to a wallet linked to your account in the bank very much like you make a wire transfer from another bank

At the time when you create your account at the bank they ask for the proof of source of income and after that when you deposit your money they calculate them according to that source and when you have some income to that account something of different value or from a different place rather than expected according to your source of income then they start investigation. That is the way of banks in my country.

deisik

legendary

Activity: 3514

Merit: 1280

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Quote from: richardsNY on December 05, 2016, 02:30:37 PM

Quote from: deisik on December 05, 2016, 02:21:59 PM

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Nah, can't see this being a realistic outcome in the future. Mainly because of the fact that Bitcoin is something banks can't verify the source from. In these times every decent amount of money that people deposit will be subject to a far more drastic protocol. Governments are constantly raising the bar with their ridiculous policies in an attempt to stop money laundering and the financing of terrorist groups.

This argument doesn't hold

When you bring cash to a bank office in order to open a deposit account, do they ask where you got the money from? I guess they don't unless you bring a sack packed with Benjamins. In this way, as long as you provide all necessary details about your identity (which you would have to reveal in any case), there shouldn't be any particular issues with opening a Bitcoin account in a bank. And then you just send bitcoins from your personal wallet to a wallet linked to your account in the bank very much like you make a wire transfer from another bank

richardsNY

legendary

Activity: 1232

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Quote from: deisik on December 05, 2016, 02:21:59 PM

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Nah, can't see this being a realistic outcome in the future. Mainly because of the fact that Bitcoin is something banks can't verify the source from. In these times every decent amount of money that people deposit will be subject to a far more drastic protocol. Governments are constantly raising the bar with their ridiculous policies in an attempt to stop money laundering and the financing of terrorist groups.

deisik

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Quote from: richardsNY on December 02, 2016, 12:37:21 PM

People getting a financial gain such as interest over the coins they save there is the only reason. I can't think of anything else that people may find so interesting, that they throw away their full control over their coins. You said loans, but there are several other ways of how you can get a Bitcoin related loan. Think about certain Bitcoin lending sites, the community that you can ask for a loan, etc. No need for a service that is saying to be a "Bitcoin bank".

These lending sites are a disguise for scammers. The community where you can ask for a loan is not very much different from your circle of close friends where you can ask for a fiat loan as well. But that doesn't somehow make banks obsolete. A real Bitcoin bank will require you, as a borrower, to provide liquid collateral, and I don't think that they are going to consider altcoins as one such. In this way, they would protect the bitcoins they themselves might receive to deposits from Bitcoin users...

Personally, I think it is only a matter of time till real banks start offering Bitcoin related services (e.g. deposits and loans)

Quote from: Harlot on December 05, 2016, 01:05:30 PM

Yup the point of a bank's business is loaning money that you owned

Banks don't need deposits to give out loans. But that wouldn't work with Bitcoin

Topic: - page 98. (Read 142355 times)