Topic: 382 BITCOIN ITS ENOUGH TO OPEN MY OWN BANK? (Read 819 times)

Banking is so difficult to join or to build, whether it is a decentralized bank….
You need a very cautious planning and development. You need to clarify these questions before you can open up:
-   Reason/s why are you opening up a bank, centralized or decentralized.
-   You need to have employees and members, you cannot do it by yourself.
-   You need some capital (which is obvious that 382 BTC can now run).
-   Planning. You can’t run a business without planning.
A lot more to be consider in planning a bank, so have nice luck for your future.

bitcoin bank as an individual?
an idea bound to fail,if you look at the successful bankin systems,they exist because they are 1.making money out of the thin air with fractional reserve and loaning/borrowing money at different rates,vigorish goes into their pockets
2.are able to enforce the seizure of the collateral if the client cannot pay or is bankrupt etc.
3.have a good security,analytical teams that can research the markets and/or companies/individuals (credit scores etc.)
besides bitcoins and banking are not really made to be together,the transactions are irreversible,blockchain is pseudo-anonymous and so on
you can call a "lending service" where you can use your 382 bitcoins to either lend them or participate in some project financially
but I cannot see it as abank in the full sense of this word,sorry

agreed , Poloniex ,coinbase and many more exchanges start losing clients because they are too centralized but the gov will never shut down them.

with your 382 Bitcoin you can get a real exchange with bank connection .

This is why I never think a bitcoin bank would work.
It is against what it stands for about it being decentralized and moving people away from using their current banking ecosystem which is primarily centralized.

I see exchanges starting becoming centralized and people do not use those certain exchanges because of this.
I do not blame them one bit.

382 bitcoin is not enough to open a bank, you also need brain, and people to trust you

This is possible and really can open crypto bank.
Ok, it's good idea..
Question to you Where will you get 382 Bitcoin? or you have BTC?

Those 2 keypoints are exactly why bitcoin bank wont really be an effective idea not only having lots of factors and considerations but also i dont think people would really use such service since we do know the main purpose why bitcoin is being created on the very first place which is on having the full control of our funds which means why create banks if we can able to make ourselves our own banks.
Trusting out other services acts as a storage of our bitcoin holdings is already being done by most wallets existing on the net.

Bank? Sometimes the definition and the interpretation that is given to bank makes it seems something easy and all about money. Having a bank goes beyond the money part. Even in the fiat world with a lot or model to learn from, industry experts to kick things running, already functioning software both for security and operations, an established connectivity to the network grid in a short period of time, its still not a child's play because of the amount of effort needed not to talk of bitcoin bank where all of those factors listed are practically nonexistent.

Personally, I won't keep my coins in a "bitcoin bank" not because of it will scam but because of two things

1. I can't bring myself to trust someone with my money, and someone so far away to decide what to do with it and when to assess it.

2. The idea of "bitcoin bank" itself negates the bitcoin itself as part of it is giving one absolute control over his resources and banks are known to not be fully aligned with that simple objective.

In order for a crypto bank to be insured, they would have to have very tight security and monitoring tools.  The insurance company will want to make sure the funds aren't stolen by the most likely source - internal.

Banks should be insured; I don't know if that's possible for a crypto-bank without a lot of work/lengthy legal process.

OP got his bank?

lending bitcoin to scammers its not a best option .

I'm not sure you're even on this thread anymore, but I wanted to also suggest an alternative which is to charter a federal credit union.  The good thing about credit unions is that they're owned by members (every account holder).  By having accountholders as members, it opens some interesting possibilities with respect to business account holders that need services such as fiat/crypto conversion.  It's a project my organization is going to pursue, starting with conducting a survey across the crypto community to determine if there is sufficient interest in people/businesses using an FCU if it existed.  This is the first step that NCUA typically looks for in charter applications, a favorable survey of the prospective field of membership.

Best regards,
Ben

I think you should reword your question to can I open a Crytpo bank with $3 Million since that's about what 382 BTC are worth at current exchange rates ($8200 BTC price * 382 equals $3,132.400)

The main question you should ask is who exactly do you want to lend your money to? 

Are you lending BTC directly to people?

Most 'banks' lend money to people to either purchase houses, cars or to start their own businesses.  Lending BTC would largely be a financially speculative activity which I think you would have a hard time measuring.  To mitigate your risk, you could require people to use BTC funds to create BTC-backed businesses in which case you would need to evaluate the business and its potential for success (and your potential to be paid back)

Another factor is reserving requirements.

How much money do you have to hold in reserve?

Since you are talking about a 'crypto-bank' this is likely going to be higher than a traditional bank.  This will protect you but also result in lower returns

In order to start something similiar to a bank you would need to have people with significant risk management experience as well as much higher capital in order to protect the public should you misjudge the risk and go insolvent. This happens with regular banks so would be a real possiblity in this case. 

On a related note, I'm including an article about a former Hedge Fund manager creating a Crypto Merchant Bank:

https://www.bloomberg.com/news/articles/2018-02-07/novogratz-is-said-to-raise-250-million-for-crypto-merchant-bank

He raised $250 million so I'm assuming you are a bit light to get started on a bank

Why would you need a bank when there's an available hardware wallet already?


Bitcoin is made against the banks centralization system which will help all of the users to properly circulate the digital money worldwide through the use of internet. A hardware wallet is likely a decentralized bank where you can carry it in you all around.

Actually, I think that 382 bitcoin is an acceptable amount of money to do many successful projects and business, I agree with your idea or dream (bank), but believe me, only with great value of money or budget , you cannot achieve this project in reality, So you must have a great knowledge in this field, and also you need helpers or professional partners to facilitate the realization of this project.

Furthermore, you can achieve any dream in reality, and you should give great effort, and you may fail in the first attempts, but you must have the determination, you should keep trying, until your goal will be achieved. And a decentralized bank is a good choice, just believe in yourself.

Best regard,

I like the fact that of all things you could do with 382BTC, which is a whole lot of money, you've decided to open a crypto bank. I believe it's Avery good initiative.
However, opening a bank requires a lot. I'd suggest you consider how the now bank works only in this case there will be no deposit of funds.
I think the best thing to do as others as said is to give your btc out as loans with a reasonable interest rate. Then, you will need an escrow services to help collect collateral from the beneficiaries of the loan incase of payment deficit.

I was think you need something like bankera ?

huge money to open a bank

It sounds like you could be doing something a lot more stable and promising than a decentralized crypto bank. I don’t want to knock your entrepreneurial spirit; it does take huge risks to make considerable gain. It just seems that with the amount you have and the position you are in (asking for advice here) isn’t in line with your idea. The right person to do this would be someone who wouldn’t even flinch if they lost that amount, and probably easily willing to invest more than that in such a volatile project. If you would be in a bad place after the strong possibility of losing it all, I would seriously rethink your investment choices.